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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, May 5, 2020, Vol. 23, No. 90

                           Headlines



A U S T R A L I A

BILVERAY HOLDINGS: Second Creditors' Meeting Set for May 11
CLIFFORD CONSTRUCTIONS: First Creditors' Meeting Set for May 12
HORIZONS GROUP: Second Creditors' Meeting Set for May 13
IPROSPERITY GROUP: Unit Placed Under Receivership
LIQUEFIED NATURAL: First Creditors' Meeting Set for May 12

RED ENGINE: Second Creditors' Meeting Set for May 12
VICTORIA WIDE: Second Creditors' Meeting Set for May 12
VIRGIN AUSTRALIA: Chapter 15 Case Summary
VIRGIN AUSTRALIA: Egan-Jones Lowers Senior Unsecured Ratings to D


C H I N A

LUCKIN COFFEE: Chief Technology Officer Steps Down, WSJ Reports
PETROCHINA COMPANY: Posts CNY16.2BB Net Loss in 1Q Ended March 31


H O N G   K O N G

CATHAY PACIFIC: Egan-Jones Lowers Senior Unsecured Ratings to B
[*] HONG KONG: Clock Runs Out on Troubled Firms as Court Reopens


I N D I A

ANAND EDUCATIONAL: CARE Reaffirms 'C' Rating on INR8cr LT Loan
ARCHIT PLYWOOD: CARE Lowers Rating on INR4.25cr LT Loan to B
BUNDELKHAND AGRO: CARE Rates INR6cr Bank Loans 'B'
CKP CO-OPERATIVE BANK: RBI Cancels License; Enters Wind-up Order
EXCELL AUTOVISTA: CARE Lowers Rating on INR17.50cr Loan to B+

FAST TRACK: CARE Lowers Rating on INR13cr LT Loan to 'B-'
G D THIMMAPPA: CARE Lowers Rating on INR5cr LT Loan to B+
G.M. RAVINDRA: CARE Lowers Rating on INR6.50cr Loan to B+
GANESH CONSTRUCTIONS: CARE Cuts Rating on INR3cr LT Loan to B+
GOPAL SHIVHARE: CARE Lowers Rating on INR5cr LT Loan to 'C'

JAGANNATH MOTORS: CARE Lowers Rating on INR9.90cr Loan to B+
JAGDAMBAY RICE: CARE Assigns B+ Rating to INR7.31cr Loan
KANUPAT HIMGHAR: CARE Keeps D Debt Ratings in Not Cooperating
KGP SILK: CARE Keeps B on INR5cr Bank Loans in Not Cooperating
M A R FABRICATORS: CARE Lowers Rating on INR6.50cr LT Loan to B

NAFIS TANNAING: CARE Lowers Rating on INR4.50cr Loan to B-
OM SHIVASHAKTHI: CARE Lowers Rating on INR5.10cr LT Loan to C
PACHIMATLA MANOJ: CARE Assigns B+ Rating to INR9.9cr Bank Loans
PRAKASH ENTERPRISES: CARE Cuts Rating on INR12cr LT Loan to B-
S. M. AUTOSTAR: CARE Keeps D on INR7.9cr Loans in Not Cooperating

SABARI KRISHNA: CARE Lowers Rating on INR4cr LT Loan to B-
SAIBABA ISPAT: Insolvency Resolution Process Case Summary
SAVIOUR MINES: CARE Keeps D on INR8.5cr Loans in Not Cooperating
SHAKTI MALTARE: CARE Lowers Rating on INR10cr Loan to B-
SKG TIMBERS: CARE Lowers Rating on INR3cr LT Loan to 'B'

SMART VISIONS: CARE Lowers Rating on INR8.38cr Loan to B-
TSN ASSOCIATES: CARE Lowers Rating on INR5.50cr Loan to B-


I N D O N E S I A

[*] INDONESIA: 70% of Textile Firms May Close Over COVID-19


J A P A N

KOBE STEEL: Egan-Jones Lowers Senior Unsecured Ratings to BB-
UNIVERSAL ENTERTAINMENT: S&P Lowers ICR to 'B+' Amid COVID-19


N E W   Z E A L A N D

NEW ZEALAND: Whakatāne Tour Operators Suffer on Eruption, Covid-19
QUEST INSURANCE: A.M. Best Affirms B(Fair) Finc'l. Strength Rating


S I N G A P O R E

HOOQ DIGITAL: Shuts Operations After Filing for Liquidation


X X X X X X X X

[*] BOND PRICING: For the Week April 27, 2020 to May 1, 2020

                           - - - - -


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

BILVERAY HOLDINGS: Second Creditors' Meeting Set for May 11
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Bilveray
Holdings Pty Ltd ATF the Foster Family Trust has been set for May
11, 2020, at 10:00 a.m. at Level 1, Suite 145, at 580 Hay Street,
in Perth, WA.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 10, 2020, at 5:00 p.m.

Mathieu Tribut of GTS Advisory was appointed as administrator of
Bilveray Holdings on March 25, 2020.


CLIFFORD CONSTRUCTIONS: First Creditors' Meeting Set for May 12
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Clifford
Constructions Pty Ltd will be held on May 12, 2020, at 11:00 a.m.
at Level 27, 259 George Street, in Sydney, NSW.

Stewart William Free and Bradd William Morelli of Jirsch Sutherland
were appointed as administrators of Clifford Constructions on April
30, 2020.


HORIZONS GROUP: Second Creditors' Meeting Set for May 13
--------------------------------------------------------
A second meeting of creditors in the proceedings of Horizons Group
Travel Pty Ltd has been set for May 13, 2020, at 10:00 a.m. via
teleconference.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 12, 2020, at 4:00 p.m.

Mitchell Griffiths of Rapsey Griffiths Turnaround + Insolvency was
appointed as administrator of Horizons Group on March 30, 2020.


IPROSPERITY GROUP: Unit Placed Under Receivership
-------------------------------------------------
Larry Schlesinger at Australian Financial Review reports that a
subsidiary of iProsperity Group has been placed in the hands of
receivers after not paying interest of more than AUD3 million due
on loans provided by ASX-listed Agricultural Land Trust (ALT).

AFR relates that the A-REIT minnow, majority owned by West
Australia land mogul Allen Caratti, said it had appointed David
Levi of Levi Consulting as receiver of iProsperity Underwriting
after it had "not remedied the various events of default that
existed".

iProsperity Underwriting (IPU) is jointly owned by iProsperity
group CEO Michael Gu and chief financial officer Harry Huang.

AFR relates that the dispute dates back to January 21 when ALT said
IPU was in default on interest payments due on loans it had
provided.

These loans were funding through ALT's debenture program, which
comprises the majority of its AUD165 million asset base and
generates the majority of its revenue, AFR relays.

ALT's only other asset is the 8,900-hectare Linkletter's Place
forestry estate in Esperance.

At the end of January, Mr. Gu told The Australian Financial Review
that things were "back on track" with its "long-term partner" ALT
following a "misunderstanding over fees".

But in March, the dispute re-ignited when ALT exited a trading halt
to warn it may have to restate its interim accounts and report a
loss if IPU did not pay the interest owed on loans due at the end
of February, AFR relates.

ALT reported a AUD959,000 interim net profit for the six months to
December 2019. But this would swing to a AUD2.2 million loss if the
interest was not paid, the report notes.

After appointing receivers last week, ALT's exposure in terms of
income was "limited to the loss of the interest margin it is
entitled to between the amount it is required to pay its debenture
holders and the interest it earns on the loans advanced to IPU,"
ALT's responsible entity, One Investment Group, said, according to
AFR.

"ALT's obligation to debenture holders is limited to the amounts it
recovers from IPU. The funds that will benefit from the
receivership (directly and indirectly) have agreed to share the
costs of the receivership on an equitable basis."

Previously, One Managed Funds said it had relied on
"representations and evidence" provided by IPU that the interest
would be paid, but that "contrary to these representations and
evidence the actual amounts of interests received by the group was
substantially less".

AFR adds that amid the dispute with the land trust, iProsperity
Group struck a AUD720 million US hotel deal in March in partnership
with Singapare's Soilbuild Group.

Last year, it bought a AUD300 million hotel portfolio from Accor,
the report says.

iProsperity Group is a Sydney-based real estate fund manager.


LIQUEFIED NATURAL: First Creditors' Meeting Set for May 12
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Liquefied
Natural Gas Limited will be held on May 12, 2020, at 2:00 p.m. at
the offices of PricewaterhouseCoopers, Level 19, at 2 Riverside
Quay, in Southbank, Victoria.

Craig Crosbie, Simon Theobald & Daniel Walley of
PricewaterhouseCoopers were appointed as administrators of
Liquefied Natural on April 30, 2020.


RED ENGINE: Second Creditors' Meeting Set for May 12
----------------------------------------------------
A second meeting of creditors in the proceedings of Red Engine
Strategy Content Creative Pty Ltd and Engine Room Productions Pty
Ltd has been set for May 12, 2020, at 10:00 a.m. and 11:30 a.m.,
respectively, via telephone only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 11, 2020, at 5:00 p.m.

Christopher Damien Darin of Worrells Solvency & Forensic
Accountants was appointed as administrator of Red Engine and Engine
Room on March 27, 2020.


VICTORIA WIDE: Second Creditors' Meeting Set for May 12
-------------------------------------------------------
A second meeting of creditors in the proceedings of Victoria Wide
Demolitions & Bin Hire Pty Ltd has been set for May 12, 2020, at
2:30 p.m. via teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 11, 2020, at 4:00 p.m.

Malcolm Kimbal Howell of Jirsch Sutherland was appointed as
administrator of Victoria Wide on
March 31, 2020.


VIRGIN AUSTRALIA: Chapter 15 Case Summary
-----------------------------------------
Thirty-nine affiliates that concurrently filed voluntary petitions
for relief under Chapter 15 of the Bankruptcy Code:

  Chapter 15 Debtor                                      Case No.
  -----------------                                      --------
  Virgin Australia Holdings Ltd                          20-11024
  Virgin Australia International Operations Pty Ltd      20-11025
  Virgin Australia International Holdings Pty Ltd        20-11026
  Virgin Australia International Airlines Pty Ltd        20-11027
  Virgin Australia Airlines (SE Asia) Pty Ltd            20-11028
  Virgin Australia Airlines Holdings Pty Ltd             20-11029
  VAH Newco No. 1 Pty Ltd.                               20-11030
  Virgin Australia Regional Airlines Pty Ltd             20-11031
  Tiger Airways Australia Pty Limited                    20-11032
  Virgin Australia Holidays Pty Ltd                      20-11033
  VB Ventures Pty Ltd                                    20-11035
  Virgin Australia Airlines Pty Ltd                      20-11036
  Virgin Australia Cargo Pty Ltd                         20-11037
  VA Borrower 2019 No. 1 Pty Ltd                         20-11038
  VB Leaseco Pty Ltd                                     20-11039
  VA Borrower 2019 No. 2 Pty Ltd                         20-11040
  VA Hold Co Pty Ltd                                     20-11041
  Virgin Tech Pty Ltd                                    20-11042
  VA Lease Co Pty Ltd                                    20-11043
  Short Haul 2018 No. 1 Pty Ltd                          20-11044
  Virgin Australia 2013-1 Issuer Co Pty Ltd              20-11045
  Short Haul 2017 No. 1 Pty Ltd                          20-11046
  737 2012 No. 1 Pty Ltd                                 20-11047
  Short Haul 2017 No. 2 Pty Ltd                          20-11048
  737 2012 No. 2 Pty Ltd                                 20-11049
  Short Haul 2017 No. 3 Pty Ltd                          20-11050
  Short Haul 2016 No. 1 Pty Ltd                          20-11051
  VBNC5 Pty Ltd                                          20-11052
  Short Haul 2016 No. 2 Pty Ltd                          20-11053
  A.C.N. 098 904 262 Pty Ltd                             20-11054
  Short Haul 2014 No. 1 Pty Ltd                          20-11055
  VB Leaseco No. 2 Pty Ltd                               20-11056
  Short Haul 2014 No. 2 Pty Ltd                          20-11057
  VB LH 2008 No. 1 Pty Ltd                               20-11058
  VA Regional Leaseco Pty Ltd                            20-11059
  VB LH 2008 No. 2 Pty Ltd                               20-11060
  VB 800 2009 Pty Ltd                                    20-11061
  VB PDP 2010-11 Pty Ltd                                 20-11062
  Tiger International Number 1 Pty Ltd                   20-11063

Business Description: Virgin Australia Holdings Limited is an
                      Australian-based full service airline
                      operator providing domestic and
                      international flights.

Chapter 15 Petition Date: April 29, 2020

Court:                   United States Bankruptcy Court
                         Southern District of New York

Judge:                   Hon. Sean H. Lane

Foreign Representatives: Vaughan Strawbridge
                         Richard Hughes
                         John Greig
                         Salvatore Algeri

Foreign
Representatives'
Counsel:                 Renee M. Dailey, Esq.
                         AKIN GUMP STRAUSS HAUER & FELD LLP

Estimated Assets:        Unknown

Estimated Debts:         Unknown


VIRGIN AUSTRALIA: Egan-Jones Lowers Senior Unsecured Ratings to D
-----------------------------------------------------------------
Egan-Jones Ratings Company, on April 21, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Virgin Australia Holdings Limited to D from CC. EJR
also downgraded the rating on commercial paper issued by the
Company to D from C.

Virgin Australia Holdings Limited is an Australian-based
full-service airline providing domestic and international
operations.




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

LUCKIN COFFEE: Chief Technology Officer Steps Down, WSJ Reports
---------------------------------------------------------------
The Wall Street Journal reports that Luckin Coffee Inc.'s chief
technology officer has resigned, people familiar with the matter
said, another blow to a chain embroiled in a major faked-revenue
scandal.

The Journal relates that He Gang left Luckin on April 30, according
to the people, roughly seven months after joining the company,
which touted itself as a rival to Starbucks Corp. in China.  His
departure follows a recent resignation by a board member, the
Journal says.

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

As reported in the Troubled Company Reporter-Asia Pacific on April
7, 2020, China Daily said that Luckin Coffee Inc, the so-called
rival to Starbucks in China, has exposed itself to the risks of
delisting and even bankruptcy due to severe fabrication of sales
data, experts said.

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

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

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


PETROCHINA COMPANY: Posts CNY16.2BB Net Loss in 1Q Ended March 31
-----------------------------------------------------------------
The Standard reports that PetroChina Company Limited recorded a net
loss of CNY16.23 billion (HK$17.78 billion) for the first quarter,
plunging by 258.4 percent.

The group gained CNY10.25 billion in the same period last year, the
report says.

The basic loss per share was 0.89 fen for the first three months.

According to The Standard, revenue was down by 14.4 percent to
CNY50.91 million. The average realized price for crude oil was
US$54.39 (HK$424.2) per barrel, representing a drop of 8.6 percent
as compared with the same period of last year, among which the
domestic realized price was US$56.42 per barrel, representing a
drop of 5 percent.

The average realized price for natural gas fell by 23.1 percent to
US$5.10 per thousand cubic feet, among which the domestic realized
price was down by 11.5 percent to US$5.80 per thousand cubic feet.

The oil and gas output grew by 6.1 percent to 413.9 million
barrels, of which the domestic oil and gas output increased by 6
percent to 357.6 million barrels.

The overseas oil and gas output was 56.3 million barrels, up by 7
percent, from last year.

Headquartered in Beijing, China, PetroChina Company Limited,
together with its subsidiaries, provides a range of petroleum
related products and services in Mainland China and
internationally. It operates through Exploration and Production,
Refining and Chemicals, Marketing, and Natural Gas and Pipeline
segments.  PetroChina Company Limited is a subsidiary of China
National Petroleum Corporation.




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

CATHAY PACIFIC: Egan-Jones Lowers Senior Unsecured Ratings to B
---------------------------------------------------------------
Egan-Jones Ratings Company, on April 20, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Cathay Pacific Airways Ltd to B from BB-. EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.

Cathay Pacific Airways Ltd., also known as Cathay Pacific or
Cathay, is the flag carrier of Hong Kong, with its head office and
main hub located at Hong Kong International Airport.


[*] HONG KONG: Clock Runs Out on Troubled Firms as Court Reopens
----------------------------------------------------------------
Kiuyan Wong at Bloomberg News reports that with plenty of Hong Kong
companies on their last legs, landlords, suppliers and other
creditors are eager to collect on unpaid bills. For three months,
there's been no relief: the court that presides over failing
businesses has been effectively closed.

Now, with the court scheduled to resume May 4, lawyers and
restructuring experts are expecting a flood of unhappy lenders to
ask for a forced liquidation of hundreds of small- and medium-sized
businesses in the city, according to Bloomberg.

Unless a company agrees to sell off its assets, a court-ordered
liquidation is lenders' only formal recourse in Hong Kong, alone
among global economies to deny bankruptcy protection for
businesses, Bloomberg says. The current double economic whammy of
political unrest and the global pandemic has sparked new
frustration with decades of failed efforts to create a more robust
process.

"The absence of any restructuring regime doesn't help," Bloomberg
quotes Jonathan Leitch, a Hong Kong-based partner at law firm Hogan
Lovells, as saying. "The government has announced it will start a
consultation process for corporate rescue regime, but it will
likely be a number of years before anything comes into fruition, if
at all."

Bloomberg relates that the last few months have given indebted
companies unusual breathing room. After it was closed in late
January, the court appointing liquidators reopened for emergency
requests in March. It's granted just two, to applicants who could
prove the company's assets are in jeopardy—in danger of fraud,
for example, the report says.

Creditors, though, said the three-month freeze has raised legal
costs and threatened asset recovery, Bloomberg says. "The control
of insolvent company remains in the hands of the debtors without
supervision, which is clearly unfair to the creditors," said
Kenneth Chen, a partner at Zanhol Advisory & Forensic in Hong Kong.
"Delinquent directors would have ample time to siphon off assets
from creditors."

Bad actors aside, it also shifted the balance of power to the
city's small and mid-sized businesses. Bloomberg relates that the
only viable option for landlords was to help struggling tenants
survive, said Edwin Lee, founder of Bridgeway Prime Shop Fund
Management Ltd, which owns a portfolio of Hong Kong properties.

For Mr. Lee, that remains the best course of action even with the
court reopening.

"Landlords should opt for cutting rents," said Mr. Lee, who says
he's sponsored bubble tea and ramen give-aways to help his tenants
draw customers. "Seeking a court remedy doesn't only take years,
but it could mean several times the loss to landlords rather than
to simply reduce rents."

According to Bloomberg, there's no record of how much delinquent
businesses owe in total or how much creditors recover each year,
but at the end of 2019, Hong Kong banks reported almost HK$59
billion ($8 billion) in debt at least three months overdue.

Big bank lenders, including HSBC Holdings Plc, have also stepped in
with support, agreeing to cut fees and defer loan payments to keep
its borrowers afloat. But that has only helped alleviate some of
the pain.

Bloomberg says the courts are bracing for a flood of new creditor
petitions. Christopher So, a partner of PwC's restructuring and
insolvency practice in Hong Kong, said he expected cases this year
to return to levels last seen during the global financial crisis,
as much as an 81% increase over 2019, Bloomberg relays.

"The surge in time-lagged cases will likely give a perception that
economic prospects and confidence are even more unstable," he
said.

Bloomberg notes that even with a full reopening of the court, it
typically takes as long as nine months to get a liquidator in place
after a petition is filed. So the hearings that had been scheduled
for February or March had stemmed from petitions filed last fall;
they've since been deferred.

Unsecured creditors are typically lucky to recover 10% to 20% of
what they're owed, according to Tiffany Wong, Hong Kong-based
managing director at Alvarez & Marsal's Restructuring Practice.

But there are also more amicable solutions, Bloomberg notes. More
than 160 companies submitted to a voluntary winding up proceeding
in the first three months of the year, according to the city's
company registry.

As the court suspension gives businesses a window to try to
negotiate some kind of repayment plan with their creditors, lawyers
and restructuring experts are skeptical the government's renewed
interest in a more developed rescue regime will amount to anything,
Bloomberg states.

"Change has been resisted for years," Bloomberg quotes Hogan
Lovells' Leitch as saying. "I expect Covid-19 to pass in six months
and the government will breathe a sigh of relief and put the notion
of introducing rescue regimes back on the shelf for a few more
years."

A government spokesman said it's committed to getting a bill in
place "as soon as practicable" for an introduction late this year
or early next year, adds Bloomberg.




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

ANAND EDUCATIONAL: CARE Reaffirms 'C' Rating on INR8cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Anand
Educational Society (AES), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        8.00      CARE C; Stable Reaffirmed
   Facilities            

Detailed Rationale and key rating drivers

The ratings assigned to the bank facilities of AES continue to
remain constrained by tight liquidity position, small and
fluctuating scale of operations, low profitability margins, weak
coverage indicators, low enrolment ratio, operations concentrated
to a single geographical area and high competition and highly
regulated educational sector in India.  The ratings, however
continues to drive comfort from experienced and qualified members
of the society, moderate capital structure, moderate operating
cycle, diverse course offerings and well established infrastructure
coupled with qualified teaching staff.

Rating Sensitivities

Positive Factors

* Improvement in the liquidity position marked by current ratio of
above unity and working capital utilization below 40%.

* Improvement in coverage indicators marked by total debt to GCA
below 3.00x on sustained basis.

* Improvement in the profitability margins marked by SBID margins
above 20.00% on sustained basis.

Negative Factors

* Deterioration in the capital structure marked by overall gearing
below 2.00x on sustained basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Tight Liquidity Position:  Liquidity is marked by tightly matched
accruals as marked by low gross cash accruals is INR1.04 crores in
FY19. The current ratio and quick ratio stood weak at 0.39x and
0.39x respectively as on March 31, 2019 (A) on account of high
short term borrowings and creditors and other current liabilities,
leading to stress on the cash flow of the trust, as reflected by
95% working capital utilization and low cash and bank balance of Rs
0.25 crores as on March 31, 2019(A).

* Small and Fluctuating scale of operations:  The scale of
operations of Anand Educational Society remained small and
Fluctuating marked by total operating income and gross cash
accruals which stood at INR12.83 crores and INR1.04 crores in FY19
as compare to INR13.93 crore and INR1.03 crore respectively for
FY18. The small decline in Total operating income in FY19 can be
attributed to the decrease in the fee amount.  The small scale
limits the Society's financial flexibility in times of stress and
deprives it from scale benefits. Further, the net worth base was
stood moderate at INR10.95 crore as on March 31, 2019. Though, the
risk is partially mitigated by the fact that the scale of operation
is growing continuously. The Society has achieved total operating
income in FY20 of INR15.07 crore (refers to the period April 1 to
March 31, Provisional).

* Low Profitability Margins:  The SBID margin of the society stood
16.98% in FY19 from 13.61% during FY18. The marginal improvement in
margins in FY19 is due to low admission resulting in lower
admission fee and development fee coupled with increase in Grant
received in FY19. However, higher interest expenses restricted the
surplus margin of the society which stood at 1.23% during FY19 as
against 1.53% during FY18.

* Weak Coverage Indicators:  The coverage indicators marked by
Interest coverage ratio and Total Debt to GCA stood at 1.67x and
9.91x in FY19 respectively as against 1.84x and 10.60x respectively
for FY18 on account of the higher Interest cost and low Gross cash
Accruals.

* Low enrolment ratio:  The enrolment ratio of the society stood
average at around 70% for all the courses offered by it. The
enrolment ratio for course BCA has remained around 92% for the
current academic session (AS2018-19). The society offers
undergraduate and post graduate degree in engineering, management,
computers with aggregate sanctioned seats of 315 for its B. Tech
course and M-tech courses and 60 seats for its MCA course, BCA with
110 seats, BBA with 100 seats, MBA with 69 seats. There has been
increase in enrolment ratio for courses offered by the society such
as B.Tech (CS, EE ME and civil) from the past academic session
(AS2017-18). The overall enrolment ratio has increased from 55.40%
in AS17-18 to 70.15% in AS18-19, the number of total new enrolled
students increased from of 575 students in AS17-18 to 644 new
students in AS18-19.

* Operations concentrated to a single geographical area and high
competition:  HIET has its institute within a single campus located
in Ghaziabad, Uttar Pradesh which limits the reach penetration
level for the society to tap opportunities. Furthermore, due to
increasing focus on technical education in India, a number of
colleges have been opened up in close proximity. This exposes the
revenue of HIET to competition from other colleges. However,
despite the high competition, HIET has been able to increase its
scale of operations by adding more streams and seats to its college
though there has been some adverse impact on the enrolment ratio
for most of its courses.

* Highly regulated educational sector in India:  In addition to
AICTE, the educational institutes are regulated by respective State
Governments with respect to the number of management seats, amount
of the tuition fees charged for the Government quota and management
quota. The factors have a significant impact on the revenue and
surplus of the institution. The state and central Government have
provided thrust to demand for engineering colleges by introducing
policy changes like abolition of entrance exams for admission in
professional course. The education industry remains highly
regulated industry with constant intervention from the central
state government and other regulatory bodies.

Key Rating Strengths

* Experienced and qualified members of the society:  Mrs. Savitri
Devi is the current chairman of the society and has more than one
and half decades of experience in education through her association
with the society. Mr. Anand Prakash (Secretary) is Post Graduate by
qualification and is associated with this society since its
inception, he is also engaged in trading and handling of steel
through his association with National Steel Suppliers. He is well
supported by Mr. Vihang Garg (Vice Chairman) who is Doctorate by
qualification and has an experience of around half a decade in
education sector through his association with HIET. Mr. Anand
Prakash and Mr. Vihang Garg, both look after the overall operations
of the society. They also get support from other qualified members
in the field of social work to carry out the day-to-day
operations.

* Moderate capital structure:  Capital structure of the society
stood moderate for the past three balance sheet dates i.e.
FY17-FY19 mainly on account of moderate net worth base. Debt equity
ratio stood 0.03x in FY19 as compare to 0.01x in FY18 .Further,
overall gearing ratio stood moderate at 0.92x in FY19 as compare to
1.01x as on March 31, 2019 on account of lower reliance of external
borrowings coupled with satisfactory net worth.

* Moderate operating cycle:  The operating cycle of the society
stood moderate at 45 days in FY 19 as compare to 82 days in FY18.
The average collection period has been improved in FY19 and stood
57 days as compare to 104 days is on account of improvement in the
management for collection of the fees which is not possible in
previous years and also timely fees received from Samaj Kalyan
Vibhag for economic weaker section for the students. The society
pays to their creditor in around half a month leads to average
creditor's days of 11 days in FY19. The creditors are generally for
the books, stationary and building material purchase and repair and
maintenance. The average working capital borrowings are 95%
utilized.

* Diverse course offerings:  HIET offers various specialized
courses in diverse domains. It provides undergraduate courses such
as BBA, BCA and B.Tech (Mechanical Engineering, Electronics &
Communication Engineering, Computer Science, and Civil Engineering
etc.) and post-graduate courses such as MBA, MCA. Various fields
being covered by the society diversifies the revenue sources
resulting in different stream of revenue generation along with less
vulnerability to changes proposed in the course structure by HIET.

* Well established infrastructure coupled with qualified teaching
staff:  The society has its campus located at Ghaziabad, Uttar
Pradesh. The campus environment and facilities are conductive to
professional studies with ample facilities such as sports,
state-of-the-arts laboratories, computer centers including
conference halls, multi-media projectors, well stocked libraries
etc. The campus is well equipped with seminar halls, laboratories,
computer centers, internet facility, canteen and hostels. The firm
has total number of 137 staff as on 31.03.2019, out of which number
of teaching staff is 87 and administrative staff is 57.

Anand Educational Society (AES) was registered as an educational
society August 2001 under Societies Registration Act, 1860 with an
objective to provide education services by establishing and
operating various educational institutions. The society operates a
college under the name of Hi-Tech Institute of Engineering &
Technology (HIET) in a single campus offering varied courses. The
campus is spread over 11 acres of land located at Adhyatmik Nagar,
Ghaziabad, Uttar Pradesh. HIET located in Ghaziabad, Uttar Pradesh
was established for providing various professional courses in
various fields. The undergraduate courses offered are B.B.A, B.C.A,
B.Tech in various fields such as Computer Science, Electronics and
Communication, Mechanical Engineering and Civil Engineering. The
post graduate courses offered by the institute are MBA, MCA. The
college is affiliated to Mahamaya Technical University, Uttar
Pradesh Technical University, and Chaudhary Charan Singh University
and is approved by the All India Council for Technical Education
(AICTE).


ARCHIT PLYWOOD: CARE Lowers Rating on INR4.25cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Archit Plywood Private Limited (APPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        4.25      CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank       4.00      CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best    
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 4, 2019, placed the
rating of APPL under the 'issuer non-cooperating' category as APPL
had failed to provide information for monitoring of the rating.
APPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated April 10, 2020 and April 9, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by APPL 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. Further, the
rating takes in to account small scale of operation, declining
profitability margins, susceptibility to fluctuation in log prices
and and presence in a highly fragmented timber sector with low
entry barriers and high competition. The ratings, however, continue
to draw comfort from experienced promoters and moderate capital
structure and operating cycle.

Detailed Description of the Key Rating Drivers

At the time of last rating on February 8, 2019, the following were
the rating weaknesses and strengths.

Credit Risk Assessment

Key Rating Weakness

* Small and fluctuating scale of operations:  The scale of
operation continues to remain small as marked by total operating
income of INR32.93 crores and gross cash accruals of INR0.48 crores
during FY19 (FY refers to the period April 1 to March 31). The
small scale limits the company's financial flexibility in times of
stress and deprives it from scale benefits.

* Decline in profitability margins: The PBILDT and PAT margin
decline and stood weak at 2.42% and 0.72% respectively in FY19 as
against 3.77% and 0.90% respectively in FY18 registering a dip of
135 bps and 18 bps respectively in FY19 (FY refers to the period
April 1 to March 31).

* Susceptibility to fluctuation in log prices:  APPL is exposed to
volatility in the log prices as it does not enter into any contract
for purchase of raw materials. Since there is a long time lag
between raw material procurement and liquidation of inventory, the
company is exposed to the risk of adverse price movement resulting
in lower realization than expected.

* Presence in a highly fragmented timber sector with low entry
barriers and high competition:  The major income of APPL comes from
processing of timber logs and markets them to various wholesalers
and traders with limited value addition to the product. The
business is characterized by high volumes and low margins. The
sector is highly competitive, comprising a large number of players
in the organized segment as a result of low entry barriers.

Key Rating Strengths

* Experienced promoters:  The operations of APPL are currently
being managed by Mr. Sushil Kumar and Mrs. Suchitra Goel. Both Mr.
Sushil Kumar and Mrs. Suchitra Goel have an experience of more than
a decade in manufacturing and trading of wood and wood products
through their association with this entity, SKG Timbers Private
Limited and other associate concerns. The directors have a
considerable track record in the industry which has resulted in
long term relationships with suppliers and customers.

* Moderate capital structure and operating cycle:  The capital
structure of the company stood moderate as marked by overall
gearing ratio (including acceptances) of 0.44x as on March 31, 2019
as against 0.09x as on March 31, 2018. The operating cycle of the
company continues to remain moderate at 32 days in FY19 as against
39 days in FY18.

Delhi based Archit Plywood Private Limited (APPL) was incorporated
in 2011 by Mr. Sushil Kumar and Mrs. Suchitra Goel APPL is engaged
in manufacturing of wood and wood products mainly plywood using
timber mainly procured from traders located domestically. Also, the
company imports timber and teak mainly from Singapore. The company
sells its products to wholesalers and retailers located on pan
India basis. SKG Timbers Private Limited; is an associate concern
engaged in processing of wooden logs to make plywood and trading of
MDF i.e Medium density fiber board (MDF).


BUNDELKHAND AGRO: CARE Rates INR6cr Bank Loans 'B'
--------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Bundelkhand Agro Logistics (BAL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities            6.00      CARE B; Stable Assigned

Detailed Rationale & Key Rating drivers

The rating assigned to the bank facilities of BAL is constrained by
Small scale of operations and weak overall solvency position. The
rating is further constrained by presence in a highly fragmented
and competitive industry. The rating, however, derives strength
from experienced partners and comfortable profitability margins.

Rating Sensitivities

Positive Factors:

  * Increase in scale of operations with total operating income
    of more than INR5.00 crore on a sustainable basis

  * Improvement in capital structure marked by overall gearing
    ratio below 1.00x

Negative Factor:

  * Decline in scale of operations by more than 20% on sustained
    basis

  * Discontinuation of lease agreement with Food Corporation of
    India

  * Deterioration in debt coverage indicators as marked by
    interest coverage and TDGCA ratios below 1.00x and above
    20.00x, respectively

Key Rating Weaknesses

* Small scale of operations:  The firm's scale of operations has
remained small marked by Total Operating Income (TOI) of INR1.47
crore in FY19. The small size restricts the financial flexibility
of the firm in times of stress and deprives it from benefits of
economies of scale.  Furthermore, the firm has reported total
operating income of INR1.34 crore in 11MFY20 (Prov.).

* Weak overall solvency position:  The capital structure of the
firm stood weak with overall gearing ratio of 2.42x as on March 31,
2019. The same has improved from 3.69x in FY18 on account of
repayment of term loans.  Furthermore, the debt coverage indicators
of the firm stood weak marked by interest coverage ratio of 1.92x
in FY19 (PY: 1.57x) and total debt to GCA ratio of 10.66x for FY19
(PY: 17.39x). The same has improved on account of lower interest
expenses incurred and higher cash accruals generated.

* Presence in a highly fragmented and competitive industry:  BAL
operates in a highly competitive market environment wherein entry
barriers are low, thus allowing a large number of small and
unorganized players to compete in the market. However, with times
changing, many of them have graduated to the medium size category,
thereby expanding the organized players' base thereby facing
competition.

Key Rating Strengths:

* Experienced partners:  BAL was established in June, 2014 as a
partnership concern. However, the commercial operations started in
January, 2017 and is currently being managed by Mrs. Rita Jain,
Mrs. Gayatri Maggo, Mrs. Sonal Sardana, Mrs. Ruchi Jain, Mrs. Priti
Gupta and Mrs. Shruti Goel as its partners. The partners have
industry experience of around 5-25 years gained through their
association with BAL and engagement in similar kind of business
business. The partners have adequate acumen about various aspects
of business which is likely to benefit BAL in the long run.

* Comfortable profitability margins:  The profitability margins of
the firm stood comfortable marked by PBILDT margin and PAT margin
of 90.97% and 43.54%, respectively. The PBILDT margin of BAL
declined marginally from 93.67% in FY18 mainly due to increase in
insurance expenses and other expenses which mainly includes repair
and maintenance (as a percentage of income). Furthermore, the PAT
margin improved from 34.14% in FY18 mainly due to lower interest
expenses incurred during the year.

* Stretched liquidity Position:  The firm had low level of free
cash and bank balance of INR0.04 crore as on March 31, 2019.
Furthermore, the firm has a total debt repayment obligation of
INR0.90 cr. in FY20, proposed to be met through the internal
accruals.

Bundelkhand Agro Logistics (BAL) was established in June, 2014 as a
partnership concern. However, the commercial operations started in
January, 2017 and is currently being managed by Mrs. Rita Jain,
Mrs. Gayatri Maggo, Mrs. Sonal Sardana, Mrs. Ruchi Jain, Mrs. Priti
Gupta and Mrs. Shruti Goel as its partners. The firm is engaged in
the providing leasing services of warehouse at its facility with an
area of 3,92,911 square feet located in Lalitpur, Uttar Pradseh.
BAL provides the warehouses on lease to Food Corporation of India
through U.P. State Warehousing Corporation. The total operating
income of the firm majorly includes monthly rent received from its
Food Corporation of India.


CKP CO-OPERATIVE BANK: RBI Cancels License; Enters Wind-up Order
----------------------------------------------------------------
The Reserve Bank of India (RBI) has, vide Speaking Order No
DOR.CO.AID/LC-02/12.22.035/2019-20 dated April 28, 2020 cancelled
the licence of The CKP Co-operative Bank Ltd., Mumbai, to carry on
banking business, with effect from the close of business on April
30, 2020. The Registrar of Co-operative Societies, Pune,
Maharashtra, has also been requested to issue an order for winding
up the affairs of The CKP Co-operative Bank Ltd., Mumbai and
appoint a liquidator for the bank.

The Reserve Bank cancelled the licence of the bank as:

  * The financial position of the bank is highly adverse and
    unsustainable. There is no concrete revival plan or proposal
    for merger with another bank. Credible commitment towards
    revival from the management is not visible.

  * The bank is not satisfying the requirement of minimum capital
    and reserves as prescribed in Section 11 (1) read with Section
    56 of the Act and capital adequacy and earning prospects as
    stipulated in Section 22(3)(d) of the Act and also stipulated
    minimum regulatory capital requirement of 9%.

  * The bank is not in a position to pay its present and future
    depositors, thereby not complying with Section 22(3) (a) read
    with Section 56 of the Act.

  * The affairs of the bank were and are being conducted in a
    manner detrimental to the public interest and interest of the
    depositors and that the general character of the management of
    the bank is prejudicial to the interest of depositors as also
    public interest. Thus, the bank has not been complying with
    provisions of Section 22 (3)(b) and (c) of the Act.

  * The bank's efforts for revival have been far from adequate
    though the bank has been given ample time and opportunity
    and dispensations. No merger proposal has been received in
    respect of the bank. Thus, in all likelihood, public interest
    would be adversely affected if the bank were allowed to carry
    on its business any further.

  * No useful purpose would be served by allowing the bank to
    continue as envisaged in Section 22(3)(e) of the Act. Rather,
    Public interest would be adversely affected if the bank is
    allowed to carry on its banking business any further.

"Consequent to the cancellation of its licence, The CKP
Co-operative Bank Ltd., Mumbai, is prohibited from conducting the
business of ‘banking' which includes acceptance of deposits and
repayment of deposits as defined in Section 5 (b) read with Section
56 of the Banking Regulation Act, 1949 with immediate effect," RBI
said.

With the cancellation of licence and commencement of liquidation
proceedings, the process of paying the depositors of The CKP
Co-operative Bank Ltd., Mumbai, as per the DICGC Act, 1961 will be
set in motion. On liquidation, every depositor is entitled to
repayment of his/her deposits up to a monetary ceiling of
INR5,00,000/- (Rupees Five lakh only) from the Deposit Insurance
and Credit Guarantee Corporation (DICGC) as per usual terms and
conditions.


EXCELL AUTOVISTA: CARE Lowers Rating on INR17.50cr Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Excell Autovista Private Limited (EAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       17.50      CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE BB; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank       4.00      CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 3, 2019, placed the
rating of EAPL under the 'issuer non-cooperating' category as EAPL
had failed to provide information for monitoring of the rating.
EAPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated February 10, 2020,
February 21, 2020 and March 4, 2020 and numerous phone calls. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. Users
of this rating (including investors, lenders and the public at
large) are hence requested to exercise caution while using the
above rating(s).  The rating has been revised on account of
deterioration in EAPL's leverage and interest coverage indicators
during FY19.

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.

