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

                     A S I A   P A C I F I C

          Tuesday, July 7, 2020, Vol. 23, No. 135

                           Headlines



A U S T R A L I A

EMERALD REVERSE 2006-1: Fitch Withdraws BB+sf Class B Debt Rating
NETWORK TEN: Books AUD227MM Loss, Warns of Pandemic Impact
PAGES EQUIPMENT: First Creditors' Meeting Set for July 15
PAGES SALES: First Creditors' Meeting Set for July 15
PHIRE PTY: First Creditors' Meeting Set for July 15

PRECISION AUTO: First Creditors' Meeting Set for July 14
SWINBURNE UNIVERSITY: Looks to Sell Office Tower in Melbourne
TODAE SOLAR: First Creditors' Meeting Set for July 14
VIRGIN AUSTRALIA: Bondholders Seek to Block Sale to Bain Capital
WEILIN TRADE: First Creditors' Meeting Set for July 14

WHITE RIBBON: Emerges from Financial Collapse


C H I N A

MODERN LAND: Fitch Rates Proposed USD Senior Notes B
SUNAC CHINA: Fitch Rates Proposed USD Senior Notes BB
SUNSHINE 100 CHINA: S&P Downgrades ICR to CCC-, Still on Watch Neg.
WEST CHINA CEMENT: Fitch Affirms LT IDR & Sr. Unsec. Rating at BB-


I N D I A

ANKUR TRADERS: CRISIL Lowers Rating on INR10cr Term Loan to B
DR WIESNER TEST: Insolvency Resolution Process Case Summary
JAYANTH COTTON: CRISIL Reaffirms B Rating on INR11cr Loans
MAHAKAL AGRO: CRISIL Migrates B+ Debt Ratings to Not Cooperating
NAGARWALA ENTERPRISES: CRISIL Moves B+ Debt Rating to Not Coop

NAMASTE EXPORTS: CRISIL Reaffirms B- Rating on INR4.5cr Loan
OSWAL OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
PALLAVA GRANITE: CRISIL Raises Rating on INR4cr Loan From D
PKP PROCESSORS: CRISIL Migrates D Debt Ratings to Not Cooperating
PLAZMA GRANITO: CRISIL Hikes Rating on INR20cr Term Loan to B+

PLK MANUFACTURING: CRISIL Reaffirms B+ Rating on INR7.5cr Loan
PODDAR CONSTRUCTION: CRISIL Moves B INR5cr Debt Rating to Not Coop.
RELIANCE COMM: NCLT Reserves Order vs. Anil Ambani in SBI Plea
SHIRDI SAI: CRISIL Moves D Ratings from Not Cooperating Category
SILVER PROTEINS: Insolvency Resolution Process Case Summary

SOMISETTY RICE: CRISIL Assigns B Rating to INR4.95cr Loan
SONA ALLOYS: Insolvency Resolution Process Case Summary
SUPREME MANOR: CRISIL Migrates D Rating to Not Cooperating
SUTARIYA GEMS: CRISIL Reaffirms B+ Rating on INR10cr Cash Debt
V2 RETAIL LIMITED: Insolvency Resolution Process Case Summary

VASAN HEALTHCARE: Claims Delay Insolvency Process
VIPIN BROTHERS: CRISIL Migrates B INR10cr Debt Rating to Not Coop.
VIPIN KUMAR: CRISIL Migrates B INR10cr Debt Rating to Not Coop.
YOUVAAKSHI REFINERIES: CRISIL Moves B Debt Rating to Not Coop.
YOUVAKKSHI MARKETING: CRISIL Moves B Debt Rating to Not Cooperating

YOUVAKSHHII DIGITAL: CRISIL Moves B INR30cr Debt Rating to Not Coop
YOUVAKSHI EXPORTS: CRISIL Moves B INR15cr Debt Rating to Not Coop.
YOUVAKSHI GODOWNS: CRISIL Moves B INR30cr Debt Rating to Not Coop.
YOUVAKSHI INFRA: CRISIL Migrates B INR25cr Debt Rating to Not Coop.
YOUVAKSHI NEWS: CRISIL Migrates B Debt Ratings to Not Cooperating

YOUVAKSHI SHOPPING: CRISIL Moves B INR30cr Debt Rating to Not Coop.
YOUVAKSHI VEGETABLE: CRISIL Moves B INR15cr Debt Rating in Not Coop
YOUVAKSHI-A-MINES: CRISIL Moves B INR90cr Debt Rating to Not Coop.


M O N G O L I A

TRADE AND DEVELOPMENT: Fitch Affirms LT Issuer Ratings at B3


S I N G A P O R E

HOE LEONG: Liew's Reappointment is in Co.'s, Shareholder's Interest


S O U T H   K O R E A

SSANGYONG MOTOR: KDB Rolls Over Carmaker's Debt Amid Pandemic


T H A I L A N D

[*] THAILAND: 404 Factories Shutter Amid Coronavirus Pandemic


X X X X X X X X

[*] BOND PRICING: For the Week June 29, 2020 to July 3, 2020

                           - - - - -


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

EMERALD REVERSE 2006-1: Fitch Withdraws BB+sf Class B Debt Rating
-----------------------------------------------------------------
Fitch Ratings has downgraded four tranches and affirmed two
tranches of two Emerald Reverse Mortgage Series transactions and
simultaneously withdrawn the ratings. Emerald Reverse Mortgage
Series 2006-1 Trust and Emerald II Reverse Mortgage Series 2007-1
Trust are securitisations of Australian reverse mortgages
originated by Bluestone Group Pty Limited.

The ratings have been withdrawn as they are no longer considered by
Fitch to be relevant to the agency's coverage. Fitch will no longer
provide ratings or analytical coverage of the structured finance
transactions.

Emerald II Reverse Mortgage Series 2007-1 Trust  

  - Class A AU3FN0003307L LT BBBsf; Affirmed

  - Class A AU3FN0003307L LT WDsf; Withdrawn

  - Class B (Deferrable Interest Rate) AU3FN0003315L LT Bsf;
Downgrade

  - Class B (Deferrable Interest Rate) AU3FN0003315L LT WDsf;
Withdrawn

  - Class C (Deferrable Interest Rate) AU3FN0003323L LT CCCsf;
Downgrade

  - Class C (Deferrable Interest Rate) AU3FN0003323L LT WDsf;
Withdrawn

Emerald Reverse Mortgage Series 2006-1 Trust  

  - Class A AU300EMER013; LT Asf; Downgrade

  - Class A AU300EMER013; LT WDsf; Withdrawn

  - Class B (Deferrable Interest Rate) AU300EMER021; LT BB+sf;
Downgrade

  - Class B (Deferrable Interest Rate) AU300EMER021; LT WDsf;
Withdrawn

  - Class C (Deferrable Interest Rate) AU300EMER039; LT Bsf;
Affirmed

  - Class C (Deferrable Interest Rate) AU300EMER039; LT WDsf;
Withdrawn

KEY RATING DRIVERS

Presence of Derivatives: The downgrades can be attributed to the
impact of historic low Australian bank bill swap rates (0.1% as of
July 1, 2020) on the transactions' derivatives, which are seeing an
increasing over-hedge position develop. The over-hedge has come
about as a result of mortality and morbidity rates exceeding that
implied in the derivatives' notional balance. The 'CCCsf' rating
for the class C notes in Emerald 2007-1 reflects that default is a
real possibility.

The notional balances of the derivatives are based on a fixed
schedule, which implies a certain rate of borrower death or move to
aged care. Should the actual rate of borrower exit due to death or
move to aged care be greater than that implied in the derivative's
notional balance the over-hedge position will increase. The size of
the over-hedge, including both the fixed-floating swaps and
interest rate floors, is 5.5% and 12.1% of the outstanding asset
balance for Emerald 2006-1 and 2007-1, as of the April and March
2020 payment dates, respectively. The over-hedge is projected to
worsen over time.

Concentration Risk Caps Rating: The class B rating of Emerald
2006-1 was further constrained by the increased concentration of
borrowers in the portfolio, which will affect the consistency of
future cash flows. The potential for irregular payments in the tail
end of the transaction reduces the likelihood that the transaction
will continue to produce sufficient cash flow to pay interest on a
timely basis (when class A is fully repaid). The agency applied a
rating cap of 'BB+sf' on notes that do not benefit from support
from the liquidity facility, which affected Emerald 2006-1's class
B note.

Elevated Morbidity Rates: Fitch observed that morbidity rates in
the two portfolios have trended consistently higher over the last
18 months. The 12-month average morbidity to mortality ratio was
101% and 65% for Emerald 2006-1 and 2007-1, respectively, notably
higher than the criteria's 50% assumption. The high morbidity rates
resulted in the increase in the transactions' derivative over-hedge
position, making them more vulnerable to lower interest rates.

Residential Property Values: Australian home prices have rebounded
with the CoreLogic Hedonic index increasing by 8.9% since June
2019, driven primarily by the Sydney and Melbourne markets. These
two transactions closed in June 2006 and June 2007, respectively
and national dwelling prices have increased by 62.9% and 51.8%
since their respective closing dates.

Loans secured by properties located in Western Australia remain a
source of risk for the transactions as property values are
generally tracking below values in 2006 and 2007. Western
Australian loans make up 21.6% and 33.2% of the Emerald 2006-1 and
2007-1 portfolios, respectively.

Portfolio Characteristics: At the April 30, 2020 reporting date,
the Emerald 2006-1 portfolio consisted of 444 borrower groups with
a weighted-average indexed loan/value ratio of 47.8%. The loans
were spread throughout Australia, with the largest concentration of
45.8% of the portfolio in New South Wales. Borrowers aged 80 and
above (taking the minimum age of joint borrowers) accounted for
56.8% of the loans. At the March 31, 2020 reporting date, the
Emerald 2007-1 portfolio consisted of 475 borrower groups with a WA
indexed LVR of 54.3%. Loans in New South Wales comprised 37.2% of
the portfolio; while 56.3% of the borrowers were aged 80 and
above.

Application of Bespoke Criteria: Fitch applied variations to its
Australian Emerald Reverse Mortgage Bespoke Rating Criteria to
reflect the transactions' sensitivity to the derivatives. The
nature of the two transactions' derivative contracts make the
transactions particularly vulnerable to deviations from the
standard mortality rates, morbidity to mortality assumption,
property price growth and interest rate path assumptions. In
addition, the methodology applies these for a period of over 35
years. Annualised assumptions, such as interest rates or house
price growth are compounded for the entire period, making the model
implied ratings sensitive to small changes to these variables.

RATING SENSITIVITIES

No longer relevant as ratings have been withdrawn.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Structured Finance
transactions have a best-case rating upgrade scenario (defined as
the 99th percentile of rating transitions, measured in a positive
direction) of seven 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 seven notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAAsf' to 'Dsf'. Best- and worst-case scenario credit ratings
are based on historical performance.

CRITERIA VARIATION

Fitch applied criteria variations in the following ways:

  - Fitch deviated from its criteria by not following the
model-implied results. Scenario analysis was used to produce
model-implied ratings across a range of scenarios. The ratings were
assigned within the range of model-implied ratings produced by this
scenario analysis. The scenario analysis includes: morbidity
assumption ranging from 50% to 100%; property price growth rates
(following an initial market value decline) range from 2% to 3% per
year; low interest rate stress path starting from the Fitch
stressed interest rate path as per Fitch's Structured Finance and
Covered Bond Interest Rate Stresses Rating Criteria to a gradual
reversion from the current bank bill swap rate to 2% and 3%.

  - Reduced the 'BBsf' and 'Bsf' low voluntary prepayment rate to
3%, from 4% and 5%, respectively, to reflect Fitch's view of
expected prepayment rates in the medium term.

  - Use the most recent Australian Government Actuary Life Table
2015-17.

Under this scenario analysis, the range of model implied ratings
are as follows:

Emerald 2006-1

Class A - AAsf to Asf

Class B - BBBsf to BBBsf

Class C - Bsf to CCCsf

Emerald 2007-1

Class A - BBBsf to BBsf

Class B - BBsf to CCCsf

Class C - CCCsf to CCCsf

Without the application of the criteria variation, the model
implied ratings would have been as follows:

Emerald 2006-1

Class A - Asf

Class B - BBBsf

Class C - Bsf

Emerald 2007-1

Class A - BBBsf

Class B - CCCsf

Class C - CCCsf

USE OF THIRD-PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10

Form ABS Due Diligence-15E was not provided to, or reviewed by,
Fitch in relation to this rating action.

DATA ADEQUACY

Fitch has checked the consistency and plausibility of the
information it has received about the performance of the asset
pools and transactions. There were no findings that were material
to this analysis. Fitch has not reviewed the results of any
third-party assessment of the asset portfolio or conducted a review
of origination files as part of its ongoing monitoring.

Fitch did not undertake a review of the information provided about
the underlying asset pools ahead of the transactions' initial
closing.

Overall, Fitch's assessment of the asset pool information relied
upon for the agency's rating analysis according to its applicable
rating methodologies indicates that it is adequately reliable.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

Emerald 2006-1 and Emerald 2007-1 have ESG Relevance Scores of 4
for Exposure to Social Impacts. This reflects the reduced borrower
prepayment rates as a result of the underlying assets' high
prepayment penalties, which has a negative impact on the credit
profile and is relevant to the ratings in conjunction with other
factors.

