/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/200804.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, August 4, 2020, Vol. 23, No. 155 Headlines A U S T R A L I A M8SRATES HOLDINGS: Second Creditors' Meeting Set for Aug. 11 MERCURY COMMUNICATIONS: First Creditors' Meeting Set for Aug. 13 PERTH BUILDERS: First Creditors' Meeting Set for Aug. 11 [*] AUSTRALIA: SMEs Contemplate Insolvency Options as Fears Set In C H I N A UNION LIFE: Moody's Cuts Insurance Financial Strength Rating to Ba1 YANAN BICON: S&P Lowers ICR to 'CCC-' on Refinancing Risk I N D I A ABHISHEK SOLAR: Ind-Ra Moves 'B-' Issuer Rating to Non-Cooperating AMIT POLYPIPES: ICRA Keeps B on INR10.61cr Loans in Not Cooperating BANGALORE INSTITUTE: ICRA Keeps D on INR10cr Debt in NonCooperating BARAKA OVERSEAS: ICRA Moves B+ on INR18cr Loans to Not Cooperating BHUSHAN POWER: JSW Not 'Obligated' to Implement INR19,350cr Plan CHINTAMANIS JEWELLERY: ICRA Keeps D Debt Ratings in Not Cooperating D.R. BUILDESTATE: ICRA Withdraws B+ Rating on INR7.50cr Loans DEWAN HOUSING: ICRA Reaffirms D Rating on INR100cr Loans FNL AAC BLOCK: Insolvency Resolution Process Case Summary JAYA SURYA: ICRA Keeps B on INR7.5cr Debt Ratings in NonCooperating KAVALI MUNICIPALITY: ICRA Lowers Issuer Rating to B+ KIRAN ENTERPRISES: ICRA Keeps D on INR37cr Debt in Not Cooperating KSC EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating LAKSHYA DAIRY: ICRA Keeps D Debt Ratings in Not Cooperating MACHILIPATNAM MUNICIPALITY: ICRA Lowers Issuer Rating to B+ MAK CONSTRUCTIONS: ICRA Keeps B+ on INR18cr Debt in Not Cooperating MANMAN MANUFACTURING: Ind-Ra Moves 'B+' Rating to Non-Cooperating MARUTI COTTON: ICRA Lowers Ratings on INR7.95cr Loans to D PRAGATI GLASS: ICRA Keeps D Debt Ratings in Not Cooperating R.J. RISHIKARAN: ICRA Keeps B on INR35cr in Not Cooperating RADHESHYAM COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating SAINI ALLOYS: ICRA Keeps B+ D Debt Ratings in Not Cooperating SAMRAT GEMS: Ind-Ra Cuts LT Issuer Rating to 'BB-', Outlook Stable SARAWAGI AUTOMOBILES: ICRA Keeps B Debt Ratings in Not Cooperating SARVEJANA HEALTHCARE: Ind-Ra Affirms BB+ LongTerm Issuer Rating SHIRDI SAI: ICRA Rates INR107cr Cash Loan 'C+' SIDDIPET MUNICIPALITY: ICRA Lowers Issuer Rating to B+ STEEL PRODUCTS: ICRA Keeps C- Debt Ratings in Not Cooperating SUPREME NUTRI: ICRA Keeps B Debt Ratings in Not Cooperating THE WOODIND: ICRA Keeps D on INR10cr Bank Loans in Not Cooperating TRIMURTHI HITECH: ICRA Keeps C+ Debt Ratings in Not Cooperating UNITED INDIA: A.M. Best Cuts Fin. Strength Rating to C+(Marginal) VIKAS COT FIBER: ICRA Keeps B+ Debt Ratings in Not Cooperating VSRK CONSTRUCTIONS: ICRA Cuts Ratings on INR14cr Loans to D ZILLION INFRAPROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating J A P A N JAPAN AIRLINES: Posts JPY93.7BB Net Loss in Quarter Ended June 30 [*] JAPAN: Sees More Than 400 Coronavirus-Linked Corp. Failures P H I L I P P I N E S PHILIPPINES: Pandemic Pushed GDP Into Deeper 8% Dive, Moody's Says S I N G A P O R E ASIATRAVEL.COM HOLDINGS: To Release Audited Statements By September HIN LEONG: Collapse Cues Socgen to Shut Trade Commodity Desk in SG XIHE GROUP: Puts New Management Team in Place X X X X X X X X BOND PRICING: For the Week July 27 to July 31, 2020 - - - - - ================= A U S T R A L I A ================= M8SRATES HOLDINGS: Second Creditors' Meeting Set for Aug. 11 ------------------------------------------------------------ A second meeting of creditors in the proceedings of M8srates Holdings Pty Ltd has been set for Aug. 11, 2020, at 3:00 p.m. via online Zoom conference. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by Aug. 10, 2020, at 4:00 p.m. Riad Tayeh and Suelen McCallum of de Vries Tayeh were appointed as administrators of M8srates Holdings on July 16, 2020. MERCURY COMMUNICATIONS: First Creditors' Meeting Set for Aug. 13 ---------------------------------------------------------------- A first meeting of the creditors in the proceedings of Mercury Communications Pty. Limited, trading as Kingston Trophies and Giftware, will be held on Aug. 13, 2020, at 11:00 a.m. at the offices of Hamilton Murphy Advisory Pty Ltd, Level 1, at 255 Mary Street, in Richmond, Victoria. Stephen Dixon of Hamilton Murphy Advisory was appointed as administrator of Mercury Communications on Aug. 3, 2020. PERTH BUILDERS: First Creditors' Meeting Set for Aug. 11 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Perth Builders Pty Ltd will be held on Aug. 11, 2020, at 2:00 p.m. via telephone conference. Robert Allan Jacobs of Auxilium Partners was appointed as administrator of Perth Builders on July 31, 2020. [*] AUSTRALIA: SMEs Contemplate Insolvency Options as Fears Set In ------------------------------------------------------------------ Jotham Lian at Accountants Daily reports that