Key Rating Weaknesses

* Leveraged capital structure and debt coverage indicators:  The
financial risk profile of the company has remained weak marked by
low profit margins, leveraged capital structure and weak debt
coverage indicators. The TD/GCA ratio and overall gearing ratio
remained high due to increased dependence on external borrowings to
maintain inventory of vehicles in stores. However, the interest
coverage indicators have also remained weak.

* Working capital intensive nature of business:  The operations of
the company are highly working capital intensive considering the
inventory holding of vehicles, spare parts and accessories for
maintenance to meet the demands of customers on time. The company
also has relied on inventory funding and channel financing. The
debtors and creditors have remained at moderate levels, albeit high
inventory period, keeping the overall operating cycle at moderate
level.

* Cyclicality of auto-industry and presence in competitive market:
The auto-industry is inherently vulnerable to the economic cycles
and sensitive to interest rates. It is also susceptible to prices
of the fuels like Petrol and Diesel. Further, the company remains
exposed to competition from dealers operating in same principal and
other principals in the vicinity of its locations.

Key Rating Strengths

* Experienced promoters:  The promoters of the company Mr Madhup
Kumar Agarwal and Ms Neelam Agarwal has around three decades of
experience. Mr Suunyraj Agarwal has around 9 years of experience in
the industry. The directors looks after overall operations and have
been instrumental in bringing the company at its current stature.

* Established track record of dealership:  EAPL has an established
track record of over 12 years in dealership business. The company
has spread off with showroom and workshops in parts of Mumbai and
Pune more recently. The company has also established Nexa showrooms
recently.

* Consistent revenue growth albeit stable profitability margins:
EAPL' total operating income (TOI) grew moderately by 7% during
FY19. However, its PBILDT margin remained modest at 1.57% during
FY19. EAPL's Profit After Tax (PAT) also remained very thin in FY19
on account of increased working capital borrowings leading to
higher interest cost.

Excell Autovista Private Limited was incorporated in the year 2005
by Mr Madhup Kumar Agarwal and family members. The company is an
authorised dealer of Four-wheelers of Maruti Suzuki India Limited.
The Registered office is located at Bandra, Mumbai with showrooms
and workshops in suburbs of Mumbai and in cities like Navi Mumbai
and Pune. The company also deals in used cars, spare parts and
accessories.


FAST TRACK: CARE Lowers Rating on INR13cr LT Loan to 'B-'
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Fast
Track CFS Private Limited (FTC), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 4, 2019, placed the
rating of FTC under the 'issuer non-cooperating' category as FTC
had failed to provide information for monitoring of the rating. FTC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated April 10, 2020 and April 9, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by FTC 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. Further, the rating
takes in to account limited experience of promoter, small scale of
operation, weak financial risk profile and competitive nature of
industry. The ratings, however, continue to draw comfort from
location advantage to client.

Detailed description of the key rating drivers

At the time of last rating on February 8, 2019, the following were
the rating weaknesses and strengths (Updated for the information
available from the registrar of companies).

Credit Risk Assessment

Key Rating Weakness

* Limited experience of the promoters:  The company was
incorporated in 2012 by Mr Krishan Mohan Sharan and Mr Anil Mohan
Sharan. The business will commence its operations from December
2016 and FY18 will be the first full year if operations for FTCPL.
It is the first venture of the promoters having limited experience
in the CFS business industry. The promoters have around two and a
half decades of experience in diversified business segments through
their association with other associate concerns. The promoters have
ventured into warehousing industry due to the increasing demand and
favorable government policies to support the same.

* Small Scale of operations: The scale of operations has remained
small marked by a total operating income and gross cash accruals of
INR8.39 crore and INR2.57 crore respectively during FY19 (refers to
the period April 1 to March 31). The small scale limits the firm's
financial flexibility in times of stress and deprives it from scale
benefits.

* Weak financial risk profile: The company has incurred net losses
during FY19. The capital structure of the company stood leveraged
marked by overall gearing of 3.74x as on March 31, 2019. The debt
service coverage indicators stood weak marked by interest coverage
ratio and total debt/GCA of 3.53x and 7.07x respectively in FY19.

* Competitive nature of the industry:  The company would be
operating in a competitive industry wherein there is presence of a
large number of players in the unorganized and organized sectors.
The company is comparative a small players catering to the same
market which has limited the bargaining power of the company and
has exerted pressure on its margins.

Key Rating Strengths

* Location Advantage to client:  Fast Track CFS Private Limited is
constructing a warehouse cum container freight station on Mundra
port which is the largest private port of India located on the
North shore of Gulf of Kutch near Mundra, in Gujarat. The port has
been growing by 25% year on year basis in the last three years. The
port also has special economic zone status. It is well connected
with road, rail and air. The port has diverse cargo base including
dry, bulk, break bulk, liquid, container, car etc. Thus the
presence of presence of warehouse on Mundra Port gives a location
advantage to Fast Track CFS Private Limited.

Delhi-based Fast Track CFS Private Limited (FTC) is a private
limited company; incorporated in 2012 by Krishan Mohan Sharan and
Mr Anil Mohan Sharan. FTCPL was incorporated with an aim to set up
a warehouse cum container freight station (CFS) at Mundra Port,
Kutch, Gujarat. The warehouse would have an area of 435112 square
feet and open space of 217556 square feet and is setup with
estimated cost of INR19 crore, proposed to be funded in the debt
equity mix of 0.48:52.


G D THIMMAPPA: CARE Lowers Rating on INR5cr LT Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of G D
Thimmappa Sheregar (GDTS), as:

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

   Short-term Bank       10.00      CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 20, 2019, placed
the rating(s) of GDTS under the 'issuer non-cooperating' category
as GDTS had failed to provide information for monitoring the
rating. GDTS continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
e-mails dated April 6, 2020 to April 13, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating February 13, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weakness

* Small scale of operations with marginal decline in total
operating income in FY17: The scale of operations of the firm
marked by total operating income (TOI), remained small at INR27.18
crore in FY17 coupled with low net worth base of INR3.97 crore as
on March 31, 2017 as compared to other peers in the industry. The
total operating income of the GDTS increased from INR22.88 crore in
FY15 to INR30.52 crore in FY16 due to year on year increase in
execution of work orders. The total operating income of the firm
marginally declined to INR27.18 crore due to work executed but the
billing for the same was done in subsequent month. However, during
9MFY17 (Provisional), the firm achieved total operating income of
INR18 crore.

* Leveraged capital structure:  The capital structure of the firm
marked by overall gearing stood leveraged at 2.17x as on March 31,
2017, deteriorated from 1.70x as on March 31, 2016 on back of
increased outstanding working capital facility balance as on
accounts closing date coupled with increase in debt levels in the
nature of vehicle loans (9 Tata Tippers) purchased for execution of
projects. Volatility in input prices and absence of price
escalation clause The prices of the key raw materials viz., iron,
cement, sand and aggregates are very volatile in nature. GDTS does
not have price escalation clauses in current contracts. Volatility
in input prices also impacts the profitability margins. Moreover,
the company does not enter into any agreement with contractor to
safeguard its margins and against any increase in labour prices
thus it remains susceptible to the same. Hence, any adverse
fluctuation in the prices can adversely affect the profitability
margins of the company. Furthermore, the PBILDT margin of the
company has declined in FY16 primarily on account of increase in
material costs.

* Partnership nature of constitution:  GDTS is constituted as a
partnership firm wherein it is exposed to frequent withdrawal of
partners' capital and resultant erosion of the net worth resulting
in lower capital base despite the firm being able to generate
sufficient profits in the past.

Key Rating Strengths

* Long term experience of the promoters and established track
record of the firm:  G D Thimmappa Sheregar was established in the
year 2011 and promoted by Mr. G D Thimmappa Sheregar and his family
members. The firm was earlier being a Proprietorship firm in the
name of M/S G D Thimmappa Sheregar promoted by Mr. G D Thimmappa
Sheregar in the year 1987. GDTS has been in the civil construction
business for around three decades and has satisfactory track record
of completion of bridges, roads and other civil construction
contracts awarded by government bodies in the state of Karnataka.

* Satisfactory profitability margins albeit marginal fluctuation
during review period:  The PBILDT margin of the firm stood
comfortable, however, fluctuating in the range of 8.45%-11.36%
during review period at the back of decrease in raw material prices
coupled with nature of orders undertaken by the company. The PAT
margin of the firm also stood comfortable and has been fluctuating
during review period (FY15-FY17) between 3.95%-5.32% on back of
fluctuation in depreciation cost.

* Medium term revenue visibility from order book position:  The
firm has moderate order book of INR59.61 crore as on January 3,
2018 which translates to 2.3x of total operating of FY17 and the
same is likely to be completed by FY19. The said order book
provides revenue visibility for medium term.

* Comfortable operating cycle:  The firm has comfortable operating
cycle at 21 days during FY17. The operating cycle of the firm
improved from 31 days in FY16 to 21 days in FY17 due to increase in
average creditor's period along with reduction in average
collection period. The firm was able to get extended credit period
from suppliers, hence, average creditors period has improved to 66
days in FY17 from 37 days in FY16. The firm gets payment from
government within 1 month of submission of bills. The firm
maintained high raw material to avoid un-even price fluctuations in
raw materials as a result of which the average inventory period
increased from 46 days in FY16 to 82 days in FY17. Due to the above
said factors and short term tenure of projects, the operating cycle
of the firm stood comfortable during the review period. Overall
operations of the firm have been working capital intensive with
funds being blocked in inventory. The investments in the inventory
have been high as the firm has significant funds held in raw
material inventory. Funds blocked in raw material and store and
spares, purchased for timely completion of project. In order to
bridge the gap, the firm utilizes its working capital facility. The
average utilization of cash credit facility stood around 90%-95%
for last 12 months ended December 2017. The firm has proposed
enhancement of cash credit facility to the extent of INR2 crore in
FY16 hence the same has been utilized as adhoc during the review
period.

* Satisfactory debt coverage indicators:  The debt coverage
indicators of the firm have been satisfactory due to comfortable
profitability with moderate debt level.  The total debt/GCA of the
firm improved significantly from 4.14x as on March 31, 2015 to
3.00x as on March 31, 2015 and deteriorated to 3. 87x in FY17 due
to variation in debt levels during review period. However, interest
coverage ratio has been improving y-o-y and remained satisfactory
at 3.43x in FY17 due to increase in PBILDT levels.

G D Thimmappa Sheregar is a partnership firm established in the
year 2011 by Mr. G. D. Thimmappa Sheregar & his family members (Mr.
B. Ramakrishna Sheregar, Mr. G. D Raghavendra, Mr. G. D Nagendra
and Mr. B. Vivekananda). The firm was earlier being a
Proprietorship firm in the name of M/S G D Thimmappa Sheregar
established in the year 1987 and promoted by Mr. G D Thimmappa
Sheregar which was engaged in civil construction works for
individuals and private organization.


G.M. RAVINDRA: CARE Lowers Rating on INR6.50cr Loan to B+
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of G.M.
Ravindra (GMR), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        6.50      CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE BB-; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank       4.00      CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 20, 2019, placed
the rating(s) of GMR under the 'issuer non cooperating' category as
GMR had failed to provide information for monitoring the rating.
GMR continues to be noncooperative despite repeated requests for
submission of information through phone calls and e-mails dated
April 6, 2020 to April 13, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating February 13, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weakness

* Small scale of operations:  G.M Ravindra was established in the
year 2004. Further, the scale of operations of the entity marked by
total operating income (TOI), remained small at INR20.65 crore in
FY17 coupled with low net worth base of INR3.60 crore as on March
31, 2017 as compared to other peers in the industry.

* Leveraged capital structure and moderate debt coverage
indicators:  The capital structure of the firm remained leveraged
during review period. The debt equity ratio of the firm remained
below unity for the last three balance sheet date ended March 31,
2017, due to repayment of term loan coupled with increase in
tangible net worth. Despite of increased in total debt the overall
gearing ratio improved from 2.96x as on March 31, 2015 to 2.67x as
on March 31, 2017 due to increase in tangible net worth on account
of accretion of profits made to net worth. The total debt/GCA
deteriorated from 12.24x in FY15 to 17.18x in FY16 due to decrease
in gross cash accruals. However, it improved to 8.43x in FY17 due
to increase in gross cash accrual albeit increase in total debt.
The PBILDT interest coverage ratio improved from2.82x in FY15 to
2.95x in FY17 due to increase in PBILDT absolute terms.

* Moderate operating cycle:  The operating cycle of the firm
remained satisfactory at 63 days in FY17. The firm receives the
payment from its customer within 35-40 days from the date of bill
raised and makes the payment to its supplier within 35-45 days. The
firm holds the average inventory of around 60-90 days in order to
mitigate the price fluctuation so that execution of the orders will
happen in timely manner. The average utilization of fund based
working capital limits of the firm was 100% during the last 12
months period ended December 31, 2017.

* Short-term revenue visibility from order book position with high
geographic concentration risk:  The firm has an order book of
INR25.69 crore as on December 31, 2017 which translates to 1.24x of
total operating of FY17 and the same is likely to be completed by
FY19. The said order book provides revenue visibility for short
term. However, the order book is geographically concentrated as the
100% of the work order book belongs to Karnataka.

* Tender based nature of operations:  The firm receives 100% work
orders from Govt. of Karnataka. All these are tender-based and the
revenues are dependent on the firm's ability to bid successfully
for these tenders.

* Profitability margins come under pressure because of competitive
nature:  of the industry. However, the proprietor's satisfactory
industry experience of three decades mitigates this risk to some
extent.  Nevertheless, there are numerous fragmented & unorganized
players operating in the segment which makes the civil construction
space highly competitive.

* Constitution of the entity as a proprietorship firm with inherent
risk of withdrawal of capital:  The firm being a proprietorship
firm is exposed to inherent risk of capital withdrawal by the
partners, due to its nature of constitution. Further, any
substantial withdrawals from capital account would impact the net
worth and thereby the financial profile of the firm. The proprietor
has withdrawn capital of INR0.54 crore during review period.

* Highly fragmented industry with intense competition from other
players:  The firm is engaged in construction of civil works, which
is fragmented industry due to presence of large number of organized
and unorganized players in the industry resulting in huge
competition.

Key Rating Strengths

* Experience of the proprietor for three decades in civil
construction industry:  G.M Ravindra (GMR) was established in the
year 2004 and has been in the civil construction industry for three
decades. The firm is managed by Mr. G. M Ravindra who is a
qualified graduate and has three decades of experience in the civil
construction industry. Due to long experience of Proprietor, he was
able to establish long term relationship with BBMP (Bruhat
Bengaluru Mahanagara Palike), which has helped in developing his
business and bag new orders.

* Growth in total operating income during review period and
satisfactory profitability margin:  The total operating income of
the firm increased at Compound Annual Growth Rate (CAGR) of 56.60%
i.e., from INR8.42 crore in FY15 to INR20.65 crore in FY17 due to
ability of the firm to bag work orders regularly from BBMP (Bruhat
Bengaluru Mahanagara Palike) along with timely execution of these
orders. The profitability margins of the firm are seen fluctuating,
however, remained satisfactory during the review period. The PBILDT
margins declined from 13.43% in FY15 to 8.35% in FY17, due to
increase in raw material due to absence of price variation clause
and other expenses (travelling expenses, vehicle maintenance and
hire charges. Due to fluctuation in interest and depreciation cost
the PAT margins are also fluctuating in the range of 4.80%-7.70%
during FY15-FY17, still remained satisfactory.

* Stable outlook of civil construction industry:  The construction
industry contributes around 8% to India's Gross domestic product
(GDP). Growth in infrastructure is critical for the development of
the economy and hence, the construction sector assumes an important
role. During the last few years (mainly FY13-FY15), there was a
reduction in flow of orders along with slow movement of the
existing order book. However, the focus of the government on
infrastructure development is expected to translate into huge
business potential for the construction industry in the long-run.
In the short to medium term (1-3 years), projects from
infrastructure sector are expected to dominate the overall business
for construction companies. Going forward, companies with better
financial flexibility would be able to grow at a faster rate by
leveraging upon potential opportunities.

Bengaluru based, G.M. Ravindra (GMR) was established in the year
2004 as a proprietorship firm, promoted by Mr. G.M Ravindra. The
firm is a certified class I contractor. GMR is engaged in the civil
construction works like primary construction of reinforced concrete
(RCC) culverts of storm water drains work. GMR procures work orders
through online tenders from government of BBMP (Bruhat Bengaluru
Mahanagara Palike) of Karnataka. The firm purchases the raw
materials like gravel, metal and cement among others from local
traders.


GANESH CONSTRUCTIONS: CARE Cuts Rating on INR3cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sree
Ganesh Constructions (SGC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        3.00      CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE BB-; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank       5.00      CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best    
                                   available information

Details of instruments/facilities in Annexure

CARE had, vide its press release dated March 5, 2019, placed the
ratings of SGC under the 'issuer non-cooperating' category as
company had failed to provide information for monitoring of the
rating. The company continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated April 08, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 5, 2019, the following were the
rating strengths and weakness:

Key Rating Weakness

* Small scale of operations:  The firm was established in the year
2007; its scale of operations remained small as compared to other
industry peers marked by total operating income of INR23.08 crore
during FY17 and low net worth base of INR7.58 crore as on March 31,
2017 making it vulnerable to fluctuations in the market
conditions.

* Decrease in total operating income:  The total operating income
of the firm decreased to INR23.08 crore in FY17 from INR25.32 crore
in FY16 due to untimely realisation of bills for Panchayat Raj Road
works executed for Government of Telangana which led to shortage of
funds for execution of projects during FY17. However, the firm
achieved the sales of INR15 crore during 9MFY18.

* Highly fragmented and intensely competitive business segment:
SGC is operating in highly competitive and fragmented industry. The
firm witnesses intense competition from both the organized and
largely unorganized players. This fragmented and highly competitive
industry results into price competition thereby affecting the
profitability margins of the companies operating in the industry.

* Partnership nature of constitution with inherent risk of
withdrawal of capital:   Constitution as a partnership 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, partnership firms have restricted access to
external borrowings as credit worthiness of the partners would be
key factors affecting credit decision for the lenders.

Key Rating Strengths

* Experienced Partners:  The partners of SGC have experience of
over 2 decades in construction industry. The entity also has a long
track record of over a decade. SGC has been executing projects
primarily for Andhra Pradesh State Public Works Department and has
been getting repeated orders from them. The firm also does sub
contract work for other PWD contractors

* Increase in profitability margins:  The PBILDT margin of the firm
has been increased from 9.89% in FY16 to 14.13% in FY17 due to
decline in other expenses (sub contract expenses, repairs and
maintenance charges). The PAT margin of the firm marginally
increased from 5.41% in FY16 to 5.70% in FY17 due to increase in
absolute PBILDT levels.

* Comfortable capital structure and debt coverage indicators:  The
capital structure of the firm though marginally deteriorated marked
by debt equity and overall gearing ratio from 0.14x
and 0.25x respectively as on March 31, 2016 to 0.53x and 0.58x
respectively as on March 31, 2017 on account of increase in debt
levels of the firm on account of increase in long term loans from
NBFC'S for purchase of equipment's (tipper and excavator, still
remained comfortable at below unity. Due to the aforementioned
reason, the total debt/GCA deteriorated from 0.76x in FY16 to 1.87x
in FY17). Despite increase in interest cost, the PBILDT interest
coverage ratio of the firm improved from 6.72x in FY16 to 7.02 in
FY17 due to increase in absolute PBILDT levels.

* Elongated Creditor days:  The firm is operating in working
capital intensive nature of operations. The average collection
period of the firm deteriorated from 51 days in FY16 to 94 days in
FY17 due to delay in realization of bills from government
departments. In absolute terms, the receivables amount is INR7.63
crore. Due to delay in receipts of payments from the clients, the
firm has availed the extension of credit period resulted in
increase in creditor days from 84 days in FY16 to 118 days in
FY17.The average utilisation of the working capital limit for the
last 12 month ended January 31, 2018 is 50%.

* Long term revenue visibility from current order book position:
The firm has an order book of INR138.22 crore as on 31 January 2018
and the same is likely to be executed by December 2019. The said
order book is related to drilling, irrigation, excavation works.
However, the orders in hand provide revenue visibility of the firm
for long term.

* Stable outlook of construction Industry:  The construction
industry contributes around 8% to India's Gross domestic product
(GDP). Growth in infrastructure is critical for the development of
the economy and hence, the construction sector assumes an important
role. The sector was marred by varied challenges during the last
few years on account of economic slowdown, regulatory changes and
policy paralysis which had adversely impacted the financial and
liquidity profile of players in the industry. The Government of
India has undertaken several steps for boosting the infrastructure
development and revive the investment cycle. The same has gradually
resulted in increased order inflow and movement of passive orders
in existing order book. The focus of the government on
infrastructure development is expected to translate into huge
business potential for the construction industry in the long-run.
In the short to medium term (1-3 years), projects from
transportation and urban development sector are expected to
dominate the overall business for construction companies. The
implementation of Goods and Service Tax might result in short run
operational issues and pressure on working capital until the
process is streamlined. Going forward, companies with better
financial flexibility would be able to grow at a faster rate by
leveraging upon potential opportunities.

Established in 2007, as a partnership firm, Sree Ganesh
constructions (SGC) is a civil contractor registered with Andhra
Pradesh State Public Works Department and is engaged in the
construction of bridges, flyovers, railway over bridge, irrigation
work etc. The entity has its registered office in Hyderabad, Andhra
Pradesh. SGC is managed by Mr. A Uppender Reddy (50% shares), Ms. A
Prasanna Latha(25%), Mr. A Hanumantha Reddy(15%) and Mr.J Sandeep
Reddy (10%).The entity since inception has been engaged primarily
in building of road over bridges (ROB), canal projects, railway
projects.


GOPAL SHIVHARE: CARE Lowers Rating on INR5cr LT Loan to 'C'
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gopal Shivhare (GS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        5.00      CARE C; Stable; Revised from
                                   CARE D; Issuer Not Cooperating
                                   and removed from Issuer Not
                                   Cooperating

   Long-term/Short-      3.00      CARE C; Stable/CARE A4 Revised
   Term Bank                       from CARE D/CARE D; Issuer Not
   Facilities                      Cooperating and removed from
                                   Issuer Not Cooperating

Detailed Rationale & Key rating Drivers

The revision in the ratings of GS takes into account improvement in
liquidity position.  The ratings, however, continue to remain
constrained on account of its modest scale of operations with thin
profitability margins and weak solvency position. The ratings,
further, continue to remain constrained on account of its presence
in the highly competitive and fragmented industry, high business
risk due to regulated nature of the liquor industry and
constitution as a proprietorship concern.  The ratings, however,
continue to favorably take into account experienced management.

Rating Sensitivities

Positive Factor

* Sustained improvement in Total Operating Income (TOI) with TOI
more than INR50 crore.

* Sustained improvement in PBILDT margin.

* Sustained improvement in capital structure with overall gearing
less than 5 times.

Negative Factor

* Decrease in TOI and registration of net loss.

* Deterioration of liquidity position.

* Deterioration of solvency position with overall gearing more than
10 times.

Detailed description of the key rating drivers

Key Rating Weakness

* Modest scale of operation with thin profitability margins:  The
scale of operation of the firm stood modest marked by TOI of
INR37.66 crore in FY19 as against INR32.57 crore in FY18. TOI of
the firm increased by 15.62% over FY18 owing to higher number of
shops as well as demand during the period. Profitability margins of
the firm stood thin marked by PBILTD and PAT margin of 3.49% and
0.90% respectively in FY19 as against 3.51% and 0.63% respectively
in FY18. Further, GCA of the firm stood thin at INR0.34 crore in
FY19. During FY20, it has registered TOI of INR35 crore.

* Weak Solvency Position: The capital structure of the firm stood
leveraged with an overall gearing of 8.49 times as on March 31,
2019, improved from 8.92 times as on March 31, 2018 owing to
accretion of profit to reserves. The debt coverage indicators of
the firm stood weak marked by total debt to GCA of 44.66 times as
on March 31, 2019, improved from 58.53 times as on March 31, 2018
owing to increase in GCA. Further, interest coverage ratio of the
firm stood low at 1.35 times as on March 31, 2019, improved from
1.22 times as on March 31, 2018 due to increase in PBILTD level
over FY18.

* Trading nature of business characterized by low profitability and
high competition:  GS is engaged in wholesale and retail business
of liquor in Madhya Pradesh. As the business operations are of
trading nature, the profitability margins of the firm are
restricted. Further, liquor trading business is highly fragmented
due to presence of large number of outlets thereby limiting the
profitability margins of the firm.

* High business risk due to regulated nature of liquor industry:
The Indian liquor industry is highly regulated. The industry is
witnessing high taxes and numerous regulations from government
which impacts the pricing flexibility of the industry. The State
Governments levy various duties like excise duty, sales tax,
license fee, state-level import and export duty, bottling fee,
welfare levy, assessment fee, franchise fee, turnover tax,
surcharge etc. The state governments are also given liberty to
enact the bye-laws for liquor industry on their own; hence any
significant policy changes adversely affect the whole industry.
Further, the liquor retailing is tender driven and the successful
bidders' get license for trading for a period of one year and has
to go through same process for renewal of licenses. Hence, it leads
to aggressive bidding by the players resulting into pressure on the
profitability margins and also uncertainty over future revenue
visibility in case of non-renewal of licenses.

* Constitution as proprietorship concern:  GS's constitution as
proprietorship firm with moderate net worth base restricts its
overall financial flexibility in terms of limited access to
external funds for any future expansion plans. Also, there is
inherent risk of possibility of withdrawal of capital and
dissolution of the firm in case of death/insolvency of the
proprietor.

Key Rating Strengths

* Experienced promoters:  The management of the firm has vast
experience in the liquor industry being present in the industry
since long period of time through group concern. Shivhare Liquor
group has other associate concern namely Ram Swaroop Shivhare,
Gopal Shivhare, Laxmi Narayan Shivhare, Kalpna Shivhare, Kamala
Shivhare, Ranjeet Shivhare and Rahul Shivhare which are engaged in
similar business activity. The overall affairs of the firm are
managed by Mr Rahul Shivhare. Further, the proprietor is assisted
by a team of experienced personnel.

Liquidity Position: Stretched

During February-April of every year, the firm requires large amount
of fund for bidding for the shop licenses and hence, it has taken
ad-hoc facility of INR2 crore from bank for three months. The firm
has averagely utilized 75% of its fund based working capital limit
in past 12 months ended February 2020. Further, the firm has to
maintain ready stock of products at all its retail shops which is
to be procured from wholesalers. Further, owing to retail nature of
business, collection period stood nil as on March 31, 2019 and
inventory also stood nil as on March 31, 2019. Further, cash and
bank balance of the firm stood at INR5.43 crore as on March 31,
2019. The firm has envisaged GCA of INR0.38 crore in FY20
(Projection) as against NIL long term debt repayment. However, the
epidemic Covid-19 has halted the business operations of the firm.
In view of the national lockdown imposed by the government to
contain the spread of virus, the firm which is into liquor
business, has shut down all its retail stores in the states of
Madhya Pradesh. The temporary closure of the shops is likely to
impact its liquidity. As per discussion with the banker, it has
availed moratorium for its debt repayment as per RBI guidelines.
Further, as informed by the management the firm has to pay fixed 5%
of tender amount which the firm has already paid as on March 31,
2020.

Another fixed overhead that firm incurs are lease or rental
expanses of number of shops that firm will pay from unsecured loans
by promoters. With the revenues being affected significantly and
lower absorption of fixed costs, the liquidity position may remain
under pressure.

Madhya Pradesh based Gopal Shivhare (GS) was formed in 2006 as a
proprietorship concern by Mr Gopal Shivhare. The shops are allotted
in Madhya Pradesh by the state government through a competitive
bidding process for a period of one year. The company's product
profile comprises almost all the major brands of Indian Made
Foreign Liquor (IMFL) such as Seagram, Signature, Mc Dowells No.1,
DIG whisky among others. The firm has license of 6 shops in FY19-20
and FY20-21.


JAGANNATH MOTORS: CARE Lowers Rating on INR9.90cr Loan to B+
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Jagannath Motors (SJM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        9.90      CARE B+; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE BB-; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank       0.10      CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best    
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SJM to monitor the ratings
vide letters/e-mails communications dated April 13, 2020, April 9,
2020, April 8, 2020, April 7, 2020 and numerous phone calls.
However, despite our repeated requests, the entity has not provided
the requisite information for monitoring the ratings. In line with
the extant SEBI guidelines CARE's rating on SJM's bank facilities
will now be denoted CARE B+; Stable; ISSUER NOT COOPERATING/CARE
A4; ISSUER NOT COOPERATING.

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

The revision in the rating takes into account the non- availability
of information and no due diligence conducted with the auditor due
to non- cooperation by SJM with CARE's efforts to undertake a
review of the outstanding ratings.

Detailed description of the key rating drivers

At the time of last rating in February 22, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Moderate scale of operations with low profit margins:  The scale
of operations remained moderate marked by its total operating
income of INR74.68 crore (Rs.56.24 crore in FY16) with a PAT of
INR1.16 crore (Rs.0.72 crore in FY16) in FY17. However the TOI of
the firm has improved with a compound annual growth rate (CAGR) of
116.11% during last three financial years (FY15-FY17) due to
increase in the sales volume. Moreover the firm has achieved
revenue of INR63.44 crore during 10MFY18 as maintained by the
management. Furthermore the networth base was also low at INR3.92
crore (Rs.1.75 crore as on March 31, 2016) as on March 31, 2017.
Furthermore, the profit margins of the firm remained low marked by
PBILDT margin of 2.16% (FY16: 1.70%) and PAT margin of 1.56% (FY16:
1.28%) in FY17. The profit margins were low mainly due to its
trading nature of operations which has inherently low margin
business.

* Partnership nature of constitution: SJM, being a partnership
firm, is exposed to inherent risk of withdrawal of capital by the
partners, restricted access to funding and risk of dissolution on
account of poor succession planning. Furthermore, partnership firms
have restricted access to external borrowing as credit worthiness
of partners would be the key factors affecting credit decision for
the lenders.

* Low bargaining power with OEM and reliance for volume for growth:
SJM's business model is purely in the nature of trading, wherein
profit margins are very thin and bargaining power over the Original
Equipment Manufacturer (OEM) is also low. As SJM's margin on
products is pre-decided at a particular level by the two principal
manufacturers, it has a limited scope to enhance its profitability
margins. Hence, the firm's growth prospects depend on the ability
to increase its sales volume and capitalize on the spares and
service segment. Renewal based dealership agreement: SJM has to
renew its dealership agreement with ALL. Therefore renewability of
the same would pose a risk to the business sustenance of the firm.
The next renewal of the agreement with ALL will be on December 31,
2018. The aforesaid risk is mitigated to a certain extent as the
scale of operations of the firm is increasing year on year and the
dealership agreement has been renewed regularly in the past years.

* Moderate capital structure:  The capital structure of the firm
remained moderate marked by debt equity ratio of 0.02x (FY16:
0.05x) and overall gearing ratio of 2.27x (FY16: 1.31x) as on March
31, 2017. Moreover the overall gearing ratio of the firm
deteriorated in FY17 as compared to FY16 due to high working
capital utilisation.

* Intense competition in the auto dealership industry:  The
automobiles industry is very competitive on the back of the
presence of a large number of players dealing with similar
products. Moreover, in order to capture the market share, the auto
dealers offer better buying terms like providing credit period or
allowing discounts on the purchase. Such discounts
offered to the customers create a margin pressure and negatively
impact the earning capacity of the firm.

Key Rating Strengths

* Experienced partners with satisfactory track record of
operations:  The key partner, Mr. Rajendra Narayan Mishra (aged
about 61 years) is having around three decades of experience in
automobile dealership business and is involved in the strategic
planning and running the day to day operations of the firm. He is
being duly supported by another partner, namely Mrs. Nirupama
Mishra (aged about 55 years, wife of Mr. Rajendra Narayan Mishra)
and a team of experienced personnel. Furthermore, SJM commenced
commercial operation since 2002 and accordingly has a satisfactory
track record of operations.

* Satisfactory debt coverage indicators:  The debt coverage
indicators remained satisfactory marked by interest coverage of
8.27x (FY16: 3.41x) and total debt to GCA of 6.97x (FY16: 2.76x) in
FY17. Improvement in interest coverage was on account of higher
PBILDT level and lower interest expenses. Though the total debt to
GCA was satisfactory but it got deteriorated in FY17 over FY16 due
to high debt level.

* Authorised dealer of Ashok Leyland Limited:  SJM enjoys the
leverage of being an authorized dealer of ALL, which is the second
largest commercial vehicle manufacturer in India; having about
34.7% market share in the segment during Q1FY18 (refers to the
period April 1 to June 30).

Shree Jagannath Motors (SJM) was established on April 1, 2002 and
its registered office is situated at Rourkela, Odisha.  Currently
the firm is managed by two partners, namely Mr. Rajendra Narayan
Mishra and Mrs. Nirupama Mishra (wife of Mr. Rajendra Narayan
Mishra). SJM is an authorized dealer of Ashok Leyland Limited for
its commercial vehicles. It is engaged in the sale of vehicles,
spare parts and servicing activities.


JAGDAMBAY RICE: CARE Assigns B+ Rating to INR7.31cr Loan
--------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Jagdambay Rice Mills - Amritsar, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities            7.31      CARE B+; Stable Assigned

Detailed Rationale & Key Rating drivers

The rating assigned to the bank facilities of Jagdambay Rice is
constrained by small scale of operations along with low
profitability margins, weak overall solvency position, elongated
operating cycle and fragmented nature of industry coupled with high
level of government regulation. The rating is further constrained
by susceptibility to fluctuation in raw material prices and monsoon
dependent operations and partnership nature of constitution. The
rating, however, derives strength from experienced management
team.

Rating Sensitivities

Positive Factors:

* Sizable improvement in scale of operation (income beyond INR50.00
crore) on a sustained basis.

* Improvement in PBILDT and PAT margins above 5.00% and 3.00%,
respectively, on sustained basis.

* Improvement in capital structure marked by overall gearing ratio
below 1.00x, on sustained basis.

Negative Factor:

* Decline in scale of operations by more than 20% on sustained
basis.

* Deterioration in interest coverage and TDGCA levels below 1.00x
and beyond 30.00x, respectively, on a sustained basis.

Key Rating Weaknesses

* Small scale of operations along with low profitability margins:  
The firm's scale of operations has remained small marked by Total
Operating Income (TOI) of INR27.86 crore in FY19. Though, the TOI
of the firm has increased from INR24.82 crore in FY17 to INR27.86
crore in FY19 owing to increased sales volume, however the same
continued to remain small. The small scale of operations limits the
firm's financial flexibility in times of stress and deprives it
from scale benefits. Furthermore, the firm has reported total
operating income of INR31.00 crore in 11MFY20 (Provisional).  The
PBILDT margin of the firm stood low at 3.09% in FY19 owing to
firm's presence in highly competitive and fragmented industry.
Furthermore, the PAT margin remained low during last three
financial years on account of high interest costs.

* Weak Overall solvency position:  The capital structure of the
firm stood leveraged marked by overall gearing ratio of 2.47x as on
March 31, 2019 mainly on account of firm's high reliance on
borrowings to fund various business requirements. The overall
gearing ratio deteriorated from 2.04x as on March 31, 2018 mainly
due infusion of funds in the form of unsecured loans and higher
utilization of working capital limits. The debt coverage indicators
also remained weak with the total debt to GCA at 21.21x and
interest coverage ratio at 1.74x in FY19 {PY: 15.88x and 1.80x
respectively}.

* Susceptibility to fluctuation in raw material prices and monsoon
dependent operations:  Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature.
Availability and prices of agro commodities are highly dependent on
the climatic conditions. Adverse climatic conditions can affect
their availability and leads to volatility in raw material prices.
The monsoon has a huge bearing on crop availability which
determines the prevailing rice prices. Any sudden spurt in the raw
material prices may not be passed on to customers completely owing
to firm's presence in highly competitive industry.

* Partnership nature of constitution:  JRM constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partners' capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners.

* Fragmented nature of industry coupled with high level of
government regulation: The commodity nature of the product makes
the industry highly fragmented with numerous players operating in
the unorganized sector with very less product differentiation.
There are several small scale operators which are not into
end-to-end processing of rice from paddy, instead they merely
complete a small fraction of processing and dispose-off
semi-processed rice to other big rice millers for further
processing. Furthermore, the concentration of rice millers around
the paddy growing regions makes the business intensely competitive.
The raw material (paddy) prices are regulated by government to
safeguard the interest of farmers, which in turn limits the
bargaining power of the rice millers.

Key Rating Strengths:

* Experienced management team:  JRM was established in 1992 and its
day to day operations are looked after by the Mr. Vinod Kumar
Gujral, Mrs. Uma Rani, Mr. Puneet Gujral and Mr. Vineet Gujral as
its partners. The partners have industry experience of around three
decades gained through their association with JRM only .The
partners have adequate acumen about various aspects of business
which is likely to benefit JRM in the long run. Furthermore, the
partners are assisted by a team of well experienced professionals
in their respective domains.

* Stretched Liquidity Position:  The operating cycle of the firm
stood moderate at 106 days for FY19. The working capital limit
stood 95% utilised for the last 12 months period ended February,
2020.The liquidity position of the firm stood weak marked by
current ratio of 1.47x and moderate quick ratio of 0.44x as on
March 31, 2019. The firm had low level of free cash and bank
balance of INR0.02 crore as on March 31, 2019.

Jagdambay Rice Mills - Amritsar was established as partnership
concern in 1992. The firm is currently being managed by Mr. Vinod
Kumar Gujral, Mrs Uma Rani, Mr Punit Gujral and Mr. Vineet Gujral
as its partners. JRM is engaged in processing of paddy and milling
of rice at its manufacturing facility located in Amritsar, Punjab.
Besides this, the firm is also engaged in trading of rice. JRM
sells basmati rice and non-basmati rice under its brand name –
Golden Rath, Doha and Goric.


KANUPAT HIMGHAR: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kanupat
Himghar Private Limited (KHPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       11.09      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

   Short-term Bank       0.09      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from KHPL to monitor the ratings
vide e-mail communications/letters dated April 7, 2020, April 9,
2020, April 13, 2020 and numerous phone calls. However, despite our
repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on KHPL's
bank facilities will now be denoted as 'CARE D; ISSUER NOT
COOPERATING'.

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

Detailed description of the key rating drivers

At the time of last rating in February 15, 2019 the following were
the rating strengths and weaknesses: (updated the information
available from Ministry of Corporate Affairs).

Detailed description of the key rating drivers

Key Rating Weaknesses:

* Ongoing delays in debt servicing:  There are on-going delays in
servicing of debt obligations of the company due to its stressed
liquidity position.

Kanupat Himghar Private Ltd (KHPL) was incorporated in May 1997 by
Mr Nemai Charan Ghosh, Mr Sanjay Kumar Ghosh and Mr Dhananjoy
Ghosh. After remaining dormant for around one and half decade, it
has commenced operations of cold storage services and trading of
potatoes in May 2013. The cold storage facility of KHPL is located
at Udaynarayanpur, Howrah (West Bengal) with aggregated storage
capacity of 16789 metric ton. KHPL earned revenue of around 68%
from trading activities and rest from rental business in FY16.


