/raid1/www/Hosts/bankrupt/TCRAP_Public/200630.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, June 30, 2020, Vol. 23, No. 130

                           Headlines



A U S T R A L I A

BOUNTY MINING: Second Creditors' Meeting Set for July 6
GRAND CIRCLE: Second Creditors' Meeting Set for July 7
HEATH STREET: First Creditors' Meeting Set for July 7
PATTANI PRIVATE: Second Creditors' Meeting Set for July 7
SAPPHIRE XXIII 2020-1: S&P Assigns Prelim B (sf) Rating on F Notes

SEAFOLLY: KordaMentha Appointed as Voluntary Administrators


C H I N A

SICHUAN TRUST: Protest Raises Fears for US$3-Tril. Trust Sector
TIBET FINANCIAL: Moody's Cuts CFR & Senior Unsecured Rating to B1
TIMES CHINA: Fitch Rates Proposed USD Sr. Notes BB-
TIMES CHINA: S&P Assigns B+ Rating on New USD Sr. Unsecured Notes


I N D I A

ABROAD VITRIFIED: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ABS WHEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
ADITYA MULTICARE: CRISIL Lowers Rating on INR3cr Debt to B+
ADVENT HEALTHCARE: CRISIL Keeps B+ Debt Ratings in Not Coop.
AGRAWAL MEDICO: CRISIL Keeps B+ INR6cr Debt Rating in Not Coop.

AKHANDALAMANI ELECTRICALS: IndRa Moves BB Rating to Non-cooperating
AKR CONSTRUCTION: CRISIL Keeps C INR27.75cr Debt Rating in Not Coop
ALLURE CONSUMER: CRISIL Keeps B+ INR19.8cr Debt Rating in Not Coop.
AMBICA PULSE: CRISIL Keeps B+ INR7cr Debt Rating in Not Cooperating
ANAND MOULD: CRISIL Keeps B+ INR4.5cr Debt Rating in Not Coop.

AQUAFINE MICRONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ARCHANA MOTORS: CRISIL Keeps B- Debt Ratings in Not Cooperating
ARISTO TRANSMISSION: CRISIL Cuts Rating on INR10cr Loan to B+
AROCHEM INDUSTRIES: CRISIL Lowers Rating on INR5.75cr Loan to B+
ARYA VOYAGERS: CRISIL Lowers Rating on INR146.4cr Loan to B+

ASHTANGA EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Coop
AVIAN TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
AXIS BANK: S&P Cuts ICR to BB+ on Worsening Operating Conditions
BALAJI CONSTRUCTION: CRISIL Cuts Rating on INR4cr Loan to B+
BELIJ HYDRO: CRISIL Lowers Rating on INR20.35cr Loan to B+

BEVA SILICONES: CRISIL Lowers Rating on INR7cr Loans to B+
BHARAT MOTOR: CRISIL Keeps B+ INR10cr Debt Rating in Not Coop.
CHIRANJILAL RAYONS: CRISIL Cuts Rating on INR4cr Loan to B+
CREATIVE LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
G SONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating

GAURAV RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
GAYATRI ROLLING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
GOURAV POULTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
GOVINDARAJA MUDALIAR: CRISIL Cuts Rating on INR50cr Loan to B+
GOYAL EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating

HITRO ENERGY: CRISIL Keeps B- Debt Ratings in Not Cooperating
IVANTA CERAMICS: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
MAYFAIR LEISURES: Insolvency Resolution Process Case Summary
NATIONAL PLASTIC: Ind-Ra Gives BB+ Issuer Rating, Outlook Stable
RASHMI MOTORS: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating

SAKTHI GANESH: Ind-Ra Cuts LT Issuer Rating to BB, Outlook Stable
STERLING AND WILSON: Promoters Seek More Time to Repay Loan
[*] INDIA: IBC Suspension May Lead to Riskier Behavior Among Firms
[*] S&P Lowers Ratings on Four Indian Nonbank Finance Companies


J A P A N

NISSAN MOTOR: CEO Vows to Restore Finances, Roll Out New Models
SOFTBANK GROUP: Moody's Confirms Ba3 CFR, Alters Outlook to Neg.


M A L A Y S I A

NAM CHEONG: Unable to Pay Interest Amid Cash Flow Constraints


S I N G A P O R E

HOME-FIX DIY: High Court OKs Application to Wind Up Company


S O U T H   K O R E A

DOOSAN HEAVY: Picks Preferred Bidder for Golf Course


T H A I L A N D

NOKSCOOT AIRLINES: To Enter Liquidation Amid Coronavirus Pandemic


X X X X X X X X

[*] BOND PRICING: For the Week June 22, 2020 to June 26, 2020

                           - - - - -


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BOUNTY MINING: Second Creditors' Meeting Set for July 6
-------------------------------------------------------
A second meeting of creditors in the proceedings of:

   - Bounty Mining Limited
   - Bounty Cook Pty Limited
   - Bounty Minyango Pty Limited
   - Bounty Operations Pty Limited
   - Bounty Mining Investments Pty Limited

has been set for July 6, 2020, at 2:00 p.m. via videoconference.  

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 July 3, 2020, at 4:00 p.m.

Robert William Hutson and Jarrod Villani of KordaMentha were
appointed as administrators of Bounty Mining on Dec. 17, 2019.

GRAND CIRCLE: Second Creditors' Meeting Set for July 7
------------------------------------------------------
A second meeting of creditors in the proceedings of Grand Circle
Opportunities Pty Ltd has been set for July 7, 2020, at 2:00 p.m.
The meeting will be conducted by online telephone conference using
Zoom Meetings.

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 July 2, 2020, at 5:00 p.m.

Glenn John Spooner and Barry Wight of Cor Cordis were appointed as
administrators of Pattani Private on June 1, 2020.


HEATH STREET: First Creditors' Meeting Set for July 7
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Heath Street
SH1 Pty. Ltd. will be held on July 7, 2020, at 3:00 p.m. via
teleconference facility.

Domenico Alessandro Calabretta and Thyge Trafford-Jones of Mackay
Goodwin were appointed as administrators of Heath Street on June
25, 2020.



PATTANI PRIVATE: Second Creditors' Meeting Set for July 7
---------------------------------------------------------
A second meeting of creditors in the proceedings of Pattani Private
Capital Pty Ltd has been set for July 7, 2020, at 11:00 a.m. The
meeting will be conducted by online telephone conference using Zoom
Meetings.

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 July 2, 2020, at 5:00 p.m.

Glenn John Spooner and Barry Wight of Cor Cordis were appointed as
administrators of Pattani Private on June 1, 2020.


SAPPHIRE XXIII 2020-1: S&P Assigns Prelim B (sf) Rating on F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to eight
classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Permanent Custodians Ltd. as
trustee of Sapphire XXIII Series 2020-1 Trust. Sapphire XXIII
Series 2020-1 Trust is a securitization of nonconforming and prime
residential mortgages originated by Bluestone Group Pty Ltd. and
Bluestone Mortgages Pty Ltd. (collectively Bluestone).

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including our view that the credit support is sufficient
to withstand the stresses it applies The credit support for the
rated notes comprises note subordination and excess spread.

-- The underwriting standards and centralized approval process of
the seller, Bluestone.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.0% of the outstanding balance of the notes, and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest.

-- The condition that a minimum margin will be maintained on the
assets.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by Commonwealth Bank of Australia to hedge the mismatch
between receipts on the 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 will likely put upward pressure on mortgage
arrears. S&P said, "We have recently updated our outlook
assumptions for Australian RMBS in response to changing
macroeconomic conditions as a result of the COVID-19 outbreak. We
have also applied a range of additional stresses in our analysis to
assess the rated notes' sensitivity to liquidity stress and the
possibility of higher arrears." As of May 31, 2020, borrowers with
COVID-19-related hardship arrangements make up 13.89% of the pool
balance.

S&P Global Ratings acknowledges a high degree of uncertainty about
the evolution of the coronavirus pandemic. The consensus among
health experts is that the pandemic may now be at, or near, its
peak in some regions but will remain a threat until a vaccine or
effective treatment is widely available, which may not occur until
the second half of 2021. S&P said, "We are using this assumption in
assessing the economic and credit implications associated with the
pandemic. As the situation evolves, we will update our assumptions
and estimates accordingly."

  PRELIMINARY RATINGS ASSIGNED
  
  Sapphire XXIII Series 2020-1 Trust

  Class      Rating         Amount (mil. A$)
  A1S        AAA (sf)        70.00
  A1L        AAA (sf)       175.00
  A2         AAA (sf)        61.25
  B          AA (sf)         15.75
  C          A (sf)          10.50
  D          BBB (sf)         7.00
  E          BB (sf)          2.45
  F          B (sf)           3.50
  G1         NR               2.45
  G2         NR               2.10

  NR--Not rated.


SEAFOLLY: KordaMentha Appointed as Voluntary Administrators
-----------------------------------------------------------
Scott Langdon and Rahul Goyal of KordaMentha Restructuring were
appointed Voluntary Administrators of the Australian swimwear and
women's beachwear fashion brand, Seafolly on June 29, 2020. The
appointment includes the entities relating to the Sunburn
business.

Seafolly made the appointment because of the crippling financial
impact of the COVID-19 pandemic.

Mr. Langdon reassured customers it will be business as usual for
Seafolly customers while the Administrators assessed the business.

Mr. Langdon advised: "All Seafolly gift cards and the popular Beach
Club Rewards points will continue to be redeemable at all Seafolly
stores.  We encourage all loyal Seafolly customers to come to the
retail stores and redeem their Beach Club Rewards, plus earn more
points."

Mr. Langdon confirmed that KordaMentha will immediately commence a
sale of business process. Interested parties should contact the
KordaMentha Sydney office. "Given the quality of the brand and its
reputation, there will inevitably be a high level of interest in
purchasing the business", Mr. Langdon said.

Seafolly has a retail network of 44 stores throughout Australia and
12 stores overseas.



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SICHUAN TRUST: Protest Raises Fears for US$3-Tril. Trust Sector
---------------------------------------------------------------
The Financial Times reports that strains are emerging across
China's RMB21 trillion ($3 trillion) trust industry, which has
lured millions of ordinary investors seeking more profitable--but
riskier--places to park their cash.

According to the FT, dozens of disgruntled Chinese investors
protested last week in Chengdu, capital of the southwestern
province of Sichuan, after Sichuan Trust, based in the city, said
the firm would struggle to make principal and interest payments on
at least RMB13 billion worth of "trust of trust" vehicles due by
the end of the year.

The FT says the incident highlights growing stresses faced by
China's financial system as the coronavirus crisis exposes weak
points in the world's second-largest economy. Trust products have
become a key part of the shadow banking industry, supplying funds
for companies and projects that find it hard to get bank loans,
while offering investors returns that stand well above rates
available on regular bank deposits.

The Sichuan incident points "to systemic risks down the road," said
Zhuang Bo, an analyst at TS Lombard. Yu Zhi, an analyst at
consultancy Yanglee, said: "We are seeing the bursting of a bubble
that has been under pressure for many years," the FT relays.

A trust of trust is a pooled investment fund that holds multiple
single-purpose trusts, each channelling money to a variety of
projects in sectors such as real estate, infrastructure and
manufacturing, according to the FT. Sales of such products are
generally limited to wealthy individuals: minimum investments tend
to start at RMB1 million, though Sichuan Trust lowered the bar to
RMB300,000.

But thanks to thin disclosure requirements on the vehicles'
underlying assets, trust companies are often able to issue new
products to offset losses incurred by old ones, said Mr. Yu of
Yanglee, the FT relates. As such, he said, the arrangement "works
on the belief that new investors will bail out the old ones."

Trust of trusts have performed well in recent years: multiple
Sichuan Trust investors told the Financial Times that they had no
trouble getting their principal and as much as 10 per cent interest
back. But things turned around in April, when the provincial
banking and insurance regulator restricted new sales of trusts of
trusts, saying it suspected misuse of funds. That made it hard for
Sichuan Trust to maintain payouts and meet redemption requests.

In a June 12 meeting with investors, Kong Weiwen, a director at
Sichuan Trust, said that the main reason for the firm's financial
trouble was the regulatory crackdown, according to a recording of
the meeting seen by the FT.

That has wrongfooted investors, some of whom told the FT that they
had expected that Sichuan Trust would continue to make investors
whole. Liu Canglong, the majority shareholder of Sichuan Trust, is
a former deputy chairman of the All-China Federation of Industry
and Commerce, a government-backed body, and a former member of the
Chinese People's Political Consultative Conference, the FT
discloses. Both titles give him access to senior officials in
Sichuan province and the central government.

"There is a belief that politically well-connected Sichuan Trust
has provided an implicit guarantee for their products — even
though the prospectus mentioned investment risks," said one
investor.

Zhou Shan, a director at Sichuan Provincial Banking and Insurance
Regulatory Bureau, said that Sichuan Trust had "kept the use of
trust proceeds a secret through complex insider transactions,"
according to a video of a recent meeting with investors seen by the
FT.

Sichuan Trust declined to comment for this article. It issued a
statement on June 24 saying the April suspension had put
"unprecedented pressure on every member of the firm." It promised
to "make utmost efforts to make sure clients have a satisfactory
result within a year," the FT relays.

The crackdown has led to a "liquidity crisis" at Sichuan Trust, Liu
Jingfeng, the firm's president, told the investor meeting two
weeks ago. He blamed a plunge in the value of the products'
underlying assets amid the economic downturn, the FT adds.

Sichuan Trust Company Limited is a company based in China, with its
head office in Chengdu. It operates in the Funds, Trusts, and Other
Financial Vehicles industry.

TIBET FINANCIAL: Moody's Cuts CFR & Senior Unsecured Rating to B1
-----------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating, issuer rating and senior unsecured rating of Tibet
Financial Leasing Co., Ltd. to B1 from Ba2.

In addition, Moody's has downgraded the company's Baseline Credit
Assessment to b3 from b1.

Moody's has also placed all ratings on review for further
downgrade. The previous outlook on the company was negative.

