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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, June 16, 2020, Vol. 23, No. 120

                           Headlines



A U S T R A L I A

ARCHIBLOX: More Than AUD5.5MM in Debt, Prelim Report to ASIC Shows
AUSTRALIAN INTERNATIONAL: First Creditors' Meeting Set for June 23
BADAM TRADING: Collapse Leaves Customers Out of Pocket
CERTICA PTY: Second Creditors' Meeting Set for June 24
CITY CHIC: To Shutter 14 Stores on Failed Rent Negotiations

EDGE HOLDINGS: First Creditors' Meeting Set for June 22
ICONTRACT PTY: Second Creditors' Meeting Set for June 24
MORETON RESOURCES: First Creditors' Meeting Set for June 22
PVLT HOLDINGS: Second Creditors' Meeting Set for June 23
TRITON BOND 2020 SERIES 2: S&P Puts B (sf) Rating to Class F Notes



C H I N A

EHI CAR: S&P Affirms 'B+' ICR, Outlook Negative


I N D I A

A P GOYAL: CRISIL Assigns 'D' Ratings to INR36cr Loans
ADM SOLAR: CRISIL Assigns 'D' Rating to INR4.05cr Term Loan
AL KARMA: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
APEX WELCARE: CRISIL Lowers Rating on INR11.3cr Loan to B+
BL FOOD: CRISIL Migrates 'B' Debt Ratings to Not Cooperating

BLUE PINK: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
BRAMHA LEISURES: CRISIL Moves B Debt Ratings to Not Cooperating
DELHI INT'L AIRPORT: Moody's Confirms CFR at Ba3, Outlook Negative
DIGNITY INNOVATIONS: CRISIL Keeps B Debt Rating in Not Coop.
EVERBLUE SEA: CRISIL Reaffirms B+ Rating on INR4cr Loan

GMR HYDERABAD AIRPORT: Moody's Cuts CFR to Ba2, Outlook Negative
HEADWORD PUBLISHING: CRISIL Withdraws B Rating on INR7cr Credit
IEE PROJECTS: CRISIL Moves B Rating on INR3.5cr Loan to Not Coop.
JAYAPRIYA CHIT: CRISIL Reaffirms B+ Rating on INR12cr Debt
K. M. FISHERIES: CRISIL Reaffirms B+ Rating on INR8cr Loan

KAPUYT CLOTHING: Insolvency Resolution Process Case Summary
KASAVUKADA: CRISIL Keeps 'B' Debt Ratings in Not Cooperating
KCS INFRATECH: CRISIL Lowers Rating on INR7.5cr Loan to B-
LOURDES MATHA: CRISIL Moves D Debt Ratings to Not Cooperating
NEERAJA TRADING: CRISIL Moves B+ Debt Ratings to Not Cooperating

PRATIKSHA INFRACON: Insolvency Resolution Process Case Summary
R.K. INFRATEL LIMITED: Insolvency Resolution Process Case Summary
RACHHPAL AUTO: CRISIL Moves B+ Debt Ratings from Not Cooperating
RELIANCE NAVAL: Put Up for Sale Under Insolvency Process
S.L. GROUP: CRISIL Moves B INR19.5cr Debt Rating to Not Cooperating

SAI KRISHNA: CRISIL Moves 'D' Debt Ratings to Not Cooperating
SAI PRECIOUS: Insolvency Resolution Process Case Summary
SAISHRADDHA CEMENTS: CRISIL Moves B Debt Ratings to Not Coop.
SAKA LIMITED: Insolvency Resolution Process Case Summary
SARADA PROJECTS: CRISIL Reaffirms B+ Rating on INR12.6cr Loan

SERVEL INDIA: Insolvency Resolution Process Case Summary
SHIVA AGRO: CRISIL Migrates 'D' Debt Ratings to Not Cooperating
SOLVE PLASTIC: CRISIL Reaffirms B+ Rating on INR10cr Cash Credit
SUNPOWER CEMENT: CRISIL Keeps D Debt Ratings in Not Cooperating
THIRUCHY STEELS: CRISIL Moves B+ INR8cr Debt Rating to Not Coop.

UNIVERSAL CONSTRUCTION: CRISIL Moves D Debt Ratings to Not Coop.
VAMAN TEXTILES: Insolvency Resolution Process Case Summary


I N D O N E S I A

BANK RAKYAT: Fitch Corrects Ratings Release dated April 13, 2020


M A L A Y S I A

HATTEN LAND: Third Quarter Net Loss Widens to MYR32.3 Million


N E W   Z E A L A N D

HOUSE OF TRAVEL: Shuts Down Stores in Oamaru


X X X X X X X X

[*] BOND PRICING: For the Week June 8, 2020 to June 12, 2020

                           - - - - -


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

ARCHIBLOX: More Than AUD5.5MM in Debt, Prelim Report to ASIC Shows
------------------------------------------------------------------
Melissa Heagney at Domain reports that Melbourne-based prefab home
builder Archiblox was more than AUD5.5 million in debt when it went
into voluntary administration in February, and may have been
trading insolvent for more than 18 months.

These were some of the findings in a preliminary report from
liquidators Vince & Associates which was handed to ASIC on May 22,
Domain says.

According to Domain, the report revealed the company had been
trading with "a significant deficiency" since June 30, 2018 and was
now investigating whether an insolvent trading claim could be made
against Archiblox director Bill McCorkell.

"Creditors should note that a claim for insolvent trading is
complex and requires a significant amount of investigations,"
director of Vince & Associates Paul Langdon stated in the report,
Domain relays.   "My investigations in this regard are at a
preliminary stage and are ongoing."

Archiblox's total debt was calculated at AUD5,548,092, with the
company owing money to a number of businesses for their goods and
services and to individuals for large loans to help keep the
business afloat, Domain discloses.

One of its biggest debts was a AUD2 million loan from a woman who
is now seeking compensation, Domain notes.

Domain relates that the total was given in two lots – a AUD1.576
million loan in May 2019, with a further AUD424,000 loaned in
August.

The report revealed she was unlikely to receive money from the sale
of Archiblox's assets, including those liquidated at the business'
two sites in Laverton and Burnley.

Domain adds that a loan for AUD500,000 was also made to the company
by another woman in February 2018, with the total of the loan
rising to AUD666,904 after further advances were given to the
company.

The woman who loaned the money has now been given ownership of
Archiblox's intellectual property, including its website and social
media pages, as well the trademarked name, Domain notes.

While Archiblox owed money to businesses and for loans, it was also
in debt to 18 former employees for their wages, superannuation and
other entitlements, amounting to an estimated AUD163,451, according
to Domain.

They will now be forced to seek compensation through the
Attorney-General's office's Fair Entitlements Guarantee scheme.

"The company had 17 full-time employees and one part-time employee
at the date of my appointment. I terminated their employment
effective from that date," Mr. Vince stated in the report.

Further debt may also be accumulated by Archiblox from people whose
prefab homes are incomplete or defective.

"Contingent creditors presently total AUD637,730 and are expected
to increase in due course," the report, as cited by Domain,
stated.

While the report is out, Vince & Associates plan to continue their
investigation into Archiblox to undertake "a more in-depth analysis
of the company's financial position," Domain adds.

Archiblox was a Melbourne-based prefab home builder.  

The business ceased trading and terminated contracts with customers
on Feb. 28, 2020, with business advisory firm Vince and Associates
appointed as liquidators. Up to 30 employees also lost their jobs,
according to Domain.

AUSTRALIAN INTERNATIONAL: First Creditors' Meeting Set for June 23
------------------------------------------------------------------
A first meeting of the creditors in the proceedings of Australian
International Foodstuff Co Pty Lt will be held on June 23, 2020, at
11:00 a.m. at the offices of SV Partners (SA) Pty Ltd, Level 4, 12
Pirie Street, in Adelaide, SA.

Stuart Otway of SV Partners (SA) was appointed as administrator of
Australian International on June 11, 2020.


BADAM TRADING: Collapse Leaves Customers Out of Pocket
------------------------------------------------------
The Guardian Australia reports that more than 3,000 customers owed
money by the failed replica-furniture chain Matt Blatt are set to
receive nothing, even though the company reaped more than AUD4.4
million by selling assets in the weeks leading to its collapse.

Customers, some of whom are owed more than AUD1,000, were informed
of the collapse by text message a fortnight ago, the report says.

According to Guardian Australia, the company that owned the Matt
Blatt brand, Badam Trading Co, is now in the hands of liquidator
David Solomons of Sydney firm dVT Group.

Guardian Australia relates that Badam's director, Adam Drexler,
closed the company's 12 stores in late March as the coronavirus
crisis gripped Australia, deepening the woes of an already
struggling retail sector.

In April, Badam went on to sell off warehouse stock through auction
website Grays Online.

Online retailer Kogan announced it had "acquired Matt Blatt" on
May 15 for AUD4.4 million, but a Kogan spokesman told Guardian
Australia that in fact it "acquired some intellectual property from
the prior owners".

Documents filed with the corporate regulator show that Drexler
appointed Mr. Solomons as liquidator the following Friday, May 22.

It is believed Mr. Solomons will now investigate both the sale of
stock through Grays Online and the sale of the intellectual
property to Kogan.

Guardian Australia, citing company documents, says another company
controlled by Drexler, Badam Holdings, loaned money to Badam.

The documents show that of a total of AUD11 million owed to
creditors at the point of collapse, more than AUD4 million was owed
to Badam Holdings.

Staff were owed AUD600,000 and the tax office about AUD1 million.

In the documents, Drexler estimated the company had realisable
assets of just AUD500,000, Guardian Australia discloses.


CERTICA PTY: Second Creditors' Meeting Set for June 24
------------------------------------------------------
A second meeting of creditors in the proceedings of Certica Pty Ltd
has been set for June 24, 2020, at 10:00 a.m. at the offices of
McLeod & Partners, Level 9, at 300 Adelaide Street, in Brisbane,
Queensland.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 23, 2020, at 5:00 p.m.

Bill Karageozis and Jonathan McLeod of McLeod & Partners were
appointed as administrators of Certica Pty on May 20, 2020.


CITY CHIC: To Shutter 14 Stores on Failed Rent Negotiations
-----------------------------------------------------------
Dean Blake at Inside Retail reports that fashion retailer City Chic
will shutter 14 stores after failing to negotiate reduced rents
with landlords as it seeks to refocus its capital expenses
following the impact of COVID-19.

The remaining 92 stores will remain open with reduced rents moving
forward, as well as agreed-upon rent reductions for the time spent
in hibernation, the report says.

"The decision to close these stores reflects our focus on
appropriate store economics," Inside Retail quotes City Chic chief
executive Phil Ryan as saying.   "We remain committed to opening
new stores and converting stores to large formats where deals can
be structured to reflect the current retail environment."

A City Chic spokesperson confirmed to Inside Retail the Miranda,
Tuggerah, Kotara, Liverpool, Sydney, Knox, Southland, Doncaster,
Woden, Belconnen, Northlakes, Westlakes and Tea Tree Plaza stores
in Australia would be closed, as well as the Rickerton store in New
Zealand.

Inside Retail relates that Mr. Ryan said the majority of staff were
redeployed to nearby stores, though an undisclosed number of staff
are now out of work.

These staff join the 823,000 Australians currently unemployed
according to the Australian Bureau of Statistics, as the
unemployment rate reached 6.4 per cent at the end of April 2020 –
compared to 5.2 per cent in January, the report notes.