KGP SILK: CARE Keeps B on INR5cr Bank Loans in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of KGP Silk &
Sarees (KSS) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term Bank       5.00      CARE B-; Issuer Not Cooperating;
   Facilities                     Based on best available
                                  Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 22, 2019, placed the
rating(s) of KSS under the 'issuer non cooperating' category as KSS
had failed to provide information for monitoring the rating. KGP
Silk & Sarees continues to be non-cooperative despite repeated
requests for submission of information through phone calls and
e-mails dated April 07, 2020 to April 15, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating March 15, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weakness

* Proprietorship nature of constitution:  KSS, being a
proprietorship firm, is exposed to inherent risk of the promoter's
capital being withdrawn at time of personal contingency and firm
being dissolved upon his death. Moreover, proprietorship firm
business has restricted avenues to raise capital which could prove
a hindrance to its growth.

* Stabilization of business operations:  The firm has achieved the
financial closure for setting up its store at Gangavati, Karnataka.
The business operations of KSS shall begin from April, 2018.
However, stabilization of business operations shall remain critical
from credit perspective.

* Risk towards project implementation and stabilization of
operations with financial closure yet to be achieved:  The firm has
not achieved the financial closure for setting up its store at
Gangavati, Karnataka. The business operations of KSS shall begin
from April, 2018. The firm needs working capital requirement of
INR6.68 crore of which it has proposed to avail INR5 crore as a
bank borrowing. As on March 9, 2018, the firm incurred total
expenditure of INR1.80 crore and the same has been funded by
promoter's contribution. Further, stabilization of business
operations shall remain critical from credit perspective.

* Presence in a highly competitive and fragmented textile industry:
The textile business requires limited quantum of investment in
machinery, however, has high working capital needs. The industry is
highly fragmented with large number of players operating in the
organized and unorganized segments due to low entry barrier. The
high level of competition has ensured limiting bargaining power, as
a consequence of which the industry operates at low to moderate
profitability margins. Presence of large number of small and big
players in the retail garments market leads to pressure on
profitability. With many regional and national garments retailers
as well as hitherto garments manufacturers and exporters lining up
aggressive expansion plans, the competition is expected to further
intensify.

* Financial risk profile to be marked by thin profit margins due to
trading nature of business and working capital intensive nature of
operations:  Considering the trading nature of activities where
value addition is inheritably limited, the profitability margins of
KSS is expected to thin. Further, presence of large number of small
and big players in the retail garments market leads to pressure on
profitability. Further, the textile industry is capital intensive
and needs high working capital to overcome the volatility of raw
material and finished goods prices, compared to other industries.
The firm would require holding the inventory longer in order to
provide variety of garments to its customers, thus, putting a
pressure on its working capital cycle. The firm estimates a total
working capital requirement of INR6.68 crore to run its operations
of which it proposes to avail a working capital borrowing of INR5
crore.

Key Rating Strengths

* Experienced promoter:  KSS is promoted by Mrs Sureka Ganesh and
her husband Mr Ganesh Shet who have more than two decades of
experience in retail trading of jewellery and garments. The firm
also has three associate concerns, K.G.P Gold Palace and K.G.P.
Jewellers and KGP Gold and Diamonds (Project stage) which are also
involved in retail trading of gold jewellery. Due to the long
presence in the market, the promoters enjoy long association and
good relations with the suppliers and customers.

* Favorable outlook for textile industry with encouraging
government initiatives:  India is the world's second largest
exporter of textiles and clothing. Readymade garments remain the
largest contributor to total textile and apparel exports from
India, contributing 47.69 per cent to total textile and apparel
exports. Rising government focus and favorable policies is leading
to growth in the textiles and clothing industry. The Ministry of
Textiles is encouraging investments through increasing focus on
schemes such as Technology Up-gradation Fund Scheme (TUFS).The
Directorate General of Foreign Trade (DGFT) has revised rates for
incentives under the Merchandise Exports from India Scheme (MEIS)
for two subsectors of Textiles Industry - Readymade garments and
Made ups - from 2 per cent to 4per cent. The government is also
planning to conduct roadshows to promote the country's textiles in
non-traditional markets like South America, Russia and select
countries in West Asia. Thus, with the increasing demand and
incentives, the retail trading of ready-made garments with its
favorable location looks encouraging for KSS.

Gangavati based K.G.P.silks and sarees (KSS) is a proprietorship
concern established in 2018 by Mrs Surekha Ganesh and her husband
Mr Ganesh D Shet and is involved in the retail trade of silk sarees
and other ready-made garments.


M A R FABRICATORS: CARE Lowers Rating on INR6.50cr LT Loan to B
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of M A
R Fabricators India private limited (MARFIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        6.50      CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank       3.50      CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 22, 2019, placed the
rating(s) of MARFIPL under the 'issuer non cooperating' category as
MARFIPL had failed to provide information for monitoring the
rating. MARFIPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated April
7, 2020 to April 14, 2020 and numerous phone calls. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The revision in the ratings assigned to the bank facilities of M A
R Fabricators India private limited (MARFIPL) is tempered by small
scale of operations with decline in total operating income, weak
debt coverage indicators, working capital intensive nature of
operations in FY 19 (refers to period April 01 to March 31) and
highly fragmented industry with intense competition from large
number of players. The ratings, however, derive strength from long
track record of the company with experience of promoters for more
than three decades in fabrication industry, satisfactory
profitability margins and satisfactory capital structure.

Key Rating Weakness

* Small scale of operations with decline in Total operating income:
The business operations of the company continued to be small. The
TOI has been declining Y-o-Y i.e., from INR17.67 crore in FY17 to
INR16.28 crore in FY18. Further it declined significantly to
INR5.76 crore during FY19.

* Weak debt coverage indicators:  The debt coverage indicators also
remained weak marked by TDGCA declining from 14.87x in FY17 to
14.94x in FY18. Further it declined to 34.58x in FY19 due to
decrease in GCA during FY19. The interest coverage ratio improved
to 1.87x in FY18 as compared to 1.74x in FY17 due to decrease in
interest expenses. Further, it deteriorated to 1.40x in FY19 due to
decrease in PBILDT in absolute terms.

* Working capital intensive nature of operations:  The company is
engaged in fabrication Industry which is categorized by working
capital intensive nature of operations. The working capital cycle
of the company elongated on a y-o-y basis as marked by the
operation cycle days at 136 days in FY18 and 288 in FY19, primarily
due to high and increasing average inventory holding days and
collection period.

* Highly fragmented industry with intense competition from large
number of players:  The company is engaged in manufacturing of
fabrication tools, which is highly fragmented industry due to
presence of large number of organized and unorganized players in
the industry, the firm faces huge competition.

Key Rating Strengths

* Long track record of the company with experience of promoters for
more than three decades in fabrication industry:  MARFIPL was
established in the year 1999, hence, the company have long track
record. The promoters of the company have more than three decades
of experience in Fabrication Industry. Also, the company is
supported by a team of professional engineers with rich experience
in their respective function.

* Satisfactory profitability margins:  The profitability margins of
the company remained satisfactory, however, fluctuating during
review period. The PBILDT margin of the firm improved significantly
and stood at 9.63% during FY18 as compared to 8.96% during FY17 due
to increase in total operating income in FY18 and decreased in
operating expenses during FY18. Further it improved to 16.35 % in
FY19 on the back of significant decrease in both PBILDT and TOI
during FY19. The PAT margins also improved due to improvement in
PBILDT and stood at 2.82% in FY18 compared to 2.49% in FY18 due to
decrease in in Interest costs and finance costs. Further, it
remained same at 2.82% in FY19.

* Satisfactory capital structure:  The capital structure of the
company marked by debt equity and overall gearing stood
satisfactory during FY19 with debt equity ratio improving from
0.22x as on March 31, 2018 to Nil as on March 31, 2019 due to
absence of long term borrowings on the back of repayments of
unsecured loans in FY19. The capital structure of firm has also
improved but remained satisfactory with overall gearing of 1.61x as
on March 31, 2018 as compared to 1.69x as on March 31, 2017 due to
increase in the net worth of the firm albeit increase in total debt
levels. Further, it improved to 1.47x as on March 31, 2019 due to
decrease in total debt levels in FY19 as compared to FY18.

M A R Fabricators & Erectors was established in the year 1992.
Later on in the year 1999, the name of the company was changed to
current nomenclature i.e. M A R Fabricators India Private Limited
(MARFIPL). The company is engaged in manufacturing of hydro
mechanical equipments like sand blasting equipments, drilling
machines, plasma cutting machines etc. with inspection and testing
facility. Apart from manufacturing, the company also undertakes the
mechanical engineering works like designing, erection, installation
of gates and machines.


NAFIS TANNAING: CARE Lowers Rating on INR4.50cr Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nafis Tannaing Industries (NTI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        4.50      CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank       1.50      CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best    
                                   available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NTI to monitor the ratings
vide letters/emails dated April 7, 2020, April 9, 2020, April 13,
2020 and numerous phone calls. However, despite our repeated
requests, the entity has not provided the requisite information for
monitoring the ratings. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on NTI's bank facilities will
now be denoted as CARE B-; Stable; ISSUER NOT COOPERATING/CARE A4;
ISSUER NOT COOPERATING.

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

The revision in the rating takes into account the non-availability
of information and no due diligence conducted due to
non-cooperation by NTI with CARE's efforts to undertake a review of
the outstanding ratings.

Detailed description of the key rating drivers

At the time of last rating on February 13, 2019, the following were
the rating weaknesses and strength

Key Rating Weaknesses:

* Small scale of operations with low profit margins:  The scale of
operations of the entity remained small marked by total operating
income of INR31.69crore (INR34.50 crore in FY16) with a PAT of
INR0.22 crore (INR0.29crore in FY16) in FY17. Further the total
capital employed was also low at INR8.90 crore as on March 31,
2017. The small size restricts the financial flexibility of the
entity in times of stress and it suffers on account of lack of
economies of scale. Moreover, the entity has reported turnover of
INR22crore in 9MFY18. The profitability margins of the entity
remained low marked by PBILDT margin of 1.83% (3.64% in FY16) and
PAT margin of 0.70% (net loss of 0.83% in FY16) in FY17.

* Exposure to volatility in raw material prices:  During FY17, raw
material cost remained the major cost driver for NTI at 94% of the
total cost sales. Accordingly, any adverse movement in prices of
raw materials with no corresponding change in final goods prices
can have an adverse impact on the profit margins of the entity.

* Working capital intensive nature of business:  The operations of
the entity remained working capital intensive marked by its high
collection period. The entity allows credit of around three months
to its customers due to its presence in an intensely competitive
industry. Furthermore, the entity maintains adequate inventory of
raw materials for smooth running of its production process.
However, the entity receives credit of around two to three months
from its suppliers owing to its long presence in the industry which
mitigates its working capital intensity to a certain extent.
Accordingly, the average utilisation of fund based limit remained
at around 85% during last 12 months ended in January 2018.

* Proprietorship nature of constitution:  NTI, being a
proprietorship entity, is exposed to inherent risk of the capital
being withdrawn at time of personal contingency and entity being
dissolved upon the death/insolvency of the proprietor. Further,
proprietorship entity has restricted access to external borrowing
as credit worthiness of the partners would be the key factors
affecting credit decision for the lenders.

* Intensely competitive industry: The leather industry is highly
fragmented with a large number of small to medium scale organized
and unorganized players owing to low entry barriers with no visible
differentiators in product profile. High competition in the
operating spectrum and small size of the entity limits the scope
for margin expansion. Though government policies towards the
industry have been supportive both for small-scale sector
development as well export promotion, the industry is caught up
with socio political issues relating to slaughtering of animals.
With the production clustered in 4-5 locations, distribution
network becomes the key to success. Many companies in the leather
products have a strong distribution network and enter into brand
building exercise to improve the sales and market share. Hence the
players in the industry do not have pricing power and are exposed
to competition induced pressures on profitability.

Key Rating Strengths

* Experienced proprietor with long track record of operations:  NTI
is into leather and leather products business since 1997 and thus
has long operational track record. Being in the same line of
business since long period, the proprietor has built up established
relationship with its clients and the entity is deriving benefits
out of this. Mrs. Sabiha Sultana belongs to a business family. Mrs.
Sultana has more than one and half decade of experience in the same
line of business, looks after the day to day operations of the
entity. She is supported by her sons Md. Zia Nafis and Md. Tarique
Nafis.

* Strategic location of the plant:  The tannery cum manufacturing
facility of NTI is located in close proximity to the raw material
sources at Kolkata Leather Complex. Accordingly, the availability
of raw materials is not an issue. Further the manufacturing plant
has ample supply of cheap labour.

* Comfortable capital structure with moderate debt coverage
indicators:  The capital structure of the entity remained
comfortable marked by overall gearing ratio at 0.86x as on March
31, 2017. The debt coverage indicators of the entity remained
moderate marked by interest coverage of 1.80x and total debt to GCA
of 15.98x in FY17. The interest coverage improved in FY17 due to
low interest expenses.

West Bengal based Nafis Tanning Industries (NTI) established in
April 1977, was promoted by Mrs. Sabiha Sultana. Since its
inception, NTI has been engaged in processing of leather and
manufacturing of leather products like wallets, card case holder,
leather key ring, leather passport holder, note cases, handbags
etc. The major raw materials used are raw hide of animals which are
mainly procured from domestic market and also imported from China.
The tannery cum manufacturing facility of the entity is located at
Kolkata, West Bengal with an installed capacity of 4000 metric
tonnes per annum (MTPA). The entity sells its products both in the
domestic as well as international market. In domestic market Tata
International Limited is the main buyer of semi-finished leather of
the entity. The major export destination of the entity is Spain,
Italy, Germany, Vietnam, UK, Hongkong and China.


OM SHIVASHAKTHI: CARE Lowers Rating on INR5.10cr LT Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Om
Shivashakthi Poultry Breeders (OSPB), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        5.10      CARE C; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B-; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 11, 2019, placed
the rating(s) of OSPB under the 'issuer non-cooperating' category
as OSPB had failed to provide information for monitoring of the
rating. OSPB continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated April 07, 2020 to April 14, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the public available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the last time of last press release dated February 11, 2019 the
following were the rating strengths and weaknesses:

Key Rating Weakness

* Small Scale of operations with net loss in FY17:  OSPB was
established in the year 2004. Further, the scale of operations of
the entity remained small at INR2.15 crore in FY17. The PBILDT
margin of the firm has been fluctuating during the review period.
The PBILDT margin declined from 23.63% in FY15 to 13.83% in FY16
due to increase in employee cost and overheads. The PAT margin of
the firm improved from 3.64% in FY15 to 4.92% in FY16 due to
decrease in interest cost on account of scheduled repayment of term
loan. However the firm incurred net loss of INR2.48 crore in FY17
due to high depreciation cost and financial expenses.

* Weak debt coverage indicators:  The debt coverage indicators of
OSPB stood weak during review period. Total debt/GCA of OSPB
improved from 5.28x in FY15 to 2.73x in FY16 due to decrease in
total debt coupled with increase in gross cash accruals. However,
due to commencement of solar power plant in Sep 2016, due to first
year of operation, the firm incurred cash losses on account of high
depreciation cost and financial expenses in FY17.  The interest
coverage ratio of the firm improved from 2.41x in FY15 to 4.20x in
FY16 due to decrease in interest expense.  However, interest
coverage ratio of the firm deteriorated to 0.80x in FY17 due to
increase in interest cost on account of availment of new term
loan.

* Highly fragmented industry with intense competition from large
number of players:  OSPB faces stiff competition in the poultry
business from large number of established and unorganized players
in the market.  Competition gets strong with the presence of
unorganized players leading to pricing pressures. However, improved
demand scenario of poultry products in the country enables well for
the company.

Key Rating Strengths

* Experience of the partner for more than one decade in Poultry
business:  OSPB was established in the year 2004 and promoted by
Mr. Ramaswamy and along with his family members, who has more than
one decade of experience in the poultry business. Due to long term
presence in the market, the partners have good relations with
suppliers and customers.

* Growth in total operating income along with comfortable operating
cycle days:  The total operating income of the firm grew by a CAGR
of 84.37% from INR0.63 crore in FY15 to INR2.15 crore in FY17 due
to increase in repeat orders from existing customers and addition
of new customers.  Moreover, the operating cycle of the firm stood
comfortable at 16 days in FY17. The firm receives the payment from
its customer within a week and makes the payment to its supplier
within 10-15 days.

* Stable demand outlook of poultry products:  Poultry products like
eggs have large consumption across the country in the form of
bakery products, cakes, biscuits and different types of food dishes
in home and restaurants. The demand has been driven by the rapidly
changing food habits of the average Indian consumer, dictated by
the lifestyle changes in the urban and semi-urban regions of the
country. The demands for poultry products are sustainable and
accordingly, the kind of industry is relatively insulated from the
economic cycle.

Om Shivashakthi Poultry Breeders (OSPB) was established in the year
2004 and promoted by Mr. Ramaswamy (Managing Partner), Mrs.
Girijamma Ramasamy (Partner), Mrs. K.R. Vachana (partner) and Mr.
K.R.Ravindra (Partner). The firm is engaged in farming of egg,
laying poultry birds (chickens) and trading of eggs, cull birds and
their Manure.


PACHIMATLA MANOJ: CARE Assigns B+ Rating to INR9.9cr Bank Loans
---------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Pachimatla Manoj Kumar (PCS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long–term Bank        9.90      CARE B+; Stable Assigned
   Facilities            

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of PCS primarily
tempered by the Project implementation and business stabilization
risk, Geographic and customer concentration risk, highly
competitive and fragmented nature of business, Constitution of the
entity as a proprietorship with inherent risk of withdrawal of
capital.  However, the rating derives for Experience of promoter
for more than two decades in agricultural industry. Financial
closure achieved for the project, Location advantage of the plant
and Stable outlook of warehousing industry.

Key Rating Sensitivities

Positive Factors

* Completion of project, stabilise the operations and generate the
profits as envisaged

Negative Factors

* Delay in project may lead to time and cost overrun.

Key Rating Weaknesses

* Project implementation Risk and business stabilization risk:  The
proprietor of the firm has planned to construct warehouse at
Nagireddypally, Nalgonda Dist. With estimated total cost of
INR13.96 crore which is to be funded through bank term loan of
INR9.99 crore and unsecured loan of INR1.60 crore and the remaining
cost of INR2.37 crore from proprietor's fund and as on date 65% of
the project completed, therefore, the ability of the firm to
complete the project without any cost or time over run will remain
critical from credit perspective.

* Geographic and customer concentration risk:  The client profile
of PMKis limited to the state of Telangana, exposing the firm to
geographical concentration risk. The two godowns of the firm are
located in Telangana and concentrated in and area surrounding
Nalgonda District.

* Highly competitive and fragmented nature of business:  The firm
is engaged into the business of providing godown facilities on
lease basis to the farmers where the profitability margins
comparing to other industry will be low. Apart from that there are
numerous organized and unorganized players entering into the market
which makes the industry competitive nature.

* Proprietorship nature of constitution with risk of withdrawal of
capital:  The firm being a proprietorship firm is exposed to
inherent risk of capital withdrawal by proprietor due its nature of
constitution. Any substantial withdrawals from capital account
would impact the net worth and thereby the gearing levels.

Key Rating Strengths

* Experience of Partners for more than a decade in agricultural
industry:  Pachimatla Manoj Kumar was established in the year 2020
promoted by Mr. Manoj Kumar Pachimatla (Proprietor). The proprietor
of the firm is having more than two decades of experience in
agricultural and poultry business. Through his vast experience in
agricultural business, the proprietor is able to establish healthy
relationship with farmers and local traders.

* Financial closure achieved for the project:  PMK has achieved
financial closure for the project. The estimated total project cost
for setting up the unit is INR13.96 crore which is to be financed
through a term loan (sanctioned on December 2019) of INR9.90 crore,
Unsecured loans of INR1.60 crore and the balance INR2.37 crore
through proprietor's own contribution. Of the total project cost,
the firm has incurred INR9.69 crores towards laying the godowns and
railway siding works.

* Location advantage of the property:  The property location of the
firm is located in Nalgonda district, which is a horticultural crop
growing area and the promoter has good network with farmers and
traders. There is abundant availability of inputs such as food
grains and other materials in the proposed area of the district.

* Stable outlook of warehousing industry:  Warehousing Market in
India states that the demand for good quality state-of-the-art
warehouses will be a major requirement in the country given the
growing logistics industry. The evolution from storage godowns to
multipurpose logistic center is highly desired. Warehouses form a
crucial supply chain element which is key to both customer
satisfaction and cost reduction. Warehouses today serve as a
stocking point as well as consolidation centers for multiple
sourcing locations which provide cross docking facilities to retail
distributors, sorting centers for customer deliveries, and assembly
facilities for final packaging and bundling. The organized sector
has a minor market share, but claims a major portion of the
revenue. The warehouse market is subjected to stringent regulations
and policies regarding licensing, performance, and accountability.
The current fragmented state of the sector coupled with growth in
the overall economy provides tremendous potential for the
warehousing sector to flourish.

Telangana based Pachimatla Manoj Kumar (PMK) is individual who has
undertaken a project for construction of warehouse till now Mr.
Manoj Kumar Pachimatla used to support his father business which is
into poultry farming and has more than 20 years of experience in
filed. The firm is planning to provide the ware house on lease to
Food Corporation of India (FCI) and Cotton Corporation of India
(CCI). The property is built on total land area of 6 acres and
comprises of 3 godowns with a storage capacity of around 16500MT
for food crops like rice, wheat etc. The construction of the
godowns were proposed to be completed in June 2020 and the leasing
operations were likely to be commenced from July 1st week of FY
2020.


PRAKASH ENTERPRISES: CARE Cuts Rating on INR12cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Prakash Enterprises (SPE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       12.00      CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank       5.00      CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best    
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 5, 2019, placed the
ratings of SPE under the 'issuer noncooperating' category as
company had failed to provide information for monitoring of the
rating. The firm continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated April 8, 2020. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 5, 2019 the following were the
rating strengths and weakness:

Key Rating Weakness

Key Rating Weakness

* Small scale of operations with thin and fluctuating profitability
margins during review period:  SPE was established in the year
2005. Thus, the firm has a considerable track record of operations.
However, the total operating income stood small at INR41.62 crore
in FY17 with low net worth base of INR4.66 crore as on March 31,
2017 as compared to other peers in the industry. The profitability
margins of the firm have been thin and fluctuating during review
period. The PBILDT margin fluctuated in the range of 2.00%-2.26%
during review period due to due to trading nature of business
coupled with fluctuation in expenses like insurance, telephone
charges and maintenance charges among others. The PAT margin of the
firm also fluctuated and remained thin in the range of 0.08%-0.13%
due to low operating margin along with increase in depreciation and
interest cost.

* Working capital intensive nature of operations:  The firm
operates in working capital intensive nature of operations. The
firm receives the payment from its customer within 50-80 days and
makes the payment to its supplier within 30-60 days. The firm holds
the average inventory of around 55-60 days to meet the requirement
of customer as on need basis. The operating cycle of the firm
remained moderate at 78 days in FY17.

* Weak debt coverage indicators:  The debt coverage indicators of
the firm remained weak during the review period. The PBILDT
interest coverage ratio stood weak at 1.13x in FY17 due to increase
in interest and finance charges. The total debt/GCA stood at 75.33x
in FY17 due to increase in total debt on account of availment of
term loans coupled with increase in utilization of working capital
borrowings. Apart, the cash accruals of the firm stood low at
INR0.08 crore in FY17.

* Seasonality associated with agro commodities and presence in
highly fragmented and government regulated:  The firm is engaged in
trading of Pesticides & Agrochemicals which is highly fragmented
industry due to presence of large number of organized and
unorganized players in the industry resulting in huge competition.

* Constitution of the entity as partnership firm with inherent risk
of withdrawal of capital:  SPE, being a partnership firm, is
exposed to inherent risk of the partner's capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover, partnership
firm business has restricted avenues to raise capital which could
prove a hindrance to its growth.

Key Rating Strengths

* Long track record of the firm and experience of the partners for
three decades in Pesticides & Agrochemicals Industry:  Sri Prakash
Enterprises (SPE) was established in 2005 and promoted by Mr. M.
Surya Prakash and his wife Mrs. M. N. B. V. Lakshmi Kumari. The
Managing Director is a graduate. He has three decades three decades
in the Pesticides & Agrochemicals industry business. Due to long
experience of the promoters, they were able to establish long term
relationship with clientele which has helped in developing
business.

* Growth in total operating income during review period:  The total
operating income of the firm is grew by Compounded Annual Growth
Rate (CAGR) of 26.42% from INR26.04 crore in FY15 to INR41.62 crore
in FY17 due to increase in demand of the products. Furthermore, the
firm got orders from new customers in addition to existing
customers. During April 01, 2017 to February 28, 2018
(Provisional), the firm has achieved total operating income of
INR42 crore.

* Satisfactory capital structure:  The capital structure of the
firm remained satisfactory for the last three balance sheet date
ended March 31, 2017 on account of increase in partners' capital
year-on-year with accretion of profit. The overall gearing ratio of
the firm deteriorated from 1.75x as on March 31, 2015 to 1.80x as
on March 31, 2016 due to increase in total debt at back of
availment of new term loans for purchase of vehicles, coupled with
increasing utilization of working capital facility. However,
overall gearing improved to 1.33x March 31, 2017 due to increase in
tangible net worth.

Andhra Pradesh based, Sri Prakash Enterprises (SPE) was established
in 2005 and promoted by Mr. M. Surya Prakash and his wife Mrs. M.
N. B. V. Lakshmi Kumari. SPE is located at west Godavari, with the
area of 3000 square feet. SPE is engaged in trading of Pesticides &
Agrochemicals. The firm purchases the products from Syngenta India
Limited and sells its products under the brand name Syngenta to
various customers like Sri Jyothi & Co, Vijaya Traders, Srinivasa
Fertilizers & Pesticides, Sri Padmavathi Srinivasa Traders, and Sri
Lakshmi Tulasi Traders among others.


S. M. AUTOSTAR: CARE Keeps D on INR7.9cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S. M.
Autostar Private Limited (SMA) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        7.99      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 4, 2019, placed the
rating of SMA under the 'issuer non-cooperating' category as SMA
had failed to provide information for monitoring of the rating. SMA
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated April 10, 2020 and April 9, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 04, 2019, the following were
the rating weaknesses and strengths.

Credit Risk Assessment

Key Rating Weakness

There has been instance of delay in serving of debt obligation due
to stretched liquidity position.

SMA was incorporated in 2007 and is currently being managed by Mrs
Anisha Agarwal and Mrs Kusum Singh. SMA is primarily engaged in
manufacturing of diverse products namely clutches, brake pads,
clutch plates etc., wind operative generator parts, construction
equipment parts and agricultural equipment. SMA procures the raw
material mainly iron & steel sheets, bars, pipes, angles, channels,
rubber from the local suppliers in Faridabad. The company mainly
caters to various original equipment manufacturers and large
corporates domestically.


SABARI KRISHNA: CARE Lowers Rating on INR4cr LT Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Sabari Krishna Enterprises (SKE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        4.00      CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank       5.00      CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best    
                                   available information


Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 1, 2019, placed the
ratings of SKE under the 'issuer noncooperating' category as Sabari
Krishna Enterprises had failed to provide information for
monitoring of the rating. Sabari Krishna Enterprises continues to
be non-cooperative despite repeated requests for submission of
information through emails, phone calls and email dated April 08,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 1, 2019 the following were the
rating strengths and weakness.

Key Rating Weakness

* Small scale of operations with low net worth base:  Even though
the firm has a track record of two decades, the total operating
income remained small at INR9.03 crore in FY17 with low net worth
base of INR3.71 crore as on March 31, 2017 as compared to other
peers in the industry.

* Weak debt coverage indicators:  The debt coverage indicators of
the firm have been fluctuating and remained weak during review
period. The total debt/GCA deteriorated from 17.62x in FY15 to
22.93x in FY17 due to higher working capital limit utilization with
low cash accruals.  Furthermore, the PBILDT interest coverage ratio
has been decreasing from 2.03x in FY15 to 1.43x in FY17 at the back
of increasing interest and financial expenses.

* Working capital intensive nature of operations:  The firm
operates in working capital intensive business and operating cycle
stood high at 314 days in FY17. The collection period of the firm
stood at 176 days during FY17 since the firm is engaged in civil
construction works primarily for Indian Railways departments
wherein receipt of payments for works completed takes around 4-5
months. Furthermore, the workin-progress across locations increases
average inventory period. The firm normally holds sufficient level
of inventories when the prices of the materials are low. The firm
makes the payment to its suppliers within 30 days due to low
bargaining power. The average utilization of cash credit limit for
the last 12 month ended i.e., January 31, 2018 remained at 95 per
cent.

* Highly fragmented industry with intense competition from large
number of players: The firm is engaged in the execution of civil
construction works which is highly fragmented industry due to
presence of large number of organized and unorganized players in
the industry and faces huge competition.

* Constitution of entity as a partnership firm with inherent risk
of withdrawal of capital:  With the entity being partnership firm,
there is an inherent risk of instances of capital withdrawals by
partners resulting in lesser of entity's net worth. Further, the
partnership firms are attributed to limited access to funding.

* Tender based nature of operations:  The firm receives 100% of its
work orders from railway departments which are tender- based. The
revenues of the firm are dependent on the ability of partners to
bid successfully for the tenders and execute the same effectively.
However, the partner's long experience in the industry for more
than one decade mitigates the risk to an extent. Nevertheless,
there are numerous fragmented & unorganized players operating in
the segment which makes the industry highly competitive.
Furthermore, the profitability margins also come under pressure
because of competitive nature of the tender based contract works of
the firm.

* Short term revenue visibility from order book position:  The firm
has an order book of around INR25 crore as on January 31, 2018
which translates to 2.86x of total operating income of FY17 and the
same is likely to be completed by December 2018. The said order
book is related to erection, testing and commissioning work etc of
railway track line. However, the orders in hand provide revenue
visibility to the firm for short term.

Key Rating Strengths

* Established track record and long experience of partners in the
construction industry:  SKE was established in 1997 by Ms. T.
Mamatha and her friends i.e. Mr. R. Vinoth Kumar and Mr. M.M.
Reddy. Mr. Vinoth Kumar is a BE (Electrical) graduate. He is the
Managing Partner of the firm who has one decade of experience in
the civil construction works. The other partners Mr. M.M. Reddy and
Ms. Mamatha has more than one decade of experience in the civil
construction works. The firm has established good relationship with
suppliers and customers due to established track record and
presence in the business for a longer period of time.

* Growth in total operating income and satisfactory profit margin:
The total operating income (TOI) of the firm has been increasing
y-o-y from INR5.25 crore in FY15 to INR9.03 crore in FY17 on
account of increase and execution of orders of the railway
department. The firm provides civil construction services related
to railway departments such as Erection, Testing and Commissioning
of railway track line in Tamil Nadu, Karnataka, Andhra Pradesh,
Telangana and Kerala regions. The PBILDT margins of the firm have
been increasing year-on-year from 5.50% in FY15 to 9.84% in FY17
due to execution of relatively better margin projects along with
absorption of fixed overheads on account of increase in the scale
of operations.  The PAT margin of the project also stood
satisfactory at 2.04% in FY17 due to satisfactory operating profit
along with moderate financial expenses.

* Satisfactory capital structure: The capital structure of the firm
marked by overall gearing, though deteriorating y-o-y, remained
satisfactory at 1.15x as on March 31, 2017 due to satisfactory net
worth commensurate with the size of operations and year-on-year
accretion of profits to the net worth along with moderate debt
levels. The debt profile of the firm as on March 31, 2017 includes
working capital bank borrowings (93%) and unsecured loans (7%).

* Stable outlook for construction industry:  The construction
industry contributes around 8% to India's Gross domestic product
(GDP). Growth in infrastructure is critical for the development of
the economy and hence, the construction sector assumes an important
role. The sector was marred by varied challenges during the last
few years on account of economic slowdown, regulatory changes and
policy paralysis which had adversely impacted the financial and
liquidity profile of players in the industry. The Government of
India has undertaken several steps for boosting the infrastructure
development and revive the investment cycle. The same has gradually
resulted in increased order inflow and movement of passive orders
in existing order book. The focus of the
government on infrastructure development is expected to translate
into huge business potential for the construction industry in the
long-run. In the short to medium term (1-3 years), projects from
transportation and urban development sector are expected to
dominate the overall business for construction companies. The
implementation of Goods and Service Tax might result in short run
operational issues and pressure on working capital until the
process is streamlined. Going forward, companies with better
financial flexibility would be able to grow at a faster rate by
leveraging upon potential opportunities.

Telangana based, Sabari Krishna Enterprises (SKE) was established
in 1997 as a partnership firm by Mr. Vinoth Kumar and his friends.
SKE is engaged in the execution of civil construction works for
Indian Railways (South Central Railways and South Western
Railways). The firm purchases inputs required for execution of
projects like steel, copper wire and SS wire, etc. from suppliers
located in Telangana, Madhya Pradesh, Tamil Nadu and Kolkata. The
firm is engaged in the services of erection, testing and
commissioning of railway track line. The firm is currently
providing its services in Tamil Nadu, Karnataka, Andhra Pradesh and
Kerala. Till January 31, 2018, the firm has completed projects with
the total value of around INR150 crore.

SAIBABA ISPAT: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Shree Saibaba Ispat (India) Private Limited
        C 6 Summeru Township
        Opp. Varahi Soc
        Ghogha Road Bhavnagar
        Gujarat 364001

Insolvency Commencement Date: March 18, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Tejas Shah

Interim Resolution
Professional:            Tejas Shah
                         B 201, Narayan Krupa Avenue
                         Opp. Prernatirth Derasar
                         Jodhpur, Satellite
                         Ahmedabad, Gujarat 380015
                         E-mail: tejasshah44@yahoo.com

                            - and -

                         9/B, Vardan Complex
                         Lakhudi Circle
                         Navrangpura
                         Ahmedabad 380014
                         E-mail: iptejaskshah@gmail.com

Last date for
submission of claims:    May 6, 2020


SAVIOUR MINES: CARE Keeps D on INR8.5cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Saviour
Mines and Minerals Private Limited (SMMPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        8.50      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 13, 2019, placed the
ratings of SMMPL under the 'issuer non-cooperating' category as
company had failed to provide information for monitoring of the
rating. The company continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated April 08 2020 .In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The rating assigned to the bank facilities of SMMPL rating
continues to be delays in debt servicing ,tempered by Small Scale
of operations with short track record of business and low net worth
base, Leveraged capital structure and weak debt coverage
indicators, declining profitability margins and working capital
intensive nature of operations. However, the rating under pinned by
experience of the promoters for more than three decades in mining
industry and stable outlook of mining industry.

Key Rating Weakness

* Delays in servicing debt obligations:  There are delays in debt
servicing for more than 30 days in term loan facility availed by
the firm due to stressed liquidity position.

* Small scale of operations with short track record of operations
and low net worth base:  The company has a short track record with
small scale of operations marked by total operating income of
INR11.50 crore in FY19 and net worth of INR4.02 crore as on 31st
March 2019.

* Declining profitability margins:  The PBILDT margin increased
from 4.45% in FY18 to 12.56% in FY19. The PAT margin declined from
0.30% in FY18 to 0.28% in FY19.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the company remained leveraged marked by
debt equity and overall gearing ratio deteriorated from 0.44x and
1.96x as on 31st March 2018 to 1.48x and 3.77x as on March 31,
2019. The debt coverage indicators of the company remained weak
marked by TD/GCA of 78.45x in FY19 and interest coverage ratio
stood at 1.03x in FY19.

* Working capital intensive nature of operations:  The operating
cycle of the company elongated and stood at 298 days due to
increase in collection days from 68 days in FY18 to 199 days in
FY19.

Key Rating Strengths

* Experience of the promoters for more than three decades in mining
industry:  SMMPL was incorporated in 2007 by Mr. Rama Krishnaiah
Alam and Mr. U. Bhargav. Mr. Ramakrishnaiah has done his M.Sc
(Tech) in Applied Geology and joined Geological Survey of India, in
1982. He took retirement as Senior Geologist from Geological survey
of India, Hyderabad in July 2013 and has taken over M/s. Saviour
Mines and Minerals Private Limited as a Managing Director. He has
got vast experience in exploration of Bauxite, Limestone, Iron ore,
Manganese ore, Beach sands and Magnesite among others. Mr. U.
Bhargav is graduate by qualification and has 4 years of experience
in mining industry.

* Stable outlook of mining industry: The GDP contribution of the
mining industry varies from 2.20% to 2.50% only but going by the
GDP of the total industrial sector it contributes around 10% to
11%.The Indian mining industry is the backbone of industries in the
country. The mining industry is the main source of raw material for
most of the industries producing as many as 84 minerals. India
ranks 3rd in coal, lignite and bauxite contribution in the mineral
production in the world.

Saviour Mines and Minerals Private Limited (SMMPL) was incorporated
in the year 2007 and taken over by Mr.Rama Krishnaiagh Alam and
Mr.U. Bhargav in 2013. The company is engaged in mining of granite
and processing of granite slabs. SMMPL started its commercial
operations from 2014 October. SMMPL has installed capacity of 15
tonnage p.a. The company has entered into lease agreement with
Telangana State Government for mining under 4 hectares of granite
land area located at Warangal for a tenure of 15 years. The
clientele of the company covers Maharashtra, Karnataka, Andhra
Pradesh, Tamilnadu and Orissa.

SHAKTI MALTARE: CARE Lowers Rating on INR10cr Loan to B-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shakti Maltare And Lemonade Private Limited (SMLPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       10.00      CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SMLPL to monitor the ratings
vide e-mail communications/letters dated April 7, 2020, April 9,
2020, April 13, 2020 and numerous phone calls.  However, despite
our repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on SMLPL's
bank facilities will now be denoted as 'CARE B-; Stable; ISSUER NOT
COOPERATING'.

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

The rating has been revised by taking into account non-availability
of adequate information and no due-diligence conducted due to
non-cooperation by SMLPL with CARE'S efforts to undertake a review
of the rating outstanding.

Detailed description of the key rating drivers

At the time of last rating in February 19, 2019 the following were
the rating strengths and weaknesses: (updated the information
available from Ministry of Corporate Affairs).

Detailed description of the key rating drivers

Key Rating Weaknesses:

* Small scale of operations:  The scale of operations of SMLPL
remained small marked by total operating income of INR11.06 crore
(Rs.3.87 crore in FY18) with a net loss of INR0.58 crore (net loss
of INR1.67 crore in FY18) in FY19. Further, the net worth base and
total capital employed was low at INR2.75 crore and INR16.22 crore,
respectively, as on March 31, 2019.

* Profitability susceptible to volatility in input prices:  SMLPL
procure the input materials like extra neutral alcohol (ENA), glass
bottles and other packing materials from the open market at spot
rates, the prices of which are volatile in nature.  Any upward
movement in the input materials may adversely affect the
profitability of SMLPL as the finished goods prices are controlled
by the government.

* Leveraged capital structure with weak debt coverage indicators:
The capital structure remained leveraged marked by overall gearing
ratio at 4.89x as on March 31, 2019. The debt coverage indicators
of the company remained weak marked by interest coverage of 0.25x
in FY19.