an independent survey commissioned by insolvency firm Jirsch Sutherland has found that of the 1,000 business owners and directors surveyed, 51% said they were expecting to explore restructuring or insolvency options in the next six months. According to Accountants Daily, the prospect of JobKeeper coming to an end was far from their primary concern, with just one in 10 worried about the phase-out of the wage subsidy scheme. Instead, cash-flow concerns continue to keep business owners up at night, with 36% nominating it as their stressor. "More businesses fail due to lack of cash flow than due to lack of profit," Accountants Daily quotes Bradd Morelli, Jirsch Sutherland's national managing partner, as saying. "If you're a business owner or director who's experiencing financial stress, it's more important than ever to assess your current and future cash-flow situation and revenue streams, particularly taking into considerations when the government's 'life raft' will no longer be there. "JobKeeper and measures such as the ATO's cash-boost scheme have certainly made a difference to the medium-term viability of these 20 per cent of businesses. "That's great news, but it's still a good idea that they continue to assess their businesses and plan, both for current conditions and the long term." Accountants Daily says the latest survey results back up the recent findings by the Australian Restructuring Insolvency and Turnaround Association (ARITA), with nearly 40 per cent of its members reporting an increase in "zombie companies" as a result of the current economic supports in place. Accountants Daily relates that Mr. Morelli believes a rescinding of the government's relaxed insolvent trading laws in late September is likely to prompt an insolvency tsunami, with directors urged to take action now. "The rate of insolvencies is currently over 40 per cent below what we'd normally expect, meaning that many businesses are really just hanging on and 'protected' by the temporary insolvent trading laws," Mr. Morelli said. "As a result of this situation, the ATO isn't actively winding up companies to pursue debts, WorkCover isn't winding up companies, and banks have given a moratorium until after the New Year. Therefore, there's no urgency for a director to make a hard decision, as they'd normally have to do. In essence, many are burying their heads in the sand and not making any decision. "It's crucial for company directors to be aware of their responsibilities. While it might not be your fault that your business is in trouble, it is your responsibility. It's your responsibility to gather all the available information to then make an informed decision — no matter what situation the business is facing." According to the report, the survey also found that of the businesses considering restructuring or insolvency options, 34 per cent said they would turn to Google for insolvency information, compared to 33 per cent who said they would approach their accountant for advice. With cash-flow concerns likely to weigh against businesses turning to their accountant for help, Chartered Accountants Australia and New Zealand and CPA Australia have now called on the government to fund a voucher scheme for businesses to access professional advice, the report notes. Accountants Daily relates that the Australian Small Business and Family Enterprise Ombudsman, Kate Carnell, has also pushed the government to provide a AUD5,000 voucher for businesses to use with an accredited professional, ranging from an accountant to an insolvency practitioner. "It's so important to do your research, and for many, the first step is talking with their accountant - although that's slightly pipped at the post by Google, our survey shows," Mr. Morelli, as cited by Accountants Daily, said. "Seeking professional advice is vital, as insolvency procedures and restructures can be complex and stressful. It's important to appoint a practitioner that is a right fit for the business, takes the time to understand a business's unique issues and recommends a solution that achieves the best possible outcome." ========= C H I N A ========= UNION LIFE: Moody's Cuts Insurance Financial Strength Rating to Ba1 ------------------------------------------------------------------- Moody's Investors Service has downgraded the insurance financial strength rating of Union Life Insurance Co., Ltd to Ba1 from Baa3. At the same time, Moody's has downgraded Union Life's senior unsecured debt rating to Ba3 from Ba1. The entity-level outlook has been revised to negative from ratings under review. This rating action concludes the review initiated on April 22, 2020. RATINGS RATIONALE The rapid and widening spread of the coronavirus outbreak, deteriorating global economic outlook, falling oil prices, and asset price declines are creating a severe