According to the report, the store closures also partly reflect the
shifting tide of online shopping, Mr. Ryan said, with City Chic
focusing on connecting with customers across multiple touchpoints
and executing on its digital strategy.

During the lockdown period City Chic's online sales grew by 57 per
cent due to the business quickly adjusting its product range toward
intimates, streetwear and casual wear, Inside Retail says.

Sales in these sections of the business grew while sales in its
higher-end ranges fell, though increased promotional activity
pulled online gross margin down despite an overall increase in
activity, the report adds.

EDGE HOLDINGS: First Creditors' Meeting Set for June 22
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Edge
Holdings No 7 Pty Ltd will be held on June 22, 2020, at 10:00 a.m.
at Level 8, at 235 St Georges Terrace, in Perth, WA.

Hayden Leigh White and Thomas Donald Birch of KPMG were appointed
as administrators of Edge Holdings on June 10, 2020.


ICONTRACT PTY: Second Creditors' Meeting Set for June 24
--------------------------------------------------------
A second meeting of creditors in the proceedings of Icontract Pty
Ltd has been set for June 24, 2020, at 11:00 a.m. at the offices of
McLeod & Partners, Level 9, at 300 Adelaide Street, in Brisbane,
Queensland.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 23, 2020, at 5:00 p.m.

Bill Karageozis and Jonathan McLeod of McLeod & Partners were
appointed as administrators of Icontract Pty on May 20, 2020.

MORETON RESOURCES: First Creditors' Meeting Set for June 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of:

     - Moreton Resources Ltd;
     - MRV Metals Pty Ltd;
     - MRV Tarong Basin Coal Pty Ltd;
     - MRV Bowen Basin Coal Pty Ltd; and
     - MRV Surat Basin Coal Pty Ltd

will be held on June 22, 2020, at 11:30 a.m. at the offices of
Deloitte Financial Advisory Pty Ltd, Level 23, Riverside Centre, at
123 Eagle Street, in Brisbane, Queensland.

David Orr and Grant Sparks of Deloitte Financial Advisory were
appointed as administrators of Moreton Resources on June 10, 2020.

PVLT HOLDINGS: Second Creditors' Meeting Set for June 23
--------------------------------------------------------
A second meeting of creditors in the proceedings of PVLT Holdings
Pty Ltd has been set for June 23, 2020, at 11:00 a.m. at the
offices of O'Brien Palmer, Level 9, at 66 Clarence Street, in
Sydney, NSW.   

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by June 22, 2020, at 4:00 p.m.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
PVLT Holdings on May 18, 2020.

TRITON BOND 2020 SERIES 2: S&P Puts B (sf) Rating to Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to nine classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Triton Bond Trust 2020 Series
2.

The ratings reflect:

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

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises mortgage
insurance covering 23.3% of the loans in the portfolio, as well as
note subordination for all rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.2% of the invested amount of all notes subject
to a floor of 0.12%, principal draws, and a loss reserve that
builds from excess spread, are sufficient under its stress
assumptions to ensure timely payment of interest.

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

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

-- That loss of income for borrowers in the coming months due to
the effects of COVID-19 might put upward pressure on mortgage
arrears over the longer term. S&P said, "We recently updated our
outlook assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. The
collateral pool at close for this transaction does not include any
loans where the borrower has applied for a COVID-19 hardship
payment arrangement. Nevertheless, we undertook additional
cash-flow sensitivity analysis to assess the rated notes'
sensitivity to delays in borrower payments should some loans enter
hardship arrangements following the closing date."

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."

  RATINGS ASSIGNED

  Triton Bond Trust 2020 Series 2

  Class      Rating        Amount (mil. A$)
  A1-AU      AAA (sf)      270.00
  A1-3Y      AAA (sf)      240.00
  A2         AAA (sf)       42.00
  AB         AAA (sf)       16.80
  B          AA (sf)        12.60
  C          A (sf)          8.40
  D          BBB (sf)        4.20
  E          BB (sf)         2.70
  F          B (sf)          1.80
  G          NR              1.50

  NR--Not rated.




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C H I N A
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EHI CAR: S&P Affirms 'B+' ICR, Outlook Negative
-----------------------------------------------
On June 12, 2020, S&P Global Ratings affirmed its 'B+' long-term
issuer credit rating on eHi Car Services Ltd. and 'B+' long-term
issue rating on the senior unsecured notes issued by the provider
of car rental and chauffeur services in China.

S&P said, "Gradual recovery in demand following containment of the
COVID-19 pandemic underpins our expectation of flat growth in
rental revenue for 2020. We expect car rental demand in China to
follow a U-shaped recovery path, with potential normalization in
the third quarter of 2020. Travel and transportation sectors,
including car rental, are showing notable recovery from the
hardest-hit months of February and March. This is because China is
gradually lifting domestic containment measures and reopening the
economy. As such, the demand recovery and eHi's enlarged average
available fleet could make up for the significant topline shock in
the first quarter of this year and support a largely flat rental
revenue and EBITDA for full-year 2020, barring a severe second wave
of infections. Nonetheless, EBIT could decline by 15%-20%, given
the higher depreciation expense on an expanded fleet.

"The company's first-quarter results were weaker than our
expectation, especially EBIT. eHi reported rental revenue of
Chinese renminbi (RMB) 723 million (15.9% decline year on year),
EBITDA of RMB312.5 million (21% decline year on year), and EBIT of
negative RMB40.6 million in the first quarter of 2020. The
company's revenue per available car (RevPAC) dropped significantly
to RMB98 during that period, compared with RMB130 in the first
quarter of 2019. The average daily rental rate (ADRR) held up at
RMB175 (RMB170 in the first quarter of 2019) while utilization
slumped to 55.9% (76.8% in the first quarter of 2019).

"Lenders are likely to waive a possible covenant breach by eHi for
its June 2020 test, given weak first-quarter results. We believe
the company is unlikely to pass its upcoming restrictive
semi-annual covenant test for its 2021 syndicated loan, given weak
first-quarter results amid the COVID-19 outbreak. We estimate that
eHi's EBITDA in the second quarter of this year would need to be
about RMB520 million (about 160% of 2019's second-quarter result or
166% of this year's first-quarter result) to avert a covenant
breach in June.

"eHi has been proactively managing the covenant issue and initiated
discussions with its lenders. Based on the discussions so far, we
expect the company to secure a covenant waiver for at least the
upcoming covenant test."

Refinancing uncertainty looms for bullet maturities beyond 2020.
Though near-term liquidity risk has been alleviated by eHi's
efforts to obtain a waiver, the company faces significant bullet
maturities over the next two years, including the US$195 million
2021 syndicate loan (payable through installments of 30%/30%/40% in
November 2020, May 2021, and November 2021, respectively) and its
US$400 million senior unsecured note due in 2022.

eHi is considering various refinancing options including raising
both debt and equity. At this stage, S&P expects the company to
prioritize bond issuance in the onshore market given more favorable
credit conditions. A successful issuance in the onshore bond market
could expand eHi's funding channels and provide partial refinancing
for the sizable bullet maturities. However, onshore issuances for
first-time issuers can be difficult and the issuance tends to be
small with a short tenor for speculative-grade corporate issuers.

Cash reserved for dissenting shares could be an additional
liquidity source, though temporary. eHi could use its holding
company's RMB536 million of cash, as of March 2020, which is
earmarked for the resolution of dissenting shares in the interim. A
final resolution for the dissenting shares is not likely before the
end of 2021. The company recorded a liability of US$210.3 million
(RMB1.47 million) at the end of 2019 to settle dissenting shares
that were formed during the privatization in 2019. eHi and its
holding company reserved a similar amount of cash for future
settlement of the dissenting shares, and paid out 65% as interim
payment in the first quarter of 2020. The settlement amount and the
exact settlement date are subject to the litigation underway.

EBIT interest coverage could remain depressed in 2020, and recover
in 2021. S&P expects eHi's EBIT interest coverage to dip to
0.9x-1.0x this year due to COVID-19 disruptions, before rebounding
to 2019 levels of 1.1x-1.2x in 2021. This is despite the company's
efforts to manage its interest expense in 2020 by conducting fewer
car purchases under the AP model car acquisition approach (30% in
2020E compared with 50% in 2019A), which carries high funding cost.
In the AP model, eHi directly signs program-car agreements with car
dealers or carmakers without financial institutions providing
credit. The exposure is thus recorded in accounts payable rather
than debt, and requires low initial cash outlay but relatively high
interest expense.

S&P said, "We anticipate eHi's cash flow available for debt
repayment could also turn negative in 2020 from about RMB320
million in 2019 due to weak performance and continued capital
spending. Although the company targets a flat fleet size with no
expansion this year, we expect RMB1.2 billion-RMB1.6 billion net
capital expenditure (capex) to refresh the fleet.

"The negative outlook reflects our view that eHi's liquidity risk
could increase over the next six to 12 months if the company is
unable to effectively manage the covenant issue or make sufficient
refinancing progress to handle the approaching maturity wall."

S&P may downgrade eHi if the company's liquidity and leverage
profile weaken. This could occur if:

-- eHi is unable to execute its refinancing plan or make
sufficient refinancing progress in 2020; or

-- S&P believes the company is unable to obtain a waiver for its
potential covenant breach; or

-- S&P believes eHi is unlikely to improve its: (1) EBIT interest
coverage ratio to above 1.1x; and (2) ratio of funds from
operations (FFO) to debt to above 10% within the next 12 months.
This could happen if the recovery from COVID-19 disruptions takes
longer than we expect, resulting in higher risk of liquidity
stress, covenant breach, or material deterioration in the company's
financial positon and performance.

S&P may revise the outlook to stable if eHi accumulates sufficient
liquidity and leverage buffer. This could occur if:

-- The company maintains its EBIT interest coverage above 1.1x and
FFO-to-debt ratio above 10% on a sustained basis; and

-- eHi expands its covenant headroom to close to 10%, and
efficiently execute its refinancing plan for sizable maturities
over the next two years.




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I N D I A
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A P GOYAL: CRISIL Assigns 'D' Ratings to INR36cr Loans
------------------------------------------------------
CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to bank
facilities of A P Goyal Shimla University (APGSU).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         31        CRISIL D (Assigned)
   Overdraft               5        CRISIL D (Assigned)

The ratings reflect continuous delay in repayment of term debt by
the trust, over the last three months, which led to classification
of the company's account as irregular.

The ratings also reflect the trust's modest scale of operations,
leveraged capital structure, and exposure to risks arising from the
highly regulated nature of the education sector. These weaknesses
are partially offset by the extensive experience of the trustees in
the education sector.

Key Rating Drivers & Detailed Description

Weaknesses

* Vulnerability to stringent regulations:  Establishment and
operations of educational institutions are regulated by various
governmental and quasi-governmental agencies, such as the
University Grants Commission (UGC), the National Assessment and
Accreditation Council (NAAC), All India Council for Technical
Education (AICTE), various universities, and the respective state
governments. Each body has detailed procedures for granting
permission to set up educational institutions, and approvals need
to be renewed every three or five years. Any non-compliance will
result in cancellation of affiliation, license etc and lead to loss
of reputation, besides revenue implications.

* Modest scale of operations:  Intense competition from other
educational institutions operating in the same region, restricts
scalability and operating flexibility of trusts like APGSU.

* Leveraged capital structure:  Financial risk profile is marked by
a high gearing and weak debt protection metrics. Total outside
liabilities to tangible networth ratio was 1.64 times as on March
31, 2019. Interest coverage and net cash accrual to adjusted debt
ratio are likely to be in the range of 0.8-0.9 times and -0.10
time, respectively, over the medium term.