* Highly regulated nature of alcohol industry: The organised
alcohol industry is dominated by very few large players. Further,
high taxation and heavy regulation also make the industry dynamics
complex. Government levies various duties like excise duty, sales
tax, license fee, state-level import and export duty, bottling fee,
welfare levy, assessment fee, franchise fee, turnover tax,
surcharge etc. which varies from state to state. There is a ban on
all forms of direct and indirect advertising for liquor in the
country, leading to market players resorting to surrogate
advertising. Also, once the liquor companies decide on the prices,
the same cannot be altered in the course of the year in most of the
States, irrespective of changes in raw material prices, media
inflation, new launches, probable re-launches and competition.
Moreover, the complexity of the industry further lies in the
different types of distribution models followed in various states
like government-controlled agencies, private distribution system
and auction. The regulations at State levels are prone to frequent
changes and be sudden and uncertain. The direction or timing of any
regulatory changes being difficult to predict, industry is
vulnerable to such unanticipated changes. Inspite of the above, the
consumption of alcoholic beverages in India, which is amongst the
lowest in the world (in terms of per capita consumption levels),
has been on the steady rise.

Key Rating Strengths

* Experienced promoters:  Mr. Bikram Kishore Sahoo, having around
three decades of experience in this line of business, looks after
the day to day operations of the company. He is supported by other
directors Mr. Ramesh Chandra Sahoo and Mr. Bijay Kumar Sahoo along
with a team of experienced professional.

Incorporated in 2012, Shakti Maltare and Lemonade Private Limited
(SMLPL) was promoted by Mr. Bikram Kishore Sahoo, Mr. Ramesh
Chandra Sahoo and Mr. Bijay Kumar Sahoo of Odisha to set up a
blending and bottling plant of Indian Made Foreign Liquor (IMFL).
SMLPL has successfully set up the plant at Dhenkawal, Odisha which
became operational from June 2016. The company has been engaged in
blending, bottling, distribution and selling of Indian Made Foreign
Liquor (IMFL) with an installed capacity of 12 lakh cases per
annum. The company has taken franchisee of Jagatjit Industries
Limited (JIL) and the company is blending, bottling and selling
IMFL using the brand name of JIL like Aristocrat Premium Whisky, AC
Sek C Whisky and Binnie's Whisky. The company sells its products
mainly to Odisha State Beverages Corporation Limited. This apart,
the company is also engaged in blending, bottling and supply of
IMFL for ADS Spirits Private Limited (ADS) and Allied Blenders and
Distillers Private Limited (ABD) whereas the company receives a
fixed rate of commission per bottle from ADS and ABD.


SKG TIMBERS: CARE Lowers Rating on INR3cr LT Loan to 'B'
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of SKG
Timbers Private Limited (SKG), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        3.00      CARE B; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B+; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

   Short-term Bank      18.00      CARE A4; Issuer Not
   Facilities                      Cooperating; Based on best
                                   available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 8, 2019, placed the
rating of SKG under the 'issuer non-cooperating' category as SKG
had failed to provide information for monitoring of the rating. SKG
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated April 10, 2020 and April 9, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by SKG 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. Further, the rating
takes in to account small scale of operation, low profitability
margins, susceptibility to fluctuation in log prices and and
presence in a highly fragmented timber sector with low entry
barriers and high competition. The ratings, however, continue to
draw comfort from experienced promoters and moderate capital
structure and operating cycle.

Detailed description of the key rating drivers

At the time of last rating on February 8, 2019, the following were
the rating weaknesses and strengths (Updated for the information
available from the registrar of companies).

Credit Risk Assessment

Key Rating Weakness

* Small and fluctuating scale of operations:  The scale of
operation continues to remain small as marked by total operating
income of INR49.92 crores and gross cash accruals of INR0.37 crores
during FY19 (FY refers to the period April 1 to March 31). The
small scale limits the company's financial flexibility in times of
stress and deprives it from scale benefits.

* Low profitability margins:  The profitability margins of the
company have been historically on the lower side owing to low value
addition nature and highly competitive nature of industry. PBILDT
margin of the company continues to remain low below 3% for the last
two financial years i.e. FY19 and FY18. The PAT margin stood below
unity for last two financial years i.e. FY19 and FY18.
Susceptibility to fluctuation in log prices SKG is exposed to
volatility in the log prices as it does not enter into any contract
for purchase of raw materials. Since there is a long time lag
between raw material procurement and liquidation of inventory, the
company is exposed to the risk of adverse price movement resulting
in lower realization than expected.

* Presence in a highly fragmented timber sector with low entry
barriers and high competition:  The timber industry is marked by
the presence of unorganized players who primarily cater to the
regional demand to reduce incidence of high transportation costs as
price is the main differentiating factor in the timber industry.
The major income of SKG comes from trading of timber where the
company processes timber logs and markets them to various retailers
with limited value addition to the product. Timber trading business
is characterized by high volumes and low margins. The timber
trading sector is highly competitive, comprising a large number a
large number of players in the organized segment as a result of low
entry barriers. This results in intense competition which has a
cascading effect on the player's margins.

Key Rating Strengths

* Experienced promoters:  The operations of SKG are currently being
managed by Mr. Sushil Kumar and Mrs. Suchitra Goel. Both Mr. Sushil
Kumar and Mrs. Suchitra Goel have an experience of more than a
decade in manufacturing and trading of wood and wood products
through their association with this entity, Archit Plywood Private
Limited and other associate concerns. The directors have a
considerable track record in the industry which has resulted in
long term relationships with suppliers and customers.

* Moderate capital structure coupled with moderate coverage
indicators:  The capital structure of the company improved and
stood moderate as marked by debt to equity and overall gearing
ratio (including acceptances) of 0.01x and 0.30x respectively as on
March 31, 2019 as against 0.01x and 0.46x respectively as on
March 31, 2018.

Delhi based SKG Timbers Pvt Ltd (SKG) established in 2010 as a
private limited company and currently being managed by Mr. Sushil
Kumar, Mrs.Suchitra Goel and Mr. Raghav Goel. The company is
engaged into trading of MDF i.e Medium density fiber board (MDF)
and processing of wooden logs to make plywood.


SMART VISIONS: CARE Lowers Rating on INR8.38cr Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Smart Visions (SV), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        8.38      CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 25, 2019, placed the
rating(s) of SV under the 'issuer not cooperating' category as SV
had failed to provide information for monitoring the rating. SV
continues to be non-cooperative despite repeated requests for
submission of information through phone calls and e-mails dated
April 8, 2020 to April 15, 2020.  In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating March 15, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weakness

* Small scale of operations during review period:  The business
operations of the firm continued to be small. The total operating
income of the firm remained small at INR10.61 crore in FY17 with
low net worth base of INR3.17 crore as on March 31, 2017 as
compared to other peers in the industry.

* Deteriorating capital structure year-on-year:  The firm's capital
structure marked by overall gearing has been deteriorating
year-on-year from 1.75x as on March 31, 2015 to 2.17x as on March
31, 2017 due to increasing working capital utilization to manage
operations, term loans to buy printing machines and unsecured loans
from promoters. The debt profile of the firm comprised of working
capital bank borrowings (50%), term loans (40%) and unsecured loans
(10%).

* Working capital intensive nature of operations:  The operation of
SV is working capital intensive in nature. The firm had an
operating cycle of 45 days in FY17 mainly due to high collection
period, as the firm gives a credit period of around 90 days to its
major customers for maintaining long term relationship and for
other customers; the firm gives a credit period of 30-40 days. The
firm avails a credit period of 40-50 days from its suppliers. The
average cash credit utilization of the firm remained 90% for the
last 12 months ended December 31, 2017.

* Proprietorship nature of constitution with inherent risk of
capital withdrawal:  The sole proprietor typically makes all the
decisions and runs the entire business operation. If he becomes ill
or disabled, there may be nobody else who can step in and keep the
business going. Running a business single-handedly can also pose a
risk due to heavy burden. Constitution as a proprietorship has the
inherent risk of possibility of withdrawal of the capital at the
time of personal contingency which can adversely affect its capital
structure.

Key Rating Strengths

* Long track record with experienced proprietor for more than two
decades in printing industry:  Mr. Vishwanath Bharat, is a
qualified graduate (B.E in printing technology) and has more than
two decades of experience in printing industry. Through the
experience of proprietor in the printing industry, the firm has
established healthy relationship with key local suppliers and key
customers as well.


* Increase in total operating income:  The total operating income
of the firm has been increasing Y-O-Y with CAGR of 11.52%. The
total operating income of the firm has been increased from 7.65% in
FY15 to 10.61% in FY17 on account of increase in demand from
existing customers coupled
with addition of new customers in its portfolio.

* Satisfactory profitability margin although fluctuating
year-on-year:  The PBILDT margin of the firm though remained
fluctuating, however, stood satisfactory during review period. The
PBILDT margin of the firm has been fluctuating in the range of
18-25% during FY15-FY17 due to increase in employee costs and
manufacturing expenses. Furthermore, the PAT margin of the firm has
been also been fluctuating and remained satisfactory in the range
of 1.40% to 3.24% during review period due to fluctuation in PBILDT
and financial expenses.

* Moderate debt coverage indicators during review period:  The debt
coverage indicators of the firm remained satisfactory with total
debt/GCA and interest coverage of 7.61x and 1.32x respectively in
FY17 due to satisfactory profitability margins.

* Reputed clientele:  SV's clientele includes reputed entities
which include ITC Ltd, Britannia Industries, GRB Dairy Food Pvt Ltd
and 3MM, Tata Tea Ltd etc. The firm is providing printing services
to these customers from around 10-15 years and has established
relationships with its clients. The firm has continuous orders from
its existing customers.

Smart Visions (SV) is a Bangalore based firm engaged in commercial
offset printing activities. SV was promoted by Mr. Vishwanath
Bharat as a proprietorship concern in the year 2000. SV is engaged
majorly in printing orders for posters, banners, danglers,
magazines etc. SV has installed seven offset printing machines with
installed capacity of 100000 posters per machine per day. The
capacity utilization of the machines is based on the orders the
firm receives it from its customers.


TSN ASSOCIATES: CARE Lowers Rating on INR5.50cr Loan to B-
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of TSN
Associates and Industries (TAI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        5.50      CARE B-; Stable; Issuer Not
   Facilities                      Cooperating; Revised from
                                   CARE B; Stable; Issuer not
                                   cooperating on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 11, 2019, placed
the rating(s) of TAI under the 'issuer non-cooperating' category as
TAI had failed to provide information for monitoring of the rating.
TAI continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated  April 7, 2020 to April 14, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
public available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the last time of last press release dated February 11, 2019, the
following were the rating strengths and weaknesses:

Key Rating Weakness

* Small scale of operations with partnership constitution of the
entity:  TAI, despite being in the business of construction
aggregate for over a decade, along with consistent growth over the
last three years, has small scale of operations with the total
operating income at INR4.62 crore during FY17. The small scale
limits the firm's financial flexibility in times of stress and
deprives it from scale benefits. TAI, being a partnership firm, is
exposed to inherent risk of the capital being withdrawn at time of
personal contingency by the partners. Moreover, partnership firm
business has restricted avenues to raise capital which could prove
a hindrance to its growth. As on March 31, 2017, the partners have
withdrawn capital of amount INR0.71 crore.

* Financial risk profile marked by eroded net worth:  The net worth
of the firm has eroded as a result of withdrawal of capital by the
partners and pre-operative expenses of a new project not written
off. However, the promoters have infused funds in the form of
interest free unsecured loans to support the growth in revenue of
the firm. TAI's debt coverage indicators such as interest coverage
ratio remained moderate at 2.71 times for FY17; however, total debt
to gross cash accruals (TD/GCA) remained weak as at the end of FY17
standing at 13.56x mainly due to increase in debt levels for
purchase of new crushing machinery.

* Geographical concentration and vulnerability of changes in budget
allocation policies:  The current portfolio of TAI is concentrated
in the state of Karnataka which reflects high geographical
concentration risk. The risk arises from the fact that any change
in the geo political environment or policy matters would affect all
the projects at large. Any changes in the current policies of the
government with regard to change in budget allocation for
infrastructure planning and development would impact TAI's revenue
considerably.

Key Rating Strengths

* Long track record of operations with experienced promoters:
TAI has been in the business of manufacturing of construction
aggregate for over a decade. One of the promoters, Mr. Timmappa
Naik, a graduate, has an overall experience of three decade in the
field of manufacturing of construction aggregate.  All the key
managerial personnel involved and partners are graduates and have
more than a decade experience in the same field.

* Declining profitability margins:  The PBILDT margin has been
declining during the review period standing at 16.09% in FY17 as
compared to 16.06% and 18.41% during FY16 and FY15 respectively due
to steady increase in other manufacturing expenses like repairs and
maintenance of  crushing machinery, fuel charges etc. The PAT
margin, however, has been fluctuating during the review period
standing at 2.29% during FY17 as compared to 1.54% and 3.70% in
FY16 and FY15 respectively mainly due to changes in interest and
finance charges.

* Abundant supply of raw material:  The raw material required for
manufacturing of construction aggregate is granite stone which TAI
mines from the land owned by the promoters. The granite stone,
being a natural resource is available in abundance, thus reducing
the raw material cost for the firm.

* Increase in demand for the product owing to growth of
infrastructure industry:  Construction aggregate is used in the
construction of roads, bridges, sidewalks etc. This presents an
encouraging demand opportunity for entities like TAI, which would
help them in boosting their operating income.

Mangalore based TSN Associates and Industries (TAI) was established
by its partners Mr Thimmappa S Naik, Mr Dhiraj Naik, Mrs Deepa R
Shetty, Mr Avinash Adappa, and Mr Aboobakar in 2006. It was
re-constituted on July 31, 2017 to include Mrs Utpala T Naik and
Mrs Vanaja D Naik as partners. TAI is involved in the business of
construction aggregate.




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

[*] INDONESIA: 70% of Textile Firms May Close Over COVID-19
-----------------------------------------------------------
Mardika Parama at The Jakarta Post reports that as COVID-19
continues to batter the Indonesian economy, 70 percent of textile
and textile product (TPT) companies face permanent closure as a
result of plunging domestic and export demand, an industry group
has warned.

At the moment, 80 percent of textile companies have halted
operations temporarily while facing cashflow issues, so financial
support from the government is urgently required according to the
Indonesian Filament and Fiber Producers Association (APSyFI), the
Jakarta Post relates.

"We have cashflow difficulties because even though we have no
income, we still have to pay penalties to the state electricity and
gas companies while also paying our workers' social security fees,"
the report quotes APSyFI secretary general Redma Gita Warawasta as
saying in a press release on April 29.

The Jakarta Post relates that the association warned that massive
business closures could cause a spike in unemployment, as around
1.8 million TPT industry workers are already furloughed or laid off
because of the pandemic.

According to the Industry Ministry's latest estimate, the TPT
industry employs around 135,000 workers annually, making up 22.5
percent of the total 600,000 workers in the industrial sector.

Redma said APSyFI and the Indonesian Textile Association (API) had
conveyed their request for relaxation policies from the government
but without any significant development, the report relays.

The Jakarta Post says one of the associations' requests includes
penalty fee waivers from state electricity company PLN and state
gas company PT PGN for textile companies with electricity and gas
consumption below the minimum threshold.

"Our request for penalty fee waivers is reasonable because the
government has declared [COVID-19 pandemic] a national disaster.
But in reality, neither PLN nor PGN regard the pandemic as a
national disaster and they are still imposing penalty fees," the
APSyFI statement reads.

The Jakarta Post adds that the association also complained about
the financial sector not providing credit relaxations to textile
companies, even though the Financial Services Authority (OJK) has
issued regulation No.11/2020 on credit restructuring for companies
impacted by the pandemic.

"There could be a spike in non-performing loans from the TPT
industry if the situation continues," Redma said.




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

KOBE STEEL: Egan-Jones Lowers Senior Unsecured Ratings to BB-
-------------------------------------------------------------
Egan-Jones Ratings Company, on April 20, 2020, downgraded the
foreign currency and local currency senior unsecured ratings on
debt issued by Kobe Steel, Limited to BB- from BB.

Kobe Steel, Ltd., operating worldwide under the brand Kobelco, is a
major Japanese steel manufacturer headquartered in Chuo-ku, Kobe.


UNIVERSAL ENTERTAINMENT: S&P Lowers ICR to 'B+' Amid COVID-19
-------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit and issue
credit ratings on Japan-based gaming machine and casino company
Universal Entertainment Corp. (UE) by one notch to 'B+'. The
outlook on the long-term issuer credit rating is negative. The
ratings were placed on CreditWatch with negative implications on
March 19, 2020, following the suspension of operations at the
company's casino resort complex in the Philippines.

The resolution of the CreditWatch placement reflects the
continuation of travel restrictions and social distancing measures
that have been put in place globally, including in Japan and the
Philippines. S&P said, "The downgrade reflects our view that the
company's credit metrics are unlikely to recover sharply in fiscal
2020 (ending Dec. 31, 2020) as we previously assumed in our base
case because of the impact of the COVID-19 pandemic. The government
of the Philippines has announced an extension to the lockdown in
the Manila metropolitan area, leading us to believe that operations
are unlikely to resume swiftly at UE's Okada Manila casino resort
complex near the Philippine capital. In addition, an increasing
number of pachinko hall operators in Japan, which are the company's
customers, have suspended operations under the country's state of
emergency and at the request of local governments. We believe this
will heap downward pressure on the performance of the company's
gaming machine business in the second half of fiscal 2020 (July to
December) and beyond."

S&P said, "We believe UE's operational performance will remain
under strong pressure over the next six months, given that travel
restrictions and social distancing measures will likely remain in
place for some time in Japan and the Philippines. UE's earnings
have already taken a severe hit from the suspension of operations
at the Okada Manila complex, which generates about 50% of EBITDA.
In addition, the company will likely suffer significant damage from
the increasing closure of pachinko halls as this weakens their
operators' financial status, as well as a possible delay in
regulatory approval for new gaming titles. This is despite the
company's established business relationships with major pachinko
hall operators, and its leading position within the industry in
terms of rolling out new models that comply with revised
regulations.

"Given the material deterioration in its cash flow generation, we
now believe that UE's debt-to-EBITDA ratio for fiscal 2020 will
likely considerably exceed our 3.0x downgrade threshold (excluding
the effect of new leasing accounting rules at overseas
subsidiaries). We previously expected the ratio to steadily recover
to about 2.5x for fiscal 2020, supported by a material improvement
in its earnings after the introduction of gaming machines that
comply with new regulations and full-scale operations at the Okada
Manila.

"We have changed our liquidity assessment for UE to less than
adequate. We view the upcoming refinance needs for its U.S.
dollar-denominated bonds of US$600 million, or about ¥65 billion,
as a potential risk factor in our credit analysis on UE amid the
unfavorable funding environment. The bonds mature in December 2021.
On the other hand, we also believe that the company's liquidity
position may be able to absorb cash burns, even if the Okada Manila
remains closed for the next six months, given its substantial cash
on hand.

"The negative outlook reflects our view that the challenging
environment amid the pandemic will result in a chance of at least
one-in-three that the company will be unable to keep its financial
base and liquidity at levels commensurate with the ratings for the
next six months."

S&P could downgrade UE if it believes any of the following
scenarios will occur:

-- The downward pressure on its liquidity position strengthens as
deteriorating earnings make refinancing uncertain.

-- Its debt-to-EBITDA leverage stays above 5.0x for fiscal 2021
(including the effect of new leasing accounting rules at overseas
subsidiaries), due to a delayed recovery in its financial health.

-- The contracted land sale agreement of UE's investment
affiliate, the proceeds of which it expects to be used for debt
repayments and liquidity maintenance, fails to materialize or falls
short of our expectation.

Conversely, S&P could revise the outlook to stable if it believes
all of the following scenarios will occur:

-- Its debt-to-EBITDA leverage improves steadily to below 5.0x in
fiscal 2021 (including the effect of new leasing accounting rules
at overseas subsidiaries), backed by a recovery in the gaming
machine business and resumption of operations at its casino resort
complex. This could occur if the COVID-19 pandemic is contained,
leading to an improved business environment in Japan and the
Philippines.

-- The downward pressure on liquidity eases such that its
liquidity sources over the next 12 months far exceed its liquidity
uses.

-- The company secures refinancing of its U.S. dollar-denominated
bonds maturing in December 2021.

S&P Global Ratings acknowledges a high degree of uncertainty about
the rate of spread and peak of the coronavirus outbreak. S&P said,
"Some government authorities estimate the pandemic will peak about
midyear, and we are using this assumption in assessing the economic
and credit implications. We believe the measures adopted to contain
COVID-19 have pushed the global economy into recession. As the
situation evolves, we will update our assumptions and estimates
accordingly."

Environmental, social, and governance (ESG) credit factors for this
credit rating change:

-- Health and safety




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

NEW ZEALAND: Whakatāne Tour Operators Suffer on Eruption, Covid-19
-------------------------------------------------------------------
Katie Scotcher at Radio New Zealand reports that tourism operators
in Whakatāne already struggling in the wake of the deadly Whakaari
eruption said the Covid-19 pandemic has forced them to lay off
staff and even consider closing down.

Despite receiving support from the government, they said the lack
of international tourism has left them with no choice, RNZ
relates.

According to RNZ, Steph Van Dusschoten and her partner Phil have
taken groups out on guided tours off the Whakatāne coast for the
last 25 years.  At the beginning of December last year their
business Diveworks Charters was booming.

"I really thought it was going to be a fantastic summer. It started
off . . . with good weather, amazing blue waters like the old
days," the report quotes Ms. Van Dusschoten as saying.

But everything changed on December 9 when Whakaari/White Island
erupted, the report says. The blast killed 21 people and injured
dozens more.

A Ngāti Awa rāhui, which banned fishing in the waters off
Whakatāne, was put in place after the eruption, the report
relates.

"All our bookings for that was non-existent and then the week we
could start, which was the 23rd [December], we actually didn't have
very good sea conditions, so that wiped that bit out as well."

RNZ relates that Ms. Van Dusschoten said the number of tourists
visiting the eastern Bay of Plenty town this past summer was much
lower compared to previous years.

The loss of that tourism is now being compounded by the Covid-19
crisis, she said.

Despite receiving government support, she said they had lost at
least NZD40,000 of revenue and were considering closing their
business, RNZ relays.

RNZ adds that the Whakatāne District Council will discuss how it
is going to help businesses recover from the economic impacts of
Covid-19 and the Whakaari eruption.


QUEST INSURANCE: A.M. Best Affirms B(Fair) Finc'l. Strength Rating
------------------------------------------------------------------
AM Best has affirmed the Financial Strength Rating of B (Fair) and
the Long-Term Issuer Credit Rating of "bb+" of Quest Insurance
Group Limited (Quest) (New Zealand). The outlook of these Credit
Ratings (ratings) is stable.

The ratings reflect Quest's balance sheet strength, which AM Best
categorizes as adequate, as well as its adequate operating
performance, limited business profile, and appropriate enterprise
risk management. The ratings also factor in a neutral impact from
the company's ultimate majority ownership by Federal Pacific Group
Limited.

Quest's balance sheet strength is underpinned by its risk-adjusted
capitalization, which AM Best expects to remain at least at the
very strong level over the medium term, as measured by Best's
Capital Adequacy Ratio (BCAR), supported by internal capital
generation from positive prospective earnings. A partially
offsetting balance sheet factory is the company's small absolute
capital base, which exposes risk-adjusted capitalization to
volatility in the event of stressed scenarios. In addition, the
company's balance sheet has an elevated level of exposure to
affiliated and low liquidity investments.

The company has a track record of adequate operating performance,
as evidenced by a five-year average return-on-equity ratio of 9.8%
(fiscal-years 2015 to 2019). Recent rapid business growth and risk
profile changes have resulted in an increased loss ratio over the
past two years; however, technical performance has remained robust.
For fiscal-year 2019, the combined ratio stood at 92%, with an
increase in the loss ratio offset by an improvement in expense
ratio, as compared with fiscal-year 2018. AM Best expects
prospective performance to remain supportive of the adequate
assessment over the medium term, driven by positive underwriting
results and solid investment returns.

AM Best assesses Quest's business profile as limited, reflecting
its small market presence and relatively concentrated niche product
offering, largely as a provider of mechanical breakdown insurance
(MBI) in New Zealand. The company's scale of operation has
increased significantly in recent years, following the commencement
of a distribution partnership with Janssen Insurance Limited, a
third-party distributor of MBI in the market. In addition to
increased operational scale, this diversification of distribution
channel also has served to reduce Quest's dependence on affiliates
for product distribution.

AM Best assesses Quest's ERM as appropriate given the current size
and complexity of the company's operations. Following recent
business growth, the company is exposed to an elevated level of
underwriting execution risk. However, this has been mitigated
partially to date through adequate monitoring of underwriting
performance, and a conservative approach to pricing and reserving.





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

HOOQ DIGITAL: Shuts Operations After Filing for Liquidation
-----------------------------------------------------------
The Hindu reports that Hooq has closed down operations barely a
month after filing for liquidation.

Established in January 2015 by Singtel, Sony Pictures Television
and Warner Bros. Entertainment, Hooq in 2018 entered into a "four
year" multi-million-dollar deal with Disney's Hotstar to bring
Hollywood content to its Indian users.

But with termination of its services, Hooq's partnership with
Hotstar also got over, TechCrunch reported on May 1.

"HOOQ is no longer available as of April 30, 2020," the company
said on its website, the Hindu relays.

"For the past 5 years, we gave you unbelievable thrills,
heart-rending drama, roaring laughs, awesome action, and more. Our
goal was to bring you the best entertainment from here to
Hollywood. Our hearts are full of gratitude for all of you who
shared the journey with us," it added.

On a question on refunds, the FAQs section on the website mentioned
that "unfortunately, HOOQ is in the process of
liquidation/insolvency and not able to process refunds," according
to the Hindu.

                         About HOOQ Digital

HOOQ Digital was Singapore-headquartered video-on-demand streaming
service provider.  The service was available across Singapore, the
Philippines, Thailand, Indonesia and India.

As reported in the Troubled Company Reporter-Asia Pacific on March
30, 2020, The Business Times said HOOQ Digital, a joint-venture
company in which Singtel has an indirect 76.5 per cent effective
interest, has commenced a creditors' voluntary liquidation.

Hooq has appointed Messrs Lim Siew Soo and Brendon Yeo Sau Jin as
its joint and several provisional liquidators to oversee ongoing
operations in the interim period, according to BT.




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

[*] BOND PRICING: For the Week April 27, 2020 to May 1, 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       0.97
KEYBRIDGE CAPITAL LTD     7.00       07/31/20     AUD       0.95
MIDWEST VANADIUM PTY L    13.25      02/15/18     USD       0.15
PALADIN ENERGY LTD        10.00      02/01/23     USD      52.48
PALADIN ENERGY LTD        10.00      02/01/23     USD      52.48
VIRGIN AUSTRALIA HOLDI    8.00       11/26/24     AUD      14.86
VIRGIN AUSTRALIA HOLDI    8.08       03/05/24     AUD      19.55
VIRGIN AUSTRALIA HOLDI    8.25       05/30/23     AUD      43.61
VIRGIN AUSTRALIA HOLDI    8.13       11/15/24     USD      14.90
VIRGIN AUSTRALIA HOLDI    8.13       11/15/24     USD      14.65
VIRGIN AUSTRALIA HOLDI    7.88       10/15/21     USD      15.77
VIRGIN AUSTRALIA HOLDI    7.88       10/15/21     USD      13.49