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

NETWORK TEN: Books AUD227MM Loss, Warns of Pandemic Impact
----------------------------------------------------------
Zoe Samios at The Sydney Morning Herald reports that Network Ten
has warned that the coronavirus pandemic could have a material
impact on its financial position after posting a AUD227 million
loss and writing down the value of its television licences and
programming contracts.

According to the report, the ViacomCBS-owned network, which runs
television shows such as MasterChef, The Masked Singer and The
Bachelor, made AUD602 million in the year to December 31, 2019 but
slumped to a AUD266.6 million loss as it moved its sales team
inhouse and invested in expensive shows and sports deals.

Documents filed with the Australian Securities and Investment
Commission on July 3 include a AUD10.7 million write down in value
of programming rights and a AUD46.6 million write down of onerous
contracts, SMH relays. Excluding significant items, Ten posted
earnings before interest, tax, depreciation and amortisation of
AUD24.2 million.

SMH relates that a Ten spokesman said that the large costs were due
to increased local investment. The network, which was bought by
CBS--now ViacomCBS--in 2017, brought its sales team inhouse after
ending its Multi-Channel Network joint venture with Foxtel after
four years. The company also invested in expensive shows such as
The Masked Singer and The Amazing Race and commenced its first year
of a new AUD100 million broadcast deal with the Victorian Racing
Club.

"It was a year of investment at Ten as we bedded down our prime
time schedule and set up our sales team for success," a spokeswoman
said. "The results of that investment are evident this year:
audience and audience share growth, and TV ad market share
growth."

Ten has reported consecutive months of audience share growth since
last August and revenue share growth since last October. But
outgoing chief executive Paul Anderson said the company had
experienced revenue decline of up to 38 per cent in 2020 because of
drastic falls in advertising spend caused by the pandemic.

The broadcaster booked AUD113.28 million worth of advertising
between January and March this year, according to Think TV figures
previously obtained by The Age and The Sydney Morning Herald. But
the biggest impact of advertising slump was felt by media companies
in April and May. Production of some of Ten's shows, including
Australian Survivor, were also affected by the pandemic. Ten also
had the rights to broadcast the Formula One in Melbourne earlier
this year but the event was cancelled due to government
restrictions.

"The impact of COVID-19 on the company's businesses -- including
postponement, cancellation or rescheduling of televised events for
which the company has broadcast rights, and production delays in
television and entertainment programming – could be material to
the company's operating results, cash flows and financial
position," the report quotes Mr. Anderson as saying.

"Due to the evolving and uncertain nature of this situation, we are
not able to estimate the full extent of the adverse impact on the
company's operating results, cash flows, and financial position --
including advertising, affiliate and content licensing revenues --
particularly over the near-to-medium term."

The report comes as ViacomCBS merges Ten with other local entities,
SMH notes. The company promoted Ten's chief content officer
Beverley McGarvey earlier this year as head of content across all
brands, including MTV and Nickelodeon, while chief sales officer
Rod Prosser took control of ViacomCBS' sales division. ViacomCBS is
also currently looking for a chief transformation officer for Ten.

ViacomCBS and Ten are in the final phase of merging the two
businesses, the report notes. Ten does not have directly comparable
accounts from 2018 because of a change in its reporting year.

Network Ten is one of Australia's leading entertainment and news
content companies, with free-to-air television and digital media
assets.

PAGES EQUIPMENT: First Creditors' Meeting Set for July 15
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Pages
Equipment Holdings Pty Ltd will be held on July 15, 2020, at 12:00
a.m. at the offices of Romanis Cant, 2nd Floor, at 106 Hardware
Street, in Melbourne, Victoria.

Anthony Robert Cant and Renee Di Carlo of Romanis Cant were
appointed as administrators of Pages Equipment on July 3, 2020.

PAGES SALES: First Creditors' Meeting Set for July 15
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Pages Sales
Pty Ltd will be held on July 15, 2020, at 11:00 a.m. at the offices
of Romanis Cant, 2nd Floor, at 106 Hardware Street, in Melbourne,
Victoria.

Anthony Robert Cant and Renee Di Carlo of Romanis Cant were
appointed as administrators of Pages Sales on July 3, 2020.

PHIRE PTY: First Creditors' Meeting Set for July 15
---------------------------------------------------
A first meeting of the creditors in the proceedings of Phire Pty
Ltd will be held on July 15, 2020, at 3:00 p.m. at 51 Robinson
Street, in Dandenong, Victoria.

Peter Robert Vince and Paul William Langdon of Vince & Associates
were appointed as administrators of Phire Pty on July 3, 2020.


PRECISION AUTO: First Creditors' Meeting Set for July 14
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Precision
Auto Group Pty Ltd, formerly trading as 'williamstown Bodyworks'
and 'precision Auto Group' will be held on July 14, 2020, at 10:00
a.m. via teleconference facility.

Domenico Alessandro Calabretta and Grahame Ward of Mackay Goodwin
were appointed as administrators of Precision Auto on July 2, 2020.

SWINBURNE UNIVERSITY: Looks to Sell Office Tower in Melbourne
-------------------------------------------------------------
The Sydney Morning Herald reports that cash-strapped Swinburne
University is looking to offload a boutique Melbourne office tower
it acquired just 12 months ago as the financial effects of the
COVID-19 pandemic bite.

Victorian universities are reeling from the absence of
international students after the coronavirus crushed the education
sector. Swinburne faces a AUD150 million deficit and, like multiple
other universities, has warned staff of looming job cuts, SMH
says.

SMH relates that the university, whose main campus is in Hawthorn,
could lessen the severity of the pandemic's financial blow if it
sells an eight-storey building in the city's heart in which it had
planned to roll out a vertical campus.

The education provider is understood to be finalising agents to
handle the listing.

"The sale of property assets would need to be approved by the
university council and be conducted in accordance with standard
government processes for sale of such property," the report quotes
a Swinburne spokeswoman as saying.  "In the event that Swinburne
commences a private sale for 226 Flinders Lane, a further statement
may be made at that time."

The university has outpost campuses in Wantirna and Croydon and an
offshore campus in Sarawak, Malaysia.

Swinburne settled on Invicta House at 226-232 Flinders Lane in June
last year after forking out AUD44 million to the private Lazarovits
family, who had held the building since 1998, the report notes.

The property is opposite the Nicholas building and close to Ross
House in a celebrated part of Flinders Lane that features popular
walkways Degraves Street and Scott Alley.

SMH says Swinburne was following a trend set by several other
suburban universities which have already established vertical
campus in Melbourne's CBD, notably Monash and La Trobe
universities.

Despite the turmoil and economic uncertainty created by the
pandemic, the university should have little trouble selling, with
buyers demonstrating appetite for commercial real estate, the
report says.


TODAE SOLAR: First Creditors' Meeting Set for July 14
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Todae Solar
Pty Ltd will be held on July 14, 2020, at 11:00 a.m. via Microsoft
Teams.

Andrew Schwarz and Matt Adams of AS Advisory were appointed as
administrators of Todae Solar on July 2, 2020.


VIRGIN AUSTRALIA: Bondholders Seek to Block Sale to Bain Capital
----------------------------------------------------------------
Angus Whitley at Bloomberg News reports that Virgin Australia
Holdings Ltd. bondholders asked the country's deals regulator to
let them pitch a plan to rescue the airline in an effort to derail
a sale to Bain Capital LP.

Bloomberg relates that Singapore-based Broad Peak Investment
Advisers Pte. and other bondholders told the Takeovers Panel that
some elements of the Deloitte-run auction of the airline were
"unacceptable" and effectively barred a different plan from being
put to creditors, the panel said in a statement July 6.

According to Bloomberg, Bain agreed to buy Virgin Australia last
month in one of the biggest bets on the industry since it was
hammered by the coronavirus epidemic. Unsecured bondholders were
owed AUD1.99 billion ($1.4 billion) when the airline collapsed in
April under AUD6.8 billion in debt. Deloitte said it's not possible
yet to determine how much of that debt can be recovered.

The bondholders' plans threaten to prolong a rescue that was driven
through by Deloitte before Virgin Australia ran out of cash,
Bloomberg says.

Bloomberg relates that the bondholders asked the panel to let them
make "an alternative proposal." The Takeovers Panel hasn't decided
whether to conduct proceedings on the matter.

In June, Virgin Australia noteholders submitted to Deloitte a
recapitalization proposal for the airline that they said would
create "a sustainable capital structure underpinned by public
ownership," Bloomberg relays.

                      About Virgin Australia

Brisbane, Queensland-based Virgin Australia is Australia's
second-largest airline. It commenced services in 2000 as Virgin
Blue, wholly owned by the Virgin Group.

As reported in the Troubled Company Reporter-Asia Pacific on April
22, 2020, Bloomberg News related that Virgin Australia Holdings
Ltd. became Asia's first airline to fall to the coronavirus after
the outbreak deprived the debt-burdened company of almost all
income.  Administrators at Deloitte, who have taken control of the
Brisbane-based carrier, aim to restructure the business and find
new owners within months.  More than 10 parties have expressed an
interest, Deloitte related on April 21.  

Virgin Australia, which has furloughed 80% of its 10,000 workers,
will continue to operate some flights for essential workers,
freight and the repatriation of Australians, Bloomberg said. The
airline's frequent flyer program is a separate company and is not
in administration.

Richard John Hughes, John Greig, Vaughan Strawbridge and Sal Algeri
of Deloitte were appointed as administrators of Virgin Australia,
et al., on April 20, 2020.

The company owes AUD6.8 billion to lenders, bondholders, aircraft
lessors, trade creditors and employees.

On April 29, 2020, the company and certain affiliates filed
petitions pursuant to Chapter 15 of the Bankruptcy Code in the U.S.
Bankruptcy Court for the Southern District of New York.

As reported in the Troubled Company Reporter-Asia Pacific on June
29, 2020, The Sydney Morning Herald said Virgin Australia
administrator Deloitte said it has agreed to sell the bankrupt
airline to American private equity giant Bain Capital, after rival
bidder Cyrus Capital Partners withdrew its rescue offer due to a
"lack of engagement".

Joint administrator Vaughan Strawbridge said in a statement that
Bain had presented a "strong and compelling bid" for Virgin that
would "secure the future of Australia's second airline". However,
neither Deloitte nor Bain would reveal the size of the bid, how
many jobs will be lost or how much would be paid to creditors,
which are owed AUD6.8 billion, SMH said.

WEILIN TRADE: First Creditors' Meeting Set for July 14
------------------------------------------------------
A first meeting of the creditors in the proceedings of Weilin Trade
Pty Ltd will be held on July 14, 2020, at 11:00 a.m. at Level 34,
Santos Tower, 32 Turbot Street, in Brisbane, Queensland.

Steven Staatz & Henry McKenna of Vincents were appointed as
administrators of Weilin Trade on July 2, 2020.

WHITE RIBBON: Emerges from Financial Collapse
---------------------------------------------
ABC News reports that White Ribbon Australia has emerged from
financial collapse with a new funding source and a new boss, who is
pledging to replace "tokenism" with action to end men's violence
against women.

The charity--which describes itself as working "to eliminate
gendered violence" and creating an "Australia free from all forms
of violence against women and children"--went into liquidation last
year, after running at a substantial operational loss.

That followed other controversies including the departure of
directors and the organisation's public stance on abortion, the
report says.

Its new executive director, Adelaide-based activist Brad Chilcott,
on June 24 conceded that its efforts to raise awareness of domestic
violence had strayed ahead of its financial collapse.

He said the charity had allowed some to believe that symbolic
gestures about domestic violence were adequate to address the issue
of domestic abuse, the report relays.

"There was a tokenism towards the end, and some men felt like they
could say a pledge and put on a ribbon and their work was done,"
Mr. Chilcott told ABC Radio National.

"White Ribbon Australia did an excellent job of raising awareness
and they did that for many years.

"Now the time for awareness has passed. People are aware . . . I
think it's time for White Ribbon to change."

According to ABC, social services provider Communicare has now
revived White Ribbon out of administration, taking on its
intellectual property and remaining assets.

ABC relates that Mr. Chilcott--a progressive pastor at Activate
Church in Adelaide, founder of refugee advocacy organisation
Welcome to Australia and one-time adviser to former SA Labor
premier Jay Weatherill - said the link with the frontline agency
would help White Ribbon take stronger action.

He said it would be ending its male-only White Ribbon Ambassadors
program and "moving from awareness to advocacy".

"We're trying to equip local communities and individuals to take
meaningful action to end gendered violence," Mr. Chilcott said.

White Ribbon is a non-profit organisation which aims to prevent
men's violence against women using a primary prevention approach in
schools, workplaces and communities across Australia.



=========
C H I N A
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MODERN LAND: Fitch Rates Proposed USD Senior Notes B
----------------------------------------------------
Fitch Ratings has assigned a 'B' rating to China-based property
developer Modern Land Co., Limited's (B/Stable) proposed US dollar
senior notes. The Recovery Rating is 'RR4.' The proposed notes are
rated at the same level as Modern Land's senior unsecured rating,
as they represent its direct, unconditional, unsecured and
unsubordinated obligations.

Modern Land's Issuer Default Rating reflects its weaker margin and
higher leverage, which is offset by a stronger business profile.
Its ratings are also supported by improving land-bank quality after
the company repositioned its business towards tier one and two
cities, which have higher land prices, to support contracted sales
growth.