Strength:     

* Extensive experience of the trustees:  The decade-long experience
of the trustees in the education services industry, their strong
understanding of market dynamics, and the trust's established
market position in Shimla, Himachal Pradesh, will continue to
support the business risk profile. APGSU offers a diverse range of
programmes at the graduate, and post-graduate levels, and other
courses in various streams.

Liquidity Poor
Liquidity is weak, as indicated by delay in repayment of term debt,
and the fully utilised working capital limit.

Rating Sensitivity factors

Upward factors:

* Timely repayment of term debt for at least 90 days.

* Significant improvement in operating performance, with adequate
cash accrual and stronger financial metrics.

APGSU was established in 2012, by the AP Goyal Charitable Trust,
through the APG Shimla University Establishment and Regulation Act,
2012. The trust is promoted by members of the Goyal family. It
offers more than 60 courses to over 3,000 students in Shimla,
including graduate and post-graduate programmes in fields of
engineering and management, and other courses in various streams.

ADM SOLAR: CRISIL Assigns 'D' Rating to INR4.05cr Term Loan
-----------------------------------------------------------
CRISIL has assigned its 'CRISIL D' rating to the bank facilities of
ADM Solar Power and Infrastructure Private Limited (ADM).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             4.05       CRISIL D (Assigned)
   Cash Credit           3.00       CRISIL D (Assigned)
   Proposed Fund-
   Based Bank Limits     0.10       CRISIL D (Assigned)

The ratings reflect delays by ADM in servicing its debt obligations
prior to February 2020.

The rating reflects susceptibility of its operating margin to
volatility in commodity prices, its modest scale and weak financial
profile. These strength/weaknesses are partially offset by
extensive industry experience of the promoters

Analytical Approach

The unsecured loans of INR1.82 crore extended by the promoters as
on March 31, 2019, 75% has been treated as equity and 25% as debt.
This is because these loans are subordinate to external debt and
interest free in nature.

Key Rating Drivers & Detailed Description

Weakness

* Delays in servicing debt obligation: ADM has availed term loan
amount of INR3.00 crore from the Punjab national bank. There has
been instances of delays in principal repayment obligation by the
management over the past few months

* Susceptibility of the operating margin to volatility in commodity
prices: Operating margins are exposed to volatility in its raw
material prices moreover raw material cost accounts for 80% of the
operating revenue/total manufacturing cost.

* Weak financial profile: ADM's debt protection measures have also
been at weak level in past due to high gearing and low accruals
from the operations. The interest coverage and Net cash accrual to
total debt (NCATD) ratio are at 1.8 times and 0.09 times for fiscal
2019. ADM debt protection measures are expected to improve on
account of improving cash accruals.

Strength

* Extensive industry experience of the promoters: The promoters
have an experience of over 7 years in Electrical Components &
Equipment industry. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers and customers.

* Modest scale of operation: ADMs has been reported INR11.79 crore
of the revenue in the first full year of operation in fiscal 2019.
The revenue is modest in fiscal 2019 due to initial stage of
operation however CRISIL is expects to grow at a healthy rate over
the medium term.

Liquidity Poor

The liquidity profile of the firm is under stress which is
reflected insufficient fund for the timely repayment of principal
and fully utilized bank limit over the past one year.

Rating sensitivity factors

Upward factors:

* Track record of timely payment of interest and regularization of
term loan for three months

* Timely recovery of payments from customers

ADM, incorporated in 2017 at New Delhi. ADM   is engaged in
manufacturing and installation of solar panels and allied
equipment. Further, it also provides annual maintenance services.
ADM has its manufacturing unit in greater Noida (Uttar Pradesh).


AL KARMA: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Al Karma
continues to remain in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.75       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           3.5        CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       .75       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     .75       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Working Capital        .25       CRISIL D (ISSUER NOT
   Facility                         COOPERATING)

CRISIL has been consistently following up with Al Karma for
obtaining information through letters and emails dated October 15,
2019 and April 30, 2020 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of Al Karma continues to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

Al Karma, set up as a partnership firm in 1989 by Ms. Anjali
Chaudhary and Mr. Sandeep Chaudhary, manufactures aluminum doors,
windows, and glass panels. Its manufacturing facility is at
Najafargarh in Delhi.

APEX WELCARE: CRISIL Lowers Rating on INR11.3cr Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Apex Welcare
Private Limited (AWPL) to 'CRISIL B+/Stable Issuer not cooperating'
from 'CRISIL BB/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.3        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Overdraft             2.0        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term    5.4        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan            11.3        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with AWPL for obtaining
information through letters and emails dated November 30, 2019 and
April 30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

Incorporated in 1997, AWPL operates a multi-disciplinary and super
speciality hospital, Apex Hospital, in Varanasi. It is promoted by
Dr Santosh Kumar Singh, a well-known orthopaedic surgeon and has a
capacity of 200 beds. It also runs a nursing and physiotherapy
college with total intake of about 550 students.

BL FOOD: CRISIL Migrates 'B' Debt Ratings to Not Cooperating
------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of BL Food
Industries (BLFI) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Open Cash Credit     9.75        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             .25        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

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

Established in 2014, BLFI mills and processes paddy into basmati
and non-basmati rice at its facility in Nizamabad, Andhra Pradesh.
The firm's partners are Mr. G Shekar, Ms G Jyothi, Mr. G Balaiah,
Ms G Bharatamma, Mr. G Srinivas, Mr. K Ramesh, and Mr. R Srinivas.

BLUE PINK: CRISIL Keeps 'D' Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Blue Pink
Apparels Private Limited (BPAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        1.67       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with BPAPL for obtaining
information through letters and emails dated October 15, 2019 and
April 30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of BPAPL continues to be 'CRISIL D Issuer not
cooperating'.

Based out of Chennai and established in 2012 by Mr.Fakhrudeen Ali
Ahmed, BPAPL is engaged into manufacturing and export of RMG
primarily men shirts, trousers and kids wear.

BRAMHA LEISURES: CRISIL Moves B Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Bramha
Leisures Private Limited (BLPL) to 'CRISIL B/Stable Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term    0.25       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

   Secured Overdraft     9.50       CRISIL B/Stable (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of BLPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BLPL is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower'.

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

Established in April 2009 by Mr. Surendrakumar Agarwal, BLPL has
undertaken a commercial real estate project near Pimpri Chinchwad,
Pune.

DELHI INT'L AIRPORT: Moody's Confirms CFR at Ba3, Outlook Negative
------------------------------------------------------------------
Moody's Investors Service has confirmed Delhi International Airport
Limited's Ba3 corporate family rating and senior secured ratings.

At the same time, Moody's has confirmed DIAL's Baseline Credit
Assessment at ba3.

The outlook on the ratings has been changed to negative from
ratings under review.

This rating action concludes the review for downgrade initiated on
March 25, 2020.

Delhi International Airport Limited is the concessionaire for the
Indira Gandhi International Airport, which is located in the
political capital of India, and operates under an Operations,
Management and Development Agreement with the Airports Authority of
India, a government agency.

DIAL is undertaking a major airport expansion that will cost INR98
billion and another 2-3 years to complete.

RATINGS RATIONALE

"The rating confirmation considers the resumption of domestic
passenger traffic on 25 May after a two-month suspension of
commercial flights in India, management's efforts to reduce
operating cost and its delayed capital spending, which will have a
positive impact on the airport's liquidity position," says Spencer
Ng, a Moody's Vice President and Senior Analyst.

The negative outlook, however, reflects material downside risk over
the next 12-18 months, given the uncertainty over the recovery in
the airport's traffic and India's weakening economic conditions,
which could complicate the airport's efforts to secure additional
funding to complete its expansion project and refinance its
USD288.75 million bond maturity in February 2022.

The spread of the coronavirus pandemic, the weakened global
economic outlook, low oil prices and asset price declines are
creating a severe and extensive credit shock across many sectors,
regions and markets. The combined credit effects of these
developments are unprecedented. The airport industry is one of the
sectors most significantly affected by the shock given its exposure
to travel restrictions and sensitivity to consumer demand and
sentiment.

Given the high level of uncertainty around the trajectory of the
pandemic there are a wide range of possible outcomes, and Moody's
credit assessment considers deeper downside scenarios incorporating
the risks of a slower recovery.

A recovery in DIAL's traffic - once the situation stabilizes - will
be supported by the solid industry fundamentals in India and its
predominantly domestic-based passenger mix. However, any near-term
recovery will be heavily influenced by the effects of a weak
economy, continued travel restrictions, concerns over potential
infections and further outbreaks.

"We expect the airport's operating cash flow to improve in the next
fiscal year as traffic gradually returns. However, the capital
expenditure required to complete its substantial expansion project
will likely keep DIAL's financial metrics at weak levels with
limited headroom," says Spencer Ng, a Moody's Vice President and
Senior Analyst.

Given the current industry headwinds and weak economic conditions,
the airport's operations and further planned land monetization may
not be sufficient to fully fund its capex requirement, potentially
leading to incremental debt over the expansion phase.

DIAL has entered into fixed-term fixed-price contracts for the
expansion, which reduces the ability to postpone or scale down the
project in response to lower traffic. That said, due to the likely
delay in construction as a result of the coronavirus lockdown and
the time required for workforce mobilization, the actual spending
profile will be spread out over a longer period, providing some
cash flow relief.

The airport regulator released its consultation paper for Delhi
Airport on 9 June [1], proposing the continuation of minimum
tariffs allowed under the Base Airport Charges (BAC) regime through
to March 2024. However, the final decision -- expected in the
September quarter -- could improve depending on the regulator's
final view of the impact of the coronavirus outbreak on passenger
traffic and non-aeronautical revenue.

Moody's base case expectation continues to assume the minimum
tariff under the BAC, due to the substantial balance of
over-recovered revenue that still needs to be cleared before the
tariff can increase, as outlined in the consultation paper.

DIAL has sufficient liquidity to sustain its operations and fund
its expansion at least through March 2021, although the airport
does have a major refinancing need in February 2022 when its
USD288.75 million bond expires. At the end of April, the airport
had total cash of close to INR1 billion and short-term investments
of INR37 billion (which include investments in mutual funds,
commercial paper and fixed deposits). The airport also has an
undrawn working capital facility of INR2 billion that is available
to meet working capital requirements.

DIAL's Ba3 ratings continue to reflect (1) the airport's strategic
position and solid passenger profile, (2) the evolving regulatory
framework in India, and (3) its low profit margins due to the
higher revenue share obligation under its concession agreement.

Moody's has used its Joint Default Analysis approach for Government
Related Issuers in assessing DIAL's ratings, because the company is
more than 20% government-owned through the Airports Authority of
India, a government agency.

DIAL's Ba3 CFR combines: (1) the company's BCA of ba3, and (2) the
low likelihood of support that Moody's believes the Government of
India (Baa3 negative) will provide to DIAL in the event that
extraordinary financial support is required, resulting in the
absence of uplift support in the company's BCA.

Moody's regards the coronavirus pandemic as a social risk under its
environmental, social and governance framework, given the
substantial implications for public health and safety.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade of the ratings is unlikely, given the negative outlook
and coronavirus outbreak. Nevertheless, Moody's could change the
outlook to stable if operating conditions recover to a level that
would (1) supports it ability to secure the necessary funding
required to complete the expansion and (2) allow the airport to
reduce its leverage over time.