DRIVERS OF RATING ACTION

The rating action follows the company's (1) recent liquidity
challenges stemming from the financial difficulties at its largest
shareholder Tunghsu Group Co., Ltd., and (2) weak corporate
governance and internal control over related party transactions.

Moody's credit assessment also takes into account the following
environmental, social and governance considerations.

Moody's regards Tibet Financial Leasing's weakness in corporate
governance and related-party risk as a governance risk under its
ESG framework, given the implications for the company's
organizational structure and internal controls. Its action reflects
the impact on Tibet Financial Leasing from the governance weakness,
and the deterioration in credit quality it has triggered.

RATINGS RATIONALE

The downgrade and review for further downgrade reflect Moody's
concerns over (1) Tunghsu Group's financial difficulties, which
have already materially impacted Tibet Financial Leasing's
financial position, operations and internal controls, and (2) the
uncertainty around the immediate support provided from the
Government of the Tibet Autonomous Region to Tibet Financial
Leasing.

Tibet Financial Leasing is 48.49% owned by Tunghsu Group, and 29.3%
owned by the Government of the Tibet Autonomous Region via the
Tibet Autonomous Region Investment Co Ltd, Bank of Tibet Co., Ltd,
and Tibet Autonomous Region State-owned Assets Management Company.

Tibet Financial Leasing relies on short-term wholesale funding,
including borrowings from banks and other financial leasing
companies, to support its long-term leasing business. The resulting
mismatch between the tenor of its assets and liabilities exposes it
to high refinancing risk. The company's ability to refinance has
been negatively affected in the past few months due to the
financial difficulties at Tunghsu Group, which has been unable to
repay its medium-term notes.

Moreover, Moody's believes Tibet Financial Leasing has weaker than
expected corporate governance and internal controls to ringfence
related-party transactions. Its assets in and transactions with
Tunghsu Group are more than Moody's had initially assumed, which
could materially weaken the company's liquidity and solvency if
Tunghsu Group goes bankrupt. There is also a high level of
uncertainty around the proposed sale of a 51.46% stake in Tunghsu
Group to Shijiazhuang State-owned Assets Supervision and
Administration Commission from the ultimate parent of Tunghsu
Group, Dongxu Optoelectronic Investment Co., Ltd.

Tibet Financial Leasing's B1 CFR incorporates a two-notch uplift
based on Moody's assumption of a moderate level of indirect support
from and a high level of dependence on the Government of China (A1
stable) via the Government of the Tibet Autonomous Region, in times
of need.

While the Government of the Tibet Autonomous Region, as an
originator and major shareholder, is required to provide liquidity
and capital support to Tibet Financial Leasing, under the China
Banking and Insurance Regulatory Commission's regulation on
financial leasing companies, it has so far not provided concrete
support to Tibet Financial Leasing to enhance its financial
position.

Moody's review will focus on (1) the company's ability to enhance
its liquidity and refinancing ability; (2) the contagion risk
arising from the financial difficulties at Tunghsu Group; (3) the
availability of updated financial statements and information
related to the company's liquidity position; as well as (4) the
ability and willingness of the Government of the Tibet Autonomous
Region to provide immediate support, including liquidity and
capital, to Tibet Financial Leasing.

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

Given that the ratings are under review for downgrade, an upgrade
is unlikely in the near term. Moody's could confirm the company's
BCA and ratings if there is evidence that (1) the company has
strengthened its liquidity and refinancing ability; (2) Tunghsu
Group's financial difficulties are resolved, and (3) the Government
of the Tibet Autonomous Region provides concrete support to Tibet
Financial Leasing.

Moody's could further downgrade the BCA and ratings if: (1) the
company's liquidity and financial position further deteriorate; (2)
the Government of the Tibet Autonomous Region is constrained from
providing support.

The methodologies used in these ratings were Finance Companies
Methodology published in November 2019.

Headquartered in Beijing, Tibet Financial Leasing Co., Ltd.
reported unaudited assets of RMB56 billion at the end of September
2019.

TIMES CHINA: Fitch Rates Proposed USD Sr. Notes BB-
---------------------------------------------------
Fitch Ratings has assigned a 'BB-' rating to Times China Holdings
Limited's (BB-/Stable) proposed US-dollar senior notes. The
proposed notes are rated at the same level as Times China's senior
unsecured rating, as they will represent its direct, unconditional,
unsecured and unsubordinated obligations.

Times China's ratings are supported by its quality and sufficient
land bank, strong brand recognition in Guangdong province and a
healthy gross profit margin of around 30% for its
property-development business, despite a robust churn rate. In
addition, Times China has a new source of liquidity from the
primary-land development of its urban-renewal projects. Fitch
thinks the company's profitability will benefit from the
wider-margin urban-renewal business. The ratings are constrained by
the smaller scale of the company's property-development business
and higher leverage compared with 'BB' peers.

KEY RATING DRIVERS

URPs Support Rating: Times China's URPs started benefitting the
company from 2018; Times China receives government compensation for
carrying out primary-land development, which it is able to acquire
at below-market cost. Fitch expects URPs to account for 15%-20% of
Times China's land bank by 2021, based on a historical conversion
pace. The company will be able to tolerate higher leverage given
the wide URP margin, which Fitch thinks is sustainable. Around 30%
of Times China's newly acquired land bank has been converted from
URPs.

Stable Margin: Fitch expects the EBITDA margin, excluding
capitalised interest, of around 30% to improve along with a higher
portion of revenue recognised from URP projects. Development
property projects converted from URPs have a higher gross profit
margin of above 40%. This is due to lower land and initial URP
costs, rental subsidies and the below-market cost of resettlement
housing construction. Times China's gross profit margin was 29% in
2019, 31% in 2018 and 28% in 2017.

Cash Collection to Pick Up: Times China's cash collection rate
recovered to 77% in 2019, from a record-low of 70% in 2018, as
price-restriction policies eased and the mortgage-approval period
was shortened in some Guangdong cities. The low sales collection
rate in 2018 was due to a tight onshore credit environment starting
in 2H17. Tighter credit can lead to delays in buyers obtaining
mortgage loans, slowing cash collection for the market.

Scale Constrains Rating, Despite Growth: Fitch expects sustainable
sales growth over the next three years in light of Times China's
medium-term target of doubling its sales scale. Sales should also
be supported by robust demand in Guangdong province following a
government initiative to deepen integration within the Greater Bay
Area. Total contracted sales increased by 29% to CNY78 billion in
2019, of which around 75% was attributable to the company. Fitch
thinks Times China's attributable sales scale - compared with the
more than CNY90 billion of 'BB' peers in 2019 - is a major
constraint on its ratings.

Higher Leverage: Leverage - measured by net debt/adjusted
inventory, excluding financial guarantees to related party,
associates and joint ventures - rose slightly to 43% in 2019, from
42% in 2018, but was 58% if including financial guarantees. Fitch
expects leverage - measured by net debt/adjusted inventory, but
excluding financial guarantees to related parties, associates and
joint ventures, to be below 45% in 2020 in light of the company's
guidance of spending no more than half of its sales proceeds on
land. Its large land bank, which is sufficient to support 3.5-4.0
years of sales, also provides land-acquisition flexibility.

DERIVATION SUMMARY

Times China has a large footprint in Guangdong province, similarly
to KWG Group Holdings Limited (BB-/Stable), China Aoyuan Group
Limited (BB-/Positive) and Logan Property Holdings Company Limited
(BB/Stable). Both Aoyuan and Logan have a diversified geographic
exposure and large attributable sales scale, and its forecast for
the companies' leverage (net debt/adjusted inventory) of below 40%
over the next 12 to 18 months is lower than that of Times China.
Logan's EBITDA margin (excluding capitalised interest) of over 30%
is as strong as that of Times China, while Aoyuan's EBITDA margin
of 25%-30% is less competitive.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within its Rating Case for the Issuer

  - Contracted sales to increase by 15% in 2020 and 10% in 2021

  - Cash collected as a percentage of total sales at 80% in 2019
and 85% in 2020

  - Attributable land premium of around 40%-45% of sale proceeds in
2020 and 2021

  - EBITDA margin, excluding capitalised interest, to stay around
30% in 2020 and 2021

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory sustained below 40%

  - EBITDA margin, excluding capitalised interest, sustained above
30%

  - Scale expands to a level that is comparable with that of 'BB'
peers

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

  - Net debt/adjusted inventory above 50% for a sustained period

  - EBITDA margin, excluding capitalised interest, below 25% for a
sustained period

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
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.

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Times China had cash and cash equivalents of
CNY25.9 billion, excluding restricted cash of CNY3.4 billion, as of
end-2019, against CNY18.6 billion in short-term debt. Fitch
believes Times China maintains sufficient liquidity to fund
development costs, land premium payments and debt obligations in
2020 due to its diversified funding channels, healthy maturity
profile and flexible land-acquisition strategy.

SOURCES OF INFORMATION

ESG CONSIDERATIONS

Times China has an ESG relevance score of 4 for Environmental -
Waste and Hazardous Materials Management; Ecological Impacts as the
company is one of Guangdong's key URP developers that is helping to
improve the environment in the province. This has a positive impact
on the credit profile, and is relevant to the rating in conjunction
with other factors.

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

TIMES CHINA: S&P Assigns B+ Rating on New USD Sr. Unsecured Notes
-----------------------------------------------------------------
S&P Global Ratings said it has assigned its 'B+' long-term issue
rating to a proposed issuance of U.S. dollar-denominated senior
unsecured notes by Times China Holdings Ltd. (BB-/Stable/--). The
China-based property developer intends to use the proceeds to
refinance existing debt. The issue rating is subject to its review
of the final issuance documentation.

S&P said, "We rate the notes one notch below the issuer credit
rating on Times China to reflect structural subordination risk. As
of Dec. 31, 2019, Times China's capital structure consists of
Chinese renminbi (RMB) 13.4 billion in secured debt and RMB23.9
billion in unsecured debt at the subsidiary level (including
financial guarantees provided to borrowings of joint ventures),
which we consider to be priority debt. The company also has RMB24.2
billion in unsecured debt at the parent level. As such, Times
China's priority debt ratio is about 60.7%, significantly above our
notching-down threshold of 50%.

"The stable outlook on Times China reflects our view that the
company's leverage will stabilize at about 4.5x over the next 12
months. We believe Times China's consistent strong sales and EBITDA
growth should temper the impacts of increased debt and a moderate
decline in margins.

"We expect Times China to continue to focus on China's Greater Bay
Area (GBA) to capture the growth momentum that comes from income
growth and accelerated integration in the region. This approach
supports the company's credit profile, in our view. It allows Times
China to leverage on its market position and expertise in its home
region."

Despite increasing competition for land parcels in GBA as more
developers expand in the region, Times China's market position and
development pipeline are partly protected. This is because of its
first-mover advantage in urban renewal development, especially in
Guangzhou and Foshan.




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ABROAD VITRIFIED: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Abroad
Vitrified Private Limited (AVPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         3         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit            8         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             21.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AVPL for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 AVPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AVPL 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 AVPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Incorporated in 2017, AVPL is establishing a greenfield project for
manufacturing vitrified tiles at Morbi, with an installed capacity
of 90,000 tonne per annum. The facility is expected to begin
commercial operations from April 2018.

ABS WHEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of ABS
Wheels Private Limited (ABS) continues to remain in the 'Issuer Not
Cooperating' category.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee      2.25     CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit         0.75     CRISIL D (ISSUER NOT COOPERATING)

   Proposed Long       2.75     CRISIL D (ISSUER NOT COOPERATING)
   Term Bank Loan
   Facility              

   Proposed Long       2.75     CRISIL D (ISSUER NOT COOPERATING)
   Term Bank Loan  
   Facility             

   Term Loan           4.25     CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with ABS for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 ABS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ABS 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 ABS continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in July 2013 and promoted by Mr. Arshad Shaikh and his
family members, ABS has a Volkswagen passenger car dealership and
operates a 3S (sales-service-spares) showroom in Solapur,
Maharashtra. The company is the sole authorised Volkswagen dealer
for Solapur, Osmanabad, and Latur; Maharashtra. Commercial
operations began from March 2014.

ADITYA MULTICARE: CRISIL Lowers Rating on INR3cr Debt to B+
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Aditya
Multicare Hospital (AMCH) to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Overdraft              4         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Proposed Cash          3         CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Term Loan              3         CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with AMCH for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 AMCH, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AMCH 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 AMCH revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

AMCH is promoted by the Dr. Suresh Naidu and was founded in 2004.
The hospital is based out of Vizag in Andhra Pradesh. It has tie
ups with multiple doctors to provide multi-specialty care.

ADVENT HEALTHCARE: CRISIL Keeps B+ Debt Ratings in Not Coop.
------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Advent
Healthcare & Hi-Tech Products (AHHP) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2.5       CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit/           4.5       CRISIL B+/Stable (ISSUER NOT
   Overdraft facility               COOPERATING)

   Proposed Working       1         CRISIL B+/Stable (ISSUER NOT
   Capital Facility                 COOPERATING)

CRISIL has been consistently following up with AHHP for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 AHHP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AHHP 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 AHHP continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Established in 2006 as a partnership firm by Mr Sandeep M Konde
Deshmukh and Ms Swaroopa S Konde Deshmukh, AHHP is an authorised
distributor of interventional cardiology and peripheral vascular
devices for Boston Scientific India Pvt Ltd. The firm covers Pune,
Ahmednagar, and Aurangabad.


AGRAWAL MEDICO: CRISIL Keeps B+ INR6cr Debt Rating in Not Coop.
---------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Agrawal
Medico (AM) continues to remain in the 'Issuer Not Cooperating'
category.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            6        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with AM for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 AM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AM 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 AM continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

AM was started in 1988 as a sole proprietorship firm by Mr Dilip
Agrawal in Bhopal, Madhya Pradesh. The firm is a wholesale dealer
of medicines, both ayurvedic and allopathic, in Bhopal for around
52 companies.