KEY RATING DRIVERS

Leverage to Stay High: Fitch expects Modern Land to acquire land in
the next few years to sustain sales growth, which will keep
leverage at around 45%. Modern Land's leverage fell to 39% in 2019,
from 47% in 2018 and 49% in 2017, as the company cut spending on
land acquisitions to 30% of attributable sales proceeds (2018: 45%)
and improved its cash collection to 76% (2018: 72%). Fitch assesses
leverage on a proportionately consolidated basis, as the high share
of contracted sales from joint ventures means that Modern Land's
consolidated financial statements do not adequately reflect its
financial profile.

Margin Remains Low: Modern Land's EBITDA margin, excluding
capitalised interest, improved to 17% in 2019, from 13% in 2018,
driven by a slight improvement in gross profit margin to 26%, from
23% in 2018, as well as lower selling, general and administrative
expenses. However, the company's EBITDA margin remains lower than
the 20%-25% of 'B' rated peers. Modern Land's churn rate, measured
by contracted sales/total debt, remains stable at around 1.5x.

Land Bank Pressure Remains: Modern Land had a land bank life of
around three years as at end-2019, and Fitch expects it to remain
under land banking pressure to sustain growth in the next few
years. The company says its increased land acquisitions in
tier-three cities in 2017-2018 were a one-time strategy shift, and
it now plans to focus on tier one and two cities. Tier one cities,
such as Beijing, and tier two cities, like Taiyuan, Hefei, Xiantao
and Changsha, accounted for around 70% of Modern Land's saleable
resources by value at end-2019.

Resilient Attributable Contracted Sales: Fitch expects Modern
Land's attributable contracted sales to be resilient in a market
downturn, as its land bank is concentrated in tier one and two
cities. Modern Land's attributable contracted sales amounted to
CNY19 billion in 2019, after rising by 49% in 2018, while total
contracted sales rose by 13% to CNY36 billion.

DERIVATION SUMMARY

Modern Land's attributable contracted sales of CNY19 billion in
2019 were in line with those of other 'B' rated companies, such as
Beijing Hongkun Weiye Real Estate Development Co., Ltd.'s
(B/Stable) at CNY14 billion and Redco Properties Group Ltd
(B/Stable) at CNY15 billion. Modern Land's leverage was lower than
Hongkun's 54% and higher than Redco's 21% at end-2019, but its
EBITDA margin was lower than Hongkun's 43% and Redco's 23%.

Modern Land's sales are lower than those of 'B+' rated companies,
including Fantasia Holdings Group Co., Limited's (B+/Stable) CNY27
billion and Redsun Properties Group Limited's (B+/Stable) around
CNY30 billion. The leverage of these peers is similar to that of
Modern Land, but Modern Land has a lower margin.

KEY ASSUMPTIONS

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

  - Attributable contracted sales of CNY27 billion in 2020.

  - Gross profit margin from property development maintained around
25% in 2020-2022

  - Construction cash cost accounting for 30%-35% of attributable
contracted sales in 2020-2022.

  - Land premium accounting for 45%-50% of annual sales receipts in
2020-2022 and average land acquisition cost to increase in
2020-2022.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Modern Land would be liquidated
in a bankruptcy because it is an asset-trading company.

Fitch has assumed a 10% administrative claim

The liquidation estimate reflects Fitch's view of the value of
balance-sheet assets that can be realised in sale or liquidation
processes conducted during bankruptcy or insolvency proceedings and
distributed to creditors.

The cash balance is adjusted such that only cash in excess of the
higher of accounts payables and three months of contracted sales is
factored in.

An advance rate of 60% is applied to adjusted inventory, as Modern
Land's EBITDA is lower than 20%.

Property, plant and equipment advance rate at 60%.

70% advance rate applied to accounts receivables.

Advance rate of 100% applied to restricted cash, which mainly
consists of guarantees for the company's bank borrowing and
construction work

Based on its calculation of adjusted liquidation value after
administrative claims, Fitch estimates the Recovery Rate of the
offshore senior unsecured debt to be within the 'RR4" recovery
range.

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory (including joint venture
proportionate consolidation) below 40% for a sustained period

  - Land bank maintained at above 2.5 years of sales

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

  - Insufficient land bank for 2.0 years of sales

  - Net debt/adjusted inventory (including joint venture
proportionate consolidation) above 55% for a sustained period

  - EBITDA margin (excluding capitalised interest) below 18% 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: Modern Land's liquidity remains healthy, with
total cash of CN11.4 billion, including restricted cash of CNY3.5
billion, compared with short-term debt of CNY9.5 billion at
end-2019.

ESG CONSIDERATIONS

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).

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

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

Sunac's rating reflects Fitch's expectation that the company will
continue deleveraging until it sustains more headroom below 40%,
the leverage threshold above which Fitch may consider negative
rating action. Sunac's leverage, measured by net debt/adjusted
inventory with proportional consolidation of joint ventures (JV)
and associates, was 38% at end-2019.

Sunac's large attributable land bank of more than 153 million
square metres of saleable gross floor area is well-diversified
across various regions in China, which should support contracted
sales and further deleveraging.

KEY RATING DRIVERS

Leverage to Decrease: Sunac's leverage was maintained at around 38%
at end-2019, which is at a similar level as end-2018. Debt at the
consolidated level rose by around CNY90 billion, but the company's
stable leverage ratio reflects the increasing trend of funding JVs
and associates at the parent level, leading to relatively low
leverage at the JVs and associates. Fitch expects Sunac to continue
to control the pace of land acquisition, which will give it some
headroom below the 40% leverage level.

Fitch expects Sunac to maintain steady growth in attributable
contracted sales, leading to sustained cash generation and lower
leverage. Attributable contracted sales rose by 18% to CNY383.9
billion in 2019. Sunac's trade payables have also risen
significantly in line with its expanding scale. Nevertheless, its
trade payables/inventory ratio was manageable at around 0.2x in
2018 and 2019, which was lower than that of peers that rely on
trade payables to fund construction. Fitch believes Sunac's trade
payables/inventory ratio will not rise significantly.

Diversified Land Bank: Sunac's land bank is diversified across
China, including northern, south-west and south-east China, the
Beijing area and the Yangtze River Delta. It also has a presence in
central China, the Greater Bay Area and Hainan province. Over 82%
of Sunac's land bank, based on saleable value, is situated in Tier
1 and 2 cities, where pent-up demand is more robust than in
lower-tier cities. The remaining land bank is in strong third-tier
cities. Geographical diversification helps mitigate local policy
restrictions, as each local government implements differing
home-purchase limits.

Strong Sales and Margins: Fitch forecasts Sunac's average selling
price (ASP) to be CNY14,000-14,500/sq m in the next few years. The
company maintained its ASP at around CNY14,500/sq m in 2019,
reflecting its focus on higher-tier cities. Sunac's attributable
contracted sales are comparable with that of other large Chinese
homebuilders, including China Vanke Co., Ltd. (BBB+/Stable) and
Poly Developments and Holdings Group Co., Ltd. (BBB+/Stable).

Sunac's large scale also allows it to trim construction costs,
leading to a strong EBITDA margin - including the proportional
share of EBITDA from JVs and associates - of around 27% in 2019, or
30% if valuation gains from acquired projects are removed from
costs of goods sold (COGS). Fitch expects an EBITDA margin,
including valuation gains in COGS, of around 25% in the medium
term.

Non-Development Contribution: Fitch forecasts Sunac will spend
CNY15 billion-21 billion a year in 2020 to ramp up its property
management, rental and decoration businesses as well as the
cultural and tourism business it acquired in 2017. Fitch expects
the projects to be fully funded by the sale of properties in the
same area. Revenue contribution from Sunac's non-development
business was CNY9.9 billion in 2019, with a gross margin of about
38%. Sunac also aims to improve the operating efficiency of the
cultural and tourism business after the acquisition of the
operational and management company from Dalian Wanda Commercial
Management Group Co., Ltd. (BB+/Stable).

DERIVATION SUMMARY

Sunac's homebuilding attributable sales scale and geographical
diversification are comparable with that of large 'BBB' rated
homebuilders, such as Vanke and Poly, and are also comparable with
or superior to that of Longfor Group Holdings Limited (BBB/Stable)
and Shimao Group Holdings Limited (BBB- /Stable).

Country Garden Holdings Company Limited (BBB-/Stable) has larger
attributable scale and geographic coverage than Sunac. However,
Country Garden's land bank is more concentrated in low-tier cities,
where demand is susceptible to negative sentiment, while the
majority of Sunac's land bank is situated in Tier 1 and 2 cities,
as reflected in Sunac's higher margin.

However, Sunac's financial profile is more volatile than that of
investment-grade peers; its non-development EBITDA interest
coverage of 0.2x is less than Longfor's 0.7x and Shimao's 0.5x.

Its leverage forecast for Sunac of 35%-40% is more comparable with
'BB' rated issuers, such as Sino-Ocean Group Holding Limited
(BBB-/Stable; Standalone Credit Profile: bb+), Seazen Group Limited
(BB/Stable) and its subsidiary, Seazen Holdings Co., Ltd.
(BB/Stable), CIFI Holdings (Group) Co. Ltd. (BB/Stable) and China
Aoyuan Group Limited (BB-/Positive).

KEY ASSUMPTIONS

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

  - Land-bank replenishment to maintain a land-bank life of 4.0-4.5
years

  - Capex of CNY15 billion-21 billion a year in 2020, decreasing
thereafter

  - Contracted ASP of CNY14,000-14,500/sq m

  - EBITDA margin, including the effect of revaluation of acquired
projects from COGS, of 22%-26%

RATING SENSITIVITIES

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

  - Net debt/adjusted inventory below 30% for a sustained period
(2019: 38%)

  - EBITDA margin, excluding the effect of revaluation of acquired
projects from COGS, sustained above 25% (2019: 30%)

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

  - Net debt/adjusted inventory above 40% for a sustained period

  - EBITDA margin, excluding the effect of revaluation of acquired
projects from COGS, of below 20% for a

sustained period

  - Change in management strategy to refocus on aggressive
acquisitions, away from Sunac's stated

objective to reduce its leverage ratio

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: Fitch expects Sunac to maintain sufficient
liquidity for its operations and debt repayment, as contracted
sales reached CNY384 billion on an attributable basis in 2019.
Sunac had a cash balance of CNY126 billion at 2019, which is less
than short-term debt of CNY136 billion. However, most of the
short-term debt is secured bank loans, which Fitch expects to be
rolled over.

ESG CONSIDERATIONS

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).

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

SUNSHINE 100 CHINA: S&P Downgrades ICR to CCC-, Still on Watch Neg.
-------------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
Sunshine 100 China Holdings Ltd. to 'CCC-' from 'CCC'. S&P kept the
ratings on CreditWatch, where they were placed with negative
implications on April 16, 2020.

The downgrade reflects increasing default risk for Sunshine 100 due
to a delay in securing repayment sources. By the end of June this
year, the company had only received part of the proceeds from the
disposal of its Qingyuan project in Guangdong province. In
addition, local governments dictate the schedule and policies
around land, adding uncertainty to the timing of any primary land
sales from Sunshine 100's projects in the cities of Wenzhou and
Xinglong.

S&P said, "We believe Sunshine 100's operations will not generate
sufficient cash. In our view, the developer's weak sales will not
cover financing and operating expenses in the coming 12 months. The
impact of COVID-19 has been especially negative for the company."
That is because some saleable resources are in Wuhan and Wenzhou,
cities with relatively strict containment measures. Sunshine 100
reported Chinese renminbi (RMB) 1.8 billion in contracted sales for
the first five months of 2020, down 43% from the same period last
year.

Sunshine 100 has an unrestricted cash balance of only RMB2.4
billion as of Dec. 31, 2019, while it has RMB10.6 billion in
short-term debt due in the next 12 months. Upcoming bullet
maturities include US$400 million offshore senior unsecured notes
and RMB1 billion domestic corporate bonds, both due in September
2020.

Further issuance by Sunshine 100 in the capital markets would be
challenging, in our view. Given the large shortfall and the
company's weak credit profile, a new issuance offshore would be
difficult. S&P understands Sunshine 100 is also in discussions with
financial institutions for asset-backed financing facilities by
leveraging on its account receivables to cover its debt repayment
needs. However, this carries high execution risk because the time
for slippage is limited, in its view.

The CreditWatch with negative implications reflects the heightened
repayment risk over Sunshine 100's bullet maturities in September
2020. S&P aims to resolve the CreditWatch based on the company's
ability to secure new funding.

S&P could lower the rating if a default on the notes appear almost
certain. This could happen if Sunshine 100 fails to obtain any
committed funding by early September or if it intends to undertake
any exchange offer or restructuring.

S&P may affirm the rating if Sunshine 100 receives sufficient
financial support to repay its imminent maturities.


WEST CHINA CEMENT: Fitch Affirms LT IDR & Sr. Unsec. Rating at BB-
------------------------------------------------------------------
Fitch Ratings has affirmed West China Cement Limited's Long-Term
Issuer Default Rating and senior unsecured rating at 'BB-'. The
Outlook on the IDR remains Positive.

The affirmation reflects Fitch's expectation that WCC's FFO net
leverage will remain slightly above its upgrade trigger of 1.0x in
2020 after considering a possible acquisition, higher dividend
payments, and the limited impact of the coronavirus pandemic. The
Positive Outlook reflects WCC's strong deleveraging capacity beyond
2020. Fitch expects its FFO net leverage to drop to below 1.0x from
2021 due to continued positive free cash flow generated from its
strong EBITDA margins and limited capex commitments.