Moody's could downgrade DIAL's Ba3 ratings if there is a delay in
passenger recovery caused by airlines defaulting, or if the airport
is unable to finalize its land monetization transaction with Bharti
Realty executed back in March 2019.

Moody's could also downgrade the ratings if: (1) the expansion
project's costs increase or it experiences material delays; (2)
there is a lack of a well-progressed plan to secure the necessary
funding to complete the expansion or a failure to secure the
refinancing for its USD288.75 million of debt maturing in February
2022.

The methodologies used in these ratings were Privately Managed
Airports and Related Issuers published in September 2017.

Delhi International Airport Limited is the concessionaire for the
Indira Gandhi International Airport, which is located in the
political capital of India, and operates under an Operations,
Management and Development Agreement, concluded in 2006 with the
Airports Authority of India, a government agency. The concession is
for a 30-year period, and DIAL has the option to extend it for
another 30 years, subject to the company meeting defined
performance criteria.

DIGNITY INNOVATIONS: CRISIL Keeps B Debt Rating in Not Coop.
------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of DI
manufactures RMG (DI) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill           3         CRISIL A4 (ISSUER NOT
   Purchase                         COOPERATING)

   Packing Credit         1         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Proposed Packing       2.5       CRISIL A4 (ISSUER NOT
   Credit                           COOPERATING)

   Working Capital        4         CRISIL B/Stable (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with DI for obtaining
information through letters and emails dated October 15, 2019 and
April 30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of DI continues to be 'CRISIL B/Stable/CRISIL A4 Issuer
not cooperating'.

Established as a proprietorship firm in 1993, DI manufactures RMG.
The firm is based in Chennai and its daily operations are managed
by proprietor Mr. S Rajasekaran.

EVERBLUE SEA: CRISIL Reaffirms B+ Rating on INR4cr Loan
-------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Everblue Sea Foods Pvt Ltd (ESFPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Bill
   Discounting            4         CRISIL B+/Stable (Reaffirmed)

   Long Term Loan         0.25      CRISIL B+/Stable (Reaffirmed)

   Packing Credit         4         CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     2.75      CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect ESFPL's susceptibility to risks
inherent in the seafood industry, volatility in shrimp prices and
foreign exchange (forex) rates, and exposure to government
regulations. These weaknesses are partially offset by the extensive
experience of the promoters in the seafood industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to volatility in raw material prices and forex
rates: Marine products have a shelf life of more than a year and
ESFPL stocks inventory depending on shrimp prices and market
conditions. Also, the company derives its revenue almost entirely
from exports, and is exposed to risks related to volatility in the
value of the rupee, which affects its realisation and accrual.

* Exposure to risks inherent in the seafood industry: Despite its
moderately integrated operations that ensure raw material
availability, its control on quality, and healthy relationships
with suppliers and customers, ESFPL will remain susceptible to
risks inherent in the seafood industry. The industry has
demand-supply imbalance. The segment is also affected by
seasonality, lack of quality seeds and feed, diseases, natural
calamities, and regulations on cross-border seafood trade by
countries.

Strength:

* Extensive industry experience of the promoters: Mr. Joshy Rapheal
has been in the shrimp export business for close to 2 decades. His
industry experience and understanding of market trends enabled the
company to change its product variety from Black Tiger to Vannamei
shrimp without affecting its revenue.

Liquidity Stretched

Net cash accrual is modest and the company's operations are working
capital intensive. However, net cash accrual, estimated at
INR1.2-1.4 crore over next 2 fiscals which should be sufficient to
meet maturing term debt obligation of about INR25 lakh. Export
packing credit limit was utilised at 54% on average over the 12
months ended March 31, 2020.

Outlook: Stable

CRISIL believes that ESFPL will maintain its business risk profile,
aided by the extensive industry experience of the promoters and
strong customer relationships.

Rating Sensitivity factors

Upward factors

* Revenue growth of 10-15% while maintaining the operating margin
above 7%

* Sizeable equity infusion resulting in improvement in the
financial risk profile

Downward factors

* Stretch in the working capital cycle leading to gross current
assets (GCA) of more than 150 days

* Larger-than-expected, debt-funded capital expenditure weakening
the liquidity.

Incorporated in 2006 as a private limited company, ESFPL is based
at Visakhapatnam, Andhra Pradesh. It processes and exports seafood.
ESFPL is promoted by Mr. Joshy Rapheal and Mr. Ehjaz Elias.


GMR HYDERABAD AIRPORT: Moody's Cuts CFR to Ba2, Outlook Negative
----------------------------------------------------------------
Moody's Investors Service has downgraded GMR Hyderabad
International Airport Limited's corporate family rating to Ba2 from
Ba1.

At the same time, the outlook on the rating has been changed to
negative from rating under review.

The rating action concludes the review for downgrade initiated on
March 25, 2020.

HIAL has a long-term concession to operate the Rajiv Gandhi
International Airport in Hyderabad under a public-private
partnership model. HIAL is undertaking a major airport expansion
that will cost INR55 billion and take 2-3 years to complete.

RATINGS RATIONALE

"The downgrade reflects the weak operating conditions associated
with the spread of the coronavirus pandemic," says Spencer Ng, a
Moody's Vice President and Senior Analyst.

While domestic travel recently resumed, the rating was already
weakly positioned. The spread of the pandemic, along with HIAL's
active capital expenditure plan, means that its credit profile is
no longer consistent with the previous rating.

Moody's expects HIAL's funds from operations (FFO) / debt to weaken
to the mid-single digit percentage range over the next 2-3 years,
which would position the airport at the Ba2 rating range.

The decline in HIAL's financial metrics is primarily driven by (1)
the tariff cut implemented in April 2020, (2) the additional debt
HIAL will need to incur to complete its airport expansion, as well
as (3) the reduction in airport traffic as a result of the
coronavirus outbreak, which will lower the airport's
non-aeronautical revenue.

The negative outlook reflects these challenges, combined with
downside risks associated with (1) the uncertainty associated with
the timing and profile of a traffic recovery and (2) a delay in the
implementation of new tariffs for the upcoming control period.

The spread of the coronavirus pandemic, the weakened global
economic outlook, low oil prices and asset price declines are
creating a severe and extensive credit shock across many sectors,
regions and markets. The combined credit effects of these
developments are unprecedented. The airport industry is one of the
sectors most significantly affected by the shock given its exposure
to travel restrictions and sensitivity to consumer demand and
sentiment.

Given the high level of uncertainty around the trajectory of the
pandemic there are a wide range of possible outcomes, and Moody's
credit assessment considers deeper downside scenarios incorporating
the risks of a slower recovery.

A recovery in HIAL's traffic - once the situation stabilizes - will
benefit from the strong industry fundamentals in India and HIAL's
predominantly domestic-based passenger mix, however, any near-term
recovery will be heavily influenced by the effects of a weak
economy, the continued travel restrictions, concerns over potential
infections and further outbreaks.

Moody's financial projections have factored in (1) an increase in
HIAL's aeronautical tariff due to growth in its regulated asset
base after incorporating its expansion-related capital expenditure,
(2) the deferral of capital spending as a result of delays in
construction caused by the lockdown, but exclude any potential
upside that could result from a favorable outcome from its on-going
appeal.

Tariff decisions and implementations have frequently been delayed
in the past, and which -- if repeated -- will likely keep HIAL's
FFO/debt metrics at a very weak level, with the potential to
complicate its efforts to secure additional capital to complete its
expansion. The extent of the tariff increase will also be affected
by the regulator's decision over the final capital expenditure for
the expansion and passenger traffic over the next control period.

HIAL has sufficient liquidity to fund its operations and expansion
at least through March 2021, including cash on hand of INR8 billion
as at April 2020 and short-term investments of INR9 billion. Over
the longer term, the airport will likely require external financing
to manage its expansion. Moody's notes that HIAL may have some
flexibility in managing its expansion program over time.

HIAL's Ba2 CFR continues to reflect the airport's established
market position in its catchment area, which has a predominantly
domestic origin and destination passenger mix.

Moody's regards the coronavirus pandemic as a social risk under its
environmental, social and governance framework (ESG), given the
substantial implications for public health and safety.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING

An upgrade of the ratings is unlikely, given the negative outlook
and coronavirus outbreak. Nevertheless, Moody's could change the
outlook to stable if (1) the new tariff is implemented in line with
Moody's base case expectation, and (2) HIAL's operating conditions
recover to a level that would allow the airport to maintain its
FFO/debt at the mid-single digit percentage range.

On the other hand, Moody's could further downgrade HIAL's Ba2
rating if there is any evidence of liquidity stress; or there is
further evidence that the company's FFO/debt will fall below 4% on
a consistent basis during the expansion project. This could result
from (1) a material delay or an adverse outcome from the upcoming
tariff determination, (2) a key domestic airline defaulting, or (3)
material missteps in the implementation of the expansion project.

The principal methodology used in this rating was Privately Managed
Airports and Related Issuers published in September 2017.

GMR Hyderabad International Airport Limited has a long-term
concession to operate the Rajiv Gandhi International Airport in
Hyderabad under a public-private partnership model. The airport is
one of the leading airports in India by passenger traffic.

The airport has a current design capacity of 12 million passengers
per annum. Equity in the company is held by GMR Airports (63%),
Malaysia Airports Holdings Berhad (11%, A3 negative), the
Government of India (Baa3 negative) through the Airports Authority
of India (13%), and the Government of Telangana (13%). GMR Airports
is a subsidiary of GMR Infrastructure Limited.

HEADWORD PUBLISHING: CRISIL Withdraws B Rating on INR7cr Credit
---------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Headword Publishing Company
Private Limited (HPCPL) to 'CRISIL B/Stable /Issuer not
cooperating'. CRISIL has withdrawn its rating on bank facility of
HPCPL following a request from the company and on receipt of a 'no
dues certificate' from the banker. Consequently, CRISIL is
migrating the ratings on bank facilities of HPCPL from 'CRISIL
B/Stable/Issuer Not Cooperating' to 'CRISIL B/Stable'. The rating
action is in line with CRISIL's policy on withdrawal of bank loan
ratings.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit          7         CRISIL B/Stable (Migrated from
                                  'CRISIL B/Stable Issuer Not
                                  Cooperating'; Rating Withdrawn)

HPCPL, incorporated in 2013, publishes books for Central Board of
Secondary Education (CBSE), Indian Certificate of Secondary
Education (ICSE), and Nagaland Board of School Education (NBSE).
The company has been promoted by Mr. Manzar Sayeed Khan and Mr.
Kapil Gupta.

IEE PROJECTS: CRISIL Moves B Rating on INR3.5cr Loan to Not Coop.
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of IEE Projects
Private Limited (IEE) to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        3.25       CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit           3.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of IEE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on IEE is consistent
with 'Scenario 2' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BBB' category or lower'.

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

Incorporated in 2000, IEE is involved in manufacture of Electrical
panel and installation of the same. The company has manufacturing
facility based in Kolkata. The day to day operations are looked
after by Mr. Dipankar Banerjee and Prabal Kanti Bhattacharya.

JAYAPRIYA CHIT: CRISIL Reaffirms B+ Rating on INR12cr Debt
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISIL A4' ratings on
the bank facilities of Jayapriya Chit Funds Private
Limited (Jayapriya).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              12        CRISIL B+/Stable (Reaffirmed)
   Proposed Long
   Term Bank Loan
   Facility                5        CRISIL B+/Stable (Reaffirmed)

   Short Term Loan         5        CRISIL A4 (Reaffirmed)

The ratings reflect Jayapriya's modest capitalisation, and the
inherent risks in the chit funds business. These weaknesses are
partially offset by the extensive experience of the promoters and
the company's long track record of operations.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest capitalization:  Capitalisation is modest. Despite
improvement due to increase in profitability, networth was INR28.4
crore as on December 31, 2018 increased from INR15.1 crore as on
March 31, 2017, against the Trade payables and Receivables of about
INR732 crore and INR738 crore respectively. Gearing as on December
31, 2018 was at around 1.3 times reduced from 4.1 times as on March
31, 2017 on account of increased networth.

