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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 14, 2020, Vol. 23, No. 75

                           Headlines



A U S T R A L I A

SPEEDCAST INT'L: Crescent Says $489,000 Loan at 77% Face Value
TYRE RECYCLING: Clifton Hall Appointed as Liquidator


C H I N A

NINGBO RONBAY: Barred From Fundraising for Misleading Investors


I N D I A

ALPS COMMUNICATION: CARE Reaffirms B+ Rating on INR13.67cr Loan
ANJANEYA SEA: CARE Reaffirms 'B+' Rating on INR2cr LT Loan
ANJANI PUTRA: CRISIL Migrates 'D' Ratings to Not Cooperating
ATHARV INTERTRADE: CARE Lowers Rating on INR13cr LT Loan to B+
BHARATI INDUSTRIES: CARE Lowers Rating on INR4.39cr Loan to D

BIYANI SHIKSHAN: CRISIL Lowers Rating on INR37.48cr Loan to D
BRIJ ENGINEERING: CARE Cuts Rating on INR7cr Loan to B/A4
DEEPAK DIAMONDS: CRISIL Migrates 'D' Ratings to Not Cooperating
GAUTAMI CHEMICALS: CRISIL Lowers Rating on INR6.5cr Loan to D
HIM SAGAR: CARE Reaffirms B+ Rating on INR12.23cr LT Loan

INDIA TERRY: Ind-Ra Assigns 'B-' LT Issuer Rating, Outlook Stable
INDRAYANI SALES: CARE Reaffirms 'B/A4' Rating on INR15cr Loan
JCC INFRATECH: CARE Lowers Rating on INR5cr LT Loan to 'B'
KARANIA BROS: CARE Lowers Rating on INR17.90cr Loan to 'B'
MALIEAKAL ELECTRONICS: CRISIL Moves B+ Ratings to Not Cooperating

MOTHER POULTRY: CRISIL Lowers Rating on INR7.35cr Loan to 'D'
MUSKAN OVERSEAS: CRISIL Migrates 'B' Rating to Not Cooperating
NEW STONE: CRISIL Migrates B+ Rating to Not Cooperating Category
NIRAV SILK: CRISIL Lowers Rating on INR10cr Cash Loan to B+
PRABHULINGESHWAR SUGARS: CARE Reaffirms B+ Rating on LT Loan

PROPUS DESIGNS: CARE Lowers Rating on INR15cr LT Loan to 'B'
RAJA RAJESHWARA: CRISIL Migrates B+ Ratings to Not Cooperating
RIME RICH: CRISIL Migrates 'D' Ratings to Not Cooperating Category
SANTOSH HOSPITALS: NCLT Allows Chennai Corp to Take Over Hospital
UJJWAL LUXURY: CARE Lowers Rating on INR8.75cr LT Loan to 'C'

VAAGESWARI EDUCATIONAL: CRISIL Moves D Ratings to Not Cooperating
VIBHOR VAIBHAV: CARE Lowers Rating on INR11.50cr Loan to 'D'
VISHWA PARIWAR: CRISIL Migrates 'B' Ratings to Not Cooperating
[*] INDIA: Naredco Seeks US$200 Billion Stimulus to Revive Economy


I N D O N E S I A

[*] INDONESIA: Denies Stress Test Shows Risk of 8 Banks Failing


J A P A N

SUMITOMO CHEMICAL: Egan-Jones Lowers Sr. Unsecured Ratings to BB+


M A L A Y S I A

RAYONT INC: Raises Substantial Doubt to Continue as Going Concern


N E W   Z E A L A N D

GREEN CABS: Future of 160 Workers Uncertain as Firm Halts Trading
PENRICH CAPITAL: McGrathNicol Appointed as Liquidator
PENRICH CAPITAL: Serious Fraud Office Starts Probe


S I N G A P O R E

DYNA-MAC HOLDINGS: Auditor Raises Going Concern Doubt
YONGNAM HOLDINGS: Files Notice of 3 Straight Years of Losses


X X X X X X X X

[*] BOND PRICING: For the Week April 6, 2020 to April 10, 2020

                           - - - - -


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

SPEEDCAST INT'L: Crescent Says $489,000 Loan at 77% Face Value
--------------------------------------------------------------
Crescent Capital BDC, Inc. has marked its $489,879 in loans
extended to privately held Speedcast International Limited to
market at $379,250 or 77% of the outstanding amount, as of Dec. 31,
2019, according to a disclosure contained in Crescent's Form 10-K
filing with the Securities and Exchange Commission for the fiscal
year ended Dec. 31, 2019.

Crescent provided Speedcast a Senior Secured First Lien Loan that
is scheduled to mature May 1, 2025.  The loan charges interest at
LIBOR + 275.  The weighted average current interest rate in effect
at December 31, 2019, is 4.69%.

Speedcast is an Australian telecommunications company.


TYRE RECYCLING: Clifton Hall Appointed as Liquidator
----------------------------------------------------
Timothy Clifton of Clifton Hall was appointed liquidator of Tyre
Recycling South Australia Pty Ltd on April 1, 2020, by Order of the
Federal Court of Australia.




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

NINGBO RONBAY: Barred From Fundraising for Misleading Investors
---------------------------------------------------------------
Bloomberg News reports that China's securities regulator punished
two high-flying startups for misleading shareholders, barring them
access to public markets for new funding.

Shares of Ningbo Ronbay New Energy Technology Co. and Zhejiang
HangKe Technology Inc. sank at least 16% in Shanghai after the
companies were told they wouldn't be allowed to sell stocks or
bonds publicly for a year, according to Bloomberg. The punishment
-- for not fully disclosing links to a customer who then failed to
pay its bills -- is the first of its kind for a company trading on
the city's Star board, the report notes.

About nine months after its launched a new stock venue designed for
technology startups, China is showing its fast-growing firms that
it will take a tough stance on corporate disclosure. The Star
board, which has a simpler vetting process for hopefuls looking to
list and less stringent rules on valuations and profitability, has
seen 96 companies debut since July, Bloomberg states. Ningbo Ronbay
and HangKe were among the first batch of 25 listings.

"This move is obviously tougher than simply issuing a fine,"
Bloomberg quotes Fu Lichun, analyst at Northeast Securities Co., as
saying.  "Though the actual hit to the business might not be that
huge, the fact that the punishment decision was made rather quickly
shows China is serious about putting the rule of law first and
foremost as the Star board matures."

In November, Ningbo Ronbay said it would probably not be able to
collect the more than CNY200 million ($28 million) due from
customer BAK Power Battery after it missed a payment, Bloomberg
recalls. Ningbo warned at the time that the entire amount could be
written off, causing earnings to "collapse." On April 10, the China
Securities Regulatory Commission told Ningbo Ronbay it would be
punished for failing to fully disclose its transactions with BAK
Power on its IPO prospectus, Bloomberg relates.

According to Bloomberg, Zhejiang HangKe was punished by the CSRC
due to its links with the same customer. It failed to disclose the
termination of contracts with BAK Power and misstated the
proportion of advance payments it had received, according to an
exchange filing cited by Bloomberg.  HangKe also failed to tell
shareholders that CNY117 million of bills weren't paid by BAK Power
between October 2018 and June 2019.

While neither of the stocks are included in any major global
benchmarks, the news comes amid increased scrutiny around corporate
governance in China, the report notes. In the past few weeks, the
fallout from separate accounting scandals at U.S.-listed firms TAL
Education Group and Luckin Coffee Inc. burned investors and drew
attention to cross-holding risks in Chinese firms, Bloomberg
notes.




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

ALPS COMMUNICATION: CARE Reaffirms B+ Rating on INR13.67cr Loan
---------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of ALPS
Communication Private Limited (ACP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       13.67      CARE B+; Stable Reaffirmed
   Facilities           

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of ACP continue to be
constrained by its small scale of operations along with losses at
PAT level, high debt levels coupled with negative net worth base of
company, exposure to regulatory risk, and presence in competitive
and low value acute therapeutics which limits the growth. The
ratings, however, derives strength from the experienced promoters,
moderate operating cycle and healthy growth prospects.

Key Rating Sensitivity

Positive Factor:

* Increase in scale of operations with total operating income of
more than INR70 crore on a sustainable basis.

* Achievement of profits at net level and improvement in net worth
base of the company.

* Improvement in capital structure marked by overall gearing ratio
below 1.50x

Negative Factor:

* Decline in scale of operations by more than 20% along with
decline in PBILDT below 2%, on sustained basis

* Deterioration in liquidity position of the company

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small though growing scale of operations along with losses at PAT
level in FY19:  The total operating income of ACP increased from
INR1.71 crore in FY18 (refers to the period April 01 to March 31)
to INR31.78 crore in FY19 (first full year of operation) on account
of increased sales volume due to higher demand received from
existing customers as well as new customers added during the
period. The small scale of operations limits the company's
financial flexibility in times of stress and deprives it from scale
benefits. Furthermore, the company reported total operating income
of INR45.81 crore in 9MFY20 (Provisional). The PBILDT margins of
the company stood low at 2.45% in FY19. The company incurred losses
at PAT level of INR4.78 crore in FY19 (net loss of INR4.40 crore in
FY18) owing to the initial stages of operations coupled with high
depreciation expenses incurred. Further, the company incurred cash
losses of INR0.24 crore in FY19 (cash loss of INR1.25 crore in
FY18).

* High debt levels coupled with negative net worth base of company:
The overall gearing ratio of the company continued to remain weak
due to erosion of net worth base owing to losses at net level, as
on March 31, 2019. The debt coverage indicators also continued to
remain weak, as on March 31, 2019. However, interest coverage ratio
improved to 12.20x in 9MFY20 (Provisional).

* Exposure to regulatory risk:  Pharmaceutical industry is a
closely monitored and regulated industry and as such there are
inherent risks and liabilities associated with the products and
their manufacturing. Regular compliance with product and
manufacturing quality standards of regulatory authorities is
critical for selling products across various channels. Furthermore,
issues like price control of essential medicines by the Government
of India through the Drug (Prices Control) Order, 2013, pose
regulatory risk for the Pharmaceutical industry.

* Presence in competitive and low value acute therapeutics which
limits the growth:  The competitive pressure in the domestic
formulation market has been rising steadily. While on one hand,
this has been prompted by significant increase in investments by
domestic players in marketing efforts through expansion in field
force, on the other hand, Multi-National Companies have also
renewed their focus on India. Hence, increasing competition and
government price control is expected to restrict margins.
Furthermore, the company is present in low value therapeutics
segment which restricts the profitability.

Key Rating Strengths

* Experienced promoters:  ACP is currently being managed and
promoted by Mr. Sanjay Singla, Mr. Rajeev Goel and Mr. Subhash
Miglani. All the promoters have 20 years of industry experience
each gained through their association with ACP and group concern,
MMG Healthcare (MMG) and MMG Drugs Private Limited (1999-2008;
operations discontinued) which is also engaged in manufacturing and
selling of generic drug formulations. Moreover, the promoters have
adequate acumen about various aspects of business which is likely
to benefit ACP in the long run.

* Healthy growth prospects:  The Indian Pharma industry (IPI) would
continue to experience strong growth, the generic opportunities in
USA and yet to be saturated emerging markets will drive the growth.
With domestic formulation, market is expected to grow on the back
of huge generic opportunities in regulated market, expansion of
healthcare spending (government and private investment), rising
incidence of chronic diseases and healthcare penetration to the
extended urban and rural regions. Besides, yet to be saturated
emerging economies or semi/non-regulated markets like Africa
(Franco Africa), West Asia, Latin America etc. provide an
alternative to the formulation companies with growth
opportunities.

* Stretched liquidity analysis:  The operating cycle of ACP stood
moderate at 23 days for FY19 (-44 days for FY18). The average
utilization of cash credit limit stood at 70% for the last 12
months period ended February 2020. The company has free cash and
bank balance amounting to INR0.06 crore as on March 31, 2019. The
liquidity position of the company stood low marked by current ratio
of 1.73x and quick ratio of 1.14x as on March 31, 2019.

Alps Communication Private Limited (ACP) was incorporated in April
1997 by Mr. Paras Kirti Mehta and family members to undertake
manufacturing of mobile chargers. Subsequently, the company was
acquired by current promoters i.e. Mr. Rajeev Goel, Mr. Subhash
Miglani and Mr. Sanjay Singla in March 2014. The company ventured
into manufacturing of pharmaceuticals products from April 2017 when
the construction of the new unit commenced. The unit achieved its
COD (Commercials operations date) in February, 2018. The company
undertakes third party contract manufacturing of betalactum tablets
and dry syrups at its facility located in Kala Amb, Himachal
Pradesh with an installed capacity of 6.33 crore tablets and 107
lakh bottles of dry syrup per annum as on December 31, 2019. The
company is present across various therapy areas including
anti-bacterial, anti-diarrheal, anti-diabetic, anti-infective,
anti-fungal, anti-malarial, anti-coagulants, etc. Besides ACP, the
directors are also associated with group concern namely, MMG
Healthcare (MMG).


ANJANEYA SEA: CARE Reaffirms 'B+' Rating on INR2cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Anjaneya Sea Foods(ASF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           2.00       CARE B+; Stable Reaffirmed

   Short Term Bank
   Facilities          40.00       CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of ASF continues to be
tempered by working capital intensive nature of operations,
Profitability margins are susceptible to fluctuations in foreign
exchange prices, competitive nature of industry coupled with
regulatory risk and seasonality associated with seafood industry.
The ratings also takes into account decline in total operating
income albeit remained modest, deterioration in capital structure
and weak debt coverage indicators. The ratings, however, derive
their strength from Long track record with experienced promoters
for more than five decades in sea food business and Favourable
location of unit with presence in the aquaculture region of Andhra
Pradesh with reputed clientele base.

Key Rating Sensitivities

Positive Factors

* Increase its scale of operations to INR100 crore and improve the
profitability margins in the competitive environment

Negative Factors

* Decrease in tangible networth thereby deteriorating the capital
structure beyond 5.00x

* Elongation of working capital cycle to more than 150 days in
future years

Detailed description of the key rating drivers

Key Rating Weaknesses

* Modest scale of operations:  The scale of operations of the firm
has been moderate during the review period as the entity was
established in the year 2007. The scale of operations of the firm,
as marked by the total operating income declined from INR75.01
crore in FY18 to INR72.06 crore in FY19, on account of increase in
competition from established players. However, the scale of
operations remain modest with a net worth base of INR5.01 crore as
on March 31, 2019.

* Profitability margins are susceptible to fluctuations in foreign
exchange prices:  The profit margins are susceptible to
fluctuations in forex rates. The firm has availed derivate exposure
of INR20 crore to hedge its exchange rate fluctuations, through
forward contract.

* Elongated operating cycle with working capital intensive in
nature:  The operations of the firm are working capital intensive
nature of business since the firm is engaged in the processing of
Shrimp. The firm receives the payment from its customers on average
of 1-2 months and makes the payment to its retails supplier within
15-20 days and to farmers within 10 days. Furthermore the firm has
to maintain sufficient inventory levels in hand up to 90 days since
aqua cultured shrimps are seasonal in nature. However, the firm has
cold storage facility for storing shrimps reducing the seasonality
risk associated with the nature of business. The utilization of the
working capital facility for the last twelve months ended February
29, 2020 remained at 90%.

* Marginally declined PBILDT Margin albeit increased in PAT Margin
during the review period:  The firm generates entire revenue
through export sales therefore the profitability margins of the
firm are susceptible to fluctuation in foreign exchange prices. The
firm exports to different countries i.e., USA, UAE, Europe and
China. ASF has fluctuating profitability margins during review
period, the PBILDT margin of the firm is declined from 5.03% in
FY18 to 4.40% in FY19 due to increase in other selling expenses.
The PAT margins of the firm increased from 0.62% in FY18 to 0.78%
in FY19 albeit remained thin on account of higher utilisation of
working capital limits coupled repayment of term loans.

* Leveraged capital structure and weak debt coverage indicators:  
The capital structure of the firm deteriorated and continuous to be
leveraged marked by overall gearing ratio deteriorated from 3.09x
as on March 31, 2018 to 4.79x as on March 31, 2019 on account of
decrease in tangible networth due to withdrawal of capital by
partners although the debt levels reduced from INR25.90 crore as on
March 31, 2018 to INR23.98 crore as on March 31, 2019. The debt
coverage indicators of the firm continuous to be remained weak
although marginal improvement in FY19. The total debt/GCA improved
to 18.17x in FY19 as compared to 19.52x in FY18 on account of
decrease in debt levels. The PBILDT interest coverage ratio
marginally improved to1.98x in FY19 (PY:1.69x).

* Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital:  Constitution of the entity as a
partnership firm has the inherent risk of possibility of withdrawal
of the capital at the time of personal contingency which can
adversely affect its capital structure. Furthermore, partnerships
have restricted access to external borrowings as credit worthiness
of the partners would be key factor affecting credit decision for
the lenders. The partners has withdrawn the capital to the tune of
INR3.94 crore as on March 31, 2019.

* Competitive nature of industry coupled with regulatory risk and
seasonality associated with seafood industry:  The processed sea
food industry is highly competitive with the presence of a large
number of Indian players as well as players from other
international market. Apart from seasonality, adverse climate
conditions, lack of quality feed, rampant diseases continue to pose
risk in the raw material procurement. Furthermore, due to limited
value addition nature of business and less technological input
entry barriers are low. Exports of sea food is highly regulated, as
exporters of sea food have to meet various regulations imposed by
importing nations as well as imposed by the Indian government.

Key Rating Strengths

* Experienced promoters for more than five decades in sea food
business:  Anjaneya Sea Foods (ASF) was established in 2007 by Mr.
D.V. Krishna Rao (Managing Partner), Mr. D. Janardhana
Rao(Partner), Mr. D. Mallikarjuna Rao(Partner) and Mr. Purnachandra
Rao(Partner). All the promoters of the firm are qualified graduates
and has more than two decades of experience in marine business,
with established clientele base in foreign region.

* Favourable location of unit with presence in the aquaculture
region of Andhra with reputed clientele base:  The plant location
of the firm is located in aquaculture Zone near the coastal area of
Andhra Pradesh which enables the firm to procure raw materials and
process them immediately after harvest. This results in better
quality product as well as lowers the transportation costs. Over
the past two decades, ASF has established healthy relationships
with its customer base which are based in USA, UAE, Europe and
China.

Anjaneya Sea Foods (ASF) was established in 2007 by Mr. D.V.
Krishna Rao (Managing Partner), Mr. D. Janardhana Rao(Partner), Mr.
D. Mallikarjuna Rao(Partner) and Mr. Purnachandra Rao(Partner). The
firm is engaged in the breeding, processing, packing and exporting
of vannamei and a variety of shrimp. The firm is engaged in exports
of shrimps to various countries like USA, UAE, Europe and China.
ASF is 100% Export Oriented Unit (EOU). The shrimp farms are
located in Ongole, near the processing unit. The processing unit is
located at Prakasam district, Andhra Pradesh, the firm has
processing capacity of 40 tons per day and cold storage capacity of
2500 tons per annum.


ANJANI PUTRA: CRISIL Migrates 'D' Ratings to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Anjani
Putra Educational Society (SAES) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Overdraft              1.2      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     1.3      CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan              7.5      CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SAES for obtaining
information through letters and emails dated March 16, 2020 and
March 20, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Formed in 2001, Sri Anjaniputra Educational Society (SAES) runs
college and schools. It runs D.Ed, B.Ed. and M.Ed. College named
Smt. Mannaru Yasodamma Memorial College in Darsi, Andhra Pradesh.
It also run 3 schools named Sanskriti Vidyalaya School situated at
Podili, Darsi and Chalivendram. The society is managed by Sri
Esthalamudi Chenna Reddy, Sri Mannaru Jaya Kumar and Sri
Isthalamudi Raja Rami Reddy.


ATHARV INTERTRADE: CARE Lowers Rating on INR13cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Atharv Intertrade Private Limited (AIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        13.00     CARE B+; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE BB-; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AIPL to monitor the rating
vide e-mail communications/letters dated March 11, 2020, March 12,
2020 and March 18, 2020, and various telephonic interactions on the
above subject. However, despite CARE's repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the ratings on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The rating on Atharv Intertrade Private Limited bank
facilities will now be denoted as CARE B+; Stable; ISSUER NOT
COOPERATING.

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

The ratings have been revised on account of low profitability
margins inherent to the trading nature of business, working capital
intensive nature of operations on account of stretched receivables,
presence in the agro commodity business having exposure to price
fluctuation risk and concentration in product portfolio.  Further,
the revision in the rating also takes into account non-availability
of information due to non-cooperation by AIPL with CARE's efforts
to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk.  The ratings, however, derive strength from
experienced promoters, long track record of the group of over a
decade in trading of sugar and long-standing relationship with
suppliers and customers.

Detailed description of the key rating drivers

At the time of last rating on January 23, 2019 the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies).

Detailed description of the key rating drivers

Key Rating Strengths

* Experienced promoters in the sugar trading activity:  The
promoters, Mr. Mansing Khorate and Ms Manisha Khorate have over two
decades of experience in the sugar trading business.

* Established relations with the suppliers and customers:  The
group has established relationships with customers and suppliers
due to their long presence in the industry. The group procures
sugar from factories and traders in Maharashtra, Utter Pradesh and
Karnataka and supplies sugar to buyers from Delhi, Kolkata, Fatuha,
Rangapani, Gujarat, Tamilnadu, Guwahati, Rajasthan etc.

Key Rating Weakness:

* Exposure of risk related price volatility in case of long term
contracts:  Selling price of the sugar fluctuates throughout the
year considering the production of the sugar and resultant
availability of the stock and corresponding demand in the country
as well as the international market prices of sugar. Although the
price of sugar is highly volatile, the company enters into short
duration trade and follows the policy of booking the entire sugar
purchase at the time of the confirmed order from customers. Hence,
the impact of volatile sugar price is mitigated as a result of its
order-backed procurement system. However, margins remain
susceptible to the extent of longer duration orders which
constitute less than 20% of the total sales.

* Product concentration risk:  AIPL's entire revenue comes from
sugar trading business. This leads to dependence on availability of
sugar in market. AIPL's revenue may get impacted by any adverse
situation for sugarcane production.

* Financial risk profile marked by low operating margins and
working capital intensive nature of business on account of
stretched receivables:  Total operating income of the company grew
by 12.62% in FY19 as compared with 8.73% growth in FY18 y-o-y.
The profitability margin has remained low due to trading nature of
business. PBILDT margin of AIPL remained thin at 0.48% in FY19 as
against 0.42% in FY18. Group purchases and sells sugar at
prevailing market price which leads to thin difference between
buying and selling rate and subsequently low PBILDT margin.
However, margins of the company showed fluctuating trend over past
three years as a result of change in volume and price of traded
goods along with efficiency achieved in procurement and
distribution (PAT margin of 0.11% in FY17, 0.18% in
FY18 and 0.21% in FY19).

* Moderate gearing levels:  On a standalone basis the AIPL does not
have any long term loan in the books as on March 31, 2019. Although
the Overall gearing ratio remain high at 3.48x as on March 31, 2019
(P.Y.: 3.82x), the interest coverage ratio was
comfortable at 2.88x as on March 31, 2019 (P.Y.: 2.91x).

Liquidity: stretched

Liquidity of AIPL is characterized by sufficient cushion in
accruals vis-à-vis no repayment obligations as on March 31, 2019.
GCA is expected to be in the range of INR1.43 crore. The company
has a working capital cycle of 18 days backed by an average credit
period of 8 days and collection period of 5 days. The company has
an average inventory of 20 days. The free cash balance with the
company as on March 31, 2019 remained at INR0.11 lakhs. The current
ratio stood at 1.30x as on March 31, 2019.

Analytical Approach: Standalone

CARE had considered combined performance of two group entities
namely Hansa Commodities (HC) and AIPL. The shareholding of AIPL is
held by Mr. Mansing Khorate (50% share) and his wife Ms. Manisha
Khorate (through AI holds 50% share). Apart from common promoters,
both the entities (AIPL and HC) are engaged in sugar trading
business and are having significant inter-company transactions in
the form of sales, purchases, loans and advances. The management of
both the entities is same.


BHARATI INDUSTRIES: CARE Lowers Rating on INR4.39cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Bharati Industries (BI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        4.39      CARE D Revised from CARE BB-;
   Facilities                      Stable

   Short-term Bank       0.35      CARE D Revised from CARE A4
   Facilities            

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of BI
factors in delays in repayment of debt obligation.

Key rating sensitivity

Positive factors
* Demonstration of a default free track record of over 90 days

Detailed description of the key rating drivers

Key Rating Weakness

* Delays in servicing of debt obligations:  There are ongoing
delays in the servicing of interest and principal repayment on term
loan availed by the entity, the same was on account of stretched
liquidity position.

Liquidity Position: Poor

Liquidity is poor marked by lower accruals when compared to
repayment obligations, higher utilisation of bank limits and modest
cash balance of INR0.11 crore. This has constrained the ability of
the firm to repay its debt obligations on a timely basis.

Pune (Maharashtra) based, BI was established in 2008 and is
promoted by Mrs. Geeta Malgatte. The firm is engaged in fabrication
of numerous equipment's at its manufacturing facility located at
Bhosari, Pune. The firm also provides services like erection &
commissioning of all kind of pumps and pumping systems, laying of
steel pipes & specials.


BIYANI SHIKSHAN: CRISIL Lowers Rating on INR37.48cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded the rating on the bank facilities of Biyani
Shikshan Samiti (BSS) to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft            12.52       CRISIL D (ISSUER NOT
                                    COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term   37.48       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING; Downgraded from
                                    'CRISIL B+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with BSS for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has downgraded the rating on the
bank facilities of BSS to 'CRISIL D Issuer Not Cooperating' from
'CRISIL B+/Stable Issuer Not Cooperating'.

Set up in 1997 by Mr. Rajeev Biyani, Dr. Sanjay Biyani, and Dr.
Manish Biyani, BSS was initially a coaching institute. It set up
its first institute, Biyani Girls College, at Jaipur (Rajasthan) in
2003. It currently operates six institutes under the Biyani brand
in two different campuses situated at Vidhyadhar Nagar and Kalwar
in Jaipur. The institutes offer courses in the fields of commerce,
nursing, education, technology, information technology, and
management. BSS has more than 4300 students.


BRIJ ENGINEERING: CARE Cuts Rating on INR7cr Loan to B/A4
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Brij
Engineering Work (BEW), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short       7.00      CARE B; Stable/CARE A4;
   Term Bank                       Issuer not Cooperating;
   Facilities                      Revised from CARE BB-;
                                   Stable/CARE A4 on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BEW to monitor the ratings
vide e-mail communications/letters dated December 26,2019, January
13,2020, February 6, 2020, February 26, 2020, February 29,2020,
March 17, 2020, and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Brij
Engineering Works-Kanpur bank facilities will now be denoted as
CARE B; Stable/CARE A4; ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non-availability
of information due to non-cooperation by Brij Engineering
Works-Kanpur with CARE'S efforts to undertake a review of the
rating outstanding. CARE views information non-availability risk as
a key factor in its assessment of credit risk.
Detailed description of the key rating drivers

At the time of last rating on March 18, 2019 the following were the
rating weaknesses and strengths:

Detailed description of the key rating drivers

Key rating weaknesses

* Small and fluctuating scale of operations with low net worth: The
scale of operation of the firm remained small as marked by total
operating income and gross cash accrual of INR23.73 crore and
INR1.01 crore for FY18 (FY refers to period April 1 to March 31).
Further, the scale of operations of the company has been
fluctuating for the past three financial years, i.e., FY16 – FY18
mainly on account of tender driven nature of business. Further, the
company has achieved TOI of ~Rs.20 crore for 10MFY19 (refers to
period April 1 to January 31; based on provisional results). The
capital base of the firm also remained relatively low at INR3.96
crore as on March 31, 2018. Nevertheless the scale of operation
stood small, which limits the bidding capability, pricing power and
benefits of economies of scale.

* Modest profitability margins and liquidity position:  The
profitability margins of the firm largely depend upon nature of
contract executed and stood moderate for the past three financial
years i.e. (FY16-FY18). The profitability of BEW remained moderate
with PBILDT and PAT margin of 5.92% and 4.19% respectively in FY18.
In FY18, PBILDT margin has increased marginally by 39 bps over FY17
mainly on account of execution of contracts with better margins.
With increase in PBILDT margin, PAT margin of the firm also grew by
55 bps over FY17. The liquidity indicators of the company stood
modest as marked by current ratio of 1.02x for FY18. The cash and
bank balances stood at INR0.08 crore as on March 31, 2018.
Operating cycle of the firm stood negative due to high creditor
period in comparison with collection period and inventory holding
period. The net cash from operating activities stood at negative
INR1.25 crore as on March 31, 2018.

* Customer concentration as well as geographical concentration risk
and constitution as a partnership concern:  Client base of BWE is
skewed towards government departments in Uttar Pradesh. Further,
BWE is a regional player and all the projects are executed in Uttar
Pradesh only which reflects geographical concentration risk.
Furthermore, its constitution as a partnership concern leads to
limited financial flexibility and risk of withdrawal of capital.

* High competitive intensity in the government civil construction
segment:  BEW faces direct competition from various organized and
unorganized players in the market. There are number of small and
regional players catering to the same market which has limited the
bargaining power of the company and has exerted pressure on its
margins. Further, the firm also undertakes contracts of which are
awarded through the tender based system. This exposes the company
towards risk associated with the tender-based business, which is
characterized by intense competition. The growth of the business
depends on its ability to successfully bid for the tenders and
emerge as the lowest bidder.

Key Rating Strengths

* Experienced partners with established relationship with
government customers:  Mr. Brij Kishore Gupta has around four
decades of experience in the civil construction industry. All
partners of the firm look after overall affairs of the firm. The
long standing experience and in-depth knowledge in the construction
industry of partners has benefited the firm and has able to
establish customer and supplier base in the market.

* Moderate order book position:  As on February 27, 2019, BWE has
an outstanding order book position of INR33.13 crore which is 1.40
times of FY18's Total Operating Income (TOI) reflecting moderate
order book position. The on-going projects of the firm are likely
to be executed within next 12 months, providing medium term revenue
visibility.

* Moderate solvency position:  The firm has debt mainly in the form
of unsecured loans from family, friends and relatives. The capital
structure of the firm remained moderate with an overall gearing of
0.89 times as on March 31, 2018, improved from 1.39 times as on
March 31, 2017 mainly on account of increase in net worth of the
firm due to retention of profits and infusion of funds by partners
amounting to INR0.23 crore in FY18. Further, debt service coverage
indicators of the firm remained comfortable with total debt to GCA
and interest coverage ratio which stood at 3.48 times and 3.24
times respectively for FY18.

Kanpur (Uttar Pradesh) based Brij Engineering Work (BEW) was formed
as partnership concern by Mr. Brij Kishore Gupta, Mar. Swapnil
Gupta, Mrs. Sheela Gupta and Mrs. Shweta Gupta in September 01,
1978. The partners shares profits and losses in the ratio of 15%,
15%, 35% and 35% respectively. The firm is engaged in the
construction of overhead tank, sewage pipelines and sewage
treatment plants, installation and commissioning of water supply
lines. The firm takes the contracts from government departments
through participating in tenders.