KEY RATING DRIVERS

Limited Impact from Pandemic: Fitch expects WCC's gross profit and
EBITDA margins to stay strong at 34% and 39% in 2020, respectively,
similar to 2019 levels, supported by solid demand and lower
coking-coal prices, although its revenue could dip by 4% due to the
impact of COVID-19. The average selling price of cement dipped in
Shaanxi to CNY460 per tonnage by end-1Q20 from CNY490 per tonnage
at end-2019, and has recovered to around CNY470 per tonnage by June
2020, as construction activities resumed. Fitch expects demand to
remain strong in 2H20 amid the government's support of
infrastructure investment.

Potential Acquisition: WCC announced on January 3, 2020 it agreed
to acquire all the shares and shareholder loans of Schwenk Namibia
for USD104.4 million. Schwenk Namibia owns 69.8% of Ohorongo Cement
Plant, one of two cement-producing companies in Namibia, southern
Africa. The transaction has not been completed to date and the
longstop date has been extended to August 31, 2020. Fitch expects
the acquisition, if completed, to improve the geographical
diversification of WCC in the long term, but it will also result in
negative free cash flow in 2020.

Deleveraging Capacity Remains Strong: Fitch expects WCC's leverage
to remain above 1.0x in 2020, the level at which it would upgrade
the rating, due to cash outflow for the Schwenk Namibia
acquisition, higher dividend payments and the modest impact of the
disruptions from the pandemic. However, Fitch believes the
company's deleveraging capacity will remain strong as Fitch expects
it to generate CNY800 million-1.2 billion in free cash flow in
2021-2022 on the back of strong EBTIDA generation and limited capex
commitments.

Strong Domestic Market Position: Fitch expects WCC to keep its
strong market position in its core market of Shaanxi in the medium
term as there will be no capacity increase in the province in the
next two years. It had total cement production capacity of 29.2
million tonnes per annum at end-2019, of which around 80% was in
Shaanxi. WCC has the highest market share of around 25% in the
province by capacity. It is particularly dominant in southern
Shaanxi with around 75% market share. The strong market position
will continue to support its profit margins.

Conch Shareholding Beneficial: Fitch expects the collaboration
between WCC and its second-largest shareholder, Anhui Conch Cement
Company Limited (Conch, A/Stable), to help WCC to further improve
its operating efficiency and support its market position in
Shaanxi. Conch has helped WCC to reduce raw-material prices and
boost profitability. They have collaborated on creating a more
stable market supply and greater pricing discipline in Shaanxi and
nearby regions. Conch had a 21.11% stake in WCC as of end-2019, and
has two non-executive directors on WCC's board. WCC and Conch's
combined market share in Shaanxi is over 40% by cement and clinker
production capacity.

DERIVATION SUMMARY

WCC is smaller than CEMEX, S.A.B. de C.V. (BB-/Negative) and China
Hongqiao Group Limited (BB-/Stable) in terms of EBITDA generation.
Hongqiao and WCC both have strong domestic market positions, but
Mexico-based CEMEX has wider geographical diversification. CEMEX
has more diverse offerings as it has some niche products while WCC
mainly sells commoditised cement products. WCC maintains higher
margins due to the efficiency of its core cement business. WCC has
continued to deleverage since 2016, with net leverage that is lower
than that of both CEMEX and Hongqiao.

KEY ASSUMPTIONS

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

  - Sales revenue to decrease by 4% in 2020 and rise by 4% per year
over 2021-2023 (2019: 22%).

  - A gross profit margin of 36%-39% for 2020-2023 (2019: 39%)

  - Capex of CNY1.2 billion in 2020, CNY1.2 billion in 2021, CNY0.8
billion in 2022, CNY0.8 billion in 2023

RATING SENSITIVITIES

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

  - FFO net leverage sustained below 1.0x

  - Positive free cash flow on a sustained basis

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

  - Failure to achieve the upgrade sensitivities over the next 12
months could result in a return to a Stable Outlook

  - Material earnings disruption or large increase in financial
leverage could result in a return to a Stable Outlook or place
downward pressure on the ratings

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

Adequate Liquidity: WCC had total available cash of CNY780 million
and unused banking facilities of CNY369 million, adequate to cover
its short-term debt of CNY1.1 billion. WCC has only one bond
outstanding, which is a three-year medium-term note with principal
of CNY500 million due in May 2022.

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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



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

ANKUR TRADERS: CRISIL Lowers Rating on INR10cr Term Loan to B
-------------------------------------------------------------
CRISIL has downgraded its rating on the long-term bank facility of
Ankur Traders and Manufacturers (ATM) to 'CRISIL B/Stable' from
'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Term Loan     10        CRISIL B/Stable (Downgraded
                                    from 'CRISIL B+/Stable')

The downgrade reflects weakening of ATM's financial risk profile
and liquidity on account of debt-funded capital expenditure. The
firm has availed term debt of around INR6 crore from Small
Industries Development Bank of India (SIDBI) to set up a new
manufacturing facility. Further, business risk profile is expected
to get impacted by the current pandemic and liquidity is expected
to remain poor over the medium term.

The rating also reflects the firm's modest scale of operations and
large working capital requirement. These weaknesses are partially
offset by the extensive experience of the proprietor in the iron
and steel trading industry.

Analytical Approach

Unsecured loan of INR2.64 crore as on March 31, 2019, from the
proprietor, his family members and related parties has been
considered as neither debt nor equity, as it is expected to remain
in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Weak financial risk profile:  The financial risk profile was
weak, as reflected in low networth of INR2.53 crore and moderate
total outside liabilities to tangible networth (TOLTNW) ratio of
2.19 times as on March 31, 2019. Debt protection metrics were weak,
as reflected in interest coverage and net cash accrual to total
debt (NCATD) ratio of 1.32 times and 0.08 time, respectively, in
fiscal 2019. The financial risk profile is expected to have
weakened further in fiscal 2020 with networth estimated at INR2.42
crore and TOLTNW ratio increasing to 4 times due to SIDBI term
debt. Debt protection metrics are also estimated to have weakened
further, with interest coverage and NCATD ratio at 1.2 times and
0.06 time, respectively, in fiscal 2020.

* Modest scale of operations:  Revenue is estimated at INR25 crore
in fiscal 2020, compared with INR17.81 crore in fiscal 2019. In
spite of the increase in revenue, scale of operations remains
modest due to intense competition in the iron and steel trading
business. However, turnover may improve over the medium term on
account of enhancement in production capacity, supported by the new
manufacturing unit.

* Large working capital requirement:  Gross current assets (GCAs)
were at 100-290 days in the past three fiscals, driven by
receivables of 50-65 days, moderate inventory of 4-80 days and
security deposit (5-25% of project value) with the government
department for tenders. Working capital requirement will remain
large, with GCAs estimated at 166 days as on March 31, 2020, driven
by receivables of 50 days and inventory of 30 days. The firm will
continue to maintain sizeable security deposit over the medium
term.

Strength

* Extensive industry experience of the proprietor: The proprietor
has extensive experience in the iron and steel trading industry,
which has helped him establish and maintain long-term relationships
with customers and get repeat orders.

Liquidity Poor

Expected cash accrual of INR0-50 lakh per fiscal will not be
sufficient to cover the debt obligation of INR0.90-1.30 crore in
each fiscal over the medium term. Bank limit utilisation was high
at 86% on average for the 12 months through May 2020, because of
large working capital requirement. However, proprietor and related
parties will continue to provide support in the form of unsecured
loans.

Outlook: Stable

CRISIL believes ATM will continue to benefit from the extensive
experience of its promoters in the steel and iron trading
business.

Rating Sensitivity Factors

Upward factors
* Improvement in liquidity supported by increase in cash accrual to
more than INR2 crore
* Steady improvement in turnover
* Better working capital management.

Downward factors
* GCAs increasing to more than 180 days
* Substantial decline in turnover post the pandemic
* Further weakening of the financial risk profile and liquidity.

ATM is a proprietorship firm set up in 1995 by Mr Ankur Agarwal in
Lucknow, Uttar Pradesh. The firm manufactures stainless steel (SS)
railings and SS gates on jobwork basis and trades in SS pipes and
sheets. It is also engaged in setting up commercial kitchens,
mainly for government departments.

DR WIESNER TEST: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Dr. Wiesner Test & Automation Systems Private Limited
        No. 147, 6th Main, 3rd Cross
        Industrial Suburb, 2nd Stage
        Yeshwanthpur Industrial Layout
        Tumkur Road Bangalore
        Karnataka 560022

Insolvency Commencement Date: March 17, 2020

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: September 13, 2020

Insolvency professional: Mr. Addanki Haresh

Interim Resolution
Professional:            Mr. Addanki Haresh
                         No. 36/1, 2nd Floor
                         Munivenkatappa Complex
                         Bellary Road, Ganganagar
                         Bangalore 560032
                         E-mail: ipdrwiesner@gmail.com

Last date for
submission of claims:    July 14, 2020


JAYANTH COTTON: CRISIL Reaffirms B Rating on INR11cr Loans
----------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term
bank facility of Jayanth Cotton Industries (JCI).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6          CRISIL B/Stable (Reaffirmed)
   Long Term Loan        5          CRISIL B/Stable (Reaffirmed)

The rating reflects the firm's modest scale of operations in the
intensely competitive cotton ginning industry and susceptibility to
volatile raw material prices and unfavorable regulations. These
weaknesses are partially offset by the extensive experience of the
partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in the intensely competitive cotton
ginning industry:  JCI's scale of operations is modest, as
reflected in net sales of INR65.43 crore during fiscal 2020,
limiting benefits from economies of scale available to larger
players. Intense competition may continue to constrain
scalability.

* Susceptibility to volatile raw material prices and unfavorable
regulations:  The operating margin of cotton ginners such as JCI is
susceptible to changes in cotton prices. Raw cotton is the major
raw material accounting for about 90-95% of the production cost.
Cotton prices have been highly volatile and are expected to remain
so, thereby exposing the firm to price risk. Cotton prices are
volatile because they are dependent on the monsoon, and are also
affected by international demand. So, any adverse movement in
cotton prices can negatively impact profitability. Also any abrupt
change in regulation can impact market prices and profitability of
players in the cotton value chain, including ginners.

* Moderate capital structure:  Modest networth and total outside
liabilities to adjusted networth ratio of INR4.03crore and 2.28
times, respectively, estimated as on March 31, 2020, reflect the
moderate capital structure.

Strength:

* Extensive experience of the partners:  JCI partners has been in
the cotton industry for about decade now, which provides an
extensive industry experience. Over the medium term, JCI will
benefit from the partners' extensive industry experience and their
understanding of the dynamics of the local market and established
relationship with farmers and customers.

Liquidity Stretched
Cash accrual, expected at INR0.60 crore should be adequate to cover
term debt obligation of INR0.31 crore in FY2021. Bank limit
utilisation was moderate at 80% on average in the 12 months through
April 2020. Current ratio was low at 1.14 times as on March 31,
2020.

Outlook: Stable

CRISIL believes JCI will continue to benefit over the medium term
from the experience of its partners in the cotton industry.

Rating Sensitivity factors

Upward factor
* Sustained improvement in operating margin by over 100 basis
points resulting in more-than-expected net cash accrual.
* Improvement in financial risk profile

Downward factor
* Decline in scale of operations leading to fall in revenue by 15%
or decline in profitability below 3 % resulting in lower-than
expected net cash accrual.
* Increase in working capital requirements weakening the financial
risk profile.

Set up in 2015, JCI gins and presses raw cotton into cotton bales
and seeds for sale in Andhra Pradesh, Tamil Nadu, Gujarat,
Maharashtra and Haryana. The unit at Adhoni, Andhra Pradesh, has a
capacity of 250 bales per day. Mr. Sridhar Reddy, Mr. Rajender
Kumar Reddy and Mr. Surya Pratap Reddy are the partners.

MAHAKAL AGRO: CRISIL Migrates B+ Debt Ratings to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Mahakal Agro
Foods Private Limited (MAFPL) to 'CRISIL B+/Stable Issuer not
cooperating'.
                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Term Loan     14        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Working
   Capital Facility        8        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with MAFPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution 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 MAFPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on MAFPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

MAFPL was incorporated in 2018 by Mr. Amit Gupta and family
members. Promoters have interest in other entities engaged in same
line of business. It is setting up a rice mill with capacity of
5,400 metric tonnes per annum in Gwalior, Madhya Pradesh. It is
expected to commence operations from September, 2019.

NAGARWALA ENTERPRISES: CRISIL Moves B+ Debt Rating to Not Coop
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nagarwala
Enterprises (NE) to 'CRISIL B+/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NE for obtaining
information through letters and emails dated April 29, 2020 and May
29, 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 NE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NE is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Incorporated in 1980, NE is a partnership concern. Firm is promoted
by Mr. Narendra Nagarwala. The firm is engaged into ginning and
pressing of the raw cotton and crushing of cotton seeds and factory
is situated in Wani, Maharashtra.

NAMASTE EXPORTS: CRISIL Reaffirms B- Rating on INR4.5cr Loan
------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B-/Stable/CRISIL A4' ratings on
bank facilities of Namaste Exports Limited (NEL).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing
   Credit                4.5        CRISIL B-/Stable (Reaffirmed)

   Foreign Bill
   Discounting           2.0        CRISIL B-/Stable (Reaffirmed)

   Letter of Credit      1.0        CRISIL B-/Stable (Reaffirmed)

   Proposed Working
   Capital Facility      5.5        CRISIL B-/Stable (Reaffirmed)

The ratings continue to reflect weak operating performance and poor
debt protection metrics. The rating also constrained by small scale
of operations in highly fragmented industry for leather garments
export and susceptibility of margins to adverse movement in forex
rates. These weaknesses are mitigated by promoters' extensive
experience in this line of business.