* Exposure to risk inherent in chit funds:  Jayapriya will remain
exposed to risks inherent in the chit fund sector. Chit funds are
not subject to a comprehensive set of regulations or guidelines as
applicable to banks and non-banking finance companies (NBFCs). Chit
funds are regulated by state registrars under the Chit Funds Act
1982, but many states do not have a mechanism to effectively
regulate such firms. Chit funds are also susceptible to high
reputational risk on account of the adverse legacy of failed chit
funds, and the general misconceptions about them.

Strengths

* Experienced management:  The current promoter and managing
director, Mr. C R Jayasankar, joined Jayapriya in 1992. Under his
management, the company has expanded its branches across several
districts in Tamil Nadu and Pudducherry. The company had a network
of 51 branches, over 60,000 members formed into 1,530 groups and
supported by about 8,490 agents as on March 31, 2019. The
receivables (advances ' in NBFC parlance) has increased by more
than 2 times over the three years ended December 31, 2018.

* Long track record of operations:  The company has a track record
of more than two decades. It has been operating profitably for more
than six years and is among the top few large-size registered chit
funds in India. Over the years, the company has established good
systems and processes with the help of information technology. It
has also developed a vast network of more than 8,490 agents to grow
its business. The trade receivables, which is the amount receivable
from the prized subscriber (who wins the bid in auction) has more
than doubled over the past four years.

Liquidity

Liquidity is adequate driven by expected cash accrual of INR70
crore per annum in fiscals 2019 and 2020 and cash and cash
equivalents of INR96.6 crore as on December 31, 2018. Fund-based
limit of INR17 crore was utilised at 85% over the 12 months through
March 2019. Liquidity risk (monthly chit overdue) is mitigated by
funding support from promoters in the form of unsecured loans,
which stood at INR15.6 crore as on December 31, 2019.

Outlook: Stable

CRISIL believes that Jayapriya will continue to benefit from its
experienced management and its established track record in the chit
funds business. The outlook may be revised to 'Positive' if scale
of operations or capitalisation and profitability improve. The
outlook may be revised to 'Negative' if asset quality or
profitability deteriorates.

Jayapriya has been in the chit funds business since 1985, with
operations concentrated in Tamil Nadu (TN). It is part of the
Neyveli-based Jayapriya group, promoted by Mr. C Rajagopalan.
Jayapriya is registered with the District Registrar of Chit Funds,
Cuddalore district, Tamil Nadu. Mr. C R Jayasankar, the current
managing director, has expanded the company's operations, by
opening branches in other locations in Tamil Nadu and Pudduchery.

K. M. FISHERIES: CRISIL Reaffirms B+ Rating on INR8cr Loan
----------------------------------------------------------
CRISIL has reaffirmed its ratings to the bank facilities of K. M.
Fisheries (KMF) at 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing
   Credit                  8        CRISIL B+/Stable (Reaffirmed)

   Foreign Bill
   Negotiation             7        CRISIL A4 (Reaffirmed)

   Foreign Bill Purchase   3        CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations in the highly fragmented seafood industry,
susceptibility to volatility in raw material prices, and average
financial risk profile. These weaknesses are partially offset by
the extensive experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations in highly fragmented industry: The
industry has a large number of unorganised players because of low
entry barriers on account of small initial investment required and
limited complexity of operations. The high fragmentation limits the
pricing flexibility and bargaining power of players. Also, the
threat of capacity addition by large integrated players limits
growth. The firm is estimated to report revenue of about 52 crores
for the fiscal 2020 vis-a-vis 80 crores in fiscal 2019 on account
of COVID outbreak. KMF derives about 40% revenue from China which
has been impacted due COVID outbreak in China from January ' 2020
leading to drop in revenue.

* Average financial risk profile: The financial risk profile is
constrained by small networth and moderate gearing of INR6.29 crore
and 2 times, respectively, estimated as on March 31, 2020. Debt
protection metrics are moderate, as reflected in interest coverage
of about 2 times estimated in fiscal 2020.

Strength

* Extensive experience of the partners: Benefits from the partners'
experience of a decade and established relationships with customers
should support the business.

Liquidity Stretched

Liquidity is constrained by its moderate accruals. The firm largely
has vehicle loans, and cash accrual is expected at INR70 lacs to 1
crore against debt obligation of INR25 lakh. The firm has export
packing credit and foreign bill discounting limits of INR18 crore
which were utilised at an average of 43% over the 12 months through
March 2020. Unsecured loans from related parties support
liquidity.

Outlook: Stable

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

Rating Sensitivity factors

Upward factors:

* Increase in scale of operations and profitability

* Sustenance of net cash accrual of more than 1.2 crs

Downward factors:

* Decline in scale of operations and profitability

* Net cash of accruals of less than 40 lacs.

Established in 2012, KMF processes and exports frozen marine
products, particularly cuttlefish, squid, octopus, sardines, and
mackerels, to European and Asian countries. KMF has installed three
freezers in Arur (Tamil Nadu), Allepey, and Azhikode (both in
Kerala) with combined capacity of 2450 tonne for storing and
processing marine products. The firm is owned and managed by Mr. K
A Mohammed Shafeek and his family members.


KAPUYT CLOTHING: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M/s Kapuyt Clothing Pvt Ltd
        No. 22, 3rd Floor
        International Airport Road
        (Bellary Main Road)
        Above TVS Showroom
        Ganganagar Bengaluru
        Bangalore

Insolvency Commencement Date: June 2, 2020

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: November 29, 2020
                               (180 days from commencement)

Insolvency professional: Ms. Medha Kulkarni

Interim Resolution
Professional:            Ms. Medha Kulkarni
                         D 301, Admiralty Square
                         13 Cross, 6 Main
                         Indiranagar
                         Bangalore 560068
                         E-mail: medha1273@gmail.com

Last date for
submission of claims:    June 16, 2020


KASAVUKADA: CRISIL Keeps 'B' Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of
Kasavukada (KK) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           8.6        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        1.4        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     .98       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with KK for obtaining
information through letters and emails dated October 15, 2019 and
April 30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of KK continues to be 'CRISIL B/Stable Issuer not
cooperating'.

Set up in 1993, KK is a sole proprietorship firm that manufactures
traditional Kerala handloom textiles and sells them through its
showrooms. Its operations are managed by Mr. Suseelan.

KCS INFRATECH: CRISIL Lowers Rating on INR7.5cr Loan to B-
----------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facilities
of KCS Infratech LLP (KCS) to 'CRISIL B-/Stable' from 'CRISIL
B/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            6         CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

   Term Loan               7.5      CRISIL B-/Stable (Downgraded
                                    from 'CRISIL B/Stable')

The downgrade reflects lower-than-expected ramp up in operations
and subdued performance because of the nascent stage of operations.
Also, the Covid-19 outbreak should put substantial pressure on its
topline in fiscal 2021. Furthermore, liquidity is likely to be
under pressure, driven by fully utilised bank limit and expected
net cash accrual just enough to meet the sizeable debt obligation.

The rating continues to reflect the firm's modest scale and
start-up phase of operations, average financial risk profile, and
large working capital requirement. These weaknesses are partially
offset by the strategic location of the plant and extensive
experience of the promoters in the construction materials
industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations: Since commercial production began in
November 2018, revenue was modest at INR9.70 crore in fiscal 2019.
Revenue is estimated to have been lower than expected at INR14
crore in fiscal 2020 on account of the operations being in the
start-up phase and intense competition. These factors are likely to
keep the turnover subdued over the medium term.

* Average financial risk profile: Gearing is estimated to have been
high at around 3.05 times as on March 31, 2020. Debt protection
metrics are subdued, with interest coverage and net cash accrual to
total debt ratio estimated at 1.68 times and 0.05 time,
respectively, in fiscal 2020.

* Large working capital requirement: As stone extraction cannot be
carried out during monsoon, inventory during June-August (though
build-up starts during February to March) is sizeable at 180-300
days.

Strengths

* Strategic location of the plant: The plant is near the Gaula
river bed in Haldwani, Uttarakhand, which has ample stones. This
substantially lowers transportation cost.

* Extensive experience of the promoters in the construction
materials industry: The promoters' experience of 2 decades, strong
understanding of local market dynamics, and healthy relationships
with customers and suppliers will continue to support the
business.

Liquidity Poor

Liquidity is constrained by the large working capital requirement
and low net cash accrual. The bank limit was fully utilised during
the 12 months through March 2020. Expected cash accrual of INR91
lakh in fiscal 2021 will just about cover the debt obligation of
INR81 lakh. However, the promoter has been continuously extending
unsecured loans for timely debt servicing. The current ratio is
estimated at 1.04 times as on March 31, 2020.

Outlook: Stable

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

Rating sensitivity factors

Upward factors

* Increase in revenue and operating margin, leading to cash accrual
of more than INR1.20 crore

* Efficient working capital management, resulting in better debt
protection metrics and liquidity

Downward factors

* Decline in revenue or profitability, leading to interest coverage
of less than 1.2 times

* Substantial increase in working capital requirement or withdrawal
of unsecured loans by the promoters, weakening the liquidity and
financial risk profile

Set up as a limited liability partnership firm in November 2017 by
Mr. Ajay Vaish, Mr. Mahesh Tiwari, Mr. Rakesh Jaiwal, Mr. Ramesh
Vaish, and Mr. Suresh Chandra, KCS crushes stone. Its plant has
capacity of 200 tonne per month.

LOURDES MATHA: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Lourdes Matha
Catholic Educational Society (LMCES) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.5        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan        2          CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

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

Established in 2002, Lourdes operates an engineering college and a
hotel management college in Trivandrum (Kerala).

NEERAJA TRADING: CRISIL Moves B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Neeraja
Trading Corporation (NTC) to 'CRISIL B+/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Cash          1.5       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NTC for obtaining
information through letters and emails dated March 31, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

NTC was set up by Mr. K Poleswara Rao as a proprietorship concern
in 2011, and was reconstituted as a partnership firm in fiscal 2013
with the founder and his wife, Ms K Lakshmi Devi, as partners. The
firm trades in cotton bales and is based in Guntur, Andhra Pradesh.