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

The instrument-wise rating actions are:

-- INR55 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating; and

-- INR65 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 19, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Akhandalamani Electricals & Construction was established in 1997
and incorporated in 2009 in Cuttack, Odisha as a proprietorship
firm. It is engaged in trading electrical equipment and handling
various electrical construction works and turnkey projects for
Odisha and Rajasthan government departments and public sector
units. Its Cuttack-based manufacturing facility manufactures
transformers.


AKR CONSTRUCTION: CRISIL Keeps C INR27.75cr Debt Rating in Not Coop
-------------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of AKR
Construction Limited (AKR) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee      90.25        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Letter of Credit     3.00        CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Overdraft           27.75        CRISIL C (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AKR for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 AKR, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AKR 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 AKR continues to be 'CRISIL C/CRISIL A4 Issuer not
cooperating'.

Established in the early 1990s as a proprietary concern AKR
Construction and later converted into a closely held public company
in 2004, AKR undertakes civil construction works, primarily
irrigation projects in Andhra Pradesh, Telangana, Karnataka, and
Madhya Pradesh.

ALLURE CONSUMER: CRISIL Keeps B+ INR19.8cr Debt Rating in Not Coop.
-------------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Allure
Consumer Products Private Limited (ACPPL) continues to remain in
the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             19.8       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with ACPPL for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 ACPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ACPPL 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 ACPPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

ACPPL set up in October 2016, is engaged into job work of toilet
soaps manufacturing for FMCGs companies. The manufacturing plant is
located at Dehradun.

AMBICA PULSE: CRISIL Keeps B+ INR7cr Debt Rating in Not Cooperating
-------------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Ambica
Pulse Mill (APM) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            7        CRISIL B+/Stable (ISSUER NOT
                                   COOPERATING)

CRISIL has been consistently following up with APM for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 APM, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on APM 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 APM continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Set up in 2007 as a proprietorship firm by Jodhpur, Rajasthan-based
Mr Dinesh Jain, APM primarily processes urad dal and has capacity
of 20 tonne per day. The firm sells to traders and commission
agents under the Tiranga and Champion brands.

ANAND MOULD: CRISIL Keeps B+ INR4.5cr Debt Rating in Not Coop.
--------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Anand
Mould Steels Private Limited (AMSPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Letter       5.5        CRISIL A4 (ISSUER NOT
   of Credit                        COOPERATING)

CRISIL has been consistently following up with AMSPL for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 AMSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AMSPL 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 AMSPL continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

AMSPL, incorporated in 2005 by Mr. Ashish Bhansali and his father
Mr. Karshandas Bhansali, is engaged in trading of special alloy
steels. The company is based in Navi Mumbai, Maharashtra.

AQUAFINE MICRONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Aquafine
Microns LLP (AML) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.4         CRISIL A4 (ISSUER NOT
                                    COOPERATING)

   Cash Credit          3.00        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Fund-       0.33        CRISIL B+/Stable (ISSUER NOT
   Based Bank Limits                COOPERATING)

   Term Loan            5.77        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AML for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 AML, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AML 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 AML continues to be 'CRISIL B+/Stable/CRISIL A4
Issuer not cooperating'.

Established in 2017, AML is a limited liability partnership firm
which is setting up a project for manufacturing soda and potash
feldspar. Feldspar is used mainly in ceramic and glass industries
and to some extent in paints, plastics and rubber as an extender.
The unit is expected to commence commercial operations from April,
2018.

ARCHANA MOTORS: CRISIL Keeps B- Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Archana
Motors Private Limited (AMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.5        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Electronic Dealer    11.5        CRISIL B-/Stable (ISSUER NOT
   Financing Scheme                 COOPERATING)
   (e-DFS)              

CRISIL has been consistently following up with AMPL for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 AMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AMPL 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 AMPL continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

AMPL was established in 2011 by promoter, Mr Shibu Job C. The
company is an authorised dealer of commercial vehicles of TML, in
Thrissur and Palakkad, and has 11 showrooms and 6 service centres.

ARISTO TRANSMISSION: CRISIL Cuts Rating on INR10cr Loan to B+
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Aristo
Transmission Private Limited (ATPL) to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with ATPL for obtaining
information through letters and emails dated December 31, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 ATPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on ATPL 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 ATPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB-/Stable Issuer Not Cooperating'.

ATPL, incorporated in 2009, manufactures mild-steel pipes and
galvanised iron pipes that are used in sectors such as
construction, automobile, engineering, agriculture, and irrigation.
It has a manufacturing facility in Siltara, near Raipur
(Chhattisgarh) with installed capacity of around 36,000 tonne per
annum.

AROCHEM INDUSTRIES: CRISIL Lowers Rating on INR5.75cr Loan to B+
----------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Arochem
Industries Private Limited (AIPL) to 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.5         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit          5.75        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term   1.75        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with AIPL for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 AIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AIPL 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 AIPL revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

AIPL was originally established as a partnership company in 1962 by
Mr. Suresh Chandra R Gandhi and his family members. In 2014-15, the
firm was reconstituted as a private limited company with the
current name. In the same year, Exochem, based in the UK, acquired
50 per cent of AIPL's shares. AIPL's day-to-day operations are
managed by Mr. Nilesh Gandhi. The company manufactures dye
intermediates (resist salt, metanilic acid, and 3'3' dinitro
diphenyl sulfone) used primarily in the textile industry and to
some extent in the aerospace industry. In 2014-15, the company
commenced manufacturing aniline 25 disulphonic acid. AIPL's
manufacturing facilities are in Vapi (Gujarat).

ARYA VOYAGERS: CRISIL Lowers Rating on INR146.4cr Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Arya Voyagers
Private Limited (AVPL) to 'CRISIL B+/Stable Issuer Not Cooperating'
from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Foreign Currency     146.4      CRISIL B+/Stable (ISSUER NOT
   Term Loan                       COOPERATING; Revised from
                                   'CRISIL BB+/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with AVPL for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 AVPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AVPL 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 AVPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

AVPL was incorporated in November 2012, by Mr. Ravindra Kumar Arya
and his sons, Mr. Nakul Arya and Mr. Varun Arya. It is engaged in
ship owning and chartering services. Company has 2 vessels and both
are chartered (time). The company is part of Arya group which is
also engaged in trading of iron & steel, ship breaking etc.

ASHTANGA EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Coop
-------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Ashtanga
Educational Trust (AET) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         2.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term     .03       CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Rupee Term Loan      12.72       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with AET for obtaining
information through letters and emails dated December 31, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 AET, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AET 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 AET continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

Set up in 2012, AET operates an Ayurveda hospital and a residential
Ayurveda college in Kottanad, Kerala. Operations are managed by Mr
Narayana Namboodiri.

AVIAN TECHNOLOGIES: CRISIL Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Avian
Technologies (AT) continues to remain in the 'Issuer Not
Cooperating' category.

                   Amount
   Facilities   (INR Crore)     Ratings
   ----------   -----------     -------
   Cash Credit        2         CRISIL D (ISSUER NOT COOPERATING)

   Foreign Letter
   of Credit          1.95      CRISIL D (ISSUER NOT COOPERATING)

   Long Term Loan     3.26      CRISIL D (ISSUER NOT COOPERATING)

   Proposed Long
   Term Bank Loan
   Facility          0.39       CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with AT for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 AT, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on AT 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 AT continues to be 'CRISIL D Issuer Not
Cooperating'.

AT, established in 2013-14 (refers to financial year, April 1 to
March 31), is a partnership firm of Mr. Anupkumar D and Ms. Lakshmi
Venkatsubramanian. It is engaged in sheet metal fabrication and
caters to industries such as capital goods, automotive, and
construction equipment. The firm's plant is in Chennai and has
installed capacity of 150 tonne per month.

AXIS BANK: S&P Cuts ICR to BB+ on Worsening Operating Conditions
----------------------------------------------------------------
S&P Global Ratings said that it had lowered its ratings on Axis
Bank, reflecting its view that economic risks have increased for
banks operating in India. S&P placed its ratings on Indian Bank on
CreditWatch because it sees a high risk that the public sector
bank's credit profile could weaken over the coming quarters due to
COVID-19 as well as the merger with the weaker Allahabad Bank. S&P
affirmed the ratings on the other banks it rates in India.

  RATINGS LIST

  Axis Bank Ltd.

  Downgraded; CreditWatch/Outlook Action
                                         To                 From
  Axis Bank Ltd.
   Issuer Credit Rating        BB+/Stable/B     BBB-/Negative/A-3

  Downgraded
                                         To                 From
  Axis Bank Ltd. (Dubai International Financial Centre Branch)
   Senior Unsecured                     BB+                BBB-

  Axis Bank Ltd. (GIFT City Branch)
   Senior Unsecured                     BB+                BBB-

  Axis Bank Ltd. (Hong Kong Branch)
   Senior Unsecured                     BB+                BBB-

  Indian Bank

  Ratings Affirmed; CreditWatch/Outlook Action
                                         To                 From
  Indian Bank
   Issuer Credit         BBB-/Watch Neg/A-3    BBB-/Negative/A-3

  Bank of India
  
  Ratings Affirmed

  Bank of India
   Issuer Credit Rating                   BB+/Stable/B
   Senior Unsecured                       BB+

  Bank of India (New Zealand) Ltd.
   Issuer Credit Rating                   BB+/Stable/B

  Bank of India (London Branch)
   Senior Unsecured                       BB+

  HDFC Bank Ltd.

  Ratings Affirmed

  HDFC Bank Ltd.
   Issuer Credit Rating                   BBB-/Stable/A-3    

  HDFC Bank Ltd.
   Senior Unsecured                       BBB-

  ICICI Bank Ltd.   

  Ratings Affirmed

  ICICI Bank Ltd.
   Issuer Credit Rating
    Foreign Currency                      BBB-/Negative/A-3  

  ICICI Bank Ltd. (Dubai Branch)
   Senior Unsecured                       BBB-

  ICICI Bank Ltd. (Hong Kong Branch)
   Senior Unsecured                       BBB-

  ICICI Bank Ltd. (New York Branch)
   Senior Unsecured                       BBB-

  ICICI Bank Ltd. (Singapore Branch)
   Senior Unsecured                       BBB-

  IDBI Bank Ltd.

  Ratings Affirmed

  IDBI Bank Ltd.
   Issuer Credit Rating
    Foreign Currency                      BB/Negative/B      

  IDBI Bank Ltd. (Dubai International Financial Centre Branch)
   Senior Unsecured                       BB

  Kotak Mahindra Bank

  Ratings Affirmed

  Kotak Mahindra Bank
   Issuer Credit Rating                   BBB-/Stable/A-3    

  State Bank of India

  Ratings Affirmed

  State Bank of India
   Issuer Credit Rating                   BBB-/Stable/A-3    

  State Bank of India
   Senior Unsecured                       BBB-

  State Bank Of India (Dubai Branch)
   Junior Subordinated                    BB-

  State Bank of India (London Branch)
   Senior Unsecured                       BBB-

  State Bank of India (Tokyo Branch)
   Senior Unsecured                       BBB-

  Union Bank of India

  Ratings Affirmed

  Union Bank of India
   Issuer Credit Rating                   BB+/Stable/B       


S&P said, "We affirmed our ratings on the government-owned banks
because we continue to see a very high likelihood of government
support for these banks. This reflects our view that these banks
have a very strong link with, and play a very important role for,
the government. We expect the government to provide capital
support, even though it has not specifically allocated capital in
the budget for fiscal 2021 (year ending March 31, 2021).

"Among the private sector banks, we affirmed our ratings on HDFC
Bank Ltd. and Kotak Mahindra Bank because we believe these banks
have stronger asset quality and would be able to withstand the
weakness in operating conditions. We affirmed our ratings on ICICI
Bank Ltd. because we expect a likely improvement in the bank's
capitalization will offset the impact of deteriorating operating
conditions.

"In our view, economic conditions have turned adverse for Indian
banks due to COVID-19. Drastic efforts to curtail the spread of the
coronavirus have resulted in a sharp economic contraction. The
government's stimulus package, with a headline amount of 10% of
GDP, has about 1.2% of direct stimulus measures, which is low
relative to countries with similar economic impacts from the
pandemic. The remaining 8.8% of the package includes liquidity
support measures and credit guarantees that will not directly
support growth. We now forecast a 5.0% contraction in the economy
in fiscal 2021.

"We expect the tough operating conditions to lead to a rise in
nonperforming loans (NPLs), credit costs, and delays in recoveries
for the banking system. In our base case, we expect the weak assets
of Indian banks to shoot up to 13%-14% of gross loans by March 31,
2021. Our forecast is higher than the peak of 11.6% witnessed in
fiscal 2018, and about 8.5% estimated as on March 31, 2020. Credit
costs will likely rise to about 3.7% of gross loans, from 2.9%
estimated for March 31, 2020.

"Moreover, we anticipate the resolution of weak assets will be
delayed until at least fiscal 2022. Consequently, banks will likely
be saddled with a large stock of weak loans in fiscal 2022 too. We
have assumed only an about 100 basis points (bps) improvement in
NPLs. Steps taken by the government and the central bank should
provide some respite by delaying recognition of some of the weaker
loans, in our view."

AXIS BANK LTD.
(Primary credit analyst: Michael Puli)

S&P said, "We lowered our ratings on Axis to reflect our
expectation that heightened economic risks facing India's banking
system will affect the bank's asset quality and financial
performance. While Axis' asset quality is superior to the Indian
banking sector average, its level of nonperforming assets (NPAs)
will likely remain high compared to international peers'.
Nevertheless, we expect the bank to maintain its strong market
position and adequate capitalization.

"The stable outlook reflects our view that our ratings on Axis
already factor in some deterioration in the bank's asset quality
and performance over the next 12 months.

"We could lower the ratings on Axis if the bank's stressed assets
rise significantly beyond the system average over the next few
quarters.

"We could raise our ratings on Axis if the bank's performance,
particularly its asset quality, is significantly superior to that
of domestic peers and commensurate with international peers' over
the next 18 months."