Key Rating Drivers & Detailed Description

Weakness:

* Weak operating performance and financial risk profile:  NEL's
weak operating performance is reflected in the company's limited
pricing power and also, owing to relatively high fixed costs.
Continues cash losses by the company resulting in erosion in its
net worth base. NEL's net worth is estimated to have reduced to
INR3.26 cr as on 31st March 2020 from INR4.87 crores as at March
31, 2019. Consequently, NEL is expected to report the high gearing
of over 2 times over the medium term.

* The small scale of operations in a highly fragmented industry for
leather garments export:  NEL has a small scale of operations, as
reflected in its estimated revenues of appx INR30.0 crore in fiscal
2020. The operations are expected to be impacted in the first
quarter of fiscal 2021 due to Covid led lockdown. Additionally, the
overseas market is highly competitive due to competition from other
players across the globe as well as from domestic players.

* Susceptibility of margins to adverse movement in foreign exchange
(forex) rates:  About 95% of the company's sales are from exports.
The company hedges 50% of its export receivables through forward
contracts, while the balance remains uncovered exposing the company
to forex fluctuation risk.

Strengths:

* Promoters' extensive experience in the leather industry:  The
promoters have been in this line of business for over 3 decades and
have built long-standing relationships with several customers.

Liquidity Poor
Liquidity is poor marked by cash losses. The company does not have
long term repayment obligations, however fund base limits were
utilized at more than 80 per cent during the 12-month period ended
Jan 2020.

Outlook: Stable

CRISIL believes NEL will continue to benefit from the extensive
experience of its promoters and established relationships with key
suppliers and customers.

Rating Sensitivity factors

Upward factors:

* Sustained improvement in scale of operations by 25% and
break-even at operating margin level, leading to higher cash
accruals

* Sustainable improvement in financial risk profile and working
capital management.

Downward factors:

* Decline in operating profitability by over 200 basis point

* Substantial increase in its working capital requirements unless
promoters capital infusion.

Established in 1988 by Mrs. Madhura Bhat, NEL is engaged in the
manufacture and exports of leather garments. About 95% of total
turnover is from exports to countries including Italy, Spain,
France, US, Canada. The company sells its products to famous
fashion brands including Bugatti, Spengler, Milestone, and Tommy
Hilfiger.

OSWAL OVERSEAS: CRISIL Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Oswal
Overseas Limited (OOL) continues to remain in the 'Issuer Not
Cooperating' category.

                     Amount
   Facilities     (INR Crore)   Ratings
   ----------     -----------   -------
   Bank Guarantee     0.2       CRISIL D (ISSUER NOT COOPERATING)

   Cash Credit        5.0       CRISIL D (ISSUER NOT COOPERATING)

   Proposed Cash
   Credit Limit       3.18      CRISIL D (ISSUER NOT COOPERATING)

   Term Loan          7.62      CRISIL D (ISSUER NOT COOPERATING)

   Working Capital
   Term Loan          5         CRISIL D (ISSUER NOT COOPERATING)

CRISIL has been consistently following up with OOL 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 OOL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on OOL is consistent
with 'Scenario 4' outlined in the 'Framework for Assessing
Consistency of Information'.

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

Furthermore, the company has not paid the fee for conducting rating
surveillance as agreed to in the rating agreement.

OOL, incorporated in 1984, was promoted by the late Mr. Manjeet
Singh and his brother Mr. Paramjeet Singh. It manufactures sugar
(more than 90% of revenue) and steel ingots. Its manufacturing unit
in Bareilly has crushing capacity of 3500 tonne per day. Mr.
Paramjeet Singh manages the company's operations.

PALLAVA GRANITE: CRISIL Raises Rating on INR4cr Loan From D
-----------------------------------------------------------
CRISIL has upgraded the rating of Pallava Granite Industries
Chennai Private Limited (PGICPL) to 'CRISIL B-/Stable' from 'CRISIL
D'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee         1        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')


   Export Packing
   Credit                 4        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Letter of Credit       1        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

   Proposed Long Term
   Bank Loan Facility     2        CRISIL B-/Stable (Upgraded
                                   from 'CRISIL D')

The upgrade reflects timely servicing of debt obligation over the
last 6 months supported by improvement in liquidity.

The rating reflects Pallava Granite group's
working-capital-intensive operations and average financial risk
profile. This rating weaknesses are partially offset by the
extensive experience of the promoters in the granite industry.

Analytical Approach

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of Pallava Granite Industries India Private
Limited (PGIIPL), PGICPL and Pallava RED Granite Pvt Ltd (PGPL).
This is because all these entities, collectively referred to as the
Pallava group, are in a similar line of business and managed by the
same promoter, and have significant operational linkages.

Key Rating Drivers & Detailed Description

Weakness:

* Working capital intensive operations: Operations are working
capital intensive as reflected by estimated gross current asset
days of over 600 days as on March 31, 2020. This was majorly on
account of high inventory and debtors.

* Average Financial risk profile: Groups financial risk is average
marked by estimated gearing of negative in fiscal 2020.TOL/TNW is
expected to be high and interest coverage ratio is estimated at 0.5
times in near fiscal. Given the COVID-19 and subsequent slowdown,
the financial risk is expected to be average in near term.

Strength:

* Extensive experience of group's promoters in the granite
industry: Pallava group's promoter, Mr. Subba Reddy, has over three
decades of experience in the granite industry. The promoter also
operates owned quarries in Tamil Nadu and Andhra Pradesh, which
cater to the majority of the group's raw material requirements.

Liquidity Stretched
Bank limits have been moderately utilized at above 80% for the year
ended March 2020. The group's annual cash accruals would be
insufficient against maturing repayment obligation in INR2-3
crores. Unsecured loans and modest cash balance will support the
liquidity in near term. The firm current ratio is estimated at less
than 1 time as on March 2020.The firm has availed moratorium on
interest from bank.

Outlook: Stable

CRISIL believes pallava granite group will continue to benefit over
the medium term from the partner's extensive industry experience.

Rating Sensitivity Factor

Upward Factor
* Sustained increase in accretions resulting in improvement in
financial risk profile
* Improvement in working capital cycle with Gross current Asset
Days of less than 300.

Downward Factor
* Further stretch in working capital cycle and deterioration in
liquidity
* Decline in the revenues by 30%.

The Pallava group processes and exports granite; its day-to-day
operations are managed Mr. Subba Reddy. PGPL and PGICPL were set up
in 1983 and PGIPL in 1989. The group is based in Chennai.

PKP PROCESSORS: CRISIL Migrates D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of PKP Processors
(PKP) to 'CRISIL D Issuer not cooperating'.

                    Amount
   Facilities    (INR Crore)    Ratings
   ----------    -----------    -------
   Cash Credit        9.1       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

   Proposed Long
   Term Bank Loan
   Facility           2.9       CRISIL D (ISSUER NOT COOPERATING;
                                Rating Migrated)

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

CRISIL has been consistently following up with PKP for obtaining
information through letters and emails dated April 29, 2020 and May
29, 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 PKP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PKP is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

Set up in, 1996, PKP Processors (PKP) is engaged in dyeing of
fabric and yarn on job work basis. The firm is managed by four
partners Mr. P. Subramanian, Mr. Sathish Kumar, Mr.Vinod Kumar and
Mr. Prem Kumar.


PLAZMA GRANITO: CRISIL Hikes Rating on INR20cr Term Loan to B+
--------------------------------------------------------------
CRISIL has upgraded its rating on the long term bank facilities of
Plazma Granito Private Limited (PGPL) to 'CRISIL B+/Stable' from
'CRISIL B/Stable' while reaffirming the short term rating at
'CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        2.5        CRISIL A4 (Reaffirmed)

   Cash Credit           7          CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

   Term Loan            20          CRISIL B+/Stable (Upgraded
                                    from 'CRISIL B/Stable')

The upgrade reflects improvement in company's business risk profile
on the back of steady growth in revenues and operating margins.
Company's revenues increased to INR38.91 Crore in fiscal 2020 from
INR26.03 Crore in fiscal 2019 along with operating margins
increasing to 20.08% in fiscal 2020 compared to 16.54% in fiscal
2019. The same was on the back of addition of new customers and
sales in export market. Improved operating performance is expected
to sustain over the medium term. Further, company's financial risk
profile has also improved. Networth stood at INR7.91 Crore as on
March 31, 2020 compared to INR6.89 Crore as on March 31, 2019. The
same is on the back of steady accretion to reserves and nil
dividend payout. Company's interest coverage ratio increased to
2.48 times in fiscal 2020 from 1.34 times in fiscal 2019. Improved
business and financial risk profile is expected to sustain over the
medium term.

The ratings continue to reflect the company's large working capital
requirement and exposure to intense competition. This weakness is
partially offset by the promoter's extensive industry experience
and improved profitability.

Analytical Approach
Unsecured loans amounting to INR5.74 Crore as on March 31, 2020
have been treated as neither debt nor equity due to track record of
non-withdrawal of the same.

Key Rating Drivers & Detailed Description

Weakness:
* Large working capital requirement: Working capital requirement is
large as indicated by estimated gross current assets which stood at
231 days as on March 31, 2020 driven by high receivables of 118
days and inventory of 107 days.

* Exposure to intense competitive pressure: The ceramic tiles
industry is highly fragmented, with the unorganised segment
accounting majority of the overall market share. Furthermore, PGPL
has to compete with reputed brands such as Kajaria, Nitco, Somani,
and Asian Granito, along with cheap imports from China.

Strengths:
* Extensive experience of the promoters: Benefits from
three-decade-long experience of the promoters, their strong
understanding of local market dynamics, and healthy relations with
customers and suppliers should continue to support the business.

* Improvement in profitability: Operating profit before interest,
depreciation, and tax increased to INR7.81 crore in fiscal 2020
(provisional) from INR4.30 crore in fiscal 2019, backed by an
increase in exports share and sale of premium products.

Liquidity Poor
PGPL has poor liquidity driven by highly utilised bank lines. PGPL
has access to fund based limits of INR7 Crore, utilized to the tune
of 97% on average for 12 months ended March 2020. Company is
expected to generate cash accruals in the range of INR4.00-4.50
crore per annum in fiscal 2021 and 2022 against repayment
obligation of INR3.36 Crore each for the same period. Current ratio
stood at 4.12 times as on March 31, 2020 along with unencumbered
cash and bank balance estimated at INR1.63 Crore as on March 31,
2020. The company does not have any significant debt funded capex
plans over the medium term.

Outlook: Stable

CRISIL believes PGPL will continue to benefit over the medium term
from the extensive experience of its promoters.

Rating Sensitivity factors

Upward Factor
* Improvement in revenues by 20% along with operating margins
sustaining at current levels
* Sustenance of financial risk profile at current levels

Downward Factor
* Decline in revenues by 20% or significant decline in operating
margins
* Larger than expected capital withdrawals or large debt funded
capex.

Incorporated in 2014, PGPL is based in Morbi, Gujarat. The company
manufactures vitrified tiles. Commercial operations began in March,
2017.

PLK MANUFACTURING: CRISIL Reaffirms B+ Rating on INR7.5cr Loan
--------------------------------------------------------------
CRISIL has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facility of PLK Manufacturing Unit (PLK).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL B+/Stable (Reaffirmed)

The rating continues to reflect the firm's weak financial risk
profile, and its modest scale amid intense competition and
susceptibility of operating margins to volatile gold prices. These
rating weaknesses are partially offset by the extensive experience
of the promoters in the gold jewellery industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: Revenue of INR45.03 crore estimated
in fiscal 2020, reflects the modest scale, restricting scalability,
and bargaining power against customers and suppliers, given the
intense competition in the industry with large number of players.
Moreover, with the ongoing pandemic, the demand for the gold
jewellery is estimated to remain sluggish, thus impacting the
business risk profile of small as well as large players in the gold
industry.

* Below-average financial risk profile: Capital structure is weak
marked with estimated low networth of INR3-3.10 crore as on March
31, 2020, gearing and total outside liabilities to adjusted
networth (TOLANW) ratio was estimated at 2.25 times and 2.26 times,
respectively as on March 31, 2020. Debt protection metrics were
subdued, with interest coverage and net cash accrual to adjusted
total debt (NCATD) ratios estimated at 1.5-1.6 times and 0.04-0.5
time, respectively, in fiscal 2020. With low operating margins and
low accretion to reserves, the financial risk profile is expected
to remain at similar level over the medium term.

* Susceptibility of operating margins to volatile gold prices: The
firm is exposed to risks related to volatility in gold prices. The
firm has maintained huge stock of gold jewellery historically and
thus operating profitability has been fluctuating over the last
three fiscals through fiscal 2020 in the range of 4.7 per cent in
fiscal 2018 to ~3.1 per cent in fiscal 2020.

Strength:
* Extensive experience of the promoters: The four-decade-long
experience of the partners in the gold jewellery business, and
their strong relationships with various customers, have helped the
firm establish its market position in Kerala.  This has resulted in
year-on-year growth in revenue from INR18.66 crore in fiscal 2017
to ~INR45.03 crore in fiscal 2020.