PRATIKSHA INFRACON: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Pratiksha Infracon Private Limited
        Block No. 45/402
        Swaminarayan Park
        Village: Nava Naroda
        Ahmedabad 382345

Insolvency Commencement Date: May 28, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: November 24, 2020

Insolvency professional: Mr. Amrish Gandhi

Interim Resolution
Professional:            Mr. Amrish Gandhi
                         504, Shivalik Abaise
                         Nr. Anandnagar Bus Stand
                         Opp. Shell Petrol Pump
                         Anand Nagar Road
                         Satellite, Ahmedabad 380015
                         E-mail: amrishgandhi72@gmail.com

Last date for
submission of claims:    June 23, 2020


R.K. INFRATEL LIMITED: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: R.K. Infratel Limited

        Registered office:
        13 to 18, Annapuma Shopping Centre
        Adajan Patia, Rander Road
        Surat 395009
        Gujarat

Insolvency Commencement Date: June 6, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: December 3, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Chandra Prakesh Jain

Interim Resolution
Professional:            Mr. Chandra Prakesh Jain
                         D-501, Ganesh Meridian
                         Opposite Gujarat High Court
                         S.G. Road
                         Ahmedabad 380060
                         E-mail: jain_cp@yahoo.com

Last date for
submission of claims:    June 20, 2020


RACHHPAL AUTO: CRISIL Moves B+ Debt Ratings from Not Cooperating
----------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its ratings
on the bank facilities of Rachhpal Auto Alliance Pvt Ltd (RAAPL) to
'CRISIL B+/Stable/CRISIL A4; Issuer not cooperating'. However, the
company's management has started sharing the information necessary
for a comprehensive review of the ratings. Consequently, CRISIL is
migrating the ratings from 'CRISIL B+/Stable/CRISIL A4; Issuer not
cooperating' to 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4.9       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

   Inventory Funding      0.6       CRISIL A4 (Migrated from
   Facility                         'CRISIL A4 ISSUER NOT
                                    COOPERATING')

   Term Loan              3.5       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

The ratings continue to reflect the company's modest scale of
operations with subdued profitability, and average financial risk
profile. These weaknesses are partially offset by the extensive
experience of the promoter in the automotive dealership business.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations with subdued profitability:  The
company reported compound annual growth rate of 8% in revenue in
the 3 fiscals through 2019 on account of opening of a new showroom.
However, revenue remained modest, estimated at INR80 crore in
fiscal 2020. Also, profitability, which was low at 2.50-3.50% in
the past 3 fiscals, is expected in the same range over the medium
term.

* Average financial risk profile:  Networth and total outside
liabilities to tangible networth were weak at INR2.58 crore and
5.66 times, respectively, as on March 31, 2019. Debt protection
metrics were average, with interest coverage and net cash accrual
to total debt ratio at 1.73 times and 0.07 time, respectively, for
fiscal 2019.

Strength:

* Extensive experience of the promoter:  The decade-long experience
of the promoter in the automotive dealership industry, his strong
understanding of market dynamics, and established relationships
with suppliers and customers will continue to support the business
risk profile.

Liquidity Poor

Liquidity may remain constrained by large working capital
requirement and low net cash accrual. Bank limit was fully utilised
in the 12 months through March 2020. Cash accrual, though expected
to be low at INR56 lakh in fiscal 2021, will be sufficient to meet
debt obligation of INR47 lakh in the fiscal. The promoter has been
continuously extending unsecured loans for timely debt servicing.
Current ratio was low, estimated at 1.02 time as on March 31, 2020.


Outlook: Stable

CRISIL believes RAAPL will continue to benefit from the experience
of the promoter.

Rating Sensitivity factors

Upward factors

* Sustained increase in revenue and operating margin, leading to
cash accrual of more than INR1 crore

* Efficient working capital management resulting in better debt
protection metrics and liquidity

Downward factors

* Decline in revenue or profitability leading to interest
coverage less than 1.50 times

* Substantial increase in working capital requirement or withdrawal
of unsecured loans by the promoter, weakening the liquidity and
financial risk profile

RAAPL, founded by Mr. Rachhpal Singh in March 2015, is a dealer of
Hyundai Motors India Ltd at Khanna, Punjab. Its dealership is
strategically located adjacent to National Highway-44 and is well
connected to surrounding areas. RAAPL also provides services such
as sale of spare parts and repair work, and earns commission income
from tie-ups with banks and insurance firms. Operations are managed
by the promoter's sons, Mr. Shaminder Singh and Mr. Harpreet Singh.


RELIANCE NAVAL: Put Up for Sale Under Insolvency Process
--------------------------------------------------------
BloombergQuint reports that lenders of Reliance Naval and
Engineering Ltd., part of Anil Ambani's Reliance Group, have sought
expressions of interest from buyers for the sale of the private
shipbuilder under the Insolvency and Bankruptcy Code.

The company is currently facing insolvency proceedings at the
Ahmedabad bench of the National Company Law Tribunal.

The last date for submission of EoIs is June 27, while final list
of prospective resolution applicants will be issued on July 17,
BloombergQuint discloses citing an offer notice issued by the
firm's resolution professional.

According to BloombergQuint, companies with a minimum net worth of
INR600 crore and a consolidated group turnover of at least INR2,000
crore can bid for the company. The eligibility for financial
institutions and private equity investors is INR1,000 crore of
minimum assets under management.

The last date for submission of resolution plan for Reliance Naval
is Aug. 6. The plan is expected to be submitted to NCLT Ahmedabad
for approval on Sept. 5, the offer document said, BloombergQuint
relays.

BloombergQuint relates that the company is being sold to recover
outstanding loans of INR43,587 crore. Of this, the resolution
professional has admitted INR10,878 crore of dues of financial
creditors and another INR32,693 crore is under verification.

Operational creditors have claimed another INR1,922 crore from
Reliance Naval, of which only INR485 crore has so far been admitted
by the resolution professional, the offer document stated, adds
BloombergQuint.

Despite having a state-of-the-art facility at Pipavav, Gujarat,
Reliance Naval was facing severe headwinds since 2013 due to a lack
of orders from the defence ministry, the report notes. The shipyard
has been in a lot of stress leading to a significant reduction in
operations as compared to its capacity.

According to an analyst, Reliance Naval's bankruptcy process will
have no impact on its promoter company Reliance Infrastructure Ltd.
In its audited accounts for March 2019, the company had provided
for its investment in Reliance Naval, BloombergQuint says.

                       About Reliance Naval

Reliance Naval and Engineering Limited designs and constructs
warships and submarines. The Company offers offshore patrol and
research vessels, frigates, corvettes, aircraft carriers, and
destroyers, as well as piping, propeller, trilshaft, rudder,
coating, and machinery repair and maintenance services.  Reliance
Naval and Engineering serves oil and gas sectors worldwide.

As reported in the Troubled Company Reporter-Asia Pacific on Jan.
22, 2020, The Hindu said that the Ahmedabad bench of the National
Company Law Tribunal (NCLT) has admitted an application against
Reliance Naval and Engineering Limited (R-Naval) for insolvency.

"The application by IDBI Bank Ltd. for a claim of INR1,159.43 crore
before the NCLT Ahmedabad bench has been admitted," R-Naval said in
a filing with the exchanges.

This is the second Reliance Group firm to go for insolvency after
Reliance Communications, the Hindu disclosed. The company had total
outstanding dues of INR9,534 crore as on December 31, 2019. It
reported a net loss of INR340 crore on net sales of INR20.5 crore
for the second quarter ended September 30, 2019.


S.L. GROUP: CRISIL Moves B INR19.5cr Debt Rating to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of S.L. Group and
Associates (SLGA) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             19.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SLGA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SLGA is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower'.

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

SLGA is currently executing a residential project 'Green Orchid' of
a 3,99,456.6 sq. ft at Plot 1 Sector 13, New Moradabad, Uttar
Pradesh (UP) on land of 1,02,537.3 sq. ft. SLGA is a joint venture
between Sunil Gupta, Mr. Anil Tomar, and Mr. Chandra Bhan Singh.

SAI KRISHNA: CRISIL Moves 'D' Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Sri Sai
Krishna Educational Society (SSKES) to 'CRISIL D Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term              3.5       CRISIL D (ISSUER NOT
   Bank Facility                    COOPERATING; Rating Migrated)

   Secured Overdraft      4.0       CRISIL D (ISSUER NOT
   Facility                         COOPERATING; Rating Migrated)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of SSKES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on SSKES is
consistent with 'Scenario 2' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BBB' category or
lower'.

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

Set up in 2006, SSKES operates two institutes in Kurnool, G
Pullaiah College of Engineering & Technology and Ravindra College
of Engineering for Women.

SAI PRECIOUS: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sai Precious Traexim Private Limited
        A-14, Lower Ground Floor
        New Friends Colony
        New Delhi
        DL 110065
        IN

Insolvency Commencement Date: June 8, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Atul Kumar Jain

Interim Resolution
Professional:            Atul Kumar Jain
                         B-4/522 Ekta Gardens
                         9 IP Extn.
                         Delhi 110092
                         Email: atulkj@gmail.com

                            - and -

                         613 Laxmi Deep Building
                         Laxmi Nagar
                         District Centre
                         Delhi 110092
                         E-mail: cirpsai8@gmail.com

Last date for
submission of claims:    June 22, 2020


SAISHRADDHA CEMENTS: CRISIL Moves B Debt Ratings to Not Coop.
-------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shree
Saishraddha Cements Private limited (SSC) to 'CRISIL B/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan         20        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Cash           8        CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

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

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

Detailed Rationale

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

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

SSC was incorporated in February 2010 by Mr. Ajay Agarwal and Mr.
Kisan Daruka. It manufactures AAC blocks, the installed capacity of
which is 150,000 cubic metres per annum.

SAKA LIMITED: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Saka Limited
        Shop No. 21
        C/o Ashiyaana Residency
        Chaudhary Dharambir Market
        Near Sebel Cinema Badarpur
        New Delhi 110044
        India

Insolvency Commencement Date: June 8, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Sanjay Kumar Singh

Interim Resolution
Professional:            Sanjay Kumar Singh
                         003, Windsor Grand Forte
                         Plot No. 76, Sigma-IV
                         Greater Noida
                         Pradesh 201310
                         E-mail: singhsk.adv@gmail.com

Last date for
submission of claims:    June 23, 2020


SARADA PROJECTS: CRISIL Reaffirms B+ Rating on INR12.6cr Loan
-------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable/CRISILA4' ratings on
the bank loan facilities of Sarada Projects Limited (SPL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         5         CRISIL A4 (Reaffirmed)

   Cash Credit            1         CRISIL B+/Stable (Reaffirmed)


   Long Term Loan         2.4       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    12.6       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect a modest scale of operations with
high geographic and customer concentration in the order book, large
working capital requirement, and exposure to intense competition.
These weaknesses are partially offset by the extensive experience
of the promoters in the construction industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Modest scale of operations and high geographic and customer
concentration in the order book: The scale of operations has
improved yet remains modest, as reflected in estimated revenue of
INR65 crore for fiscal 2020. There are healthy orders of over
INR100 crore to be executed over the medium term. However, high
geographic and customer concentration constrains the overall
business risk profile.

* Large working capital requirement: The construction industry is
inherently working capital intensive. The company's gross current
assets are expected to reduce to 99 days as on March 31, 2020,
partially due to the low inventory and debtors. In addition,
payment from government authorities is realised within 45-60 days
of raising the bills. Inventory, mainly in the form of
work-in-progress, and debtors are estimated at around 32 days and
30 days as on March 31, 2020.

* Exposure to intense competition: Tender-based operations and
competitive pricing on account of numerous small and large players
operating in the construction and civil works sector prevent the
company from achieving economies of scale, and limits its
bargaining power with suppliers. Profitability on each project is
also subject to pricing, availability of labour, machinery
mobilisation and weather conditions. The operating margin has been
at 8-9.5% in the four fiscals through 2020.

Strength

* Extensive experience of the promoters: The main promoter, Mr.
Ramesh Kumar, has an experience of over 20 years in the civil
construction industry and is also a director of the Soma group in
Andhra Pradesh.