and extensive credit shock across many sectors, regions and markets. It has affected Union Life, given its elevated risky asset exposure, weak capital buffer and increasing refinancing and liquidity risks. Moody's regards the coronavirus outbreak as a social risk under its environmental, social and governance framework, given the substantial implications for public health and safety. Its action reflects the impact of the breadth and severity of the shock on Union Life, and the deterioration in credit quality it has triggered. The downgrade of Union Life's IFSR and senior debt rating reflect the insurer's increased exposure to non-standard assets relative to its capital base with material credit and concentration risks, which has further eroded its already weakening capital position. The downgrade also reflects its increasing refinancing and liquidity risks given its maturing debt in September 2021. In addition, the potential increase in impairment charges from its risky asset exposure could continue to pressure its relatively weak solvency ratio. Union Life has significant exposure to alternative investments. In particular, its exposure to trust products has increased over the past two years, with some of the underlying assets comprising loans for financing its real estate projects. Some of these largest investments represent material concentration risk relative to the insurer's shareholders' equity. The risk of these investments is evident in the material impairment charges taken by the insurer in 2019 and H1 2020 for its investments in trust products that have defaulted. In addition, the insurer's solvency has declined in recent years and has been weak, to 165% at the end of Q1 2020 from 175% at the end of 2019. Moody's expects it to remain under pressure given the low interest rate environment and higher capital charges from its increasing exposure on risky assets. The insurer's subdued and volatile earnings have constrained its capital replenishment over the past few years. Furthermore, Union Life has made limited progress in introducing new strategic investors to boost its capitalization. Moody's expects the insurer would rely on debt issuance to replenish its capital, which would further increase its financial leverage Its Ba1 IFSR reflects high proportion of renewal premiums, which helps stabilize Union Life's premium income. The insurer has also continued its efforts to improve its product mix and profitability, although weak economic growth and intense competition will slow the pace of improvement. Even though Union Life is headquartered in Wuhan, Union Life's exposure to the city in terms of premium income is not particularly high. While Moody's expects the direct financial impact from the increase in claims from the coronavirus outbreak will be manageable, the subsequent business disruption to the insurance industry could slow down the insurer's new business sales in 2020 while the slowdown of China's economic activity could further weaken the asset quality of its investments. Moody's has downgraded Union Life's senior unsecured debt rating to Ba3, positioning it two notches below its Ba1 IFSR. Moody's widened the notching between the IFSR and the senior debt rating, compared to the standard one-notch spread, reflecting the subordination of senior unsecured note holders to Union Life's policyholders. The widened notching between Union Life's IFSR and its USD senior unsecured debt rating reflects Moody's expectation for the higher likelihood of a default given the absence of concrete refinancing or repayment plans by the insurer for its USD debt maturing in September 2021. Moody's expects market conditions will remain challenging for the insurer to refinance the debt, sell its USD assets, some of which are illiquid like real estate, and/or obtain USD funding to repay the debt. This is despite the insurer's repurchase of around 10% of its debt in April 2020. The negative outlook reflects its expectation that Union Life's capitalization and earnings would remain weak and volatile considering its high investment risk from its increased exposure of alternative investments. In addition, there remains significant uncertainty with regards to its ability to refinance or repay its USD debt given the volatile market conditions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Given the negative outlook, an upgrade of the ratings is unlikely. Moody's could return the outlook to stable if Union Life: (1) Executes a comprehensive refinancing or repayment plan for its maturing debt, thereby reducing its refinancing risk, (2) Improves its capitalization significantly, with its comprehensive solvency ratio consistently above 180%, and/or (3) Materially reduces its risky asset exposure, particularly in real estate, trust plans and equity-type investments. On the