DEEPAK DIAMONDS: CRISIL Migrates 'D' Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Deepak
Diamonds Private Limited (DDPL) to 'CRISIL D Issuer not
cooperating'.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Export Packing     18.9      CRISIL D (ISSUER NOT COOPERATING;
   Credit                       Rating Migrated)

   Post Shipment       3.6      CRISIL D (ISSUER NOT COOPERATING;
   Credit                       COOPERATING; Rating Migrated)

   Proposed Long      14.5      CRISIL D (ISSUER NOT COOPERATING;

   Term Bank Loan               COOPERATING; Rating Migrated)
   Facility    
                                   
CRISIL has been consistently following up with DDPL for obtaining
information through letters and emails dated December 31, 2019,
March 13, 2020 and March 18, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of DDPL to 'CRISIL D Issuer not cooperating'.

DDPL was initially set up as a partnership concern in 1988, and
reconstituted into a private limited company on July 14, 2014, and
renamed DDPL. The company is a family-run business, promoted by Mr
Parshottam Patel, his wife, Mrs Savita Patel and son, Mr Vijay
Patel.

The company mainly manufactures and trades in brown and white
diamonds, in the range of 0.5-20 points (100 points equals 1
carat). It has recently ventured into manufacture and export of
solitaires. Manufacturing facility is at Surat.


GAUTAMI CHEMICALS: CRISIL Lowers Rating on INR6.5cr Loan to D
-------------------------------------------------------------
CRISIL has downgraded the ratings of Gautami Chemicals and
Pesticides Private Limited (GCP) to 'CRISIL D Issuer Not
Cooperating' from 'CRISIL B/Stable Issuer Not Cooperating'. The
downgrade reflects delays by GCP in servicing of debt obligation.

                   Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        6.5       CRISIL D (ISSUER NOT COOPERATING;
                                Downgraded from 'CRISIL B/Stable
                                ISSUER NOT COOPERATING')

CRISIL has been consistently following up with GCP for obtaining
information through letters and emails dated August 31, 2019 and
February 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation coupled with adverse information in the
public domain, CRISIL has downgraded the ratings to 'CRISIL D
Issuer Not Cooperating' from 'CRISIL B/Stable Issuer Not
Cooperating'.  
The downgrade reflects delays by GCP in servicing of debt
obligation.

Incorporated in 1996, GCP is engaged in manufacturing and sale of
pesticides. The Rajahmundry based company is promoted by Mr.
Goluguri Bapi Raju.


HIM SAGAR: CARE Reaffirms B+ Rating on INR12.23cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Him
Sagar Farm Fresh (HSFF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           12.23      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of HSFF continues to
remain constrained on account of implementation and stabilization
risk associated with its on-going debt-funded green-field capex
with time over-run, its constitution as a partnership firm,
presence in the competitive and seasonal food processing industry
and susceptibility of its profit margins to raw material price
fluctuation risks. The rating, also factors in delay in project
implementation leading to time over-run.

The rating, however, continues to derive comfort from the
experienced partners and proximity of the food processing facility
to fruits and vegetables sourcing area along with fiscal benefits
from the government.

Rating Sensitivities

Positive factors

* Completion of on-going project and successful commencement of
operations within revised time and cost guidance

* Stabilization of operations leading to moderate total operating
income with adequate cash accruals vis-à-vis term
debt repayments

* Moderate capital structure marked by overall gearing of 2.50
times or lower

Negative factors

* Delay in project completion leading to significant cost overruns
resulting into cash flow mismatch

* Delay in stabilization of the project resulting into lower than
envisaged sales and profitability level for its initial year
of operations with low cash accruals vis-à-vis term debt
repayments

Detailed description of key rating drivers

Key Rating Weaknesses

* Delay in project implementation leading to time over-runs coupled
with stabilization risk associated with on-going debt-funded
green-field capex:  HSFF is implementing green field project for
processing of vegetables and pulping of fruits which will be frozen
at its own cold storage facility using Individual Quick Freezing
(IQF) technology. The total envisaged project cost is INR16.37
crore with proposed debt-equity funding mix of 1.97 times. Till
February, 2020, HSFF has already incurred ~70% of total cost i.e.,
around INR11.46 crore, while it envisages to commence its
operations from May 2020 (as against previously envisaged June
2019). The time over-run is attributed to a halt in construction
activities for around 4 months, partly on account of heavy rains in
the region of Valsad during the said year. Also, post project
implementation, there exists stabilization risk.

* Constitution as a partnership firm:  HSFF, being a partnership
firm, is exposed to inherent risk of partners' capital being
withdrawn at time of personal contingency which may put pressure on
financial flexibility of the firm.

* Presence in competitive and seasonal food processing industry
with susceptibility of profit margins to raw material price
fluctuations:  Inspite of being a capital intensive business, the
entry barrier for new processing and cold storage unit is low
backed by fiscal benefits, which intensifies competition. Also, the
industry is seasonal and prices of raw material i.e. fruits and
vegetables are highly volatile in nature depending upon factors
like, weather conditions, area under production, yield for the
year, international demand supply scenario and inventory carry
forward of last year which affects the margins of players in this
industry.

Key Rating Strengths

* Experienced partners:  HSFF was initially promoted by Mr. Ram
Narayan Jhanwar, Mr. Vishal Jhanwar, Mr. Nitesh Patel and Mr.
Sumantrai Patel. Later on Mr. Nitesh Patel and Sumantrai Patel
continued to be the partners of HSFF and they will look after
overall management of the firm. Both the partners have more than a
decade of experience in agriculture industry.

* Proximity of the food processing facility to fruits and
vegetables sourcing area:  The processing and cold storage unit of
the firm is located in the fruit and vegetable growing belt of
Gujarat having large network of farmers, thereby making it suitable
in terms of transportation and connectivity.

* Fiscal benefits from the government:  Government of Gujarat (GOG)
is providing certain benefits for encouraging small scale business
via various subsidies for setting up / expansion & diversification
/ modernization of Agro and Food Processing Units like HSFF, which
is expected to add to the cash flows of HSFF in the short-medium
term.

Liquidity Analysis: Stretched

Liquidity position of HSFF remained stretched. The total project
cost of INR16.37 crore is proposed to be funded via term loan of
INR10.85 crore and partners' capital infusion of INR5.52 crore. The
project is currently progressing with delay with commencement date
of May, 2020 as against earlier envisaged date of June, 2019.
Despite delay, project is envisaged to be completed within
envisaged cost. The project gearing remained moderate at 1.97
times. Repayment of long term debt obligations commenced from
December, 2018 and the same is funded through partners' capital
infusion and unsecured loans from partners which can put stress on
liquidity position of firm. However, any delay in cost-run or
stabilization of the project would necessitate need based support
from partners.

Valsad-based (Gujarat), HSFF was initially formed in October 16,
2017 by four partners namely Mr. Vishal Jhanwar, Mr. Nitesh Patel,
Mr. Ram Narayan Jhanwar and Mr. Sumantrai Patel. At present, only
Mr. Nitesh Patel and Sumantrai Patel have continued to be partners
of HSFF. The firm is setting up a green field project for
processing of vegetables and pulping of fruits which will be frozen
in its own cold storage facility using Individual Quick Freezing
(IQF) technology. The project cost is envisaged at INR16.37 crore
via proposed debt-equity mix of 1.97 times. The firm will operate
from Valsad (Gujarat) with a proposed installed capacity of 7,200
metric ton per annum for processing the fruits and vegetables,
while it expects to commence commercial production from May, 2020.
It will procure the vegetables and fruits from domestic suppliers
while it will sell the processed products majorly to wholesalers
and retailers.


INDIA TERRY: Ind-Ra Assigns 'B-' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned India Terry Towels
Private Limited (ITTPL) a Long-Term Issuer Rating of 'IND B-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR560.7 mil. Term loan due on March 2028 assigned with IND B-
      / Stable rating;

-- INR50.0 mil. Fund based facilities assigned with IND B-/
     Stable / IND A4 rating; and

-- INR52.6 mil. Non-fund based facilities assigned with IND A4
     rating.

KEY RATING DRIVERS

The ratings reflect the nascent stage of ITTPL's operation as it
started commercial operations only in June 2019. The company
incurred a total CAPEX of INR900.5 million for setting up its yarn
unit during FY18 and FY19. Of this, INR438.7 million was used for
the installation of machinery, INR246.8 million for land
procurement and the remaining for other expenses and working
capital requirements. ITTPL funded INR561 million of the project
cost through bank loans and the remaining from the promoter's fund.
Since the company mainly depends on bank debt, Ind-Ra expects its
leverage (adjusted net debt/operating EBITDA) and gearing to be
modest over the medium term.

Liquidity Indicator - Poor: The company's term loan of INR70.13
million is payable in 96 monthly installments with a gestation
period of 24 months from the date of the first disbursement from
April 2018. The company's use of its fund-based facilities was 95%
in the seven months ended December 2019. The company had a cash
balance of INR0.5 million and a restricted cash balance of INR2.5
million at end-December 2019.

ITTPL recorded revenue of INR288 million at end-December 2019.  The
management expects the revenue to improve in the medium term with
FY21 being the first full year of operations. The management also
has plans to increase the capacity of its plant after the receipt
of a subsidy from the government. It expects a subsidy of INR120
million-150 million from state textile policy and package schemes
of incentives from the state government. After the successful
operation in phase I, the company will start the integrated
operation of a spinning unit in the upcoming phases.

The ratings are supported by the plant's locational advantage as
Bhigwan Industrial Area (MIDC), Bhadalwadi Village, Indapur, Pune,
where it is located, is well connected by road and railway to the
end-customer locations. The company is strategically located on
NH65, with Solapur and Ichalkaranji (Textile hubs) within proximity
of 200kms and the closest port being around 250kms from the factory
(Jawaharlal Nehru Port, Mumbai).

ITTPL is promoted by two prominent groups namely Ruia Group and
Makwana Group. The promoters have over two decades of experience in
textile and safety lock manufacturing. The promoters have the
ability to infuse the necessary funds if required.

RATING SENSITIVITIES

Negative:  Any stretch in the liquidity or deterioration in the
revenue and operating profitability, leading to deterioration in
credit metrics, will be negative for the ratings.

Positive: An improvement in the liquidity, scale of operations and
profitability leading to an improvement in the credit metrics will
be positive for the ratings

COMPANY PROFILE

ITTPL was incorporated in 2016 and manufactures cotton yarn. The
company, in phase I, successfully installed 14,688 spindles, to
produce cotton ring-spun yarn with a count range of 10s to 32s Ne.
The company has already employed 220 workers in the mill. In
addition to this, 25 technical and administrative staff is also
employed on various posts in the mill. The integrated vision of the
company is to manufacture towels, which will happen in four phases
over the next five-to-six years.


INDRAYANI SALES: CARE Reaffirms 'B/A4' Rating on INR15cr Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Indrayani Sales Private Limited (ISPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term/Short-     15.00      CARE B; Stable/CARE A4
   term Bank                       Reaffirmed
   Facilities           

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of ISPL are continue to
be constrained by relatively small & fluctuating scale of
operations, moderate & fluctuating profit margins, highly leveraged
capital structure, weak debt coverage indicators, working capital
intensive nature of operations with stretched liquidity position,
supplier concentration & foreign exchange fluctuation risk and
presence in competitive & fragmented industry.

The ratings, however, derive strength from the company's
established track record of operations coupled with highly
experienced promoters in remanufacturing and trading of cartridges
& parts business and established relationship with
diversified customer base.

Rating Sensitivities

Positive Factors

* Increase in the scale of operations with total operating income
exceeding INR50 crore with tangible networth base exceeding INR8
crore on a sustained basis

* Improvement in the profit margins with PBILDT and PAT margins
exceeding 10% and 1% respectively on a sustained basis

* Improvement in capital structure with the overall gearing
reaching below 2 times on a sustained basis

* Improvement in the debt coverage indicators with interest
coverage exceeding 2 times on a sustained basis

* Improvement in liquidity profile with GCA period reaching below
180 days on a sustained basis

Negative Factors

* Delay in stabilization of the enhanced capacities and failure in
the timely repayment of its debt obligations

Key Rating Weaknesses

* Relatively small scale of operations with fluctuations over last
3 years:  Overall, the scale of operations of ISPL stood small and
fluctuating during past three years ended FY19. However, the same
has improved in FY19 with a total operating income of INR28.29
crore in FY19 (vis-à-vis INR23.83 crore in FY18), on account of
increase in demand from its existing and new clientele. Further,
the net-worth base also remained low at INR4.52 crore as on March
31, 2019 thereby limiting the financial flexibility of the
company.

* Moderate & fluctuating profit margins:  The PBILDT margin of ISPL
stood moderate in the range of 9.58-11.41% over FY17-FY19.
Moreover, the same has been fluctuating over the same period owing
to fluctuations in raw material prices and employee costs. However,
due to significantly higher interest cost the net profit margin
stood very low.

* Highly leveraged capital structure & weak debt coverage
indicators:  The capital structure of ISPL is highly leveraged with
overall gearing stood at 4.07x as on March 31, 2019, given the high
reliance on external borrowings to fund the working capital
requirements of the company, also the company has availed new term
loan from various NBFC's which led to significantly higher
dependence on debt fund. Given this, coupled with low profitability
and high interest costs, the debt coverage indicators stood weak
over the aforementioned period.

* Working capital intensive nature of operations marked by
elongated operating cycle:  The operations of ISPL are highly
working capital intensive in nature with majority of funds of over
161 days blocked in inventory and over 121 days blocked in debtors.
Against the same, the company receives limited credit period of 15
to 30 days from its suppliers. Due to which operating cycle
remained significantly stretched at 228 days in FY19 (vis-à-vis
274 days FY18). The same also led to higher utilization of working
capital limits.

* Supplier concentration & foreign exchange fluctuation risk:  ISPL
is exposed to supplier concentration risk with the top 5 suppliers
comprising 58.78% (vis-à-vis 69.01% of the total purchases in
FY18). Moreover, the company is also exposed to significant foreign
exchange fluctuation risk since the entire procurement requirement
is met by way of imports from China and Korea. Furthermore, the
company doesn't undertake any hedging activities to mitigate the
said risk.

* Presence in competitive & fragmented industry:  ISPL operates in
a highly competitive & fragmented industry wherein a large number
of small & medium players are engaged in manufacturing &
remanufacturing of cartridges and trading of parts thereof.
Moreover, the said line of activity is not much capital intensive,
since it involves only assembling & reassembling of various
cartridge parts, which intensifies the competition in the market.

Key Rating Strengths

* Established track record of operations in remanufacturing of
cartridges and trading of parts thereof:  ISPL possesses and
established track record of over 14 years of operations in
remanufacturing of cartridges and trading of various cartridge
parts, which are used in laser printers & copiers at various
corporate offices, shops, copy centers, etc. The remanufacturing
process comprises dismantling of old cartridges received from the
customers, thereby replacing the worn & torn parts with the new
ones and re-assembling the same. The manufacturing facility of ISPL
is located at Patalganga in Raigad, whereas the same is certified
by BSCIC and ISO 14001:2004.

* Experienced promoters in remanufacturing and trading of
cartridges and their spare parts business:  The overall operations
of ISPL are looked after by the promoters – Mr. Rahul Zine with
Mr. Bapusaheb Jadhav, both of who possess a total experience of
over 15 years in the field of remanufacturing of cartridges and
trading of parts thereof.

* Established relationship with diversified customer base:  The
cartridges remanufactured by ISPL are sold to various corporates,
shops, copy centers, etc. across various parts of India viz.
Rajasthan, Tamil Nadu, Kerala, Maharashtra, West Bengal, Andhra
Pradesh, etc. Moreover, the customer profile of the company is
diversified with the top 5 customers 23.86% of the net sales in
FY19 (vis-à-vis 23.97% in FY18).

Liquidity Position: Stretched

The liquidity position remained stretched marked by tightly matched
accruals to repayment obligations of INR2.90 crore with highly
utilized bank limits and modest cash balance of INR0.08 crore as on
March 31, 2019 (vis-à-vis INR0.06 crore as on March 31, 2018). Its
fund based working capital limits are remained highly utilized with
average utilization remained at 96.73% during past twelve months
ended February 2020. Further, the current ratio and quick ratio
stood at 1.20 times and 0.54 times respectively as on March 31,
2019 (vis-à-vis 1.11 times and 0.58 times respectively as on March
31, 2018).

Incorporated in 2005 by Mr. Rahul Zine with Mr. Bapusaheb Jadhav,
ISPL is engaged in trading of cartridges and cartridge  parts which
are used in laser printers & copiers. The said cartridges & parts
thereof are sold to various corporates, shops, copy centers, etc.
all over India, whereas the various parts & components viz. laser
toner, OPC (Organic Photo Conductor) drums, toner powder, PCR
(Primary Charge Roller) & roller parts, etc. are entirely procured
from Korea and China.


JCC INFRATECH: CARE Lowers Rating on INR5cr LT Loan to 'B'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of JCC
Infratech Private Limited (JCC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.00      CARE B; Stable; Issuer not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

   Short Term Bank       6.75      CARE A4; Issuer not
   Facilities                      Cooperating; basis of best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JCC to monitor the ratings
vide e-mail communications/letters dated December 26, 2019, January
13, 2020, February 6, 2020, March 14, 2020, March 16, 2020, March
17, 2020, and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on JCC Infratech
Private Limited bank facilities will now be denoted as CARE B;
Stable/CARE A4; ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non-availability
of information due to non-cooperation by JCC Infratech Private
Limited with CARE'S efforts to undertake a review of the rating
outstanding. CARE views information non-availability risk as a key
factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on March 28, 2019, the following were
the rating weaknesses and strengths:

Detailed description of the key rating drivers

Key rating weaknesses

* Small scale of operations coupled with low net worth base:  JCC
is a regional player involved in executing civil construction and
electrical contracts. The ability of the company to scale up to
larger-sized contracts having better operating margins is
constrained by its small total operating income and cash accruals.
Further the company's net worth base stood low thus limiting
bidding capability, pricing power and benefits of economies of
scale. Total operating income (TOI) and gross cash accrual stood at
INR12.84 crore and INR0.58 crore respectively for FY18 (FY refers
to period April 1 to March 31). The TOI has significantly decreased
in FY18 over FY17 due to lower number of orders executed during the
year. Moreover, the TOI has further decreased to INR4.00 crore
during 11MFY18 (refers to the period April 1 to February 28) due to
lack of orders executed. Further, the net worth of the company
stood small at INR2.71 crore as on March 31, 2018.

* Concentrated and low order book position:  The company has total
unexecuted order book of INR8.06 crore as on February 28, 2019 to
be executed till October, 2019 providing limited revenue
visibility. The tenor of the orders, undertaken by the company,
varies up to 12 months depending of the size of the project. The
order book of the company is concentrated towards orders from
Haryana State Agricultural Marketing Board in Haryana region.
Hence, effective and timely execution of the orders can have a
direct bearing on the margins. Moreover, ability of the company to
bag the new orders along with timely execution of the same thereby,
increase its scale of operations remained critical.

* Leveraged capital structure and weak coverage indicators:  The
capital structure of the company continues to remain leveraged
mainly on account of high dependence on external borrowings to meet
the working capital requirements coupled with low net worth base.
Debt equity and overall gearing ratio stood high at 1.97x and 3.85x
respectively as on March 31, 2018, as against 2.13x and 4.00x as on
March 31, 2017. The same has improved on account of repayment of
term loan and accretion of profits to reserves. Further, owing to
high debt levels, debt coverage indicators marked by interest
coverage ratio and total debt/GCA stood weak at 1.62x and 18.01x
respectively in FY18 (vis-à-vis 1.64x and 12.39x respectively in
FY17).

* Highly working capital intensive nature of operations:  The
operations of the company stood working capital intensive in nature
marked by high gross current assets period of 405 days in FY18
(vis-à-vis 325 days in FY17) mainly on account of high inventory
period of 404 days in FY18 (vis-à-vis 325 days in FY17). The
inventory days elongated due to higher inventory at project site
for execution of projects. JCC received a credit of around 3-4
months from its suppliers, due to its long standing presence in the
industry resulting into healthy association with its suppliers. The
average utilization of working capital limits remained almost full
for the period of 12 months ended February, 2019.

* Highly competitive industry with presence of several organized
and unorganized players coupled with business risk associated with
tender-based orders:  JCC faces direct competition from various
organized and unorganized players in the market. There are number
of small and regional players and catering to the same market which
has limited the bargaining power of the company and has exerted
pressure on its margins. Furthermore, the company majorly
undertakes government projects, which are awarded through the
tender-based system. The company is exposed to the risk associated
with the tender-based business, which is characterized by intense
competition. The growth of the business depends on its ability to
successfully bid for the tenders and emerge as the lowest bidder.
Moreover, going forward, due to increasing level of competition and
aggressive bidding, the profits margins are likely to be under
pressure in the medium-term. This apart, any changes in the
government policy or government spending on projects are likely to
affect the revenues of the company.

Key Rating Strengths

* Experienced management:  Mr Shekher Jain and Mr Nirjhar Jain are
the directors of JCC. Mr Shekher Jain is post graduate by
qualification and has an experience of nearly three decades in
construction industry through his association with this entity and
Jayana Construction Company {The Company took over the business
operations of Jayana Construction Company (established in 1982) on
April 1, 2014}. Mr Nirjhar Jain has an experience of nearly half a
decade through his association with this entity.

* Moderate profitability margins:  The company majorly undertakes
government projects, which are awarded through the tender based
system. Therefore, the margins largely depend on nature of contract
executed. The PBILDT and PAT margins remained moderate at 14.52%
and 2.98% respectively for FY18 as against 13.89% and 3.36%
respectively for FY17. While the PBILDT margin has improved in FY18
over FY17 due to higher realization contracts executed during the
period, the PAT margin has marginally deteriorated in FY18 over
FY17 due to proportionate increase in the interest and depreciation
cost.

JCC Infratech Private Limited (JCC) was incorporated in 2011 by
three directors namely Mr Shekher Jain, Mr Nirjhar Jain and Mrs
Shikha Jain. The company merged its group concern i.e. Jayana
Construction Company on April 1, 2014. Jayana Construction Company
was a proprietorship concern established in 1982. The company is
engaged into civil construction and contracting business and has
executed several projects in Haryana and Rajasthan region. The
company is a grade “A” contractor and undertakes civil
construction contracts including road construction, maintenance
etc. for state government. The company receives the orders mainly
through tenders and the tenure of the contracts range from 6 month
- 12 month. The company procures raw materials i.e. grits, stones
etc. from private dealers. Additionally the equipment's and
machines are owned by the company.


KARANIA BROS: CARE Lowers Rating on INR17.90cr Loan to 'B'
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Karania Bros., as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       17.90      CARE B; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable Based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Karania Bros. to monitor the
rating vide e-mail communications dated July 9, 2019 to March 11,
2020 and numerous phone calls. However, despite CARE's repeated
requests, the firm has not provided the requisite information for
monitoring the rating. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Karania Bros.' bank
facilities will now be denoted as CARE B; Stable; ISSUER NOT
COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 3, 2019, the following were the
rating strengths and weaknesses considered:

Key Rating Weaknesses

* Small scale of operations:  Despite of the long track of business
activity in the same line and product with established presence in
the domestic market and relations with its customers and suppliers,
the scale of operations marked by the total operating income of the
firm decreased from INR0.29 crore in FY17 to INR0.12 crore in FY18
due to the decline in the selling price of the garlic during FY18
which resulted in low commission income.

* Elongated operating cycle of the entity:  The firm has collection
period of 1030 days on back of high trade receivable during the
year due to commission based nature of operations. In general, the
firm allows credit period up to 6 months to its clients.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure marked by the overall gearing ratio stood at
1.58x as on March 31, 2018 due to infusion of interest free
unsecured loan from related parties to management day to day
operations and decline in the absolute amount of profit during
FY18. Thus, the debt coverage indicators marked by total debt to
GCA stood weak at 50.52x in FY18 and total debt to CFO stood
negative due to increase in sundry loan advances during the year.

Key Rating Strengths

* Long track record and experienced promoter of the firm:  Karania
Brothers was established in the year 1978 by Mr. Haranchand Narshi
Karania. The promoter has more than four decades of experience in
the same line of business.

* Satisfactory profitability margins:  The profitability margins
marked by the PBILDT margin has improved by 25 bps and stood at
53.30% in FY18 due to decline operating expenses with TOI. However,
the PAT margin has improved by 129 bps and stood at 36.51% in FY18
due to decline the bank charges during the review period.

Karania Brothers was established in the year 1978 as proprietorship
concern by Mr.Haranchand Narshi Karania. The entity has its
registered and administrative office located at Yeshwanthpur,
Bangalore and is engaged in wholesale supply of garlic on
commission basis. The entity supplies the garlic material to around
100 customers located in Karnataka region on commission basis,
receives around 5% commission on the total trade amount. The entity
does the supply arrangements from domestic suppliers who include
wholesalers and dealers of food products like garlic and related
products.


MALIEAKAL ELECTRONICS: CRISIL Moves B+ Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Malieakal
Electronics (Malieakal) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Overdraft              3.5      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     1        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Term Loan              1.6      CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with Malieakal for
obtaining information through letters and emails dated December 31,
2019, March 13, 2020 and March 18, 2020 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

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

Detailed Rationale

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

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

Based in Kollam (Kerala) and set up in 1979, Malieakal deals in
consumer electronics and home appliances. Daily operations are
managed by the proprietor, Mr James Joseph.


MOTHER POULTRY: CRISIL Lowers Rating on INR7.35cr Loan to 'D'
-------------------------------------------------------------
CRISIL has downgraded its rating on the bank facilities of Mother
Poultry Farm (MPF) to 'CRISIL D' from 'CRISIL B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             7.35       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The rating downgrade reflects delays in repayment of bank debt
obligations by MPF. These delays have happened due to weak
operating performance.

The rating continues to reflect modest scale of operations and
below average financial risk profile. These weaknesses are
partially offset by extensive experience of the promoter in the
poultry industry and established customer base.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: The scale of operations is modest
marked by operating income of INR17.34 crore in FY 2019 which has
decreased from INR20.60 crore in FY 2018. Competition from local as
well as established players in the regional markets, i.e., primary
sales area, makes business expansion via new customer acquisition
tough.

* Below Average Financial Risk Profile: With net worth at around
INR1.11 crore and gearing at around 9.29 times in FY 2019, Capital
structure is below average and is expected to improve with rise in
accruals, over the medium term.

Strength:

* Extensive experience of the promoter in the poultry industry and
established customer base: The promoters have collectively got
around one and a half decade of experience in the industry. Long
standing presence in the industry has helped to develop established
customer base.

CRISIL believes that going ahead the industry expertise and
regional grip in business of the promoters will continue to
contribute in the business performance of MPF.

Liquidity Poor

Bank limit utilization is stretched, for the past 12 months, ended
on January, 2020. Modest cash accruals of less than INR50 lakh
against repayment obligations has resulted in delay of timely
repayment obligations. Current ratio is moderate at 2.04 times as
on March 31, 2019.

Rating Sensitivity factors

Upward Factors

* Timely servicing of debt obligations for next three months

* Improvement in liquidity backed by stable business and financial
risk profile.

Incorporated in 2009, Namakkal (Tamil Nadu) based proprietorship
firm Mother Poultry Farm (MPF) is engaged in selling of poultry
products and bird feed. The promoter is a second generation
entrepreneur with around one and a half decades of experience in
the industry.


MUSKAN OVERSEAS: CRISIL Migrates 'B' Rating to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Muskan
Overseas Private Limited (MOPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting       4.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            1         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Export Packing        24.5       CRISIL B/Stable (ISSUER NOT
   Credit                           COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MOPL for obtaining
information through letters and emails dated March 2, 2020 and
March 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

MOPL was established in 2001 as a partnership firm and was
reconstituted as a private limited company in 2010. Presently, the
promoters and directors are Mr Dinesh Gupta and Mr Manish Gupta.
MOPL undertakes processing of and trading in basmati rice in the
domestic market and mainly exports to Saudi Arabia, Dubai, Kuwait,
and Malaysia. The manufacturing unit is in Karnal, Haryana.


NEW STONE: CRISIL Migrates B+ Rating to Not Cooperating Category
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of New Stone
Quarry (NSQ) to 'CRISIL B+/Stable Issuer not cooperating'.

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

   Proposed Long Term     1.49    CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

   Term Loan              1.6     CRISIL B+/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NSQ for obtaining
information through letters and emails dated March 2, 2020 and
March 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

NSQ was set up in 2003 as a partnership between Mr Hafeez
Contractor, Mr Sherryana Contractor, Mr Vallary Contractor, and Mr
Yezdi Contractor. The Rampura (Dahod, Gujarat)-based firm
undertakes stone quarrying with capacity of 250 tonne per day; the
quarry is spread across 4 acres. Before the quarrying business, the
partners were involved in agriculture.


NIRAV SILK: CRISIL Lowers Rating on INR10cr Cash Loan to B+
-----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of Nirav Silk Mills Private Limited (NSMPL) to 'CRISIL B+/Stable'
from 'CRISIL BB/Stable'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            10       CRISIL B+/Stable (Downgraded
                                   from 'CRISIL BB/Stable')

The downgrade reflects pressure on liquidity of the company on
account of stretched working capital cycle. The GCA days have
increased from 200 days as on March 31, 2018 to 288 days as on
March 31, 2019 due to receivables period having expanded
significantly from 97 days to 181 days. The extended credit period
is given due to weakening of credit profile of the company's
customers post GST implementation and also low bargaining power due
to intense competition. Inventory days have remained high at
101-111 days for the three fiscals ended March 31, 2019. The term
loan repayments are expected to peak to about INR2.3-3.3 crore
annually, that along with average bank limit utilizations hovering
around 98% can test the overall liquidity profile of the company,
if accruals fail to ramp up or in absence of timely infusion of
unsecured loans from promoters. Sustained and sharp improvement in
the working capital cycle coupled with improved liquidity
management is a key monitorable over the medium term.

The rating continues to reflect the extensive experience of the
promoters in the textile industry, and an established and reputed
customer base. These strengths are partially offset by the modest
scale of operations in a fragmented industry, an average financial
risk profile and working capital-intensive nature of business.

Analytical Approach

Unsecured loans of INR5.35 crore from the promoters as on
March 31, 2019, have been considered as neither debt nor equity as
the loans carry interest that is lower than the market rate and are
subordinated to bank debt.

Key Rating Drivers & Detailed Description

Strengths:

* Extensive industry experience of the promoters:  The promoters'
experience of around three decades in the ready-to-stich
fabric-manufacturing business should continue to support the
business.

* Established and reputed customer base:  Being in the business for
more than two decades, the company has established a long-standing
relationship with reputed customers such as Pantaloons India,
Arvind Mills, Wills Lifestyle, Reliance retail, and Future Group,
in India, and players in the overseas market.

Weaknesses:

* Modest scale of operations:  Revenue was modest at INR62 crore in
fiscal 2019 (expected at INR65 crore for fiscal 2020). NSMPL is a
small player and has limited presence in the entire textile value
chain. Intense competition results in pricing pressures,
restricting revenue and margin.