Liquidity Stretched

The bank limit was utilised at an average of 93% during the 12
months through March 2020. Expected cash accrual of INR3.3 crore
and INR3.5 crore for fiscals 2021 and 2022, respectively, should
comfortably cover debt repayment obligation of around INR1.10 crore
and INR1.25 crore, respectively. The current ratio was moderate at
1.33 times as on March 31, 2020. An expected enhancement is the
cash credit limit should support liquidity.

Outlook: Stable

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

Rating Sensitivity factors

Upward factors:

* Increase in revenue along with steady profitability, leading to
cash accrual of more than INR5 crore per fiscal
* Prudent working capital management, leading to improvement in the
financial risk profile

Downward factors:

* A decline in revenue or profitability, leading to cash accrual of
less than INR1.5 crore per fiscal

* A stretch in the working capital cycle due to higher inventory or
receivables, leading to pressure on liquidity

SPL was set up by Mr. Ramesh Kumar and his family members as a
partnership concern in 1991, and was reconstituted as a public
limited company in 1996. The company, based in Hyderabad, executes
civil construction projects for government departments.

SERVEL INDIA: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Servel India Private Limited

        Registered address:
        S-15, Okhla Phase-II
        New Delhi 110020

Insolvency Commencement Date: June 8, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Reetesh Kumar Agarwal

Interim Resolution
Professional:            Reetesh Kumar Agarwal
                         Unit No. 531, S.G. Shopping Mall
                         D.C. Chowk, Rohini Sector-09
                         Delhi 110085
                         E-mail: carkagarwal@gmail.com
                                 resolvesipl@gmail.com

Last date for
submission of claims:    June 22, 2020


SHIVA AGRO: CRISIL Migrates 'D' Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Shiva Agro
Industries - Haryana (SAI) to 'CRISIL D Issuer not cooperating'.

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

   Rupee Term Loan        2         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SAI for obtaining
information through letters and emails dated February 29, 2020 and
March 19, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

SAI, set up in 2009, mills and sorts basmati and non-basmati rice.
The manufacturing facility in Kaithal (Haryana) has milling and
sorting capacities of 6 tonne per hour, utilised at 85-90%. The
firm is managed by Mr. Naresh Kumar.

SOLVE PLASTIC: CRISIL Reaffirms B+ Rating on INR10cr Cash Credit
----------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the long
term bank facilities of Solve Plastic Products Pvt Ltd (SPP).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the modest scale of operations
amidst intense competition, and the below-average financial risk
profile. These weaknesses are partially offset by extensive
experience of the promoter in the pipe manufacturing industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Below-average financial risk profile: Financial risk profile is
marked by estimated gearing and total outside liabilities to
tangible networth (TOL/TNW) ratios of 5.07 and 6.95  times,
respectively, as on March 31, 2020. The financial risk profile is
expected to remain average over the medium term as well.

* Modest scale of operations amidst intense competition: The
Company has a modest scale of operations in a highly fragmented
industry which constrains its bargaining power. Also industry is
highly fragmented.

Strength:

* Extensive experience of the promoter: The two-and-a-half
decade-long experience of the promoter, Mr. Sudheer Kumar, and his
established relationships with customers as well as suppliers, will
continue to support the business risk profile.

Liquidity Stretched

Liquidity is average with bank limits utilized at an average of
77%. The net cash accruals was insufficient against the repayment
obligations during fiscal 2019. Further, the company is expected to
generate sufficient net cash accruals to meet the repayment
obligations over the medium term. The estimated current ratio stood
at around 1 times as on March 31, 2020.

Outlook: Stable

CRISIL believes SPP will continue to benefit from the extensive
experience of its promoter, in the pipe manufacturing industry.

Rating Sensitivity factors

Upward Factors

* Improvement in the revenue profile and EBITDA margin of more than
8%.

* Improvement in the financial risk profile.

Downward Factors

* Decline in the revenue profile and EBITDA margin of less than
5%.

* Further deterioration of financial risk profile.

SPP, which was established in 1991, at Punalur, Kerala manufactures
water pipes, pipe fittings and PVC pipes.

SUNPOWER CEMENT: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Sunpower
Cement Company Private Limited (SCCPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Term Loan         6         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of credit
   & Bank Guarantee       1         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with SCCPL for obtaining
information through letters and emails dated October 15, 2019 and
April 30, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Based on the last available information, the ratings on bank
facilities of SCCPL continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

SCCPL was set up by the promoter, Mr. Shameer Dawood in 2005. The
Kerala-based company manufactures PPC in its own and leased
facilities.


THIRUCHY STEELS: CRISIL Moves B+ INR8cr Debt Rating to Not Coop.
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Thiruchy
Steels (TS) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            8         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

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

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of TS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on TS is consistent
with 'Scenario 2' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BBB' category or lower'.

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

Chennai-based TS, set up in 1989 by the proprietor Mr. B Rajagopal,
trades in iron and steel products like coils, sheets, structural
items etc.

UNIVERSAL CONSTRUCTION: CRISIL Moves D Debt Ratings to Not Coop.
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Universal
Construction Machinery and Equipment Limited (UCMEL) to 'CRISIL
D/CRISIL D Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            22        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Letter of Credit        5        CRISIL D (ISSUER NOT
   Bill Discounting                 COOPERATING; Rating Migrated)

   Proposed Working       12        CRISIL D (ISSUER NOT
   Capital Facility                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with UCMEL for obtaining
information through letters and emails dated February 29, 2020 and
March 19, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

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

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

UCMEL was set up in 1974 as a proprietorship firm by Mr. Rohidas
More. Later, it was reconstituted as a private-limited company and
since 2005, it has become a closely held public limited company. A
flagship company of the 'Universal' group, UCMEL manufactures a
wide range of construction equipment.

VAMAN TEXTILES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Vaman Textiles Private Limited
        17, Shanti Vihar Society
        Magob, Taluka: Choryasi
        District: Surat
        Gujarat 394211

Insolvency Commencement Date: May 26, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: November 22, 2020

Insolvency professional: Mr. Ashish Shah

Interim Resolution
Professional:            Mr. Ashish Shah
                         402, 4th Floor, Shaival Plaza
                         Gujarat College Road
                         Ellisbridge
                         Ahmedabad 380006
                         E-mail: ashish@ravics.com

Last date for
submission of claims:    June 22, 2020




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

BANK RAKYAT: Fitch Corrects Ratings Release dated April 13, 2020
----------------------------------------------------------------
Fitch Ratings replaced a ratings release published on April 13,
2020 to correct the name of the obligor for the bonds.

Fitch Ratings has affirmed the Long-Term Issuer Default Rating on
state-owned bank PT Bank Rakyat Indonesia (Persero) Tbk at 'BBB-'
and that on its sharia banking subsidiary PT Bank BRIsyariah Tbk at
'BB+'. BRI's other international ratings have also been affirmed.
At the same time, Fitch Ratings Indonesia has affirmed the National
Long-Term Ratings on BRI at 'AA+(idn)' and that on BRIS at
'AA(idn)'. The Outlooks on all long-term ratings are Stable.

Fitch expects the performance of Indonesian banks, including BRI,
to deteriorate in the short term as the coronavirus pandemic leads
to weaker economic growth and business activity stemming from trade
disruption, lower manufacturing output, and diminished consumer
confidence and spending. This will put pressure on banks' asset
quality, profitability and credit growth. Fitch has revised its
operating environment score for Indonesia's banks to 'bb+', from
'bbb-' reflecting these risks.

'AA(idn)' National Long-Term Ratings denote expectations of a very
low level of default risk relative to other issuers or obligations
in the same country or monetary union. The default risk inherent
differs only slightly from that of the country's highest rated
issuers or obligations.

'F1(idn)' National Short-Term Ratings indicate the strongest
capacity for timely payment of financial commitments relative to
other issuers or obligations in the same country. Under the
agency's National Rating scale, this rating is assigned to the
lowest default risk relative to others in the same country. Where
the liquidity profile is particularly strong, a "+" is added to the
assigned rating.

KEY RATING DRIVERS

IDRS, SUPPORT RATING, SUPPORT RATING FLOOR AND NATIONAL RATINGS

BRI's IDRs and National Ratings are support-driven. Its Support
Rating and Support Rating Floor reflect Fitch's belief that there
is a high probability that the bank would receive extraordinary
sovereign support in the event of need. Fitch's assessment is based
on BRI's systemic importance as Indonesia's largest commercial bank
with a 16% share of industry assets and the state's majority
ownership.

The Outlook on the support-driven Long-Term IDR is Stable, in line
with that of the sovereign (BBB/Stable).

VIABILITY RATING

BRI's Viability Rating reflects its capitalisation, which is among
the highest of its peers; its position as the largest Indonesian
bank with a distribution network that is the most extensive in the
country; and an unchallenged franchise in rural micro-lending. The
VR also reflects the bank's above-peer profitability and margins,
and a stable funding and liquidity profile that benefits from its
government ownership.

Fitch believes that BRI's above-peer capital buffer provides a
significant cushion to withstand coronavirus-related market and
financial stress, supported by satisfactory internal capital
generation stemming from its above-peer profitability. Fitch
expects most local banks - including BRI - to report higher credit
costs and lower capitalisation ratios following the introduction of
the IFRS 9 accounting standard in Indonesia from January 2020.

Fitch expects the change to be manageable for BRI as its common
equity Tier 1 ratio is likely to remain around 20%. However, Fitch
has lowered its capitalisation and leverage mid-point to 'bbb-'
from 'bbb' as its expected ratio is commensurate with a score at
the lower end of the 'bbb' category. The bank's CET1 capital ratio
of 21.7% at end-2019 was in line with the industry average of
21.9%.

BRI's asset quality will come under pressure in the near term as
credit growth slows and borrower repayment capacity is challenged.
This will result in an increase in non-performing,
"special-mention" and restructured loans. Fitch has lowered the
asset quality factor mid-point to 'bb' from 'bb+' as a result and
assigned a negative outlook on the factor, reflecting the risk that
economic deterioration could be worse than its base case.

Deterioration could become most visible in the bank's micro and SME
segments, which accounted for around 61% of the bank's total loans
at end-2019, as these segments consist of loans to low-income
borrowers and businesses that are typically more susceptible to
economic changes, respectively. BRI's NPL ratio increased to 2.8%
by end-2019 (end-2018: 2.3%), higher the industry's 2.5% average
due to weaker loan quality in its corporate segment. Its
"special-mention" loan ratio of 3.9% was below the sector average
of 5.1% and loan-loss allowance at 154% of NPLs was higher than the
industry's 116% average.

Fitch expects BRI's profitability to suffer in the near term from
higher provisioning as asset quality worsens. However, Fitch
expects BRI to fare better than most domestic peers due to its
high-yielding micro-lending business and stable low-cost deposit
base. These contributed to its higher-than-peer operating
profit/risk weighted assets ratio of 4.8% at end-2019 (2018: 5.0%,
industry at end-2019: around 3.3%) and net interest margin of 7.1%
(industry: 4.9%), which should help to maintain the bank's
above-average earnings buffer. Fitch has maintained the
profitability and earnings mid-point at 'bbb-' but Fitch has
assigned a negative outlook on the factor reflecting downside risk
to earnings should developments turn out worse than in its base
case.

BRI's funding is supported by its status as the largest state-owned
bank and its extensive rural distribution network, which should
continue to provide the bank with a stable source of lower-cost
funding in the medium term. The bank's loans/deposits ratio of 89%
at end-2019 was below the industry average of 94% and its
lower-cost funds/total deposits ratio of 58% was in line with the
industry's 57%. Liquidity should remain ample as reflected in
liquidity coverage and net stable funding ratios of 227% and 136%,
respectively, which were well above its 100% minimum requirement.
Fitch has maintained BRI's funding and liquidity mid-point at
'bbb-' with a stable outlook.