  CHINA
  -----

AKESU DISTRICT GREEN I    4.09       03/11/23     CNY      60.95
AKESU DISTRICT GREEN I    4.09       03/11/23     CNY      60.87
AKESU XINCHENG ASSET I    6.40       04/20/22     CNY      40.52
AKESU XINCHENG ASSET I    6.40       04/20/22     CNY      40.00
ALTAY PREFECTURE STATE    4.85       01/22/23     CNY      60.70
ALTAY PREFECTURE STATE    4.85       01/22/23     CNY      59.98
AN SHUN YU KUN REAL ES    5.48       11/10/21     CNY      66.31
ANHUI FOREIGN ECONOMIC    7.30       12/24/21     CNY      11.91
ANHUI FOREIGN ECONOMIC    7.30       07/13/21     CNY      70.01
ANHUI PINGTIANHU INVES    7.40       10/23/20     CNY      20.19
ANHUI PINGTIANHU INVES    7.40       10/23/20     CNY      19.60
ANHUI PROVINCE TONGLIN    7.30       05/13/21     CNY      47.18
ANHUI PROVINCE TONGLIN    7.30       05/13/21     CNY      40.62
ANJI COUNTY STATE-OWNE    8.30       04/24/21     CNY      24.57
ANJI COUNTY STATE-OWNE    8.30       04/24/21     CNY      20.69
ANQING ECONOMIC&TECHNO    4.09       03/09/23     CNY      60.88
ANQING ECONOMIC&TECHNO    4.09       03/09/23     CNY      59.92
ANQING URBAN CONSTRUCT    6.01       04/27/22     CNY      41.61
ANQING URBAN CONSTRUCT    6.01       04/27/22     CNY      40.00
BAOJI HI-TECH INDUSTRI    8.25       04/21/21     CNY      20.68
BAOJI HI-TECH INDUSTRI    8.25       04/21/21     CNY      20.00
BAOTOU CITY SCIENCE ED    6.48       03/25/22     CNY      45.50
BAOTOU CITY SCIENCE ED    6.48       03/25/22     CNY      41.25
BAOYING CITY CONSTRUCT    4.50       03/24/23     CNY      61.39
BAOYING CITY CONSTRUCT    4.50       03/24/23     CNY      61.36
BAYAN ZHUOER HETAO WAT    8.54       03/31/22     CNY      31.85
BAZHONG STATE-OWNED AS    5.13       12/02/22     CNY      60.89
BAZHONG STATE-OWNED AS    5.13       12/02/22     CNY      60.00
BAZHONG STATE-OWNED AS    8.50       04/25/21     CNY      21.20
BAZHONG STATE-OWNED AS    8.50       04/25/21     CNY      20.77
BEIJING BIOMEDICINE IN    6.35       07/23/20     CNY      20.40
BEIJING BIOMEDICINE IN    6.35       07/23/20     CNY      20.12
BEIJING CAPITAL DEVELO    6.50       02/27/21     CNY      20.83
BEIJING CAPITAL DEVELO    6.50       02/27/21     CNY      20.54
BEIJING CAPITAL DEVELO    7.19       01/15/21     CNY      20.60
BEIJING CAPITAL DEVELO    7.19       01/15/21     CNY      20.00
BEIJING CHANGXIN CONST    6.74       04/22/21     CNY      20.80
BEIJING FUTURE SCIENCE    4.20       08/13/22     CNY      61.13
BEIJING FUTURE SCIENCE    4.20       08/13/22     CNY      60.90
BEIJING GUCAI GROUP CO    6.60       09/06/20     CNY      23.68
BEIJING GUCAI GROUP CO    6.60       09/06/20     CNY      20.16
BEIJING HAIDIAN STATE-    5.50       08/07/20     CNY      20.15
BEIJING HAIDIAN STATE-    5.50       08/07/20     CNY      20.11
BEIJING JINGMEI GROUP     6.14       09/09/20     CNY      20.28
BEIJING JINGMEI GROUP     6.14       09/09/20     CNY      20.27
BEIJING JINLIYUAN STAT    7.00       10/28/20     CNY      20.42
BEIJING JINLIYUAN STAT    7.00       10/28/20     CNY      20.00
BEIJING SHIJINGSHAN ST    6.08       08/18/21     CNY      43.87
BEIJING SHIJINGSHAN ST    6.08       08/18/21     CNY      41.11
BEIJING XINCHENG INFRA    7.50       04/21/21     CNY      20.82
BEIJING XINGZHAN INVES    6.66       04/24/21     CNY      20.75
BEIPIAO CITY CONSTRUCT    6.70       03/25/23     CNY      63.45
BEIPIAO CITY CONSTRUCT    6.70       03/25/23     CNY      52.56
BENGBU GAOXIN INVESTME    8.70       04/17/21     CNY      20.75
BENGBU GAOXIN INVESTME    8.70       04/17/21     CNY      20.00
BENXI URBAN CONSTRUCTI    6.24       01/22/22     CNY      40.60
BENXI URBAN CONSTRUCTI    6.24       01/22/22     CNY      40.00
BIJIE CONSTRUCTION INV    6.50       01/28/22     CNY      45.65
BIJIE CONSTRUCTION INV    6.50       01/28/22     CNY      41.26
BIJIE KAIYUAN CONSTRUC    7.78       02/25/21     CNY      30.00
BIJIE KAIYUAN CONSTRUC    7.78       02/25/21     CNY      20.58
BINZHOU HI-TECH DEVELO    8.60       01/10/21     CNY      23.40
BINZHOU HI-TECH DEVELO    8.60       01/10/21     CNY      20.53
BINZHOU ZHONGHAI VENTU    6.65       04/13/22     CNY      40.95
BINZHOU ZHONGHAI VENTU    6.65       04/13/22     CNY      40.00
BORALA MONGOL AUTONOMO    5.77       08/26/22     CNY      61.22
BORALA MONGOL AUTONOMO    5.77       08/26/22     CNY      59.50
BORALA MONGOL AUTONOMO    7.18       08/09/20     CNY      20.17
BORALA MONGOL AUTONOMO    7.18       08/09/20     CNY      20.00
BOZHOU URBAN CONSTRUCT    4.78       04/14/23     CNY      61.73
BOZHOU URBAN CONSTRUCT    4.78       04/14/23     CNY      60.86
CANGNAN COUNTY STATE O    5.58       11/11/22     CNY      68.00
CANGNAN COUNTY STATE O    5.58       11/11/22     CNY      60.60
CEFC SHANGHAI INTERNAT    4.08       09/09/21     CNY      60.00
CEFC SHANGHAI INTERNAT    4.98       12/10/20     CNY      61.29
CHANG DE DING LI INDUS    4.30       03/10/23     CNY      61.11
CHANG DE DING LI INDUS    4.30       03/10/23     CNY      60.96
CHANGCHUN MODERN AGRIC    7.00       07/25/21     CNY      40.72
CHANGCHUN MODERN AGRIC    7.00       07/25/21     CNY      38.00
CHANGDE ECONOMIC CONST    7.00       03/24/21     CNY      21.40
CHANGDE ECONOMIC CONST    7.00       03/24/21     CNY      20.66
CHANGDE URBAN CONSTRUC    3.59       01/12/23     CNY      60.64
CHANGDE URBAN CONSTRUC    3.59       01/12/23     CNY      60.40
CHANGLE COUNTY NEWTOWN    5.18       12/16/22     CNY      62.03
CHANGLE COUNTY NEWTOWN    5.18       12/16/22     CNY      60.84
CHANGSHA COUNTY XINGCH    7.90       03/25/22     CNY      42.89
CHANGSHA COUNTY XINGCH    7.90       03/25/22     CNY      42.80
CHANGSHA ECONOMIC & TE    8.45       04/13/22     CNY      31.50
CHANGSHA FURONG CITY D    3.88       01/26/23     CNY      61.53
CHANGSHA FURONG CITY D    3.88       01/26/23     CNY      59.73
CHANGSHA METRO GROUP C    6.20       04/23/23     CNY      47.87
CHANGSHA METRO GROUP C    6.20       04/23/23     CNY      45.80
CHANGSHA TIANXIN CITY     4.20       11/06/22     CNY      60.59
CHANGSHA TIANXIN CITY     4.20       11/06/22     CNY      60.10
CHANGSHA YUHUA URBAN C    3.80       01/28/23     CNY      60.34
CHANGSHA YUHUA URBAN C    3.80       01/28/23     CNY      59.77
CHANGSHA YUHUA URBAN C    7.17       04/18/21     CNY      24.00
CHANGSHA YUHUA URBAN C    7.17       04/18/21     CNY      20.80
CHANGSHU BINJIANG URBA    6.39       09/11/21     CNY      40.67
CHANGSHU BINJIANG URBA    6.39       09/11/21     CNY      40.00
CHANGSHU DONGNAN ASSET    6.53       03/26/22     CNY      47.32
CHANGSHU DONGNAN ASSET    6.53       03/26/22     CNY      41.69
CHANGSHU TRANSPORTATIO    7.00       04/29/21     CNY      40.92
CHANGSHU TRANSPORTATIO    7.00       04/29/21     CNY      27.00
CHANGXING COUNTY TRANS    6.75       06/16/21     CNY      40.70
CHANGXING COUNTY TRANS    7.88       04/30/21     CNY      40.95
CHANGXING COUNTY TRANS    7.88       04/30/21     CNY      30.30
CHANGXING URBAN CONSTR    6.00       12/03/21     CNY      40.59
CHANGXING URBAN CONSTR    6.00       12/03/21     CNY      39.00
CHANGZHOU BINHU CONSTR    8.04       12/12/20     CNY      20.62
CHANGZHOU BINHU CONSTR    8.04       12/12/20     CNY      20.00
CHANGZHOU PUBLIC HOUSI    6.64       07/02/21     CNY      40.52
CHANGZHOU PUBLIC HOUSI    6.64       07/02/21     CNY      40.50
CHANGZHOU TIANNING CON    6.48       02/12/22     CNY      41.45
CHANGZHOU TIANNING CON    6.48       02/12/22     CNY      40.00
CHAOHU URBAN TOWN CONS    6.50       04/30/22     CNY      42.11
CHAOHU URBAN TOWN CONS    6.50       04/30/22     CNY      42.10
CHENGDU ECONOMIC & TEC    6.90       05/30/21     CNY      46.00
CHENGDU ECONOMIC & TEC    6.90       05/30/21     CNY      40.91
CHENGDU GARDEN WATER C    6.15       05/03/23     CNY      60.63
CHENGDU KONGGANG CITY     6.92       07/30/20     CNY      25.50
CHENGDU KONGGANG CITY     6.92       07/30/20     CNY      25.20
CHENGDU LONGBO INVESTM    8.10       04/24/21     CNY      20.65
CHENGDU LONGBO INVESTM    8.10       04/24/21     CNY      20.30
CHENGDU PIDU DISTRICT     6.95       04/01/22     CNY      48.83
CHENGDU PIDU DISTRICT     6.95       04/01/22     CNY      41.70
CHENGDU PIDU DISTRICT     7.25       10/15/20     CNY      20.35
CHENGDU PIDU DISTRICT     7.25       10/15/20     CNY      18.50
CHENGDU SHUZHOU CITY C    6.58       05/26/22     CNY      61.29
CHENGDU SHUZHOU CITY C    6.58       05/26/22     CNY      59.30
CHENGDU XINGCHENGJIAN     6.00       03/20/22     CNY      41.60
CHENGDU XINGCHENGJIAN     6.00       03/20/22     CNY      40.00
CHENGDU XINKAIYUAN URB    5.29       04/27/23     CNY      81.28
CHENGDU XINKAIYUAN URB    5.29       04/27/23     CNY      61.23
CHENGDU XINKAIYUAN URB    7.43       08/12/21     CNY      41.19
CHENGDU XINKAIYUAN URB    7.43       08/12/21     CNY      41.00
CHENGFA INVESTMENT GRO    6.87       04/30/21     CNY      21.37
CHENGFA INVESTMENT GRO    6.87       04/30/21     CNY      20.78
CHENZHOU BAIFU INVESTM    6.54       08/28/21     CNY      40.25
CHENZHOU BAIFU INVESTM    6.54       08/28/21     CNY      40.24
CHENZHOU FUCHENG HIGH     4.73       01/22/23     CNY      60.68
CHENZHOU FUCHENG HIGH     4.73       01/22/23     CNY      59.92
CHENZHOU INDUSTRY INVE    6.45       01/23/22     CNY      48.60
CHENZHOU INDUSTRY INVE    6.45       01/23/22     CNY      39.92
CHENZHOU XINTIAN INVES    5.38       03/08/26     CNY      74.96
CHENZHOU XINTIAN INVES    6.15       04/24/22     CNY      39.41
CHENZHOU XINTIAN INVES    6.30       07/17/20     CNY      20.00
CHENZHOU XINTIAN INVES    6.30       07/17/20     CNY      20.00
CHINA GRAND AUTOMOTIVE    8.63       04/08/22     USD      81.25
CHINA MINSHENG INVESTM    7.00       12/26/20     CNY      36.65
CHINA OCEANWIDE HOLDIN    8.90       12/13/21     CNY      55.00
CHINA SECURITY CO LTD     4.45       11/11/19     CNY      31.00
CHINA YIXING ENVIRONME    7.10       10/18/20     CNY      20.40
CHINA YIXING ENVIRONME    7.10       10/18/20     CNY      20.36
CHONGQIN BAIYAN INVEST    5.75       05/03/23     CNY      61.58
CHONGQIN XINLIANG INVE    4.76       08/26/23     CNY      75.82
CHONGQIN XINLIANG INVE    4.76       08/26/23     CNY      56.59
CHONGQING BANAN ECONOM    6.17       03/13/22     CNY      41.40
CHONGQING BANAN ECONOM    6.17       03/13/22     CNY      41.07
CHONGQING BANAN ECONOM    7.00       08/20/21     CNY      41.10
CHONGQING BANAN ECONOM    7.00       08/20/21     CNY      41.01
CHONGQING BEICHENG CON    7.30       10/16/20     CNY      20.35
CHONGQING BEICHENG CON    7.30       10/16/20     CNY      20.30
CHONGQING BISHAN DISTR    4.93       03/29/23     CNY      61.25
CHONGQING BISHAN DISTR    4.93       03/29/23     CNY      61.10
CHONGQING CHANGSHOU EC    7.20       07/15/21     CNY      40.79
CHONGQING CHANGSHOU EC    7.10       06/19/21     CNY      40.68
CHONGQING CHANGSHOU EC    7.10       06/19/21     CNY      40.00
CHONGQING CITY CONSTRU    5.12       05/21/20     CNY      20.25
CHONGQING CITY CONSTRU    5.12       05/21/20     CNY      20.01
CHONGQING DASUN ASSET     6.98       09/10/20     CNY      20.24
CHONGQING DAZU INDUSTR    6.30       04/28/22     CNY      60.63
CHONGQING DAZU INDUSTR    6.30       04/28/22     CNY      40.00
CHONGQING ECO&TECH DEV    3.95       04/13/23     CNY      61.00
CHONGQING ECO&TECH DEV    3.95       04/13/23     CNY      60.46
CHONGQING FULING DISTR    7.89       03/20/21     CNY      27.33
CHONGQING FULING DISTR    7.89       03/20/21     CNY      20.84
CHONGQING FULING TRAFF    6.68       02/03/22     CNY      40.89
CHONGQING FULING TRAFF    6.68       02/03/22     CNY      40.00
CHONGQING GAOXIN ZONE     7.80       04/25/21     CNY      40.98
CHONGQING GAOXIN ZONE     7.80       04/25/21     CNY      30.80
CHONGQING GARDENING IN    8.45       06/03/21     CNY      40.96
CHONGQING GARDENING IN    8.45       06/03/21     CNY      40.00
CHONGQING HAOJIANG CON    8.05       03/06/21     CNY      20.55
CHONGQING HAOJIANG CON    8.05       03/06/21     CNY      20.00
CHONGQING HAOJIANG CON    7.99       11/22/20     CNY      20.33
CHONGQING HAOJIANG CON    7.99       11/22/20     CNY      20.00
CHONGQING HECHUAN CITY    7.30       07/07/21     CNY      41.10
CHONGQING HECHUAN CITY    7.30       07/07/21     CNY      41.00
CHONGQING HECHUAN INDU    6.19       06/17/20     CNY      20.32
CHONGQING HECHUAN INDU    6.19       06/17/20     CNY      20.04
CHONGQING HONGYE INDUS    6.30       06/03/20     CNY      25.00
CHONGQING HONGYE INDUS    6.30       06/03/20     CNY      20.08
CHONGQING INTERNATIONA    7.08       10/18/20     CNY      20.50
CHONGQING INTERNATIONA    7.08       10/18/20     CNY      20.36
CHONGQING JIANGBEIZUI     6.50       07/21/21     CNY      40.90
CHONGQING JINYUN ASSET    4.50       12/31/22     CNY      60.70
CHONGQING JINYUN ASSET    4.50       12/31/22     CNY      60.00
CHONGQING JIULONG HI-T    6.60       08/19/21     CNY      40.99
CHONGQING JIULONG HI-T    6.60       08/19/21     CNY      40.88
CHONGQING KAIQIAN INVE    4.64       03/21/23     CNY      59.62
CHONGQING KAIQIAN INVE    4.64       03/21/23     CNY      59.05
CHONGQING KANGDA ENVIR    7.00       12/18/22     CNY      70.00
CHONGQING LAND PROPERT    3.36       03/21/23     CNY      60.68
CHONGQING LAND PROPERT    3.36       03/21/23     CNY      60.10
CHONGQING LAND PROPERT    6.30       08/22/20     CNY      20.23
CHONGQING LIANGJIANG N    5.88       09/16/21     CNY      41.19
CHONGQING LIANGJIANG N    5.88       09/16/21     CNY      41.12
CHONGQING LIANGJIANG N    3.10       08/05/21     CNY      70.38
CHONGQING LIANGJIANG N    6.70       04/25/21     CNY      22.72
CHONGQING LIANGJIANG N    6.70       04/25/21     CNY      20.81
CHONGQING LIANGJIANG N    3.60       04/19/21     CNY      40.82
CHONGQING LIANGJIANG N    3.60       04/19/21     CNY      40.65
CHONGQING LIANGJIANG N    3.17       01/13/21     CNY      40.41
CHONGQING LIANGJIANG N    3.17       01/13/21     CNY      40.02
CHONGQING MAIRUI URBAN    4.95       04/21/23     CNY      61.88
CHONGQING MAIRUI URBAN    4.95       04/21/23     CNY      61.57
CHONGQING QIANJIANG CI    8.00       03/21/21     CNY      21.70
CHONGQING QIANJIANG CI    8.00       03/21/21     CNY      20.58
CHONGQING SHUANGFU CON    7.49       10/23/20     CNY      20.37
CHONGQING SHUANGFU CON    7.49       10/23/20     CNY      20.00
CHONGQING SHUANGQIAO E    5.99       11/19/21     CNY      46.25
CHONGQING SHUANGQIAO E    5.99       11/19/21     CNY      40.76
CHONGQING TAX FREE POR    7.50       04/24/21     CNY      21.70
CHONGQING TAX FREE POR    7.50       04/24/21     CNY      20.85
CHONGQING TEA GARDEN I    7.70       05/20/21     CNY      40.68
CHONGQING TONGLIANG JI    6.59       04/08/22     CNY      41.39
CHONGQING TONGLIANG JI    6.59       04/08/22     CNY      40.00
CHONGQING TONGNAN DIST    4.99       12/31/22     CNY      60.83
CHONGQING TONGNAN DIST    4.99       12/31/22     CNY      60.00
CHONGQING WANSHENG ECO    6.95       08/25/21     CNY      45.00
CHONGQING WANSHENG ECO    6.95       08/25/21     CNY      40.52
CHONGQING WANSHENG ECO    8.19       04/08/21     CNY      23.90
CHONGQING WANSHENG ECO    8.19       04/08/21     CNY      20.64
CHONGQING WANSHENG ECO    5.40       11/18/21     CNY      69.90
CHONGQING WANZHOU SANX    4.95       08/25/22     CNY      61.51
CHONGQING XINGRONG HOL    4.86       03/31/23     CNY      62.91
CHONGQING XINGRONG HOL    4.86       03/31/23     CNY      60.16
CHONGQING XIYONG MICRO    6.58       07/25/21     CNY      42.33
CHONGQING XIYONG MICRO    6.58       07/25/21     CNY      41.05
CHONGQING YONGCHUAN HU    7.28       05/30/21     CNY      41.60
CHONGQING YONGCHUAN HU    7.28       05/30/21     CNY      40.87
CHONGQING YUELAI INVES    6.09       04/29/22     CNY      41.86
CHONGQING YUELAI INVES    6.09       04/29/22     CNY      40.00
CHONGQING YUNAN ASSET     7.05       06/17/21     CNY      40.76
CHONGQING YUNAN ASSET     7.05       06/17/21     CNY      40.70
CHONGQING YUZHONG STAT    7.25       02/26/21     CNY      20.64
CHONGQING YUZHONG STAT    7.25       02/26/21     CNY      20.57
CHUN'AN XINANJIANG DEV    6.10       03/11/22     CNY      44.55
CHUN'AN XINANJIANG DEV    6.10       03/11/22     CNY      41.45
CHUZHOU CITY CONSTRUCT    6.17       11/30/21     CNY      61.66
CHUZHOU CITY CONSTRUCT    6.40       08/22/21     CNY      41.27
CITIC GUOAN GROUP CORP    4.49       03/08/21     CNY      18.25
CITIC GUOAN GROUP CORP    4.23       12/15/20     CNY      38.49
CITIC GUOAN GROUP CORP    5.80       12/15/19     CNY      18.25
CITIC GUOAN GROUP CORP    4.90       11/06/19     CNY      18.25
CIXI CITY CONSTRUCTION    6.18       08/18/21     CNY      48.80
CIXI CITY CONSTRUCTION    6.18       08/18/21     CNY      41.02
DALI ECONOMIC DEVELOPM    7.90       03/04/21     CNY      20.44
DALI ECONOMIC DEVELOPM    7.90       03/04/21     CNY      20.00
DALI ECONOMIC DEVELOPM    8.30       12/11/20     CNY      20.60
DALI ECONOMIC DEVELOPM    8.30       12/11/20     CNY      20.43
DALI HAIDONG DEVELOPME    6.01       01/25/23     CNY      60.01
DALI HAIDONG DEVELOPME    6.01       01/25/23     CNY      59.00
DALIAN PULANDIAN CONST    3.80       01/25/23     CNY      57.76
DALIAN PULANDIAN CONST    3.80       01/25/23     CNY      57.00
DALIAN PUWAN ENGINEERI    4.50       02/01/23     CNY      58.72
DALIAN PUWAN ENGINEERI    4.50       02/01/23     CNY      52.11
DALIAN PUWAN ENGINEERI    7.09       02/20/21     CNY      19.68
DALIAN PUWAN ENGINEERI    7.09       02/20/21     CNY      19.64
DALIAN RONGDA INVESTME    5.69       12/05/21     CNY      41.00
DALIAN RONGDA INVESTME    5.69       12/05/21     CNY      40.98
DALIAN RONGQIANG INVES    7.92       04/14/21     CNY      20.60
DALIAN RONGQIANG INVES    7.92       04/14/21     CNY      20.59
DALIAN RONGQIANG INVES    8.60       01/20/21     CNY      20.55
DALIAN RONGQIANG INVES    8.60       01/20/21     CNY      20.54
DANDONG PORT GROUP CO     5.50       01/27/21     CNY      59.00
DANGTU COUNTY CONSTRUC    5.38       08/10/22     CNY      63.00
DANGTU COUNTY CONSTRUC    5.38       08/10/22     CNY      61.57
DANGYANG XINYUAN INVES    4.97       03/29/23     CNY      60.37
DANGYANG XINYUAN INVES    4.97       03/29/23     CNY      60.11
DANGYANG XINYUAN INVES    7.99       05/23/21     CNY      40.00
DANYANG HI-TECH INDUST    6.40       04/24/22     CNY      40.00
DANYANG HI-TECH INDUST    6.40       04/24/22     CNY      39.72
DANYANG INVESTMENT GRO    3.99       01/25/23     CNY      60.50
DANYANG INVESTMENT GRO    6.90       10/23/20     CNY      20.36
DANYANG INVESTMENT GRO    6.90       10/23/20     CNY      20.15
DATONG ECONOMIC CONSTR    4.49       10/22/22     CNY      61.32
DATONG ECONOMIC CONSTR    4.49       10/22/22     CNY      61.20
DAWA COUNTY CITY CONST    6.29       06/12/22     CNY      62.50
DAWA COUNTY CITY CONST    6.29       06/12/22     CNY      59.53
DAYE ZHENHENG CITY DEV    4.50       03/28/23     CNY      59.99
DAYE ZHENHENG CITY DEV    4.50       03/28/23     CNY      59.46
DAYE ZHENHENG CITY DEV    7.30       03/03/21     CNY      23.53
DAYE ZHENHENG CITY DEV    7.30       03/03/21     CNY      20.64
DAYE ZHENHENG CITY DEV    7.95       11/27/20     CNY      20.55
DAZHOU DEVELOPMENT HOL    5.10       11/27/22     CNY      61.10
DAZHOU DEVELOPMENT HOL    5.10       11/27/22     CNY      60.00
DAZHOU DEVELOPMENT HOL    6.55       01/14/22     CNY      41.04
DAZHOU DEVELOPMENT HOL    6.55       01/14/22     CNY      40.00
DEHONGZHOU HONGKANG IN    6.68       01/23/22     CNY      40.88
DEHONGZHOU HONGKANG IN    6.68       01/23/22     CNY      40.85
DEXING INVESTMENT HOLD    5.99       03/21/23     CNY      60.60
DEXING INVESTMENT HOLD    5.99       03/21/23     CNY      60.00
DEYANG ECONOMIC DEVELO    7.90       04/28/21     CNY      28.26
DEYANG ECONOMIC DEVELO    7.90       04/28/21     CNY      20.52
DONGLING GROUP INC CO     8.00       07/14/22     CNY      62.13
DONGLING GROUP INC CO     8.00       07/14/22     CNY      60.00
DONGTAI UBAN CONSTRUCT    7.58       04/23/21     CNY      28.48
DONGTAI UBAN CONSTRUCT    7.58       04/23/21     CNY      20.70
DONGTAI UBAN CONSTRUCT    8.65       01/13/21     CNY      20.83
DONGTAI UBAN CONSTRUCT    8.65       01/13/21     CNY      20.54
DONGYING CITY URBAN AS    5.57       03/31/22     CNY      41.58
DONGYING CITY URBAN AS    5.57       03/31/22     CNY      41.13
DR PENG HOLDING HONGKO    5.05       06/01/20     USD      55.56
DUJIANGYAN XINGYAN INV    6.10       03/12/22     CNY      40.00
DUJIANGYAN XINGYAN INV    6.10       03/12/22     CNY      39.40
DUNYUN STATE-OWNED ASS    6.60       12/28/22     CNY      60.33
EASTAR HOLDINGS GROUP     7.30       10/31/20     CNY      63.00
ENSHI URBAN CONSTRUCTI    7.50       06/03/21     CNY      47.54
ENSHI URBAN CONSTRUCTI    7.50       06/03/21     CNY      40.90
EZHOU CITY CONSTRUCTIO    6.68       09/19/21     CNY      41.00
EZHOU CITY CONSTRUCTIO    6.68       09/19/21     CNY      40.63
EZHOU CITY CONSTRUCTIO    7.76       05/15/21     CNY      46.50
EZHOU CITY CONSTRUCTIO    7.76       05/15/21     CNY      41.06
FANGCHENGGANG CITY GAN    8.09       04/16/21     CNY      22.00
FANGCHENGGANG CITY GAN    8.09       04/16/21     CNY      20.71
FEICHENG CITY ASSETS M    4.04       03/23/23     CNY      60.46
FEICHENG CITY ASSETS M    4.04       03/23/23     CNY      60.23
FENGCHENG CITY CONSTRU    6.49       02/10/22     CNY      44.49
FENGCHENG CITY CONSTRU    6.49       02/10/22     CNY      41.10
FENGCHENG CITY MODERN     5.76       12/17/22     CNY      60.00
FENGCHENG CITY MODERN     5.76       12/17/22     CNY      59.93
FENGXIAN URBAN INVESTM    6.48       03/20/22     CNY      41.02
FENGXIAN URBAN INVESTM    6.48       03/20/22     CNY      40.00
FENGXIAN URBAN INVESTM    4.23       07/13/21     CNY      55.52
FENGXIAN URBAN INVESTM    4.23       07/13/21     CNY      55.03
FUGU COUNTY STATE-OWNE    8.69       12/16/20     CNY      20.59
FUGU COUNTY STATE-OWNE    8.69       12/16/20     CNY      20.00
FUGUINIAO CO LTD          6.30       04/22/20     CNY      13.00
FUJIAN JINJIANG INDUST    7.08       06/27/21     CNY      40.97
FUJIAN PROVINCE LIANJI    6.29       04/30/22     CNY      41.43
FUJIAN PROVINCE LIANJI    6.29       04/30/22     CNY      40.00
FUJIAN ZHANGLONG GROUP    4.99       08/07/22     CNY      61.62
FUJIAN ZHANGLONG GROUP    4.99       08/07/22     CNY      60.00
FUNING URBAN INVESTMEN    7.19       08/15/21     CNY      41.15
FUNING URBAN INVESTMEN    7.19       08/15/21     CNY      41.09
FUQING CITY STATE-OWNE    5.94       11/26/22     CNY      57.26
FUQING CITY STATE-OWNE    6.66       03/01/21     CNY      25.40
FUXIN INFRASTRUCTURE C    6.18       03/18/22     CNY      42.80
FUXIN INFRASTRUCTURE C    6.18       03/18/22     CNY      40.48
FUZHOU CHANGLE DISTRIC    4.50       04/11/23     CNY      60.30
FUZHOU CHANGLE DISTRIC    4.50       04/11/23     CNY      59.66
FUZHOU URBAN AND RURAL    4.89       07/08/22     CNY      61.52
FUZHOU URBAN AND RURAL    4.89       07/08/22     CNY      60.00
FUZHOU URBAN AND RURAL    5.48       01/26/22     CNY      41.14
FUZHOU URBAN AND RURAL    5.48       01/26/22     CNY      40.00
GANZHOU CITY DEVELOPME    5.50       06/16/22     CNY      61.80
GANZHOU CITY DEVELOPME    5.50       06/16/22     CNY      60.00
GANZHOU DEVELOPMENT ZO    7.43       02/19/21     CNY      20.68
GANZHOU DEVELOPMENT ZO    7.43       02/19/21     CNY      19.00
GAOMI STATE-OWNED ASSE    4.69       01/26/23     CNY      61.22
GAOMI STATE-OWNED ASSE    4.69       01/26/23     CNY      61.14
GAOYOU CITY CONSTRUCTI    5.48       09/15/22     CNY      61.42
GAOYOU CITY CONSTRUCTI    5.48       09/15/22     CNY      60.00
GOLMUD INVESTMENT HOLD    8.70       12/30/20     CNY      20.52
GOLMUD INVESTMENT HOLD    8.70       12/30/20     CNY      20.30
GONGQINGCHENG FINANCIA    5.85       03/25/23     CNY      62.42
GONGQINGCHENG FINANCIA    5.85       03/25/23     CNY      58.79
GOOCOO INVESTMENT CO L    8.00       02/01/21     CNY      50.00
GREENLAND HOLDING GROU    6.24       05/23/20     CNY      25.06
GREENLAND HOLDING GROU    6.24       05/23/20     CNY      25.04
GUANGAN DEVELOPMENT AN    6.39       03/24/22     CNY      44.00
GUANGAN DEVELOPMENT AN    6.39       03/24/22     CNY      41.42
GUANGAN ECONOMIC & TEC    5.16       04/14/23     CNY      60.74
GUANGAN ECONOMIC & TEC    5.16       04/14/23     CNY      60.20
GUANGAN ECONOMIC & TEC    7.10       09/22/21     CNY      40.80
GUANGAN ECONOMIC & TEC    7.10       09/22/21     CNY      40.79
GUANGDONG TAIANTANG PH    4.98       02/02/21     CNY      69.00
GUANGXI BAISE DEVELOPM    7.27       06/20/21     CNY      40.40
GUANGXI LAIBIN INDUSTR    5.97       11/26/21     CNY      40.92
GUANGXI LAIBIN INDUSTR    5.97       11/26/21     CNY      40.00
GUANGXI LIUZHOU DONGCH    7.40       10/29/20     CNY      21.00
GUANGXI LIUZHOU DONGCH    7.40       10/29/20     CNY      20.18
GUANGXI QINZHOU LINHAI    7.68       02/20/21     CNY      24.77
GUANGXI QINZHOU LINHAI    7.68       02/20/21     CNY      20.45
GUANGXI URBAN CONSTRUC    7.59       04/14/21     CNY      23.00
GUANGXI URBAN CONSTRUC    7.59       04/14/21     CNY      20.66
GUANGYUAN INVESTMENT H    7.30       04/22/21     CNY      21.15
GUANGYUAN INVESTMENT H    7.30       04/22/21     CNY      20.54
GUANGYUAN YUANQU CONST    4.48       03/10/23     CNY      60.95
GUANGYUAN YUANQU CONST    4.48       03/10/23     CNY      59.99
GUANGYUAN YUANQU CONST    8.35       08/26/21     CNY      47.00
GUANGYUAN YUANQU CONST    8.35       08/26/21     CNY      41.35
GUANGZHOU HUANTOU NANS    6.38       11/18/24     CNY      74.20
GUANGZHOU METRO GROUP     6.05       06/03/24     CNY      73.62
GUANGZHOU METRO GROUP     6.45       04/02/24     CNY      64.46
GUANGZHOU METRO GROUP     6.45       04/02/24     CNY      60.00
GUILIN CITY INVESTMENT    6.90       06/13/21     CNY      40.55
GUILIN CITY INVESTMENT    6.90       06/13/21     CNY      40.00
GUILIN ECONOMIC CONSTR    5.60       04/22/22     CNY      41.50
GUILIN ECONOMIC CONSTR    5.60       04/22/22     CNY      40.00
GUIRENNIAO CO LTD         7.00       12/03/19     CNY      49.50
GUIYANG BAIYUN INDUSTR    7.30       03/27/22     CNY      45.00
GUIYANG BAIYUN INDUSTR    7.30       03/27/22     CNY      41.80
GUIYANG GUANSHANHU DIS    4.48       03/09/23     CNY      59.83
GUIYANG GUANSHANHU DIS    4.48       03/09/23     CNY      59.29
GUIYANG GUANSHANHU DIS    4.87       01/28/23     CNY      60.19
GUIYANG GUANSHANHU DIS    4.87       01/28/23     CNY      59.78
GUIYANG URBAN CONSTRUC    5.23       12/02/22     CNY      59.65
GUIYANG URBAN CONSTRUC    5.23       12/02/22     CNY      59.40
GUIZHOU EAST LAKE CITY    5.18       01/06/23     CNY      61.52
GUIZHOU EAST LAKE CITY    5.18       01/06/23     CNY      57.97
GUIZHOU FANJINGSHAN IN    6.95       01/28/22     CNY      41.13
GUIZHOU FANJINGSHAN IN    6.95       01/28/22     CNY      40.00
GUIZHOU GUIAN CONSTRUC    4.17       10/28/22     CNY      61.00
GUIZHOU GUIAN CONSTRUC    4.17       10/28/22     CNY      60.89
GUIZHOU GUILONG INDUST    7.80       04/28/22     CNY      52.21
GUIZHOU GUILONG INDUST    7.80       04/28/22     CNY      51.43
GUIZHOU HONGCAI INVEST    6.00       06/07/23     CNY      73.78
GUIZHOU HONGCAI INVEST    6.00       06/07/23     CNY      73.72
GUIZHOU RAILWAY INVEST    7.50       04/23/24     CNY      65.85
GUIZHOU RAILWAY INVEST    7.50       04/23/24     CNY      65.75
GUIZHOU RAILWAY INVEST    7.20       03/27/22     CNY      42.50
GUIZHOU RAILWAY INVEST    7.20       03/27/22     CNY      42.02
GUIZHOU SHUICHENG CITY    4.98       11/22/23     CNY      72.67
HAIAN COUNTY DEVELOPME    5.45       04/13/23     CNY      59.66
HAIAN COUNTY DEVELOPME    5.45       04/13/23     CNY      58.04
HAIAN URBAN DEMOLITION    5.08       11/27/22     CNY      61.64
HAIAN URBAN DEMOLITION    5.08       11/27/22     CNY      60.88
HAICHENG URBAN JINCAI     8.17       04/16/21     CNY      20.33
HAICHENG URBAN JINCAI     8.17       04/16/21     CNY      20.10
HAICHENG URBAN JINCAI     8.56       12/19/20     CNY      20.46
HAICHENG URBAN JINCAI     8.56       12/19/20     CNY      20.00
HAIFENG MARINE INFRAST    6.84       04/29/22     CNY      40.82
HAIFENG MARINE INFRAST    6.84       04/29/22     CNY      40.00
HAIKOU MEILAN INTERNAT    5.25       09/06/19     USD      59.11
HAIMEN CITY DEVELOPMEN    6.22       04/03/22     CNY      42.20
HAIMEN CITY DEVELOPMEN    6.22       04/03/22     CNY      41.93
HAINING CITY DEVELOPME    5.58       10/22/21     CNY      41.24
HAINING CITY DEVELOPME    5.58       10/22/21     CNY      41.00
HAINING CITY JIANSHAN     6.90       11/04/20     CNY      21.42
HAINING CITY JIANSHAN     6.90       11/04/20     CNY      20.36
HAIXI STATE-OWNED CAPI    8.60       01/02/21     CNY      20.48
HAIYAN COUNTY STATE-OW    7.00       09/04/20     CNY      20.25
HANDAN CONSTRUCTION &     5.48       05/27/22     CNY      67.20
HANDAN CONSTRUCTION &     5.48       05/27/22     CNY      61.44
HANGZHOU FUYANG CITY C    7.20       03/19/21     CNY      20.75
HANGZHOU FUYANG CITY C    7.20       03/19/21     CNY      20.74
HANGZHOU FUYANG DEVELO    4.76       01/27/23     CNY      61.03
HANGZHOU FUYANG DEVELO    4.76       01/27/23     CNY      59.96
HANGZHOU FUYANG DEVELO    7.70       04/28/21     CNY      40.92
HANGZHOU FUYANG DEVELO    7.70       04/28/21     CNY      29.00
HANGZHOU GONGSHU DISTR    6.90       07/21/21     CNY      41.23
HANGZHOU GONGSHU DISTR    6.90       07/21/21     CNY      40.40
HANGZHOU LOWER DISTRIC    3.80       03/14/23     CNY      61.07
HANGZHOU LOWER DISTRIC    3.80       03/14/23     CNY      60.00
HANGZHOU WEST LAKE INV    4.30       04/25/23     CNY      61.48
HANGZHOU WEST LAKE INV    4.30       04/25/23     CNY      60.85
HANGZHOU XIAOSHAN ECO&    6.90       05/13/21     CNY      40.99
HANGZHOU XIAOSHAN QIAN    4.00       03/22/23     CNY      61.41
HANGZHOU XIAOSHAN QIAN    4.00       03/22/23     CNY      61.37
HANGZHOU YUHANG CITY C    7.00       03/03/21     CNY      20.84
HANGZHOU YUHANG ECONOM    7.45       03/03/21     CNY      20.75
HANGZHOU YUHANG ECONOM    7.45       03/03/21     CNY      20.66
HANGZHOU YUHANG TRANSP    7.19       04/18/21     CNY      21.85
HANGZHOU YUHANG TRANSP    7.19       04/18/21     CNY      20.77
HANJIANG STATE-OWNED-A    7.30       11/11/20     CNY      26.60
HANJIANG STATE-OWNED-A    7.30       11/11/20     CNY      20.49
HAWTAI MOTOR GROUP LTD    6.10       10/26/21     CNY      74.00
HAWTAI MOTOR GROUP LTD    7.20       04/14/21     CNY      60.00
HEBEI ZHONGYUE CITY CO    4.10       11/16/21     CNY      60.07
HEBEI ZHONGYUE CITY CO    4.10       11/16/21     CNY      59.96
HEBI INVESTMENTS GROUP    7.88       08/01/21     CNY      41.03
HEBI INVESTMENTS GROUP    7.88       08/01/21     CNY      40.99
HECHI CITY CONSTRUCTIO    5.58       11/13/22     CNY      62.42
HECHI CITY CONSTRUCTIO    5.58       11/13/22     CNY      60.41
HEFEI CONSTRUCTION INV    7.20       04/29/24     CNY      66.11
HEFEI CONSTRUCTION INV    7.20       04/29/24     CNY      65.84
HEILONGJIANG HECHENG C    7.05       06/21/22     CNY      45.97
HEILONGJIANG HECHENG C    7.05       06/21/22     CNY      45.93
HEILONGJIANG HECHENG C    5.60       11/11/21     CNY      40.33
HEILONGJIANG HECHENG C    5.60       11/11/21     CNY      40.00
HEILONGJIANG POST-DISA    7.06       11/20/20     CNY       6.79
HEILONGJIANG POST-DISA    7.06       11/20/20     CNY       6.78
HEILONGJIANG POST-DISA    7.10       11/19/20     CNY      25.52
HEILONGJIANG POST-DISA    7.10       11/19/20     CNY      18.55
HEISHAN TONGHE ASSET M    6.79       09/18/22     CNY      59.67
HEISHAN TONGHE ASSET M    6.79       09/18/22     CNY      59.28
HENGYANG BAISHAZHOU DE    6.87       08/22/21     CNY      44.50
HENGYANG BAISHAZHOU DE    6.87       08/22/21     CNY      40.73
HENGYANG COMMUNICATION    4.28       01/21/23     CNY      60.18
HENGYANG COMMUNICATION    4.28       01/21/23     CNY      60.00
HENGYANG HONGXIANG STA    6.20       06/19/20     CNY      20.04
HENGYANG HONGXIANG STA    6.20       06/19/20     CNY      20.00
HENGYANG XIANGJIANG WA    7.40       04/23/21     CNY      21.10
HENGYANG XIANGJIANG WA    7.40       04/23/21     CNY      20.64
HETIAN YUXIN STATE-OWN    4.65       03/28/23     CNY      60.82
HETIAN YUXIN STATE-OWN    4.65       03/28/23     CNY      60.77
HEYUAN CITY RUNYE INVE    6.20       12/03/21     CNY      45.88
HEYUAN CITY RUNYE INVE    6.20       12/03/21     CNY      41.16
HEZE INVESTMENT DEVELO    7.14       03/24/21     CNY      20.95
HEZE INVESTMENT DEVELO    7.14       03/24/21     CNY      20.66
HEZHOU URBAN CONSTRUCT    8.16       05/16/21     CNY      41.32
HEZHOU URBAN CONSTRUCT    8.16       05/16/21     CNY      40.81
HNA GROUP CO LTD          5.99       11/27/22     CNY      29.10
HNA GROUP INTERNATIONA    6.25       10/05/21     USD      74.46
HONGHEZHOU ROAD DEVELO    6.27       05/06/20     CNY      20.00
HONGHEZHOU ROAD DEVELO    6.27       05/06/20     CNY      19.99
HUACHEN ENERGY CO LTD     6.63       05/18/20     USD      26.00
HUAIAN CITY HUAIAN DIS    4.63       05/03/23     CNY      61.13
HUAIAN CITY URBAN ASSE    5.70       04/23/22     CNY      41.54
HUAIAN CITY URBAN ASSE    5.70       04/23/22     CNY      41.39
HUAIAN CITY XUYI URBAN    5.10       04/15/23     CNY      59.80
HUAIAN CITY XUYI URBAN    5.10       04/15/23     CNY      59.56
HUAI'AN DEVELOPMENT HO    7.30       03/10/21     CNY      27.84
HUAI'AN DEVELOPMENT HO    7.30       03/10/21     CNY      20.62
HUAIAN HONGRI TRANSPOR    5.09       04/20/23     CNY      58.72
HUAIAN HONGRI TRANSPOR    5.09       04/20/23     CNY      58.69
HUAI'AN NEW CITY INVES    6.95       07/28/21     CNY      47.50
HUAI'AN NEW CITY INVES    6.95       07/28/21     CNY      40.91
HUAI'AN NEW CITY INVES    7.45       03/04/21     CNY      20.48
HUAI'AN NEW CITY INVES    7.45       03/04/21     CNY      20.00
HUAIHUA CITY INDUSTRIA    7.70       10/29/20     CNY      20.20
HUAIHUA CITY INDUSTRIA    7.70       10/29/20     CNY      20.19
HUAIHUA ECONOMIC DEVEL    6.80       03/26/22     CNY      40.00
HUAIHUA ECONOMIC DEVEL    6.80       03/26/22     CNY      39.89
HUAIHUA TRANSPORTATION    4.96       04/12/23     CNY      60.07
HUAIHUA TRANSPORTATION    4.96       04/12/23     CNY      59.95
HUAINAN URBAN CONSTRUC    6.79       07/09/21     CNY      41.65
HUAINAN URBAN CONSTRUC    6.79       07/09/21     CNY      41.05
HUANGGANG CITY CONSTRU    4.08       01/18/23     CNY      61.22
HUANGGANG CITY CONSTRU    4.08       01/18/23     CNY      60.40
HUANGGANG CITY CONSTRU    7.45       03/04/21     CNY      20.80
HUANGGANG CITY CONSTRU    7.45       03/04/21     CNY      20.72
HUANGGANG CITY CONSTRU    8.60       12/25/20     CNY      20.62
HUANGGANG CITY CONSTRU    8.60       12/25/20     CNY      20.60
HUANGSHAN CHENGTOU GRO    5.95       05/06/22     CNY      60.65
HUANGSHAN CHENGTOU GRO    5.95       05/06/22     CNY      41.75
HUANGSHI CIHU HIGH-TEC    9.30       01/21/21     CNY      20.71
HUANGSHI CIHU HIGH-TEC    8.70       12/05/20     CNY      20.45
HUANGSHI URBAN CONSTRU    5.99       04/29/22     CNY      41.57
HUANGSHI URBAN CONSTRU    5.99       04/29/22     CNY      40.00
HUAWEN MEDIA GROUP        6.00       04/04/21     CNY      35.20
HUAWEN MEDIA GROUP        5.45       11/08/20     CNY      47.65
HUBEI PROVINCE CHANGJI    6.15       04/03/22     CNY      42.40
HUBEI PROVINCE CHANGJI    6.15       04/03/22     CNY      41.56
HULUDAO INVESTMENT GRO    7.50       10/18/23     CNY      63.23
HULUDAO INVESTMENT GRO    7.50       10/18/23     CNY      60.00
HULUDAO INVESTMENT GRO    7.05       10/18/20     CNY      20.52
HULUDAO INVESTMENT GRO    7.05       10/18/20     CNY      20.24
HULUNBEIER INVESTMENT     6.31       04/30/22     CNY      61.03
HULUNBEIER INVESTMENT     6.31       04/30/22     CNY      40.00
HUNAN CHANGDE DEYUAN I    6.50       06/16/21     CNY      42.25
HUNAN CHANGDE DEYUAN I    6.50       06/16/21     CNY      40.85
HUNAN CHUZHISHENG HOLD    5.60       12/18/22     CNY      61.96
HUNAN CHUZHISHENG HOLD    5.60       12/18/22     CNY      60.26
HUNAN JINYANG INVESTME    4.39       04/06/23     CNY      60.40
HUNAN JINYANG INVESTME    4.39       04/06/23     CNY      59.61
HUNAN JINYANG INVESTME    4.37       01/19/23     CNY      60.80
HUNAN JINYANG INVESTME    4.37       01/19/23     CNY      60.47
HUNAN JINYANG INVESTME    5.70       11/27/21     CNY      39.66
HUNAN JINYANG INVESTME    5.70       11/27/21     CNY      38.60
HUNAN LOUDI ECONOMIC &    4.89       03/30/23     CNY      56.42
HUNAN LOUDI ECONOMIC &    4.89       03/30/23     CNY      56.28
HUNAN LOUDI ECONOMIC &    6.36       03/13/22     CNY      47.00
HUNAN LOUDI ECONOMIC &    6.36       03/13/22     CNY      39.16
HUNAN PROVINCIAL RAILW    6.09       04/30/25     CNY      70.00
HUNAN SHAODONG ECO-IND    6.50       01/11/23     CNY      59.93
HUNAN SHAODONG ECO-IND    6.50       01/11/23     CNY      59.36
HUNAN TIER GROUP CO LT    4.20       03/17/23     CNY      58.79
HUNAN TIER GROUP CO LT    4.20       03/17/23     CNY      57.92
HUNAN TIER GROUP CO LT    7.10       03/03/21     CNY      20.95
HUNAN TIER GROUP CO LT    7.10       03/03/21     CNY      20.62