* Average financial risk profile:  The total outside liabilities to
adjusted networth ratio was high and networth modest, at 8.75 times
and INR4.79 crore, respectively, as on March 31, 2019. The debt
protection metrics have remained average, with interest coverage
and net cash accrual to adjusted debt ratios at 1.75 times and 0.09
time, respectively, in fiscal 2019. Due to higher reliance on
external debt, financial risk profile is expected to remain average
over the medium term.

* Large working capital requirement:  Gross current assets (GCAs)
were high at 288 days as on March 31, 2019, driven by sizeable
debtors and inventory of 181 and 109 days, respectively, and is
expected at 279 days as on March 31, 2020.

Liquidity Poor

Net cash accrual, expected at INR1.72 crore in fiscal 2020 would be
insufficient against maturing debt of INR3.29 crore. The shortfall
in repayments are to be made through unsecured loans from promoters
and affiliates, which was at INR5.35 crore as on March 31, 2019 and
have additionally infused INR2 crore in fiscal 2020. There is no
capital expenditure planned over the medium term. Bank limit
utilisation was high at an average of 98% during the 12 months
through January 2020. The company was sanctioned ad hoc limits of
INR0.10 crore in April, May and September 2019 for 7 days. The
current ratio was moderate at 1.25 times and unencumbered cash and
bank balance was low at INR0.02 crore as on March 31, 2019.

Outlook: Stable

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

Rating Sensitivity factors

Upward factors:

* Improved working capital cycle with GCAs below 200 days.

* Significant increase in revenue and profitability.

Downward factors:

* Revenue or profitability declines significantly leading to cash
accruals of below INR1.25 crore

* Expansion in working capital cycle or capital expenditures
weakens the financial risk profile

Incorporated in 1989, NSMPL is promoted by Mr Vinod Shah and his
sons, Mr Nirav Shah and Mr Harshil Shah. The company mainly
manufactures cotton, polyester, and cotton-polyester fabrics at its
unit in Bhiwandi, Maharashtra. Revenue is derived from selling
ready-to-stich fabric to established fashion houses across India
and abroad.


PRABHULINGESHWAR SUGARS: CARE Reaffirms B+ Rating on LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Shri
Prabhulingeshwar Sugars and Chemicals Limited (SPSCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities           126.58     CARE B+; Stable Reaffirmed

   Short term Bank
   Facilities            80.00     CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to bank facilities of SPSCL continues to be
constrained by its weak financial profile characterized by drop in
profitability margins and weak debt coverage indicators, tight
liquidity position due to working capital intensive nature of
operations and regulated nature of the sugar industry. However,
these rating weaknesses are partially offset by extensive
experience of promoters in sugar and allied industries, improved
operational performance during FY19 and SPSCL's integrated
operations with captive source of power.

Rating Sensitivities

Positive Factors

* Sustained improvement in scale of operations and profitability
margins.

* Improvement in current ratio beyond 1.33x.

Negative Factors

* Deterioration in overall gearing beyond 5x.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Weak financial profile characterised by drop in margins and weak
debt coverage indicators:  The company's financial risk profile is
marked by highly leveraged capital structure and weak debt coverage
indicators. PBDILT margin reduced from 18.98% in FY18 to 15.31% in
FY19. Drop in profitability margins was on account of fall in cane
crushing days due to draught conditions in the last quarter of FY19
leading to lower yield of cane. Debt equity ratio deteriorated from
0.82x in FY18 to 1.15x in FY19 and overall gearing deteriorated
from 3.84x in FY18 to 4.59x in FY19 due to increase in term debt.
TDGCA also increased from 20.89x in FY18 to 26.03x in FY19.

* Working capital intensive nature of operations:  High levels of
inventory holding (due to seasonality associated with sugarcane),
coupled with low credit on sugarcane purchase, makes the operations
of the company working capital intensive. SPSCL has an inventory
holding period of 365 days in FY19 (PY: 400). Working capital cycle
improved from 135 days in FY18 to 120 days in FY19 on account of
reduction in inventory period.

* Cyclical and regulated nature of the industry:  Cyclical nature
of the sugar industry significantly impacts the operating
performance and cash flow generation of the sugar companies. Both
the raw material prices and distribution of end products (sugar)
are regulated by the government. In addition to this, sale and
distribution of by-products (molasses and power) also are regulated
at different levels in different States. Sugar industry is also
impacted by vagaries of monsoon and prevailing agro climatic
condition. Integrated players are in a better position to counter
cyclicality of the sugar business.

Key Rating Strengths

* Extensive experience of the promoters in sugar and allied
industries:  SPSCL is promoted by Mr. Jagadeesh S Guduganti who has
an extensive experience of over 40 years in the sugar and allied
industries. The group also has considerable experience in supplying
sugar machinery. Mr. Jagadeesh is a licensed sugar machinery
manufacturer registered with Commissionerate of Sugar Maharashtra &
Andhra Pradesh, Gujarat & Karnataka.

* Improved operational performance:  The plant operated only for 99
days in FY19 and crushed around 9.52 lakh MT of sugar cane in FY19.
In FY19, company earned total revenue of INR392.27 cr against
INR305 cr in FY18 recording a growth of 28.63% in FY19 over FY18.
However, sugar sales realization reduced from INR3416/ Qtl in FY18
to INR2822.49/ Qtl in FY19 on account of export of about 20% of
total sugar produced in FY19 to European countries. During 11
MFY20, the plant ran for 104 days and earned total revenue of
INR422.57 Cr and revenue of INR307.60 cr by selling 10.51 lakh
Quintal of sugar at average realization of INR2928.12/Qtl.

* Integrated operations with captive source of power:  SPSCL has
integrated operations with power generation capacity of 41.5 MW.
The company uses the power generated for captive consumption and
the surplus power is sold to various Electricity Supply Companies
in Karnataka. During FY19, company generated 83.63 mn units of
which 38.80 mn units were used for captive consumption and rest was
sold to other companies in Karnataka.

Liquidity: Stretched

The company's liquidity position remained tight with near full
utilization of working capital limits in last 12 months ended Feb
2020 and tightly matched cash accruals to repayment obligations.
Current ratio is below unity and cash and bank balance as on
31.03.2019 was INR6.22 crore.

Shri Prabhulingeshwar Sugars & Chemicals Ltd. (SPSCL), incorporated
in 1995 by Mr. Jagadeesh S Gudagunti who has an extensive
experience as a consultant and machinery supplier for sugar and
allied industries. SPSCL primarily engaged in the manufacturing of
sugar and allied products, started its commercial operations in
1999 with plant capacity of 2500 TCD & 17.5 MW cogeneration plant
in Siddapur Village, Jamakhandi Taluka of Bagalkot District in
Karnataka. SPSCL has extended its capacity to 12000 TCD & 41.5 MW
with recovery around 9.5%-12.5% from the cane crushed.


PROPUS DESIGNS: CARE Lowers Rating on INR15cr LT Loan to 'B'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Propus Designs and Displays Private Limited (PDDPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE B; Stable; Issuer not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable on the basis
                                   of best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from PDDPL to monitor the ratings
vide e-mail communications/letters dated December 26, 2019, January
14, 2020, February 10, 2020 February 12, 2020,  March 18, 2020 and
numerous phone calls. However, despite CARE's repeated requests,
the company has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on Propus Designs and Displays
Private Limited bank facilities will now be denoted as CARE B;
Stable; ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non-availability
of information due to non-cooperation by Propus Designs and
Displays Private Limited with CARE'S efforts to undertake a review
of the rating outstanding. CARE views information non-availability
risk as a key factor in its assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on March 4, 2019 the following were the
rating weaknesses and strengths:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Nascent stage of operations with eroded tangible net-worth base:
The operations of PDDPL are nascent in stage, since the company was
established only in May 2016, whereas it has been undertaking only
consultancy services on a very miniscule scale since then. Given
this, coupled with the net losses posted led by nascent stage of
operations, the tangible net-worth base stood eroded as on March
31, 2018.

* Weak profitability with susceptibility of profit margins to
volatile raw material prices:  During FY18, given the nascent stage
of operations, the company posted an operating loss of INR0.05
crore and a net loss of INR0.05 crore (vis-à-vis an operating loss
and a net loss of INR0.04 crore and INR0.04 crore respectively in
FY17). Moreover, given the primary raw materials being various
types of steel, the profit margins are expected to remain
susceptible to the volatility in the same.

* Project execution, funding & stabilization risk inherent to new
factory setup:  PDDPL is proposing to set up a new factory in
Alwar, Rajasthan, to manufacture telecom panels, chimneys and meta
racks. The said project is estimated to cost INR23.75 crore, to be
primarily funded by way of term loan from bank/financial
institution (FI), unsecured loans and equity share capital. The
company is exposed to significant project execution & funding risk,
since it has incurred only 9.09% of the total project cost as on
February 26, 2019 towards the purchase of land as an advance
payment. Further, term loan from bank/FI is also yet to be tied up
for the remaining unexecuted part of the project. Moreover, the
company is also exposed to stabilization risk with regard to
subsequent timely stabilization & commencement of the operations
after the commissioning of the project which is expected to be
commissioned by September 2020.

* Presence in competitive & fragmented industry:  PDDPL operates in
a highly competitive & fragmented industry with a number of players
engaged in manufacturing of telecom panels, chimneys and metal
racks. Moreover, the presence of reputed clientele in the
aforementioned segments intensify the already prevailing
competition in the industry which may further puts pressure on
profit margins of the company and may also limits the bargaining
power with its customers.

Key Rating Strengths

* Established track record of the group in manufacturing of metal
products:  Propus Group, apart from PDDPL, comprises Propus Inc, a
partnership firm, as well as P3P Productions Private Limited (P3P).
Propus Inc, established in 2014, is engaged in manufacturing of
telecom panels, chimneys and metal racks. On the other hand, P3P,
incorporated in 2011, is engaged in manufacturing of stainless
steel (SS) table, metal display stands, restaurant
tables, phone metal display stands, and undertaking job-work of SS
laser cutting, press brake bending and machine works.

* Highly experienced promoters in manufacturing of metal products:
The overall operations of PDDPL are looked after by the promoters
– Mr. Manan Bansal along with his friend's wife Mrs. Niddhi
Mittal, who possess a total experience of over 7 years in the field
of manufacturing of metal products.

Liquidity Analysis

As on March 31, 2018, the company owns a cash & bank balance worth
INR0.01 crore, whereas the current ratio and quick ratio stood low
at 0.12 times as on March 31, 2018 (vis-à-vis 0.19 times as on
March 31, 2017).

Incorporated in May 2016 by Mr. Manan Bansal and Mrs. Niddhi
Mittal, Propus Designs and Displays Private Limited (PDDPL) is
engaged in providing consultancy services in the field of
manufacturing of telecom panels, chimneys and metal racks for
warehousing. However, the company has planned to come up with a new
factory for manufacturing of telecom panels, chimneys and metal
racks. The telecom panels find application in the telecom towers.
The telecom panels are to be catered to various reputed telecom
service providers across India, chimneys are to be catered to
various factories, whereas the metal racks are to be catered to
various companies for their warehousing facilities. The said
factory is proposed to be set up at RIICO (Rajasthan State
Industrial Development and Industrial Corporation) Industrial Area
in Alwar, Rajasthan, with a total estimated cost of INR23.75 crore
proposed to be funded by way of a bank term loan worth INR15 crore
and the balance by way of promoters' contribution.


RAJA RAJESHWARA: CRISIL Migrates B+ Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Raja
Rajeshwara Cotton Industries (RRCI) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            3        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Fund-
   Based Bank Limits      2.75     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Term Loan              2.25     CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with RRCI for obtaining
information through letters and emails dated March 2, 2020 and
March 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

RRCI is located in Warangal (Telangana). The firm is promoted by K
Satya Narayana, L Sampath, L Chander Rao and Ravider Rao. The
company is engaged in cotton ginning and pressing.


RIME RICH: CRISIL Migrates 'D' Ratings to Not Cooperating Category
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Rime Rich
Foods Private Limited (RRFPL) to 'CRISIL D/CRISIL D Issuer not
cooperating'.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Long Term Loan      9.5      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Overdraft           4.5      CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

CRISIL has been consistently following up with RRFPL for obtaining
information through letters and emails dated March 2, 2020 and
March 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 2000 in Thrissur, Kerala, and promoted by Mr
Starson Kandamkulathy and Mr Fineson K J, RRFPL manufactures ice
creams under the Pappai brand.


SANTOSH HOSPITALS: NCLT Allows Chennai Corp to Take Over Hospital
-----------------------------------------------------------------
The Hindu reports that the National Company Law Tribunal (NCLT)
Principal Bench, New Delhi (camp at Chennai), has allowed the Tamil
Nadu government to temporarily take over Santosh Hospitals in
Besant Nagar, which is closed and under liquidation, and utilise
its infrastructure for COVID-19 treatment.

In an unprecedented sitting on April 12, the Bench passed on an
order on an application filed by the Greater Chennai Corporation,
the report relates.

"Though it is Sunday, this Bench has taken up the hearing on an
urgent basis, since the COVID-19 pandemic has been rattling lives
and the economy of the nation," the Hindu quotes B.S.V. Prakash
Kumar, acting president of NCLT, as saying.

Santhosh Hospitals had filed for voluntary insolvency and is under
liquidation now, the report notes. The possession of the hospital
is with Muthoot Fincorp Limited, one of the lenders to the
hospital. The other major lender is DCB Bank.

In its application, the Chennai Corporation said the Tamil Nadu
government had directed it to search for suitable hospitals to
conduct tests and treat people diagnosed with COVID-19. It
identified Santosh Hospitals for the purpose, according to the
Hindu.

The hospital has sufficient beds and infrastructure to conduct
tests and offer treatment, it said.

"The Greater Chennai Corporation can take over the hospital on an
'as is where basis', without any further liability/expenditure on
the part of the liquidator, including charges such as electricity,
water usage, cleaning, sanitation and repair and maintenance, among
others," the NCLT said, the Hindu relays.

The Corporation cannot claim the expenditure from the liquidator or
the lenders and should not allow the promoters or their
representatives to enter the premises without the permission of the
lenders, it added.


UJJWAL LUXURY: CARE Lowers Rating on INR8.75cr LT Loan to 'C'
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Ujjwal Luxury Hotels Private Limited (ULHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        8.75      CARE C; Issuer not cooperating;

   Facilities                      Revised from CARE B-; Stable on

                                   the basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ULHPL to monitor the ratings
vide e-mail communications dated March 4, 2020, March 6, 2020,
March 11, 2020, letters dated March 19, 2020 and numerous phone
calls. However, despite CARE's repeated requests, the firm has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
rating on Ujjwal Luxury Hotels Private Limited (ULHPL)'s bank
facilities will now be denoted as CARE C; Stable; ISSUER NOT
COOPERATING.

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

The ratings have been revised on account of negative net-worth with
cash losses in FY19 resulting in dependency on promoters to infuse
unsecured loans for repayment of term loan and unavailability of
update on 9MFY20 (Prov.) performance.

Detailed description of the key rating drivers

At the time of last rating on January 25, 2019 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Weak financial risk profile with Operating profit in FY19: ULHPL
has reported the operating profit in FY19 mainly due to increase in
scale of operations and stood at INR0.48 crore. However, the
company reported cash losses in FY19 resulting in higher dependency
on infusion of unsecured loans for working capital required and to
fund the losses. Further, ULHPL's net-worth continues to remain
negative.

* Weak liquidity position: During December-March of every year, the
company has seasonal period which requires the working capital
though the company books the room on part advance payment from
which company manages the working capital requirement. Under food
and bar operations, the firm gets a credit of more than one month
from suppliers which led to the negative working capital cycle.
Further, company maintains inventory of 5-10 days under food and
bar to cater the customer demands. Further, the company is
dependent on the promoters fund to meet the requirement of the
operations as company is posting cash losses from last 3 years.
Further, the company was repaying its debt from the promoters
support only.

Key Rating Strengths

* Continuous growing Total Operating Income (TOI):  TOI of the
company has been increasing at the Compounded Annual Growth Rate
(CAGR) of 17.11% during last three financial years ending FY19. The
company has registered Total Operating Income (TOI) of INR5.59
crore during FY19.

* Experienced promoters:  The promoters of ULHPL have rich
experience in liquor trading business. ULHPL is managed by Mr Daya
Ram Poonia and Mr Dharmendra Poonia. Mr Daya Ram Poonia has more
than two decades of experience in liquor trading business while Mr
Dharmendra Poonia has around two decades of experience in liquor
trading business.  They are assisted by other members of the
family.

* Location advantage:  ULHPL has hotel in posh locations of Jaipur
city and walking distance from bus station and railway station
which gives it location advantage. Further, Jaipur is one of the
tourism centered cities in Rajasthan which opens a wide frontier of
growth of hotel industry.

* Being in a growing and emerging industry:  The Indian tourism and
hospitality industry has emerged as one of the key drivers of
growth among the services sector in India. Tourism in India is a
potential game changer. It is a sun rise industry, an employment
generator, a significant source of foreign exchange for the country
and an economic activity that helps local and host communities.

Ujjwal Luxury Hotels Private Limited (ULHPL) was incorporated in
June, 2011 as a private limited company by Mr. Bhagirath Poonia and
Mr. Daya Ram Poonia with an objective to establish a three star
hotel at Jaipur (Rajasthan). ULHPL has completed construction work
on the hotel in the middle of November 2015 and has started its
operations from December 2015. The hotel had a facility of total 75
deluxe rooms along with one restaurant cum bar and one banquet hall
with capacity of 400 persons.


VAAGESWARI EDUCATIONAL: CRISIL Moves D Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sree
Vaageswari Educational Society (SVET) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Overdraft              5        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     1        CRISIL D (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

   Rupee Term Loan        6        CRISIL D (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SVET for obtaining
information through letters and emails dated March 12, 2020 and
March 18, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of SVET to 'CRISIL D Issuer not cooperating'.

Sree Vaageswari Educational Trust (SVET), founded by Mr. G. Samba
Reddy in year 1988, is an education group based out of Karimnagar
(near Hyderabad) providing education including engineering and
other professional courses. SVET has established 7 institutes
offering courses across engineering, pharmacy, business management
and computer applications. The trust is actively managed by Mr. G.
Samba Reddy and his son Dr. G. Srinivasa Reddy. The Reddy family
also has interests in hotel business and etrol filling stations.


VIBHOR VAIBHAV: CARE Lowers Rating on INR11.50cr Loan to 'D'
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vibhor Vaibhav Infra Private Limited (VVIP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        11.50     CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE BB-; Stable;
                                   Issuer not cooperating on the
                                   basis of best available
                                   information

   Short-Term Bank       32.50     CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE A4; Issuer
                                   Not cooperating on the basis of

                                   best available information

Detailed Rationale & Key Rating Drivers

The rating has been revised on account of ongoing delays in
servicing of its debt obligations based on the publicly available
information.

Detailed description of the key rating drivers

Key Rating Weakness

* Ongoing delays in servicing of debt obligation: There are ongoing
delays in servicing of interest obligations based on publicly
available information.

New Delhi based Vibhor Vaibhav Infra Private Limited (VVIP) was
incorporated in August, 2001. The company is managed by Mr Praveen
Tyagi, Mr Vibhor Tyagi and Mr Vaibhav Tyagi. The company is ‘A'
class approved government contractor and undertakes electrical
contracts on turnkey basis wherein it is engaged in supply,
installation and commissioning of power sub-stations, laying of
underground cables and transmission lines, street lights,
electrical works of buildings, etc. mainly for government
departments like Ghaziabad Development Authority, New Okhla
Industrial Development Authority (NOIDA), Greater Noida Industrial
Development Authority (GNIDA), Paschimanchal Vidyut Vitaran Nigam
Limited (PVVNL) and other local government bodies. The company is
also engaged in civil construction works such as construction of
sewer treatment plant, roads, etc. for government/ public sector
undertakings. In order to get the business, company has to
participate in bids/tenders floated by government and private
companies. It procures its material such as transformers, FRD
fencing, circuit breakers, cables etc. from RMC Limited, Steel Mrc.
Limited and Polycab Limited. The company has two group companies,
Vibhor Vaibhav Infrahome Private Limited and Solitaire Infrahome
Private Limited.


VISHWA PARIWAR: CRISIL Migrates 'B' Ratings to Not Cooperating
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vishwa Pariwar
(VP) to 'CRISIL B/Stable/CRISIL A4 Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         1        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Cash Credit            4        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

   Proposed Long Term     1        CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility              COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VP for obtaining
information through letters and emails dated March 2, 2020 and
March 6, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of VP to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Set up by Mr Pradeep Jain as a proprietary firm in 1990, VP prints
textbooks for schools and colleges, and undertakes commercial
printing of files, calendars, and pamphlets at its unit in Jhansi,
UP.


[*] INDIA: Naredco Seeks US$200 Billion Stimulus to Revive Economy
------------------------------------------------------------------
Financial Express reports that realtors' body Naredco on April 9
demanded a stimulus package of at least US$200 billion to revive
the Indian economy from the adverse impact of COVID-19 as well as
suspension of insolvency law provisions for six months to prevent
companies from becoming bankrput and acquired by foreign entities.

Pointing out that real estate sector will incur a loss of at least
Rs 1 lakh crore because of the lockdown to control the coronavirus
pandemic, Naredco President Niranjan Hiranandani said the
government must allow one-time debt restructuring of the real
estate industry and extra liquidity to kickstart business
activities, FE relays.

According to the report, Mr. Hiranandani said property prices will
fall by 10-15 per cent and there could be lay-offs and salary cuts
in the absence of any relief package. He sees labour shortages till
June because of harvesting of winter crops and sowing of summer
crops.

"This is probably the worst recession I have seen in my 40 years of
career. There is real demand erosion that has taken place," Mr.
Hiranandani told reporters through a video conference.  Citing
examples of the United States and many European nations that have
announced a package to the tune of 10 per cent of their GDP, he
said the government should come out with a " strong stimulus
package of at least USD 200 billion" to revive the Indian economy,
FE relays.

"We have cancer in the economy. We need chemotherapy. Crocin tablet
will not help," the report quotes Mr. Hiranandani as saying, while
pitching for the need of an whopping USD 200 billion package to
support the economy.  He did not specify the amount required to
revive the Indian real estate sector.

He also sought a 50 per cent cut in the GST rate for a period of
six months for all the sectors. "Every company, barring pharma and
some food companies, has been negatively affected". Mr. Hiranandani
also strongly demanded that the provisions of the insolvency law
should be suspended for at least six months to prevent "wholesale
takeover" of Indian companies.

Otherwise, he feared that good Indian companies will be acquired by
foreign firms at a cheaper valuation through bankruptcy
proceedings. "We need to protect our companies, banks and NBFCs".
Speaking at the conference, Naredco Vice Chairman Parveen Jain said
the construction work should be allowed at the sites where workers
have stayed put and not moved to their villages, FE adds.

FE says Mr. Jain demanded that the government should send
advisories to all regulatory authorities under RERA to extend the
timeline of completing projects by one year. The timeline for other
compliances with RERA should also be extended.

According to the report, the vice chairman demanded that states
should provide moratorium on different payments to be made to
development authorities.  Since real estate accounts for 6-7 per
cent of India's GDP and employs nearly 10-11 per cent of the
population, Naredco urged the government to focus on the demand of
the developers.

Rajeev Talwar, Chairman Naredco, said in a statement, "[W]e urge
the government to provide us with a stimulus package to deal with
the current situation while we take care of our labour force to
ensure that their health and safety is not compromised," adds FE.




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

[*] INDONESIA: Denies Stress Test Shows Risk of 8 Banks Failing
---------------------------------------------------------------
Reuters reports that the Indonesia Deposit Insurance Corporation
(LPS) denied on April 9 media reports that its stress test had
shown eight banks at risk of collapse under the government's
worst-case scenario for the economic impact of the coronavirus
outbreak.

LPS Chairman Halim Alamsyah told an online briefing there were no
indications any Indonesian bank would fail, Reuters relates.

"All banking indicators are normal and their fundamentals sound,"
Reuters quotes Mr. Alamsyah, a former member of the Indonesian
central bank's board of governors, as saying.

LPS is a government agency that insures bank deposits and saves
failing banks, the report notes.

Reuters says media had cited another LPS executive, Lana
Soelistianingsih, telling a hearing with parliament's financial
commission on April 9 about the potential for eight banks to fail.

According to a recording of the meeting on parliament's official
YouTube account, Soelistianingsih said: "We had done a simulated
stress test, of which if the severe scenario that the government
had anticipated was to happen, we calculate there could potentially
be eight banks under our criteria."

Soelistianingsih added she could not say whether LPS has enough
assets to cover for those banks, arguing it would depend on the
condition of any bank when it was handed over to the agency by the
Financial Services Authority (OJK), which is the regulator for the
banking industry, Reuters relays.

Reuters relates that Alamsyah said the executive's comments were
meant to show how far LPS can cover a failing bank rather making
predictions.

The report notes that Indonesia has recently bolstered its
procedures to prevent a financial crisis due to the coronavirus
outbreak, including the protocol to help failing banks, in a new
emergency regulation.

According to Reuters, OJK was given the power to force a merger
between banks in the case of insolvency, while LPS was allowed to
raise money through bond sales and borrowing from the government.

Reuters says the government's "severe" scenario is for a
contraction in GDP of 0.4% this year and the rupiah exchange rate
plunging to 20,000 to the dollar due to the outbreak of the
COVID-19 respiratory disease caused by the novel coronavirus.

Authorities have said their baseline scenario is for 2020 economic
growth of 2.3%, significantly weaker than last year's 5.02%,
Reuters relays. Bank Indonesia Governor Perry Warjiyo on April 9
said he expected the rupiah to strengthen to 15,000 a dollar by the
end of the year. The currency closed at 15,800 per dollar on April
9, says Reuters.




=========
J A P A N
=========

SUMITOMO CHEMICAL: Egan-Jones Lowers Sr. Unsecured Ratings to BB+
-----------------------------------------------------------------
Egan-Jones Ratings Company, on March 30, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Sumitomo Chemical Co Ltd to BB+ from BBB+.

Sumitomo Chemical Co., Ltd. is a major Japanese chemical company.
The company is listed on the first section of the Tokyo Stock
Exchange and is a constituent of on the Nikkei 225 stock index.
It's a member of the Sumitomo group and was founded in 1913 as a
fertilizer manufacturing plant.




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

RAYONT INC: Raises Substantial Doubt to Continue as Going Concern
-----------------------------------------------------------------
Rayont, Inc. filed its quarterly report on Form 10-Q, disclosing a
comprehensive loss of $205,061 on $0 of revenue for the three
months ended Dec. 31, 2019, compared to a comprehensive loss of
$9,255 on $0 of revenue for the same period in 2018.

At Dec. 31, 2019, the Company had total assets of $1,011,335, total
liabilities of $195,170, and $816,165 in total stockholders'
equity.

Rayont said, "The Company demonstrates adverse conditions that
raise substantial doubt about the Company's ability to continue as
a going concern.  These adverse conditions are negative financial
trends, specifically negative working capital, recurring operating
losses, accumulated deficit and other adverse key financial
ratios.

"The Company did not generate revenues to cover its operating
expense during the three months ended December 31, 2019.  The
Company plans to continue obtaining funding from the majority
shareholder and the President of the Company to support the
Company's normal business operating.  There is no assurance,
however, that the Company will be successful in raising the needed
capital and, if funding is available, that it will be available on
terms acceptable to the Company."

A copy of the Form 10-Q is available at:

                       https://is.gd/sI4LFX

Rayont, Inc., through its subsidiary, THF Holdings Pty Ltd.,
operates as a cancer treatment and medical device company. The
company was formerly known as Velt International Group Inc. Rayont,
Inc. was founded in 2011 and is based in Shah Alam, Malaysia.




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

GREEN CABS: Future of 160 Workers Uncertain as Firm Halts Trading
-----------------------------------------------------------------
NZ Herald reports that taxi company Green Cabs has halted trading
during the Covid-19 pandemic, with the future of 160 jobs on the
line.

The Herald relates that a message on the company's website reads:
"Due to the impact of Covid-19 on our economy and our operation,
for now, Green Cabs have halted trading."

However, in an interview with media, Green Cabs general manager Rob
Wheeler said it is likely the company, which employs 140
contractors and 18 staff, will not reopen once the coronavirus
lockdown is lifted, the Herald relays.

About 80 per cent of the company's business is made up of traffic
from airports around New Zealand. With travel now off the cards and
the borders closed to international visitors, Covid-19 has had a
significant impact on the company.

Even prior to Covid-19, the business had been effected by the rise
of ridesharing companies, a letter sent to staff outlined, the
Herald relays.

According to the Herald, the letter reportedly said business for
the company, which operates in five cities across the country, was
down 99.6 per cent.

The company closed its doors on April 2, a week after the country
moved into alert level 4 lockdown, the report says.

"We were somewhat vulnerable and exposed financially before the
outbreak, we are absolutely nonviable now," the letter, as cited by
the Herald, stated.

"It would take an extraordinary amount of borrowing to see Green
Cabs through this period, and we simply cannot service the debt,
even if we come out the other side."

Mr. Wheeler told Stuff the company was hopeful it would reopen but
was not optimistic, the Herald adds.

The Herald says Green Cabs, which was incorporated in 2007 and has
30 shareholders, applied for the Government's wage subsidy for the
18 staff on its books and was granted NZ$120,873.

The wage subsidy scheme provides a 12-week lump sum payment for
employers to pass on to employees if their business has experienced
a minimum 30 per cent decline in revenue attributable to Covid-19,
the report notes.

Independent contractors are themselves responsible to apply for the
subsidy.

The International Air Transport Association forecasts that there
will be 128,300 fewer jobs linked to the aviation industry and
tourism sectors in New Zealand if strict travel restrictions are
lifted after three months, the report adds.


PENRICH CAPITAL: McGrathNicol Appointed as Liquidator
-----------------------------------------------------
Good Returns reports that McGrathNicol has been appointed
liquidator of Penrich Capital, the Christchurch-based administrator
of Penrich Global Macro Fund.

"The appointment of liquidators to Penrich followed the detection
of irregularities in the fund that was administered by Penrich. The
fund had been frozen and the office closed prior to our
appointment. The Serious Fraud Office has confirmed that it has
commenced an investigation into the affairs of the company and the
liquidators have also commenced an investigation. Given we have
only recently been appointed as liquidators, we are unable to
provide any further details at this stage," Good Returns quotes
liquidator Kare Johnstone as saying.

The fund was placed into liquidation on April 3, the report notes.



PENRICH CAPITAL: Serious Fraud Office Starts Probe
--------------------------------------------------
Sam Sherwood at Stuff.co.nz reports that the Serious Fraud Office
is investigating a Christchurch-based financial service company.

A Serious Fraud Office (SFO) spokesman confirmed on April 9 an
investigation "into the affairs" of Penrich Capital Limited was
under way.

According to the company's website, which is no longer online, the
company was a "global financial institution" covering the major
financial markets of the world. The company was established by a
team of "investment professionals" with an average of 20 years of
experience in markets around the world, the website said, Stuff
relates.

Stuff says the company describes itself as managing the Penrich
Global Macro Fund, a hedge fund which operated in major developed
markets investing primarily in fixed income and foreign exchange.

"The fund was established in 2004 and has returns averaging more
than 10% per annum. Our investments are based upon our in-house
research of economic and political issues in the largest countries
of the world," the website said.