SUBSIDIARY RATING

The Long-Term IDR and National Ratings on BRIS reflect Fitch's
expectation that the bank would benefit from extraordinary support
from its parent BRI, if needed. Fitch views BRIS as a strategically
important subsidiary that has a key role in expanding BRI's sharia
business in Indonesia. BRI's support is manifested in its majority
ownership of the bank, name association and common branding between
the two, and operational alignment in key areas. BRI has
significant ability to support BRIS, as the latter accounted for
only around 3% and 2% of its parent's consolidated assets and
equity, respectively, at end-2019.

SENIOR DEBT RATINGS

BRI's foreign-currency denominated senior unsecured bonds are rated
at the same level as its Long-Term IDR in accordance with Fitch's
rating criteria, as the bonds represent direct, senior obligations
of the bank and rank equally with the bank's other senior unsecured
obligations.

SUBORDINATED DEBT RATING

BRIS's subordinated sukuk securities are rated three notches below
its National Long-Term Rating of 'AA(idn)'. One notch is for
loss-severity risk to reflect the sukuk's subordination relative to
senior unsecured instruments, the presence of a non-viability
clause and the partial or full write-down feature at the point of
non-viability. Two additional notches are for non-performance to
reflect the risk that distributions must be deferred and
accumulated if they could cause BRIS's capital ratios to breach
minimum regulatory requirements. Fitch believes these going-concern
loss-absorption features significantly increase the risk of
non-payment prior to any point of non-viability trigger.

RATING SENSITIVITIES

IDRS, SUPPORT RATING, SUPPORT RATING FLOOR AND NATIONAL RATINGS

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

A downgrade of Indonesia's sovereign rating or a perceived
weakening of support propensity from the government could lead to a
downgrade of BRI's Support Rating and Support Rating Floor, which
would also lead to a downgrade of its IDRs if, at the same time,
Fitch also downgraded BRI's VR . A downgrade of BRI's National
Long-Term Rating would likely arise from a weakening in its overall
credit profile relative to the national-rating universe of
Indonesian rated entities.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

An upgrade of Indonesia's sovereign rating or its view of an
increased support propensity from the government could lead to an
upgrade of BRI's Support Rating Floor, which would also lead to an
upgrade of its Long-Term IDR. An upgrade of BRI's National
Long-Term Rating would likely arise from a strengthening in its
overall credit profile relative to Indonesia's national-rating
universe. There is no upside for the bank's National Short-Term
Rating, which is already at the highest point on the scale.

VIABILITY RATING

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

A VR downgrade could stem from a significantly greater
coronavirus-related deterioration in BRI's financial position than
Fitch currently expects. A decline - actual or expected - in its
CET1 capital ratio significantly below its expected floor of around
20% would lead us to lower the bank's capitalisation and leverage
score and result in a VR downgrade. Significantly weaker asset
quality, as likely reflected in asset quality metrics - including
non-performing, "special-mention" and restructured loan ratios -
that deteriorate more than expected under its base case, would also
put pressure on the rating.

Negative rating action could also be triggered by a prolonged and
severe economic disruption from the coronavirus pandemic. Such a
scenario could lead to a lowering of the operating environment
score for Indonesia's banks to 'bb', which would also put pressure
on the bank's VR. However, BRI's IDRs and National Long-Term Rating
would only be affected by a downgrade of the VR if, at the same
time, Fitch also downgraded the bank's Support Rating Floor. A
downgrade of Indonesia's sovereign rating would not necessarily
lead to a downgrade of the bank's VR.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

Fitch believes that upside on BRI's VR is unlikely in the near
term, given current industry operating conditions and prospects.
Rating upside may result from enhanced corporate governance and a
more visible improvement in the bank's risk-management and
financial profile.

Upside could also stem from improvement in the operating
environment, such as evidence of greater resilience to economic
shocks, and continued development of the capital markets, which
could lead to better and stable financial performance by BRI. An
upgrade of its VR would lead to an upgrade of its IDRs and -
assuming no change in the sovereign rating - its National Long-Term
Rating.

SUBSIDIARY RATINGS

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

A downgrade of BRI's ratings would likely lead to a downgrade of
the ratings on BRIS. A perceived weakening of support from BRI,
most likely indicated through a lower contribution by BRIS to its
parent's business targets, would also be negative for the
subsidiary's ratings.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

An upgrade of BRI's ratings would likely lead to an upgrade of
BRIS's ratings. A significantly greater contribution to its parent
and stronger control of the subsidiary by BRI could also lead to an
upgrade.

SENIOR DEBT RATINGS

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

A downgrade of BRI's Long-Term IDR would result in a downgrade of
the rating on the banks' foreign-currency denominated senior bond.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

An upgrade of BRI's Long-Term IDR would result in a corresponding
upgrade of the bank's senior bond issue rating.

SUBORDINATED DEBT RATINGS

Factors that could, individually or collectively, lead to negative
rating action/downgrade:

A downgrade of BRIS's Long-Term IDR would lead to a downgrade of
the rating on BRIS's subordinated sukuk securities. A downgrade
could also result from a widening of the notching on these
securities following an update to Fitch's Bank Rating Criteria on
February 28, 2020. Fitch intends to review the notching on national
ratings assigned to Indonesian banks' Tier 2 debt issuance by
end-August 2020 at the latest. Please refer to Fitch Ratings to
Review Indonesian National Ratings Assigned to Tier 2 Debt,
published on March 12, 2020, for further details.

Factors that could, individually or collectively, lead to positive
rating action/upgrade:

An upgrade of BRIS's Long-Term IDR would likely lead to an upgrade
of the rating on BRIS's subordinated sukuk securities.

BEST/WORST CASE RATING SCENARIO

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

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

BRI's ratings are linked to those of the Indonesian sovereign
(BBB/Stable) based on its view of potential extraordinary support.
The ratings on BRIS are linked to those of BRI, reflecting its view
of potential extraordinary support from its parent, if needed.

ESG CONSIDERATIONS

Fitch has assigned ESG scores to BRI and BRIS. Both banks have an
ESG Relevance Score of '4' for Governance Structure due to its
belief that there is a moderate risk that the government may use
its majority ownership to exert undue influence on the banks'
boards - for example, to support government policy initiatives -
which may constrain senior management's independence and
effectiveness. This has a negative impact on the banks' credit
profiles, and is relevant to the ratings in conjunction with other
factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of 3 - ESG issues are credit
neutral or have only a minimal credit impact on the entities,
either due to their nature or the way in which they are being
managed by the entities.
  
PT Bank BRIsyariah Tbk

  - LT IDR BB+; Affirmed

  - Natl LT AA(idn); Affirmed

  - Natl ST F1+(idn); Affirmed

  - Subordinated; Natl LT Affirmed

PT Bank Rakyat Indonesia (Persero) Tbk

  - LT IDR BBB-; Affirmed

  - ST IDR F3; Affirmed

  - Natl LT AA+(idn); Affirmed

  - Natl ST F1+(idn); Affirmed

  - Viability bbb-; Affirmed

  - Support 2; Affirmed

  - Support Floor BBB-; Affirmed

  - Senior unsecured; LT Affirmed



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

HATTEN LAND: Third Quarter Net Loss Widens to MYR32.3 Million
-------------------------------------------------------------
Annabeth Leow at The Business Times reports that Hatten Land sank
deeper into the red in the third quarter, as a spike in expenses
added to sales woes from the coronavirus pandemic.

The group now expects to record a loss for the fourth quarter and
the full financial year to June 30, 2020, it said in unaudited
financial statements released on June 15, BT relates.

Its third-quarter net loss widened to MYR32.3 million (SGD10.5
million) for the three months to March 31, from MYR1.54 million in
the same period the year before, BT discloses.

According to BT, revenue fell by 92.4 per cent to MYR7.24 million,
on the back of a construction manpower crunch and fewer viewings
and closed sales at Hatten Land's Harbour City project.

Meanwhile, the group chalked up higher operating expenses on
leaseback payments to the buyers of completed projects, while
finance costs rose on interest expenses, BT reports.

BT says general and administrative expenses also came in higher on
an increase in staff costs and unrealised foreign exchange losses
for greenback-denominated accounts and transactions.

Loss per share was 2.30 sen for the quarter, compared with 0.11 sen
before, while net asset value shrank to 25.76 sen, from 27.93 as at
June 30, 2019.

For the nine months, the net loss was MYR29.4 million, against
MYR9.43 million previously. Turnover was down by 30.5 per cent year
on year, to MYR142.4 million, the report discloses.

With a challenging business climate from the Covid-19 pandemic and
strict movement curbs taken to control the virus spread, the group
flagged an expected hit to property sales, although it added that
the extent and duration of the impact remains uncertain, according
to BT. While Hatten Land has reopened its headquarters, its retail
malls and Hatten Place Hotel are still closed.

BT notes that the group had also previously disclosed in May that a
wholly-owned subsidiary is in a legal tussle with the contractor of
the Harbour City project.

The dispute, which involves a claim of MYR100 million from
contractor China Construction Yangtze River (M) Sdn Bhd and a
counter-claim of at least the same amount, "is expected to result
in a slowdown in the construction progress of the project", Hatten
Land has now said.

No dividend has been recommended for the quarter, unchanged from
the year before, BT adds.

Hatten Land Limited operates as a property developer. The Company
develops malls, hotels, and residential properties. Hatten Land
serves customers in Singapore and Malaysia.



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

HOUSE OF TRAVEL: Shuts Down Stores in Oamaru
--------------------------------------------
Gus Patterson at Otago Daily Times reports that Oamaru's two travel
stores have closed their doors.

House of Travel Oamaru officially closed last week, while Flight
Centre Oamaru has not reopened since the lockdown, although staff
have continued to work from home, ODT says.

According to the report, House of Travel retail manager Antony
Boomer said the "difficult decision" had been made to close the
Oamaru store and merge the business with its Dunedin operation.

"The unprecedented situation New Zealand faces as a result of
Covid-19 has impacted many businesses, especially in the tourism
industry," the report quotes Mr. Boomer as saying.

"We are confident that merging the two stores will allow us to best
service our clients throughout the North Otago area and we are
ready to help them explore the world again when the time is right.

"House of Travel Oamaru has been an integral part of the local
community for many years and, although there will no longer be a
physical presence, House of Travel will continue to fully embrace
and support our Oamaru customers as it has done for many years."

In an email to customers, House of Travel managing director John
Harley confirmed the loss of three Oamaru staff members, ODT
relates.

"They have all been integral members of our team and we will miss
them all greatly."

Customers who had existing bookings or were awaiting a refund would
be referred to a Dunedin-based consultant, he said.

ODT adds that a Flight Centre New Zealand spokeswoman said its
Oamaru store was one of 58, out of 130, that had been permanently
closed due to Covid-19.

The Oamaru branch's staff would continue to work from home, the
spokeswoman said, ODT relays.

"International travel made up the majority of our bookings prior to
the Covid-19 pandemic, which is why it has hit us so hard," the
spokeswoman, as cited by ODT, said.

"However, we have noticed a strong uptake in domestic bookings,
with a 124% increase in online views of our domestic packages when
Level 2 was announced.

"It's a great time for Kiwis to explore their backyard and enjoy
everything that this stunning country has to offer."



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

[*] BOND PRICING: For the Week June 8, 2020 to June 12, 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.



                *** End of Transmission ***