HUNAN TIER GROUP CO LT    8.00       12/23/20     CNY      22.72
HUNAN TIER GROUP CO LT    8.00       12/23/20     CNY      20.67
HUNAN XIANGJIANG NEW A    7.36       03/17/21     CNY      20.80
HUNAN XIANGJIANG NEW A    7.36       03/17/21     CNY      20.00
HUZHOU URBAN CONSTRUCT    6.48       08/28/21     CNY      42.38
HUZHOU URBAN CONSTRUCT    6.48       08/28/21     CNY      41.10
HUZHOU WUXING NANTAIHU    8.79       01/16/21     CNY      20.59
HUZHOU WUXING NANTAIHU    8.79       01/16/21     CNY      20.15
HUZHOU XISAISHAN DEVEL    7.80       04/29/21     CNY      20.84
HUZHOU XISAISHAN DEVEL    7.80       04/29/21     CNY      20.00
INNER MONGOLIA JINLONG    7.30       11/19/22     CNY      60.37
INNER MONGOLIA KE'ERQI    6.45       04/30/22     CNY      40.00
INNER MONGOLIA KE'ERQI    6.45       04/30/22     CNY      39.33
INNER MONGOLIA KE'ERQI    6.50       03/11/22     CNY      40.00
INNER MONGOLIA KE'ERQI    6.50       03/11/22     CNY      39.47
INNER MONGOLIA SHENGXI    8.18       08/21/21     CNY      44.00
INNER MONGOLIA SHENGXI    8.18       08/21/21     CNY      40.38
INNER MONGOLIA ZHUNGEE    6.54       12/31/21     CNY      42.10
INNER MONGOLIA ZHUNGEE    6.54       12/31/21     CNY      41.72
JIAN CITY JINGANGSHAN     4.87       01/27/23     CNY      60.47
JIAN CITY JINGANGSHAN     4.87       01/27/23     CNY      58.77
JIAN CITY JINGANGSHAN     7.99       06/03/21     CNY      40.87
JIAN CITY JINGANGSHAN     7.99       06/03/21     CNY      40.63
JIANAN INVESTMENT HOLD    4.30       03/08/23     CNY      61.20
JIANAN INVESTMENT HOLD    4.30       03/08/23     CNY      61.20
JIANAN INVESTMENT HOLD    6.85       05/23/21     CNY      46.50
JIANAN INVESTMENT HOLD    6.85       05/23/21     CNY      40.85
JIANGDONG HOLDING GROU    7.14       04/24/21     CNY      20.89
JIANGMEN NEW HI-TECH I    6.03       04/22/22     CNY      41.55
JIANGMEN NEW HI-TECH I    6.03       04/22/22     CNY      41.50
JIANGMEN NEW HI-TECH I    7.39       11/04/20     CNY      20.47
JIANGSU HAIZHOUWAN DEV    5.37       03/29/23     CNY      45.00
JIANGSU HANRUI INVESTM    4.63       04/15/23     CNY      61.21
JIANGSU HANRUI INVESTM    4.63       04/15/23     CNY      61.00
JIANGSU HUAJING ASSETS    6.00       05/16/20     CNY      20.12
JIANGSU HUAJING ASSETS    6.00       05/16/20     CNY      20.01
JIANGSU JINGUAN INVEST    7.90       04/08/21     CNY      20.80
JIANGSU JINGUAN INVEST    7.90       04/08/21     CNY      20.76
JIANGSU JINTAN GUOFA I    6.85       05/30/21     CNY      40.44
JIANGSU JINTAN GUOFA I    6.85       05/30/21     CNY      40.00
JIANGSU JURONG FUDI BI    7.70       03/21/21     CNY      41.52
JIANGSU JURONG FUDI BI    7.70       03/21/21     CNY      41.20
JIANGSU NANTONG NO2 CO    8.10       07/10/21     CNY      40.18
JIANGSU NEWHEADLINE DE    7.00       08/27/20     CNY      29.90
JIANGSU NEWHEADLINE DE    7.00       08/27/20     CNY      25.22
JIANGSU RUNCHENG ASSET    7.88       04/16/21     CNY      28.80
JIANGSU RUNCHENG ASSET    7.88       04/16/21     CNY      20.80
JIANGSU RUNQI WANGUO I    4.14       10/21/21     CNY      59.12
JIANGSU RUNQI WANGUO I    4.14       10/21/21     CNY      59.10
JIANGSU SUHAI INVESTME    7.28       05/29/21     CNY      45.00
JIANGSU SUHAI INVESTME    7.28       05/29/21     CNY      40.76
JIANGSU TAICANG PORT D    7.40       04/28/21     CNY      40.92
JIANGSU TAICANG PORT D    7.40       04/28/21     CNY      20.00
JIANGSU WANGTAO INVEST    6.82       09/15/20     CNY      26.10
JIANGSU WANGTAO INVEST    6.82       09/15/20     CNY      25.20
JIANGSU WUZHONG ECONOM    5.49       11/19/21     CNY      41.21
JIANGSU WUZHONG ECONOM    5.49       11/19/21     CNY      40.32
JIANGSU XISHAN ECONOMI    5.78       07/20/22     CNY      61.70
JIANGSU XISHAN ECONOMI    5.78       07/20/22     CNY      60.50
JIANGSU YANGKOU PORT C    6.23       04/10/22     CNY      47.50
JIANGSU YANGKOU PORT C    6.23       04/10/22     CNY      41.51
JIANGSU YIXING ECONOMI    7.69       04/18/21     CNY      30.19
JIANGSU YIXING ECONOMI    7.69       04/18/21     CNY      20.79
JIANGSU ZHANGJIAGANG E    3.95       03/22/23     CNY      61.35
JIANGSU ZHANGJIAGANG E    3.95       03/22/23     CNY      60.00
JIANGSU ZHUFU INDUSTRI    4.93       12/29/20     CNY      40.33
JIANGXI HEJI INVESTMEN    5.09       12/17/22     CNY      60.00
JIANGXI HEJI INVESTMEN    5.09       12/17/22     CNY      58.84
JIANGXI HUIHENG PROPER    4.43       08/30/21     CNY      70.72
JIANGXI HUIHENG PROPER    4.43       08/30/21     CNY      69.91
JIANGXI LONGHU MOUNTAI    4.35       03/16/23     CNY      60.75
JIANGXI LONGHU MOUNTAI    4.35       03/16/23     CNY      60.10
JIANGXI PINGXIANG CHAN    8.18       05/22/21     CNY      49.34
JIANGXI PINGXIANG CHAN    8.18       05/22/21     CNY      40.89
JIANGXI PROVINCE SITON    8.20       04/18/21     CNY      20.82
JIANGYIN LINGANG NEW C    7.10       11/07/20     CNY      21.00
JIANGYIN LINGANG NEW C    7.10       11/07/20     CNY      20.38
JIANGYOU HONGFEI INVES    6.55       09/02/22     CNY      60.93
JIANGYOU HONGFEI INVES    6.55       09/02/22     CNY      59.46
JIANHU COUNTY DEVELOPM    7.29       09/25/21     CNY      42.75
JIANHU COUNTY DEVELOPM    7.29       09/25/21     CNY      40.96
JIANHU URBAN CONSTRUCT    6.30       06/01/22     CNY      62.86
JIANHU URBAN CONSTRUCT    6.30       06/01/22     CNY      60.42
JIANHU URBAN CONSTRUCT    3.28       10/13/21     CNY      71.00
JIANHU URBAN CONSTRUCT    3.28       10/13/21     CNY      69.56
JIAXING ECONOMIC&TECHN    7.89       03/05/21     CNY      21.13
JIAXING ECONOMIC&TECHN    7.89       03/05/21     CNY      20.82
JIAXING NANHU INVESTME    7.45       02/26/21     CNY      21.80
JIAXING NANHU INVESTME    7.45       02/26/21     CNY      20.65
JIAYU COUNTY URBAN TOW    5.70       01/19/23     CNY      61.33
JIAYU COUNTY URBAN TOW    5.70       01/19/23     CNY      60.28
JIAYUGUAN CITY INFRAST    7.83       09/23/21     CNY      40.92
JIAYUGUAN CITY INFRAST    7.83       09/23/21     CNY      40.00
JIEYANGSHI CHENGSHI TO    6.55       08/27/21     CNY      40.56
JILIN CITY CONSTRUCTIO    3.80       01/27/23     CNY      61.98
JILIN CITY CONSTRUCTIO    3.80       01/27/23     CNY      59.90
JILIN ECONOMIC AND TEC    6.20       04/29/23     CNY      60.21
JILIN ECONOMIC AND TEC    6.20       04/29/23     CNY      60.17
JILIN NORTHEAST SOCK I    6.80       12/19/21     CNY      69.75
JILIN RAILWAY INVESTME    7.18       03/04/21     CNY      20.14
JINAN CITY CONSTRUCTIO    6.80       03/20/21     CNY      20.67
JINAN CITY LICHENG DIS    5.00       06/23/22     CNY      60.10
JINAN CITY LICHENG DIS    5.00       06/23/22     CNY      60.09
JINAN HI-TECH HOLDING     6.38       06/19/21     CNY      40.81
JINCHANG CONSTRUCTION     6.79       12/21/22     CNY      61.31
JINCHANG CONSTRUCTION     6.79       12/21/22     CNY      60.00
JINCHENG STATE-OWNED C    4.99       11/11/21     CNY      40.89
JINCHENG STATE-OWNED C    4.99       11/11/21     CNY      40.87
JINGDE TAOCI CULTURAL     5.38       11/27/22     CNY      60.26
JINGDE TAOCI CULTURAL     5.38       11/27/22     CNY      58.00
JINGDEZHEN STATE-OWNED    6.59       06/25/20     CNY      20.08
JINGDEZHEN STATE-OWNED    6.59       06/25/20     CNY      20.06
JINGHONG STATE-OWNED A    8.08       05/23/21     CNY      40.57
JINGHONG STATE-OWNED A    8.08       05/23/21     CNY      39.00
JINGJIANG CITY INVESTM    4.55       03/30/23     CNY      60.94
JINGJIANG CITY INVESTM    4.55       03/30/23     CNY      59.73
JINGJIANG HARBOUR GROU    7.30       08/05/21     CNY      48.68
JINGJIANG HARBOUR GROU    7.30       08/05/21     CNY      40.24
JINGMEN CITY CONSTRUCT    6.85       07/09/22     CNY      46.90
JINGMEN CITY CONSTRUCT    6.85       07/09/22     CNY      46.20
JINGMEN CITY CONSTRUCT    7.00       10/17/20     CNY      20.37
JINGMEN CITY CONSTRUCT    7.00       10/17/20     CNY      18.57
JINGMEN HIGH-TECH DEVE    5.48       08/11/22     CNY      60.94
JINGMEN HIGH-TECH DEVE    5.48       08/11/22     CNY      59.80
JINGZHOU DEVELOPMENT Z    8.20       12/09/20     CNY      21.80
JINGZHOU DEVELOPMENT Z    8.20       12/09/20     CNY      20.50
JINGZHOU URBAN CONSTRU    3.97       03/10/23     CNY      60.93
JINGZHOU URBAN CONSTRU    3.97       03/10/23     CNY      60.55
JINHU COUNTY STATE-OWN    7.75       08/25/21     CNY      41.33
JINHU COUNTY STATE-OWN    7.75       08/25/21     CNY      40.91
JINING CITY SHIZHONG D    6.39       01/29/22     CNY      44.44
JINING CITY SHIZHONG D    6.39       01/29/22     CNY      41.34
JINING HI-TECH TOWN CO    6.09       04/30/22     CNY      41.58
JINING HI-TECH TOWN CO    6.09       04/30/22     CNY      41.50
JINZHAI URBAN DEVELOPM    5.90       04/25/23     CNY      81.32
JINZHAI URBAN DEVELOPM    5.90       04/25/23     CNY      62.06
JINZHOU CITY INVESTMEN    6.44       08/18/21     CNY      44.91
JINZHOU CITY INVESTMEN    6.44       08/18/21     CNY      40.56
JINZHOU CITY INVESTMEN    8.50       12/27/20     CNY      20.58
JINZHOU HUAXING INVEST    8.38       02/25/21     CNY      25.00
JINZHOU HUAXING INVEST    8.38       02/25/21     CNY      20.59
JINZHOU HUAXING INVEST    9.10       01/21/21     CNY      20.90
JINZHOU HUAXING INVEST    9.10       01/21/21     CNY      20.59
JISHOU HUATAI STATE OW    7.18       02/09/22     CNY      42.82
JISHOU HUATAI STATE OW    7.18       02/09/22     CNY      40.06
JIUJIANG CITY CONSTRUC    5.50       05/22/22     CNY      61.56
JIUJIANG CITY CONSTRUC    5.50       05/22/22     CNY      59.55
JIUJIANG LAND INVESTME    6.20       03/23/22     CNY      41.58
JIUJIANG LAND INVESTME    6.20       03/23/22     CNY      40.36
JIUJIANG LIANXI DISTRI    4.58       03/30/23     CNY      60.40
JIUJIANG LIANXI DISTRI    4.58       03/30/23     CNY      60.29
JIUQUAN ECONOMIC DEVEL    7.40       02/26/21     CNY      20.60
JIUQUAN ECONOMIC DEVEL    7.40       02/26/21     CNY      20.53
JIXI STATE OWN ASSET M    6.87       01/19/22     CNY      40.85
JIXI STATE OWN ASSET M    6.87       01/19/22     CNY      40.46
KAIFENG NEW DISTRICT I    6.35       03/23/22     CNY      40.81
KAIFENG NEW DISTRICT I    6.35       03/23/22     CNY      40.75
KAIFU CITY DEVELOPMENT    4.20       01/21/23     CNY      60.74
KAIFU CITY DEVELOPMENT    4.20       01/21/23     CNY      60.10
KAILI GUIZHOU TOWN CON    5.29       12/17/22     CNY      60.00
KAILI GUIZHOU TOWN CON    5.29       12/17/22     CNY      59.11
KANGMEI PHARMACEUTICAL    5.47       09/15/22     CNY      21.25
KANGMEI PHARMACEUTICAL    5.29       08/16/22     CNY      20.10
KANGMEI PHARMACEUTICAL    5.20       07/17/22     CNY      21.25
KANGMEI PHARMACEUTICAL    6.33       01/27/22     CNY      36.69
KANGMEI PHARMACEUTICAL    6.80       06/28/21     CNY      21.25
KANGMEI PHARMACEUTICAL    7.00       06/21/21     CNY      21.25
KANGMEI PHARMACEUTICAL    5.50       04/20/21     CNY      21.25
KANGMEI PHARMACEUTICAL    6.10       03/28/21     CNY      20.67
KANGMEI PHARMACEUTICAL    6.28       03/20/21     CNY      21.25
KASHGAR SHENKA INVESTM    7.08       07/07/20     CNY      25.18
KASHGAR SHENKA INVESTM    7.08       07/07/20     CNY      24.75
KASHI URBAN CONSTRUCTI    5.80       07/20/22     CNY      61.41
KASHI URBAN CONSTRUCTI    5.80       07/20/22     CNY      60.00
KUERLE CITY CONSTRUCTI    6.99       05/20/20     CNY      25.05
KUERLE CITY CONSTRUCTI    6.99       05/20/20     CNY      25.04
KUNMING DONGJUN REAL E    4.50       11/02/21     CNY      49.98
KUNSHAN COMMUNICATION     6.95       05/22/21     CNY      45.45
KUNSHAN COMMUNICATION     6.95       05/22/21     CNY      41.04
KUNSHAN HIGH TECHNOLOG    7.10       03/26/21     CNY      20.78
LAIWU CITY ECONOMIC DE    7.08       02/28/21     CNY      20.65
LAIWU CITY ECONOMIC DE    7.08       02/28/21     CNY      20.60
LANZHOU STATE OWNED AS    6.32       09/10/21     CNY      40.38
LANZHOU STATE OWNED AS    6.32       09/10/21     CNY      34.90
LAOHEKOU CITY CONSTRUC    6.75       08/12/22     CNY      61.42
LAOHEKOU CITY CONSTRUC    6.75       08/12/22     CNY      61.33
LEIYANG CITY AND RURAL    7.80       04/10/22     CNY      42.41
LEIYANG CITY AND RURAL    7.80       04/10/22     CNY      42.39
LEQING CITY STATE OWNE    5.99       10/20/21     CNY      41.40
LEQING CITY STATE OWNE    5.99       10/20/21     CNY      40.85
LESHAN STATE-OWNED ASS    5.68       10/22/21     CNY      45.60
LESHAN STATE-OWNED ASS    5.68       10/22/21     CNY      41.10
LIANYUNGANG TRANSPORT     5.47       11/17/21     CNY      45.00
LIANYUNGANG TRANSPORT     5.47       11/17/21     CNY      40.82
LIAOCHENG ANTAI URBAN     5.16       04/11/23     CNY      61.66
LIAOCHENG ANTAI URBAN     5.16       04/11/23     CNY      61.27
LIAOCHENG ANTAI URBAN     4.58       04/11/23     CNY      61.09
LIAOCHENG ANTAI URBAN     4.58       04/11/23     CNY      60.81
LIAOCHENG XINGYE ECONO    5.20       04/13/23     CNY      61.84
LIAOCHENG XINGYE ECONO    5.20       04/13/23     CNY      58.99
LIAONING COASTAL ECONO    8.90       04/01/21     CNY      11.46
LIAONING COASTAL ECONO    8.90       04/01/21     CNY       3.63
LIAONING YAODU DEVELOP    6.50       04/29/23     CNY      61.48
LIAONING YAODU DEVELOP    6.50       04/29/23     CNY      59.87
LILING HIGH-TECH INDUS    4.93       01/19/23     CNY      60.10
LILING HIGH-TECH INDUS    4.93       01/19/23     CNY      58.75
LINFEN CITY INVESTMENT    6.20       05/23/20     CNY      20.04
LINFEN YAODU DISTRICT     7.19       03/13/22     CNY      41.01
LINFEN YAODU DISTRICT     7.19       03/13/22     CNY      40.37
LINFEN YAODU DISTRICT     6.99       09/27/20     CNY      20.13
LINFEN YAODU DISTRICT     6.99       09/27/20     CNY      20.00
LISHUI CITY CONSTRUCTI    5.67       08/13/22     CNY      61.76
LISHUI CITY CONSTRUCTI    5.67       08/13/22     CNY      60.00
LISHUI CITY CONSTRUCTI    6.00       05/23/20     CNY      20.10
LISHUI CITY CONSTRUCTI    6.00       05/23/20     CNY      20.02
LIUPANSHUI AFFORDABLE     5.08       01/29/23     CNY      59.38
LIUPANSHUI AFFORDABLE     5.08       01/29/23     CNY      59.27
LIUPANSHUI DEVELOPMENT    3.74       01/20/23     CNY      61.18
LIUPANSHUI DEVELOPMENT    3.74       01/20/23     CNY      60.94
LIUYANG MODERN MANUFAC    4.72       01/19/23     CNY      61.09
LIUYANG MODERN MANUFAC    4.72       01/19/23     CNY      60.14
LIUYANG NEW INDUSTRIAL    4.43       10/23/22     CNY      60.68
LIUYANG NEW INDUSTRIAL    4.43       10/23/22     CNY      60.30
LIUYANG URBAN CONSTRUC    6.98       08/22/21     CNY      41.50
LIUYANG URBAN CONSTRUC    6.98       08/22/21     CNY      41.36
LIUZHOU CITY INVESTMEN    7.18       12/31/22     CNY      47.15
LIUZHOU INVESTMENT HOL    4.28       03/08/23     CNY      60.36
LIUZHOU INVESTMENT HOL    4.28       03/08/23     CNY      60.35
LIUZHOU LONGJIAN INVES    8.28       04/30/24     CNY      64.44
LIYANG KUNLUN URBAN CO    5.90       10/24/21     CNY      40.96
LIYANG KUNLUN URBAN CO    5.90       10/24/21     CNY      38.00
LONGHAI STATE-OWNED AS    6.58       08/15/21     CNY      40.97
LONGYAN RAILWAY CONSTR    4.98       04/13/23     CNY      60.16
LONGYAN RAILWAY CONSTR    4.98       04/13/23     CNY      59.25
LOUDI CITY CONSTRUCTIO    7.95       04/15/21     CNY      30.31
LOUDI CITY CONSTRUCTIO    7.95       04/15/21     CNY      20.59
LOUDI TIDU INVESTMENT     4.83       01/20/23     CNY      60.99
LOUDI TIDU INVESTMENT     4.83       01/20/23     CNY      60.23
LOUDI TIDU INVESTMENT     7.18       08/27/21     CNY      41.00
LOUDI TIDU INVESTMENT     7.18       08/27/21     CNY      40.00
LOUDI WANBAO NEW DISTR    5.13       02/01/23     CNY      60.24
LOUDI WANBAO NEW DISTR    5.13       02/01/23     CNY      59.91
LU'AN CITY CONSTRUCTIO    5.05       04/26/21     CNY      51.14
LU'AN CITY CONSTRUCTIO    3.97       02/22/21     CNY      50.60
LU'AN CITY CONSTRUCTIO    5.20       09/25/20     CNY      50.57
LUJIANG CITY CONSTRUCT    6.70       04/16/22     CNY      41.09
LUJIANG CITY CONSTRUCT    6.70       04/16/22     CNY      40.00
LUOHE CITY INVESTMENT     5.25       09/11/20     CNY      40.22
LUOYANG CITY COUNTRY C    4.28       04/26/23     CNY      61.83
LUOYANG CITY DEVELOPME    4.47       12/02/22     CNY      61.91
LUOYANG CITY DEVELOPME    4.47       12/02/22     CNY      60.00
LUZHOU XINGLU TOUZI JI    6.41       04/23/25     CNY      70.00
LUZHOU XINGYANG INVEST    4.87       01/28/23     CNY      59.77
LUZHOU XINGYANG INVEST    4.87       01/28/23     CNY      59.76
MA'ANSHAN CIHU HIGH TE    6.85       09/09/21     CNY      43.00
MA'ANSHAN CIHU HIGH TE    6.85       09/09/21     CNY      41.24
MAANSHAN ECONOMIC TECH    6.49       03/06/22     CNY      44.99
MAANSHAN ECONOMIC TECH    6.49       03/06/22     CNY      41.11
MAANSHAN HUASHAN DISTR    6.07       04/20/22     CNY      41.83
MAANSHAN HUASHAN DISTR    6.07       04/20/22     CNY      41.42
MEISHAN CITY ASSET OPE    7.84       02/26/21     CNY      20.70
MEISHAN CITY ASSET OPE    7.84       02/26/21     CNY      20.40
MEISHAN HONGDA CONSTRU    4.18       03/28/23     CNY      60.11
MEISHAN HONGDA CONSTRU    4.18       03/28/23     CNY      60.08
MEISHAN HONGDA CONSTRU    6.56       06/19/20     CNY      20.06
MEISHAN HONGDA CONSTRU    6.56       06/19/20     CNY      20.02
MEIZHOU CITY XIN JIN Y    6.02       04/22/22     CNY      45.32
MEIZHOU CITY XIN JIN Y    6.02       04/22/22     CNY      41.60
MEIZHOU KANGDA HIGHWAY    6.95       09/10/20     CNY      20.25
MEIZHOU KANGDA HIGHWAY    6.95       09/10/20     CNY      20.23
MEIZHOU MEI COUNTY DIS    5.00       12/30/22     CNY      60.40
MEIZHOU MEI COUNTY DIS    5.00       12/30/22     CNY      60.00
MUDANJIANG AREA URBAN     6.48       06/30/22     CNY      65.00
MUDANJIANG AREA URBAN     6.48       06/30/22     CNY      61.56
MUDANJIANG STATE-OWNED    7.70       04/14/21     CNY      20.57
MUDANJIANG STATE-OWNED    7.70       04/14/21     CNY      20.56
MUNICIPALITY OF SHENZH    3.00       03/29/22     CNY      60.00
MUNICIPALITY OF SHENZH    3.00       03/29/22     CNY      60.00
NANCHANG WATER CONSERV    6.28       06/21/20     CNY      20.09
NANCHANG WATER CONSERV    6.28       06/21/20     CNY      20.08
NANCHONG AIRPORT INVES    6.80       01/26/22     CNY      41.29
NANCHONG AIRPORT INVES    6.80       01/26/22     CNY      40.95
NANCHONG ECONOMIC DEVE    8.28       04/21/21     CNY      31.20
NANCHONG ECONOMIC DEVE    8.28       04/21/21     CNY      20.84
NANJING BAIXIA STATE-O    3.98       03/29/23     CNY      61.25
NANJING BAIXIA STATE-O    3.98       03/29/23     CNY      60.99
NANJING HEXI NEW TOWN     3.20       07/22/21     CNY      69.50
NANJING HEXI NEW TOWN     3.47       06/17/21     CNY      66.00
NANJING JIANGNING ECON    7.94       04/14/24     CNY      66.82
NANJING LISHUI ECONOMI    6.27       09/22/21     CNY      41.29
NANJING LISHUI ECONOMI    6.27       09/22/21     CNY      41.23
NANJING LISHUI URBAN C    4.97       04/28/23     CNY      61.88
NANJING LISHUI URBAN C    4.97       04/28/23     CNY      61.01
NANJING LISHUI URBAN C    5.80       05/29/20     CNY      20.13
NANJING LISHUI URBAN C    5.80       05/29/20     CNY      20.02
NANJING STATE OWNED AS    5.60       03/06/23     CNY      47.47
NANJING STATE OWNED AS    5.60       03/06/23     CNY      47.10
NANJING TANGSHAN CONST    6.80       06/30/21     CNY      46.80
NANJING TANGSHAN CONST    6.80       06/30/21     CNY      40.98
NANNING HI-TECH INDUST    4.28       03/25/23     CNY      59.66
NANNING HI-TECH INDUST    4.28       03/25/23     CNY      55.20
NANNING LVGANG CONSTRU    7.30       06/27/21     CNY      44.80
NANNING LVGANG CONSTRU    7.30       06/27/21     CNY      40.72
NANPING CITY WUYI NEW     4.96       09/28/22     CNY      61.18
NANPING CITY WUYI NEW     4.96       09/28/22     CNY      60.60
NANPING CITY WUYI NEW     6.70       08/06/20     CNY      20.15
NANPING CITY WUYI NEW     6.70       08/06/20     CNY      20.12
NANTONG CHONGCHUAN URB    7.15       04/18/21     CNY      25.40
NANTONG CHONGCHUAN URB    7.15       04/18/21     CNY      20.69
NANTONG CITY GANGZHA D    3.80       09/06/21     CNY      70.71
NANTONG CITY GANGZHA D    3.80       09/06/21     CNY      70.34
NANTONG ECONOMIC & TEC    5.80       05/17/20     CNY      20.25
NANTONG ECONOMIC & TEC    5.80       05/17/20     CNY      20.01
NANTONG HIGH TECHNOLOG    5.00       10/19/22     CNY      61.87
NANTONG HIGH TECHNOLOG    5.00       10/19/22     CNY      61.52
NANTONG SUTONG SCIENCE    6.20       03/18/22     CNY      41.35
NANTONG SUTONG SCIENCE    6.20       03/18/22     CNY      40.00
NANYANG HIGH-TECH DIST    6.45       04/29/23     CNY      63.32
NANYANG HIGH-TECH DIST    6.45       04/29/23     CNY      62.94
NANYANG INVESTMENT GRO    7.05       10/24/20     CNY      20.36
NANYANG INVESTMENT GRO    7.05       10/24/20     CNY      20.29
NEIJIANG INVESTMENT HO    7.99       04/24/21     CNY      28.53
NEIJIANG INVESTMENT HO    7.99       04/24/21     CNY      20.62
NEIJIANG STATE-OWNED A    6.20       04/12/23     CNY      59.60
NEIJIANG STATE-OWNED A    6.20       04/12/23     CNY      59.40
NEIJINAG CONSTRUCTION     5.03       12/25/22     CNY      60.18
NEIJINAG CONSTRUCTION     5.03       12/25/22     CNY      56.36
NEOGLORY HOLDING GROUP    8.00       10/22/20     CNY      56.00
NEOGLORY HOLDING GROUP    8.00       09/25/20     CNY      60.00
NEOGLORY HOLDING GROUP    8.10       11/23/18     CNY      72.00
NINGBO CITY HAISHU GUA    7.75       03/06/21     CNY      26.30
NINGBO CITY HAISHU GUA    7.75       03/06/21     CNY      20.77
NINGBO CITY ZHENHAI IN    5.85       12/04/21     CNY      41.34
NINGBO CITY ZHENHAI IN    5.85       12/04/21     CNY      41.20
NINGBO ECONOMIC & TECH    7.09       04/21/21     CNY      29.00
NINGBO ECONOMIC & TECH    7.09       04/21/21     CNY      20.76
NINGBO MEISHAN ISLAND     6.27       03/23/22     CNY      48.29
NINGBO MEISHAN ISLAND     6.27       03/23/22     CNY      41.61
NINGGUO CITY STATE OWN    8.70       04/28/21     CNY      21.50
NINGGUO CITY STATE OWN    8.70       04/28/21     CNY      20.93
NINGHAI COUNTY URBAN I    7.99       04/16/21     CNY      20.88
NINGHAI COUNTY URBAN I    8.00       01/02/21     CNY      25.00
NINGHAI COUNTY URBAN I    8.00       01/02/21     CNY      20.61
NINGXIA TAIRUI PHARMAC    7.00       12/28/22     CNY      75.00
NINGXIANG CITY CONSTRU    6.70       01/20/22     CNY      42.10
NINGXIANG CITY CONSTRU    6.70       01/20/22     CNY      40.20
NINGXIANG ECONOMIC TEC    3.87       01/27/23     CNY      60.58
NINGXIANG ECONOMIC TEC    3.87       01/27/23     CNY      60.40
NINGXIANG ECONOMIC TEC    8.20       04/16/21     CNY      20.67
PANJIN CITY SHUANGTAIZ    6.48       10/23/22     CNY      61.56
PANJIN CITY SHUANGTAIZ    6.48       10/23/22     CNY      60.84
PANJIN CITY SHUANGTAIZ    7.25       01/22/22     CNY      40.76
PANJIN CITY SHUANGTAIZ    7.25       01/22/22     CNY      40.70
PANSHAN COUNTY STATE-O    7.48       01/21/22     CNY      41.23
PANSHAN COUNTY STATE-O    7.48       01/21/22     CNY      41.23
PANZHIHUA STATE OWNED     8.18       03/13/22     CNY      42.36
PANZHIHUA STATE OWNED     7.60       03/05/21     CNY      20.48
PANZHIHUA STATE OWNED     7.60       03/05/21     CNY      20.32
PANZHIHUA STATE OWNED     5.41       07/29/20     CNY      19.30
PEIXIAN CITY INVESTMEN    5.20       11/10/22     CNY      60.69
PEIXIAN CITY INVESTMEN    5.20       11/10/22     CNY      60.00
PEKING UNIVERSITY FOUN    6.30       03/04/24     CNY      49.00
PEKING UNIVERSITY FOUN    6.50       11/16/23     CNY      49.00
PEKING UNIVERSITY FOUN    6.68       08/09/23     CNY      49.00
PEKING UNIVERSITY FOUN    5.80       01/28/22     CNY      49.00
PEKING UNIVERSITY FOUN    5.99       11/02/21     CNY      49.00
PEKING UNIVERSITY FOUN    6.10       08/22/21     CNY      49.00
PEKING UNIVERSITY FOUN    4.80       07/26/21     CNY      49.00
PEKING UNIVERSITY FOUN    6.30       09/12/20     CNY      49.00
PEKING UNIVERSITY FOUN    6.15       07/23/20     CNY      49.00
PEKING UNIVERSITY FOUN    6.20       05/31/20     CNY      49.00
PINGHU CITY INVESTMENT    5.13       04/29/23     CNY      62.03
PINGHU CITY INVESTMENT    5.13       04/29/23     CNY      61.81
PINGHU ECONOMIC DEVELO    7.99       04/17/21     CNY      20.80
PINGHU ECONOMIC DEVELO    7.99       04/17/21     CNY      20.73
PINGLIANG CHENGXIANG C    7.10       09/17/20     CNY      20.31
PINGLIANG CHENGXIANG C    7.10       09/17/20     CNY      20.20
PINGLIANG CULTURAL & T    6.85       11/30/22     CNY      61.14
PINGLIANG CULTURAL & T    6.85       11/30/22     CNY      55.50
PINGTAN COMPREHENSIVE     3.92       01/29/23     CNY      60.87
PINGTAN COMPREHENSIVE     3.92       01/29/23     CNY      60.30
PINGXIANG CHANGXING IN    5.26       04/11/23     CNY      60.28
PINGXIANG CHANGXING IN    5.26       04/11/23     CNY      59.48
PINGXIANG HUIFENG INVE    6.60       01/26/22     CNY      40.46
PINGXIANG HUIFENG INVE    6.60       01/26/22     CNY      40.00
PINGYANG STATE-OWNED A    4.97       01/08/23     CNY      60.92
PINGYANG STATE-OWNED A    4.97       01/08/23     CNY      60.00
PIZHOU CITY HENGRUN IN    6.46       12/05/21     CNY      42.46
PIZHOU CITY HENGRUN IN    6.46       12/05/21     CNY      41.40
PIZHOU ECONOMIC DEVELO    5.00       10/29/22     CNY      60.00
PIZHOU ECONOMIC DEVELO    5.00       10/29/22     CNY      59.74
PIZHOU RUNCAI ASSET MA    5.90       12/18/20     CNY      50.49
PUTIAN HIGH TECHNOLOGY    5.90       05/03/22     CNY      51.10
PUTIAN HIGH TECHNOLOGY    5.90       05/03/22     CNY      51.09
PUYANG INVESTMENT GROU    8.00       12/11/20     CNY      20.51
PUYANG INVESTMENT GROU    8.00       12/11/20     CNY      20.00
QIANAN URBAN CONSTRUCT    7.19       08/11/21     CNY      41.18
QIANAN URBAN CONSTRUCT    7.19       08/11/21     CNY      40.00
QIANAN URBAN CONSTRUCT    8.88       01/23/21     CNY      20.79
QIANAN URBAN CONSTRUCT    8.88       01/23/21     CNY      20.00
QIANAN XINGYUAN WATER     6.25       04/22/22     CNY      46.90
QIANAN XINGYUAN WATER     6.25       04/22/22     CNY      41.27
QIANDONGNAN TRANSPORTA    5.79       12/21/22     CNY      59.00
QIANDONGNAN TRANSPORTA    5.79       12/21/22     CNY      57.28
QIANDONGNANZHOU KAIHON    5.30       09/22/26     CNY      74.80
QIANJIANG URBAN CONSTR    5.19       12/21/22     CNY      60.38
QIANJIANG URBAN CONSTR    5.19       12/21/22     CNY      60.00
QIANJIANG URBAN CONSTR    8.38       04/22/21     CNY      21.00
QIANJIANG URBAN CONSTR    8.38       04/22/21     CNY      20.91
QIANNANZHOU INVESTMENT    6.43       03/09/22     CNY      39.56
QIANNANZHOU INVESTMENT    6.43       03/09/22     CNY      38.50
QIDONG COMMUNICATIONS     4.00       03/18/23     CNY      60.92
QIDONG COMMUNICATIONS     4.00       03/18/23     CNY      60.75
QIDONG STATE-OWNED ASS    4.00       03/09/23     CNY      60.49
QIDONG STATE-OWNED ASS    4.00       03/09/23     CNY      59.30
QIDONG STATE-OWNED ASS    7.30       11/20/22     CNY      47.67
QIDONG STATE-OWNED ASS    7.30       11/20/22     CNY      47.60
QIDONG URBAN CONSTRUCT    7.90       04/28/21     CNY      20.96
QIDONG URBAN CONSTRUCT    8.20       04/04/21     CNY      20.98
QIHE CITY OPERATION CO    5.10       03/07/23     CNY      60.54
QIHE CITY OPERATION CO    5.10       03/07/23     CNY      60.02
QINGDAO CONSON DEVELOP    6.40       12/12/22     CNY      47.65
QINGDAO CONSON DEVELOP    6.40       12/12/22     CNY      47.20
QINGDAO HICREAT DEVELO    6.88       04/25/21     CNY      21.13
QINGDAO HICREAT DEVELO    6.88       04/25/21     CNY      20.78
QINGDAO JIAOZHOU BAY D    6.33       09/18/21     CNY      41.33
QINGDAO JIMO CITY TOUR    5.47       11/17/21     CNY      41.18
QINGDAO JIMO CITY TOUR    5.47       11/17/21     CNY      41.00
QINGDAO LAIXI CITY ASS    7.50       03/06/21     CNY      28.79
QINGDAO LAIXI CITY ASS    7.50       03/06/21     CNY      20.69
QINGHAI PROVINCIAL INV    6.40       07/10/21     USD      35.76
QINGHAI PROVINCIAL INV    7.88       03/22/21     USD      35.47
QINGHAI STATE-OWNED AS    5.90       12/17/22     CNY      60.00
QINGYANG CITY ECONOMIC    7.98       04/16/21     CNY      20.61
QINGYANG CITY ECONOMIC    7.98       04/16/21     CNY      20.60
QINGYUAN TRANSPORTATIO    8.20       12/19/20     CNY      20.55
QINGZHOU HONGYUAN PUBL    7.59       05/29/21     CNY      47.50
QINGZHOU HONGYUAN PUBL    7.59       05/29/21     CNY      40.52
QINHUANGDAO CITY DEVEL    4.69       04/14/23     CNY      60.76
QINHUANGDAO CITY DEVEL    4.69       04/14/23     CNY      59.95
QINHUANGDAO DEVELOPMEN    8.45       04/18/21     CNY      21.28
QINHUANGDAO DEVELOPMEN    8.45       04/18/21     CNY      20.73
QINHUANGDAO DEVELOPMEN    8.00       12/17/20     CNY      20.42
QINHUANGDAO DEVELOPMEN    8.00       12/17/20     CNY      20.00
QINZHOU BINHAI NEW CIT    7.00       08/27/20     CNY      20.16
QINZHOU BINHAI NEW CIT    7.00       08/27/20     CNY      20.00
QINZHOU BINHAI NEW CIT    6.99       07/07/21     CNY      40.77
QINZHOU BINHAI NEW CIT    6.99       07/07/21     CNY      40.00
QIONGLAI CITY CONSTRUC    6.98       03/25/22     CNY      44.90
QIONGLAI CITY CONSTRUC    6.98       03/25/22     CNY      41.00
QUJING CITY QILIN DIST    5.37       11/26/22     CNY      61.95
QUJING CITY QILIN DIST    5.37       11/26/22     CNY      60.06
QUJING DEVELOPMENT INV    7.48       04/28/21     CNY      40.82
QUJING DEVELOPMENT INV    7.48       04/28/21     CNY      22.55
QUJING ECO TECH DEVELO    7.48       07/21/21     CNY      40.76
QUJING ECO TECH DEVELO    7.48       07/21/21     CNY      40.50
QUZHOU STATE OWNED ASS    7.20       04/21/21     CNY      23.42
QUZHOU STATE OWNED ASS    7.20       04/21/21     CNY      20.79
RENHUAI CITY DEVELOPME    5.12       04/14/23     CNY      59.91
RENHUAI CITY DEVELOPME    5.12       04/14/23     CNY      59.90
RENHUAI CITY DEVELOPME    8.09       05/16/21     CNY      41.03
RENHUAI CITY DEVELOPME    8.09       05/16/21     CNY      41.01
RENQIU CONSTRUCTION IN    5.68       11/18/22     CNY      60.53
RENQIU CONSTRUCTION IN    5.68       11/18/22     CNY      58.22
RENSHOU DEVELOPMENT OF    6.42       12/22/22     CNY      60.99
RENSHOU DEVELOPMENT OF    6.42       12/22/22     CNY      60.00
REWARD SCIENCE AND TEC    6.40       03/03/22     CNY      70.00
REWARD SCIENCE AND TEC    5.53       07/05/21     CNY      29.10
RIGHT WAY REAL ESTATE     8.00       07/15/21     CNY      43.89
RIZHAO CITY CONSTRUCTI    3.98       12/07/22     CNY      60.68
RIZHAO CITY CONSTRUCTI    3.98       12/07/22     CNY      60.10
RIZHAO CITY CONSTRUCTI    5.80       06/06/20     CNY      20.03
RUDONG COUNTY DONGTAI     6.99       06/20/21     CNY      45.90
RUDONG COUNTY DONGTAI     6.99       06/20/21     CNY      40.91
RUDONG COUNTY JINXIN T    8.08       03/03/21     CNY      24.03
RUDONG COUNTY JINXIN T    8.08       03/03/21     CNY      20.73
RUDONG COUNTY KAITAI C    4.57       01/08/23     CNY      61.27
RUGAO COMMUNICATIONS C    3.74       03/23/23     CNY      60.82
RUGAO COMMUNICATIONS C    3.74       03/23/23     CNY      60.50
RUGAO ECONOMIC & TRADE    3.95       03/24/23     CNY      61.02
RUGAO ECONOMIC & TRADE    3.95       03/24/23     CNY      60.88
RUGAO ECONOMIC & TRADE    8.30       01/22/21     CNY      29.00
RUGAO ECONOMIC & TRADE    8.30       01/22/21     CNY      20.76
RUGAO YANJIANG DEVELOP    8.60       01/24/21     CNY      20.93
RUGAO YANJIANG DEVELOP    8.60       01/24/21     CNY      20.74
RUIAN STATE OWNED ASSE    4.56       01/27/23     CNY      61.49
RUIAN STATE OWNED ASSE    4.56       01/27/23     CNY      60.94
RUICHANG CITY INVESTME    5.68       03/25/23     CNY      60.90
RUICHANG CITY INVESTME    5.68       03/25/23     CNY      59.58
RUZHOU CITY XINYUAN IN    6.30       09/16/21     CNY      53.30
RUZHOU CITY XINYUAN IN    6.30       09/16/21     CNY      49.61
SANMEN COUNTY STATE-OW    6.80       03/18/22     CNY      41.12
SANMEN COUNTY STATE-OW    6.80       03/18/22     CNY      40.00
SANMEN COUNTY STATE-OW    6.85       10/29/21     CNY      41.08
SANMEN COUNTY STATE-OW    6.85       10/29/21     CNY      40.00
SANMING TRANSPORTATION    3.68       03/29/23     CNY      60.72
SANMING TRANSPORTATION    3.68       03/29/23     CNY      60.15
SHAANXI ANKANG HIGH TE    8.78       09/17/21     CNY      47.00
SHAANXI ANKANG HIGH TE    8.78       09/17/21     CNY      41.60
SHAANXI PROVINCIAL EXP    5.99       06/18/20     CNY      60.22
SHAANXI XIXIAN NEW ARE    6.85       08/15/21     CNY      45.50
SHAANXI XIXIAN NEW ARE    6.85       08/15/21     CNY      40.98
SHAANXI XIXIAN NEW ARE    6.89       01/05/22     CNY      43.10
SHAANXI XIXIAN NEW ARE    6.89       01/05/22     CNY      41.22
SHAANXI XIXIAN NEW ARE    5.15       11/27/22     CNY      61.07
SHAANXI XIXIAN NEW ARE    5.15       11/27/22     CNY      61.01
SHANDONG BORUN INDUSTR    6.50       11/02/21     CNY      66.53
SHANDONG BOXING COUNTY    8.00       12/22/21     CNY      42.00
SHANDONG BOXING COUNTY    8.00       12/22/21     CNY      41.95
SHANDONG CENTURY SUNSH    8.19       07/21/21     CNY      41.34
SHANDONG CENTURY SUNSH    8.19       07/21/21     CNY      41.32
SHANDONG FUYU CHEMICAL    7.70       09/18/22     CNY      70.00
SHANDONG GAOCHUANG CON    6.05       06/18/22     CNY      62.45
SHANDONG GAOCHUANG CON    6.05       06/18/22     CNY      61.76
SHANDONG HONGHE HOLDIN    8.50       06/23/21     CNY      44.00
SHANDONG HONGHE HOLDIN    8.50       06/23/21     CNY      41.24
SHANDONG JINMAO TEXTIL    6.97       04/01/21     CNY      20.70
SHANDONG JINMAO TEXTIL    8.00       09/25/20     CNY      35.84
SHANDONG RENCHENG RONG    7.30       10/18/20     CNY      23.40
SHANDONG RENCHENG RONG    7.30       10/18/20     CNY      20.32
SHANDONG RUYI TECHNOLO    7.90       09/18/23     CNY      52.10
SHANDONG SNTON GROUP C    5.18       09/08/21     CNY       8.52
SHANDONG SNTON GROUP C    6.20       05/30/21     CNY       9.50
SHANDONG TAIYANG INDUS    5.97       03/02/21     CNY      42.86
SHANDONG TENGJIAN INVE    6.00       06/08/22     CNY      60.73
SHANDONG TENGJIAN INVE    6.00       06/08/22     CNY      60.00
SHANDONG WANTONG PETRO    7.97       11/29/21     CNY      31.45
SHANGHAI CAOHEJING HI-    7.24       04/09/21     CNY      20.73
SHANGHAI CAOHEJING HI-    7.24       04/09/21     CNY      20.72
SHANGHAI CHONGMING CON    6.40       06/13/20     CNY      25.09
SHANGHAI JIADING ROAD     6.80       04/23/21     CNY      20.75
SHANGHAI JIADING ROAD     6.80       04/23/21     CNY      20.64
SHANGHAI LAKE DIANSHAN    5.95       01/30/21     CNY      25.61
SHANGHAI LAKE DIANSHAN    5.95       01/30/21     CNY      25.51
SHANGHAI MINHANG URBAN    5.63       04/20/22     CNY      41.78
SHANGHAI MINHANG URBAN    5.63       04/20/22     CNY      40.79
SHANGHAI MUNICIPAL INV    4.80       11/05/24     CNY      73.52
SHANGHAI NANHUI URBAN     6.04       08/20/21     CNY      41.24
SHANGHAI NANHUI URBAN     6.04       08/20/21     CNY      41.20
SHANGHAI PUTAILAI NEW     5.50       03/19/21     CNY      66.67
SHANGHAI PUTAILAI NEW     5.30       05/18/20     CNY      66.67
SHANGHAI URBAN CONSTRU    3.50       01/06/23     CNY      61.07
SHANGHAI URBAN CONSTRU    3.50       01/06/23     CNY      60.77
SHANGHAI YONGYE ENTERP    6.84       05/21/20     CNY      25.04
SHANGLUO CITY CONSTRUC    7.05       09/09/20     CNY      25.40
SHANGLUO CITY CONSTRUC    7.05       09/09/20     CNY      20.24
SHANGRAO CITY STATE-OW    4.65       01/29/23     CNY      61.47
SHANGRAO CITY STATE-OW    4.65       01/29/23     CNY      61.34
SHANTOU CITY CONSTRUCT    8.57       03/23/22     CNY      32.23
SHANTOU INVESTMENT & F    7.99       03/04/24     CNY      66.22
SHANXI XIANG KUANG GRO    8.80       02/11/22     CNY      68.38
SHANXI XIANG KUANG GRO    8.80       02/11/22     CNY      54.50
SHAOWU URBAN CONSTRUCT    5.88       09/11/22     CNY      63.39
SHAOWU URBAN CONSTRUCT    5.88       09/11/22     CNY      60.79
SHAOXING CHENGZHONGCUN    6.09       04/27/22     CNY      41.60
SHAOXING CHENGZHONGCUN    6.09       04/27/22     CNY      40.00
SHAOXING CITY INVESTME    5.75       04/17/22     CNY      48.00
SHAOXING CITY INVESTME    5.75       04/17/22     CNY      42.03
SHAOXING CITY KEQIAO D    6.40       08/20/21     CNY      41.20
SHAOXING CITY KEQIAO D    6.40       08/20/21     CNY      40.98
SHAOXING COUNTY KEYAN     6.28       03/24/22     CNY      41.67
SHAOXING COUNTY KEYAN     6.28       03/24/22     CNY      40.00
SHAOXING JINGHU NEW DI    6.13       04/30/22     CNY      61.82
SHAOXING JINGHU NEW DI    6.13       04/30/22     CNY      41.90
SHAOXING KEQIAO ECONOM    7.00       12/10/21     CNY      41.29
SHAOXING KEQIAO ECONOM    7.00       12/10/21     CNY      40.00
SHAOXING PAOJIANG INDU    6.98       05/29/21     CNY      43.90
SHAOXING PAOJIANG INDU    6.98       05/29/21     CNY      40.74
SHAOXING SHANGYU ECONO    4.76       04/11/23     CNY      61.50
SHAOXING SHANGYU ECONO    4.76       04/11/23     CNY      61.49
SHAOXING SHANGYU HANGZ    6.95       10/11/20     CNY      20.55
SHAOXING SHANGYU HANGZ    6.95       10/11/20     CNY      20.37
SHAOXING SHANGYU URBAN    6.80       08/07/21     CNY      41.20
SHAOXING SHANGYU URBAN    6.80       08/07/21     CNY      41.14
SHAOYANG CITY CONSTRUC    8.58       01/17/21     CNY      21.00