A complaint was made to the SFO after the fund was frozen when a
discrepancy was found in its valuation, Stuff says.

Companies Office records list the company's directors as its
investment manager Kelly Tonkin, and Kelly Stansfield, both of
Christchurch, Stuff discloses. Its sole shareholder is Cayman
Islands based Penrich Active Capital Management.



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

DYNA-MAC HOLDINGS: Auditor Raises Going Concern Doubt
-----------------------------------------------------
Vivienne Tay at The Business Times reports that Dyna-Mac Holdings'
independent auditor has raised doubts on the group's ability to
generate sufficient operating cash flows and continue as a going
concern.

Ernst & Young said the highlighted material uncertainty is over the
timing of cash flows from the billing milestones and award of new
contracts, BT relates. The auditor had included an emphasis of
matter in its independent auditor's report on Dyna-Mac's
financials.

Ernst & Young's opinion, however, remains unqualified, the offshore
oil and gas contractor said on April 8 in a regulatory filing, BT
relays.

Dyna-Mac had incurred a net loss of SGD24 million for the financial
year ended Dec. 31, 2019, compared with net profit of SGD1.5
million a year ago, BT discloses.

Its management and directors believe the group will be able to
continue as a going concern due to factors such as new orders
secured, potential new orders and available credit facilities,
according to BT.

New orders secured and potential new orders are expected to
generate adequate cash flows for the group to repay its debt
obligations in the next 12 months, the group said.

Dyna-Mac's order book stands at SGD67.1 million, compared with SGD7
million a year ago, BT discloses. The group had also obtained
several fabrication contracts worth SGD18 million after the Dec 31,
2019 year-end. Completion and deliveries also extend into Q2 2021.

BT relates that the group is also anticipating additional contracts
in the year ahead despite the challenging market environment.

According to BT, the group has banking facilities for short-term
trade loans and advances totalling SGD27.5 million, as at Dec 31,
2019. Its bank borrowing of around SGD13.3 million relates to
amounts drawn under these facilities.

Moreover, it has received in-principle approval from a bank to
restructure its banking facilities by pledging its main yards to
the bank for additional facilities of SGD30 million comprising
short-term trade credit facilities and advances, the report
relays.

Other events which occurred after the reporting period include the
group receiving, from a third party, an offer to purchase its
investment properties at 37 and 39 Tech Park Crescent for SGD9.5
million, BT adds.

Dyna-Mac Holdings Ltd. (SGX:NO4) -- https://www.dyna-mac.com/ --
offers engineering, procurement and construction services to the
offshore oil and natural gas, marine construction and other
industries. The Company builds topside modules for floating
production storage and offloading, semi-submersibles, manifolds,
buoys, process piping, and tanks for petrochemical and
pharmaceutical plants.


YONGNAM HOLDINGS: Files Notice of 3 Straight Years of Losses
------------------------------------------------------------
Rachel Mui at The Business Times reports that Yongnam Holdings on
April 13 gave notice that it recorded pre-tax losses for the three
most recently completed consecutive financial years.

This is based on its audited full-year consolidated accounts, the
mainboard-listed firm said before the market opened.

As at April 9, 2020, its six-month daily average market cap stands
at about SGD73.2 million, BT discloses.

Under the Singapore Exchange's listing rules, mainboard-listed
companies will be placed on the watch list under the financial
entry criteria if they record pre-tax losses for the three most
recently completed consecutive financial years and also fail to
maintain an average daily market cap of at least SGD40 million over
the last six months, according to BT.

Yongnam posted a net loss of SGD53.1 million for the year ended
Dec. 31, 2019, widening from a net loss of SGD51 million a year
earlier, BT discloses. The higher loss came amid an impairment
charge on a trade receivable, operational restructuring costs and
loss on disposal of strutting assets.

In a separate filing on April 13, the company said it will convene
its annual general meeting on June 29 at 10:00 a.m., BT reports.

Yongnam Holdings Limited (SGX:AXB) -- http://www.yongnam.com.sg/--
provides structural steelworks including design, supply and
erection of steel frames for aircraft hangars, high rise buildings,
commercial and industrial buildings. The Company also operates
civil and mechanical engineering businesses.




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

[*] BOND PRICING: For the Week April 6, 2020 to April 10, 2020
--------------------------------------------------------------
Issuer                      Coupon    Maturity   Currency   Price
------                      ------    --------   --------   -----