Liquidity Poor
Liquidity is marked by low cash accrual of INR0.1-0.3 crore
expected in fiscal 2021 and fiscal 2022, though against no maturing
debt. Bank limit of INR7 crore has been fully utilised for the 12
months ended March 31, 2020. Cash and bank balance stood at INR0.01
crore as on March 31, 2019.Improvement in cash accruals and timely
enhancement of bank lines to fund the working capital requirement
over the near term, shall remain key monitorable.

Outlook: Stable

CRISIL believes PLK will continue to benefit from the extensive
experience of its promoters in the gold jewellery industry.

Rating Sensitivity factors

Upward factors
* Steady growth in revenue, and higher operating margin, leading to
net cash accrual of over INR1 crore
* Improvement in debt protection metrics and capital structure,
backed by lower debt levels

Downward factors
* Stagnant business performance, due to weak demand, or reduction
in operating margin, or large capital withdrawals by the partners
leading to lower cash accrual
* Weakening of financial risk profile, with TOLANW exceeding 4
times

Set up in 2015, Kerala-based PLK manufactures gold ornaments. The
firm was set up by Mr. Jomy Varghese and Mr. Jimmy Varghese as a
partnership firm.

PODDAR CONSTRUCTION: CRISIL Moves B INR5cr Debt Rating to Not Coop.
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Poddar
Construction (PC) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Fund-        5         CRISIL B/Stable (ISSUER NOT
   Based Bank Limits               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with PC for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution 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 PC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on PC is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

A Kolkata-based firm, PC was established in 2000. The firm is a
real estate developer that primarily works on residential projects
in and around Kolkata. Managed by Mr. Aniket Poddar, it is focused
on executing LIG/MIG projects because of its low capital outlay and
better saleability. Since its inception, the group has completed 24
projects with construction area of about 2 lakh sqft.

RELIANCE COMM: NCLT Reserves Order vs. Anil Ambani in SBI Plea
--------------------------------------------------------------
The Economics Times reports that the insolvency court has reserved
its order on the plea filed by the State Bank of India against Anil
Ambani to recover over INR1,200 crore.

ET relates that the public sector lender had approached the
Mumbai-bench of the National Company Law Tribunal (NCLT) under
Section 97(3) of the Insolvency and Bankruptcy Code (IBC), seeking
its intervention to direct the insolvency board to nominate a
resolution professional (RP) to assess and submit a report on the
assets owned by Mr. Ambani.

On June 30, a division bench of a judicial member Mohammed Ajmal
and a technical member Ravikumar Duraisamy had reserved its order
after hearing both the sides.

Senior counsel Venkatesh Dhond along with Ryan Dsouza is
representing SBI, while Anil Ambani is represented by senior
advocate Harish Salve, ET notes.

According to ET, the public sector lender had moved the insolvency
court to recover more than INR1,200 crore under the personal
guarantee clause of the bankruptcy law. The lender had said Mr.
Ambani had personally guaranteed loans taken by Reliance
Communications, currently undergoing insolvency proceedings, which
the state-owned lender is trying to recover.

"As regards the proceedings filed by SBI, this also does not relate
to any personal borrowing but arose out of a guarantee given for a
loan which was availed by Reliance Communications and Reliance
Infratel, way back in 2016 to repay the debts of Chinese and
certain other Indian Banks," said Anil Ambani on June 23, during
the AGM of one of the Reliance ADA Group Companies, ET relays.

"Upon the resolution of RCOM and RITL's debt as per their
Resolution Plans filed before NCLT, a significant proportion, if
not the whole, of the said debts will stand discharged and all
these matters satisfactorily resolved," he further added.

Recently, in March, the SBI board had approved a resolution plan
for Reliance Communications in March that envisaged lenders
recovering around INR23,000 crore of their money, entailing a
haircut of nearly 50%. RCom owes nearly INR5,000 crore to SBI.

RCom filed for bankruptcy last year after which its secured debt
was estimated at around INR33,000 crore while lenders submitted
claims of around INR49,000 crore in August 2019.

                    About Reliance Communications

Based in Mumbai, India, Reliance Communications Ltd is a
telecommunications service provider. The Company operates through
two segments: India Operations and Global Operations. India
operations segment comprises wireless telecommunications services
to retail customers through global system for mobile communication
(GSM) technology-based networks across India; voice, long distance
services and broadband access to enterprise customers; managed
Internet data center services, and direct-to-home (DTH) business.
Global operations comprise Carrier, Enterprise and Consumer
Business units. It provides carrier's carrier voice, carrier's
carrier bandwidth, enterprise data and consumer voice services. The
Company owns and operates Internet protocol (IP) enabled
connectivity infrastructure, comprising over 280,000 kilometers of
fiber optic cable systems in India, the United States, Europe,
Middle East and the Asia Pacific region.  

As reported in the Troubled Company Reporter-Asia Pacific on May
10, 2019, The Economic Times said the National Company Law Tribunal
on May 9 allowed Reliance Communications (RCom) to exclude the 357
days spent in litigation and admitted it for insolvency.  With
this, RCom, which owes over INR50,000 crore to banks, has become
the first Anil Ambani group company to be officially declared
bankrupt after the NCLT on May 9 superseded its board and appointed
a new resolution professional to run it and also allowed the
SBI-led consortium of 31 banks to form a committee of creditors.


SHIRDI SAI: CRISIL Moves D Ratings from Not Cooperating Category
----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with the Securities
and Exchange Board of India guidelines, had migrated its ratings on
the bank facilities of Shirdi Sai Electricals Ltd (SSEL) to 'CRISIL
D/CRISIL D Issuer Not Cooperating'. However, the management has
subsequently started sharing the requisite information necessary
for carrying out a comprehensive review of the ratings.
Consequently, CRISIL is migrating its ratings to 'CRISIL D/CRISIL
D' from 'CRISIL D/CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         512       CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING')

   Cash Credit             78       CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING')

   Cash Credit/            30       CRISIL D (Migrated from
   Overdraft facility               'CRISIL D ISSUER NOT
                                    COOPERATING')

   Letter of Credit       147       CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING')

   Proposed Long Term      28       CRISIL D (Migrated from
   Bank Loan Facility               'CRISIL D ISSUER NOT
                                    COOPERATING')

The ratings factor in the company's poor liquidity driven by
working capital-intense operations, and exposure to geographical
concentration in revenue. However, the company benefits from its
established market position in the transformer manufacturing and
engineering, procurement, and construction (EPC) contracts
business, and healthy order book.

Key Rating Drivers & Detailed Description

Weaknesses

* Working capital intensive operations:  Operations are likely to
remain working capital intensive over the medium term because of
tender-based business, resulting in significant funding requirement
towards security deposits and margin money for bank guarantees and
letters of credit. Gross current assets were estimated to be high
at 186 days primarily because of stretched receivables and sizeable
inventory of 125 days and 62 days, respectively, as on March 31,
2020. Moreover, about 75% of the receivables (including withheld
and retention money) is outstanding for over 6 months as of May
2020.

* Geographical concentration in revenue:  Revenue is mainly derived
from Bihar and Andhra Pradesh; about 80-90% of the current orders
are from these states. Any delay in project execution or disputes,
or other events in these regions can affect cash flows from
customers.

Strength
* Established market position:  The company has been undertaking
EPC contracts since 1999, resulting in an established market
position in this business backed by strong execution capability,
healthy relationships with customers, and robust order book (Rs
1,564 crore as on April 1, 2020). It also benefits from the
technological tie-up with Metglas Inc for manufacturing amorphous
core-based transformers.

Liquidity Poor
Liquidity is expected to remain poor over the medium term because
of working capital-intensive operations mainly due to stretched
receivables. Bank limits were extensively utilized due to large
working capital requirements. There is no irregularity in the
working capital facilities for more than 120 days as on date;
however timely realisation of receivables from discoms will remain
critical for sustaining the improved liquidity profile and the
current rating factors in potential default in case of delay in
realization of receivables from discoms.

Rating Sensitivity Factors

Upward factors
* Timely debt servicing for more than 3 months with sustained
improvement in liquidity profile
* Any large equity infusion improving liquidity.

SSEL was set up in 1994 as a partnership firm by Mr. N Visweswara
Reddy and his family members. It was reconstituted as a private
limited company and then as a closely held public limited company
in 2010.

SSEL designs and manufactures distribution transformers and
executes EPC contracts, primarily distribution system improvement
projects. The company has a technology licence from Metglas Inc (a
wholly owned subsidiary of Hitachi Metals America Ltd, the world's
leading producer of amorphous metal ribbon) for technology transfer
and supply of material to manufacture amorphous metal-based core
distribution transformers.

SSEL focuses on projects funded by Central government and
international agencies. Its manufacturing plant is in Kadapa,
Andhra Pradesh.

SILVER PROTEINS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Silver Proteins Private Limited

        Registered office:
        C/o Kiran Oil Mill
        Bedi Road, Develiya Chali
        Jamnagar, Gujarat 361008

        Principal office:
        Opp. Wind Mill Godown
        Bedi Bander Road
        Bedeshwar Road
        Jamnagar 361002

Insolvency Commencement Date: July 2, 2020

Court: National Company Law Tribunal, Ahmedabad (Gujarat) Bench

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

Insolvency professional: Mr. Shalabh Kumar Daga

Interim Resolution
Professional:            Mr. Shalabh Kumar Daga
                         Insolvency Professional
                         405, Atlantis Enclave
                         Above Dinner Bell Restaurant
                         Subhash Chowk, Gurukul Memnagar
                         Ahmedabad 380052
                         Gujarat, India
                         E-mail: jlnus.ahd@gmail.com
                                 silver.cirp@gmail.com

Last date for
submission of claims:    July 16, 2020


SOMISETTY RICE: CRISIL Assigns B Rating to INR4.95cr Loan
---------------------------------------------------------
CRISIL has assigned its 'CRISIL B/Stable' rating to the bank
facilities of Somisetty Rice Industries (SRI).

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.95       CRISIL B/Stable (Assigned)

   Proposed Long Term
   Bank Loan Facility    4.05       CRISIL B/Stable (Assigned)

The rating reflects SRI's modest scale of operations and
vulnerability to volatility in raw material prices and changes in
government regulations. These weaknesses are partially offset by
extensive industry experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations: SRI's modest scale, indicated by
expected operating income of INR22.23 crore for fiscal 2020.
Furthermore, the rice processing industry is highly fragmented and
competitive, with large number of small and medium players.

* Vulnerability to volatility in raw material prices and changes in
government regulations: Vulnerability of the paddy to the vagaries
of the rainfall can lead to fluctuations in availability and prices
of paddy, and thus could impact the business risk profile.
Moreover, it will continue to remain exposed to government
regulations in terms of prices of agro commodities, export/ import
restrictions etc.

Strength:
* Extensive industry experience of the partners: The partners have
an experience of over 20 years in Rice processing industry. This
has given them an understanding of the dynamics of the market, and
enabled them to establish relationships with suppliers and
customers.

Liquidity Stretched
Bank limit utilization is high at around 95.35 percent for the past
twelve months ended Apr-2020. Cash accruals are expected to be over
INR0.30 crore against no repayment obligations.

Outlook: Stable

CRISIL believe SRI will continue to benefit from the extensive
experience of its partners, and established relationships with
clients.

Rating Sensitivity Factor

Upward factor
* Scale of operations above INR30 Cr while operating profitability
is sustained above 3.5 %
* Improvement in financial risk profile

Downward factor
* Decline in interest cover below 1.5 times
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

SRI was established on 2010 as a partnership firm by Somisetty
Dilip Kumar and Somisetty Venkata Narasimhulu and his family in
Nellore, Andhra Pradesh. Firm is engaged into processing of rice.

SONA ALLOYS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Sona Alloys Private Limited
        4th Floor, Medi Max House
        Opp. Karnavati Hospital
        Ellisbridge
        Ahmedabad 380006
        Gujarat

Insolvency Commencement Date: June 25, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Jagdishchandra Babulal Mistri

Interim Resolution
Professional:            Jagdishchandra Babulal Mistri
                         Bungalow No. 2
                         New Uday Park Society, Part II
                         Opp. Chandrapuri Apartment
                         B/h Sarkari Vasahat
                         Vastraspur Ahemdabad 380052
                         Gujarat
                         E-mail: jbmistri@yahoo.com
                                 cirp.sona@gmail.com

Last date for
submission of claims:    July 9, 2020


SUPREME MANOR: CRISIL Migrates D Rating to Not Cooperating
----------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Supreme Manor
Wada Bhiwandi Infrastructure Pvt Ltd (SMWBIPL) to 'CRISIL D/Stable
Issuer not cooperating'.

                     Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan            377      CRISIL D (ISSUER NOT
                                 COOPERATING; Rating Migrated)

CRISIL has been consistently following up with SMWBIPL through
letters and emails (from April 15 to June 11, 2020) for getting
information. However, the issuer has continued to be
non-cooperative. This has led to CRISIL undertaking rating
surveillance with the best available information.

'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 company's management,
CRISIL has not received any information on either the financial
performance or strategic intent of SMWBIPL. This restricts CRISIL's
ability to take a forward-looking view on the entity's credit
quality. CRISIL believes the information available for SMWBIPL is
consistent with 'Scenario 1' outlined in the 'Assessing information
adequacy risk' criteria.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated its rating on the
long-term bank facility and non convertible debenture of SMWBIPL to
'CRISIL D Issuer Not Cooperating'. The rating remains in the
'CRISIL D' category given the continued delay by the company in
debt servicing and its bank account being a non-performing asset.