INDIAN BANK
(Primary credit analyst: Nikita Anand)

S&P said, "The CreditWatch placement reflects our view of a
one-in-two chance of a downgrade of Indian Bank over the next three
to six months. We believe deteriorating operating conditions could
lead to a higher rate of NPL formation and increase in credit costs
for the bank over the next few quarters. Moreover, we believe the
merger with Allahabad Bank will be an overhang on Indian Bank's
credit profile because of the former's sizable stock of stressed
assets and weak capital levels. Indian Bank will continue to
benefit from a very high likelihood of government support.

"We aim to resolve the CreditWatch over the next three to six
months as we get greater clarity on the actual impact of the merger
on Indian Bank's credit profile.

"We will lower the rating by a notch if Indian Bank's: (a)
risk-adjusted capital (RAC) ratio falls below 5% on a sustained
basis; or (b) NPL ratio or credit costs rise sharply and we believe
they are likely to remain at that level or increase further.

"We would affirm the ratings if we believe Indian Bank's credit
profile will largely remain unchanged after the merger."

BANK OF INDIA (BOI)
(Primary credit analyst: Primary: Amit Pandey)

S&P said, "We affirmed the ratings on BOI to reflect a very high
likelihood that the government of India will continue to provide
timely and sufficient extraordinary support to the bank. BOI has a
good deposit franchise and liquidity, with a sizable branch
network. The bank's moderate capitalization and weak asset quality
temper these strengths.

"The stable outlook on BOI reflects our expectation that the
likelihood of government support for the bank will remain very high
over the next 12-18 months. The ratings and outlook on BOI's
subsidiary Bank of India (New Zealand) Ltd. will move in tandem
with those on BOI.

"We may lower the ratings on BOI if our assessment of the bank's
SACP weakens by two notches to 'b+'. We could lower the SACP if the
bank's capitalization weakens such that the RAC ratio falls below
5% on a sustainable basis, possibly due to continually weak
internal capital generation. We could also revise downward our
assessment of BOI's SACP due to delays in resolution of the bank's
bad loans, weakness in the group's finance companies, or an
economic slowdown in India that leads to sharp deterioration in
BOI's asset quality. We also expect a weaker SACP assessment if the
bank is unable to sustain the qualitative and quantitative
improvements in its funding profile.

"We may upgrade BOI if the bank's asset quality and operating
conditions improve significantly, a scenario that we view as
unlikely over the next 12 months."

HDFC BANK LTD.
(Primary credit analyst: Nikita Anand)

S&P said, "We affirmed the ratings on HDFC Bank to reflect the
bank's strong business franchise, low credit costs, and better
funding and liquidity profile than industry peers'. HDFC Bank's
capitalization is comfortable, in our view, supported by strong
earnings and regular capital raising to fund above-average growth.
The bank's asset quality remains among the best in the Indian
banking industry due to its better risk management and portfolio
diversity. We have therefore revised our assessment of HDFC Bank's
risk position to strong from adequate. Overall, we believe the
bank's individual creditworthiness is significantly stronger than
the average of the Indian banking sector. We assess HDFC Bank's
stand-alone credit profile (SACP) as 'bbb+'.

"The stable outlook on HDFC Bank reflects our view that the bank
will maintain its strong market position, low credit costs, and
favorable funding and liquidity metrics over the next 24 months.

"The ratings on HDFC Bank are capped by our sovereign credit
ratings on India (BBB-/Stable/A-3). The ratings on the bank will
therefore move in tandem with that on the sovereign. S&P Global
Ratings does not rate Indian banks above the sovereign because of
the direct and indirect influence that a sovereign has on banks
operating in the country.

"We could lower the ratings on HDFC Bank if we downgrade India. We
will lower our assessment of the bank's SACP if the challenging
operating conditions in India lead to a sharp rise in the bank's
NPLs and credit costs. We could also lower the SACP if we lower our
assessment of economic or industry risks in the Indian banking
sector, leading to a downward revision in our starting point for
rating banks in India. Outside of a change to the sovereign rating,
the bank's SACP would have to drop by three notches to result in a
downgrade, which is unlikely over the next two years, in our view.

"We would raise our ratings on HDFC Bank if we upgrade the
sovereign."

ICICI BANK LTD.
(Primary credit analyst: Michael Puli)

S&P said, "We affirmed our ratings on ICICI to reflect our
expectation that the bank will structurally improve its capital
position and balance sheet over the next 12-18 months. The bank has
recently divested its stake in some of its insurance subsidiaries.
Other capital accretion strategies may include internal capital
generation, external capital raising, and sale of stakes in
subsidiaries.

"As a result, while operating conditions have worsened, we believe
the likely improvement in the bank's capitalization will offset the
impact. We now assess ICICI's capital as strong. Our base case is
that the bank will maintain its strong market position,
better-than-system asset quality, and good funding and liquidity
over the next 12-18 month. That said, the bank's NPAs will likely
remain high compared to that of international peers.

"The negative outlook reflects our view that the structural
improvement in ICICI's capitalization is ongoing and that the
bank's asset quality and earnings could dip over the next 18
months. We see a one-in-three risk that the bank's capitalization,
earnings, and asset quality will deteriorate more than we expect
over this period.

"We could lower the ratings on ICICI if the bank does not maintain
a RAC ratio above 10% on a sustained basis. This could happen if
credit costs rise sharper than our expectation or if the bank's
capital strengthening is less than we expect.

"We could revise the outlook on ICICI to stable if we have greater
certainty that the bank will raise and structurally maintain higher
capitalization."

IDBI BANK LTD.
(Primary credit analyst: Nikita Anand)

S&P said, "We affirmed our ratings on IDBI Bank based on our view
of a very high likelihood that the government of India will
continue to provide timely and sufficient extraordinary support to
the bank.

"The negative outlook on IDBI Bank reflects the uncertainty over
the sustainability of the bank's capital owing to challenging
operating conditions. This uncertainty will increase residual
stress on the balance sheet and delay resolution of large accounts,
resulting in continued weak earnings.

"We will lower our ratings on IDBI Bank by two notches if the
bank's capitalization erodes, possibly due to weak earnings and an
inability to raise capital. These factors could bring IDBI Bank
close to breaching the regulatory minimum requirements for the
third time in the past two years.

"We could also downgrade IDBI Bank if we believe government support
for the bank has weakened. That could happen as government
shareholding in the bank declines following a government proposal
to sell its stake in the bank and in Life Insurance Corp. of India
(which holds a 51% stake in IDBI Bank). However, we believe a stake
sale will be tough over the next 12 months, given the sharp
correction in equity markets.

"We could revise the outlook on IDBI Bank to stable if the bank's
operating performance improves. This could be due to: (a) removal
of the bank from "prompt corrective action" and lifting of
associated restrictions on growth and expansion; (b) higher
recoveries from legacy NPLs and lower credit costs, leading to the
bank reporting profits on a sustained basis; and (c) capital
raising through sale of non-core assets.

"For revising the outlook to stable, we would look for signs that
IDBI Bank's capital will not again be at risk of breaching minimum
capital requirements. This will most likely occur if the bank's
capital reverts to a prudent buffer above minimum regulatory
guidelines, and we are confident that this buffer can be
sustained."

KOTAK MAHINDRA BANK
(Primary credit analyst: Amit Pandey)

S&P said, "We affirmed the ratings on Kotak Mahindra Bank because
we expect the bank's strengthening funding base to offset the
impact of a deterioration in operating conditions on its credit
profile. In our view, Kotak Mahindra Bank has a robust
capitalization, strong management, and better asset quality than
peers'. We believe the bank's funding profile is sustainably
improving on the back of an increasing distribution network and
deposit franchise, and a greater share of granular and low-cost
domestic deposits. As such, we have revised our assessment of Kotak
Mahindra Bank's funding to average from below average."

The stable outlook on Kotak Mahindra Bank reflects the view that
the bank will be able to withstand our current expectation of a
deterioration in operating conditions over the next 12-24 months.
This is due to the bank's above-industry-average risk management,
and earnings and capitalization buffers.

S&P said, "We would lower the ratings if Kotak Mahindra Bank's RAC
ratio declines below 10% on a sustained basis. We could also
downgrade the bank if its asset quality deteriorates sharply,
possibly due to a prolonged and deeper economic slowdown in
India."

An upgrade of Kotak Mahindra Bank is unlikely in the next one to
two years because that would require an improvement in the bank's
operating conditions as well as a raising of the sovereign credit
rating on India.

STATE BANK OF INDIA (SBI)
(Primary credit analyst: Michael Puli)

S&P said, "We affirmed the ratings on SBI to reflect our
expectation of a very high likelihood of government support for the
bank.

"In our view, SBI's performance is better than the domestic system
average, but at the weaker end when compared with international
peers with similar system risks. High customer confidence is likely
to keep the bank's funding and liquidity strong.

"The stable outlook over the next 18 months reflects our
expectation that SBI will remain the undisputed market leader in
India's banking sector and receive capital from the government, if
needed. We believe SBI will be hit by the current economic
headwinds, and have factored the impact in our capital forecasts.
We would downgrade SBI if we lower our sovereign credit rating on
India. Government support would offset a deterioration in the
bank's stand-alone creditworthiness. We could lower our assessment
of SBI's SACP if we expect the bank's capitalization to reduce over
the next 18 months such that the RAC ratio drops below 5% on a
sustained basis. This may arise from higher credit costs, faster
loan growth, or lower capital generation than we anticipate.

"We are unlikely to raise the ratings on SBI over the next 18
months. Ratings uplift would require the creditworthiness of both
SBI and the India sovereign to improve. This is because of the
likely impact the sovereign in distress would have on the bank's
operations, including its ability to service foreign currency
obligations."

UNION BANK OF INDIA
(Primary credit analyst: Nikita Anand)

S&P said, "We affirmed the ratings on Union Bank to reflect our
expectation of a very high likelihood of government support for the
bank. Union Bank's weak asset quality, capitalization, and earnings
constrain the rating.

"The stable outlook on Union Bank reflects our view that the bank's
financial profile following its merger with Andhra Bank and
Corporation Bank will be similar to the current level. We believe
the benefits from the increase in the bank's size and franchise
will be balanced by its weak profitability and drag on earnings
from provisioning costs over the next 12 months."

Given the government's support, Union Bank's SACP would need to
weaken by two notches for a downgrade of the issuer credit rating.
S&P would lower the SACP if: (a) the bank's RAC ratio falls below
5% on a sustained basis; (b) its asset quality deteriorates
significantly; or (c) Union Bank's funding profile weakens relative
to peers'.

In S&P's view, the merged bank's ability to mobilize low-cost
deposits will be key to maintaining its funding profile, which
could weaken following the merger of Union Bank with banks that
have a lower current and savings account deposit ratio.

S&P does not see any upside to the ratings on Union Bank over the
next 12-18 months.


  BICRA SCORE SNAPSHOT
                                To             From
  BICRA                         6              5
  Economic Risk*                7              6
  Economic Risk Trend           Stable         Negative
  Economic Resilience**         4              4
  Economic Imbalances**         4              2
  Credit Risk In The Economy**  5              5

  Industry Risk*                5              5
  Industry Risk Trend           Stable         Stable
  Institutional Framework**     4              4
  Competitive Dynamics**        4              4
  Systemwide Funding**          2              2

*On a scale of 1 (lowest risk) to 10 (highest risk).
**On a scale of 1 (lowest risk) to 6 (highest risk).


BALAJI CONSTRUCTION: CRISIL Cuts Rating on INR4cr Loan to B+
------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Balaji
Construction Company - Jodhpur (BCC) to 'CRISIL B+/Stable/CRISIL A4
Issuer Not Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer
Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         11        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit             4        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with BCC for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 BCC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BCC 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 BCC revised to 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB/Stable/CRISIL A4+ Issuer Not
Cooperating'.

Incorporated as a partnership company, BCC is promoted by the
Choudhary Family. The company is engaged into civil construction.
The company is into construction of water segment.

BELIJ HYDRO: CRISIL Lowers Rating on INR20.35cr Loan to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Belij Hydro
Power Private Limited (BHPPL) to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Long Term Loan       20.35       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with BHPPL for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 BHPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BHPPL 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 BHPPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

BHPPL runs a run-of-the river 5 MW hydro power plant, on Belij
River, a tributary of Ravi River in Himachal Pradesh. The
day-to-day operations of the company are managed by its promoter
director Mr. Tanmay Das.

BEVA SILICONES: CRISIL Lowers Rating on INR7cr Loans to B+
----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Beva Silicones
Private Limited (BSPL) to 'CRISIL B+/Stable Issuer Not Cooperating'
from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             6.5        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Working Capital       0.5        CRISIL B+/Stable (ISSUER NOT
   Facility                         COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with BSPL for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 BSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BSPL 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 BSPL Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

Incorporated in December 2008, BSPL manufactures silicone-based
softeners, which find application in textile finishing, leather
processing, and personal care. The company is based out of Chennai
and is promoted by Mr Arun Vivekanandan Ariyarathenam and his
brother Mr Ineeyan Vivekanandan Ariyaratnam.

BHARAT MOTOR: CRISIL Keeps B+ INR10cr Debt Rating in Not Coop.
--------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Bharat
Motor Parcel Service (BMPS) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Loan Against          10         CRISIL B+/Stable (ISSUER NOT
   Property                         COOPERATING)

CRISIL has been consistently following up with BMPS for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 BMPS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on BMPS 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 BMPS continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

BMPS, setup in 1960 in Vijaywada, by Mr. T Sesharao and his
brothers, Mr. T Vara Prasad, Mr. T. Sathyanarayana and Mr. T
Ramakrishna, is engaged in the business of road transportation and
has a fleet of 120 trucks. It primarily deals in transportations of
food items, apart from pharmaceutical products, paints and
batteries.