  AUSTRALIA
  ---------

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


  CHINA
  -----

AKESU XINCHENG ASSET INVE     6.40   04/20/22       CNY      60.00
AKESU XINCHENG ASSET INVE     6.40   04/20/22       CNY      60.20
ALTAY PREFECTURE STATE-OW     4.85   01/22/23       CNY      59.15
ALTAY PREFECTURE STATE-OW     4.85   01/22/23       CNY      60.70
AN SHUN YU KUN REAL ESTAT     5.48   11/10/21       CNY      68.92
ANHUI CHIZHOU CITY TIANPI     7.40   10/23/20       CNY      19.60
ANHUI CHIZHOU CITY TIANPI     7.40   10/23/20       CNY      20.46
ANHUI FOREIGN ECONOMIC CO     7.30   07/13/21       CNY      70.01
ANHUI PROVINCE TONGLING I     7.30   05/13/21       CNY      40.74
ANHUI PROVINCE TONGLING I     7.30   05/13/21       CNY      47.18
ANJI COUNTY STATE-OWNED C     8.30   04/24/21       CNY      41.00
ANJI COUNTY STATE-OWNED C     8.30   04/24/21       CNY      44.57
ANKANG DEVELOPMENT & INVE     6.35   03/06/20       CNY      20.05
ANQING URBAN CONSTRUCTION     6.01   04/27/22       CNY      60.00
ANQING URBAN CONSTRUCTION     6.01   04/27/22       CNY      61.32
BAOJI HI-TECH INDUSTRIAL      8.25   04/21/21       CNY      40.00
BAOJI HI-TECH INDUSTRIAL      8.25   04/21/21       CNY      40.96
BAOTOU CITY SCIENCE EDUCA     6.48   03/25/22       CNY      61.11
BAOTOU CITY SCIENCE EDUCA     6.48   03/25/22       CNY      65.50
BAYAN ZHUOER HETAO WATER      8.54   03/31/22       CNY      46.96
BAZHONG STATE-OWNED ASSET     8.50   04/25/21       CNY      41.02
BAZHONG STATE-OWNED ASSET     8.50   04/25/21       CNY      41.65
BAZHONG STATE-OWNED ASSET     5.13   12/02/22       CNY      59.28
BAZHONG STATE-OWNED ASSET     5.13   12/02/22       CNY      60.00
BEIJING BIOMEDICINE INDUS     6.35   07/23/20       CNY      20.16
BEIJING BIOMEDICINE INDUS     6.35   07/23/20       CNY      20.40
BEIJING CAPITAL DEVELOPME     7.19   01/15/21       CNY      20.00
BEIJING CAPITAL DEVELOPME     7.19   01/15/21       CNY      20.61
BEIJING CAPITAL DEVELOPME     6.50   02/27/21       CNY      40.73
BEIJING CAPITAL DEVELOPME     6.50   02/27/21       CNY      40.83
BEIJING CHANGXIN CONSTRUC     6.74   04/22/21       CNY      40.90
BEIJING CHANGXIN CONSTRUC     6.74   04/22/21       CNY      40.94
BEIJING CHAOYANG STATE-OW     5.25   03/27/20       CNY      20.03
BEIJING CHAOYANG STATE-OW     5.25   03/27/20       CNY      20.43
BEIJING FUTURE SCIENCE PA     4.20   08/13/22       CNY      60.29
BEIJING FUTURE SCIENCE PA     4.20   08/13/22       CNY      60.36
BEIJING GUCAI GROUP CO LT     6.60   09/06/20       CNY      20.28
BEIJING GUCAI GROUP CO LT     6.60   09/06/20       CNY      23.68
BEIJING HAIDIAN STATE-OWN     5.50   08/07/20       CNY      20.10
BEIJING HAIDIAN STATE-OWN     5.50   08/07/20       CNY      20.15
BEIJING JINGMEI GROUP CO      6.14   09/09/20       CNY      20.23
BEIJING JINLIYUAN STATE-O     7.00   10/28/20       CNY      18.91
BEIJING JINLIYUAN STATE-O     7.00   10/28/20       CNY      20.43
BEIJING SHIJINGSHAN STATE     6.08   08/18/21       CNY      41.15
BEIJING SHIJINGSHAN STATE     6.08   08/18/21       CNY      43.87
BEIJING XINCHENG INFRASTR     7.50   04/21/21       CNY      40.90
BEIJING XINCHENG INFRASTR     7.50   04/21/21       CNY      41.09
BEIJING XINGZHAN INVESTME     6.66   04/24/21       CNY      40.21
BEIJING XINGZHAN INVESTME     6.66   04/24/21       CNY      40.78
BENGBU GAOXIN INVESTMENT      8.70   04/17/21       CNY      40.00
BENGBU GAOXIN INVESTMENT      8.70   04/17/21       CNY      40.88
BENXI URBAN CONSTRUCTION      6.24   01/22/22       CNY      40.00
BENXI URBAN CONSTRUCTION      6.24   01/22/22       CNY      40.39
BIJIE CONSTRUCTION INVEST     6.50   01/28/22       CNY      41.44
BIJIE CONSTRUCTION INVEST     6.50   01/28/22       CNY      65.65
BIJIE KAIYUAN CONSTRUCTIO     7.78   02/25/21       CNY      40.50
BIJIE KAIYUAN CONSTRUCTIO     7.78   02/25/21       CNY      50.00
BINZHOU HI-TECH DEVELOPME     8.60   01/10/21       CNY      20.56
BINZHOU HI-TECH DEVELOPME     8.60   01/10/21       CNY      23.40
BINZHOU ZHONGHAI VENTURE      6.65   04/13/22       CNY      60.00
BINZHOU ZHONGHAI VENTURE      6.65   04/13/22       CNY      61.20
BORALA MONGOL AUTONOMOUS      7.18   08/09/20       CNY      19.41
BORALA MONGOL AUTONOMOUS      7.18   08/09/20       CNY      20.15
BORALA MONGOL AUTONOMOUS      5.77   08/26/22       CNY      59.50
BORALA MONGOL AUTONOMOUS      5.77   08/26/22       CNY      60.17
C&D REAL ESTATE CORP LTD      6.15   04/03/20       CNY      20.09
CANGNAN COUNTY STATE OWNE     5.58   11/11/22       CNY      61.28
CANGNAN COUNTY STATE OWNE     5.58   11/11/22       CNY      68.00
CEFC SHANGHAI INTERNATION     4.08   09/09/21       CNY      60.00
CEFC SHANGHAI INTERNATION     4.98   12/10/20       CNY      61.29
CHANGCHUN MODERN AGRICULT     7.00   07/25/21       CNY      38.00
CHANGCHUN MODERN AGRICULT     7.00   07/25/21       CNY      40.63
CHANGDE ECONOMIC CONSTRUC     7.00   03/24/21       CNY      40.76
CHANGDE ECONOMIC CONSTRUC     7.00   03/24/21       CNY      41.40
CHANGDE URBAN CONSTRUCTIO     6.50   02/25/20       CNY      20.03
CHANGDE URBAN CONSTRUCTIO     6.50   02/25/20       CNY      20.03
CHANGDE URBAN CONSTRUCTIO     5.63   09/01/20       CNY      20.27
CHANGDE URBAN CONSTRUCTIO     3.59   01/12/23       CNY      58.72
CHANGDE URBAN CONSTRUCTIO     3.59   01/12/23       CNY      59.51
CHANGLE COUNTY NEWTOWN DE     5.18   12/16/22       CNY      59.63
CHANGLE COUNTY NEWTOWN DE     5.18   12/16/22       CNY      62.03
CHANGSHA COUNTY TONGTU HI     6.00   06/19/22       CNY      60.79
CHANGSHA COUNTY TONGTU HI     6.00   06/19/22       CNY      68.20
CHANGSHA COUNTY XINGCHENG     7.90   03/25/22       CNY      57.95
CHANGSHA COUNTY XINGCHENG     7.90   03/25/22       CNY      58.23
CHANGSHA ECONOMIC & TECHN     8.45   04/13/22       CNY      46.47
CHANGSHA FURONG CITY DEVE     3.88   01/26/23       CNY      80.42
CHANGSHA METRO GROUP CO L     6.20   04/23/23       CNY      62.56
CHANGSHA METRO GROUP CO L     6.20   04/23/23       CNY      64.02
CHANGSHA TIANXIN CITY CON     4.20   11/06/22       CNY      60.10
CHANGSHA TIANXIN CITY CON     4.20   11/06/22       CNY      60.14
CHANGSHA TIANXIN CITY CON     3.43   08/08/23       CNY      74.60
CHANGSHA YUHUA URBAN CONS     7.17   04/18/21       CNY      40.81
CHANGSHA YUHUA URBAN CONS     7.17   04/18/21       CNY      44.00
CHANGSHA YUHUA URBAN CONS     3.80   01/28/23       CNY      59.96
CHANGSHU BINJIANG URBAN C     6.39   09/11/21       CNY      40.00
CHANGSHU BINJIANG URBAN C     6.39   09/11/21       CNY      40.73
CHANGSHU DEVELOPMENT INVE     5.80   04/19/20       CNY      20.07
CHANGSHU DEVELOPMENT INVE     5.80   04/19/20       CNY      20.08
CHANGSHU DONGNAN ASSET IN     6.53   03/26/22       CNY      61.45
CHANGSHU DONGNAN ASSET IN     6.53   03/26/22       CNY      67.32
CHANGSHU TRANSPORTATION S     7.00   04/29/21       CNY      41.09
CHANGSHU TRANSPORTATION S     7.00   04/29/21       CNY      47.00
CHANGXING COUNTY TRANSPOR     6.75   06/16/21       CNY      40.73
CHANGXING COUNTY TRANSPOR     6.75   06/16/21       CNY      40.90
CHANGXING COUNTY TRANSPOR     7.88   04/30/21       CNY      40.97
CHANGXING COUNTY TRANSPOR     7.88   04/30/21       CNY      50.30
CHANGXING URBAN CONSTRUCT     6.00   12/03/21       CNY      39.00
CHANGXING URBAN CONSTRUCT     6.00   12/03/21       CNY      40.73
CHANGZHI CITY CONSTRUCTIO     6.46   02/26/20       CNY      20.00
CHANGZHI CITY CONSTRUCTIO     6.46   02/26/20       CNY      20.03
CHANGZHOU BINHU CONSTRUCT     8.04   12/12/20       CNY      20.00
CHANGZHOU BINHU CONSTRUCT     8.04   12/12/20       CNY      20.65
CHANGZHOU HI-TECH GROUP C     6.18   03/21/20       CNY      20.00
CHANGZHOU HI-TECH GROUP C     6.18   03/21/20       CNY      20.05
CHANGZHOU JINTAN DISTRICT     6.38   04/26/20       CNY      20.07
CHANGZHOU JINTAN DISTRICT     6.38   04/26/20       CNY      20.08
CHANGZHOU PUBLIC HOUSING      6.64   07/02/21       CNY      40.43
CHANGZHOU PUBLIC HOUSING      6.64   07/02/21       CNY      40.49
CHANGZHOU TIANNING CONSTR     6.48   02/12/22       CNY      60.00
CHANGZHOU TIANNING CONSTR     6.48   02/12/22       CNY      61.08
CHAOHU URBAN TOWN CONSTRU     6.50   04/30/22       CNY      62.07
CHAOHU URBAN TOWN CONSTRU     6.50   04/30/22       CNY      62.10
CHENGDU ECONOMIC & TECHNO     6.90   05/30/21       CNY      41.02
CHENGDU ECONOMIC & TECHNO     6.90   05/30/21       CNY      46.00
CHENGDU KONGGANG CITY CON     7.40   02/26/20       CNY      25.05
CHENGDU KONGGANG CITY CON     6.92   07/30/20       CNY      25.32
CHENGDU KONGGANG CITY CON     7.40   02/26/20       CNY      25.34
CHENGDU KONGGANG CITY CON     6.92   07/30/20       CNY      25.50
CHENGDU LONGBO INVESTMENT     8.10   04/24/21       CNY      40.72
CHENGDU PIDU DISTRICT STA     7.25   10/15/20       CNY      18.50
CHENGDU PIDU DISTRICT STA     7.25   10/15/20       CNY      20.35
CHENGDU PIDU DISTRICT STA     6.95   04/01/22       CNY      61.04
CHENGDU PIDU DISTRICT STA     6.95   04/01/22       CNY      68.83
CHENGDU SHUZHOU CITY CONS     6.58   05/26/22       CNY      59.30
CHENGDU SHUZHOU CITY CONS     6.58   05/26/22       CNY      60.35
CHENGDU XINGCHENG INVESTM     6.17   01/28/20       CNY      20.00
CHENGDU XINGCHENGJIAN IND     6.00   03/20/22       CNY      60.00
CHENGDU XINGCHENGJIAN IND     6.00   03/20/22       CNY      61.47
CHENGDU XINKAIYUAN URBAN      7.43   08/12/21       CNY      40.81
CHENGDU XINKAIYUAN URBAN      7.43   08/12/21       CNY      41.00
CHENGFA INVESTMENT GROUP      6.87   04/30/21       CNY      41.01
CHENGFA INVESTMENT GROUP      6.87   04/30/21       CNY      41.37
CHENZHOU BAIFU INVESTMENT     6.54   08/28/21       CNY      40.25
CHENZHOU BAIFU INVESTMENT     6.54   08/28/21       CNY      40.66
CHENZHOU FUCHENG HIGH TEC     4.73   01/22/23       CNY      59.88
CHENZHOU FUCHENG HIGH TEC     4.73   01/22/23       CNY      59.91
CHENZHOU HI-TECH INVESTME     6.45   01/23/22       CNY      40.33
CHENZHOU HI-TECH INVESTME     6.45   01/23/22       CNY      48.60
CHENZHOU XINTIAN INVESTME     6.30   07/17/20       CNY      20.00
CHENZHOU XINTIAN INVESTME     6.30   07/17/20       CNY      20.12
CHENZHOU XINTIAN INVESTME     6.15   04/24/22       CNY      58.82
CHINA MINSHENG INVESTMENT     7.00   12/26/20       CNY      36.65
CHINA OCEANWIDE HOLDINGS      8.90   12/13/21       CNY      57.00
CHINA SECURITY CO LTD         4.45   11/11/19       CNY      31.00
CHINA YIXING ENVIRONMENT      7.10   10/18/20       CNY      20.33
CHINA YIXING ENVIRONMENT      7.10   10/18/20       CNY      20.40
CHONGQING BANAN ECONOMIC      7.00   08/20/21       CNY      41.03
CHONGQING BANAN ECONOMIC      7.00   08/20/21       CNY      41.10
CHONGQING BANAN ECONOMIC      6.17   03/13/22       CNY      61.02
CHONGQING BANAN ECONOMIC      6.17   03/13/22       CNY      61.40
CHONGQING BEICHENG CONSTR     7.30   10/16/20       CNY      20.42
CHONGQING BEICHENG CONSTR     7.30   10/16/20       CNY      21.00
CHONGQING CHANGSHOU ECO&T     7.20   07/15/21       CNY      40.00
CHONGQING CHANGSHOU ECO&T     7.20   07/15/21       CNY      41.02
CHONGQING CHANGSHOU ECO-T     7.10   06/19/21       CNY      40.00
CHONGQING CHANGSHOU ECO-T     7.10   06/19/21       CNY      40.88
CHONGQING CITY CONSTRUCTI     5.12   05/21/20       CNY      20.06
CHONGQING CITY CONSTRUCTI     5.12   05/21/20       CNY      20.25
CHONGQING DASUN ASSET DEA     6.98   09/10/20       CNY      20.35
CHONGQING DAZU DISTRICT S     6.75   04/26/20       CNY      20.09
CHONGQING DAZU DISTRICT S     6.75   04/26/20       CNY      20.20
CHONGQING DAZU INDUSTRIAL     6.30   04/28/22       CNY      60.00
CHONGQING DAZU INDUSTRIAL     6.30   04/28/22       CNY      60.94
CHONGQING FULING DISTRICT     7.89   03/20/21       CNY      40.93
CHONGQING FULING DISTRICT     7.89   03/20/21       CNY      47.33
CHONGQING FULING TRAFFIC      6.68   02/03/22       CNY      60.00
CHONGQING FULING TRAFFIC      6.68   02/03/22       CNY      61.18
CHONGQING GAOXIN ZONE DEV     7.80   04/25/21       CNY      41.29
CHONGQING GAOXIN ZONE DEV     7.80   04/25/21       CNY      50.80
CHONGQING GARDENING INDUS     8.45   06/03/21       CNY      40.00
CHONGQING GARDENING INDUS     8.45   06/03/21       CNY      41.04
CHONGQING HAOJIANG CONSTR     7.99   11/22/20       CNY      20.00
CHONGQING HAOJIANG CONSTR     7.99   11/22/20       CNY      20.43
CHONGQING HAOJIANG CONSTR     8.05   03/06/21       CNY      40.00
CHONGQING HAOJIANG CONSTR     8.05   03/06/21       CNY      40.60
CHONGQING HECHUAN CITY CO     7.30   07/07/21       CNY      41.00
CHONGQING HECHUAN CITY CO     7.30   07/07/21       CNY      41.39
CHONGQING HECHUAN INDUSTR     6.19   06/17/20       CNY      20.16
CHONGQING HECHUAN INDUSTR     6.19   06/17/20       CNY      20.32
CHONGQING HONGYE INDUSTRI     6.30   06/03/20       CNY      20.14
CHONGQING HONGYE INDUSTRI     6.30   06/03/20       CNY      25.00
CHONGQING INTERNATIONAL L     7.08   10/18/20       CNY      20.45
CHONGQING INTERNATIONAL L     7.08   10/18/20       CNY      20.47
CHONGQING JIANGBEIZUI CEN     6.50   07/21/21       CNY      40.92
CHONGQING JIANGBEIZUI CEN     6.50   07/21/21       CNY      41.00
CHONGQING JINYUN ASSET MA     4.50   12/31/22       CNY      59.97
CHONGQING JINYUN ASSET MA     4.50   12/31/22       CNY      60.00
CHONGQING JIULONG HI-TECH     6.60   08/19/21       CNY      40.60
CHONGQING JIULONG HI-TECH     6.60   08/19/21       CNY      40.80
CHONGQING LAND PROPERTIES     6.30   08/22/20       CNY      20.26
CHONGQING LAND PROPERTIES     6.30   08/22/20       CNY      20.65
CHONGQING LIANGJIANG NEW      3.17   01/13/21       CNY      39.93
CHONGQING LIANGJIANG NEW      3.17   01/13/21       CNY      40.01
CHONGQING LIANGJIANG NEW      6.70   04/25/21       CNY      40.89
CHONGQING LIANGJIANG NEW      5.88   09/16/21       CNY      40.90
CHONGQING LIANGJIANG NEW      5.88   09/16/21       CNY      40.99
CHONGQING LIANGJIANG NEW      6.70   04/25/21       CNY      42.72
CHONGQING LIANGJIANG NEW      3.10   08/05/21       CNY      69.63
CHONGQING LIANGJIANG NEW      3.60   04/19/21       CNY      69.83
CHONGQING NANFA URBAN CON     6.43   04/27/20       CNY      20.12
CHONGQING NANFA URBAN CON     6.43   04/27/20       CNY      20.27
CHONGQING QIANJIANG CITY      8.00   03/21/21       CNY      40.89
CHONGQING QIANJIANG CITY      8.00   03/21/21       CNY      41.70
CHONGQING QIJIANG EAST NE     6.75   01/29/20       CNY      20.00
CHONGQING QIJIANG EAST NE     6.75   01/29/20       CNY      20.00
CHONGQING SHUANGFU CONSTR     7.49   10/23/20       CNY      20.00
CHONGQING SHUANGFU CONSTR     7.49   10/23/20       CNY      20.32
CHONGQING SHUANGQIAO ECON     6.75   04/26/20       CNY      20.08
CHONGQING SHUANGQIAO ECON     6.75   04/26/20       CNY      20.10
CHONGQING SHUANGQIAO ECON     5.99   11/19/21       CNY      40.01
CHONGQING SHUANGQIAO ECON     5.99   11/19/21       CNY      46.25
CHONGQING TAX FREE PORT A     7.50   04/24/21       CNY      41.24
CHONGQING TAX FREE PORT A     7.50   04/24/21       CNY      41.70
CHONGQING TEA GARDEN INDU     7.70   05/20/21       CNY      40.73
CHONGQING TONGLIANG JINLO     6.59   04/08/22       CNY      60.00
CHONGQING TONGLIANG JINLO     6.59   04/08/22       CNY      61.38
CHONGQING TONGNAN DISTRIC     4.99   12/31/22       CNY      59.71
CHONGQING TONGNAN DISTRIC     4.99   12/31/22       CNY      60.00
CHONGQING WANSHENG ECO &      6.39   04/17/20       CNY      20.01
CHONGQING WANSHENG ECO &      6.95   08/25/21       CNY      40.53
CHONGQING WANSHENG ECO &      8.19   04/08/21       CNY      40.71
CHONGQING WANSHENG ECO &      8.19   04/08/21       CNY      43.90
CHONGQING WANSHENG ECO &      6.95   08/25/21       CNY      45.00
CHONGQING WANSHENG ECO DE     5.40   11/18/21       CNY      69.15
CHONGQING WANZHOU SANXIA      4.95   08/25/22       CNY      61.05
CHONGQING WANZHOU SANXIA      4.95   08/25/22       CNY      64.21
CHONGQING XIYONG MICRO-EL     6.58   07/25/21       CNY      41.19
CHONGQING XIYONG MICRO-EL     6.58   07/25/21       CNY      42.33
CHONGQING YONGCHUAN HUITO     7.28   05/30/21       CNY      41.27
CHONGQING YONGCHUAN HUITO     7.28   05/30/21       CNY      41.60
CHONGQING YUELAI INVESTME     6.09   04/29/22       CNY      60.00
CHONGQING YUELAI INVESTME     6.09   04/29/22       CNY      61.71
CHONGQING YUNAN ASSET MAN     7.05   06/17/21       CNY      40.54
CHONGQING YUNAN ASSET MAN     7.05   06/17/21       CNY      40.77
CHONGQING YUZHONG STATE-O     7.25   02/26/21       CNY      40.70
CHONGQING YUZHONG STATE-O     7.25   02/26/21       CNY      40.75
CHUN'AN XINANJIANG DEVELO     6.10   03/11/22       CNY      61.51
CHUN'AN XINANJIANG DEVELO     6.10   03/11/22       CNY      64.55
CHUXIONG AUTONOMOUS DEVEL     6.60   03/29/20       CNY      19.80
CHUXIONG AUTONOMOUS DEVEL     6.60   03/29/20       CNY      20.04
CHUZHOU CITY CONSTRUCTION     6.40   08/22/21       CNY      41.17
CHUZHOU CITY CONSTRUCTION     6.17   11/30/21       CNY      61.42
CITIC GUOAN GROUP CORP        4.49   03/08/21       CNY      18.17
CITIC GUOAN GROUP CORP        4.23   12/15/20       CNY      18.25
CITIC GUOAN GROUP CORP        4.90   11/06/19       CNY      18.25
CITIC GUOAN GROUP CORP        5.80   12/15/19       CNY      18.25
CIXI CITY CONSTRUCTION IN     6.18   08/18/21       CNY      40.90
CIXI CITY CONSTRUCTION IN     6.18   08/18/21       CNY      48.80
DALI ECONOMIC DEVELOPMENT     8.30   12/11/20       CNY      20.60
DALI ECONOMIC DEVELOPMENT     8.30   12/11/20       CNY      20.61
DALI ECONOMIC DEVELOPMENT     7.90   03/04/21       CNY      40.00
DALI ECONOMIC DEVELOPMENT     7.90   03/04/21       CNY      40.71
DALI HAIDONG DEVELOPMENT      6.01   01/25/23       CNY      59.49
DALIAN PULANDIAN CONSTRUC     3.80   01/25/23       CNY      57.45
DALIAN PUWAN ENGINEERING      7.09   02/20/21       CNY      39.67
DALIAN RONGDA INVESTMENT      5.69   12/05/21       CNY      40.75
DALIAN RONGDA INVESTMENT      5.69   12/05/21       CNY      40.76
DALIAN RONGQIANG INVESTME     8.60   01/20/21       CNY      20.72
DALIAN RONGQIANG INVESTME     8.60   01/20/21       CNY      20.73
DALIAN RONGQIANG INVESTME     7.92   04/14/21       CNY      40.85
DALIAN RONGQIANG INVESTME     7.92   04/14/21       CNY      40.86
DANDONG PORT GROUP CO LTD     5.50   01/27/21       CNY      59.00
DANGTU COUNTY CONSTRUCTIO     5.38   08/10/22       CNY      61.38
DANGTU COUNTY CONSTRUCTIO     5.38   08/10/22       CNY      63.00
DANGYANG XINYUAN INVESTME     7.99   05/23/21       CNY      40.00
DANYANG HI-TECH INDUSTRY      6.40   04/24/22       CNY      60.00
DANYANG HI-TECH INDUSTRY      6.40   04/24/22       CNY      60.19
DANYANG INVESTMENT GROUP      6.90   10/23/20       CNY      20.15
DANYANG INVESTMENT GROUP      6.90   10/23/20       CNY      20.39
DANYANG INVESTMENT GROUP      3.99   01/25/23       CNY      59.20
DATONG ECONOMIC CONSTRUCT     4.49   10/22/22       CNY      60.31
DATONG ECONOMIC CONSTRUCT     4.49   10/22/22       CNY      60.50
DAWA COUNTY CITY CONSTRUC     6.29   06/12/22       CNY      59.33
DAWA COUNTY CITY CONSTRUC     6.29   06/12/22       CNY      62.50
DAYE ZHENHENG CITY DEVELO     7.95   11/27/20       CNY      20.55
DAYE ZHENHENG CITY DEVELO     7.95   11/27/20       CNY      20.65
DAYE ZHENHENG CITY DEVELO     7.30   03/03/21       CNY      40.68
DAYE ZHENHENG CITY DEVELO     7.30   03/03/21       CNY      43.53
DAZHOU DEVELOPMENT HOLDIN     6.55   01/14/22       CNY      40.00
DAZHOU DEVELOPMENT HOLDIN     6.55   01/14/22       CNY      41.32
DAZHOU DEVELOPMENT HOLDIN     5.10   11/27/22       CNY      60.00
DAZHOU DEVELOPMENT HOLDIN     5.10   11/27/22       CNY      60.81
DEHONGZHOU HONGKANG INVES     6.68   01/23/22       CNY      40.58
DEHONGZHOU HONGKANG INVES     6.68   01/23/22       CNY      40.65
DEYANG ECONOMIC DEVELOPME     7.90   04/28/21       CNY      40.68
DEYANG ECONOMIC DEVELOPME     7.90   04/28/21       CNY      48.26
DONGLING GROUP INC CO         8.00   07/14/22       CNY      60.00
DONGLING GROUP INC CO         8.00   07/14/22       CNY      61.86
DONGTAI UBAN CONSTRUCTION     8.65   01/13/21       CNY      20.45
DONGTAI UBAN CONSTRUCTION     8.65   01/13/21       CNY      20.72
DONGTAI UBAN CONSTRUCTION     7.58   04/23/21       CNY      40.78
DONGTAI UBAN CONSTRUCTION     7.58   04/23/21       CNY      48.48
DONGYING CITY URBAN ASSET     5.57   03/31/22       CNY      60.91
DONGYING CITY URBAN ASSET     5.57   03/31/22       CNY      61.58
DR PENG TELECOM & MEDIA G     6.00   06/16/22       CNY      47.16
DUJIANGYAN XINGYAN INVEST     6.10   03/12/22       CNY      58.59
DUJIANGYAN XINGYAN INVEST     6.10   03/12/22       CNY      60.00
DUNYUN STATE-OWNED ASSETS     6.60   12/28/22       CNY      59.95
EASTAR HOLDINGS GROUP CO      7.30   10/31/20       CNY      63.00
ENSHI URBAN CONSTRUCTION      7.50   06/03/21       CNY      41.08
ENSHI URBAN CONSTRUCTION      7.50   06/03/21       CNY      47.54
EZHOU CITY CONSTRUCTION I     6.68   09/19/21       CNY      40.49
EZHOU CITY CONSTRUCTION I     7.76   05/15/21       CNY      40.67
EZHOU CITY CONSTRUCTION I     6.68   09/19/21       CNY      41.00
EZHOU CITY CONSTRUCTION I     7.76   05/15/21       CNY      46.50
FANGCHENGGANG CITY GANGGO     8.09   04/16/21       CNY      40.86
FANGCHENGGANG CITY GANGGO     8.09   04/16/21       CNY      42.00
FENGCHENG CITY CONSTRUCTI     6.49   02/10/22       CNY      62.05
FENGCHENG CITY CONSTRUCTI     6.49   02/10/22       CNY      64.49
FENGCHENG CITY MODERN IND     5.76   12/17/22       CNY      60.00
FENGCHENG CITY MODERN IND     5.76   12/17/22       CNY      60.29
FENGXIAN URBAN INVESTMENT     4.23   07/13/21       CNY      55.26
FENGXIAN URBAN INVESTMENT     4.23   07/13/21       CNY      55.27
FENGXIAN URBAN INVESTMENT     6.48   03/20/22       CNY      60.00
FENGXIAN URBAN INVESTMENT     6.48   03/20/22       CNY      61.90
FUGU COUNTY STATE-OWNED A     8.69   12/16/20       CNY      20.69
FUGU COUNTY STATE-OWNED A     8.69   12/16/20       CNY      23.00
FUGUINIAO CO LTD              6.30   04/22/20       CNY      13.00
FUJIAN JINJIANG INDUSTRIA     7.08   06/27/21       CNY      41.00
FUJIAN JINJIANG INDUSTRIA     7.08   06/27/21       CNY      41.18
FUJIAN JINJIANG URBAN CON     6.35   04/26/20       CNY      20.10
FUJIAN JINJIANG URBAN CON     6.35   04/26/20       CNY      20.20
FUJIAN NANPING HIGHWAY CO     6.69   01/28/20       CNY      19.99
FUJIAN NANPING HIGHWAY CO     6.69   01/28/20       CNY      20.21
FUJIAN PROVINCE LIANJIANG     6.29   04/30/22       CNY      60.00
FUJIAN PROVINCE LIANJIANG     6.29   04/30/22       CNY      60.90
FUJIAN ZHANGLONG GROUP CO     4.99   08/07/22       CNY      60.00
FUJIAN ZHANGLONG GROUP CO     4.99   08/07/22       CNY      61.25
FUNING URBAN INVESTMENT D     7.19   08/15/21       CNY      40.93
FUNING URBAN INVESTMENT D     7.19   08/15/21       CNY      41.15
FUQING CITY STATE-OWNED A     6.66   03/01/21       CNY      40.52
FUQING CITY STATE-OWNED A     5.94   11/26/22       CNY      56.74
FUXIN INFRASTRUCTURE CONS     6.18   03/18/22       CNY      60.31
FUXIN INFRASTRUCTURE CONS     6.18   03/18/22       CNY      62.80
FUZHOU URBAN AND RURAL CO     5.48   01/26/22       CNY      41.07
FUZHOU URBAN AND RURAL CO     4.89   07/08/22       CNY      60.00
FUZHOU URBAN AND RURAL CO     5.48   01/26/22       CNY      60.00
FUZHOU URBAN AND RURAL CO     4.89   07/08/22       CNY      61.11
GANSU PROVINCIAL STATE-OW     5.40   03/06/20       CNY      40.08
GANSU PROVINCIAL STATE-OW     5.40   03/06/20       CNY      40.20
GANZHOU CITY DEVELOPMENT      5.50   06/16/22       CNY      60.00
GANZHOU CITY DEVELOPMENT      5.50   06/16/22       CNY      61.32
GANZHOU DEVELOPMENT ZONE      7.40   02/19/20       CNY      25.05
GANZHOU DEVELOPMENT ZONE      7.40   02/19/20       CNY      32.60
GANZHOU DEVELOPMENT ZONE      7.43   02/19/21       CNY      39.00
GANZHOU DEVELOPMENT ZONE      7.43   02/19/21       CNY      40.79
GAOMI STATE-OWNED ASSETS      4.69   01/26/23       CNY      60.85
GAOYOU CITY CONSTRUCTION      5.48   09/15/22       CNY      60.00
GAOYOU CITY CONSTRUCTION      5.48   09/15/22       CNY      61.13
GOLMUD INVESTMENT HOLDING     8.70   12/30/20       CNY      20.30
GOLMUD INVESTMENT HOLDING     8.70   12/30/20       CNY      20.67
GOOCOO INVESTMENT CO LTD      8.00   02/01/21       CNY      50.00
GREENLAND HOLDING GROUP C     6.24   05/23/20       CNY      25.10
GREENLAND HOLDING GROUP C     6.24   05/23/20       CNY      25.15
GUANGAN DEVELOPMENT AND C     6.39   03/24/22       CNY      61.43
GUANGAN DEVELOPMENT AND C     6.39   03/24/22       CNY      64.00
GUANGAN ECONOMIC & TECHNO     7.10   09/22/21       CNY      40.68
GUANGAN ECONOMIC & TECHNO     7.10   09/22/21       CNY      40.68
GUANGXI BAISE DEVELOPMENT     7.27   06/20/21       CNY      39.50
GUANGXI BAISE DEVELOPMENT     7.27   06/20/21       CNY      40.65
GUANGXI LAIBIN INDUSTRIAL     5.97   11/26/21       CNY      40.00
GUANGXI LAIBIN INDUSTRIAL     5.97   11/26/21       CNY      40.93
GUANGXI LIUZHOU DONGCHENG     7.40   10/29/20       CNY      20.32
GUANGXI LIUZHOU DONGCHENG     7.40   10/29/20       CNY      21.00
GUANGXI QINZHOU LINHAI IN     7.68   02/20/21       CNY      40.56
GUANGXI QINZHOU LINHAI IN     7.68   02/20/21       CNY      44.77
GUANGXI URBAN CONSTRUCTIO     7.59   04/14/21       CNY      41.01
GUANGXI URBAN CONSTRUCTIO     7.59   04/14/21       CNY      43.00
GUANGYUAN INVESTMENT HOLD     7.30   04/22/21       CNY      40.88
GUANGYUAN YUANQU CONSTRUC     8.35   08/26/21       CNY      41.51
GUANGYUAN YUANQU CONSTRUC     8.35   08/26/21       CNY      47.00
GUANGZHOU HUANTOU NANSHA      6.38   11/18/24       CNY      73.99
GUANGZHOU HUANTOU NANSHA      6.38   11/18/24       CNY      74.00
GUANGZHOU METRO GROUP CO      6.45   04/02/24       CNY      70.00
GUANGZHOU METRO GROUP CO      6.05   06/03/24       CNY      73.60
GUANGZHOU METRO GROUP CO      6.05   06/03/24       CNY      73.71
GUANGZHOU METRO GROUP CO      6.45   04/02/24       CNY      74.02
GUILIN CITY INVESTMENT AN     6.90   06/13/21       CNY      40.00
GUILIN CITY INVESTMENT AN     6.90   06/13/21       CNY      40.46
GUILIN ECONOMIC CONSTRUCT     5.60   04/22/22       CNY      60.00
GUILIN ECONOMIC CONSTRUCT     5.60   04/22/22       CNY      61.22
GUIRENNIAO CO LTD             7.00   12/03/19       CNY      49.50
GUIYANG BAIYUN INDUSTRY D     7.30   03/27/22       CNY      60.78
GUIYANG BAIYUN INDUSTRY D     7.30   03/27/22       CNY      65.00
GUIYANG GUANSHANHU DISTRI     4.87   01/28/23       CNY      78.89
GUIYANG URBAN CONSTRUCTIO     5.23   12/02/22       CNY      54.00
GUIYANG URBAN CONSTRUCTIO     5.23   12/02/22       CNY      59.71
GUIYANG URBAN DEVELOPMENT     6.20   02/28/20       CNY      20.01
GUIZHOU EAST LAKE CITY CO     5.18   01/06/23       CNY      57.35
GUIZHOU EAST LAKE CITY CO     5.18   01/06/23       CNY      60.92
GUIZHOU FANJINGSHAN INVES     6.95   01/28/22       CNY      40.72
GUIZHOU FANJINGSHAN INVES     6.95   01/28/22       CNY      60.00
GUIZHOU GUIAN CONSTRUCTIO     4.17   10/28/22       CNY      60.29
GUIZHOU GUIAN CONSTRUCTIO     4.17   10/28/22       CNY      61.00
GUIZHOU HONGCAI INVESTMEN     6.00   06/07/23       CNY      73.03
GUIZHOU HONGCAI INVESTMEN     6.00   06/07/23       CNY      73.07
GUIZHOU RAILWAY INVESTMEN     7.20   03/27/22       CNY      61.50
GUIZHOU RAILWAY INVESTMEN     7.20   03/27/22       CNY      62.44
GUIZHOU RAILWAY INVESTMEN     7.50   04/23/24       CNY      74.70
GUIZHOU SHUICHENG CITY IN     4.98   11/22/23       CNY      67.65
HAIAN URBAN DEMOLITION &      5.08   11/27/22       CNY      60.88
HAIAN URBAN DEMOLITION &      5.08   11/27/22       CNY      61.50
HAICHENG URBAN JINCAI LAN     8.56   12/19/20       CNY      20.51
HAICHENG URBAN JINCAI LAN     8.17   04/16/21       CNY      40.72
HAIFENG MARINE INFRASTRUC     6.84   04/29/22       CNY      60.00
HAIFENG MARINE INFRASTRUC     6.84   04/29/22       CNY      61.65
HAIMEN CITY DEVELOPMENT G     6.22   04/03/22       CNY      61.63
HAIMEN CITY DEVELOPMENT G     6.22   04/03/22       CNY      62.20
HAINAN JINHAI PULP & PAPE     6.10   04/15/20       CNY      37.50
HAINAN JINHAI PULP & PAPE     6.10   04/15/20       CNY      40.16
HAINING ASSET MANAGEMENT      6.08   03/06/20       CNY      20.04
HAINING ASSET MANAGEMENT      6.08   03/06/20       CNY      20.35
HAINING CITY DEVELOPMENT      5.58   10/22/21       CNY      40.86
HAINING CITY JIANSHAN DIS     6.90   11/04/20       CNY      20.45
HAINING CITY JIANSHAN DIS     6.90   11/04/20       CNY      21.42
HAIXI STATE DEVELOPMENT I     8.60   01/02/21       CNY      20.00
HAIXI STATE DEVELOPMENT I     8.60   01/02/21       CNY      20.62
HAIYAN COUNTY STATE-OWNED     7.00   09/04/20       CNY      20.32
HAIYAN COUNTY STATE-OWNED     7.00   09/04/20       CNY      20.70
HANDAN CONSTRUCTION & INV     5.48   05/27/22       CNY      61.32
HANDAN CONSTRUCTION & INV     5.48   05/27/22       CNY      67.20
HANGZHOU CANAL COMPREHENS     6.00   04/02/20       CNY      20.05
HANGZHOU CANAL COMPREHENS     6.00   04/02/20       CNY      20.20
HANGZHOU FUYANG CITY CONS     7.20   03/19/21       CNY      40.79
HANGZHOU FUYANG CITY CONS     7.20   03/19/21       CNY      40.81
HANGZHOU FUYANG DEVELOPME     7.70   04/28/21       CNY      41.03
HANGZHOU FUYANG DEVELOPME     7.70   04/28/21       CNY      49.00
HANGZHOU FUYANG DEVELOPME     4.76   01/27/23       CNY      60.55
HANGZHOU GONGSHU DISTRICT     6.90   07/21/21       CNY      40.40
HANGZHOU GONGSHU DISTRICT     6.90   07/21/21       CNY      41.31
HANGZHOU HIGH-TECH INDUST     6.45   01/28/20       CNY      20.01
HANGZHOU HIGH-TECH INDUST     6.45   01/28/20       CNY      20.25
HANGZHOU METRO GROUP CO L     5.97   09/17/24       CNY      73.86
HANGZHOU METRO GROUP CO L     5.97   09/17/24       CNY      73.91
HANGZHOU XIAOSHAN ECO&TEC     6.90   05/13/21       CNY      41.10
HANGZHOU YUHANG CITY CONS     7.00   03/03/21       CNY      40.83
HANGZHOU YUHANG CITY CONS     7.00   03/03/21       CNY      40.90
HANGZHOU YUHANG ECONOMIC      7.45   03/03/21       CNY      40.77
HANGZHOU YUHANG ECONOMIC      7.45   03/03/21       CNY      40.85
HANGZHOU YUHANG INNOVATIO     6.50   03/18/20       CNY      20.07
HANGZHOU YUHANG INNOVATIO     6.50   03/18/20       CNY      20.32
HANGZHOU YUHANG TRANSPORT     7.19   04/18/21       CNY      41.11
HANGZHOU YUHANG TRANSPORT     7.19   04/18/21       CNY      41.85
HANJIANG STATE-OWNED-ASSE     7.30   11/11/20       CNY      20.47
HANJIANG STATE-OWNED-ASSE     7.30   11/11/20       CNY      26.60
HAWTAI MOTOR GROUP LTD        7.20   04/14/21       CNY      60.00
HAWTAI MOTOR GROUP LTD        6.10   10/26/21       CNY      74.00
HEBEI ZHONGYUE CITY CONST     4.10   11/16/21       CNY      59.67
HEBEI ZHONGYUE CITY CONST     4.10   11/16/21       CNY      59.84
HEBI INVESTMENTS GROUP CO     7.88   08/01/21       CNY      40.99
HEBI INVESTMENTS GROUP CO     7.88   08/01/21       CNY      41.27
HECHI CITY CONSTRUCTION I     5.58   11/13/22       CNY      60.06
HECHI CITY CONSTRUCTION I     5.58   11/13/22       CNY      62.42
HEFEI CONSTRUCTION INVEST     7.20   04/29/24       CNY      74.67
HEFEI GAOXIN DEVELOPMENT      6.90   03/12/20       CNY      40.12
HEFEI INDUSTRIAL INVESTME     6.30   03/20/20       CNY      20.06
HEFEI INDUSTRIAL INVESTME     6.30   03/20/20       CNY      21.12
HEILONGJIANG HECHENG CONS     5.60   11/11/21       CNY      40.00
HEILONGJIANG HECHENG CONS     5.60   11/11/21       CNY      40.12
HEILONGJIANG HECHENG CONS     7.05   06/21/22       CNY      43.35
HEILONGJIANG HECHENG CONS     7.05   06/21/22       CNY      45.72
HEILONGJIANG POST-DISASTE     7.06   11/20/20       CNY       6.38
HEILONGJIANG POST-DISASTE     7.06   11/20/20       CNY       6.68
HEILONGJIANG POST-DISASTE     7.10   11/19/20       CNY      18.55
HEILONGJIANG POST-DISASTE     7.10   11/19/20       CNY      25.58
HEISHAN TONGHE ASSET MANA     6.79   09/18/22       CNY      59.28
HEISHAN TONGHE ASSET MANA     6.79   09/18/22       CNY      60.49
HENGYANG BAISHAZHOU DEVEL     6.87   08/22/21       CNY      40.07
HENGYANG BAISHAZHOU DEVEL     6.87   08/22/21       CNY      44.50
HENGYANG COMMUNICATION IN     4.28   01/21/23       CNY      60.00
HENGYANG COMMUNICATION IN     4.28   01/21/23       CNY      80.32
HENGYANG HONGXIANG STATE-     6.20   06/19/20       CNY      20.00
HENGYANG HONGXIANG STATE-     6.20   06/19/20       CNY      20.12
HENGYANG XIANGJIANG WATER     7.40   04/23/21       CNY      40.98
HENGYANG XIANGJIANG WATER     7.40   04/23/21       CNY      41.10
HEYUAN CITY RUNYE INVESTM     6.20   12/03/21       CNY      41.14
HEYUAN CITY RUNYE INVESTM     6.20   12/03/21       CNY      45.88
HEZE INVESTMENT DEVELOPME     7.14   03/24/21       CNY      40.82
HEZE INVESTMENT DEVELOPME     7.14   03/24/21       CNY      40.95
HEZHOU URBAN CONSTRUCTION     8.16   05/16/21       CNY      41.00
HEZHOU URBAN CONSTRUCTION     8.16   05/16/21       CNY      41.32
HNA GROUP CO LTD              5.99   11/27/22       CNY      69.02
HONGHEZHOU ROAD DEVELOPME     6.27   05/06/20       CNY      20.10
HUACHEN ENERGY CO LTD         6.63   05/18/20       USD      49.00
HUAIAN CITY URBAN ASSET O     5.70   04/23/22       CNY      61.37
HUAIAN CITY URBAN ASSET O     5.70   04/23/22       CNY      61.79
HUAI'AN DEVELOPMENT HOLDI     7.30   03/10/21       CNY      40.79
HUAI'AN DEVELOPMENT HOLDI     7.30   03/10/21       CNY      47.84
HUAI'AN NEW CITY INVESTME     7.45   03/04/21       CNY      40.00
HUAI'AN NEW CITY INVESTME     7.45   03/04/21       CNY      40.55
HUAI'AN NEW CITY INVESTME     6.95   07/28/21       CNY      41.16
HUAI'AN NEW CITY INVESTME     6.95   07/28/21       CNY      47.50
HUAIHUA CITY INDUSTRIAL P     7.70   10/29/20       CNY      20.26
HUAIHUA ECONOMIC DEVELOPM     6.80   03/26/22       CNY      60.00
HUAIHUA ECONOMIC DEVELOPM     6.80   03/26/22       CNY      60.38
HUAINAN URBAN CONSTRUCTIO     6.79   07/09/21       CNY      41.09
HUAINAN URBAN CONSTRUCTIO     6.79   07/09/21       CNY      41.65
HUANGGANG CITY CONSTRUCTI     8.60   12/25/20       CNY      20.87
HUANGGANG CITY CONSTRUCTI     7.45   03/04/21       CNY      40.70
HUANGGANG CITY CONSTRUCTI     7.45   03/04/21       CNY      40.81
HUANGGANG CITY CONSTRUCTI     4.08   01/18/23       CNY      59.50
HUANGGANG CITY CONSTRUCTI     4.08   01/18/23       CNY      60.44
HUANGSHAN CHENGTOU GROUP      5.95   05/06/22       CNY      60.65
HUANGSHAN CHENGTOU GROUP      5.95   05/06/22       CNY      61.50
HUANGSHI CIHU HIGH-TECH D     8.70   12/05/20       CNY      20.52
HUANGSHI CIHU HIGH-TECH D     9.30   01/21/21       CNY      20.94
HUANGSHI URBAN CONSTRUCTI     5.99   04/29/22       CNY      60.00
HUANGSHI URBAN CONSTRUCTI     5.99   04/29/22       CNY      61.67
HUBEI PROVINCE CHANGJIANG     6.15   04/03/22       CNY      61.61
HUBEI PROVINCE CHANGJIANG     6.15   04/03/22       CNY      62.40
HUBEI QUANZHOU YANGTZE CO     6.50   04/02/20       CNY      40.08
HUBEI QUANZHOU YANGTZE CO     6.50   04/02/20       CNY      40.11
HULUDAO INVESTMENT GROUP      7.05   10/18/20       CNY      20.38
HULUDAO INVESTMENT GROUP      7.05   10/18/20       CNY      20.52
HULUDAO INVESTMENT GROUP      7.50   10/18/23       CNY      62.49
HULUNBEIER INVESTMENT CO      6.31   04/30/22       CNY      60.00
HULUNBEIER INVESTMENT CO      6.31   04/30/22       CNY      61.14
HUNAN CHANGDE DEYUAN INVE     6.50   06/16/21       CNY      40.91
HUNAN CHANGDE DEYUAN INVE     6.50   06/16/21       CNY      42.25
HUNAN CHUZHISHENG HOLDING     5.60   12/18/22       CNY      61.48
HUNAN CHUZHISHENG HOLDING     5.60   12/18/22       CNY      61.49