SMWBIPL was incorporated as a special-purpose vehicle for
four-laning of the 54.32 km Manor-Wada section of State Highway
(SH)-34 and the 40.07 km Wada-Bhiwandi section of SH-35 in Thane,
Maharashtra, on a build, operate and transfer (toll) basis. The
scope of work includes widening of the existing 94.39 km two-lane
stretch and its improvement, operation and maintenance.

SUTARIYA GEMS: CRISIL Reaffirms B+ Rating on INR10cr Cash Debt
--------------------------------------------------------------
CRISIL has reaffirmed its rating on the long term bank facilities
of Sutariya Gems Private Limited (SGPL) at 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10         CRISIL B+/Stable (Reaffirmed)
   Long Term Loan        10.1       CRISIL B+/Stable (Reaffirmed)
   Proposed Long Term
   Bank Loan Facility     5.9       CRISIL B+/Stable (Reaffirmed)

The rating reflects SGPL's average financial risk profile, large
working capital requirements along with susceptibility to volatile
diamond prices amidst intense competition leading to moderate
operating profit margins. These weaknesses are partially offset by
established presence in the diamond industry backed by the
promoters' extensive experience

CRISIL has also taken into cognizance, moratorium being granted by
the bankers on the term loan repayments and interest on cash credit
facilities till August 31, 2020, as permitted by the Reserve Bank
of India (RBI), which should significantly contain the risk of
default. CRISIL believes although elongated, the company would see
a steady inflow of receivables from its customers, over the medium
term and would also be able to partially revive its export
operations over the next two-three months.

Analytical Approach

Unsecured loans
The company has unsecured loans of INR11.29 crore as of March 31,
2019, brought in by the promoters. The interest rate charged on
this USL is 9% p.a. This USL are subordinated to the bank
facilities. CRISIL has treated the USL as Neither Debt nor Equity.

Preference Share Capital
2% Preference shares of INR1.25 crores were introduced by the
promoters in 2009 at a premium of INR11.25 crores. The preference
shares are treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Comfortable financial risk profile:  Networth has been moderate
at INR14.35 crore as on March 31, 2019, with high total outside
liabilities to adjusted net worth ratio of 6.40 times. Also,
interest coverage and net cash accrual to adjusted debt ratios were
at 1.42 times and 0.03 time, respectively, in fiscal 2019.
Financial risk profile should remain average over the medium term.

* Large working capital requirements:  Operations have been working
capital intensive, with gross current assets, inventory, and
receivables at 288 days, 113 days, and 178 days, respectively, as
on March 31, 2019. Working capital intensity is expected to
increase over the medium term.

* Susceptibility to volatile diamond prices amidst intense
competition and sluggish global demand resulting in moderate
operating profit margins: The diamond industry is highly fragmented
because of low entry barriers on account of relatively low capital
and technology requirements, attracting numerous un-organised
players across the country. SGPL is also exposed to risks related
to volatility in diamond prices. The company maintains inventory of
rough and polished diamonds of which rough diamonds are usually
procured from the international market. This makes the company
vulnerable to fluctuation in diamond prices and with relatively
limited value addition operating profitability has been moderate at
around 4% to 4.5% over the last three fiscals through 2019.

Strengths:
* Established market presence backed by experience of promoters:
Supported by extensive experience of the promoters, SGPL has
established its position in domestic and international cut and
polished diamond markets for around three decades. The promoters
have maintained longstanding relations with customers while
successfully navigating through several business cycles over the
years.

Liquidity Stretched
SGPL's liquidity position is getting stretched amidst sluggish
demand across key global markets which has resulted in inventory
glut and elongation in receivables. Accordingly, the bank limits
were almost fully utilized. The company has long term repayment
obligation of around INR1.15 crore per annum. The liquidity is
partially supported by, moratorium granted by the bankers on the
term loan repayments and interest on cash credit facilities till
August 31, 2020, as permitted by the Reserve Bank of India (RBI)
along with funding support in the form unsecured loans extended by
the promoters to the tune of INR11.29 crore as on March 31, 2019.
This funding support is expected to continue over the medium term.

Outlook: Stable

CRISIL believes that SGPL will maintain its established position in
the diamond industry over the medium term, supported by its
promoters' extensive industry experience and its established
relations with its customers.

Rating Sensitivity factors

Upward Factors:
* Improvement in financial risk profile with TOLANW below 2 times
* Significant improvement in net cash accruals through improved
scale of operations or improvement in profitability along with
geographical diversification

Downward Factors:
* Decline in operating profitability or stretch in working capital
cycle with GCA stretching beyond 320 days
* Large dividend payouts resulting in cash accruals and net worth
being lower than CRISIL's expectations
* Significant deterioration in debt protection metrics or capital
structure

SGPL was set up in 1986 as a partnership firm- Sutaria Brothers,
and was reconstituted as a private limited company in 2009. SGPL is
engaged in cutting and polishing of diamonds. The company is
headquartered in Mumbai (Maharashtra) and its processing facilities
are located in Surat (Gujarat).

V2 RETAIL LIMITED: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: V2 Retail Limited

        Registered and Principal address:
        Khasra No. 928
        Extended Lal Dobra
        Abadi Village Kapashera
        Tehsil VasantVihar
        New Delhi, South West
        Delhi 110037

Insolvency Commencement Date: June 25, 2020

Court: National Company Law Tribunal, New Delhi Bench

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

Insolvency professional: Amit Gupta

Interim Resolution
Professional:            Amit Gupta
                         B-12, Basement
                         MurliBhawan, 10-A
                         Ashok Marg
                         Lucknow 226001
                         U.P.
                         E-mail: amitguptacs@gmail.com

                            - and -

                         C-17, Vinay Nagar
                         Krishna Nagar
                         Lucknow 226023
                         Uttar Pradesh
                         India
                         E-mail: cirp.v2retail@gmail.com
                         Tel: 7905798954

Last date for
submission of claims:    July 13, 2020


VASAN HEALTHCARE: Claims Delay Insolvency Process
-------------------------------------------------
The Hindu reports that the insolvency process of Vasan Healthcare
Pvt. Ltd. has been hit by a slew of parties making claims and delay
in deciding the voting pattern of committee of lenders, according
to sources.

In 2017, the National Company Law Tribunal (NCLT), Chennai, had
ordered commencement of insolvency proceedings against Vasan
Healthcare, in a petition filed by Alcon Laboratories (India) Pvt.
Ltd., one of its suppliers, the Hindu recalls. Later the
proceedings were stayed by a single judge of Madras High Court.
Nearly two years later, in October 2019, the Division Bench had
vacated the stay and the case was back at NCLT.

The Hindu relates that the insolvency proceedings would be long
drawn proceeds with extension of time frame likely to be sought,
according to sources.

The NCLT has given an order that any decision taken by the
committee of lenders would depend on the voting rights which has to
be determined, the report says.

Meanwhile, 10 unsecured creditors who have lent money to the Vasan
Healthcare, on June 30 moved an application in NCLT, seeking that
all their claims be included and they be treated as financial
creditors.

So far, financial creditors including Andhra Bank, Edelweiss Asset
Reconstruction, Kotak Mahindra Bank, HDFC Bank among others have a
claim totalling INR1,268 crore against the company, the report
discloses.

Vasan Health Care Private Limited provides health care services.
The Company serves patients in India.

VIPIN BROTHERS: CRISIL Migrates B INR10cr Debt Rating to Not Coop.
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vipin Brothers
(VB) to 'CRISIL B/Stable Issuer not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Warehouse Receipts      10       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with VB for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution 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 VB, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VB is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' rating category or
lower'.

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

CRISIL has combined the business and financial risk profiles of VB
with group concerns ' Vipin Kumar Nitin Kumar and Om & Company.
This is because these entities, collectively referred to as the
Vipin group, are in the same line of business and have financial
linkages.

The Vipin group, established in Ganganagar, Rajasthan, trades in
agro-commodities. Mrs Kamini Devi, her husband Mr. Shamlal and
their son Mr. Vipin Kumar are the promoters.

VIPIN KUMAR: CRISIL Migrates B INR10cr Debt Rating to Not Coop.
---------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Vipin Kumar
Nitin Kumar (VKNK) to 'CRISIL B/Stable Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Warehouse Receipts    10       CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Migrated)

CRISIL has been consistently following up VKNK for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution 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 VKNK, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on VKNK is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

CRISIL has combined the business and financial risk profiles of
VKNK with group concerns ' Vipin Brothers and Om & Company. This is
because these entities, collectively referred to as the Vipin
group, are in the same line of business and have financial
linkages.

The Vipin group, established in Ganganagar, Rajasthan, trades in
agro-commodities. Mrs Kamini Devi, her husband Mr. Shamlal and
their son Mr. Vipin Kumar are the promoters.

YOUVAAKSHI REFINERIES: CRISIL Moves B Debt Rating to Not Coop.
--------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvaakshi
Refineries India Private Limited (YRIPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Cash          60       CRISIL B/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with YRIPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution 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 YRIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YRIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of YRIPL with Kadapa Oils Complex India Pvt
Ltd (KOCIPL) and SGK Flours and Oils Pvt Ltd (SGK). This is because
the three entities, collectively referred to as the Youvaakshi
refineries group, are expected to be in the same line of business
with significant business linkages, have a common management, and
fungible cash flows.

Incorporated in 2015, YRIPL is planning to acquire an edible oil
refinery of 200 tpd capacity based out of Kadapa, Andhra Pradesh.
Currently it is into trading of edible oil.

KOCIPL, incorporated in 2017, is engaged in trading of crude edible
oils such as palm oil, sunflower, rice bran, soya and groundnut.

SGK, incorporated in 2017, is engaged in trading of refined edible
oils such as palm oil, sunflower, rice bran, soya and groundnut.

YOUVAKKSHI MARKETING: CRISIL Moves B Debt Rating to Not Cooperating
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakkshi
Marketing India Private Limited (YMIPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                        Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       15      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with YMIPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution 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 YMIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YMIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2015, YMIPL is into production of mineral water in
the name of 'Youvakshi' and trading of food products like rice,
spices, red chillies, spices, onion, ginger etc. It is promoted by
Mr. Gummadi Venkateswerllu.

YOUVAKSHHII DIGITAL: CRISIL Moves B INR30cr Debt Rating to Not Coop
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakshhii
Digital India Private Limited (YDIPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                         Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       30      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with YDIPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution 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 YDIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YDIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2015, YDIPL is into online trading of electronic
goods. It is promoted by Mr. Gummadi Venkateswerllu.

YOUVAKSHI EXPORTS: CRISIL Moves B INR15cr Debt Rating to Not Coop.
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakshi
Exports And Iimports India Private Limited (YEIPL) to 'CRISIL
B/Stable Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      15       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with YEIPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution 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 YEIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YEIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2015, YEIPL is into trading of edible oil. It
imports palm oil and trades in domestic market. It is promoted by
Mr. Gummadi Venkateswerllu.

YOUVAKSHI GODOWNS: CRISIL Moves B INR30cr Debt Rating to Not Coop.
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakshi
Godowns India Private Limited (YGIPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Cash          30        CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Rating Migrated)

CRISIL has been consistently following up with YGIPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution 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 YGIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YGIPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in January 2019, YGIPL is expected to be engaged
distribution of food products and providing warehousing facility to
regional farmers/traders in Telangana and Andhra Pradesh. It is
promoted by Mr. Gummadi Venkateswerllu. Operations are expected to
commence in FY20.

YOUVAKSHI INFRA: CRISIL Migrates B INR25cr Debt Rating to Not Coop.
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakshi
Infra Projects Private Limited (YIPPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      25       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with YIPPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution 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 YIPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YIPPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2017, YIPPL is into trading of infra related
products like steel, cement, aluminum etc. It is promoted by Mr.
Gummadi Venkateswerllu. Operations are expected to commence in
FY20.

YOUVAKSHI NEWS: CRISIL Migrates B Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakshi News
Broadcasting India Private Limited (YNBPL) to 'CRISIL B/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)   Ratings
   ----------       -----------   -------
   Proposed Cash          15      CRISIL B/Stable (ISSUER NOT
   Credit Limit                   COOPERATING; Rating Migrated)

   Proposed Long Term     15      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility             COOPERATING; Rating Migrated)

CRISIL has been consistently following up with YNBPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution 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 YNBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YNBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in January 2019, YNBPL is expected to be engaged in
news broadcasting under the name 'Youvakshi TV'. It is promoted by
Mr. Gummadi Venkateswerllu. Operations are expected to commence in
FY20.

YOUVAKSHI SHOPPING: CRISIL Moves B INR30cr Debt Rating to Not Coop.
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakshi
Shopping Malls India Private Limited (YSMPL) to 'CRISIL B/Stable
Issuer not cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Proposed Cash          30       CRISIL B/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Rating Migrated)

CRISIL has been consistently following up with YSMPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution 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 YSMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YSMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

For arriving at the ratings, CRISIL has combined the business and
financial risk profiles of YSMPL with Dhana Sree Collections
Private Limited (DSCPL). This is because the two entities,
collectively referred to as the Youvakshi Shopping group, are
expected to be in the same line of business with significant
business linkages, have a common management, and fungible cash
flows.

Incorporated in 2017, YSMPL is planning to acquire a shopping
complex based out of Hyderabad, Telangana. Currently it is into
trading of ladies garments. Post the acquisition it is expected to
venture in retailing of gold ornaments along with ladies premium
sarees.