CHIRANJILAL RAYONS: CRISIL Cuts Rating on INR4cr Loan to B+
-----------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Chiranjilal
Rayons Private Limited (CRPL) to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        .22        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Cash Credit          4.00        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Long Term   0.56        CRISIL B+/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Rupee Term Loan       3.92       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with CRPL for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 CRPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on CRPL 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 CRPL revised to 'CRISIL B+/Stable/CRISIL A4 Issuer
Not Cooperating' from 'CRISIL BB-/Stable/CRISIL A4+ Issuer Not
Cooperating'.

Incorporated in 1994, CRPL sells polyester, viscose, and cotton
yarn. Prior to 1994, the company operated as proprietorship firm,
Chiranjilal Rajkumar. CRPL sells its yarn under the brand name of
Jorahathi. Operations are managed by Mr Vinay Parasrampuria.

CREATIVE LIMITED: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Creative
Limited (Creative) continues to remain in the 'Issuer Not
Cooperating' category.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Funded Interest
   Term Loan           2        CRISIL D (ISSUER NOT COOPERATING)
   
   Packing Credit      1        CRISIL D (ISSUER NOT COOPERATING)

   Working Capital
   Term Loan          12.6      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with Creative for
obtaining information through letters and emails dated November 30,
2019 and May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 Creative, which restricts
CRISIL's ability to take a forward looking view on the entity's
credit quality. CRISIL believes information available on Creative
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 Creative continues to be 'CRISIL D Issuer Not
Cooperating'.

Creative was established as a partnership firm by Mr. P K Bothra
and Mr. T K Duggar in Kolkata in 1974. The firm was reconstituted
as a limited company in 1993. The company manufactures leather
wallets, bags, and accessories, and exports these to the United
Kingdom, the Netherlands, and Switzerland. Creative's overseas
subsidiary, CUL, has been inactive since 2012.

G SONS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of G Sons
Retail Private Limited (GSORPL) continues to remain in the 'Issuer
Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.75       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Cash         4.25       CRISIL B+/Stable (ISSUER NOT
   Credit Limit                     COOPERATING)

CRISIL has been consistently following up with GSORPL for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 GSORPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GSORPL 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 GSORPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

G Sons Private Limited is engaged in in organised retail business
through its store. It was set up as partnership in 2015 in Koannur,
Kerala. The company presently operates segments textile, garment
and home furnishing.

GAURAV RICE: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Gaurav
Rice & Food Processing Private Limited (GRFPPL) continues to remain
in the 'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan       14.71       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with GRFPPL for obtaining
information through letters and emails dated December 31, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 GRFPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GRFPPL 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 GRFPPL continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

Incorporated in 2012, Gaurav Rice & Food Processing Private Limited
(GRFPPL), mills non-basmati rice at its Patna-based rice mill
having a capacity of 150 TPD. The operations began in September
2015 and the daily operations are looked after by its promoters cum
directors Mr Sunil Kumar, Ms Renu Devi and Mr Gaurav Gupta.

GAYATRI ROLLING: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Gayatri
Rolling Mills Private Limited (GRMPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7          CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             1.59       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with GRMPL for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 GRMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GRMPL 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 GRMPL continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

GRMPL was established as a partnership firm and was reconstituted
as a private limited company in 2005. It is promoted by Raipur,
Chhattisgarh-based Mr Umesh Agarwal and his family. The company
manufactures steel ingots and thermo-mechanically treated (TMT)
bars, and is ISO 9001:2008 certified. Most of the ingot output is
used for captive consumption, and the rest is sold in the open
market.

GOURAV POULTRIES: CRISIL Keeps C Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Gourav
Poultries India Private Limited (GPPL; part of the Rathi group)
continues to remain in the 'Issuer Not Cooperating' category.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit         3        CRISIL C (ISSUER NOT COOPERATING)

   Proposed Long       1.33     CRISIL C (ISSUER NOT COOPERATING)
   Term Bank Loan
   Facility            

   Term Loan          12.12     CRISIL C (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with GPPL for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component'.

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 GPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GPPL 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 GPPL continues to be 'CRISIL C Issuer Not
Cooperating'.

For arriving at its rating, CRISIL has combined the business and
financial risk profiles of GPPL, Rathi Feeds India Pvt. Ltd. (RFPL)
and RHPL. This is because the companies, collectively referred to
as the Rathi group are in the same line of business, extend
financial support to each other, and have a common management.

                          About the Group

RHPL and GPPL are engaged in poultry breeding, hatching and
broiling, and RFPL in feed processing.

RHPL was set up in 2003 by the Haryana-based Mr. Krishan Rathi and
his family members as a hatchery-cum-broiler unit. It has day-old
chick breeder farms with capacity of 220,000 parent birds in Jind
Haryana).

GPPL, set up in 2012, also owns a hatchery-cum-broiler unit. It has
day-old chick breeder farms with capacity of 150,000 parent birds
in Jind.

RFPL was set up in 2008 and is a feed processing unit and meets the
group's feed requirements. The group internally consumes around 60
per cent of feed processed by RFPL and sells the balance in the
open market. Its feed processing capacity is 200 tonne per day.

GOVINDARAJA MUDALIAR: CRISIL Cuts Rating on INR50cr Loan to B+
--------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Govindaraja
Mudaliar Sons Private Limited (GMS) to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Channel Financing      40        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with GMS for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 GMS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GMS 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 GMS Revised to 'CRISIL B+/Stable Issuer Not
Cooperating' from 'CRISIL BB/Stable Issuer Not Cooperating'.

GMS is an authorised distributor for TSL's steel products in Tamil
Nadu and Pondicherry. The company is based in Chennai. The service
unit is in Gummidipoondi, Tamil Nadu.

GOYAL EDUCATIONAL: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Goyal
Educational and Welfare Society (GEWS) continues to remain in the
'Issuer Not Cooperating' category.

                    Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Long Term Loan      4.5      CRISIL D (ISSUER NOT COOPERATING)

   Overdraft           1.0      CRISIL D (ISSUER NOT COOPERATING)
   Proposed Long
   Term Bank Loan
   Facility            2.0      CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with GEWS for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 GEWS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on GEWS 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 GEWS continues to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

GEWS was set up in 2008 by Rawal and Goyal families based in
Faridabad (Haryana) to impart education in engineering and
management streams. The society set up Rawal Institute of
Engineering and Technology and Rawal Institute of Management in
2010 in Faridabad. In 2012, it also started Rawal Institute of
Education. Courses are approved by the All India Council for
Technical Education, while the institutes are affiliated to
Maharshi Dayanand University, Rohtak (Haryana). There society has
eight members, with Mr Mahendra Goyal as president.

HITRO ENERGY: CRISIL Keeps B- Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Hitro
Energy Solutions (HES) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           1.5        CRISIL B-/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    0.5        CRISIL B-/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

   Working Capital       6.0        CRISIL B-/Stable (ISSUER NOT
   Term Loan                        COOPERATING)

CRISIL has been consistently following up with HES for obtaining
information through letters and emails dated November 30, 2019 and
May 11, 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 with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

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 HES, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on HES 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 HES continues to be 'CRISIL B-/Stable Issuer Not
Cooperating'.

HES is a proprietary concern incorporated on January 28, 2014. The
firm is based in Chennai and is engaged in providing complete
indoor and outdoor lighting solutions for professional
applications. HES is the energy partner for Thorn lighting, and
provides services to commercial, retail, healthcare, hospitality,
and industrial segments. The firm's daily operations are managed by
Mr. Rangachari.

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

The instrument-wise rating actions are:

-- INR103.857 mil. Long-term loan due on September 2024 migrated
     to non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating;

-- INR53 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR17 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 3, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Ivanta Ceramics manufactures ceramic wall tiles. It has an
installed capacity of about 12,000 square meters per day.


MAYFAIR LEISURES: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Mayfair Leisures Limited

        Registered office:
        5/12, "Essen House"
        B.I.D.C. Gorwa
        Vadodara 390016
        Gujarat

Insolvency Commencement Date: June 11, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: December 8, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Chandra Prakash Jain

Interim Resolution
Professional:            Mr. Chandra Prakash 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 27, 2020


NATIONAL PLASTIC: Ind-Ra Gives BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned National Plastic
Industries Limited (NPIL) a Long-Term Issuer Rating of 'IND BB+'.
The Outlook is Stable.

The instrument-wise rating actions are:

-- INR36.3 mil. Term loan due on June 2023 assigned with IND BB+
     / stable rating;

-- INR272.5 mil. Fund-based facilities assigned with IND BB+ /
     stable / IND A4+ rating; and

-- INR20 mil. Non-fund-based facilities assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflects NPIL's modest EBITDA margin due to the intense
competition in the industry. The margins fluctuated in the range of
7.26% to 10.27% during FY16-FY19 on account of the company's entry
into new segments such as coolers and spool. The margin fell to
7.26% in FY19 (FY18: 8.27%) owing to an increase in raw material
costs, higher labor charges and a rise in electricity, power and
fuel expenses. The return on capital employed was 7.6% in FY19
(FY18: 9.2%). The margin fell to 6.8% in 9MFY20 (9MFY19: 8.3%) on
account of an increase in the operating expenses as well as
competition. Consequently, Ind-Ra expects the margins to have
fallen on a yoy basis in FY20. The margins might fall further on a
yoy basis in FY21, considering the likely increase in competition
from both organized and unorganized players, the impact of the
COVID-19 outbreak on exports and an increase in the operating
expenses post the pandemic-led lockdown.

Liquidity Indicator – Stretched: NPIL's net cash conversion cycle
elongated to 161 days in FY19 (FY18: 152 days, FY17: 148 days,
FY16: 144 days) on account of an increase in the debtor days and
inventory days, resulting from the acquisition of new customers and
the foray into new segments. The free cash flow deteriorated
further to a negative INR32 million in FY19 (FY18: negative INR24
million, FY17: negative INR44 million) on account of an increase in
the capital expenditure. The average utilization of the fund-based
and non-fund-based facilities was around 88.6% and 22.0%,
respectively, in the 12 months ended March 2020. However, the cash
flow from operations remained positive during FY16-FY19 and
increased to INR29 million in FY19 (FY18: INR21 million, FY17:
INR41 million, FY16: INR62 million) because of higher absolute
EBITDA. Ind- Ra expects the cash flow from operations to have
remained positive in FY20. The cash and cash equivalent remained
low at INR7 million in FY19 (FY18: INR5 million, FY17: INR6
million). In 6MFY20, the cash and cash equivalent stood at INR18.76
million. NPIL has availed the Reserve Bank of India-prescribed debt
moratorium from Corporation Bank for the term loan and fund-based
facility during March-August 2020. It has not availed moratorium
from Yes Bank.

The ratings are also constrained by the fact that NPIL does not
have any agreements with its existing customers. Moreover, the
company faces supplier concentration risk, with its top three
suppliers accounting for around 77% of its purchases in FY19 - 57%
from Reliance Industries Limited ('IND AAA'/Stable), 13% from
Haldia Petrochemicals Limited ('IND AA'/RWN) and 7% from Indian Oil
Corporation Limited ('IND AAA'/Stable). This has resulted in low
bargaining power for NPIL.

The ratings factor in NPIL's medium scale of operations with
revenue of INR1,111 million in FY19 (FY18: INR1,022 million, FY17:
INR931 million). The revenue grew in FY19 owing to an increase in
the sales volumes to 8,911 metric tons per annum (MTPA) (FY18:
7,782MTPA). The revenue rose to INR859.27 million in 9MFY20
(9MFY19: INR777.07 million) on account of higher revenue generation
from new segments such as coolers and spools, which cater to Bajaj
Electricals Limited and Sterlite Technologies Limited. Therefore,
Ind-Ra expects the revenue to have increased on a yoy basis in
FY20. As of February 1, 2020, the orders in hand amounted to around
INR222 million, which the management expects to execute till
September 2020. Also, NPIL receives orders of around INR15 million
every month from reputed customers and the company has 140
distributors all over India. In FY21, the revenue growth is likely
to be impacted for a couple of quarters due to the COVID-19-led
lockdown.

The ratings also factor in NPIL's moderate credit metrics. The
interest coverage (operating EBITDA/gross interest expense) was
stable at 2.5x in FY19 (FY18: 2.5x, FY17: 2.7x), while the net
leverage (total adjusted net debt/operating EBITDAR) deteriorated
to 5.4x (4.8x, 5.2x). This is attributed to an increase in the
interest-free unsecured loans to INR141 million in FY19 (FY18:
INR104 million). Excluding the unsecured loans from directors and
relatives, the net leverage was 3.7x in FY19 (FY18: 3.6x, FY17:
3.7x). Out of the total unsecured debt, the subordinated debt is
INR104.4 million. Every year, NPIL incurs an expenditure of around
INR20 million for the purchase of moulds of different sizes.

Ind-Ra expects the credit metrics to have improved marginally in
FY20 on account of the scheduled repayment of term loans and the
absence of any major debt-led capex. However, the metrics are
likely to deteriorate  in FY21 due to the likely decrease in the
absolute EBITDA and an increase in the interest expenses due to a
rise in the total debt, as NPIL plans to purchase machineries worth
around INR30 million in FY21. The capex will be 100% financed
through a term loan from Corporation Bank; the loan was sanctioned
in April 2019 but has not yet been disbursed.

The ratings are supported by promoter's experience of more than
three decades in the manufacturing of injection moulded plastic
products such as  chairs, tables etc., which enabled the company to
establish longstanding relationships with its customers and
suppliers.

RATING SENSITIVITIES

Negative: Significant deterioration in the revenue or EBITDA
margins, leading to deterioration in the credit metrics, would be
negative for the ratings.

Positive: An improvement in the revenue and EBITDA margins,
resulting in an improvement in the credit metrics, with the
interest coverage exceeding 3.2x, along with an improvement in
overall liquidity, all on a sustained basis, would be positive for
the ratings.

COMPANY PROFILE

NPIL, which was incorporated in 1987, manufactures injection
moulded plastic products such as chairs, tables, coolers etc. Its
head office (on rent) is located in Mumbai. The company has a
branch (on rent) in Hyderabad. It has three factories (all owned),
one each in Silvassa, Nellore and Patna. The three factories have a
combined installed capacity of 17,450MTPA. The company is listed on
the Bombay Stock Exchange.