HUNAN LOUDI ECONOMIC & TE     6.36   03/13/22       CNY      57.78
HUNAN LOUDI ECONOMIC & TE     6.36   03/13/22       CNY      67.00
HUNAN SHAODONG ECO-INDUST     6.50   01/11/23       CNY      59.93
HUNAN SHAODONG ECO-INDUST     6.50   01/11/23       CNY      61.90
HUNAN TIER GROUP CO LTD       8.00   12/23/20       CNY      20.67
HUNAN TIER GROUP CO LTD       8.00   12/23/20       CNY      22.72
HUNAN TIER GROUP CO LTD       7.10   03/03/21       CNY      40.87
HUNAN XIANGJIANG NEW AREA     7.36   03/17/21       CNY      40.00
HUNAN XIANGJIANG NEW AREA     7.36   03/17/21       CNY      40.84
HUNNAN JINYANG INVESTMENT     5.70   11/27/21       CNY      38.60
HUNNAN JINYANG INVESTMENT     5.70   11/27/21       CNY      39.60
HUNNAN JINYANG INVESTMENT     4.37   01/19/23       CNY      59.97
HUNNAN JINYANG INVESTMENT     4.37   01/19/23       CNY      60.00
HUZHOU URBAN CONSTRUCTION     6.48   08/28/21       CNY      40.92
HUZHOU URBAN CONSTRUCTION     6.48   08/28/21       CNY      42.38
HUZHOU WUXING NANTAIHU CO     8.79   01/16/21       CNY      20.64
HUZHOU XISAISHAN DEVELOPM     7.80   04/29/21       CNY      40.00
HUZHOU XISAISHAN DEVELOPM     7.80   04/29/21       CNY      41.07
INNER MONGOLIA JINLONG IN     7.30   11/19/22       CNY      59.50
INNER MONGOLIA JINLONG IN     7.30   11/19/22       CNY      60.23
INNER MONGOLIA KE'ERQIN U     6.45   04/30/22       CNY      59.00
INNER MONGOLIA KE'ERQIN U     6.50   03/11/22       CNY      59.10
INNER MONGOLIA KE'ERQIN U     6.45   04/30/22       CNY      60.00
INNER MONGOLIA KE'ERQIN U     6.50   03/11/22       CNY      60.00
INNER MONGOLIA SHENGXIANG     8.18   08/21/21       CNY      40.86
INNER MONGOLIA SHENGXIANG     8.18   08/21/21       CNY      44.00
INNER MONGOLIA ZHUNGEER S     6.54   12/31/21       CNY      41.35
INNER MONGOLIA ZHUNGEER S     6.54   12/31/21       CNY      42.10
JIAN CITY JINGANGSHAN DEV     7.99   06/03/21       CNY      40.87
JIAN CITY JINGANGSHAN DEV     7.99   06/03/21       CNY      40.98
JIAN CITY JINGANGSHAN DEV     4.87   01/27/23       CNY      58.55
JIANAN INVESTMENT HOLDING     6.85   05/23/21       CNY      41.05
JIANAN INVESTMENT HOLDING     6.85   05/23/21       CNY      46.50
JIANGDONG HOLDING GROUP C     7.14   04/24/21       CNY      40.85
JIANGDONG HOLDING GROUP C     7.14   04/24/21       CNY      41.00
JIANGMEN BINJIANG CONSTRU     6.60   02/28/20       CNY      20.04
JIANGMEN BINJIANG CONSTRU     6.60   02/28/20       CNY      20.25
JIANGMEN NEW HI-TECH INDU     7.39   11/04/20       CNY      20.34
JIANGMEN NEW HI-TECH INDU     7.39   11/04/20       CNY      20.61
JIANGMEN NEW HI-TECH INDU     6.03   04/22/22       CNY      61.53
JIANGMEN NEW HI-TECH INDU     6.03   04/22/22       CNY      61.77
JIANGSU HAIZHOUWAN DEVELO     5.37   03/29/23       CNY      59.50
JIANGSU HENGYUAN INVESTME     8.60   01/09/21       CNY      20.83
JIANGSU HENGYUAN INVESTME     8.60   01/09/21       CNY      29.30
JIANGSU HENGYUAN INVESTME     4.63   01/08/23       CNY      60.00
JIANGSU HENGYUAN INVESTME     4.63   01/08/23       CNY      60.30
JIANGSU HUAJING ASSETS MA     6.00   05/16/20       CNY      20.12
JIANGSU HUAJING ASSETS MA     6.00   05/16/20       CNY      20.12
JIANGSU JINGUAN INVESTMEN     7.90   04/08/21       CNY      40.80
JIANGSU JINGUAN INVESTMEN     7.90   04/08/21       CNY      40.82
JIANGSU JINTAN GUOFA INTE     6.85   05/30/21       CNY      40.00
JIANGSU JINTAN GUOFA INTE     6.85   05/30/21       CNY      40.90
JIANGSU JURONG FUDI BIO-T     7.70   03/21/21       CNY      71.61
JIANGSU JURONG FUDI BIO-T     7.70   03/21/21       CNY      71.64
JIANGSU NANTONG NO2 CONST     8.10   07/10/21       CNY      40.02
JIANGSU NEWHEADLINE DEVEL     7.00   08/27/20       CNY      25.32
JIANGSU NEWHEADLINE DEVEL     7.00   08/27/20       CNY      29.90
JIANGSU RUNCHENG ASSET OP     7.88   04/16/21       CNY      41.07
JIANGSU RUNCHENG ASSET OP     7.88   04/16/21       CNY      48.80
JIANGSU RUNQI WANGUO INDU     4.14   10/21/21       CNY      58.00
JIANGSU RUNQI WANGUO INDU     4.14   10/21/21       CNY      59.89
JIANGSU SUHAI INVESTMENT      7.28   05/29/21       CNY      40.76
JIANGSU SUHAI INVESTMENT      7.28   05/29/21       CNY      45.00
JIANGSU TAICANG PORT DEVE     7.40   04/28/21       CNY      40.00
JIANGSU TAICANG PORT DEVE     7.40   04/28/21       CNY      41.14
JIANGSU WANGTAO INVESTMEN     6.82   09/15/20       CNY      25.39
JIANGSU WANGTAO INVESTMEN     6.82   09/15/20       CNY      26.10
JIANGSU WUZHONG ECONOMIC      5.49   11/19/21       CNY      40.32
JIANGSU WUZHONG ECONOMIC      5.49   11/19/21       CNY      40.89
JIANGSU XISHAN ECONOMIC D     5.78   07/20/22       CNY      60.50
JIANGSU XISHAN ECONOMIC D     5.78   07/20/22       CNY      61.61
JIANGSU YANGKOU PORT CONS     6.23   04/10/22       CNY      60.49
JIANGSU YANGKOU PORT CONS     6.23   04/10/22       CNY      67.50
JIANGSU YIXING ECONOMIC D     7.69   04/18/21       CNY      41.03
JIANGSU YIXING ECONOMIC D     7.69   04/18/21       CNY      50.19
JIANGSU ZHUFU INDUSTRIAL      4.93   12/29/20       CNY      40.28
JIANGXI HEJI INVESTMENT C     5.09   12/17/22       CNY      60.00
JIANGXI HEJI INVESTMENT C     5.09   12/17/22       CNY      60.73
JIANGXI HUIHENG PROPERTY      4.43   08/30/21       CNY      69.12
JIANGXI HUIHENG PROPERTY      4.43   08/30/21       CNY      69.57
JIANGXI PINGXIANG CHANGSH     8.18   05/22/21       CNY      40.88
JIANGXI PINGXIANG CHANGSH     8.18   05/22/21       CNY      49.34
JIANGXI PROVINCE SITONG R     8.20   04/18/21       CNY      40.76
JIANGYIN GAOXIN DISTRICT      6.60   02/27/20       CNY      20.03
JIANGYIN LINGANG NEW CITY     7.10   11/07/20       CNY      20.26
JIANGYIN LINGANG NEW CITY     7.10   11/07/20       CNY      21.00
JIANGYOU HONGFEI INVESTME     6.55   09/02/22       CNY      59.46
JIANGYOU HONGFEI INVESTME     6.55   09/02/22       CNY      60.30
JIANHU COUNTY DEVELOPMENT     7.29   09/25/21       CNY      40.67
JIANHU COUNTY DEVELOPMENT     7.29   09/25/21       CNY      42.75
JIANHU URBAN CONSTRUCTION     6.50   02/22/20       CNY      20.01
JIANHU URBAN CONSTRUCTION     6.50   02/22/20       CNY      21.50
JIANHU URBAN CONSTRUCTION     6.30   06/01/22       CNY      59.29
JIANHU URBAN CONSTRUCTION     6.30   06/01/22       CNY      62.86
JIANHU URBAN CONSTRUCTION     3.28   10/13/21       CNY      68.88
JIANHU URBAN CONSTRUCTION     3.28   10/13/21       CNY      71.00
JIAXING ECONOMIC&TECHNOLO     7.89   03/05/21       CNY      40.91
JIAXING ECONOMIC&TECHNOLO     7.89   03/05/21       CNY      41.13
JIAXING NANHU INVESTMENT      7.45   02/26/21       CNY      40.95
JIAXING NANHU INVESTMENT      7.45   02/26/21       CNY      41.80
JIAYU COUNTY URBAN TOWN C     5.70   01/19/23       CNY      61.42
JIAYU COUNTY URBAN TOWN C     5.70   01/19/23       CNY      61.43
JIAYUGUAN CITY INFRASTRUC     7.83   09/23/21       CNY      40.00
JIAYUGUAN CITY INFRASTRUC     7.83   09/23/21       CNY      40.69
JIEYANGSHI CHENGSHI TOUZI     6.55   08/27/21       CNY      40.89
JIEYANGSHI CHENGSHI TOUZI     6.55   08/27/21       CNY      40.95
JILIN CITY CONSTRUCTION H     6.34   02/26/20       CNY      19.99
JILIN CITY CONSTRUCTION H     6.34   02/26/20       CNY      20.00
JILIN CITY CONSTRUCTION H     3.80   01/27/23       CNY      59.95
JILIN NORTHEAST SOCK INDU     6.80   12/19/21       CNY      69.88
JILIN RAILWAY INVESTMENT      7.18   03/04/21       CNY      40.22
JINAN CITY CONSTRUCTION I     6.80   03/20/21       CNY      40.78
JINAN CITY CONSTRUCTION I     6.80   03/20/21       CNY      40.90
JINAN CITY LICHENG DISTRI     5.00   06/23/22       CNY      60.10
JINAN CITY LICHENG DISTRI     5.00   06/23/22       CNY      60.11
JINAN HI-TECH HOLDING GRO     6.38   06/19/21       CNY      40.80
JINAN HI-TECH HOLDING GRO     6.38   06/19/21       CNY      40.93
JINCHANG CONSTRUCTION INV     6.79   12/21/22       CNY      60.00
JINCHANG CONSTRUCTION INV     6.79   12/21/22       CNY      60.12
JINCHENG STATE-OWNED CAPI     4.99   11/11/21       CNY      40.50
JINCHENG STATE-OWNED CAPI     4.99   11/11/21       CNY      40.62
JINGDE TAOCI CULTURAL TOU     5.38   11/27/22       CNY      59.56
JINGDE TAOCI CULTURAL TOU     5.38   11/27/22       CNY      60.00
JINGDEZHEN STATE-OWNED AS     6.59   06/25/20       CNY      20.20
JINGDEZHEN STATE-OWNED AS     6.59   06/25/20       CNY      20.40
JINGHONG STATE-OWNED ASSE     8.08   05/23/21       CNY      39.00
JINGHONG STATE-OWNED ASSE     8.08   05/23/21       CNY      40.34
JINGJIANG HARBOUR GROUP C     7.30   08/05/21       CNY      40.69
JINGJIANG HARBOUR GROUP C     7.30   08/05/21       CNY      48.68
JINGMEN CITY CONSTRUCTION     7.00   10/17/20       CNY      18.57
JINGMEN CITY CONSTRUCTION     7.00   10/17/20       CNY      20.50
JINGMEN CITY CONSTRUCTION     6.85   07/09/22       CNY      46.60
JINGMEN HIGH-TECH DEVELOP     5.48   08/11/22       CNY      59.80
JINGMEN HIGH-TECH DEVELOP     5.48   08/11/22       CNY      61.04
JINGZHOU DEVELOPMENT ZONE     8.20   12/09/20       CNY      20.52
JINGZHOU DEVELOPMENT ZONE     8.20   12/09/20       CNY      21.80
JINHU COUNTY STATE-OWNED      7.75   08/25/21       CNY      41.33
JINHU COUNTY STATE-OWNED      7.75   08/25/21       CNY      41.38
JINING CITY SHIZHONG DIST     6.39   01/29/22       CNY      61.41
JINING CITY SHIZHONG DIST     6.39   01/29/22       CNY      64.44
JINING HI-TECH TOWN CONST     6.09   04/30/22       CNY      61.50
JINING HI-TECH TOWN CONST     6.09   04/30/22       CNY      61.56
JINZHONG CITY PUBLIC INFR     6.50   03/18/20       CNY      20.05
JINZHONG CITY PUBLIC INFR     6.50   03/18/20       CNY      20.07
JINZHOU CITY INVESTMENT C     8.50   12/27/20       CNY      20.60
JINZHOU CITY INVESTMENT C     8.50   12/27/20       CNY      20.68
JINZHOU CITY INVESTMENT C     6.44   08/18/21       CNY      40.50
JINZHOU CITY INVESTMENT C     6.44   08/18/21       CNY      44.91
JINZHOU HUAXING INVESTMEN     9.10   01/21/21       CNY      20.72
JINZHOU HUAXING INVESTMEN     8.38   02/25/21       CNY      40.64
JINZHOU HUAXING INVESTMEN     8.38   02/25/21       CNY      45.00
JISHOU HUATAI STATE OWNED     7.18   02/09/22       CNY      60.67
JISHOU HUATAI STATE OWNED     7.18   02/09/22       CNY      62.82
JIUJIANG CITY CONSTRUCTIO     5.50   05/22/22       CNY      59.55
JIUJIANG CITY CONSTRUCTIO     5.50   05/22/22       CNY      61.37
JIUJIANG LAND INVESTMENT      6.20   03/23/22       CNY      60.36
JIUJIANG LAND INVESTMENT      6.20   03/23/22       CNY      61.63
JIUJIANG STATE-OWNED ASSE     6.68   03/07/20       CNY      20.07
JIUJIANG STATE-OWNED ASSE     6.68   03/07/20       CNY      20.15
JIUQUAN ECONOMIC DEVELOPM     7.40   02/26/21       CNY      40.74
JIXI STATE OWN ASSET MANA     6.87   01/19/22       CNY      40.66
JIXI STATE OWN ASSET MANA     6.87   01/19/22       CNY      40.85
KAIFENG NEW DISTRICT INFR     6.35   03/23/22       CNY      59.91
KAIFENG NEW DISTRICT INFR     6.35   03/23/22       CNY      60.53
KAIFU CITY DEVELOPMENT CO     4.20   01/21/23       CNY      57.50
KAIFU CITY DEVELOPMENT CO     4.20   01/21/23       CNY      59.90
KAILI GUIZHOU TOWN CONSTR     5.29   12/17/22       CNY      58.77
KAILI GUIZHOU TOWN CONSTR     5.29   12/17/22       CNY      60.00
KANGMEI PHARMACEUTICAL CO     5.20   07/17/22       CNY      18.63
KANGMEI PHARMACEUTICAL CO     5.47   09/15/22       CNY      20.29
KANGMEI PHARMACEUTICAL CO     6.10   03/28/21       CNY      21.20
KANGMEI PHARMACEUTICAL CO     5.29   08/16/22       CNY      21.25
KANGMEI PHARMACEUTICAL CO     7.00   06/21/21       CNY      21.25
KANGMEI PHARMACEUTICAL CO     6.80   06/28/21       CNY      21.25
KANGMEI PHARMACEUTICAL CO     5.50   04/20/21       CNY      21.82
KANGMEI PHARMACEUTICAL CO     5.33   01/27/22       CNY      36.69
KANGMEI PHARMACEUTICAL CO     6.28   03/20/21       CNY      40.00
KASHGAR SHENKA INVESTMENT     7.08   07/07/20       CNY      24.75
KASHGAR SHENKA INVESTMENT     7.08   07/07/20       CNY      25.18
KASHI URBAN CONSTRUCTION      5.80   07/20/22       CNY      60.00
KASHI URBAN CONSTRUCTION      5.80   07/20/22       CNY      61.38
KUERLE CITY CONSTRUCTION      6.99   05/20/20       CNY      25.21
KUERLE CITY CONSTRUCTION      6.99   05/20/20       CNY      25.22
KUNMING DIANCHI INVESTMEN     6.50   02/01/20       CNY      20.00
KUNMING DIANCHI INVESTMEN     6.50   02/01/20       CNY      20.16
KUNMING DONGJUN REAL ESTA     4.50   11/02/21       CNY      49.15
KUNSHAN COMMUNICATION DEV     6.95   05/22/21       CNY      40.95
KUNSHAN COMMUNICATION DEV     6.95   05/22/21       CNY      45.45
KUNSHAN HIGH TECHNOLOGY G     7.10   03/26/21       CNY      40.81
LAIWU CITY ECONOMIC DEVEL     7.08   02/28/21       CNY      40.81
LAIWU CITY ECONOMIC DEVEL     7.08   02/28/21       CNY      41.40
LANZHOU NATIONAL CAPITAL      6.32   09/10/21       CNY      34.90
LANZHOU NATIONAL CAPITAL      6.32   09/10/21       CNY      40.20
LAOHEKOU CITY CONSTRUCTIO     6.75   08/12/22       CNY      60.95
LAOHEKOU CITY CONSTRUCTIO     6.75   08/12/22       CNY      61.05
LEIYANG CITY AND RURAL CO     7.80   04/10/22       CNY      62.36
LEIYANG CITY AND RURAL CO     7.80   04/10/22       CNY      62.38
LEQING CITY STATE OWNED I     5.99   10/20/21       CNY      41.18
LESHAN STATE-OWNED ASSET      5.68   10/22/21       CNY      40.97
LESHAN STATE-OWNED ASSET      5.68   10/22/21       CNY      45.60
LIANYUNGANG TRANSPORT GRO     5.47   11/17/21       CNY      40.65
LIANYUNGANG TRANSPORT GRO     5.47   11/17/21       CNY      45.00
LIAONING COASTAL ECONOMIC     8.90   04/01/21       CNY       7.27
LIAONING COASTAL ECONOMIC     8.90   04/01/21       CNY      11.49
LILING HIGH-TECH INDUSTRI     4.93   01/19/23       CNY      59.13
LILING HIGH-TECH INDUSTRI     4.93   01/19/23       CNY      59.33
LINCANG STATE-OWNED ASSET     6.58   04/11/20       CNY      20.00
LINCANG STATE-OWNED ASSET     6.58   04/11/20       CNY      20.03
LINFEN CITY INVESTMENT GR     6.20   05/23/20       CNY      20.00
LINFEN CITY INVESTMENT GR     6.20   05/23/20       CNY      20.14
LINFEN YAODU DISTRICT INV     6.99   09/27/20       CNY      20.00
LINFEN YAODU DISTRICT INV     6.99   09/27/20       CNY      20.27
LINFEN YAODU DISTRICT INV     7.19   03/13/22       CNY      60.37
LINFEN YAODU DISTRICT INV     7.19   03/13/22       CNY      60.70
LINHAI CITY INFRASTRUCTUR     6.30   03/21/20       CNY      20.07
LINHAI CITY INFRASTRUCTUR     6.30   03/21/20       CNY      20.50
LINZHOU ECONOMIC & TECHNO     8.30   04/25/20       CNY      25.00
LINZHOU ECONOMIC & TECHNO     8.30   04/25/20       CNY      25.16
LISHUI CITY CONSTRUCTION      5.67   08/13/22       CNY      60.00
LISHUI CITY CONSTRUCTION      5.67   08/13/22       CNY      61.62
LISHUI CITY CONSTRUCTION      6.00   05/23/20       CNY      20.10
LISHUI CITY CONSTRUCTION      6.00   05/23/20       CNY      20.17
LIUPANSHUI AFFORDABLE HOU     5.08   01/29/23       CNY      78.54
LIUPANSHUI DEVELOPMENT IN     3.74   01/20/23       CNY      58.90
LIUPANSHUI DEVELOPMENT IN     3.74   01/20/23       CNY      60.12
LIUYANG MODERN MANUFACTUR     4.72   01/19/23       CNY      60.33
LIUYANG MODERN MANUFACTUR     4.72   01/19/23       CNY      79.30
LIUYANG NEW INDUSTRIAL CI     4.43   10/23/22       CNY      60.23
LIUYANG NEW INDUSTRIAL CI     4.43   10/23/22       CNY      60.30
LIUYANG URBAN CONSTRUCTIO     6.98   08/22/21       CNY      41.20
LIUYANG URBAN CONSTRUCTIO     6.98   08/22/21       CNY      41.43
LIUZHOU CITY INVESTMENT C     7.18   12/31/22       CNY      46.00
LIUZHOU CITY INVESTMENT C     7.18   12/31/22       CNY      47.28
LIUZHOU LONGJIAN INVESTME     8.28   04/30/24       CNY      74.28
LIYANG CITY CONSTRUCTION      6.20   03/08/20       CNY      20.05
LIYANG CITY CONSTRUCTION      6.20   03/08/20       CNY      20.10
LIYANG KUNLUN URBAN CONST     5.90   10/24/21       CNY      38.00
LIYANG KUNLUN URBAN CONST     5.90   10/24/21       CNY      40.85
LONGHAI STATE-OWNED ASSET     6.58   08/15/21       CNY      40.91
LOUDI CITY CONSTRUCTION I     7.95   04/15/21       CNY      40.79
LOUDI CITY CONSTRUCTION I     7.95   04/15/21       CNY      50.31
LOUDI TIDU INVESTMENT DEV     7.18   08/27/21       CNY      41.11
LOUDI TIDU INVESTMENT DEV     4.83   01/20/23       CNY      59.92
LOUDI TIDU INVESTMENT DEV     4.83   01/20/23       CNY      60.42
LU'AN CITY CONSTRUCTION I     5.20   09/25/20       CNY      50.52
LUJIANG CITY CONSTRUCTION     6.70   04/16/22       CNY      60.00
LUJIANG CITY CONSTRUCTION     6.70   04/16/22       CNY      60.88
LUOHE CITY CONSTRUCTION I     5.25   09/11/20       CNY      40.38
LUOYANG CITY DEVELOPMENT      4.47   12/02/22       CNY      60.00
LUOYANG CITY DEVELOPMENT      4.47   12/02/22       CNY      60.87
LUZHOU XINGYANG INVESTMEN     4.87   01/28/23       CNY      58.78
MA'ANSHAN CIHU HIGH TECHN     6.85   09/09/21       CNY      41.22
MA'ANSHAN CIHU HIGH TECHN     6.85   09/09/21       CNY      43.00
MAANSHAN ECONOMIC TECHNOL     6.49   03/06/22       CNY      60.66
MAANSHAN ECONOMIC TECHNOL     6.49   03/06/22       CNY      64.99
MAANSHAN HUASHAN DISTRICT     6.07   04/20/22       CNY      61.16
MAANSHAN HUASHAN DISTRICT     6.07   04/20/22       CNY      61.83
MEISHAN CITY ASSET OPERAT     7.84   02/26/21       CNY      40.89
MEISHAN HONGDA CONSTRUCTI     6.56   06/19/20       CNY      20.15
MEISHAN HONGDA CONSTRUCTI     6.56   06/19/20       CNY      20.18
MEIZHOU CITY XIN JIN YE D     6.02   04/22/22       CNY      61.57
MEIZHOU CITY XIN JIN YE D     6.02   04/22/22       CNY      65.32
MEIZHOU KANGDA HIGHWAY CO     6.95   09/10/20       CNY      20.33
MEIZHOU KANGDA HIGHWAY CO     6.95   09/10/20       CNY      20.40
MEIZHOU MEI COUNTY DISTRI     5.00   12/30/22       CNY      60.00
MEIZHOU MEI COUNTY DISTRI     5.00   12/30/22       CNY      60.29
MUDANJIANG AREA URBAN DEV     6.48   06/30/22       CNY      60.62
MUDANJIANG AREA URBAN DEV     6.48   06/30/22       CNY      65.00
MUDANJIANG CITY INVESTMEN     5.34   10/27/23       CNY      74.90
MUDANJIANG STATE-OWNED AS     7.70   04/14/21       CNY      40.60
MUDANJIANG STATE-OWNED AS     7.70   04/14/21       CNY      40.61
NANCHANG CITY CONSTRUCTIO     6.19   02/20/20       CNY      20.02
NANCHANG CITY CONSTRUCTIO     6.19   02/20/20       CNY      20.05
NANCHANG MUNICIPAL PUBLIC     5.88   02/25/20       CNY      20.00
NANCHANG MUNICIPAL PUBLIC     5.88   02/25/20       CNY      20.02
NANCHANG WATER CONSERVANC     6.28   06/21/20       CNY      20.16
NANCHANG WATER CONSERVANC     6.28   06/21/20       CNY      20.45
NANCHONG AIRPORT INVESTME     6.80   01/26/22       CNY      41.02
NANCHONG AIRPORT INVESTME     6.80   01/26/22       CNY      60.75
NANCHONG ECONOMIC DEVELOP     8.28   04/21/21       CNY      41.02
NANCHONG ECONOMIC DEVELOP     8.28   04/21/21       CNY      51.20
NANJING HEXI NEW TOWN ASS     3.20   07/22/21       CNY      69.48
NANJING JIANYE SCIENCE &      7.00   08/26/25       CNY      70.41
NANJING LISHUI ECONOMIC A     6.27   09/22/21       CNY      41.14
NANJING LISHUI ECONOMIC A     6.27   09/22/21       CNY      41.29
NANJING LISHUI URBAN CONS     5.80   05/29/20       CNY      20.07
NANJING LISHUI URBAN CONS     5.80   05/29/20       CNY      20.25
NANJING STATE OWNED ASSET     5.40   03/06/20       CNY      20.02
NANJING STATE OWNED ASSET     5.40   03/06/20       CNY      20.06
NANJING STATE OWNED ASSET     5.60   03/06/23       CNY      61.70
NANJING STATE OWNED ASSET     5.60   03/06/23       CNY      62.03
NANJING TANGSHAN CONSTRUC     6.80   06/30/21       CNY      40.88
NANJING TANGSHAN CONSTRUC     6.80   06/30/21       CNY      46.80
NANNING LVGANG CONSTRUCTI     7.30   06/27/21       CNY      40.73
NANNING LVGANG CONSTRUCTI     7.30   06/27/21       CNY      44.80
NANPING CITY WUYI NEW DIS     6.70   08/06/20       CNY      20.29
NANPING CITY WUYI NEW DIS     6.70   08/06/20       CNY      20.83
NANPING CITY WUYI NEW DIS     4.96   09/28/22       CNY      60.00
NANPING CITY WUYI NEW DIS     4.96   09/28/22       CNY      60.75
NANTONG CHONGCHUAN URBAN      7.15   04/18/21       CNY      41.08
NANTONG CHONGCHUAN URBAN      7.15   04/18/21       CNY      45.40
NANTONG CITY GANGZHA DIST     3.80   09/06/21       CNY      69.93
NANTONG CITY GANGZHA DIST     3.80   09/06/21       CNY      70.06
NANTONG ECONOMIC & TECHNO     5.80   05/17/20       CNY      20.09
NANTONG ECONOMIC & TECHNO     5.80   05/17/20       CNY      20.25
NANTONG HIGH TECHNOLOGY D     5.00   10/19/22       CNY      61.06
NANTONG HIGH TECHNOLOGY D     5.00   10/19/22       CNY      61.52
NANTONG SUTONG SCIENCE &      6.20   03/18/22       CNY      60.00
NANTONG SUTONG SCIENCE &      6.20   03/18/22       CNY      60.94
NANYANG INVESTMENT GROUP      7.05   10/24/20       CNY      20.47
NANYANG INVESTMENT GROUP      7.05   10/24/20       CNY      20.50
NEIJIANG INVESTMENT HOLDI     7.99   04/24/21       CNY      40.77
NEIJIANG INVESTMENT HOLDI     7.99   04/24/21       CNY      48.53
NEIJINAG CONSTRUCTION ENG     5.03   12/25/22       CNY      56.36
NEIJINAG CONSTRUCTION ENG     5.03   12/25/22       CNY      59.48
NEOGLORY HOLDING GROUP CO     8.00   10/22/20       CNY      56.00
NEOGLORY HOLDING GROUP CO     8.00   09/25/20       CNY      60.00
NEOGLORY HOLDING GROUP CO     8.10   11/23/18       CNY      72.00
NINGBO CITY HAISHU GUANGJ     7.75   03/06/21       CNY      41.10
NINGBO CITY HAISHU GUANGJ     7.75   03/06/21       CNY      46.30
NINGBO CITY ZHENHAI INVES     5.85   12/04/21       CNY      40.93
NINGBO CITY ZHENHAI INVES     5.85   12/04/21       CNY      40.98
NINGBO ECONOMIC & TECHNIC     7.09   04/21/21       CNY      40.89
NINGBO ECONOMIC & TECHNIC     7.09   04/21/21       CNY      49.00
NINGBO MEISHAN ISLAND DEV     6.27   03/23/22       CNY      61.57
NINGBO MEISHAN ISLAND DEV     6.27   03/23/22       CNY      68.29
NINGBO YINCHENG GROUP CO      6.50   03/18/20       CNY      20.05
NINGBO YINCHENG GROUP CO      6.50   03/18/20       CNY      20.06
NINGGUO CITY STATE OWNED      8.70   04/28/21       CNY      41.26
NINGGUO CITY STATE OWNED      8.70   04/28/21       CNY      41.50
NINGHAI COUNTY URBAN INVE     8.00   01/02/21       CNY      20.82
NINGHAI COUNTY URBAN INVE     8.00   01/02/21       CNY      25.00
NINGHAI COUNTY URBAN INVE     7.99   04/16/21       CNY      40.60
NINGHAI COUNTY URBAN INVE     7.99   04/16/21       CNY      41.23
NINGXIANG CITY CONSTRUCTI     6.70   01/20/22       CNY      40.20
NINGXIANG CITY CONSTRUCTI     6.70   01/20/22       CNY      41.60
NINGXIANG ECONOMIC TECHNO     8.20   04/16/21       CNY      40.75
NINGXIANG ECONOMIC TECHNO     3.87   01/27/23       CNY      60.41
OCEANWIDE HOLDINGS CO LTD     7.50   12/21/20       CNY      74.62
PANJIN CITY SHUANGTAIZI D     7.25   01/22/22       CNY      40.76
PANJIN CITY SHUANGTAIZI D     7.25   01/22/22       CNY      40.96
PANJIN CITY SHUANGTAIZI D     6.48   10/23/22       CNY      59.61
PANJIN CITY SHUANGTAIZI D     6.48   10/23/22       CNY      60.91
PANSHAN COUNTY STATE-OWNE     7.48   01/21/22       CNY      41.50
PANSHAN COUNTY STATE-OWNE     7.48   01/21/22       CNY      41.52
PANZHIHUA STATE OWNED ASS     5.41   07/29/20       CNY      19.30
PANZHIHUA STATE OWNED ASS     7.60   03/05/21       CNY      40.32
PANZHIHUA STATE OWNED ASS     7.60   03/05/21       CNY      40.80
PANZHIHUA STATE OWNED ASS     8.18   03/13/22       CNY      61.10
PANZHIHUA STATE OWNED ASS     8.18   03/13/22       CNY      62.27
PEIXIAN CITY INVESTMENT D     5.20   11/10/22       CNY      60.00
PEIXIAN CITY INVESTMENT D     5.20   11/10/22       CNY      60.40
PEKING UNIVERSITY FOUNDER     5.80   01/28/22       CNY      39.86
PEKING UNIVERSITY FOUNDER     6.10   08/22/21       CNY      43.02
PEKING UNIVERSITY FOUNDER     6.20   05/31/20       CNY      51.63
PEKING UNIVERSITY FOUNDER     6.50   11/16/23       CNY      51.63
PEKING UNIVERSITY FOUNDER     6.30   03/04/24       CNY      51.63
PEKING UNIVERSITY FOUNDER     6.30   09/12/20       CNY      51.63
PEKING UNIVERSITY FOUNDER     6.15   07/23/20       CNY      51.63
PEKING UNIVERSITY FOUNDER     4.80   07/26/21       CNY      51.63
PEKING UNIVERSITY FOUNDER     5.99   11/02/21       CNY      51.63
PEKING UNIVERSITY FOUNDER     6.68   08/09/23       CNY      51.63
PINGHU ECONOMIC DEVELOPME     7.99   04/17/21       CNY      40.50
PINGHU ECONOMIC DEVELOPME     7.99   04/17/21       CNY      41.09
PINGLIANG CHENGXIANG CONS     7.10   09/17/20       CNY      20.10
PINGLIANG CHENGXIANG CONS     7.10   09/17/20       CNY      20.24
PINGLIANG CULTURAL & TOUR     6.85   11/30/22       CNY      55.50
PINGLIANG CULTURAL & TOUR     6.85   11/30/22       CNY      59.72
PINGTAN COMPOSITE EXPERIM     6.58   03/15/20       CNY      20.06
PINGTAN COMPOSITE EXPERIM     6.58   03/15/20       CNY      20.06
PINGTAN COMPREHENSIVE PIL     3.92   01/29/23       CNY      60.13
PINGXIANG HUIFENG INVESTM     6.60   01/26/22       CNY      40.27
PINGXIANG HUIFENG INVESTM     6.60   01/26/22       CNY      60.00
PINGYANG STATE-OWNED ASSE     4.97   01/08/23       CNY      59.44
PINGYANG STATE-OWNED ASSE     4.97   01/08/23       CNY      60.00
PIZHOU CITY HENGRUN INVES     6.46   12/05/21       CNY      41.30
PIZHOU CITY HENGRUN INVES     6.46   12/05/21       CNY      42.46
PIZHOU ECONOMIC DEVELOPME     5.00   10/29/22       CNY      58.88
PIZHOU ECONOMIC DEVELOPME     5.00   10/29/22       CNY      60.00
PIZHOU RUNCAI ASSET MANAG     5.90   12/18/20       CNY      50.47
PUTIAN HIGH TECHNOLOGY IN     5.90   05/03/22       CNY      74.93
PUYANG INVESTMENT GROUP C     8.00   12/11/20       CNY      20.00
PUYANG INVESTMENT GROUP C     8.00   12/11/20       CNY      20.48
QIANAN URBAN CONSTRUCTION     8.88   01/23/21       CNY      20.00
QIANAN URBAN CONSTRUCTION     8.88   01/23/21       CNY      20.63
QIANAN URBAN CONSTRUCTION     7.19   08/11/21       CNY      40.00
QIANAN URBAN CONSTRUCTION     7.19   08/11/21       CNY      40.66
QIANAN XINGYUAN WATER IND     6.25   04/22/22       CNY      61.22
QIANAN XINGYUAN WATER IND     6.25   04/22/22       CNY      66.90
QIANDONGNAN TRANSPORTATIO     5.79   12/21/22       CNY      56.88
QIANDONGNAN TRANSPORTATIO     5.79   12/21/22       CNY      64.54
QIANDONGNANZHOU KAIHONG A     5.30   09/22/26       CNY      74.67
QIANJIANG URBAN CONSTRUCT     8.38   04/22/21       CNY      41.00
QIANJIANG URBAN CONSTRUCT     8.38   04/22/21       CNY      41.24
QIANJIANG URBAN CONSTRUCT     5.19   12/21/22       CNY      60.00
QIANJIANG URBAN CONSTRUCT     5.19   12/21/22       CNY      60.73
QIANNANZHOU INVESTMENT CO     6.43   03/09/22       CNY      59.43
QIDONG STATE-OWNED ASSET      7.30   11/20/22       CNY      46.50
QIDONG STATE-OWNED ASSET      7.30   11/20/22       CNY      47.64
QIDONG URBAN CONSTRUCTION     7.90   04/28/21       CNY      40.80
QIDONG URBAN CONSTRUCTION     8.20   04/04/21       CNY      41.00
QIDONG URBAN CONSTRUCTION     7.90   04/28/21       CNY      41.20
QIDONG URBAN CONSTRUCTION     8.20   04/04/21       CNY      41.25
QINGDAO CONSON DEVELOPMEN     6.40   12/12/22       CNY      47.13
QINGDAO CONSON DEVELOPMEN     6.40   12/12/22       CNY      47.20
QINGDAO HICREAT DEVELOPME     6.88   04/25/21       CNY      40.86
QINGDAO HICREAT DEVELOPME     6.88   04/25/21       CNY      41.13
QINGDAO JIAOZHOU BAY DEVE     6.33   09/18/21       CNY      41.09
QINGDAO JIAOZHOU BAY DEVE     6.33   09/18/21       CNY      41.56
QINGDAO JIMO CITY TOURISM     5.47   11/17/21       CNY      40.79
QINGDAO JIMO CITY TOURISM     5.47   11/17/21       CNY      41.00
QINGDAO LAIXI CITY ASSET      7.50   03/06/21       CNY      39.93
QINGDAO LAIXI CITY ASSET      7.50   03/06/21       CNY      48.79
QINGHAI PROVINCIAL INVEST     6.40   07/10/21       USD      32.33
QINGHAI PROVINCIAL INVEST     7.88   03/22/21       USD      35.19
QINGHAI PROVINCIAL INVEST     7.25   02/22/20       USD      53.60
QINGHAI STATE-OWNED ASSET     5.40   05/21/23       CNY      58.90
QINGYANG CITY ECONOMIC DE     7.98   04/16/21       CNY      40.98
QINGYANG CITY ECONOMIC DE     7.98   04/16/21       CNY      41.00
QINGYUAN TRANSPORTATION D     8.20   12/19/20       CNY      20.60
QINGYUAN TRANSPORTATION D     8.20   12/19/20       CNY      20.73
QINGZHOU HONGYUAN PUBLIC      7.59   05/29/21       CNY      40.70
QINGZHOU HONGYUAN PUBLIC      7.59   05/29/21       CNY      47.50
QINHUANGDAO DEVELOPMENT Z     8.00   12/17/20       CNY      20.00
QINHUANGDAO DEVELOPMENT Z     8.00   12/17/20       CNY      20.49
QINHUANGDAO DEVELOPMENT Z     8.45   04/18/21       CNY      40.92
QINHUANGDAO DEVELOPMENT Z     8.45   04/18/21       CNY      41.28
QINZHOU BINHAI NEW CITY A     7.00   08/27/20       CNY      20.17
QINZHOU BINHAI NEW CITY A     7.00   08/27/20       CNY      20.30
QINZHOU BINHAI NEW CITY Z     6.99   07/07/21       CNY      40.00
QINZHOU BINHAI NEW CITY Z     6.99   07/07/21       CNY      40.42
QIONGLAI CITY CONSTRUCTIO     6.98   03/25/22       CNY      60.94
QIONGLAI CITY CONSTRUCTIO     6.98   03/25/22       CNY      64.90
QUJING CITY QILIN DISTRIC     5.37   11/26/22       CNY      58.82
QUJING CITY QILIN DISTRIC     5.37   11/26/22       CNY      61.95
QUJING DEVELOPMENT INVEST     7.48   04/28/21       CNY      40.80
QUJING DEVELOPMENT INVEST     7.48   04/28/21       CNY      42.55
QUJING ECO TECH DEVELOPME     7.48   07/21/21       CNY      40.50
QUJING ECO TECH DEVELOPME     7.48   07/21/21       CNY      40.75
QUZHOU STATE OWNED ASSET      7.20   04/21/21       CNY      41.01
QUZHOU STATE OWNED ASSET      7.20   04/21/21       CNY      43.42
RENHUAI CITY DEVELOPMENT      8.09   05/16/21       CNY      41.15
RENHUAI CITY DEVELOPMENT      8.09   05/16/21       CNY      41.17
RENQIU CONSTRUCTION INVES     5.68   11/18/22       CNY      58.22
RENQIU CONSTRUCTION INVES     5.68   11/18/22       CNY      61.21
RENSHOU DEVELOPMENT OF IN     6.42   12/22/22       CNY      60.00
RENSHOU DEVELOPMENT OF IN     6.42   12/22/22       CNY      61.29
REWARD SCIENCE AND TECHNO     5.53   07/05/21       CNY      29.10
REWARD SCIENCE AND TECHNO     6.40   03/03/22       CNY      70.00
RIGHT WAY REAL ESTATE DEV     8.00   07/15/21       CNY      43.89
RIZHAO CITY CONSTRUCTION      5.80   06/06/20       CNY      20.12
RIZHAO CITY CONSTRUCTION      5.80   06/06/20       CNY      20.15
RIZHAO CITY CONSTRUCTION      3.98   12/07/22       CNY      59.00
RIZHAO CITY CONSTRUCTION      3.98   12/07/22       CNY      60.35
RUCHENG COUNTY HYDROPOWER     6.65   04/25/20       CNY      40.23
RUDONG COUNTY DONGTAI SOC     6.99   06/20/21       CNY      40.95
RUDONG COUNTY DONGTAI SOC     6.99   06/20/21       CNY      45.90
RUDONG COUNTY JINXIN TRAF     8.08   03/03/21       CNY      40.79
RUDONG COUNTY JINXIN TRAF     8.08   03/03/21       CNY      44.03
RUDONG COUNTY KAITAI CITY     4.57   01/08/23       CNY      60.61
RUGAO COMMUNICATIONS CONS     6.70   02/01/20       CNY      20.00
RUGAO COMMUNICATIONS CONS     6.70   02/01/20       CNY      20.81
RUGAO ECONOMIC & TRADE DE     8.30   01/22/21       CNY      20.90
RUGAO YANJIANG DEVELOPMEN     8.60   01/24/21       CNY      20.83
RUGAO YANJIANG DEVELOPMEN     8.60   01/24/21       CNY      42.43
RUIAN STATE OWNED ASSET I     4.56   01/27/23       CNY      60.78
RUZHOU CITY XINYUAN INVES     6.30   09/16/21       CNY      49.51
RUZHOU CITY XINYUAN INVES     6.30   09/16/21       CNY      53.30
SANMEN COUNTY STATE-OWNED     6.85   10/29/21       CNY      40.00
SANMEN COUNTY STATE-OWNED     6.85   10/29/21       CNY      40.94
SANMEN COUNTY STATE-OWNED     6.80   03/18/22       CNY      60.00
SANMEN COUNTY STATE-OWNED     6.80   03/18/22       CNY      61.01
SHAANXI ANKANG HIGH TECH      8.78   09/17/21       CNY      41.74
SHAANXI ANKANG HIGH TECH      8.78   09/17/21       CNY      47.00
SHAANXI PROVINCIAL EXPRES     5.99   06/18/20       CNY      60.54
SHAANXI XIXIAN NEW AREA F     6.85   08/15/21       CNY      40.71
SHAANXI XIXIAN NEW AREA F     6.85   08/15/21       CNY      45.50
SHAANXI XIXIAN NEW AREA J     6.89   01/05/22       CNY      40.86
SHAANXI XIXIAN NEW AREA J     6.89   01/05/22       CNY      43.10
SHAANXI XIXIAN NEW AREA Q     5.15   11/27/22       CNY      60.60
SHAANXI XIXIAN NEW AREA Q     5.15   11/27/22       CNY      60.82
SHANDONG BORUN INDUSTRIAL     6.50   11/02/21       CNY      65.96
SHANDONG BOXING COUNTY XI     8.00   12/22/21       CNY      41.82
SHANDONG BOXING COUNTY XI     8.00   12/22/21       CNY      42.41
SHANDONG CENTURY SUNSHINE     8.19   07/21/21       CNY      41.49
SHANDONG CENTURY SUNSHINE     8.19   07/21/21       CNY      41.50
SHANDONG FUYU CHEMICAL CO     7.70   09/18/22       CNY      70.00
SHANDONG GAOCHUANG CONSTR     6.05   06/18/22       CNY      61.39
SHANDONG GAOCHUANG CONSTR     6.05   06/18/22       CNY      62.45
SHANDONG HONGHE HOLDINGS      8.50   06/23/21       CNY      41.45
SHANDONG HONGHE HOLDINGS      8.50   06/23/21       CNY      44.00
SHANDONG JINMAO TEXTILE C     6.97   04/01/21       CNY      20.70
SHANDONG JINMAO TEXTILE C     8.00   09/25/20       CNY      35.84
SHANDONG RENCHENG RONGXIN     7.30   10/18/20       CNY      20.31
SHANDONG RENCHENG RONGXIN     7.30   10/18/20       CNY      23.40
SHANDONG RUYI TECHNOLOGY      7.90   09/18/23       CNY      53.08
SHANDONG SNTON GROUP CO L     5.18   09/08/21       CNY       8.52
SHANDONG SNTON GROUP CO L     6.20   05/30/21       CNY       9.50
SHANDONG TAIFENG HOLDING      5.80   03/12/20       CNY      20.04
SHANDONG TAIYANG INDUSTRY     5.97   03/02/21       CNY      71.43
SHANDONG TENGJIAN INVESTM     6.00   06/08/22       CNY      60.00
SHANDONG TENGJIAN INVESTM     6.00   06/08/22       CNY      60.52
SHANDONG WANTONG PETROLEU     7.97   11/29/21       CNY      33.95
SHANDONG WEISHANHU MINING     6.15   03/13/20       CNY      39.85
SHANDONG WEISHANHU MINING     6.15   03/13/20       CNY      40.02
SHANGHAI BUND GROUP DEVEL     6.35   04/24/20       CNY      18.50
SHANGHAI BUND GROUP DEVEL     6.35   04/24/20       CNY      20.10
SHANGHAI CAOHEJING HI-TEC     7.24   04/09/21       CNY      40.79
SHANGHAI CAOHEJING HI-TEC     7.24   04/09/21       CNY      40.80
SHANGHAI CHONGMING CONSTR     6.40   06/13/20       CNY      25.22
SHANGHAI FENGXIAN NANQIAO     6.25   03/05/20       CNY      20.05
SHANGHAI FENGXIAN NANQIAO     6.25   03/05/20       CNY      20.05
SHANGHAI JIADING ROAD CON     6.80   04/23/21       CNY      40.94
SHANGHAI JIADING ROAD CON     6.80   04/23/21       CNY      41.30
SHANGHAI LAKE DIANSHAN NE     5.95   01/30/21       CNY      25.53
SHANGHAI LAKE DIANSHAN NE     5.95   01/30/21       CNY      50.50
SHANGHAI MINHANG URBAN CO     5.63   04/20/22       CNY      60.79
SHANGHAI MINHANG URBAN CO     5.63   04/20/22       CNY      62.26
SHANGHAI MUNICIPAL INVEST     4.80   11/05/24       CNY      71.80
SHANGHAI MUNICIPAL INVEST     4.80   11/05/24       CNY      71.96
SHANGHAI NANHUI URBAN CON     6.04   08/20/21       CNY      40.97
SHANGHAI PUTAILAI NEW ENE     5.30   05/18/20       CNY      66.67
SHANGHAI URBAN CONSTRUCTI     3.50   01/06/23       CNY      59.62
SHANGHAI URBAN CONSTRUCTI     3.50   01/06/23       CNY      60.05
SHANGHAI YONGYE ENTERPRIS     6.84   05/21/20       CNY      25.25
SHANGLUO CITY CONSTRUCTIO     7.05   09/09/20       CNY      20.40
SHANGLUO CITY CONSTRUCTIO     7.05   09/09/20       CNY      25.40
SHANGRAO CITY STATE-OWNED     4.65   01/29/23       CNY      61.05
SHANTOU CITY CONSTRUCTION     8.57   03/23/22       CNY      47.29
SHAOWU URBAN CONSTRUCTION     5.88   09/11/22       CNY      59.93
SHAOWU URBAN CONSTRUCTION     5.88   09/11/22       CNY      63.39
SHAOXING CHENGZHONGCUN RE     6.09   04/27/22       CNY      60.00
SHAOXING CHENGZHONGCUN RE     6.09   04/27/22       CNY      61.41