other hand, Moody's could downgrade the ratings if: (1) Union Life has no solid refinancing or repayment plan for its maturing senior unsecured debt, which will exacerbate its liquidity risk, (2) Its comprehensive solvency ratio falls consistently below 150%, which could be driven by further impairment charges on investment assets, (3) Its high-risk asset ratio remains consistently above 450%, while the insurer maintains a high investment concentration risk, (4) Its earnings coverage falls consistently below 1.0x, and/or (5) There is a significant reduction in its premium growth and profitability. The principal methodology used in these ratings was Life Insurers Methodology published in November 2019. Union Life Insurance Co., Ltd, headquartered in Wuhan in Hubei province in China, offers traditional, participating and accident and health insurance products in China. As of the end of 2019, its total assets were RMB102.3 billion and shareholders' equity was RMB6.8 billion. YANAN BICON: S&P Lowers ICR to 'CCC-' on Refinancing Risk --------------------------------------------------------- S&P Global Ratings, on July 31, 2020, lowered its issuer credit rating on YanAn Bicon Pharmaceutical Listed Co. to 'CCC-' from 'CCC+'. S&P said, "We see significant uncertainties in YanAn Bicon refinancing plans for its hefty debt maturities in December 2020 and April 2021. The company has RMB350 million debt maturing in December 2020 and RMB350 million in April 2021. It does not have sufficient resources to repay these obligations and is pursuing several financing options including new bank loans, asset disposal, and potential support from the local government. However, we see significant uncertainty and execution risk in each of these options." YanAn Bicon only had less than RMB100 million of cash on hand as of March 2020, and has negative free operating cash flows. The December 2020 and April 2021 maturities are the result of YanAn Bicon's negotiations with domestic bondholders. The bonds' stated maturity was April 2021. However, bondholders chose to exercise the put option in April 2020. Through negotiations, YanAn Bicon was able to come to the current agreement with split maturities in December 2020 and April 2021, respectively. In S&P's view, this incident impairs Yan'An Bicon's bond market access. YanAn Bicon also faces further significant debt maturities in 2021. S&P estimates the company has RMB4.5 billion-RMB5.0 billion of short-term debt due over the 12 months ending June 2021, including the RMB700 million domestic bonds. YanAn Bicon has no other bullet bond outstanding other than the aforementioned corporate bonds; the remaining short-term maturities are all bank loans. S&P said, "In our view, YanAn Bicon could rollover the bank borrowings, supported by its stable banking relationship. However, we see long-term risks in the company's capital structure, with approximately 80% short-term borrowings. We forecast YanAn Bicon's debt leverage ratio will surge to 10x-11x in 2020 and stay at a similar level of 9x-10x in 2021, compared with 4.7x in 2019. We believe the elevated leverage could impose some refinancing pressure on the company in the long run. "YanAn Bicon's lackluster operating performance and negative free operating cash flow could impose another layer of uncertainty on the company's refinancing prospects. We forecast YanAn Bicon's EBITDA will decline 45%-55% in the year. The drop will be mainly due to reduced visitations at both hospitals and drugs stores for treatment of non-urgent diseases as people exercised greater caution after the COVID-19 outbreak. We expect the company's working capital to use up cash in 2020 as the company expands its pharmaceutical distribution business; this business normally has much longer account receivable days. "We forecast an operating cash flow deficit of RMB900 million-RMB1 billion for YanAn Bicon in 2020, compared with a deficit of RMB893 million in 2019. The reduction in operating cash flow is in line with declining topline growth. In addition, we expect YanAn Bicon to have capital expenditure of RMB250 million-RMB350 million in 2020, mainly to finish the upgrade and expansion of pharmaceutical manufacturing facilities. Although the company has started to scale back capital investments since 2019, we view the spending is still aggressive, considering the current liquidity position." The negative outlook reflects the limited time available for YanAn Bicon to refinance its significant upcoming maturities. S&P said, "We could lower the rating if YanAn Bicon is not able to make meaningful progress in refinancing its debt maturities, in particular the RMB350 million due in December 2020. This could happen if the company fails to obtain new funding, including bank credit lines, asset sale proceeds, or government support. "We