DSCPL, incorporated in 2018, is expected to engage in retailing of
ladies and kids wear. Operations have not commenced yet.

YOUVAKSHI VEGETABLE: CRISIL Moves B INR15cr Debt Rating in Not Coop
-------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Youvakshi
Vegetable Basket Private Limited (YVBPL) to 'CRISIL B/Stable Issuer
not cooperating'.

                        Amount
   Facilities         (INR Crore)   Ratings
   ----------         -----------   -------
   Proposed Long Term       15      CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with YVBPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution 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 YVBPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YVBPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2017, YVBPL is into online trading of vegetables
and other food products. It is promoted by Mr. Gummadi
Venkateswerllu.

YOUVAKSHI-A-MINES: CRISIL Moves B INR90cr Debt Rating to Not Coop.
------------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of
Youvakshi-A-Mines India Private Limited (YAMPL) to 'CRISIL B/Stable
Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      90       CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Rating Migrated)

CRISIL has been consistently following up with YAMPL for obtaining
information through letters and emails dated March 30, 2020 and
April 24, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution 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 YAMPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on YAMPL is
consistent with 'Scenario 1' outlined in the 'Framework for
Assessing Consistency of Information with CRISIL BB' rating
category or lower'.

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

Incorporated in 2015, YAMPL is into trading of granites. It is also
setting up a unit for cutting and processing of granite. It is
promoted by Mr. Gummadi Venkateswerllu.



===============
M O N G O L I A
===============

TRADE AND DEVELOPMENT: Fitch Affirms LT Issuer Ratings at B3
------------------------------------------------------------
Moody's Investors Service has affirmed Trade and Development Bank
of Mongolia LLC's B3 long-term local and foreign currency issuer
ratings.

At the same time, Moody's has affirmed all other ratings and
assessments of the bank.

The outlook remains negative.

Its rating action follows the merger of TDBM and Ulaanbaatar City
Bank effective as of 29 June 2020.

RATINGS RATIONALE

The affirmation of TDBM's b3 BCA reflects Moody's assessment that
the credit profile of the merged entity will be broadly similar to
that of TDBM prior to the merger. The b3 BCA also reflects TDBM's
strong franchise as the second largest bank in Mongolia, allowing
the bank to maintain stable funding and liquidity despite its very
high level of problem loans and modest capitalization.

The merger closed, with a share swap ratio of close to one to one,
adjusting for the difference in the number of shares between the
two banks, and UBCB was consolidated into TDBM. Both banks are
majority owned by the same shareholder, Erdenebileg Doljin.

The merger will result in a more diversified loan portfolio and a
reduced concentration in corporate exposures. Additionally, the
merger may provide opportunities to strengthen TDBM's deposit
franchise, save costs and enhance profitability.

The negative outlook reflects Moody's expectation for a significant
economic slowdown in Mongolia, as expressed by the negative outlook
on Mongolia's issuer rating, and the resulting deterioration in the
operating environment of Mongolian banks, which may weaken the
credit metrics of TDBM.

The rapid and widening spread of the coronavirus outbreak,
deteriorating global economic outlook, volatile oil prices, and
asset price declines are creating a severe and extensive credit
shock across many sectors, regions and markets. TDBM's asset
quality could deteriorate depending on the severity and duration of
the economic disruptions caused by the coronavirus outbreak,
particularly given TDBM's high exposures to cyclical sectors such
as mining and construction.

Moody's has not incorporated affiliate support for TDBM, and
therefore the adjusted BCA is in line with the bank's BCAs of b3.

No government support uplift is incorporated in TDBM's long-term
ratings because the bank's BCA is at the same level as the
Mongolian government's issuer rating of B3. Nonetheless, Moody's
assumes a high level of government support for the merged entity
given its importance to the Mongolian banking system as the second
largest bank with a combined market share of around 23% as of the
end of 2019.

TDBM's long-term Counterparty Risk Assessment of B2(cr) and
long-term Counterparty Risk Ratingsof B2 take into consideration
the b3 Adjusted BCA and Moody's Basic LGF analysis, which positions
the Preliminary Rating Assessment of the CR Assessment and CRRs one
notch above the bank's Adjusted BCA, prior to the incorporation of
government support.

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

WHAT COULD CHANGE THE RATING UP

Given the negative outlook, an upgrade of TDBM's ratings is
unlikely in the near future. The outlook on the long-term deposit
ratings could return to stable if the outlook on the sovereign
rating returns to stable, the risks in the banks' operating
environment remain broadly stable and TDBM maintains stable credit
metrics.

WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade TDBM's ratings if its BCA is downgraded or
if the sovereign rating is downgraded. The bank's BCA could be
downgraded if its problem loans rise significantly without a
strengthening in its capitalization. A material deterioration of
the bank's funding and/or liquidity could also result in a
downgrade of the bank's BCA.

The principal methodology used in these ratings was Banks
Methodology published in November 2019.

Trade and Development Bank of Mongolia LLC is headquartered in
Ulaanbaatar. The bank reported the total asset of MNT7.8 trillion
(USD2.8 billion) as of December 31, 2019.

Issuer: Trade and Development Bank of Mongolia LLC

  - Baseline Credit Assessment of b3 affirmed

  - Adjusted BCA of b3 affirmed

  - Long-term Counterparty Risk Assessment of B2(cr) affirmed

  - Short-term Counterparty Risk Assessment of NP (cr) affirmed

  - Local currency and foreign currency long-term Counterparty Risk
Ratings of B2 affirmed

  - Local currency and foreign currency short-term Counterparty
Risk Ratings of NP affirmed

  - Local currency long-term deposit rating of B3 affirmed, outlook
maintained at negative

  - Foreign currency long-term deposit rating of Caa1 affirmed,
outlook maintained at negative

  - Local currency and foreign currency short-term deposit ratings
of NP affirmed

  Local currency and foreign currency long-term issuer ratings of
B3 affirmed, outlook maintained at negative

  - Local currency and foreign currency short-term issuer ratings
of NP affirmed

  - Foreign currency senior unsecured MTN rating of (P)B3 affirmed

  - Outlook maintained at negative



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

HOE LEONG: Liew's Reappointment is in Co.'s, Shareholder's Interest
-------------------------------------------------------------------
The Business Times reports that the board of Hoe Leong Corporation
on July 4 clarified that the re-appointment of Liew Yoke Pheng,
Joseph as executive director on June 26 was "in the interest of the
company and shareholders", given that the company is currently
undergoing a restructuring process.

Mr. Liew was nominated by the company's financial creditors to be
appointed as chief executive office in October 2019 and board
chairman in November 2019 for the purpose of managing the financial
and corporate restructuring of the group, BT says.

On June 26, he was re-appointed as an executive director--just two
days after his re-election was voted down at the company's annual
general meeting, according to BT. This was after taking into
account the submission of two proxy forms supporting his
re-election from two substantial shareholders--United Overseas Bank
(UOB) and DBS--which had arrived past the submission deadline on
June 23.

UOB and DBS became the biggest shareholders in the heavy equipment
trader--with a direct interest of 28.66 per cent and 16.32 per cent
respectively--following a debt-for-equity swap as part of the
restructuring, the report says.

On July 4, the board said: "As this restructuring exercise is still
ongoing, the board believes that the continued support of the
company's financial creditors is dependent on Mr. Liew continuing
in his role as chairman and CEO of the company. Accordingly, the
board is of the view that the re-appointment of Mr. Liew as
(executive director) on 26 June 2020 is in the interest of the
company and shareholders."

The Business Times understands that the financial creditors wield
some say in the decision, given their power to foreclose the
company if they do not have confidence in the company's management
team.

BT also understands that the company will hold an extraordinary
general meeting where shareholders can ratify Mr. Liew's
re-appointment.

Hoe Leong Corporation Ltd. -- https://www.hoeleong.com/ -- provides
vessel-chartering services for the oil and gas industry.  The
Company also manufactures, trades and distributes spare parts for
heavy equipment and industrial machinery.



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

SSANGYONG MOTOR: KDB Rolls Over Carmaker's Debt Amid Pandemic
-------------------------------------------------------------
Yonhap News Agency reports that the main creditor bank of SsangYong
Motor Co. on July 6 rolled over the carmaker's KRW90 billion
(US$7.5 million) worth of debt maturing this month to help it stay
afloat amid the new coronavirus outbreak.

The state-run Korea Development Bank (KDB) extended the deadline
for the payment of KRW70 billion maturing on July 6 and KRW20
billion maturing on July 19 to the end of this year, a KDB
spokesman said over the phone, Yonhap relays.

According to Yonhap, KDB Executive Director Choi Dae-hyon said last
week that it will be hard to extend a fresh loan to SsangYong
Motor, but it won't retrieve existing loans from the carmaker if
foreign financial institutions roll over their debts to the
carmaker.

As of July 3, SsangYong Motor has KRW199 billion worth of
short-term debt that has to be paid back to the KDB and foreign
lenders such as JP Morgan, BNP Paribas and Bank of America within
the next 12 months, Yonhap discloses.

Yonhap notes that SsangYong Motor has struggled with declining
sales due to a lack of new models and Mahindra's recent decision
not to inject fresh capital into the Korean unit.

Yonhap relates that Mahindra said earlier this year it will inject
KRW230 billion into SsangYong for the next three years after
obtaining approval from its board. But its board voted against the
investment plan in April, as the COVID-19 pandemic continues to
affect vehicle sales in global markets.

Instead of the proposed KRW230 billion, Mahindra said it would
consider a "special one-time infusion" of up to KRW40 billion over
the next three months to help SsangYong continue operations.

The one-time cash injection falls far short of the KRW500 billion
Goenka had said is needed to turn SsangYong around by 2022, the
report states.

According to Yonhap, SsangYong continued to report net losses in
the past 13 quarters through the first quarter of this year.

In the first quarter, its net losses deepened to KRW193.54 billion
from KRW26 billion a year earlier. Its sales from January to May
fell 32 percent to 39,206 vehicles from 58,030 a year ago, Yonhap
discloses.

From January to June, the SUV-focused carmaker's sales fell 28
percent to 49,387 vehicles from 68,189 units in the year-ago
period.

Its lineup consists of the flagship G4 Rexton, as well as the
Tivoli, Korando and Rexton Sports.

In 2011, Indian carmaker Mahindra & Mahindra Ltd. acquired a 70
percent stake in SsangYong Motor for KRW523 billion, Yonhap
recalls. Mahindra currently owns a 74.65 percent stake in the
SUV-focused carmaker.

Mahindra is in the process of selling the South Korean unit by
picking a lead manager for a potential exit from the loss-making
affiliate, Yonhap adds citing industry sources.

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in production of sports utility vehicles (SUVs) and
recreational vehicles (RVs).  The company's production is grouped
into four lines: SUVs under brand names REXTON, KYRON and ACTYON;
sports utility trucks (SUTs) under the brand name ACTYON Sports;
passenger cars under brand name Chairman, and multi-purpose
vehicles (MPVs) under the brand name Rodius.  It also provides
automobile parts such as coolers, diesel engines and others.



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

[*] THAILAND: 404 Factories Shutter Amid Coronavirus Pandemic
-------------------------------------------------------------
Bangkok Post reports that up to 16,680 factory workers lost their
jobs in Thailand in the first six months of the year, with 404
factories closing down, as the pandemic continues to hamper the
economy, according to the Department of Industrial Works (DIW).

The country has lost an estimated THB25.4 billion in investment
value from the closures, Bangkok Post discloses.

Most of the businesses that shut down were small and medium-sized
enterprises that could not afford the stresses on the economy
caused by the coronavirus outbreak and lockdown measures, said DIW
director-general Prakob Vivitjinda, the report relays.

"During the same period in 2019, 666 factories closed permanently
in Thailand, so the DIW is actually not very concerned about the
factory closures because they are relatively normal," the report
quotes Mr. Prakob as saying.

According to Bangkok Post, the DIW also reported that 1,702
factories registered their businesses in the country in the first
six months of the year, a 10.2% year-on-year increase, with a total
investment value of THB174.8 billion, a 14.1% year-on-year
decrease.

The department expects to learn more about the effects of the
outbreak on the industrial sector in the third and fourth quarters
of the year.

"What the full impact of the pandemic will be on factories so far
in the first half of the year is difficult to gauge," Mr. Prakob
said.

Bangkok Post says the government is keen to attract investors who
want to relocate their manufacturing base to Asean and Thailand,
believing that the region's ability to efficiently handle the
outbreak is a major selling point for businesses looking to
expand.

Bangkok Post relates that Mr. Prakob said the DIW has proposed to
the Industry Ministry an economic rehabilitation plan of five
projects worth a total of THB148 billion to support domestic
factories.

The department is in talks with domestic financial institutions to
participate in a scheme to securitise machinery leases in
cooperation with the Industry Ministry.

"The government wants to support factories with access to soft
loans at low interest rates," Mr. Prakob, as cited by Bangkok Post,
said.

Factory operators can propose their own ideas for relief measures
to the DIW. The government will register and evaluate machinery as
guaranteed assets to submit to financial institutions, Bangkok Post
adds.



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

[*] BOND PRICING: For the Week June 29, 2020 to July 3, 2020
------------------------------------------------------------
Issuer                 Coupon     Maturity    Currency    Price
------                 ------     --------    --------    -----


  AUSTRALIA
  ---------


CLEAN SEAS SEAFOOD LTD    8.00       11/18/22     AUD       1.03
CLIME CAPITAL LTD/FUND    6.25       11/30/21     AUD       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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