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

The instrument-wise rating action is:

-- INR428 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 16, 2019. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1995, Rashmi Motors' is an authorized dealer of
Ashok Leyland. It is managed by Rajat Kumar Baliarsinha and his
wife Babita Baliarsinha.


SAKTHI GANESH: Ind-Ra Cuts LT Issuer Rating to BB, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Sakthi Ganesh
Textiles Private Limited's (SGTPL) Long-Term Issuer Rating to 'IND
BB' from 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limit Long-term rating
     downgraded/short-term rating affirmed with IND BB/Stable/IND
     A4+ rating;

-- INR90 mil. Non-fund-based working capital limit affirmed
     with IND A4+ rating; and

-- INR70 mil. (reduced from INR92 mil.) Term loan due on October
     2023 downgraded with IND BB/Stable rating.

KEY RATING DRIVERS

Liquidity Indicator - Poor: The downgrade reflects SGTPL's
stretched liquidity, as evident from the several instances of
over-utilization of the fund-based working capital limits over the
12 months ended March 2020. Also, the average utilization of
working capital facilities was high at around 98% over the same
period. Moreover, the net cash conversion cycle elongated to 178
days in FY20 (provisional numbers) (FY19: 168 days), owing to an
increase in receivables period to 121 days (119 days) and increase
in inventory days to 100 days (90 days).

SGTPL's cash flow from operations declined to INR22 million in FY20
(FY19: INR26 million; FY18: INR19 million) due to an increase in
working capital requirements. At FYE20, the cash and cash
equivalents stood at INR9 million (FYE19: INR5 million; FYE18: INR2
million) against debt repayments of INR16.22 million for FY21,
which is likely to be paid out of the internal accruals. The
company has availed the Reserve Bank of India-prescribed moratorium
on all the term loan installments for March-August 2020 and on all
the interest obligations for June-August 2020. Ind-Ra expects the
liquidity position to remain stretched in FY21, with high
utilization of the working capital limits due to a stretched
receivables cycle, resulting from the impact of the COVID-19
outbreak and the associated lockdown.

The ratings reflect the continued small scale of operations, as
indicated by revenue of INR811 million in FY20 (FY19: INR805
million; FY18: INR845 million). The revenue remained almost stable
in FY19 and FY20, with only marginal fluctuations, in line with the
orders received and executed. Ind-Ra expects the COVID-19 outbreak
and associated lockdown to have minimal impact on the company's
revenue and margins in FY21, since its end-products are used
largely for manufacturing affordable fashion clothing that is sold
in the fast fashion segment.

The ratings reflect the modest EBITDA margins due to the intense
competition in the industry and fluctuating raw material prices.
The margin improved to 9.2% in FY20 (FY19: 8.9%; FY18:11.2%) due to
the softening of cotton prices and increased export demand. The
margin had declined in FY19 on account of a sustained increase in
cotton prices, higher electricity cost incurred with the production
of higher count yarn, and the increased requirement of outsourcing
the weaving orders. The RoCE was 9.2% in FY20 (FY19: 9.1%; FY18:
12.7%).

The ratings factor in SGTPL's moderate credit metrics due to the
modest EBITDA levels. The metrics improved in FY20 due to an
increase in the absolute EBITDA to INR74 million (FY19: INR72
million). The gross interest coverage (operating EBITDA/gross
interest expense) was 2.1x in FY20 (FY19: 1.6x; FY18: 1.8x) and the
net leverage (total adjusted net debt/operating EBITDA) was 3.8x
(4.2x; 3.3x). Ind-Ra expects the credit metrics to be at similar
levels in the medium term, in the absence of any debt-led capex
plans.

The ratings continue to factor in the promoters' experience of over
two decades in the cotton yarn dyed woven fabric manufacturing
business, leading to established relationships with customers and
suppliers. Furthermore, the company's operations are based in Tamil
Nadu, which is one of the biggest hubs in the country for textile
and garment manufacturers.

RATING SENSITIVITIES

Positive: An improvement in the overall liquidity profile along
with an increase in the revenue and the profitability, leading to
an improvement in the credit metrics, all on a sustained basis,
could be positive for the ratings.

Negative: Any substantial decline in the overall operational and
financial profile and/or further deterioration in the overall
liquidity could be negative for the ratings.

COMPANY PROFILE

Established in 1996, SGTPL manufactures and sells cotton yarn dyed
woven fabric. The company has its manufacturing units in Tirupur
and Erode, Tamil Nadu, with an installed yarn capacity of 12,000
spindles, weaving capacity of 47.04 lakh meters per annum, sizing
and warping capacity of 0.30 lakh meters per day. It also has a
captive windmill of 250 kW.


STERLING AND WILSON: Promoters Seek More Time to Repay Loan
-----------------------------------------------------------
The Hindu BusinessLine reports that Shapoorji Pallonji and Khurshed
Daruvala, the promoters of Sterling and Wilson Solar Ltd (SWSL),
have informed the company board that there could be a delay in the
payment of INR500 crore of inter-corporate loan by a few weeks.

According to BusinessLine, the money was supposed to be paid by
June 30 but the promoters said that Covid-related lockdown has
impacted their fund-raising plan. Earlier, the board of Sterling
and Wilson Solar Ltd had given its nod to promoters for coming up
with a revised schedule to repay an outstanding loan amount of
INR2,563 crore. This loan amount includes principal amount of
INR2,335 crore and interest of INR228 crore, which the promoters
owe to SWPL and its subsidiary, Sterling and Wilson International
FZE. Since then the promoters have paid INR1,500 crore to the
company. This amount includes INR500 crore paid on March 31.

BusinessLine relates that the next tranche of payment is due on
June 30. "As you are aware, Covid-19, which has been recognised as
a global pandemic, has created a significant disruption to economic
activity in India and globally. This has also created execution
delays to our fund-raising plan that was envisaged in December
2019. In these extraordinary and unprecedented circumstances, while
we continue to strive towards achieving the originally agreed upon
milestone of June 2020, we apprehend that the next instalment of
INR500 crore envisaged to have been paid by June 30 might spill
beyond by a few weeks," the promoters said in a letter to the
board, BusinessLine relays.

"We reiterate our commitment to facilitate the complete payment
within the outer deadline of September 30, underlining our intent
to honour the commitment even during these difficult times," the
promoters, as cited by BusinessLine, added.

According to BusinessLine, the promoters said while there is still
a possibility of being able to fund INR500 crore by June 30, in the
event of a delay, they will request the board of directors for a
meeting so that they could apprise the members about the specific
actions that are underway at their end and to assure them about the
means by which their commitments are proposed to be met.

On June 25, BSR & Co, the auditors for Sterling and Wilson Solar
said the company has received queries from SEBI, Registrar of
Companies, Mumbai (RoC) and certain shareholders regarding matters
connected with delay in repayment of inter-corporate deposits by
the promoters, BusinessLine says.

[*] INDIA: IBC Suspension May Lead to Riskier Behavior Among Firms
------------------------------------------------------------------
The Hindu BusinessLine reports that even as the Centre has
temporarily suspended the Insolvency and Bankruptcy Code (IBC) due
to the current economic crisis following the Covid-19 pandemic,
academicians have highlighted the threat of a possible surge in
riskier behavior of firms under extended immunity from the IBC.

Earlier this month, the Centre had issued an ordinance to suspend
initiation of fresh insolvency proceedings against defaults arising
on or after March 25 for a period of one year, BusinessLine says.
The decision came after the Finance Ministry expressed its intent
to provide economic relief amid the Covid-induced economic crisis.

BusinessLine relates that a new study by Prof. Balagopal
Gopalakrishnan from IIM-Kozhikode and Professor Sanket Mohapatra
from IIM-Ahmedabad reveals that although the IBC is suspended
currently, "the insolvency reforms in India will have important
implications for the corporate sector in a post-Covid scenario.
While the suspension of IBC may be warranted in the current
economic climate, a possible downside of suspending it for an
extended period is that it could encourage riskier behaviour among
firms."

Notably, India had improved its world ranking in insolvency and
bankruptcy after implementation of the IBC in 2016. India's
position in the World Bank's ‘Resolving Insolvency' ranking has
increased sharply in recent years, from 132 in 2016, the year in
which IBC was introduced, to 52 in 2020, BusinessLine discloses.

Based on the data analysis of about 1,300 firms from 60 countries,
the study revealed that countries that have stronger insolvency
regimes are able to moderate the adverse effects of policy
uncertainty and an economic crisis, BusinessLine relays.

"In a stronger insolvency framework, where the promoters have a
greater risk of losing control of the firm, the study finds that
corporate managers are likely to be more conservative in their
investment and financing decisions and, consequently, can reduce
the risk of a debt default," it said.

According to BusinessLine, one of the arguments often advanced for
implementing a stronger insolvency and bankruptcy framework is that
it enhances credit discipline among firms. Using a large
cross-country firm-level data set, the study empirically tests and
confirms that a stronger insolvency regime moderates the adverse
effects of economic shocks on firms' default risk. The effects are
more pronounced for firms in the top half of the size
distribution.

The study also explored channels through which improved creditor
rights influence firms' default risk, including dependence on
external finance, corporate leverage, and managerial ethics, adds
BusinessLine.

[*] S&P Lowers Ratings on Four Indian Nonbank Finance Companies
---------------------------------------------------------------
S&P Global Ratings said it has taken the following rating actions
on Indian nonbank finance companies (NBFCs):

  RATINGS LIST

  Shriram Transport Finance Co. Ltd.

  Downgraded; CreditWatch/Outlook Action
                                          To            From
  Shriram Transport Finance Co. Ltd.
   Issuer Credit Rating       B-/Watch Neg/B        BB/Negative/B
   Senior Secured              BB-/Watch Neg             BB

  Bajaj Finance Ltd.
  Downgraded; Outlook Action
                                          To            From
  Bajaj Finance Ltd.
   Issuer Credit Rating         BB+/Stable/B     BBB-/Negative/A-3

  Manappuram Finance Ltd.

  Downgraded
                                          To            From
  Manappuram Finance Ltd.
   Issuer Credit Rating          B+/Stable/B        BB-/Negative/B
   Senior Secured                         B+            BB-

  Power Finance Corp. Ltd.

  Downgraded
                                          To            From

  Power Finance Corp. Ltd.
   Issuer Credit Rating         BB+/Stable/--    BBB-/Negative/--
   Senior Unsecured                       BB+           BBB-

  Ratings Withdrawn
                                          To            From

  Power Finance Corp. Ltd.
  Issuer Credit Rating
    Foreign Currency                      NR      BB+/Stable/NR
    Local Currency                        NR      BB+/Stable/--    

   Senior Unsecured                       NR      BB+


  Hero FinCorp Ltd.

  Ratings Affirmed

  Hero FinCorp Ltd.
   Issuer Credit Rating                   BB+/Stable/B       


  Muthoot Finance Ltd.

  Ratings Affirmed

  Muthoot Finance Ltd.
   Issuer Credit Rating                   BB/Negative/B      
   Senior Secured                         BB                 


S&P said, "These rating actions reflect our view that Indian
finance companies face increasing risks from challenging operating
conditions stemming from the COVID-19 pandemic.

"In our view, economic conditions have turned adverse for Indian
banks due to COVID-19. Drastic efforts to curtail the spread of the
coronavirus have resulted in a sharp economic contraction. The
government's stimulus package, with a headline amount of 10% of
GDP, has about 1.2% of direct stimulus measures, which is low
relative to countries with similar economic impact from the
pandemic. The remaining 8.8% of the package includes liquidity
support measures and credit guarantees that will not directly
support growth. We now forecast a 5.0% contraction in the economy
in fiscal 2021.

"Credit risks remain very high for finance companies in India, in
our view. We expect the deterioration in NBFCs' asset quality to
intensify as the economy slows amid the pandemic. We expect the
microfinance segment to be the most affected by the lockdown and
other measures in the fight against COVID-19. That is because the
microfinance institutions primarily rely on cash collections, and
many borrowers with weak credit profiles would have faced
disruptions in income generation. Home loans are likely to be less
affected because the majority of borrowers are salaried and
collections are through auto debit instructions. However,
affordable housing loans, which cater to the weaker economic
strata, could face challenges. Other pockets of stress include
loans to real estate developers, loans against property, loans
against shares, and loans to the telecommunications, aviation,
restaurant, or tourism-related sectors. Small and midsize
enterprises are likely be more affected in this scenario. Steps
taken by the government and the central bank should provide some
respite. Some of these measures may also have the unintended
consequence of delayed recognition of the problem loans in the
country."

In S&P's base case, the overall impact on finance companies will be
more pronounced than on banks. That is because some finance
companies lend to weaker customers and have high reliance on
wholesale funding. These companies were already facing a trust
deficit since the 2018 default of Infrastructure Leasing &
Financial Services.

Finance companies also face accentuated liquidity risks. Cash flows
are likely constrained as a large proportion of borrowers opt for
the moratorium. Some companies provided a moratorium for more than
70% of their customers. The finance companies would therefore be
dependent on liquid assets and refinancing to service upcoming debt
maturities. Currently, most of the finance companies that S&P rates
in India have sufficient liquidity, comprising liquid assets,
undrawn lines from banks, and in some cases funding lines from
group companies.

S&P could see more differentiation in liquidity available to
finance companies, with stronger NBFCs benefitting from a flight to
quality. Liquidity stress could be high for wholesale lenders with
large exposure to property developers, companies without a strong
parent, or companies with perceived weak governance.

SHRIRAM TRANSPORT FINANCE CO. LTD.
(Primary credit analyst: Nikita Anand)

S&P downgraded STFC and placed the ratings on CreditWatch because
it believes challenging operating conditions in the Indian
financial sector will lead to asset quality and liquidity stress
for the company over the next 12 months. STFC's dominant market
position as India's largest commercial vehicle financier and its
strong capitalization continue to support the ratings. STFC's plan
to raise Indian rupee (INR) 15 billion through a rights issue over
the next 30-40 days will bolster its capital position.