could raise the rating if YanAn Bicon can execute its refinancing plans on time or if its market access is re-established, such that the company can meet its bullet maturities due in December 2020 and April 2021." ========= I N D I A ========= ABHISHEK SOLAR: Ind-Ra Moves 'B-' Issuer Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Abhishek Solar Industries Private Limited's (ASIPL) Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B- (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR60 mil. Fund-based working capital limits migrating to non- cooperating category with IND B- (ISSUER NOT COOPERATING) rating; and -- INR60 mil. Non-fund-based working capital limits migrating to non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on 26 June 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 1999, Abhishek Solar Industries (formerly Abhishek Industries) manufactures a wide range of solar products such as solar photovoltaic modules, solar lanterns, solar study lamp, solar street lights, and solar water pumps, among others with an annual installed capacity of 30MW. AMIT POLYPIPES: ICRA Keeps B on INR10.61cr Loans in Not Cooperating ------------------------------------------------------------------- ICRA has continued the ratings for the INR10.61 crore bank facilities of Amit Polypipes Private Limited. The long term rating is now denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING" and short term rating is denoted as "[ICRA]A4; ISSUER NOT COOPERATING"; Rating continues to remain under 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 6.00 [ICRA]B (Stable); ISSUER NOT Fund Based/ COOPERATING; Continues to remain Cash Credit under the 'Issuer Not Cooperating' category Long Term- 0.19 [ICRA]B (Stable); ISSUER NOT Fund Based/ COOPERATING; Continues to remain Term Loan under the 'Issuer Not Cooperating' category Long Term- 0.42 [ICRA]B (Stable); ISSUER NOT Unallocated COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category Short Term– 4.00 [ICRA]A4; ISSUER NOT COOPERATING; Non fund Based Continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. APPL, established in 1987, is engaged in the manufacturing of permanently lubricated high density polyethylene (PLB HdPE) pipes, which are used for electrical and communication applications. The company was incorporated as a proprietorship firm in 1987 under the name 'Amit Udyog' by Mr. Mukti Prasad Bansal. The firm was converted to private limited company in 2009. APPL has an installed capacity of 10,000 metric tonnes per annum (MTPA) of manufacturing different grades of pipes at its manufacturing units located at Jaipur, Rajasthan. BANGALORE INSTITUTE: ICRA Keeps D on INR10cr Debt in NonCooperating ------------------------------------------------------------------- ICRA said ratings for the INR10.00-crore bank facilities of Bangalore Institute Of Gastroenterology Private Limited Continues to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 9.95 [ICRA]D ISSUER NOT COOPERATING; Fund Based TL Rating continues to remain in the 'Issuer Not Cooperating' category Long Term- 0.05 [ICRA]D ISSUER NOT COOPERATING; Unallocated Rating continues to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 2013, BIG has set up a 100-bed gastroenterology specialty hospital in Jayanagar (Bangalore). The company is owned and managed by Dr. Ramesh Reddy, Dr. S Divakara Murthy, Dr. Preethan K.N., Dr. R Sahadev and Dr Tejeswi S. Gutti who are gastroenterology specialists. The hospital was set up with an aim to provide one stop solution for gastrointestinal, hepatobiliary and pancreatic diseases. BARAKA OVERSEAS: ICRA Moves B+ on INR18cr Loans to Not Cooperating ------------------------------------------------------------------ ICRA has moved the long-term rating for the bank facilities of Baraka Overseas Traders (BOT) to the 'Issuer Not Cooperating' category. The rating is now denoted as "[ICRA]B+ (Stable) ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 18.00 [ICRA]B+ (Stable) ISSUER NOT Fund Based CC COOPERATING; Rating Moved to the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Baraka Overseas Traders was established as a partnership firm in 1979. The firm is involved in exports of frozen seafood with the United States, Mauritius, France and the UK as key export destinations. Major varieties of seafood exported by the firm include Cuttle Fish, Ribbon Fish, Mackerel, Sardine and Squid, among others. The firm's processing facility is in Ullal, Mangalore district of Karnataka. The firm reported an operating income of INR62.25 crore and a net profit of INR 0.76 crore in FY2018 as against an operating income of INR50.98 crore and a net profit of INR0.94 crore in FY2017. BHUSHAN POWER: JSW Not 'Obligated' to Implement INR19,350cr Plan ---------------------------------------------------------------- Financial