SHAOXING CITY INVESTMENT      5.75   04/17/22       CNY      61.57
SHAOXING CITY INVESTMENT      5.75   04/17/22       CNY      68.00
SHAOXING CITY KEQIAO DIST     6.40   08/20/21       CNY      41.12
SHAOXING COUNTY KEYAN CON     6.28   03/24/22       CNY      60.00
SHAOXING COUNTY KEYAN CON     6.28   03/24/22       CNY      61.70
SHAOXING JINGHU NEW DISTR     6.13   04/30/22       CNY      61.20
SHAOXING JINGHU NEW DISTR     6.13   04/30/22       CNY      61.63
SHAOXING KEQIAO ECONOMIC      7.00   12/10/21       CNY      40.00
SHAOXING KEQIAO ECONOMIC      7.00   12/10/21       CNY      41.59
SHAOXING PAOJIANG INDUSTR     6.98   05/29/21       CNY      40.80
SHAOXING PAOJIANG INDUSTR     6.98   05/29/21       CNY      43.90
SHAOXING SHANGYU HANGZHOU     6.95   10/11/20       CNY      20.33
SHAOXING SHANGYU HANGZHOU     6.95   10/11/20       CNY      20.55
SHAOXING SHANGYU URBAN CO     6.80   08/07/21       CNY      41.28
SHAOYANG CITY CONSTRUCTIO     8.58   01/17/21       CNY      20.73
SHAOYANG CITY CONSTRUCTIO     8.58   01/17/21       CNY      21.00
SHENGZHOU INVESTMENT HOLD     7.60   07/17/21       CNY      41.44
SHENGZHOU INVESTMENT HOLD     7.60   07/17/21       CNY      41.57
SHENMU CITY STATE-OWNED A     7.28   06/23/21       CNY      40.89
SHENMU CITY STATE-OWNED A     7.28   06/23/21       CNY      41.30
SHENYANG DADONG STATE-OWN     6.05   03/20/22       CNY      60.00
SHENYANG DADONG STATE-OWN     6.05   03/20/22       CNY      61.13
SHENYANG ECONOMIC AFFORDA     7.17   04/29/22       CNY      60.73
SHENYANG ECONOMIC AFFORDA     7.17   04/29/22       CNY      61.26
SHENYANG SUJIATUN DISTRIC     6.40   06/20/20       CNY      20.00
SHENYANG SUJIATUN DISTRIC     6.40   06/20/20       CNY      20.11
SHENYANG TIEXI STATE-OWNE     6.00   01/14/22       CNY      41.00
SHENYANG TIEXI STATE-OWNE     6.00   01/14/22       CNY      47.50
SHENZHEN METRO GROUP CO L     5.40   03/25/23       CNY      61.60
SHENZHEN METRO GROUP CO L     5.40   03/25/23       CNY      61.75
SHENZHEN METRO GROUP CO L     6.75   01/24/24       CNY      64.51
SHENZHEN METRO GROUP CO L     6.75   01/24/24       CNY      74.35
SHIJIAZHUANG HUTUO NEW DI     5.28   12/24/25       CNY      62.50
SHIJIAZHUANG HUTUO NEW DI     5.28   12/24/25       CNY      74.16
SHIJIAZHUANG REAL ESTATE      5.65   05/15/20       CNY      20.11
SHIJIAZHUANG REAL ESTATE      5.65   05/15/20       CNY      20.13
SHIJIAZHUANG STATE-OWNED      5.75   04/09/22       CNY      61.35
SHIJIAZHUANG STATE-OWNED      5.75   04/09/22       CNY      67.20
SHIJIAZHUANG URBAN CONSTR     6.55   03/09/21       CNY      71.38
SHISHI CITY CONSTRUCTION      6.10   05/04/22       CNY      61.35
SHISHI CITY CONSTRUCTION      6.10   05/04/22       CNY      61.84
SHIYAN CITY INFRASTRUCTUR     6.88   10/11/20       CNY      20.39
SHIYAN CITY INFRASTRUCTUR     6.88   10/11/20       CNY      20.68
SHIYAN CITY INFRASTRUCTUR     6.58   08/20/21       CNY      40.00
SHIYAN CITY INFRASTRUCTUR     6.58   08/20/21       CNY      41.27
SHOUGUANG CITY CONSTRUCTI     7.10   10/18/20       CNY      20.27
SHOUGUANG CITY CONSTRUCTI     7.10   10/18/20       CNY      22.87
SHUYANG JINGYUAN ASSET OP     7.39   04/14/21       CNY      40.00
SHUYANG JINGYUAN ASSET OP     7.39   04/14/21       CNY      40.82
SHUYANG JINGYUAN ASSET OP     5.49   09/11/22       CNY      60.95
SHUYANG JINGYUAN ASSET OP     5.49   09/11/22       CNY      66.00
SICHUAN CHENGDU ABA DEVEL     7.18   09/12/20       CNY      19.90
SICHUAN CHENGDU ABA DEVEL     7.18   09/12/20       CNY      20.30
SICHUAN COAL INDUSTRY GRO     7.70   01/09/18       CNY      45.00
SICHUAN NAXING INDUSTRIAL     7.17   09/11/21       CNY      40.00
SICHUAN NAXING INDUSTRIAL     7.17   09/11/21       CNY      40.99
SICHUAN TIANYIN INDUSTRIA     6.79   03/25/22       CNY      61.27
SICHUAN TIANYIN INDUSTRIA     6.79   03/25/22       CNY      68.00
SIHONG COUNTY HONG YUAN P     6.15   03/16/22       CNY      60.00
SIHONG COUNTY HONG YUAN P     6.15   03/16/22       CNY      61.40
SIHUI STATE OWNED ASSETS      4.59   01/14/23       CNY      59.56
SIHUI STATE OWNED ASSETS      4.59   01/14/23       CNY      60.68
SIYANG COUNTY MINKANG RUR     4.94   01/21/23       CNY      58.68
SIYANG COUNTY MINKANG RUR     4.94   01/21/23       CNY      80.16
SLENDER WEST LAKE TOURISM     6.80   06/25/21       CNY      40.00
SLENDER WEST LAKE TOURISM     6.80   06/25/21       CNY      41.05
SONGYUAN URBAN DEVELOPMEN     5.79   12/04/21       CNY      39.86
SONGYUAN URBAN DEVELOPMEN     5.79   12/04/21       CNY      40.20
SUINING CITY HEDONG DEVEL     8.36   04/17/21       CNY      40.86
SUINING CITY HEDONG DEVEL     8.36   04/17/21       CNY      47.82
SUINING COUNTY RUNQI INVE     7.10   06/25/21       CNY      40.30
SUINING COUNTY RUNQI INVE     7.10   06/25/21       CNY      40.62
SUINING COUNTY RUNQI INVE     5.42   11/20/22       CNY      59.39
SUINING COUNTY RUNQI INVE     5.42   11/20/22       CNY      60.00
SUINING DEVELOPMENT INVES     6.62   04/25/20       CNY      20.11
SUINING DEVELOPMENT INVES     6.62   04/25/20       CNY      20.20
SUINING FUYUAN INDUSTRY C     6.39   03/17/22       CNY      59.71
SUINING FUYUAN INDUSTRY C     6.39   03/17/22       CNY      64.18
SUINING KAIDA INVESTMENT      8.69   04/21/21       CNY      40.00
SUINING KAIDA INVESTMENT      8.69   04/21/21       CNY      40.20
SUIZHOU CITY URBAN CONSTR     7.18   09/02/21       CNY      41.20
SUIZHOU CITY URBAN CONSTR     7.18   09/02/21       CNY      41.22
SUIZHOU DEVELOPMENT INVES     8.50   12/20/20       CNY      20.79
SUIZHOU DEVELOPMENT INVES     8.50   12/20/20       CNY      21.83
SUIZHOU DEVELOPMENT INVES     8.40   04/30/21       CNY      41.20
SUIZHOU DEVELOPMENT INVES     8.40   04/30/21       CNY      41.91
SUNSHINE KAIDI NEW ENERGY     6.12   08/23/20       CNY      29.01
SUNSHINE KAIDI NEW ENERGY     6.12   08/23/20       CNY      40.14
SUQIAN CITY CONSTRUCTION      6.88   10/29/20       CNY      20.39
SUQIAN CITY CONSTRUCTION      6.88   10/29/20       CNY      20.48
SUZHOU CITY CONSTRUCTION      6.40   04/17/20       CNY      20.09
SUZHOU CITY CONSTRUCTION      6.40   04/17/20       CNY      24.80
SUZHOU FENHU INVESTMENT G     7.49   02/28/21       CNY      40.70
SUZHOU FENHU INVESTMENT G     7.49   02/28/21       CNY      40.83
SUZHOU NEW DISTRICT ECONO     6.20   07/22/21       CNY      40.87
SUZHOU NEW DISTRICT ECONO     6.20   07/22/21       CNY      41.00
SUZHOU WUJIANG COMMUNICAT     6.80   10/31/20       CNY      25.54
SUZHOU WUJIANG DISTRICT I     5.25   07/08/22       CNY      60.80
SUZHOU WUJIANG DISTRICT I     5.25   07/08/22       CNY      61.15
SUZHOU XIANGCHENG URBAN C     6.95   03/19/21       CNY      40.90
SUZHOU XIANGCHENG URBAN C     6.95   03/19/21       CNY      42.60
TAICANG ASSETS MANAGEMENT     7.00   02/27/21       CNY      40.57
TAICANG ASSETS MANAGEMENT     7.00   02/27/21       CNY      40.70
TAICANG SCIENCE EDUCATION     5.54   08/28/22       CNY      61.40
TAICANG SCIENCE EDUCATION     5.54   08/28/22       CNY      64.65
TAIXING CITY CHENGXING ST     8.30   12/12/20       CNY      20.60
TAIXING CITY CHENGXING ST     8.30   12/12/20       CNY      21.30
TAIXING CITY HONGQIAO YUA     5.03   10/29/22       CNY      60.67
TAIXING CITY HONGQIAO YUA     5.03   10/29/22       CNY      63.87
TAIYUAN ECONOMIC TECHNOLO     7.43   04/24/21       CNY      40.00
TAIYUAN ECONOMIC TECHNOLO     7.43   04/24/21       CNY      40.97
TAIYUAN HIGH-SPEED RAILWA     6.50   10/30/20       CNY      25.50
TAIYUAN HIGH-SPEED RAILWA     5.18   09/06/20       CNY      40.41
TAIYUAN STATE-OWNED INVES     7.20   03/19/21       CNY      40.93
TAIYUAN STATE-OWNED INVES     7.20   03/19/21       CNY      46.50
TAIZHOU CITY CONSTRUCTION     6.92   10/16/23       CNY      63.50
TAIZHOU CITY CONSTRUCTION     6.92   10/16/23       CNY      63.80
TAIZHOU CITY JIANGYAN DIS     8.50   04/23/20       CNY      25.10
TAIZHOU CITY JIANGYAN DIS     8.50   04/23/20       CNY      25.31
TAIZHOU CITY JIANGYAN URB     7.10   09/03/20       CNY      20.32
TAIZHOU CITY JIANGYAN URB     7.10   09/03/20       CNY      20.60
TAIZHOU CITY NEW BINJIANG     7.60   03/05/21       CNY      40.74
TAIZHOU CITY NEW BINJIANG     7.60   03/05/21       CNY      41.00
TAIZHOU HAILING CITY DEVE     4.60   12/14/22       CNY      60.00
TAIZHOU HAILING CITY DEVE     4.60   12/14/22       CNY      60.10
TAIZHOU JIAOJIANG STATE O     7.46   09/13/20       CNY      25.53
TAIZHOU JIAOJIANG STATE O     7.46   09/13/20       CNY      26.00
TAIZHOU JIAOJIANG STATE O     6.18   07/06/22       CNY      61.73
TAIZHOU JIAOJIANG STATE O     6.18   07/06/22       CNY      64.00
TAIZHOU TRAFFIC INDUSTRY      6.15   03/11/20       CNY      20.04
TAIZHOU TRAFFIC INDUSTRY      6.15   03/11/20       CNY      20.33
TANGSHAN CAOFEIDIAN DEVEL     7.50   10/15/20       CNY      20.25
TANGSHAN CAOFEIDIAN DEVEL     7.50   10/15/20       CNY      20.26
TIANJIN BAOXING INDUSTRY      7.10   10/17/20       CNY      19.70
TIANJIN BAOXING INDUSTRY      7.10   10/17/20       CNY      20.33
TIANJIN BEICHEN DISTRICT      7.00   04/21/21       CNY      40.38
TIANJIN BEICHEN DISTRICT      7.00   04/21/21       CNY      47.15
TIANJIN BEICHEN TECHNOLOG     6.87   08/20/21       CNY      40.26
TIANJIN BEICHEN TECHNOLOG     6.87   08/20/21       CNY      47.00
TIANJIN BINHAI NEW AREA C     5.19   03/13/20       CNY      20.03
TIANJIN BINHAI NEW AREA C     5.19   03/13/20       CNY      20.25
TIANJIN BINHAI NEW AREA C     6.10   11/23/21       CNY      43.90
TIANJIN DONGFANG CAIXIN I     5.19   01/29/22       CNY      40.44
TIANJIN DONGFANG CAIXIN I     5.19   01/29/22       CNY      59.59
TIANJIN DONGLI CITY INFRA     6.05   06/19/20       CNY      19.96
TIANJIN DONGLI CITY INFRA     4.28   12/02/22       CNY      59.10
TIANJIN ECONOMIC TECHNOLO     6.50   12/03/22       CNY      46.30
TIANJIN ECONOMIC TECHNOLO     6.50   12/03/22       CNY      46.54
TIANJIN GUANGCHENG INVEST     7.45   07/24/21       CNY      40.71
TIANJIN GUANGCHENG INVEST     7.45   07/24/21       CNY      49.00
TIANJIN GUANGCHENG INVEST     6.97   02/22/23       CNY      59.44
TIANJIN HARBOR CONSTRUCTI     8.80   01/24/21       CNY      41.76
TIANJIN HARBOR CONSTRUCTI     6.29   10/21/21       CNY      70.11
TIANJIN HARBOR CONSTRUCTI     8.00   04/01/21       CNY      70.93
TIANJIN HI-TECH INDUSTRY      6.65   09/12/21       CNY      40.59
TIANJIN HOPETONE CO LTD       7.50   07/25/21       CNY      47.57
TIANJIN HUANCHENG URBAN I     7.20   03/21/21       CNY      40.35
TIANJIN HUANCHENG URBAN I     7.20   03/21/21       CNY      40.73
TIANJIN HUANCHENG URBAN I     5.75   04/27/22       CNY      60.33
TIANJIN HUANCHENG URBAN I     5.75   04/27/22       CNY      61.70
TIANJIN INFRASTRUCTURE CO     5.70   02/26/23       CNY      61.27
TIANJIN INFRASTRUCTURE CO     5.70   02/26/23       CNY      61.69
TIANJIN JINNAN CITY CONST     6.50   06/03/21       CNY      40.57
TIANJIN LINGANG INVESTMEN     7.75   02/26/21       CNY      40.69
TIANJIN LINGANG INVESTMEN     7.75   02/26/21       CNY      41.00
TIANJIN NINGHE DISTRICT X     7.00   05/30/21       CNY      40.65
TIANJIN NINGHE DISTRICT X     7.00   05/30/21       CNY      47.50
TIANJIN REAL ESTATE GROUP     4.50   09/29/20       USD      50.00
TIANJIN REAL ESTATE TRUST     8.59   03/13/21       CNY      39.30
TIANJIN REAL ESTATE TRUST     8.59   03/13/21       CNY      40.94
TIANJIN RESIDENTIAL CONST     8.00   12/19/20       CNY      20.12
TIANJIN TEDA INVESTMENT H     6.89   04/27/20       CNY      19.99
TIANJIN WATER INVESTMENT      8.40   01/15/21       CNY      25.85
TIANJIN WATER INVESTMENT      6.60   07/28/21       CNY      38.70
TIANJIN WATER INVESTMENT      6.60   07/28/21       CNY      41.80
TIANJIN WUQING STATE-OWNE     8.00   12/17/20       CNY      20.74
TIANJIN WUQING STATE-OWNE     8.00   12/17/20       CNY      20.76
TIANJIN WUQING STATE-OWNE     7.18   03/19/21       CNY      40.81
TIANJIN WUQING STATE-OWNE     7.18   03/19/21       CNY      40.89
TIANJIN WUQING STATE-OWNE     4.15   11/17/22       CNY      59.40
TIANJIN WUQING STATE-OWNE     4.15   11/17/22       CNY      60.33
TIANMEN CITY CONSTRUCTION     8.20   08/28/21       CNY      41.46
TIANMEN CITY CONSTRUCTION     8.20   08/28/21       CNY      45.16
TIANRUI GROUP CEMENT CO L     5.95   09/25/20       CNY      50.00
TONGCHENG CITY CONSTRUCTI     5.47   11/09/22       CNY      60.00
TONGCHENG CITY CONSTRUCTI     5.47   11/09/22       CNY      60.25
TONGLING CONSTRUCTION INV     6.98   08/26/20       CNY      20.33
TONGLING DAJIANG INVESTME     6.50   01/19/22       CNY      41.09
TONGLING DAJIANG INVESTME     6.50   01/19/22       CNY      48.00
TONGLU STATE-OWNED ASSET      8.09   04/18/21       CNY      40.98
TONGLU STATE-OWNED ASSET      8.09   04/18/21       CNY      41.14
TONGXIANG CITY CONSTRUCTI     6.10   05/16/20       CNY      20.10
TULUFAN DISTRICT STATE-OW     6.20   03/19/22       CNY      61.37
TULUFAN DISTRICT STATE-OW     6.20   03/19/22       CNY      61.38
TUNGHSU GROUP CO LTD          6.55   03/13/22       CNY      45.00
URUMQI ECO&TECH DEVELOPME     6.40   04/13/22       CNY      60.00
URUMQI ECO&TECH DEVELOPME     6.40   04/13/22       CNY      61.71
URUMQI GAOXIN INVESTMENT      6.18   03/05/20       CNY      20.05
URUMQI GAOXIN INVESTMENT      6.18   03/05/20       CNY      20.07
WANGCHENG ECONOMIC DEVELO     6.57   01/22/22       CNY      42.23
WANGCHENG ECONOMIC DEVELO     6.57   01/22/22       CNY      48.81
WEICHI HOLDING GROUP CO L     5.40   12/21/20       CNY      59.66
WEIFANG BINHAI INVESTMENT     6.16   04/16/21       CNY      40.76
WEIHAI LANCHUANG CONSTRUC     4.80   12/17/22       CNY      59.39
WEIHAI LANCHUANG CONSTRUC     4.80   12/17/22       CNY      60.08
WEINAN CITY INVESTMENT GR     6.09   03/11/22       CNY      60.00
WEINAN CITY INVESTMENT GR     6.09   03/11/22       CNY      61.33
WENZHOU CITY CONSTRUCTION     4.05   01/25/23       CNY      60.32
WENZHOU HIGH-TECH INDUSTR     7.30   05/30/21       CNY      41.02
WENZHOU HIGH-TECH INDUSTR     7.95   03/21/21       CNY      41.13
WENZHOU LUCHENG CITY DEVE     5.58   11/03/21       CNY      40.82
WENZHOU LUCHENG CITY DEVE     5.58   11/03/21       CNY      43.00
WINTIME ENERGY CO LTD         7.50   11/16/20       CNY      43.63
WINTIME ENERGY CO LTD         7.70   11/15/20       CNY      43.63
WINTIME ENERGY CO LTD         7.50   04/04/21       CNY      43.63
WINTIME ENERGY CO LTD         7.30   08/06/18       CNY      43.63
WINTIME ENERGY CO LTD         7.00   07/05/18       CNY      43.63
WINTIME ENERGY CO LTD         7.90   12/22/20       CNY      43.63
WINTIME ENERGY CO LTD         7.00   08/25/18       CNY      43.63
WINTIME ENERGY CO LTD         7.00   04/26/19       CNY      43.63
WINTIME ENERGY CO LTD         7.50   12/06/20       CNY      43.63
WINTIME ENERGY CO LTD         7.90   03/29/21       CNY      43.63
WINTIME ENERGY CO LTD         6.78   10/23/18       CNY      43.63
WINTIME ENERGY CO LTD         7.00   03/19/19       CNY      43.63
WINTIME ENERGY CO LTD         7.00   12/15/18       CNY      43.63
WUHAI CITY CONSTRUCTION I     8.19   04/21/21       CNY      41.00
WUHAN CHEDU CORP LTD          7.18   02/27/21       CNY      40.84
WUHAN CHEDU CORP LTD          7.18   02/27/21       CNY      40.96
WUHAN CITY HUANPI DISTRIC     6.43   09/17/21       CNY      41.23
WUHAN CITY HUANPI DISTRIC     6.43   09/17/21       CNY      43.02
WUHAN JIANGXIA URBAN CONS     8.99   01/20/21       CNY      21.03
WUHAN METRO GROUP CO LTD      5.70   02/04/20       CNY      20.00
WUHAN METRO GROUP CO LTD      5.70   02/04/20       CNY      20.00
WUHAN METRO GROUP CO LTD      5.25   04/14/22       CNY      61.17
WUHAN URBAN CONSTRUCTION      5.60   03/08/20       CNY      20.03
WUHU COUNTY CONSTRUCTION      6.60   12/08/21       CNY      41.44
WUHU COUNTY CONSTRUCTION      6.60   12/08/21       CNY      46.35
WUHU JINGHU CONSTRUCTION      6.68   05/16/20       CNY      20.14
WUHU JIUJIANG CONSTRUCTIO     8.49   04/14/21       CNY      40.00
WUHU JIUJIANG CONSTRUCTIO     8.49   04/14/21       CNY      41.27
WUHU XINMA INVESTMENT CO      4.87   11/04/22       CNY      58.90
WUHU XINMA INVESTMENT CO      4.87   11/04/22       CNY      61.03
WUHU YIJU INVESTMENT GROU     6.45   08/11/21       CNY      41.20
WUHU YIJU INVESTMENT GROU     6.45   08/11/21       CNY      41.45
WUWEI CITY ECONOMY DEVELO     8.20   12/09/20       CNY      20.38
WUWEI CITY ECONOMY DEVELO     8.20   12/09/20       CNY      22.53
WUWEI CITY ECONOMY DEVELO     8.20   04/24/21       CNY      40.60
WUWEI CITY ECONOMY DEVELO     8.20   04/24/21       CNY      40.69
WUXI HUNING METRO HUISHAN     4.38   06/08/21       CNY      70.00
WUXI HUNING METRO HUISHAN     4.38   06/08/21       CNY      70.31
WUXI MUNICIPAL DEVELOPMEN     6.10   10/11/20       CNY      20.30
WUXI MUNICIPAL DEVELOPMEN     6.10   10/11/20       CNY      20.36
WUXI XIDONG NEW TOWN CONS     6.65   01/28/20       CNY      20.00
WUXI XIDONG NEW TOWN CONS     6.65   01/28/20       CNY      20.00
WUYANG CONSTRUCTION GROUP     7.80   09/11/20       CNY      32.48
WUZHONG URBAN RURAL CONST     7.18   10/12/20       CNY      20.25
WUZHONG URBAN RURAL CONST     7.18   10/12/20       CNY      20.25
XIAMEN TORCH GROUP CO LTD     7.49   04/21/21       CNY      40.84
XIAMEN TORCH GROUP CO LTD     7.49   04/21/21       CNY      44.88
XIAMEN XINGLIN CONSTRUCTI     6.60   02/22/20       CNY      20.03
XIAMEN XINGLIN CONSTRUCTI     6.60   02/22/20       CNY      21.80
XIAN FENGDONG DEVELOPMENT     4.67   01/08/23       CNY      59.72
XIAN FENGDONG DEVELOPMENT     4.67   01/08/23       CNY      59.76
XI'AN INTERNATIONAL HORTI     6.20   10/21/21       CNY      40.41
XI'AN INTERNATIONAL HORTI     6.20   10/21/21       CNY      41.46
XI'AN INTERNATIONAL INLAN     7.90   09/23/21       CNY      42.28
XIAN QUJIANG DAMING PALAC     6.39   03/21/20       CNY      50.16
XIANGSHUI GUANJIANG HOLDI     4.98   12/24/22       CNY      60.37
XIANGSHUI GUANJIANG HOLDI     4.98   12/24/22       CNY      63.20
XIANGTAN CITY CONSTRUCTIO     7.60   04/02/22       CNY      49.50
XIANGTAN CITY CONSTRUCTIO     7.80   03/12/22       CNY      53.60
XIANGTAN CITY CONSTRUCTIO     7.80   01/30/22       CNY      55.10
XIANGTAN HI-TECH GROUP CO     8.16   02/25/21       CNY      40.40
XIANGTAN HI-TECH GROUP CO     8.16   02/25/21       CNY      48.99
XIANGTAN JIUHUA ECONOMIC      7.15   10/15/20       CNY      19.56
XIANGTAN JIUHUA ECONOMIC      7.15   10/15/20       CNY      19.85
XIANGTAN JIUHUA ECONOMIC      6.59   01/21/22       CNY      38.21
XIANGTAN LIANGXING SOCIET     7.89   04/23/21       CNY      40.68
XIANGTAN WANLOU XINCHENG      6.90   01/14/22       CNY      35.49
XIANGTAN WANLOU XINCHENG      6.90   01/14/22       CNY      39.59
XIANGTAN ZHENXIANG STATE-     6.60   08/07/20       CNY      20.11
XIANGTAN ZHENXIANG STATE-     6.60   08/07/20       CNY      20.18
XIANGYANG HIGH TECH STATE     7.00   05/29/21       CNY      40.86
XIANGYANG HIGH TECH STATE     7.00   05/29/21       CNY      43.38
XIANGYANG STATE-OWNED CAP     4.62   01/25/23       CNY      60.33
XIANNING HIGH-TECH INVEST     5.80   06/05/20       CNY      20.11
XIANNING HIGH-TECH INVEST     5.80   06/05/20       CNY      20.24
XIANNING HIGH-TECH INVEST     6.29   02/10/22       CNY      61.07
XIANNING HIGH-TECH INVEST     6.29   02/10/22       CNY      65.00
XIANTAO CITY CONSTRUCTION     8.15   02/24/21       CNY      41.00
XIANTAO CITY CONSTRUCTION     8.15   02/24/21       CNY      41.80
XIAOGAN GAOCHUANG INVESTM     7.43   06/23/21       CNY      41.16
XIAOGAN GAOCHUANG INVESTM     6.87   09/22/21       CNY      41.28
XIAOGAN GAOCHUANG INVESTM     6.87   09/22/21       CNY      46.69
XIAOGAN GAOCHUANG INVESTM     7.43   06/23/21       CNY      52.72
XIAOGAN URBAN CONSTRUCTIO     6.89   05/29/21       CNY      40.50
XIAOGAN URBAN CONSTRUCTIO     6.89   05/29/21       CNY      41.14
XINGAN LEAGUE URBAN DEVEL     6.18   12/21/22       CNY      43.78
XINGAN LEAGUE URBAN DEVEL     6.18   12/21/22       CNY      43.79
XINGHUA CITY ECONOMIC DEV     5.28   06/13/22       CNY      74.81
XINGHUA URBAN CONSTRUCTIO     7.36   07/15/20       CNY      25.00
XINGHUA URBAN CONSTRUCTIO     7.36   07/15/20       CNY      25.21
XINGYI XINHENG URBAN CONS     5.40   12/16/22       CNY      57.83
XINGYI XINHENG URBAN CONS     5.40   12/16/22       CNY      60.00
XINING ECONOMIC DEVELOPME     5.90   06/04/20       CNY      20.00
XINING ECONOMIC DEVELOPME     5.90   06/04/20       CNY      20.01
XINJIANG KAIDI INVESTMENT     7.80   04/22/21       CNY      40.74
XINJIANG RUNSHENG INVESTM     7.15   07/10/20       CNY      25.19
XINJIANG RUNSHENG INVESTM     7.15   07/10/20       CNY      25.38
XINJIANG WUJIAQU CAIJIAHU     7.50   05/21/21       CNY      40.64
XINJIANG WUJIAQU CAIJIAHU     7.50   05/21/21       CNY      41.00
XINTAI CITY COORDINATING      6.35   03/23/22       CNY      60.75
XINTAI CITY COORDINATING      6.35   03/23/22       CNY      61.33
XINXIANG INVESTMENT GROUP     5.85   04/15/20       CNY      20.07
XINXIANG INVESTMENT GROUP     5.85   04/15/20       CNY      20.12
XINYANG HONGCHANG PIPE GA     6.49   06/20/20       CNY      72.87
XINYANG HUAXIN INVESTMENT     7.55   04/15/21       CNY      40.50
XINYANG HUAXIN INVESTMENT     7.55   04/15/21       CNY      46.30
XINYI CITY INVESTMENT & D     7.39   10/15/20       CNY      20.20
XINYI CITY INVESTMENT & D     7.39   10/15/20       CNY      20.46
XINYI CITY INVESTMENT & D     4.30   01/19/23       CNY      59.76
XINYI CITY INVESTMENT & D     4.30   01/19/23       CNY      60.00
XINYI URBAN TRANSPORTATIO     6.14   02/06/22       CNY      61.27
XINYI URBAN TRANSPORTATIO     6.14   02/06/22       CNY      61.53
XINYU CHENGDONG CONSTRUCT     8.48   05/27/21       CNY      40.91
XINYU CHENGDONG CONSTRUCT     8.48   05/27/21       CNY      47.00
XINYU CITY SHANTYTOWN ZON     6.42   12/09/20       CNY      40.55
XINYU CITY YUSHUI DISTRIC     7.70   06/24/22       CNY      61.47
XINYU CITY YUSHUI DISTRIC     7.70   06/24/22       CNY      63.63
XINZHENG NEW DISTRICT DEV     6.40   01/29/21       CNY      50.54
XINZHOU ASSET MANAGEMENT      8.50   12/18/20       CNY      20.00
XINZHOU ASSET MANAGEMENT      8.50   12/18/20       CNY      20.74
XINZHOU ASSET MANAGEMENT      7.90   02/21/21       CNY      40.90
XINZHOU ASSET MANAGEMENT      7.90   02/21/21       CNY      43.41
XIWANG GROUP CO LTD           7.80   12/03/22       CNY      49.94
XUANCHENG CITY ECONOMY DE     7.95   09/22/21       CNY      41.47
XUANCHENG CITY ECONOMY DE     7.95   09/22/21       CNY      46.00
XUANCHENG STATE-OWNED ASS     7.95   03/27/21       CNY      41.16
XUANCHENG STATE-OWNED ASS     7.95   03/27/21       CNY      46.00
XUZHOU BOCHANT DEVELOPMEN     5.69   07/28/21       CNY      66.24
XUZHOU CITY TONGSHAN DIST     6.60   08/08/20       CNY      20.28
XUZHOU CITY TONGSHAN DIST     6.60   08/08/20       CNY      20.66
XUZHOU CITY TONGSHAN DIST     5.23   09/18/22       CNY      61.22
XUZHOU CITY TONGSHAN DIST     5.23   09/18/22       CNY      67.38
XUZHOU ECONOMIC TECHNOLOG     7.35   04/21/21       CNY      40.90
XUZHOU ECONOMIC TECHNOLOG     7.35   04/21/21       CNY      41.15
XUZHOU HI-TECH INDUSTRIAL     7.86   04/22/21       CNY      41.05
XUZHOU HI-TECH INDUSTRIAL     7.86   04/22/21       CNY      51.50
XUZHOU TRANSPORTATION HOL     7.09   05/15/21       CNY      41.00
XUZHOU TRANSPORTATION HOL     7.09   05/15/21       CNY      41.18
XUZHOU XINSHENG INVESTMEN     5.13   08/12/22       CNY      61.02
XUZHOU XINSHENG INVESTMEN     5.13   08/12/22       CNY      64.46
YA'AN DEVELOPMENT INVESTM     7.00   09/13/20       CNY      20.37
YA'AN DEVELOPMENT INVESTM     7.00   09/13/20       CNY      20.39
YANCHENG CITY DAFENG DIST     8.50   12/30/20       CNY      20.82
YANCHENG CITY DAFENG DIST     8.50   12/30/20       CNY      20.90
YANCHENG CITY DAFENG DIST     8.70   01/24/21       CNY      20.91
YANCHENG CITY DAFENG DIST     8.70   01/24/21       CNY      41.65
YANCHENG CITY TINGHU DIST     7.95   11/15/20       CNY      18.30
YANCHENG CITY TINGHU DIST     7.95   11/15/20       CNY      20.32
YANCHENG HIGH-TECH ZONE I     3.90   12/14/22       CNY      59.30
YANCHENG HIGH-TECH ZONE I     3.90   12/14/22       CNY      60.06
YANCHENG ORIENTAL INVESTM     6.48   09/15/21       CNY      40.30
YANCHENG ORIENTAL INVESTM     6.48   09/15/21       CNY      40.96
YANCHENG SOUTH DISTRICT D     6.70   07/30/21       CNY      40.65
YANCHENG SOUTH DISTRICT D     6.70   07/30/21       CNY      41.16
YANGJIANG HENGCAI CITY IN     6.85   09/09/20       CNY      20.35
YANGJIANG HENGCAI CITY IN     6.85   09/09/20       CNY      20.70
YANGJIANG HENGCAI CITY IN     6.24   04/14/22       CNY      60.00
YANGJIANG HENGCAI CITY IN     6.24   04/14/22       CNY      61.61
YANGZHOU CHEMICAL INDUSTR     8.58   01/24/21       CNY      20.46
YANGZHOU CHEMICAL INDUSTR     8.58   01/24/21       CNY      46.00
YANGZHOU ECONOMIC & TECHN     7.40   03/05/21       CNY      70.00
YANGZHOU ECONOMIC & TECHN     7.40   03/05/21       CNY      71.84
YANGZHOU HANJIANG CONSTRU     6.20   03/12/20       CNY      20.04
YANGZHOU HANJIANG CONSTRU     5.88   06/15/22       CNY      61.73
YANGZHOU HANJIANG CONSTRU     5.88   06/15/22       CNY      66.63
YANGZHOU JIANGDU YANJIANG     7.48   07/29/20       CNY      25.29
YANGZHOU JIANGDU YANJIANG     7.48   07/29/20       CNY      25.32
YICHANG HIGH-TECH INVESTM     4.80   12/15/22       CNY      60.00
YICHANG HIGH-TECH INVESTM     4.80   12/15/22       CNY      61.21
YICHUN URBAN CONSTRUCTION     7.09   05/15/21       CNY      40.93
YICHUN URBAN CONSTRUCTION     7.09   05/15/21       CNY      43.47
YICHUN VENTURE CAPITAL CO     6.70   03/23/22       CNY      60.61
YICHUN VENTURE CAPITAL CO     6.70   03/23/22       CNY      60.91
YIHUA ENTERPRISE GROUP CO     5.99   11/26/20       CNY      30.00
YIHUA ENTERPRISE GROUP CO     6.80   03/15/21       CNY      47.99
YIHUA ENTERPRISE GROUP CO     6.50   05/02/22       CNY      49.58
YIHUA ENTERPRISE GROUP CO     5.80   07/26/20       CNY      53.74
YIHUA ENTERPRISE GROUP CO     7.00   04/29/22       CNY      54.00
YIHUA LIFESTYLE TECHNOLOG     6.88   07/16/20       CNY      48.03
YILI KAZAKH AUTONOMOUS PR     7.68   02/28/21       CNY      40.97
YILI KAZAKH AUTONOMOUS PR     7.68   02/28/21       CNY      41.07
YINCHUAN URBAN CONSTRUCTI     6.88   05/12/21       CNY      40.80
YINCHUAN URBAN CONSTRUCTI     6.88   05/12/21       CNY      40.89
YINGKOU COASTAL DEVELOPME     6.45   01/26/22       CNY      59.38
YINGKOU COASTAL DEVELOPME     6.45   01/26/22       CNY      60.29
YINGKOU LAOBIAN CITY CONS     5.63   12/16/22       CNY      59.88
YINGKOU LAOBIAN CITY CONS     5.63   12/16/22       CNY      60.00
YINGTAN INVESTMENT CO         7.50   12/12/22       CNY      47.46
YINGTAN INVESTMENT CO         7.50   12/12/22       CNY      47.47
YINGTAN INVESTMENT CO         3.63   08/12/21       CNY      69.90
YINGTAN LONGGANG ASSET OP     6.75   07/31/22       CNY      58.91
YINGTAN LONGGANG ASSET OP     6.75   07/31/22       CNY      61.18
YINING CITY STATE OWNED A     8.90   01/23/21       CNY      29.95
YINING CITY STATE OWNED A     8.90   01/23/21       CNY      40.96
YINING CITY STATE OWNED A     5.37   09/24/22       CNY      60.99
YIWU CITY CONSTRUCTION IN     4.31   12/07/22       CNY      60.40
YIWU CITY CONSTRUCTION IN     4.31   12/07/22       CNY      60.46
YIWU URBAN & RURAL NEW CO     4.25   11/24/21       CNY      49.87
YIXING CITY CONSTRUCTION      6.16   03/30/22       CNY      60.00
YIXING CITY CONSTRUCTION      6.16   03/30/22       CNY      61.65
YIXING TUOYE INDUSTRIAL C     7.60   05/28/21       CNY      41.06
YIXING TUOYE INDUSTRIAL C     7.60   05/28/21       CNY      43.50
YIYANG ADVANCED INDUSTRY      7.00   03/30/22       CNY      60.69
YIYANG ADVANCED INDUSTRY      7.00   03/30/22       CNY      68.00
YONG ZHOU CITY CONSTRUCTI     7.30   10/23/20       CNY      20.52
YONGJIA INVESTMENT GROUP      6.50   11/12/21       CNY      40.00
YONGJIA INVESTMENT GROUP      6.50   11/12/21       CNY      40.71
YONGZHOU ECONOMIC CONSTRU     3.55   01/14/23       CNY      58.66
YONGZHOU ECONOMIC CONSTRU     3.55   01/14/23       CNY      59.02
YUEYANG CITY DONGTING NEW     6.15   03/20/22       CNY      60.43
YUEYANG CITY DONGTING NEW     6.15   03/20/22       CNY      60.69
YUEYANG HUILIN INVESTMENT     5.50   11/03/21       CNY      40.00
YUEYANG HUILIN INVESTMENT     5.50   11/03/21       CNY      40.13
YUEYANG URBAN CONSTRUCTIO     6.05   07/12/20       CNY      20.17
YUHUAN CITY COMMUNICATION     5.65   11/03/21       CNY      40.95
YUHUAN CITY COMMUNICATION     5.65   11/03/21       CNY      44.50
YUHUAN CITY COMMUNICATION     6.18   03/20/22       CNY      61.41
YUHUAN CITY COMMUNICATION     6.18   03/20/22       CNY      64.47
YUNNAN METROPOLITAN CONST     6.77   05/23/21       CNY      40.39
YUYAO CITY CONSTRUCTION I     7.09   05/19/21       CNY      41.00
YUYAO CITY CONSTRUCTION I     7.09   05/19/21       CNY      41.25
YUYAO ECONOMIC DEVELOPMEN     6.75   03/04/20       CNY      20.00
YUYAO ECONOMIC DEVELOPMEN     6.75   03/04/20       CNY      20.04
YUZHOU GENERAL INVESTMENT     4.68   01/19/23       CNY      60.00
YUZHOU GENERAL INVESTMENT     4.68   01/19/23       CNY      60.36
ZHANGJIAGANG FREE TRADE Z     7.10   08/23/20       CNY      20.25
ZHANGJIAGANG FREE TRADE Z     7.10   08/23/20       CNY      26.04
ZHANGJIAGANG JINCHENG INV     6.88   04/28/21       CNY      40.80
ZHANGJIAGANG JINCHENG INV     6.88   04/28/21       CNY      40.86
ZHANGJIAJIE ECONOMIC DEVE     7.80   04/17/21       CNY      40.97
ZHANGYE CITY INVESTMENT G     6.92   09/22/21       CNY      40.90
ZHANGYE CITY INVESTMENT G     6.92   09/22/21       CNY      40.91
ZHANGZHOU CITY CONSTRUCTI     6.60   03/26/20       CNY      20.04
ZHANGZHOU ECONOMIC DEVELO     6.17   04/27/22       CNY      60.00
ZHANGZHOU ECONOMIC DEVELO     6.17   04/27/22       CNY      61.63
ZHANGZHOU JIULONGJIANG GR     6.48   06/20/21       CNY      40.90
ZHANGZHOU JIULONGJIANG GR     6.48   06/20/21       CNY      41.13
ZHANJIANG INFRASTRUCTURE      6.93   10/21/20       CNY      20.40
ZHANJIANG INFRASTRUCTURE      6.93   10/21/20       CNY      20.55
ZHAOQING GAOYAO DISTRICT      6.68   04/14/22       CNY      60.00
ZHAOQING GAOYAO DISTRICT      6.68   04/14/22       CNY      61.41
ZHEJIANG BINHAI NEW CITY      4.65   12/23/22       CNY      60.00
ZHEJIANG BINHAI NEW CITY      4.65   12/23/22       CNY      61.02
ZHEJIANG CHANGXING VIA OP     7.99   03/03/21       CNY      40.66
ZHEJIANG CHANGXING VIA OP     7.99   03/03/21       CNY      50.00
ZHEJIANG GUOXING INVESTME     6.94   08/01/21       CNY      41.20
ZHEJIANG GUOXING INVESTME     6.94   08/01/21       CNY      48.50
ZHEJIANG OUHAI CONSTRUCTI     4.83   01/21/23       CNY      60.00
ZHEJIANG OUHAI CONSTRUCTI     6.45   04/23/22       CNY      60.00
ZHEJIANG OUHAI CONSTRUCTI     4.83   01/21/23       CNY      60.31
ZHEJIANG OUHAI CONSTRUCTI     6.45   04/23/22       CNY      61.22
ZHEJIANG PROVINCE DEQING      6.40   02/22/20       CNY      20.02
ZHEJIANG PROVINCE DEQING      6.40   02/22/20       CNY      20.23
ZHEJIANG PROVINCE XINCHAN     6.60   04/24/20       CNY      20.09
ZHEJIANG PROVINCE XINCHAN     6.60   04/24/20       CNY      22.90
ZHEJIANG PROVINCE XINCHAN     5.88   10/30/21       CNY      41.06
ZHEJIANG PROVINCE XINCHAN     5.88   10/30/21       CNY      41.16
ZHEJIANG PROVINCE XINCHAN     6.95   12/31/21       CNY      41.68
ZHEJIANG PROVINCE XINCHAN     6.95   12/31/21       CNY      41.87
ZHENGZHOU JINGKAI INVESTM     5.48   07/31/22       CNY      60.00
ZHENGZHOU JINGKAI INVESTM     5.48   07/31/22       CNY      61.54
ZHENGZHOU MOUZHONG DEVELO     7.48   12/11/21       CNY      41.60
ZHENGZHOU MOUZHONG DEVELO     7.48   12/11/21       CNY      46.20
ZHENGZHOU PUBLIC HOUSING      5.98   07/17/20       CNY      20.13
ZHENGZHOU PUBLIC HOUSING      5.98   07/17/20       CNY      20.23
ZHENJIANG CITY CONSTRUCTI     7.90   12/18/20       CNY      20.61
ZHENJIANG CITY CONSTRUCTI     8.20   01/13/21       CNY      20.76
ZHENJIANG CITY CONSTRUCTI     8.20   01/13/21       CNY      28.49
ZHENJIANG CITY CONSTRUCTI     7.90   12/18/20       CNY      28.50
ZHENJIANG CULTURAL TOURIS     6.60   01/30/20       CNY      20.00
ZHENJIANG CULTURAL TOURIS     6.60   01/30/20       CNY      20.00
ZHENJIANG DANTU DISTRICT      5.89   11/03/21       CNY      39.60
ZHENJIANG DANTU DISTRICT      5.89   11/03/21       CNY      40.19
ZHENJIANG NEW AREA URBAN      8.99   01/16/21       CNY      20.67
ZHENJIANG NEW AREA URBAN      8.35   02/26/21       CNY      40.64
ZHIJIANG STATE-OWNED ASSE     4.78   01/11/23       CNY      60.00
ZHIJIANG STATE-OWNED ASSE     4.78   01/11/23       CNY      60.37
ZHONGGUANCUN DEVELOPMENT      4.20   08/12/22       CNY      60.40
ZHONGGUANCUN DEVELOPMENT      4.20   08/12/22       CNY      60.65
ZHONGMINTOU LEASING HOLDI     7.55   09/21/21       CNY      49.49
ZHONGRONG XINDA GROUP CO      7.10   01/22/21       CNY      33.70
ZHONGSHAN TRANSPORTATION      5.25   11/26/21       CNY      40.00
ZHONGSHAN TRANSPORTATION      5.25   11/26/21       CNY      40.36
ZHONGTIAN FINANCIAL GROUP     7.00   10/15/20       CNY      49.43
ZHOUKOU INVESTMENT GROUP      7.49   04/21/21       CNY      40.56
ZHOUSHAN DINGHAI STATE-OW     7.25   08/31/20       CNY      25.40
ZHOUSHAN DINGHAI STATE-OW     7.25   08/31/20       CNY      26.65
ZHOUSHAN DINGHAI STATE-OW     7.13   08/04/21       CNY      41.29
ZHOUSHAN DINGHAI STATE-OW     7.13   08/04/21       CNY      41.40
ZHOUSHAN ISLANDS NEW DIST     6.98   10/22/22       CNY      57.63
ZHOUSHAN ISLANDS NEW DIST     6.98   10/22/22       CNY      58.44
ZHOUSHAN PUTUO DISTRICT S     7.18   06/20/22       CNY      57.27
ZHUHAI HUIHUA INFRASTRUCT     7.15   09/17/20       CNY      20.34
ZHUHAI HUIHUA INFRASTRUCT     7.15   09/17/20       CNY      21.15
ZHUJI CITY YUEDU INVESTME     8.20   12/12/20       CNY      20.77
ZHUJI CITY YUEDU INVESTME     8.20   12/12/20       CNY      24.50
ZHUJI CITY YUEDU INVESTME     6.38   04/07/22       CNY      61.50
ZHUJI CITY YUEDU INVESTME     6.38   04/07/22       CNY      61.67
ZHUZHOU CITY CONSTRUCTION     6.95   10/16/20       CNY      20.52
ZHUZHOU CITY CONSTRUCTION     6.95   10/16/20       CNY      20.55
ZHUZHOU CITY CONSTRUCTION     8.36   11/10/21       CNY      43.75
ZHUZHOU GECKOR GROUP CO L     6.95   08/11/21       CNY      40.86
ZHUZHOU GECKOR GROUP CO L     6.95   08/11/21       CNY      40.92
ZHUZHOU GECKOR GROUP CO L     6.38   04/17/22       CNY      60.00
ZHUZHOU GECKOR GROUP CO L     6.38   04/17/22       CNY      61.08
ZHUZHOU REAL ESTATE GROUP     6.25   03/25/22       CNY      61.36
ZHUZHOU REAL ESTATE GROUP     6.25   03/25/22       CNY      68.53
ZHUZHOU XIANGJIANG SCENIC     5.39   11/25/22       CNY      60.57
ZHUZHOU XIANGJIANG SCENIC     5.39   11/25/22       CNY      60.61
ZIBO BANYANG CITY URBAN A     5.50   09/09/22       CNY      60.00
ZIBO BANYANG CITY URBAN A     5.50   09/09/22       CNY      60.33
ZIYANG WATER INVESTMENT C     7.40   10/21/20       CNY      20.52
ZIYANG WATER INVESTMENT C     7.40   10/21/20       CNY      20.60
ZIZHONG COUNTY XINGZI INV     5.97   01/18/23       CNY      59.68
ZIZHONG COUNTY XINGZI INV     5.97   01/18/23       CNY      78.26
ZJ HZ QINGSHAN LAKE SCIEN     7.90   04/23/21       CNY      41.20
ZJ HZ QINGSHAN LAKE SCIEN     7.90   04/23/21       CNY      44.00
ZUNYI ECONOMIC DEVELOPMEN     4.87   01/22/23       CNY      59.11
ZUNYI ECONOMIC DEVELOPMEN     4.87   01/22/23       CNY      60.00
ZUNYI ROAD & BRIDGE CONST     6.10   04/27/23       CNY      63.20
ZUNYI ROAD & BRIDGE CONST     6.10   04/27/23       CNY      72.96