STFC's collection of loans is hit because a very large proportion
of its borrowers are under moratorium. Moreover, refinancing has
been slow as creditors remain risk averse. The company has also had
very few securitization transactions--its key resource-raising
avenue--due to investors' concerns over collection efficiency on
the pools. That said, STFC has recently completed a sizable
securitization transaction of Indian rupee (INR) 16 billion.

STFC has applied for a three-month moratorium on its upcoming bank
loan repayments to build liquidity. Based on the legal opinion
shared by the company, S&P understands the moratorium on bank loans
may not trigger an event of default (EOD) on its U.S. dollar bonds.


STFC has unencumbered liquid assets (cash, bank balances, and
liquid investments) of INR20 billion and unutilized bank lines of
INR54 billion, compared with its INR43 billion liabilities due over
July-September 2020. The company plans to draw down on unutilized
bank lines comprising cash credit facilities and sanctioned
securitization transactions to manage its upcoming repayments.
STFC's collections have strengthened over the past two months,
reflected in higher scheduled collections from borrowers (by value)
of 50% in June 2020 compared with 30% in May 2020. S&P said, "We
expect a further improvement in the coming months as cash flows of
road transport operators (the company's key borrowers) increase
owing to the phased reopening of the Indian economy. We believe
fund raising and higher collections will alleviate pressure on
STFC's liquidity."

S&P said, "We expect to resolve the CreditWatch over the next three
to six months.

"We could lower the rating by multiple notches over the next few
months if STFC's liquidity dwindles, challenging the company's
ability to service its upcoming debt obligations.

"We will affirm the rating if STFC demonstrates sustained access to
resources and augments liquidity to sufficiently meet its
obligations for the next 12 months. The company's ability to
improve its collections and raise necessary external funds will be
key credit factors."

BAJAJ FINANCE LTD. (Primary credit analyst: Nikita Anand)

S&P said, "We lowered our ratings on Bajaj Finance to reflect
weaker operating conditions faced by Indian financial institutions.
In our base case, we believe the company's asset quality and credit
costs will deteriorate over the next 12 months.

"We do not factor any extraordinary support from the Bajaj group
into our rating on Bajaj Finance because the group entities are
regulated or listed entities. They are therefore restricted in
their ability to support Bajaj Finance in the case of an
extraordinary event.

"Our ratings factor in a potential weakening in asset quality and
an increase in credit costs.

"The stable outlook on Bajaj Finance reflects our view that the
company will maintain its strong market position and healthy
capital levels over the next 12-18 months. We also believe the
company's liquidity and funding profile will remain adequate over
the period.

"We may downgrade the company if the deterioration in its asset
quality is significantly higher than our expectation.

"We believe stress in the wider Bajaj group could spill over to
Bajaj Finance. This is due to the benefits to the company's market
position and funding access from the common brand name. Although
this is not our base case, we would lower the rating on Bajaj
Finance if the group credit profile weakens substantially. This may
happen if the credit profile of either Bajaj Finance's sister
company Bajaj Auto Ltd. or ultimate parent, Bajaj Holdings and
Investments Ltd. deteriorates significantly.

"We may raise the ratings on Bajaj Finance if the company's
capital, which is already strong with the risk-adjusted capital
(RAC) ratio of 13.5%, improves such that RAC ratio stays above 15%.
That said, we view this as unlikely in the next 12-18 months."

MANAPPURAM FINANCE LTD.
(Primary credit analyst: Michael Puli)

S&P said, "We downgraded Manappuram to reflect the heightened risks
associated with economic conditions in India and their high impact
on the microfinance segment. That said, the gold-backed loan
business has held up relatively well under these conditions.

"Our stable outlook reflects our view that Manappuram's core
gold-backed loan portfolio will continue to offer stability against
an incremental deterioration in the company's microfinance
portfolio. Further, Manappuram's capitalization buffer and earnings
remains strong, with the company able to continue to access funding
markets. As a result, we believe Manappuram can absorb any
extraordinary losses from the microfinance portfolio over the next
12-18 months.

"We could downgrade Manappuram if it sees a higher increase in
write-offs than we expect, particularly in microfinance loans,
relative to peers. Significant difficulty in the company's rollover
of its funding would also lead to a lower rating.

"We see an upside scenario as unlikely for Manappuram over the next
12 months. We would upgrade the company if we believe its funding
profile has become more stable. Increased access to longer-term
funding would reduce the rollover risk associated with short-term
wholesale funding, in our view."

POWER FINANCE CORP. LTD. (PFC)
(Primary credit analyst: Michael Puli)

S&P said, "We lowered our ratings on PFC to reflect the weakening
general economic conditions in India. The power sector was severely
hit by COVID-19 due to decline in manufacturing demand and
additional collection challenges for distribution companies that
were already structurally weak. In our view, the government's
INR900 billion package to help distribution companies provides only
a temporary liquidity solution and doesn't address fundamental
issues with the creditworthiness of the sector. Our ratings on PFC
benefit from the oligopolistic nature of the consolidated group,
which accounts for 40%-50% of loans to the power sector, and its
government ownership. We subsequently withdrew the ratings on PFC
at the company's request.

"Our stable outlook prior to the withdrawal already considered the
economic headwinds faced by India's financial sector. Our base case
is that the government's linkages (including ownership) with PFC
will not dilute over the next 12-18 months."

HERO FINCORP LTD.
(Primary credit analyst: Michael Puli)

S&P said, "We affirmed our ratings on Hero FinCorp because we
expect the company to continue to benefit from its association with
a financially stronger group, Hero MotoCorp Ltd. This support
offsets our view that Hero FinCorp's stand-alone creditworthiness
could deteriorate in line with the operating conditions in India
over the next 12-18 months.

"The stable outlook reflects our view that Hero FinCorp is likely
to remain strategically important and supported by the stronger
group. We expect support (including equity injections) will
continue over the next 18 months to maintain the finance company's
capitalization.

"We would lower the ratings on Hero FinCorp if the company's
risk-adjusted capitalization deteriorates and stays below 10%."

Although unlikely, S&P would also downgrade Hero FinCorp if its
linkages to the wider group diminish or if the group credit profile
weakens. The group credit profile could weaken if:

-- S&P sees risks around Hero MotoCorp's ability to manage
economic headwinds over the next 12 months; or

-- In a remote scenario, the group's financial policies turn
sharply and become very aggressive, resulting in a substantial
increase in debt on a sustained basis.

S&P would raise the ratings on Hero FinCorp if the company and the
wider group's credit profile improves. It sees this as unlikely
over the next 12 months.

MUTHOOT FINANCE LTD.
(Primary credit analyst: Michael Puli)

S&P said, "We affirmed our ratings on Muthoot because we believe
the company's business franchise, asset quality, and access to
funding at competitive rates have not been as severely hit as for
other finance companies.

"The negative outlook reflects our view that Muthoot is still
subject to heightened economic risks affecting India's financial
system over the next 12-18 months.

"We would lower the ratings on Muthoot if the challenging operating
environment translates into funding challenges for the company and
affect its ability to roll over its short-term funding. We could
also downgrade the company if its credit costs increase
substantially relative to peers', which we view as unlikely.

"We would revise the outlook to stable if we believe Muthoot can
face up to the challenging operating environment without any major
hit to its asset quality. Increased stability in Muthoot's funding
profile would also result in a stable outlook. That's because
greater access to longer-term funding would reduce the rollover
risk associated with short-term wholesale funding."




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

NISSAN MOTOR: CEO Vows to Restore Finances, Roll Out New Models
---------------------------------------------------------------
Shiho Takezawa at Bloomberg News reports that Nissan Motor Co. will
need to return to positive cash flow and bolster its cash position
to start paying out dividends again, Chief Executive Officer Makoto
Uchida told shareholders at the Japanese automaker's annual meeting
on June 29.

Bloomberg relates that Mr. Uchida, who took the helm of Nissan in
December, said his goal is to reach positive cash flow during the
latter half of the next fiscal year, or October 2021 through March
2022. Nissan is implementing a pay freeze for senior managers for
at least six months as it seeks to turn the business around, he
said.

According to Bloomberg, Nissan is seeking to cut JPYY300 billion
($2.8 billion) in annual fixed costs and introduce new models to
jump-start sales after reporting a JPY671 billion loss for the
latest fiscal year, the first deficit in a decade and the biggest
in 20 years. Bloomberg says the coronavirus pandemic has added to
Nissan's pain, following a turbulent year caused by the 2018 arrest
of former chairman Carlos Ghosn. Nissan has enough funds to get
through the crisis, said Mr. Uchida, who sometimes faced agressive
questions from angry shareholders.

"I will put Nissan's growth back on track," Mr. Uchida said, adding
that he was prepared to step down if he fails, Bloomberg relays.
"We will make the utmost effort to resume shareholder returns as
soon as possible."

Bloomberg says the dividends are important for Renault SA, Nissan's
alliance partner of 20 years and 43% shareholder, which relies on
the cash to boost its own payouts. The French automaker is also
cutting costs and dividends, as it weathers the downturn in global
demand for automobiles.

Mr. Uchida emphasized the importance of the Japanese market, saying
that the carmaker will introduce two electric-vehicle and four
e-Power models by the end of 2023, Bloomberg relays. "Boosting
Nissan's presence in the home market is critical," he said.

As part of its overhaul, the carmaker is eliminating hundreds of
jobs at its Sunderland plant in northeast England, and is
shuttering its Barcelona factories. It's also reducing about 400
jobs in Brazil and about 200 jobs in Mexico, according to
Bloomberg.

At the meeting held at its headquarters in Yokohama, Nissan reduced
the number of seats to about 400 and kept them apart as part of
precautionary measure to prevent the risk of infections. Attendees
wore masks and hand sanitizers were prepared. The meeting was
streamed online, Bloomberg notes.

                         About Nissan Motor

Nissan Motor Company Ltd, usually shortened to Nissan, is a
Japanese multinational automobile manufacturer headquartered in
Nishi-ku, Yokohama, Japan.

As reported in the Troubled Company Reporter-Asia Pacific on April
21, 2020, Egan-Jones Ratings Company, on April 6, 2020, downgraded
the foreign currency and local currency senior unsecured ratings on
debt issued by Nissan Motor Co., Ltd. to BB from BBB.

SOFTBANK GROUP: Moody's Confirms Ba3 CFR, Alters Outlook to Neg.
----------------------------------------------------------------
Moody's Japan K.K. has confirmed SoftBank Group Corp.'s corporate
family rating and senior unsecured rating at Ba3, and its
subordinate rating at B2.

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

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

RATINGS RATIONALE

The confirmation of SBG's ratings reflects the substantial amount
of cash held at the holding company level that can cover debt
maturities over the next two years, and ownership of its highly
valuable investment portfolio including a majority stake in
SoftBank Corp. and a stake of about 25% in Alibaba Group Holding
Limited (Alibaba, A1 stable).

However, these strengths are balanced against: (1) the potential
for substantial changes in its credit profile as a result of its
large recapitalization plan, which could alter the value and
quality of its investment portfolio as well as its capital
structure; (2) its thin interest coverage in the low 1x range; and
(3) its aggressive financial policy and associated governance
concerns, including the scope of the recapitalization and the use
of margin loans which have resulted in debt raised against holdings
in investee companies.

Under its recapitalization plan, the company plans to monetize up
to JPY4.5 trillion (about $41 billion) of its investment portfolio
in fiscal year 2020 and use the proceeds to repurchase up to JPY2
trillion ($18 billion) of its own shares. It plans to use the
remaining JPY2.5 trillion ($23 billion) to reduce debt and increase
its cash liquidity at the holding company. Major asset sales have
been announced but given the structured nature of the transactions,
cash proceeds may not all yet have been received or applied towards
debt reduction.

The negative outlook takes into account the risks associated with
the successful execution of its recapitalization plan, volatile
capital market conditions that could weaken the valuation of SBG's
investee companies, and the company's governance and financial
policies, including the use of collateralized margin loans which
Moody's believes signals a heightened tolerance for risk and
financial complexity.

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

Given the negative outlook, an upgrade of the ratings is unlikely
in the foreseeable future. However, the outlook could return to
stable if SBG successfully executes on its recapitalization plan,
including paying down a substantial amount of debt with the asset
sale proceeds, and demonstrates greater transparency and
sustainability of its assets and capital structure. The elimination
of governance concerns would also be credit positive.

Moody's would consider downgrading the ratings if (1) there is a
significant deterioration in the credit quality and transparency of
SBG's investee companies, including a material decline in the
ownership of its dividend-paying SoftBank Corp. subsidiary or a
further reduction in its stake in Alibaba; (2) cash held at the
holding company level diminishes, whereby its cash and committed
credit facilities no longer cover two years of debt maturities; (3)
its debt increases, including margin loans and other secured debt;
(4) legal or other contingent obligations crystallize; or (5)
governance concerns rise further.

The principal methodology used in these ratings was Investment
Holding Companies and Conglomerates (Japanese) published in August
2018.

Headquartered in Tokyo, SoftBank Group Corp. is a Japanese holding
company, with subsidiaries engaged in various businesses, including
telecommunications, internet and other technology businesses.

The following ratings are affected by its rating actions:

Issuer: SoftBank Group Corp.

LT Corporate Family Rating, Confirmed at Ba3

Senior Unsecured Regular Bond/Debenture (Foreign Currency),
Confirmed at Ba3

Subordinate Regular Bond/Debenture (Foreign Currency), Confirmed at
B2

Outlook, Changed to Negative from Rating Under Review



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

NAM CHEONG: Unable to Pay Interest Amid Cash Flow Constraints
-------------------------------------------------------------
Fiona Lam at The Business Times reports that Nam Cheong Ltd on June
29 said it needs to suspend the upcoming payment of its term loan's
cash interest coming due today, June 30.

The 2 per cent per annum interest is payable in cash for the half
year ending June 30, which will be the fifth interest period for
the term loan.