Express reports that JSW Steel is not "obligated" to implement the INR19,350 crore resolution plan for Bhushan Power and Steel (BPSL) till the matter related to encumbrance over the assets of the bankrupt company is "adjudicated" by the Supreme Court, said a senior management official at JSW Steel. Seshagiri Rao, joint managing director and group chief financial officer, JSW Steel, told FE that the company is ready to implement the resolution plan and is awaiting Supreme Court's verdict on the issue related to assets attached by the Enforcement Directorate (ED). "As per our understanding of the Supreme Court order we are not obligated to implement the resolution plan. The encumbrance which is there by the Enforcement Directorate is required to be discussed. So we expect the Supreme Court will hear the case and it will get disposed off and will get adjudicated and then we will implement the plan. We are ready to implement the plan," FE quotes Rao as saying. FE relates that Rao also said that the company is not seeking more time to make the payment. However, he added, it wants the Supreme Court to adjudicate the matter as early as possible which is taking time due to Covid-19 related issues, as hearings are not happening. "So it may take time is what we expect," Rao said. According to reports, JSW Steel had requested the Committee of Creditors (CoC) to give the company time till March 2021 to complete the transaction citing challenges due to Covid-19. Rao further reiterated that the company's interest in BPSL remains intact. "We are very keen in the asset (BPSL) and want to complete it," he said. Last month, lenders to BPSL had intimated to JSW Steel that they would take "appropriate steps" if it does not implement the resolution plan for BPSL in two weeks, among them the invoking of guarantees, recalls FE. There has been no further update on the development, while a July 6 hearing in the Supreme Court was postponed and a new date of hearing is yet to come out. JSW Steel's bid of INR19,350 crore for BPSL was selected as the winning bid in the IBC (Insolvency and Bankruptcy Code) process, according to FE. However, last October, the ED attached BPSL assets worth around INR4,000 crore in connection with its money laundering investigation linked to an alleged bank loan fraud by the company's former promoters. The ED had attached the firm's land, building, plant and machinery located in Odisha under the provisions of the Prevention of Money Laundering Act (PMLA). However, JSW Steel has sought immunity from all the past cases. FE says ED has now moved the apex court seeking scrapping of sale of BPSL to JSW Steel. The investigating agency has argued that NCLAT (National Company Law Appellate Tribunal) has no jurisdiction to unfreeze assets attached under PMLA and allow sale of those assets. Earlier, NCLAT had provided JSW Steel immunity from the Enforcement Directorate on various charges pertaining to the former promoters. NCLAT had earlier approved JSW Steel's bid for acquisition of troubled BPSL, the report notes. About Bhushan Power Bhushan Power and Steel Limited manufactures and markets steel products. It offers flat products, such as coated products, galvanized/galvalume, color coated products, cable tapes, and cold rolled products; and long products, including iron making and sponge iron products. The company also provides steel pipes, hollow steel sections, grooved pipes, and carbon steel tubes. Mahendra Kumar Khandelwal was appointed as the IRP in the case under an order passed by the National Company Law Tribunal (NCLT) on July 26, 2017. Bhushan Power, which owes over INR37,000 crore to a consortium of lenders led by Punjab National Bank, was among 12 large companies identified by the Reserve Bank of India against which banks were directed to initiate insolvency proceedings, according to LiveMint.com. Barring Era Infra Engineering Ltd, petitions have been admitted in all other cases, LiveMint.com noted. CHINTAMANIS JEWELLERY: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------- ICRA said ratings for the INR23.00 crore bank facilities of Chintamanis Jewellery Arcade Pvt. Ltd. continues to remain under the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based– 5.00 [ICRA]D ISSUER NOT COOPERATING; Term Loans Rating continues to remain under 'Issuer Not Cooperating' category Fund Based– 18.00 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Rating continues to remain under 'Issuer Not Cooperating' category Non-fund (10.00) [ICRA]D ISSUER NOT COOPERATING; Based–Bank Rating continues to remain under Guarantee 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Chintamanis Jewellery Arcade Pvt. Ltd. (CJAPL) is involved in the retailing of gold, silver and diamond ornaments. It was established in 1972 as a proprietorship concern by Mr. Arun