SHAOYANG CITY CONSTRUC    8.58       01/17/21     CNY      20.57
SHAOYANG DULIANG INVES    5.50       04/13/23     CNY      60.76
SHAOYANG DULIANG INVES    5.50       04/13/23     CNY      58.14
SHENGZHOU INVESTMENT H    7.60       07/17/21     CNY      41.57
SHENGZHOU INVESTMENT H    7.60       07/17/21     CNY      41.44
SHENMU CITY STATE-OWNE    7.28       06/23/21     CNY      41.07
SHENMU CITY STATE-OWNE    7.28       06/23/21     CNY      41.00
SHENYANG DADONG STATE-    6.05       03/20/22     CNY      41.19
SHENYANG DADONG STATE-    6.05       03/20/22     CNY      40.00
SHENYANG ECONOMIC AFFO    7.17       04/29/22     CNY      60.32
SHENYANG ECONOMIC AFFO    7.17       04/29/22     CNY      41.26
SHENYANG SUJIATUN DIST    6.40       06/20/20     CNY      20.06
SHENYANG SUJIATUN DIST    6.40       06/20/20     CNY      20.00
SHENYANG TIEXI STATE-O    6.00       01/14/22     CNY      47.50
SHENYANG TIEXI STATE-O    6.00       01/14/22     CNY      41.17
SHENZHEN METRO GROUP C    6.75       01/24/24     CNY      65.48
SHENZHEN METRO GROUP C    6.75       01/24/24     CNY      64.90
SHENZHEN METRO GROUP C    5.40       03/25/23     CNY      47.44
SHIJIAZHUANG HUTUO NEW    5.28       12/24/25     CNY      62.96
SHIJIAZHUANG HUTUO NEW    5.28       12/24/25     CNY      62.50
SHIJIAZHUANG REAL ESTA    5.65       05/15/20     CNY      20.00
SHIJIAZHUANG STATE-OWN    5.75       04/09/22     CNY      47.20
SHIJIAZHUANG STATE-OWN    5.75       04/09/22     CNY      41.54
SHIJIAZHUANG URBAN CON    6.55       03/09/21     CNY      41.40
SHISHI CITY CONSTRUCTI    6.10       05/04/22     CNY      61.90
SHISHI CITY CONSTRUCTI    6.10       05/04/22     CNY      41.78
SHIYAN STATE-OWNED CAP    6.58       08/20/21     CNY      41.21
SHIYAN STATE-OWNED CAP    6.58       08/20/21     CNY      40.00
SHIYAN STATE-OWNED CAP    6.88       10/11/20     CNY      20.68
SHIYAN STATE-OWNED CAP    6.88       10/11/20     CNY      20.36
SHOUGUANG CITY CONSTRU    7.10       10/18/20     CNY      22.87
SHOUGUANG CITY CONSTRU    7.10       10/18/20     CNY      20.29
SHUCHENG COUNTY URBAN     5.50       04/29/23     CNY      62.20
SHUCHENG COUNTY URBAN     5.50       04/29/23     CNY      62.19
SHUYANG JINGYUAN ASSET    5.49       09/11/22     CNY      66.00
SHUYANG JINGYUAN ASSET    5.49       09/11/22     CNY      61.27
SHUYANG JINGYUAN ASSET    7.39       04/14/21     CNY      20.59
SHUYANG JINGYUAN ASSET    7.39       04/14/21     CNY      20.00
SICHUAN CHENGDU ABA DE    7.18       09/12/20     CNY      20.30
SICHUAN CHENGDU ABA DE    7.18       09/12/20     CNY      20.00
SICHUAN COAL GASIFICAT    7.00       04/18/23     CNY      60.45
SICHUAN COAL INDUSTRY     7.70       01/09/18     CNY      45.00
SICHUAN LANGZHONG FAMO    5.60       04/19/23     CNY      60.88
SICHUAN LANGZHONG FAMO    5.60       04/19/23     CNY      60.87
SICHUAN NAXING INDUSTR    4.68       03/31/23     CNY      59.06
SICHUAN NAXING INDUSTR    4.68       03/31/23     CNY      58.24
SICHUAN NAXING INDUSTR    7.17       09/11/21     CNY      40.71
SICHUAN NAXING INDUSTR    7.17       09/11/21     CNY      40.00
SICHUAN TIANYIN INDUST    6.79       03/25/22     CNY      48.00
SICHUAN TIANYIN INDUST    6.79       03/25/22     CNY      41.27
SIHONG COUNTY HONG YUA    6.15       03/16/22     CNY      41.50
SIHONG COUNTY HONG YUA    6.15       03/16/22     CNY      40.00
SIHUI STATE OWNED ASSE    4.59       01/14/23     CNY      60.95
SIHUI STATE OWNED ASSE    4.59       01/14/23     CNY      60.32
SIYANG COUNTY MINKANG     4.94       01/21/23     CNY      60.99
SIYANG COUNTY MINKANG     4.94       01/21/23     CNY      58.68
SLENDER WEST LAKE TOUR    6.80       06/25/21     CNY      40.86
SLENDER WEST LAKE TOUR    6.80       06/25/21     CNY      40.00
SONGYUAN URBAN DEVELOP    5.79       12/04/21     CNY      40.78
SONGYUAN URBAN DEVELOP    5.79       12/04/21     CNY      40.71
SUINING CITY HEDONG DE    8.36       04/17/21     CNY      27.82
SUINING CITY HEDONG DE    8.36       04/17/21     CNY      20.76
SUINING COUNTY RUNQI I    5.42       11/20/22     CNY      60.97
SUINING COUNTY RUNQI I    5.42       11/20/22     CNY      60.00
SUINING COUNTY RUNQI I    7.10       06/25/21     CNY      40.74
SUINING COUNTY RUNQI I    7.10       06/25/21     CNY      40.30
SUINING FUYUAN INDUSTR    6.39       03/17/22     CNY      44.18
SUINING FUYUAN INDUSTR    6.39       03/17/22     CNY      41.18
SUINING KAIDA INVESTME    4.89       04/08/23     CNY      60.42
SUINING KAIDA INVESTME    4.89       04/08/23     CNY      60.09
SUINING KAIDA INVESTME    8.69       04/21/21     CNY      20.69
SUINING KAIDA INVESTME    8.69       04/21/21     CNY      20.00
SUIZHOU DEVELOPMENT IN    8.40       04/30/21     CNY      21.91
SUIZHOU DEVELOPMENT IN    8.40       04/30/21     CNY      20.84
SUIZHOU DEVELOPMENT IN    8.50       12/20/20     CNY      21.83
SUIZHOU DEVELOPMENT IN    8.50       12/20/20     CNY      20.64
SUIZHOU HIGH-TECH INDU    4.47       03/25/23     CNY      60.89
SUIZHOU HIGH-TECH INDU    4.47       03/25/23     CNY      59.18
SUIZHOU URBAN CONSTRUC    7.18       09/02/21     CNY      41.20
SUIZHOU URBAN CONSTRUC    7.18       09/02/21     CNY      41.06
SUIZHOU YULONG WATER S    6.10       03/28/23     CNY      62.80
SUNSHINE KAIDI NEW ENE    6.12       08/23/20     CNY      40.18
SUNSHINE KAIDI NEW ENE    6.12       08/23/20     CNY      29.01
SUQIAN CITY CONSTRUCTI    6.88       10/29/20     CNY      20.38
SUZHOU CITY CONSTRUCTI    3.89       03/24/23     CNY      60.81
SUZHOU CITY CONSTRUCTI    3.89       03/24/23     CNY      60.52
SUZHOU CITY HENGCHENG     4.40       03/01/23     CNY      61.85
SUZHOU CITY HENGCHENG     4.40       03/01/23     CNY      61.55
SUZHOU FENHU INVESTMEN    7.49       02/28/21     CNY      20.80
SUZHOU FENHU INVESTMEN    7.49       02/28/21     CNY      20.51
SUZHOU NEW & HIGH-TECH    4.18       03/23/23     CNY      60.50
SUZHOU NEW & HIGH-TECH    4.18       03/23/23     CNY      60.41
SUZHOU NEW DISTRICT EC    6.20       07/22/21     CNY      41.10
SUZHOU NEW DISTRICT EC    6.20       07/22/21     CNY      40.92
SUZHOU WUJIANG COMMUNI    6.80       10/31/20     CNY      25.48
SUZHOU WUJIANG COMMUNI    6.80       10/31/20     CNY      25.19
SUZHOU WUJIANG DISTRIC    5.25       07/08/22     CNY      61.83
SUZHOU WUJIANG DISTRIC    5.25       07/08/22     CNY      61.60
SUZHOU XIANGCHENG URBA    6.95       03/19/21     CNY      22.60
SUZHOU XIANGCHENG URBA    6.95       03/19/21     CNY      20.68
TAHOE GROUP CO LTD        7.50       07/05/20     CNY      70.00
TAIAN TAISHAN HOLDINGS    5.50       04/26/23     CNY      62.09
TAIAN TAISHAN HOLDINGS    5.50       04/26/23     CNY      60.92
TAICANG ASSETS MANAGEM    7.00       02/27/21     CNY      20.70
TAICANG ASSETS MANAGEM    7.00       02/27/21     CNY      20.38
TAICANG SCIENCE EDUCAT    5.54       08/28/22     CNY      64.65
TAICANG SCIENCE EDUCAT    5.54       08/28/22     CNY      61.80
TAIXING CITY CHENGXING    8.30       12/12/20     CNY      21.30
TAIXING CITY CHENGXING    8.30       12/12/20     CNY      20.43
TAIXING CITY HONGQIAO     5.03       10/29/22     CNY      63.87
TAIXING CITY HONGQIAO     5.03       10/29/22     CNY      60.87
TAIYUAN ECONOMIC TECHN    7.43       04/24/21     CNY      20.83
TAIYUAN HIGH-SPEED RAI    6.50       10/30/20     CNY      25.45
TAIYUAN HIGH-SPEED RAI    5.18       09/06/20     CNY      40.41
TAIYUAN STATE-OWNED IN    7.20       03/19/21     CNY      26.50
TAIYUAN STATE-OWNED IN    7.20       03/19/21     CNY      20.83
TAIZHOU CITY CONSTRUCT    6.92       10/16/23     CNY      64.10
TAIZHOU CITY CONSTRUCT    6.92       10/16/23     CNY      63.91
TAIZHOU CITY JIANGYAN     7.10       09/03/20     CNY      20.60
TAIZHOU CITY JIANGYAN     7.10       09/03/20     CNY      20.13
TAIZHOU HAILING CITY D    4.60       12/14/22     CNY      60.84
TAIZHOU HAILING CITY D    4.60       12/14/22     CNY      60.00
TAIZHOU JIAOJIANG STAT    6.18       07/06/22     CNY      64.00
TAIZHOU JIAOJIANG STAT    6.18       07/06/22     CNY      62.02
TAIZHOU JIAOJIANG STAT    7.46       09/13/20     CNY      26.00
TAIZHOU JIAOJIANG STAT    7.46       09/13/20     CNY      25.33
TAIZHOU XINBINJIANG DE    7.60       03/05/21     CNY      21.00
TAIZHOU XINBINJIANG DE    7.60       03/05/21     CNY      20.71
TAIZHOU XINTAI GROUP C    4.07       03/23/23     CNY      61.03
TAIZHOU XINTAI GROUP C    4.07       03/23/23     CNY      60.81
TANGSHAN CAOFEIDIAN DE    7.50       10/15/20     CNY      20.25
TIANJIN BAOXING INDUST    7.10       10/17/20     CNY      20.14
TIANJIN BEICHEN DISTRI    7.00       04/21/21     CNY      27.15
TIANJIN BEICHEN DISTRI    7.00       04/21/21     CNY      20.50
TIANJIN BEICHEN TECHNO    6.87       08/20/21     CNY      47.00
TIANJIN BEICHEN TECHNO    6.87       08/20/21     CNY      40.25
TIANJIN BINHAI NEW ARE    6.10       11/23/21     CNY      43.90
TIANJIN BOHAI STATE-OW    3.82       04/18/23     CNY      60.35
TIANJIN DONGFANG CAIXI    5.19       01/29/22     CNY      40.65
TIANJIN DONGFANG CAIXI    5.19       01/29/22     CNY      39.59
TIANJIN DONGLI CITY IN    4.28       12/02/22     CNY      59.50
TIANJIN DONGLI CITY IN    4.28       12/02/22     CNY      59.41
TIANJIN DONGLI CITY IN    6.05       06/19/20     CNY      20.01
TIANJIN ECONOMIC TECHN    6.50       12/03/22     CNY      46.30
TIANJIN ECONOMIC TECHN    6.50       12/03/22     CNY      45.62
TIANJIN GUANGCHENG INV    5.40       04/20/23     CNY      58.42
TIANJIN GUANGCHENG INV    5.40       04/20/23     CNY      58.30
TIANJIN GUANGCHENG INV    6.97       02/22/23     CNY      44.67
TIANJIN GUANGCHENG INV    6.97       02/22/23     CNY      41.65
TIANJIN GUANGCHENG INV    7.45       07/24/21     CNY      49.00
TIANJIN GUANGCHENG INV    7.45       07/24/21     CNY      40.22
TIANJIN HARBOR CONSTRU    6.29       10/21/21     CNY      70.41
TIANJIN HARBOR CONSTRU    8.00       04/01/21     CNY      41.35
TIANJIN HARBOR CONSTRU    8.80       01/24/21     CNY      41.57
TIANJIN HI-TECH INDUST    6.65       09/12/21     CNY      40.60
TIANJIN HI-TECH INDUST    6.65       09/12/21     CNY      40.51
TIANJIN HOPETONE CO LT    7.50       07/25/21     CNY      73.64
TIANJIN HUANCHENG URBA    5.75       04/27/22     CNY      41.70
TIANJIN HUANCHENG URBA    5.75       04/27/22     CNY      40.81
TIANJIN HUANCHENG URBA    7.20       03/21/21     CNY      20.53
TIANJIN HUANCHENG URBA    7.20       03/21/21     CNY      20.35
TIANJIN INFRASTRUCTURE    5.70       02/26/23     CNY      47.35
TIANJIN INFRASTRUCTURE    5.70       02/26/23     CNY      46.00
TIANJIN JINNAN CITY CO    6.50       06/03/21     CNY      40.65
TIANJIN JINNAN CITY CO    6.50       06/03/21     CNY      40.30
TIANJIN LINGANG INVEST    7.75       02/26/21     CNY      20.60
TIANJIN LINGANG INVEST    7.75       02/26/21     CNY      20.50
TIANJIN NINGHE DISTRIC    7.00       05/30/21     CNY      47.50
TIANJIN NINGHE DISTRIC    7.00       05/30/21     CNY      40.58
TIANJIN NINGHE INVESTM    5.50       04/22/23     CNY      59.76
TIANJIN NINGHE INVESTM    5.50       04/22/23     CNY      59.74
TIANJIN RAILWAY CONSTR    5.58       04/13/25     CNY      74.59
TIANJIN RAILWAY CONSTR    5.58       04/13/25     CNY      74.35
TIANJIN REAL ESTATE TR    8.59       03/13/21     CNY      20.87
TIANJIN RESIDENTIAL CO    8.00       12/19/20     CNY      20.19
TIANJIN WATER INVESTME    6.60       07/28/21     CNY      41.80
TIANJIN WATER INVESTME    6.60       07/28/21     CNY      38.95
TIANJIN WATER INVESTME    8.40       01/15/21     CNY      25.63
TIANJIN WUQING STATE-O    4.15       11/17/22     CNY      60.89
TIANJIN WUQING STATE-O    4.15       11/17/22     CNY      60.60
TIANJIN WUQING STATE-O    7.18       03/19/21     CNY      20.89
TIANJIN WUQING STATE-O    7.18       03/19/21     CNY      20.68
TIANJIN WUQING STATE-O    8.00       12/17/20     CNY      20.76
TIANJIN WUQING STATE-O    8.00       12/17/20     CNY      20.47
TIANMEN CITY CONSTRUCT    8.20       08/28/21     CNY      45.16
TIANMEN CITY CONSTRUCT    8.20       08/28/21     CNY      41.44
TIANRUI GROUP CEMENT C    5.95       09/25/20     CNY      54.00
TONGCHENG CITY CONSTRU    5.47       11/09/22     CNY      61.05
TONGCHENG CITY CONSTRU    5.47       11/09/22     CNY      60.00
TONGLING CONSTRUCTION     4.12       03/14/23     CNY      60.57
TONGLING CONSTRUCTION     4.12       03/14/23     CNY      60.00
TONGLING CONSTRUCTION     6.98       08/26/20     CNY      22.50
TONGLING CONSTRUCTION     6.98       08/26/20     CNY      20.20
TONGLING DAJIANG INVES    6.50       01/19/22     CNY      48.00
TONGLING DAJIANG INVES    6.50       01/19/22     CNY      41.29
TONGLU STATE-OWNED ASS    8.09       04/18/21     CNY      20.98
TONGLU STATE-OWNED ASS    8.09       04/18/21     CNY      20.86
TONGXIANG CITY CONSTRU    6.10       05/16/20     CNY      20.01
TONGXIANG CITY CONSTRU    6.10       05/16/20     CNY      20.01
TSINGHUA UNIGROUP CO L    5.20       12/10/23     CNY      54.00
TSINGHUA UNIGROUP CO L    4.94       03/25/22     CNY      70.00
TULUFAN DISTRICT STATE    6.20       03/19/22     CNY      41.40
TULUFAN DISTRICT STATE    6.20       03/19/22     CNY      41.38
TUNGHSU GROUP CO LTD      6.55       03/13/22     CNY      45.00
ULANQAB CITY INVESTMEN    8.39       04/25/22     CNY      52.47
ULANQAB JINING DISTRIC    6.16       03/24/23     CNY      62.06
ULANQAB JINING DISTRIC    6.16       03/24/23     CNY      59.19
URUMQI ECO&TECH DEVELO    6.40       04/13/22     CNY      41.88
URUMQI ECO&TECH DEVELO    6.40       04/13/22     CNY      40.00
WAFANGDIAN COASTAL PRO    3.98       02/01/23     CNY      59.26
WAFANGDIAN COASTAL PRO    3.98       02/01/23     CNY      58.28
WANGCHENG ECONOMIC DEV    6.57       01/22/22     CNY      48.81
WANGCHENG ECONOMIC DEV    6.57       01/22/22     CNY      41.51
WEICHI HOLDING GROUP C    5.40       12/21/20     CNY      54.29
WEIFANG BINHAI INVESTM    6.16       04/16/21     CNY      25.66
WEIHAI LANCHUANG CONST    4.80       12/17/22     CNY      60.62
WEIHAI LANCHUANG CONST    4.80       12/17/22     CNY      59.39
WEIHAI URBAN CONSTRUCT    3.33       03/02/23     CNY      60.20
WEIHAI URBAN CONSTRUCT    3.33       03/02/23     CNY      58.40
WEINAN CITY INVESTMENT    6.09       03/11/22     CNY      41.58
WEINAN CITY INVESTMENT    6.09       03/11/22     CNY      40.00
WENDENG GOLDEN BEACH I    3.97       03/21/23     CNY      60.46
WENDENG GOLDEN BEACH I    3.97       03/21/23     CNY      59.70
WENZHOU CITY CONSTRUCT    5.00       04/26/23     CNY      62.61
WENZHOU CITY CONSTRUCT    5.00       04/26/23     CNY      62.57
WENZHOU CITY CONSTRUCT    4.05       01/25/23     CNY      61.29
WENZHOU CITY CONSTRUCT    4.05       01/25/23     CNY      61.26
WENZHOU GANGCHENG DEVE    5.19       03/29/23     CNY      61.29
WENZHOU GANGCHENG DEVE    5.19       03/29/23     CNY      61.28
WENZHOU HIGH-TECH INDU    7.30       05/30/21     CNY      40.75
WENZHOU HIGH-TECH INDU    7.95       03/21/21     CNY      20.77
WENZHOU LUCHENG CITY D    5.58       11/03/21     CNY      43.00
WENZHOU LUCHENG CITY D    5.58       11/03/21     CNY      40.92
WINTIME ENERGY CO LTD     7.50       04/04/21     CNY      43.63
WINTIME ENERGY CO LTD     7.90       03/29/21     CNY      43.63
WINTIME ENERGY CO LTD     7.90       12/22/20     CNY      43.63
WINTIME ENERGY CO LTD     7.50       12/06/20     CNY      43.63
WINTIME ENERGY CO LTD     7.50       11/16/20     CNY      43.63
WINTIME ENERGY CO LTD     7.70       11/15/20     CNY      43.63
WINTIME ENERGY CO LTD     7.00       04/26/19     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
WINTIME ENERGY CO LTD     6.78       10/23/18     CNY      43.63
WINTIME ENERGY CO LTD     7.00       08/25/18     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
WUHAI CITY CONSTRUCTIO    8.19       04/21/21     CNY      20.78
WUHAN CHEDU CORP LTD      7.18       02/27/21     CNY      20.96
WUHAN CHEDU CORP LTD      7.18       02/27/21     CNY      20.74
WUHAN CITY HUANPI DIST    6.43       09/17/21     CNY      43.02
WUHAN CITY HUANPI DIST    6.43       09/17/21     CNY      41.35
WUHAN JIANGXIA URBAN C    8.99       01/20/21     CNY      20.92
WUHAN METRO GROUP CO L    5.25       04/14/22     CNY      41.50
WUHAN METRO GROUP CO L    5.25       04/14/22     CNY      40.96
WUHU COMMUNICATIONS IN    4.50       04/28/23     CNY      61.32
WUHU COMMUNICATIONS IN    4.50       04/28/23     CNY      61.22
WUHU COUNTY CONSTRUCTI    6.60       12/08/21     CNY      46.35
WUHU COUNTY CONSTRUCTI    6.60       12/08/21     CNY      41.22
WUHU JINGHU CONSTRUCTI    6.68       05/16/20     CNY      20.02
WUHU JIUJIANG CONSTRUC    3.96       03/21/23     CNY      60.61
WUHU JIUJIANG CONSTRUC    3.96       03/21/23     CNY      60.49
WUHU JIUJIANG CONSTRUC    8.49       04/14/21     CNY      20.90
WUHU JIUJIANG CONSTRUC    8.49       04/14/21     CNY      20.00
WUHU XINMA INVESTMENT     4.87       11/04/22     CNY      61.52
WUHU XINMA INVESTMENT     4.87       11/04/22     CNY      59.40
WUHU YIJU INVESTMENT G    6.45       08/11/21     CNY      41.45
WUHU YIJU INVESTMENT G    6.45       08/11/21     CNY      41.27
WUWEI CITY ECONOMY DEV    8.20       04/24/21     CNY      20.57
WUWEI CITY ECONOMY DEV    8.20       04/24/21     CNY      20.00
WUWEI CITY ECONOMY DEV    8.20       12/09/20     CNY      20.57
WUWEI CITY ECONOMY DEV    8.20       12/09/20     CNY      20.40
WUXI HUIKAI ECONOMIC D    4.16       04/08/23     CNY      60.70
WUXI HUIKAI ECONOMIC D    4.16       04/08/23     CNY      59.83
WUXI HUNING METRO HUIS    4.38       06/08/21     CNY      70.61
WUXI HUNING METRO HUIS    4.38       06/08/21     CNY      70.45
WUXI MUNICIPAL DEVELOP    6.10       10/11/20     CNY      20.32
WUXI MUNICIPAL DEVELOP    6.10       10/11/20     CNY      20.23
WUXI TAIHU NEW CITY DE    4.49       05/03/23     CNY      61.87
WUYANG CONSTRUCTION GR    7.80       09/11/20     CNY      32.48
WUZHONG URBAN RURAL CO    7.18       10/12/20     CNY      20.34
WUZHONG URBAN RURAL CO    7.18       10/12/20     CNY      20.33
XIAMEN TORCH GROUP CO     7.49       04/21/21     CNY      24.88
XIAMEN TORCH GROUP CO     7.49       04/21/21     CNY      20.63
XIAN FENGDONG DEVELOPM    4.67       01/08/23     CNY      60.52
XIAN FENGDONG DEVELOPM    4.67       01/08/23     CNY      60.23
XI'AN INTERNATIONAL HO    6.20       10/21/21     CNY      41.46
XI'AN INTERNATIONAL HO    6.20       10/21/21     CNY      40.70
XI'AN INTERNATIONAL IN    7.90       09/23/21     CNY      42.28
XIANGSHUI GUANJIANG HO    4.98       12/24/22     CNY      63.20
XIANGSHUI GUANJIANG HO    4.98       12/24/22     CNY      60.43
XIANGTAN CITY CONSTRUC    7.80       01/30/22     CNY      54.00
XIANGTAN HI-TECH GROUP    8.16       02/25/21     CNY      20.37
XIANGTAN JIUHUA ECONOM    5.00       07/25/26     CNY      74.39
XIANGTAN JIUHUA ECONOM    6.59       01/21/22     CNY      38.33
XIANGTAN JIUHUA ECONOM    7.15       10/15/20     CNY      19.86
XIANGTAN JIUHUA ECONOM    7.15       10/15/20     CNY      19.67
XIANGTAN LIANGXING SOC    7.89       04/23/21     CNY      20.40
XIANGTAN WANLOU XINCHE    6.90       01/14/22     CNY      40.12
XIANGTAN WANLOU XINCHE    6.90       01/14/22     CNY      35.49
XIANGTAN ZHENXIANG STA    6.60       08/07/20     CNY      20.06
XIANGTAN ZHENXIANG STA    6.60       08/07/20     CNY      20.00
XIANGYANG CITY XIANGZH    5.18       04/28/23     CNY      61.87
XIANGYANG CITY XIANGZH    5.18       04/28/23     CNY      61.57
XIANGYANG HIGH TECH ST    7.00       05/29/21     CNY      43.38
XIANGYANG HIGH TECH ST    7.00       05/29/21     CNY      40.79
XIANGYANG STATE-OWNED     4.62       01/25/23     CNY      61.02
XIANGYANG STATE-OWNED     4.62       01/25/23     CNY      60.59
XIANNING HIGH-TECH INV    6.29       02/10/22     CNY      45.00
XIANNING HIGH-TECH INV    6.29       02/10/22     CNY      41.05
XIANNING HIGH-TECH INV    5.80       06/05/20     CNY      20.24
XIANNING HIGH-TECH INV    5.80       06/05/20     CNY      20.04
XIANTAO CITY CONSTRUCT    4.59       04/18/23     CNY      61.22
XIANTAO CITY CONSTRUCT    4.59       04/18/23     CNY      61.06
XIANTAO CITY CONSTRUCT    8.15       02/24/21     CNY      20.83
XIANTAO CITY CONSTRUCT    8.15       02/24/21     CNY      20.50
XIAOGAN GAOCHUANG INVE    6.87       09/22/21     CNY      46.69
XIAOGAN GAOCHUANG INVE    6.87       09/22/21     CNY      41.17
XIAOGAN GAOCHUANG INVE    7.43       06/23/21     CNY      52.72
XIAOGAN GAOCHUANG INVE    7.43       06/23/21     CNY      40.94
XIAOGAN URBAN CONSTRUC    6.89       05/29/21     CNY      40.97
XINDONGGANG HOLDING GR    5.53       04/27/23     CNY      61.15
XINDONGGANG HOLDING GR    5.53       04/27/23     CNY      60.81
XINGAN LEAGUE URBAN DE    6.18       12/21/22     CNY      43.37
XINGAN LEAGUE URBAN DE    6.18       12/21/22     CNY      43.37
XINGHUA URBAN CONSTRUC    7.36       07/15/20     CNY      25.14
XINGHUA URBAN CONSTRUC    7.36       07/15/20     CNY      25.00
XINGYI XINHENG URBAN C    5.40       12/16/22     CNY      60.00
XINGYI XINHENG URBAN C    5.40       12/16/22     CNY      59.27
XINING ECONOMIC DEVELO    5.90       06/04/20     CNY      20.04
XINING ECONOMIC DEVELO    5.90       06/04/20     CNY      20.00
XINJIANG HUIFENG URBAN    3.60       03/16/23     CNY      60.57
XINJIANG HUIFENG URBAN    3.60       03/16/23     CNY      60.49
XINJIANG KAIDI INVESTM    7.80       04/22/21     CNY      21.35
XINJIANG KAIDI INVESTM    7.80       04/22/21     CNY      20.38
XINJIANG RUNSHENG INVE    7.15       07/10/20     CNY      25.38
XINJIANG RUNSHENG INVE    7.15       07/10/20     CNY      25.11
XINMI CAIYUAN CITY CON    4.35       02/28/23     CNY      60.77
XINMI CAIYUAN CITY CON    4.35       02/28/23     CNY      60.70
XINTAI CITY COORDINATI    6.35       03/23/22     CNY      41.34
XINTAI CITY COORDINATI    6.35       03/23/22     CNY      40.75
XINYANG HONGCHANG PIPE    6.49       06/20/20     CNY      72.87
XINYANG HUAXIN INVESTM    7.55       04/15/21     CNY      26.30
XINYANG HUAXIN INVESTM    7.55       04/15/21     CNY      20.79
XINYI CITY INVESTMENT     4.30       01/19/23     CNY      60.54
XINYI CITY INVESTMENT     4.30       01/19/23     CNY      60.00
XINYI CITY INVESTMENT     7.39       10/15/20     CNY      20.45
XINYI CITY INVESTMENT     7.39       10/15/20     CNY      20.40
XINYI URBAN TRANSPORTA    6.14       02/06/22     CNY      41.53
XINYI URBAN TRANSPORTA    6.14       02/06/22     CNY      41.50
XINYU CHENGDONG CONSTR    8.48       05/27/21     CNY      47.00
XINYU CHENGDONG CONSTR    8.48       05/27/21     CNY      40.79
XINYU CITY SHANTYTOWN     6.42       12/09/20     CNY      40.43
XINYU CITY YUSHUI DIST    7.70       06/24/22     CNY      61.70
XINYU CITY YUSHUI DIST    7.70       06/24/22     CNY      61.39
XINZHENG NEW DISTRICT     5.40       03/29/21     CNY      33.71
XINZHENG NEW DISTRICT     6.40       01/29/21     CNY      25.58
XINZHOU ASSET MANAGEME    7.90       02/21/21     CNY      21.07
XINZHOU ASSET MANAGEME    7.90       02/21/21     CNY      20.68
XINZHOU ASSET MANAGEME    8.50       12/18/20     CNY      20.68
XINZHOU ASSET MANAGEME    8.50       12/18/20     CNY      20.00
XIUSHAN INDUSTRY DEVEL    5.85       04/14/23     CNY      61.13
XIUSHAN INDUSTRY DEVEL    5.85       04/14/23     CNY      60.50
XIWANG GROUP CO LTD       7.80       12/03/22     CNY      49.94
XUANCHENG CITY ECONOMY    7.95       09/22/21     CNY      46.00
XUANCHENG CITY ECONOMY    7.95       09/22/21     CNY      41.39
XUANCHENG STATE-OWNED     4.12       04/07/23     CNY      61.26
XUANCHENG STATE-OWNED     4.12       04/07/23     CNY      61.19
XUANCHENG STATE-OWNED     7.95       03/27/21     CNY      26.00
XUANCHENG STATE-OWNED     7.95       03/27/21     CNY      20.90
XUZHOU BOCHANT DEVELOP    5.69       07/28/21     CNY      66.62
XUZHOU CITY JIAWANG CO    4.00       03/23/23     CNY      60.63
XUZHOU CITY JIAWANG CO    4.00       03/23/23     CNY      60.30
XUZHOU CITY TONGSHAN D    5.23       09/18/22     CNY      61.53
XUZHOU CITY TONGSHAN D    5.23       09/18/22     CNY      60.00
XUZHOU CITY TONGSHAN D    6.60       08/08/20     CNY      20.66
XUZHOU CITY TONGSHAN D    6.60       08/08/20     CNY      20.19
XUZHOU ECONOMIC TECHNO    7.35       04/21/21     CNY      20.92
XUZHOU HI-TECH INDUSTR    7.86       04/22/21     CNY      31.50
XUZHOU HI-TECH INDUSTR    7.86       04/22/21     CNY      20.75
XUZHOU TRANSPORTATION     7.09       05/15/21     CNY      41.00
XUZHOU TRANSPORTATION     7.09       05/15/21     CNY      40.88
XUZHOU XINSHENG INVEST    5.13       08/12/22     CNY      64.46
XUZHOU XINSHENG INVEST    5.13       08/12/22     CNY      62.10
YA'AN DEVELOPMENT INVE    7.00       09/13/20     CNY      20.21
YA'AN DEVELOPMENT INVE    7.00       09/13/20     CNY      20.20
YANCHENG CITY TINGHU D    7.95       11/15/20     CNY      20.36
YANCHENG CITY TINGHU D    7.95       11/15/20     CNY      18.30
YANCHENG DAFENG DISTRI    8.70       01/24/21     CNY      20.97
YANCHENG DAFENG DISTRI    8.70       01/24/21     CNY      20.71
YANCHENG DAFENG DISTRI    8.50       12/30/20     CNY      20.62
YANCHENG DAFENG DISTRI    8.50       12/30/20     CNY      20.60
YANCHENG HIGH-TECH ZON    3.90       12/14/22     CNY      60.80
YANCHENG HIGH-TECH ZON    3.90       12/14/22     CNY      60.40
YANCHENG ORIENTAL INVE    6.48       09/15/21     CNY      41.07
YANCHENG ORIENTAL INVE    6.48       09/15/21     CNY      40.55
YANCHENG SOUTH DISTRIC    6.70       07/30/21     CNY      41.29
YANCHENG YANDU DISTRIC    3.67       03/17/23     CNY      59.68
YANCHENG YANDU DISTRIC    3.67       03/17/23     CNY      58.56
YANGJIANG HENGCAI CITY    6.24       04/14/22     CNY      41.86
YANGJIANG HENGCAI CITY    6.24       04/14/22     CNY      40.00
YANGJIANG HENGCAI CITY    6.85       09/09/20     CNY      20.22
YANGZHONG TRANSPORTATI    4.98       04/07/23     CNY      61.60
YANGZHONG TRANSPORTATI    4.95       04/07/23     CNY      61.55
YANGZHONG TRANSPORTATI    4.95       04/07/23     CNY      61.20
YANGZHONG TRANSPORTATI    4.98       04/07/23     CNY      60.99
YANGZHOU CHEMICAL INDU    8.58       01/24/21     CNY      26.00
YANGZHOU CHEMICAL INDU    8.58       01/24/21     CNY      20.50
YANGZHOU ECONOMIC & TE    7.40       03/05/21     CNY      41.51
YANGZHOU ECONOMIC & TE    7.40       03/05/21     CNY      40.00
YANGZHOU HANJIANG CONS    5.88       06/15/22     CNY      66.63
YANGZHOU HANJIANG CONS    5.88       06/15/22     CNY      61.78
YANGZHOU JIANGDU YANJI    7.48       07/29/20     CNY      25.24
YANGZHOU JIANGDU YANJI    7.48       07/29/20     CNY      25.22
YI CHENG CONSTRUCTION     5.44       04/27/23     CNY      60.49
YI ZHENG CITY DEVELOPM    4.63       01/08/23     CNY      60.82
YI ZHENG CITY DEVELOPM    4.63       01/08/23     CNY      60.00
YI ZHENG CITY DEVELOPM    8.60       01/09/21     CNY      29.30
YI ZHENG CITY DEVELOPM    8.60       01/09/21     CNY      20.61
YICHANG HIGH-TECH INVE    4.80       12/15/22     CNY      61.77
YICHANG HIGH-TECH INVE    4.80       12/15/22     CNY      60.00
YICHUN URBAN CONSTRUCT    7.09       05/15/21     CNY      43.47
YICHUN URBAN CONSTRUCT    7.09       05/15/21     CNY      40.79
YICHUN VENTURE CAPITAL    6.70       03/23/22     CNY      40.76
YICHUN VENTURE CAPITAL    6.70       03/23/22     CNY      40.61
YIHUA ENTERPRISE GROUP    6.50       05/02/22     CNY      72.33
YIHUA ENTERPRISE GROUP    7.00       04/29/22     CNY      54.00
YIHUA ENTERPRISE GROUP    6.80       03/15/21     CNY      47.99
YIHUA ENTERPRISE GROUP    5.99       11/26/20     CNY      30.00
YIHUA LIFESTYLE TECHNO    6.88       07/23/20     CNY      35.00
YIHUA LIFESTYLE TECHNO    6.88       07/16/20     CNY      35.90
YILI KAZAKH AUTONOMOUS    7.68       02/28/21     CNY      20.84
YINCHUAN URBAN CONSTRU    6.88       05/12/21     CNY      40.90
YINGKOU COASTAL DEVELO    6.45       01/26/22     CNY      40.29
YINGKOU COASTAL DEVELO    6.45       01/26/22     CNY      39.68
YINGKOU LAOBIAN CITY C    4.98       03/11/23     CNY      60.00
YINGKOU LAOBIAN CITY C    4.98       03/11/23     CNY      59.42
YINGKOU LAOBIAN CITY C    5.63       12/16/22     CNY      60.00
YINGKOU LAOBIAN CITY C    5.63       12/16/22     CNY      59.96
YINGTAN INVESTMENT CO     7.50       12/12/22     CNY      47.66
YINGTAN INVESTMENT CO     7.50       12/12/22     CNY      47.64
YINGTAN INVESTMENT CO     3.63       08/12/21     CNY      70.36
YINGTAN LONGGANG ASSET    6.75       07/31/22     CNY      61.18
YINGTAN LONGGANG ASSET    6.75       07/31/22     CNY      60.63
YINING CITY STATE OWNE    5.37       09/24/22     CNY      61.40
YINING CITY STATE OWNE    5.37       09/24/22     CNY      60.19
YINING CITY STATE OWNE    8.90       01/23/21     CNY      29.95
YINING CITY STATE OWNE    8.90       01/23/21     CNY      20.73
YIWU CITY CONSTRUCTION    4.31       12/07/22     CNY      61.18
YIWU CITY CONSTRUCTION    4.31       12/07/22     CNY      60.40
YIWU URBAN & RURAL NEW    4.25       11/24/21     CNY      50.41
YIXING CITY CONSTRUCTI    6.16       03/30/22     CNY      41.95
YIXING CITY CONSTRUCTI    6.16       03/30/22     CNY      40.00
YIXING TUOYE INDUSTRIA    7.60       05/28/21     CNY      43.50
YIXING TUOYE INDUSTRIA    7.60       05/28/21     CNY      40.81
YIYANG ADVANCED INDUST    7.00       03/30/22     CNY      48.00
YIYANG ADVANCED INDUST    7.00       03/30/22     CNY      41.19
YONG ZHOU CITY CONSTRU    7.30       10/23/20     CNY      20.40
YONGJIA INVESTMENT GRO    6.50       11/12/21     CNY      41.18
YONGJIA INVESTMENT GRO    6.50       11/12/21     CNY      40.00
YONGXING YINDU CONSTRU    5.60       03/24/23     CNY      60.82
YONGXING YINDU CONSTRU    5.60       03/24/23     CNY      60.06
YONGZHOU ECONOMIC CONS    3.55       01/14/23     CNY      59.63
YONGZHOU ECONOMIC CONS    3.55       01/14/23     CNY      59.20
YUEYANG CITY DONGTING     6.15       03/20/22     CNY      40.95
YUEYANG CITY DONGTING     6.15       03/20/22     CNY      40.73
YUEYANG HUILIN INVESTM    5.50       11/03/21     CNY      40.29
YUEYANG HUILIN INVESTM    5.50       11/03/21     CNY      40.00
YUEYANG URBAN CONSTRUC    6.05       07/12/20     CNY      20.11
YUHUAN CITY COMMUNICAT    6.18       03/20/22     CNY      44.47
YUHUAN CITY COMMUNICAT    6.18       03/20/22     CNY      41.59
YUHUAN CITY COMMUNICAT    5.65       11/03/21     CNY      44.50
YUHUAN CITY COMMUNICAT    5.65       11/03/21     CNY      40.93
YUHUAN CITY CONSTRUCTI    5.10       05/03/23     CNY      62.10
YUNNAN METROPOLITAN CO    6.77       05/23/21     CNY      40.32
YUYAO CITY CONSTRUCTIO    7.09       05/19/21     CNY      41.02
YUZHOU GENERAL INVESTM    4.68       01/19/23     CNY      60.65
YUZHOU GENERAL INVESTM    4.68       01/19/23     CNY      60.00
ZAOYANG CITY CONSTRUCT    5.50       03/22/23     CNY      62.02
ZAOYANG CITY CONSTRUCT    5.50       03/22/23     CNY      60.55
ZHANGJIAGANG FREE TRAD    7.10       08/23/20     CNY      26.04
ZHANGJIAGANG FREE TRAD    7.10       08/23/20     CNY      20.14
ZHANGJIAGANG JINCHENG     6.88       04/28/21     CNY      40.90
ZHANGJIAJIE ECONOMIC D    7.80       04/17/21     CNY      20.74
ZHANGYE CITY INVESTMEN    6.92       09/22/21     CNY      40.90
ZHANGYE CITY INVESTMEN    6.92       09/22/21     CNY      40.89
ZHANGZHOU ECONOMIC DEV    6.17       04/27/22     CNY      41.22
ZHANGZHOU ECONOMIC DEV    6.17       04/27/22     CNY      40.00
ZHANGZHOU JIULONGJIANG    6.48       06/20/21     CNY      41.00
ZHANGZHOU JIULONGJIANG    6.48       06/20/21     CNY      40.89
ZHANJIANG INFRASTRUCTU    6.93       10/21/20     CNY      20.39
ZHAOQING GAOYAO DISTRI    6.68       04/14/22     CNY      41.56
ZHAOQING GAOYAO DISTRI    6.68       04/14/22     CNY      40.00
ZHEJIANG BINHAI NEW CI    4.65       12/23/22     CNY      61.44
ZHEJIANG BINHAI NEW CI    4.65       12/23/22     CNY      60.00
ZHEJIANG CHANGXING JIN    7.99       03/03/21     CNY      30.00
ZHEJIANG CHANGXING JIN    7.99       03/03/21     CNY      20.54
ZHEJIANG GUOXING INVES    6.94       08/01/21     CNY      48.50
ZHEJIANG GUOXING INVES    6.94       08/01/21     CNY      41.09
ZHEJIANG HUISHENG INVE    4.49       03/15/24     CNY      71.44
ZHEJIANG HUISHENG INVE    4.49       03/15/24     CNY      70.00
ZHEJIANG OUHAI CONSTRU    4.83       01/21/23     CNY      61.20
ZHEJIANG OUHAI CONSTRU    4.83       01/21/23     CNY      60.00
ZHEJIANG OUHAI CONSTRU    6.45       04/23/22     CNY      41.39
ZHEJIANG OUHAI CONSTRU    6.45       04/23/22     CNY      40.00
ZHEJIANG PROVINCE XINC    6.95       12/31/21     CNY      41.87
ZHEJIANG PROVINCE XINC    6.95       12/31/21     CNY      41.64
ZHEJIANG PROVINCE XINC    5.88       10/30/21     CNY      41.21
ZHEJIANG PROVINCE XINC    5.88       10/30/21     CNY      41.06
ZHENGZHOU JINGKAI INVE    5.48       07/31/22     CNY      61.80
ZHENGZHOU JINGKAI INVE    5.48       07/31/22     CNY      60.00
ZHENGZHOU MOUZHONG DEV    4.59       04/18/23     CNY      61.50
ZHENGZHOU MOUZHONG DEV    4.59       04/18/23     CNY      61.18
ZHENGZHOU MOUZHONG DEV    7.48       12/11/21     CNY      46.20
ZHENGZHOU MOUZHONG DEV    7.48       12/11/21     CNY      41.41
ZHENGZHOU PUBLIC HOUSI    5.98       07/17/20     CNY      20.15
ZHENGZHOU PUBLIC HOUSI    5.98       07/17/20     CNY      20.12
ZHENJIANG CITY CONSTRU    8.20       01/13/21     CNY      28.49
ZHENJIANG CITY CONSTRU    8.20       01/13/21     CNY      20.67
ZHENJIANG CITY CONSTRU    7.90       12/18/20     CNY      28.50
ZHENJIANG CITY CONSTRU    7.90       12/18/20     CNY      20.55
ZHENJIANG DANTU DISTRI    5.89       11/03/21     CNY      40.17
ZHENJIANG DANTU DISTRI    5.89       11/03/21     CNY      39.60
ZHENJIANG NEW AREA URB    8.35       02/26/21     CNY      20.59
ZHENJIANG NEW AREA URB    8.99       01/16/21     CNY      20.51
ZHIJIANG STATE-OWNED A    4.38       03/28/23     CNY      64.70
ZHIJIANG STATE-OWNED A    4.38       03/28/23     CNY      60.52
ZHIJIANG STATE-OWNED A    4.78       01/11/23     CNY      60.45
ZHIJIANG STATE-OWNED A    4.78       01/11/23     CNY      60.00
ZHONGGUANCUN DEVELOPME    4.20       08/12/22     CNY      60.69
ZHONGGUANCUN DEVELOPME    4.20       08/12/22     CNY      60.65
ZHONGMINTOU LEASING HO    7.55       09/21/21     CNY      49.49
ZHONGRONG XINDA GROUP     7.10       01/22/21     CNY      33.70
ZHONGSHAN TRANSPORTATI    5.25       11/26/21     CNY      41.01
ZHONGSHAN TRANSPORTATI    5.25       11/26/21     CNY      40.00
ZHONGTIAN FINANCIAL GR    7.00       10/15/20     CNY      15.00
ZHOUKOU INVESTMENT GRO    7.49       04/21/21     CNY      20.53
ZHOUSHAN DINGHAI STATE    7.13       08/04/21     CNY      41.40
ZHOUSHAN DINGHAI STATE    7.13       08/04/21     CNY      41.18
ZHOUSHAN DINGHAI STATE    7.25       08/31/20     CNY      26.65
ZHOUSHAN DINGHAI STATE    7.25       08/31/20     CNY      25.38
ZHOUSHAN ISLANDS NEW D    6.98       10/22/22     CNY      57.19
ZHOUSHAN ISLANDS NEW D    6.98       10/22/22     CNY      56.54
ZHOUSHAN PUTUO DISTRIC    7.18       06/20/22     CNY      57.44
ZHOUSHAN PUTUO DISTRIC    7.18       06/20/22     CNY      56.90
ZHUHAI HUIHUA INFRASTR    7.15       09/17/20     CNY      21.15
ZHUHAI HUIHUA INFRASTR    7.15       09/17/20     CNY      20.31
ZHUJI CITY YUEDU INVES    6.38       04/07/22     CNY      41.80
ZHUJI CITY YUEDU INVES    6.38       04/07/22     CNY      41.77
ZHUJI CITY YUEDU INVES    8.20       12/12/20     CNY      24.50
ZHUJI CITY YUEDU INVES    8.20       12/12/20     CNY      20.61
ZHUZHOU CITY CONSTRUCT    8.36       11/10/21     CNY      43.75
ZHUZHOU CITY CONSTRUCT    6.95       10/16/20     CNY      20.30
ZHUZHOU CITY CONSTRUCT    6.95       10/16/20     CNY      20.26
ZHUZHOU GECKOR GROUP C    6.38       04/17/22     CNY      41.54
ZHUZHOU GECKOR GROUP C    6.38       04/17/22     CNY      40.00
ZHUZHOU GECKOR GROUP C    6.95       08/11/21     CNY      41.05
ZHUZHOU GECKOR GROUP C    6.95       08/11/21     CNY      40.86
ZHUZHOU RECYCLING ECON    4.38       03/24/23     CNY      57.37
ZHUZHOU RECYCLING ECON    4.38       03/24/23     CNY      56.83
ZHUZHOU XIANGJIANG SCE    5.39       11/25/22     CNY      61.23
ZHUZHOU XIANGJIANG SCE    5.39       11/25/22     CNY      60.95
ZIBO BANYANG CITY URBA    5.50       09/09/22     CNY      60.67
ZIBO BANYANG CITY URBA    5.50       09/09/22     CNY      60.00
ZIYANG WATER INVESTMEN    3.97       03/17/23     CNY      60.11
ZIYANG WATER INVESTMEN    3.97       03/17/23     CNY      59.77
ZIYANG WATER INVESTMEN    7.40       10/21/20     CNY      20.34
ZIYANG WATER INVESTMEN    7.40       10/21/20     CNY      20.00
ZIZHONG COUNTY XINGZI     5.97       01/18/23     CNY      60.92
ZIZHONG COUNTY XINGZI     5.97       01/18/23     CNY      59.68
ZJ HZ QINGSHAN LAKE SC    7.90       04/23/21     CNY      24.00
ZJ HZ QINGSHAN LAKE SC    7.90       04/23/21     CNY      20.88
ZUNYI ECONOMIC DEVELOP    4.87       01/22/23     CNY      60.00
ZUNYI ECONOMIC DEVELOP    4.87       01/22/23     CNY      58.58
ZUNYI NEW DISTRICT DEV    5.99       04/07/26     CNY      70.61
ZUNYI NEW DISTRICT DEV    5.99       04/07/26     CNY      69.69
ZUNYI ROAD & BRIDGE CO    6.10       04/27/23     CNY      57.96
ZUNYI ROAD & BRIDGE CO    6.10       04/27/23     CNY      53.80