"This is primarily due to severe cash flow constraints faced by the
group for the foreseeable future as a result of the declining
vessel daily charter rates and utilisation as well as the
realisable value of the group's vessels," Nam Cheong said, adding
that these factors hindered the mainboard-listed company's ability
to meet its debt obligations, BT relays.

Moreover, there were "uncontrollable external factors" which also
had a severe adverse impact on the company, Nam Cheong noted,
according to BT. For instance, the OSV sector has taken a hit from
the oil price volatility since January this year as well as from
Malaysia's extended movement control order in response to the
Covid-19 pandemic.

Under the group's debt restructuring exercise completed in
late-2018, Nam Cheong is required to service the 2 per cent cash
interest as well as another 2 per cent in accrued interest by way
of shares to be allotted and issued on the last day of each
12-month period, BT says.

On June 29, Nam Cheong did not disclose the size of the term loan
or the amount of cash interest coming due on June 30, although
creditors owed about US$319.8 million had opted for the seven-year
term loan in January 2018, according to BT.

BT relates that the company said it "very much regrets" the
suspension of the cash interest payment, "but perhaps the term loan
creditors might empathise with its position".

Nam Cheong added that it is exploring a number of initiatives that
will hopefully place it in a better financial and operational
footing, BT relays.

It intends to update the term loan creditors in the near future,
"possibly before the end of August 2020", with some indication of
its plans to ensure the company's underlying viability and the
generation of sufficient earnings before interest, taxes,
depreciation and amortisation to meet its obligations.

In April, Nam Cheong announced that it is reviewing its options to
realign its businesses, operations and balance sheet to preserve
value for stakeholders, recalls BT. It said then that it was in
talks with lenders and may appoint advisers to help address
significant debt maturities, with possible steps including
extending the maturities or restructuring existing loans.

No definitive agreements in relation to any future restructuring
options have been signed by the group as at June 29, the report
states.

Mainboard-listed Nam Cheong has voluntarily suspended trading of
its shares since April 2018.

Malaysia-based Nam Cheong Limited operates as a global offshore
marine group. The Company specializes in providing Offshore Support
Vessels(OSVs), as well as owns and operates ship building yards for
OSVs in Malaysia for use in the offshore oil and gas exploration
and production and oil services industries.



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

HOME-FIX DIY: High Court OKs Application to Wind Up Company
-----------------------------------------------------------
The Business Times reports that hardware firm Home-Fix, which was
forced to shutter all its retail stores in Singapore last December
amid financial woes, will now be wound up for good--despite six
months of debt restructuring and plans to revive itself in a
different form.

It had its application to wind up--filed by its judicial
manager--approved in a hearing at the High Court on June 26, BT
says.

The Business Times understands that the coronavirus pandemic put
paid to Home-Fix's plans to revive itself by tapping other services
it offers, including home repairs, training courses and
e-commerce.

Talks with three potential investors also failed to make headway
because of the coronavirus crisis, the report notes.

According to BT, Home-Fix had undergone interim judicial management
last December while facing some SGD19.8 million in liabilities on
its books. BT understands that the debt has been pared down, though
with Home-Fix now to be liquidated, its creditors may stand to
receive nothing. There are apparently more than 200 creditors on
record.

In applying for judicial management in January, Home-Fix's lawyers
from Tan Kok Quan Partnership had sought to show that the business
had the potential to be revived, BT recalls. Failing that,
restructuring the company would also help to achieve a better
realisation of the company's assets than if it were wound up.

BT relates that the lawyers had said that in the event of a
liquidation, creditors would receive only five cents on the dollar,
excluding the cost of liquidating the company. Accounting for the
liquidation cost, creditors would receive nothing.

Home-Fix founder Low Cheong Kee's woes do not end here, BT states.


He was adjudged bankrupt on June 15, after the Supreme Court
granted his creditor Nippon Paint (Singapore) Company's application
over a judgement debt of SGD500,000, according to BT.

But his younger brother, Cheong Yew managed to get an interim order
on June 23 to propose a voluntary arrangement, which aims to
persuade the creditors to accept settlement of debts instead of
pursuing bankruptcy proceedings.

BT says the Low brothers faced bankruptcy proceedings from vendor
Nippon Paint (Singapore) after having failed to make payment for
goods worth more than SGD550,000 supplied to Home-Fix DIY. They had
each given personal guarantee for the stocks but did not honour
their obligations. They were subsequently sued for not fulfilling
the guarantee.

The Supreme Court issued a bankruptcy order against the elder Mr
Low two weeks ago. There was a notice in The Business Times on June
25 by the private trustee of Mr. Low's estate, who administers his
affairs while he is bankrupt. The notice informed debtors and
creditors of Mr. Low to contact the trustee by
Oct. 26.

Meanwhile, his younger brother has been granted a moratorium to put
forward a proposal to creditors on settling the debts. If the
creditors approve the proposal and he fulfils his obligations under
the voluntary arrangement, the debt is considered settled, BT
notes.

If the younger Mr. Low fails to comply with the voluntary
arrangement, he may still face bankruptcy proceedings from the
creditors.

Besides Nippon Paint, there are other creditors with whom the Low
brothers have furnished personal guarantees, BT understands.

Home-Fix D.I.Y. Pte Ltd was founded in 2000. The company's line of
business includes the wholesale distribution of cutlery and general
hardware.



=====================
S O U T H   K O R E A
=====================

DOOSAN HEAVY: Picks Preferred Bidder for Golf Course
----------------------------------------------------
Yonhap reports that Doosan Heavy Industries & Construction Co. said
June 29 that it has singled out a group led by Hana Financial
Investment Co. as the preferred bidder for a golf course up for
sale.

Power plant builder Doosan Heavy has been seeking to sell non-core
assets to tide over a liquidity crunch, Yonhap says.

Yonhap relates that the consortium, which put up a bid price of
KRW100.8 billion (US$84.1 million) for the golf course, will
scrutinize the books of the golf course for two weeks, the company
said.

Doosan Heavy said it will complete the deal within July.

According to Yonhap, the heavy industry-focused Doosan Group has
been implementing a self-rescue plan to pay its 3.6 trillion-won
debt extended by its main creditors Korea Development Bank and the
Export-Import Bank of Korea.

Yonhap says Doosan Heavy plans to repay about KRW1 trillion of its
debts within this year by selling assets, including its 36 percent
stake in construction equipment maker Doosan Infracore Co.

Doosan Corp., the parent of the power plant maker, also will sell
its business divisions including oil pressure machine maker Doosan
Mottro and its affiliates such as copper foil maker Doosan Solus
Co. and venture capital firm Neoplux Co., the report says.

Based in South Korea, Doosan Heavy Industry & Construction Co.
(SEO:034020) -- http://www.doosanheavy.com--  is engaged in
supplying industrial facilities to both domestic and international
plant markets.



===============
T H A I L A N D
===============

NOKSCOOT AIRLINES: To Enter Liquidation Amid Coronavirus Pandemic
-----------------------------------------------------------------
Reuters reports that Thailand's long haul low cost carrier NokScoot
Airlines will enter liquidation as the coronavirus pandemic
worsened conditions for the struggling airline, its parent company
Nok Airlines PCL said on June 26.

Reuters relates that NokScoot, a joint venture between Thailand's
Nok Air and Singapore Airlines' owned Scoot, wrestled to grow its
network in a highly competitive sector for years and was yet to
record a profit since formation in 2014.

Reuters says the collapse in travel demand and grounding of flights
all over the globe this year after the coronavirus outbreak has
tipped several industry players over the edge, with the national
carrier Thai Airways filing for bankruptcy protection in May.

To date, NokScoot has retrenched 425 employees with full benefits,
Nok said, Reuters relays.

According to Reuters, the joint venture is set to hold a
shareholders meeting on July 14 to go ahead with the dissolution
and to appoint a liquidator, Nok added.

In a separate statement, Singapore Airlines said it would book a
one-off charge of SGD123.6 million in the first-quarter ending June
30 from the carrier's liquidation, mainly due to an impairment
arising from the Boeing aircrafts it leased to NokScoot, Reuters
adds.



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

[*] BOND PRICING: For the Week June 22, 2020 to June 26, 2020
-------------------------------------------------------------
Issuer                 Coupon     Maturity    Currency    Price
------                 ------     --------    --------    -----


  AUSTRALIA
  ---------


CLEAN SEAS SEAFOOD LTD    8.00       11/18/22     AUD       1.03
CLIME CAPITAL LTD/FUND    6.25       11/30/21     AUD       0.97
KEYBRIDGE CAPITAL LTD     7.00       07/31/20     AUD       0.95
MIDWEST VANADIUM PTY L    13.25      02/15/18     USD       0.15
PALADIN ENERGY LTD        10.00      02/01/23     USD      52.48
PALADIN ENERGY LTD        10.00      02/01/23     USD      52.48
VIRGIN AUSTRALIA HOLDI    8.00       11/26/24     AUD      14.86
VIRGIN AUSTRALIA HOLDI    8.08       03/05/24     AUD      19.55
VIRGIN AUSTRALIA HOLDI    8.25       05/30/23     AUD      43.61
VIRGIN AUSTRALIA HOLDI    8.13       11/15/24     USD      14.90
VIRGIN AUSTRALIA HOLDI    8.13       11/15/24     USD      14.65
VIRGIN AUSTRALIA HOLDI    7.88       10/15/21     USD      15.77
VIRGIN AUSTRALIA HOLDI    7.88       10/15/21     USD      13.49


  CHINA
  -----


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


  INDONESIA
  ---------

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


  INDIA
  -----


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


  JAPAN
  -----


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


  KOREA
  -----


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


  MALAYSIA
  --------


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


  NEW ZEALAND
  -----------


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


  PHILIPPINES
  -----------


BAYAN TELECOMMUNICATIO    15.00      07/15/06     USD      22.75


  SINGAPORE
  ---------


ALAM SYNERGY PTE LTD      6.63       04/24/22     USD      44.92
APL REALTY HOLDINGS PT    5.95       06/02/24     USD      46.14
ASL MARINE HOLDINGS LT    3.00       10/01/26     SGD      51.38
ASL MARINE HOLDINGS LT    3.00       03/28/25     SGD      51.38
BAKRIE TELECOM PTE LTD    11.50      05/07/15     USD       0.82
BAKRIE TELECOM PTE LTD    11.50      05/07/15     USD       0.82
BERAU CAPITAL RESOURCE    12.50      07/08/15     USD      39.80
BERAU CAPITAL RESOURCE    12.50      07/08/15     USD      39.80
BLD INVESTMENTS PTE LT    8.63       03/23/15     USD       4.88
BLUE OCEAN RESOURCES P    8.00       12/31/21     USD      31.59
BLUE OCEAN RESOURCES P    8.00       12/31/21     USD      31.59
BLUE OCEAN RESOURCES P    8.00       12/31/21     USD      31.59
ENERCOAL RESOURCES PTE    9.25       08/05/14     USD      45.75
ETERNA CAPITAL PTE LTD    8.00       12/11/22     USD      32.06
EZION HOLDINGS LTD        0.25       11/20/27     SGD      67.22
EZRA HOLDINGS LTD         4.88       04/24/18     SGD       5.00
GEO COAL INTERNATIONAL    8.00       10/04/22     USD      61.94
GEO COAL INTERNATIONAL    8.00       10/04/22     USD      52.13
GOLDEN ENERGY & RESOUR    9.00       02/14/23     USD      74.27
GOLDEN LEGACY PTE LTD     6.88       03/27/24     USD      74.17
HYFLUX LTD                4.60       09/23/19     SGD      38.63
HYFLUX LTD                4.20       08/29/19     SGD      38.63
HYFLUX LTD                4.25       09/07/18     SGD      38.63
INDO INFRASTRUCTURE GR    2.00       07/30/10     USD       1.00
INNOVATE CAPITAL PTE L    6.00       12/11/24     USD      30.53
ITNL OFFSHORE PTE LTD     7.50       01/18/21     CNY      29.80
MEDCO BELL PTE LTD        6.38       01/30/27     USD      60.04
MEDCO BELL PTE LTD        6.38       01/30/27     USD      58.19
MEDCO OAK TREE PTE LTD    7.38       05/14/26     USD      61.70
MEDCO OAK TREE PTE LTD    7.38       05/14/26     USD      61.52
MEDCO PLATINUM ROAD PT    6.75       01/30/25     USD      63.34
MEDCO PLATINUM ROAD PT    6.75       01/30/25     USD      62.86
MICLYN EXPRESS OFFSHOR    8.75       11/25/18     USD      22.59
MODERNLAND OVERSEAS PT    6.95       04/13/24     USD      64.39
MULHACEN PTE LTD          6.50       08/01/23     EUR      38.42
MULHACEN PTE LTD          6.50       08/01/23     EUR      38.26
NT RIG HOLDCO PTE LTD     7.50       12/20/21     USD      59.87
ORO NEGRO DRILLING PTE    7.50       01/24/19     USD      14.69
PACIFIC RADIANCE LTD      4.30       03/31/20     SGD      10.00
RICKMERS MARITIME         8.45       05/15/17     SGD       5.00
SOECHI CAPITAL PTE LTD    8.38       01/31/23     USD      67.89
SOECHI CAPITAL PTE LTD    8.38       01/31/23     USD      67.56
SSMS PLANTATION HOLDIN    7.75       01/23/23     USD      59.36
SWIBER CAPITAL PTE LTD    6.50       08/02/18     SGD       4.20
SWIBER CAPITAL PTE LTD    6.25       10/30/17     SGD       4.20
SWIBER HOLDINGS LTD       7.75       09/18/17     CNY       7.75
SWIBER HOLDINGS LTD       7.13       04/18/17     SGD       7.75
SWIBER HOLDINGS LTD       5.55       10/10/16     SGD      12.25
THETA CAPITAL PTE LTD     6.75       10/31/26     USD      69.02


  SRI LANKA
  ---------


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


  THAILAND
  --------


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


                           *********


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

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

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

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

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



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