Kaigaonkar. In the year 2003, it was converted into a private limited company and the name was changed to its current name. CJAPL is a family run business and primarily deals in gold based jewellery which contributes more than 95% of the total sales. The company sources gold, silver and diamond from the local market in Mumbai. CJAPL has five retail outlets in Mumbai and one retail outlet in Goa. D.R. BUILDESTATE: ICRA Withdraws B+ Rating on INR7.50cr Loans ------------------------------------------------------------- ICRA has withdrawn the ratings on certain bank facilities of D.R. Buildestate Private Limited (DRB), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 0.50 [ICRA]B+ (Stable) ISSUER NOT Fund Based–CC COOPERATING; Withdrawn Long Term– 7.00 [ICRA]B+ (Stable) ISSUER NOT Non Fund Based COOPERATING; Withdrawn Rationale The Long-term Ratings assigned to DRB have been withdrawn at the request of the company, based on the no-objection certificate provided by its banker. ICRA is withdrawing the rating and that it does not have information to suggest that the credit risk has changed since the time the rating was last reviewed. ICRA has withdrawn the Stable outlook on the long-term rating. Key rating drivers and their description Key rating drivers have not been captured as the rating is being withdrawn. D.R. Buildestate Private Limited (DRB) was started in 2001 by Mr. Devendra Kumar and is closely held with 90% of the stake in the name of Mr. Devendra Kumar, who is also the Chairman and the managing director of DRB. The remaining 10% is held by Mrs. Rajni Singh, wife of Mr. Devendra Kumar. The company is engaged in civil construction work majorly road construction, building construction in the National Capital Region (NCR). DEWAN HOUSING: ICRA Reaffirms D Rating on INR100cr Loans -------------------------------------------------------- ICRA has reaffirmed ratings on certain bank facilities of Dewan Housing Finance Corporation Limited (DHFL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Commercial paper 100.00 [ICRA]D; reaffirmed and programme rated amount reduced Rationale At present, DHFL is in default on its debt obligations and is undergoing insolvency proceedings. Under the insolvency process, the company is restricted from making any payments towards its debt obligations. Pursuant to an order dated December 03, 2019 of the National Company Law Tribunal (NCLT), Mumbai Bench, the Corporate Insolvency Resolution Process (CIRP) has been initiated by the Reserve Bank of India (RBI) against the company as per the provisions of the Insolvency and Bankruptcy Code, 2016 (Code). The RBI has superseded DHFL's board of directors and appointed an Administrator, who is assisted by an Advisory Committee. DHFL is in the process of inviting bids from interested parties under the resolution process. The initial deadline of April 16, 2020 for submitting bids has been extended to August 07, 2020 in light of the Covid-19 pandemic. Key rating drivers and their description Credit strengths – Not applicable Credit challenges * Weak financial profile and delays in debt servicing: As per the audited financial results for FY2020, the company reported a loss of INR13,575 crore. The auditors, in their report, have made multiple observations of financial significance and the company is being investigated for suspected irregularities. At present, DHFL is in default on its debt obligations and is undergoing insolvency proceedings. Under the insolvency process, the company is restricted from making any payments towards its debt obligations. Liquidity position: Poor At present, DHFL is in default on its debt obligations and is undergoing insolvency proceedings. Under the insolvency process, the company is restricted from making any payments towards its debt obligations. Rating sensitivities Positive triggers - ICRA could upgrade the rating in case of the successful implementation of a resolution plan and an improvement in the company's ability to service its debt obligations in a timely and sustainable manner. Negative triggers - Not applicable Dewan Housing Finance Corporation Limited was incorporated as Dewan Housing and Leasing Company Limited in 1984 with a focus on the housing finance business catering to the lower-middle-income borrower segment. Its name was changed to Dewan Housing Development Finance Limited in 1984 and subsequently to Dewan Housing Finance Corporation Limited in 1992. With the merger of First Blue Home Finance Limited with DHFL in FY2013, DHFL extended its offerings to the higher ticket size segment of more than INR10 lakh. DHFL focuses on the low-and-middle-income customer segment. FNL AAC BLOCK: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: M/s FNL AAC Block Private Limited Block No. 294 Near Vadoli Circle Besides FNL Brick Works Vadoli, Olpad