  HONG KONG
  ---------

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


  INDONESIA
  ---------

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


  INDIA
  -----

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


  JAPAN
  -----

AVANSTRATE INC                0.10   10/29/32       JPY       9.75
TKJP CORP                     1.02   12/15/17       JPY       0.50
TKJP CORP                     0.58   03/26/21       JPY       2.02
TKJP CORP                     0.85   03/06/19       JPY       2.02


  KOREA
  -----

HEUNGKUK FIRE & MARINE IN     5.70   12/29/46       KRW      47.58
INDUSTRIAL BANK OF KOREA      3.84   03/10/45       KRW      37.37
KIBO ABS SPECIALTY CO LTD     5.00   02/26/21       KRW      63.69
KIBO ABS SPECIALTY CO LTD     5.00   02/28/22       KRW      69.51
KIBO ABS SPECIALTY CO LTD     5.00   02/24/22       KRW      70.33
KIBO ABS SPECIALTY CO LTD     5.00   08/28/21       KRW      71.12
KIBO ABS SPECIALTY CO LTD     5.00   09/11/20       KRW      73.43
LOTTE CARD CO LTD             3.95   06/28/49       KRW      63.57
POSCO ENERGY CO LTD           5.21   08/29/43       KRW      66.93
SAMPYO CEMENT CO LTD          8.10   04/12/15       KRW      70.00
SAMPYO CEMENT CO LTD          8.30   04/20/14       KRW      70.00
SAMPYO CEMENT CO LTD          8.30   09/10/14       KRW      70.00
SAMPYO CEMENT CO LTD          7.50   07/20/14       KRW      70.00
SAMPYO CEMENT CO LTD          8.10   06/26/15       KRW      70.00
SILLAJEN INC                  1.00   03/21/24       KRW      47.47
SINBO SECURITIZATION SPEC     5.00   12/21/20       KRW      61.97
SINBO SECURITIZATION SPEC     5.00   03/21/21       KRW      64.13
SINBO SECURITIZATION SPEC     5.00   07/26/21       KRW      65.41
SINBO SECURITIZATION SPEC     5.00   01/26/22       KRW      65.71
SINBO SECURITIZATION SPEC     5.00   01/25/22       KRW      65.72
SINBO SECURITIZATION SPEC     5.00   08/31/21       KRW      66.27
SINBO SECURITIZATION SPEC     5.00   02/23/22       KRW      66.98
SINBO SECURITIZATION SPEC     5.00   07/26/22       KRW      67.48
SINBO SECURITIZATION SPEC     5.00   01/25/23       KRW      67.94
SINBO SECURITIZATION SPEC     5.00   08/31/22       KRW      68.37
SINBO SECURITIZATION SPEC     5.00   02/28/22       KRW      69.50
SINBO SECURITIZATION SPEC     5.00   03/20/23       KRW      69.74
SINBO SECURITIZATION SPEC     5.00   02/28/23       KRW      69.87
SINBO SECURITIZATION SPEC     5.00   12/27/21       KRW      70.19
SINBO SECURITIZATION SPEC     5.00   06/29/21       KRW      71.34
SINBO SECURITIZATION SPEC     5.00   06/29/22       KRW      71.70
SINBO SECURITIZATION SPEC     5.00   09/28/22       KRW      71.78
SINBO SECURITIZATION SPEC     5.00   09/27/21       KRW      73.84
SINBO SECURITIZATION SPEC     5.00   06/23/20       KRW      73.97
SINBO SECURITIZATION SPEC     5.00   08/25/21       KRW      74.10
SINBO SECURITIZATION SPEC     5.00   07/27/21       KRW      74.32
SINBO SECURITIZATION SPEC     5.00   03/15/20       KRW      74.55


  MALAYSIA
  --------

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


  NEW ZEALAND
  -----------

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


  PHILIPPINES
  -----------

BAYAN TELECOMMUNICATIONS     15.00   07/15/06       USD      22.75


  SINGAPORE
  ---------

ASL MARINE HOLDINGS LTD       3.00   10/01/26       SGD      51.38
ASL MARINE HOLDINGS LTD       3.00   03/28/25       SGD      51.38
BAKRIE TELECOM PTE LTD       11.50   05/07/15       USD       0.56
BAKRIE TELECOM PTE LTD       11.50   05/07/15       USD       0.56
BERAU CAPITAL RESOURCES P    12.50   07/08/15       USD      43.20
BERAU CAPITAL RESOURCES P    12.50   07/08/15       USD      43.20
BLD INVESTMENTS PTE LTD       8.63   03/23/15       USD       4.88
BLUE OCEAN RESOURCES PTE      8.00   12/31/21       USD      31.64
BLUE OCEAN RESOURCES PTE      8.00   12/31/21       USD      31.64
BLUE OCEAN RESOURCES PTE      8.00   12/31/21       USD      31.64
ENERCOAL RESOURCES PTE LT     9.25   08/05/14       USD      45.29
ETERNA CAPITAL PTE LTD        8.00   12/11/22       USD      56.83
EZION HOLDINGS LTD            0.25   11/20/27       SGD      74.09
EZRA HOLDINGS LTD             4.88   04/24/18       SGD       5.00
GEO COAL INTERNATIONAL PT     8.00   10/04/22       USD      63.30
GEO COAL INTERNATIONAL PT     8.00   10/04/22       USD      63.95
HYFLUX LTD                    4.25   09/07/18       SGD      38.63
HYFLUX LTD                    4.20   08/29/19       SGD      38.63
HYFLUX LTD                    4.60   09/23/19       SGD      38.63
INDO INFRASTRUCTURE GROUP     2.00   07/30/10       USD       1.00
INNOVATE CAPITAL PTE LTD      6.00   12/11/24       USD      35.38
ITNL OFFSHORE PTE LTD         7.50   01/18/21       CNY      29.50
MICLYN EXPRESS OFFSHORE P     8.75   11/25/18       USD      22.75
NT RIG HOLDCO PTE LTD         7.50   12/20/21       USD      59.90
ORO NEGRO DRILLING PTE LT     7.50   01/24/19       USD       1.33
PACIFIC RADIANCE LTD          4.30   03/31/20       SGD      10.00
RICKMERS MARITIME             8.45   05/15/17       SGD       5.00
SWIBER CAPITAL PTE LTD        6.50   08/02/18       SGD       4.20
SWIBER CAPITAL PTE LTD        6.25   10/30/17       SGD       4.20
SWIBER HOLDINGS LTD           7.75   09/18/17       CNY       7.75
SWIBER HOLDINGS LTD           7.13   04/18/17       SGD       7.75
SWIBER HOLDINGS LTD           5.55   10/10/16       SGD      12.25


  THAILAND
  --------

G STEEL PCL                   3.00   10/04/15       USD       0.55
MDX PCL                       4.75   09/17/03       USD      22.88


  VIETNAM
  -------

VIETNAM GOVERNMENT BOND       3.80   01/16/50       VND      74.66



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2020.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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