  INDONESIA
  ---------

ABM INVESTAMA TBK PT      7.13       08/01/22     USD      54.27
ABM INVESTAMA TBK PT      7.13       08/01/22     USD      52.34
BERAU COAL ENERGY TBK     7.25       03/13/17     USD      40.00
BERAU COAL ENERGY TBK     7.25       03/13/17     USD      40.00
DAVOMAS INTERNATIONAL     11.00      12/08/14     USD       0.11
DAVOMAS INTERNATIONAL     11.00      12/08/14     USD       0.11
DAVOMAS INTERNATIONAL     11.00      05/09/11     USD       0.11
DAVOMAS INTERNATIONAL     11.00      05/09/11     USD       0.11
DELTA MERLIN DUNIA TEK    8.63       03/12/24     USD       9.91
DELTA MERLIN DUNIA TEK    8.63       03/12/24     USD       9.72


  INDIA
  -----

3I INFOTECH LTD           2.50       03/31/25     USD       4.27
ACME FAZILKA POWER PVT    0.01       09/07/46     INR      17.14
AMPSOLAR SOLUTION PVT     0.01       11/03/37     INR      25.22
AMPSOLAR SOLUTION PVT     0.01       10/27/37     INR      25.26
APG HABITAT PVT LTD       1.00       09/09/28     INR      55.86
APG INTELLI HOMES PVT     1.25       02/04/35     INR      42.13
APG INTELLI HOMES PVT     1.25       02/04/35     INR      39.77
AUTOMOTIVE EXCHANGE PV    4.00       10/11/30     INR      60.50
AUTOMOTIVE EXCHANGE PV    4.00       06/01/30     INR      60.53
BENGAL AEROTROPOLIS PR    5.00       12/01/30     INR      73.11
BENGAL AEROTROPOLIS PR    5.00       12/01/29     INR      74.57
BRITANNIA INDUSTRIES L    8.00       08/28/22     INR      30.27
BUKIT MAKMUR MANDIRI U    7.75       02/13/22     USD      66.70
BUKIT MAKMUR MANDIRI U    7.75       02/13/22     USD      64.32
CREIXENT SPECIAL STEEL    0.01       08/28/25     INR      62.35
CUMULUS TRADING CO PVT    0.01       05/21/32     INR      36.04
CUMULUS TRADING CO PVT    0.01       01/23/30     INR      58.24
DAYAKARA SOLAR POWER P    0.10       04/05/26     INR      60.32
DEWAN HOUSING FINANCE     8.50       04/18/23     INR      21.72
DLF CYBER CITY DEVELOP    0.01       11/19/24     INR      71.11
EDELWEISS ASSET RECONS    2.00       07/22/29     INR      59.85
EDELWEISS ASSET RECONS    2.00       01/15/29     INR      61.38
EDELWEISS ASSET RECONS    2.00       10/07/28     INR      62.23
EDELWEISS ASSET RECONS    2.00       11/20/27     INR      65.18
EDELWEISS ASSET RECONS    2.00       03/28/27     INR      67.22
FUTURE RETAIL LTD         5.60       01/22/25     USD      27.41
FUTURE RETAIL LTD         5.60       01/22/25     USD      25.93
GAJAH TUNGGAL TBK PT      8.38       08/10/22     USD      65.32
GREEN URJA PVT LTD        0.01       02/14/30     INR      44.65
GTL INFRASTRUCTURE LTD    6.73       10/26/22     USD       4.00
HINDUSTAN CONSTRUCTION    0.01       01/05/27     INR      56.25
HITODI INFRASTRUCTURE     0.01       06/30/27     INR      52.78
INDIA INFOLINE FINANCE    5.88       04/20/23     USD      63.35
INDIABULLS HOUSING FIN    6.38       05/28/22     USD      57.75
JAIPRAKASH ASSOCIATES     5.75       09/08/17     USD      55.13
JAIPRAKASH POWER VENTU    7.00       05/15/17     USD       3.22
JCT LTD                   2.50       04/08/11     USD      25.75
JSM CORP PVT LTD          0.01       08/31/36     INR      26.85
JTPM ATSALI LTD           0.01       08/29/48     INR      13.57
KANAKADURGA FINANCE LT    0.01       04/15/36     INR      25.47
KVK ENERGY & INFRASTRU    0.01       01/25/24     INR      72.73
MARIS POWER SUPPLY CO     2.00       04/18/28     INR      63.44
MYTRAH AADHYA POWER PV    0.01       07/05/35     INR      29.74
MYTRAH ADVAITH POWER P    0.01       07/13/36     INR      27.63
MYTRAH AKSHAYA ENERGY     0.01       07/13/36     INR      27.63
ORIGAMI CELLULO PVT LT    0.01       11/14/36     INR      26.57
PRAKASH INDUSTRIES LTD    5.25       04/30/15     USD      22.63
PUNJAB INFRASTRUCTURE     0.40       10/15/33     INR      42.29
PUNJAB INFRASTRUCTURE     0.40       10/15/32     INR      45.06
PUNJAB INFRASTRUCTURE     0.40       10/15/31     INR      48.08
PUNJAB INFRASTRUCTURE     0.40       10/15/30     INR      51.38
PUNJAB INFRASTRUCTURE     0.40       10/15/29     INR      55.01
PUNJAB INFRASTRUCTURE     0.40       10/15/28     INR      58.99
PUNJAB INFRASTRUCTURE     0.40       10/15/27     INR      63.34
PUNJAB INFRASTRUCTURE     0.40       10/15/26     INR      68.04
PUNJAB INFRASTRUCTURE     0.40       10/15/25     INR      73.08
PYRAMID SAIMIRA THEATR    1.75       07/04/12     USD       0.26
R L FINE CHEM PVT LTD     0.10       08/19/36     INR      27.32
REDKITE CAPITAL PVT LT    2.50       03/30/29     INR      63.50
REDKITE CAPITAL PVT LT    2.50       01/15/28     INR      66.88
REI AGRO LTD              5.50       11/13/14     USD       0.58
REI AGRO LTD              5.50       11/13/14     USD       0.58
RELIANCE COMMUNICATION    6.50       11/06/20     USD      10.02
SHRIRAM TRANSPORT FINA    5.10       07/16/23     USD      75.01
SINTEX INDUSTRIES LTD     3.50       05/25/22     USD      48.56
SRI REJEKI ISMAN TBK P    7.25       01/16/25     USD      79.61
SURBHI INVESTMENTS & T    2.50       10/21/28     INR      64.48
SUZLON ENERGY LTD         5.75       07/16/19     USD      24.59
SUZLON ENERGY LTD         5.75       07/16/19     USD      24.59
SVOGL OIL GAS & ENERGY    5.00       08/17/15     USD       0.61
TN URJA PVT LTD           0.10       02/22/36     INR      30.39
VIDEOCON INDUSTRIES LT    2.80       12/31/20     USD      30.25
WATSUN INFRABUILD PVT     4.00       10/16/37     INR      57.42
WS T&D LTD                0.10       03/24/29     INR      48.22
ZYDUS FOUNDATION          0.10       03/25/25     INR      65.49


  JAPAN
  -----

AVANSTRATE INC            0.10       10/29/32     JPY       9.75
TKJP CORP                 0.58       03/26/21     JPY       2.02
TKJP CORP                 0.85       03/06/19     JPY       2.02
TKJP CORP                 1.02       12/15/17     JPY       0.50
UNIZO HOLDINGS CO LTD     1.50       11/26/27     JPY      72.59
UNIZO HOLDINGS CO LTD     1.20       05/28/27     JPY      72.62
UNIZO HOLDINGS CO LTD     0.99       11/27/26     JPY      73.17


  KOREA
  -----

ECOMAISTER CO LTD         2.00       10/11/22     KRW      54.19
HEUNGKUK FIRE & MARINE    5.70       12/29/46     KRW      46.84
KIBO ABS SPECIALTY CO     5.00       02/28/22     KRW      70.28
KIBO ABS SPECIALTY CO     5.00       02/24/22     KRW      71.11
KIBO ABS SPECIALTY CO     5.00       08/28/21     KRW      71.87
KIBO ABS SPECIALTY CO     5.00       02/26/21     KRW      62.77
KIBO ABS SPECIALTY CO     5.00       09/11/20     KRW      74.10
LOTTE CARD CO LTD         0.54       06/28/49     KRW      41.60
PAPERCOREA INC            1.00       01/21/21     KRW       0.08
POSCO ENERGY CO LTD       5.21       08/29/43     KRW      63.06
SAMPYO CEMENT CO LTD      8.10       06/26/15     KRW      70.00
SAMPYO CEMENT CO LTD      8.10       04/12/15     KRW      70.00
SAMPYO CEMENT CO LTD      8.30       09/10/14     KRW      70.00
SAMPYO CEMENT CO LTD      7.50       07/20/14     KRW      70.00
SAMPYO CEMENT CO LTD      8.30       04/20/14     KRW      70.00
SILLAJEN INC              1.00       03/21/24     KRW      54.17
SINBO SECURITIZATION S    5.00       07/24/23     KRW      68.84
SINBO SECURITIZATION S    5.00       06/27/23     KRW      68.98
SINBO SECURITIZATION S    5.00       03/20/23     KRW      70.50
SINBO SECURITIZATION S    5.00       02/28/23     KRW      70.64
SINBO SECURITIZATION S    5.00       01/25/23     KRW      67.93
SINBO SECURITIZATION S    5.00       09/28/22     KRW      72.60
SINBO SECURITIZATION S    5.00       08/31/22     KRW      68.02
SINBO SECURITIZATION S    5.00       07/26/22     KRW      66.96
SINBO SECURITIZATION S    5.00       07/24/22     KRW      66.97
SINBO SECURITIZATION S    5.00       06/29/22     KRW      72.50
SINBO SECURITIZATION S    5.00       06/27/22     KRW      67.02
SINBO SECURITIZATION S    5.00       02/28/22     KRW      70.28
SINBO SECURITIZATION S    5.00       02/23/22     KRW      66.68
SINBO SECURITIZATION S    5.00       01/26/22     KRW      65.79
SINBO SECURITIZATION S    5.00       01/25/22     KRW      65.80
SINBO SECURITIZATION S    5.00       12/27/21     KRW      70.97
SINBO SECURITIZATION S    5.00       09/27/21     KRW      74.64
SINBO SECURITIZATION S    5.00       08/31/21     KRW      65.75
SINBO SECURITIZATION S    5.00       08/25/21     KRW      74.89
SINBO SECURITIZATION S    5.00       07/26/21     KRW      64.50
SINBO SECURITIZATION S    5.00       06/29/21     KRW      72.07
SINBO SECURITIZATION S    5.00       03/21/21     KRW      62.11
SINBO SECURITIZATION S    5.00       12/21/20     KRW      62.94
SINBO SECURITIZATION S    5.00       06/23/20     KRW      74.57


  MALAYSIA
  --------

AEON CREDIT SERVICE M     3.50       09/15/20     MYR       0.79
ASIAN PAC HOLDINGS BHD    3.00       05/25/22     MYR       0.48
BERJAYA CORP BHD          2.00       05/29/26     MYR       0.16
BERJAYA CORP BHD          5.00       04/22/22     MYR       0.25
ELK-DESA RESOURCES BHD    3.25       04/14/22     MYR       0.82
HIAP TECK VENTURE BHD     5.00       06/23/21     MYR       0.16
HUME INDUSTRIES BHD       5.00       05/29/24     MYR       1.45
MALAYAN FLOUR MILLS BH    5.00       01/24/24     MYR       0.97
PMB TECHNOLOGY BHD        3.00       07/12/23     MYR       2.83
SENAI-DESARU EXPRESSWA    1.35       06/30/31     MYR      70.26
SENAI-DESARU EXPRESSWA    1.35       12/31/30     MYR      71.51
SENAI-DESARU EXPRESSWA    1.35       06/28/30     MYR      72.81
SENAI-DESARU EXPRESSWA    1.35       12/31/29     MYR      73.99
VIZIONE HOLDINGS BHD      3.00       08/08/21     MYR       0.02


  NEW ZEALAND
  -----------

PRECINCT PROPERTIES NE    4.80       09/27/21     NZD       1.04
SKY NETWORK TELEVISION    6.25       03/31/21     NZD      73.29


  PHILIPPINES
  -----------

BAYAN TELECOMMUNICATIO    15.00      07/15/06     USD      22.75


  SINGAPORE
  ---------

ALAM SYNERGY PTE LTD      6.63       04/24/22     USD      44.92
APL REALTY HOLDINGS PT    5.95       06/02/24     USD      46.14
ASL MARINE HOLDINGS LT    3.00       10/01/26     SGD      51.38
ASL MARINE HOLDINGS LT    3.00       03/28/25     SGD      51.38
BAKRIE TELECOM PTE LTD    11.50      05/07/15     USD       0.82
BAKRIE TELECOM PTE LTD    11.50      05/07/15     USD       0.82
BERAU CAPITAL RESOURCE    12.50      07/08/15     USD      39.80
BERAU CAPITAL RESOURCE    12.50      07/08/15     USD      39.80
BLD INVESTMENTS PTE LT    8.63       03/23/15     USD       4.88
BLUE OCEAN RESOURCES P    8.00       12/31/21     USD      31.59
BLUE OCEAN RESOURCES P    8.00       12/31/21     USD      31.59
BLUE OCEAN RESOURCES P    8.00       12/31/21     USD      31.59
ENERCOAL RESOURCES PTE    9.25       08/05/14     USD      45.75
ETERNA CAPITAL PTE LTD    8.00       12/11/22     USD      32.06
EZION HOLDINGS LTD        0.25       11/20/27     SGD      67.22
EZRA HOLDINGS LTD         4.88       04/24/18     SGD       5.00
GEO COAL INTERNATIONAL    8.00       10/04/22     USD      61.94
GEO COAL INTERNATIONAL    8.00       10/04/22     USD      52.13
GOLDEN ENERGY & RESOUR    9.00       02/14/23     USD      74.27
GOLDEN LEGACY PTE LTD     6.88       03/27/24     USD      74.17
HYFLUX LTD                4.60       09/23/19     SGD      38.63
HYFLUX LTD                4.20       08/29/19     SGD      38.63
HYFLUX LTD                4.25       09/07/18     SGD      38.63
INDO INFRASTRUCTURE GR    2.00       07/30/10     USD       1.00
INNOVATE CAPITAL PTE L    6.00       12/11/24     USD      30.53
ITNL OFFSHORE PTE LTD     7.50       01/18/21     CNY      29.80
MEDCO BELL PTE LTD        6.38       01/30/27     USD      60.04
MEDCO BELL PTE LTD        6.38       01/30/27     USD      58.19
MEDCO OAK TREE PTE LTD    7.38       05/14/26     USD      61.70
MEDCO OAK TREE PTE LTD    7.38       05/14/26     USD      61.52
MEDCO PLATINUM ROAD PT    6.75       01/30/25     USD      63.34
MEDCO PLATINUM ROAD PT    6.75       01/30/25     USD      62.86
MICLYN EXPRESS OFFSHOR    8.75       11/25/18     USD      22.59
MODERNLAND OVERSEAS PT    6.95       04/13/24     USD      64.39
MULHACEN PTE LTD          6.50       08/01/23     EUR      38.42
MULHACEN PTE LTD          6.50       08/01/23     EUR      38.26
NT RIG HOLDCO PTE LTD     7.50       12/20/21     USD      59.87
ORO NEGRO DRILLING PTE    7.50       01/24/19     USD      14.69
PACIFIC RADIANCE LTD      4.30       03/31/20     SGD      10.00
RICKMERS MARITIME         8.45       05/15/17     SGD       5.00
SOECHI CAPITAL PTE LTD    8.38       01/31/23     USD      67.89
SOECHI CAPITAL PTE LTD    8.38       01/31/23     USD      67.56
SSMS PLANTATION HOLDIN    7.75       01/23/23     USD      59.36
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
THETA CAPITAL PTE LTD     6.75       10/31/26     USD      69.02


SRI LANKA
---------

SRI LANKA DEVELOPMENT     6.75       01/22/25     USD      55.62
SRI LANKA DEVELOPMENT     6.50       01/22/25     USD      54.95
SRI LANKA DEVELOPMENT     6.02       01/22/25     USD      53.67
SRI LANKA DEVELOPMENT     5.98       01/22/25     USD      53.51
SRI LANKA DEVELOPMENT     5.28       01/22/25     USD      50.49
SRI LANKA DEVELOPMENT     6.70       05/01/23     USD      59.93
SRI LANKA DEVELOPMENT     5.66       05/01/23     USD      57.94
SRI LANKA DEVELOPMENT     4.64       05/01/23     USD      56.43
SRI LANKA DEVELOPMENT     4.60       05/01/23     USD      56.36
SRI LANKA DEVELOPMENT     6.62       03/16/23     USD      60.36
SRI LANKA DEVELOPMENT     4.73       03/16/23     USD      56.35
SRI LANKA DEVELOPMENT     5.94       01/22/23     USD      59.93
SRI LANKA DEVELOPMENT     4.76       01/22/23     USD      57.79
SRI LANKA DEVELOPMENT     6.07       01/22/23     USD      57.48
SRI LANKA DEVELOPMENT     6.60       05/01/22     USD      66.58
SRI LANKA DEVELOPMENT     6.30       05/01/22     USD      66.15
SRI LANKA DEVELOPMENT     5.75       05/01/22     USD      65.38
SRI LANKA DEVELOPMENT     5.55       05/01/22     USD      65.09
SRI LANKA DEVELOPMENT     5.52       05/01/22     USD      65.05
SRI LANKA DEVELOPMENT     4.22       05/01/22     USD      63.58
SRI LANKA DEVELOPMENT     4.19       05/01/22     USD      63.53
SRI LANKA DEVELOPMENT     4.83       03/17/22     USD      64.94
SRI LANKA DEVELOPMENT     4.83       03/17/22     USD      64.94
SRI LANKA DEVELOPMENT     4.83       03/17/22     USD      64.93
SRI LANKA DEVELOPMENT     5.79       01/22/22     USD      68.19
SRI LANKA DEVELOPMENT     4.49       01/22/22     USD      66.62
SRI LANKA DEVELOPMENT     4.59       01/22/22     USD      66.45
SRI LANKA DEVELOPMENT     6.11       08/15/21     USD      74.11
SRI LANKA DEVELOPMENT     5.93       08/15/21     USD      73.89
SRI LANKA DEVELOPMENT     4.67       08/15/21     USD      72.69
SRI LANKA DEVELOPMENT     5.87       07/30/21     USD      74.46
SRI LANKA DEVELOPMENT     5.75       07/30/21     USD      74.35
SRI LANKA DEVELOPMENT     4.04       07/30/21     USD      72.79
SRI LANKA DEVELOPMENT     3.91       07/30/21     USD      72.66
SRI LANKA DEVELOPMENT     4.59       06/30/21     USD      74.72
SRI LANKA DEVELOPMENT     4.15       06/30/21     USD      74.33
SRI LANKA GOVERNMENT I    7.55       03/28/30     USD      55.71
SRI LANKA GOVERNMENT I    7.55       03/28/30     USD      55.66
SRI LANKA GOVERNMENT I    7.85       03/14/29     USD      56.03
SRI LANKA GOVERNMENT I    7.85       03/14/29     USD      55.89
SRI LANKA GOVERNMENT I    6.75       04/18/28     USD      55.79
SRI LANKA GOVERNMENT I    6.75       04/18/28     USD      55.63
SRI LANKA GOVERNMENT I    6.20       05/11/27     USD      55.81
SRI LANKA GOVERNMENT I    6.20       05/11/27     USD      55.61
SRI LANKA GOVERNMENT I    6.83       07/18/26     USD      56.44
SRI LANKA GOVERNMENT I    6.83       07/18/26     USD      56.32
SRI LANKA GOVERNMENT I    6.85       11/03/25     USD      56.67
SRI LANKA GOVERNMENT I    6.85       11/03/25     USD      56.49
SRI LANKA GOVERNMENT I    6.13       06/03/25     USD      56.88
SRI LANKA GOVERNMENT I    6.13       06/03/25     USD      56.75
SRI LANKA GOVERNMENT I    6.35       06/28/24     USD      59.08
SRI LANKA GOVERNMENT I    6.35       06/28/24     USD      57.93
SRI LANKA GOVERNMENT I    6.85       03/14/24     USD      58.85
SRI LANKA GOVERNMENT I    6.85       03/14/24     USD      57.80
SRI LANKA GOVERNMENT I    5.75       04/18/23     USD      58.03
SRI LANKA GOVERNMENT I    5.75       04/18/23     USD      57.88
SRI LANKA GOVERNMENT I    5.88       07/25/22     USD      60.78
SRI LANKA GOVERNMENT I    5.88       07/25/22     USD      60.66
SRI LANKA GOVERNMENT I    5.75       01/18/22     USD      62.31
SRI LANKA GOVERNMENT I    5.75       01/18/22     USD      62.25
SRI LANKA GOVERNMENT I    6.25       07/27/21     USD      70.24
SRI LANKA GOVERNMENT I    6.25       07/27/21     USD      69.99
SRILANKAN AIRLINES LTD    7.00       06/25/24     USD      66.74


  THAILAND
  --------

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



                           *********


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

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

Copyright 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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