Surat 394110 Gujarat, India Insolvency Commencement Date: July 24, 2020 Court: National Company Law Tribunal, Surat Bench Estimated date of closure of insolvency resolution process: January 19, 2021 (180 days from commencement) Insolvency professional: CA Vineeta Maheshwari Interim Resolution Professional: CA Vineeta Maheshwari M-19-21, Metro Tower Ring Road, Surat 395002 Gujarat, India Tel: +91-261-4014277 Mobile: +91-93767-81166 E-mail: ipvineetak@gmail.com Ipvineeta.fnl@gmail.com Last date for submission of claims: August 7, 2020 JAYA SURYA: ICRA Keeps B on INR7.5cr Debt Ratings in NonCooperating ------------------------------------------------------------------- ICRA said ratings for the INR7.50-crore bank facilities of Sree Jaya Surya Hospital Private Limited (SJSHPL) Continues to remain under 'Issuer Not Cooperating' category'. The Long term ratings are denoted as "[ICRA]B(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term– 7.50 [ICRA]B(Stable); ISSUER NOT Fund Based COOPERATING; Rating Continues Term Loan to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 2015, Sree Jayasurya Hospital Private Limited (SJH) has been set up to run a multispecialty hospital in the Villivakkam district of Chennai. The hospital is proposed to have 50 beds, focusing majorly on Orthopaedics, physiotherapy, obstetrics and gynaecology and general and physiological treatments. The company is promoted by Dr. M. S. Palanichamy and his wife Dr. D. Jayalakshmi, who has more than two decades of experience in the healthcare industry. KAVALI MUNICIPALITY: ICRA Lowers Issuer Rating to B+ ---------------------------------------------------- ICRA has downgraded the Issuer Rating of Kavali Municipality to [ICRA]B+ (Stable) ISSUER NOT COOPERATING from [ICRA]BB (Stable) and continues to remain in the 'Issuer Not Cooperating' category. Rationale The rating downgrade is because of lack of adequate information regarding Kavali Municipality performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its “Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Kavali Municipality, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. The KM, an urban local body (ULB) was constituted as a municipality in 1967 and is governed by the Andhra Pradesh State Municipalities Act 1965 (Act). It manages the municipal services of Kavali town, which is located in Nellore district of Andhra Pradesh. The KM covers an area of 60.09 sq. km. and serves a population of 0.97 lakh (as per Census 2011). Its main functions include water supply, solid waste management and construction, repair and maintenance of roads and streetlights in its area. The municipality is divided into 40 municipal wards, and is governed by an elected body (council) headed by a Chairperson, while the Commissioner acts as the executive head, overseeing its everyday functioning. KIRAN ENTERPRISES: ICRA Keeps D on INR37cr Debt in Not Cooperating ------------------------------------------------------------------ ICRA said ratings for the INR37.00-crore bank facilities of Sree Kiran Enterprises continues to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as “[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 37.00 [ICRA]D ISSUER NOT COOPERATING; Fund Based TL Rating continues to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Sree Kiran Enterprises, established as a proprietorship firm in 2000, is owned by Mrs. Padmavathi. The firm is involved in providing catering services in Bangalore (Karnataka). The firm has two banquet halls – (i) Samskruthi Banquet Hall and (ii) Sree Soundarya Mahal in the city. The operations of the firm are managed by the family members of the proprietor. The promoter family is associated with other group concerns which are engaged in similar line of businesses. KSC EDUCATIONAL: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA has continued the ratings for the INR152.32 crore bank facilities of KSC Educational Society. The rating is now denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING"; Rating continues to remain under 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 150.00 [ICRA]B+ (Stable); ISSUER NOT Fund Based/ COOPERATING; Rating continues Term Loan to remain under 'Issuer Not Cooperating' category Long Term– 2.32 [ICRA]B+ (Stable); ISSUER NOT Non fund COOPERATING; Rating continues Based to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. K.S.C Educational Society is promoted by the Chadha Group with the objective of providing technical and non-technical education. The Society has set up an international school (from Nursery to Class XII) by the name of 'Genesis Global School' in Sector 132 of Noida, Uttar Pradesh. The school commenced operations from April 2010. LAKSHYA DAIRY: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA said ratings for the INR10.00 crore bank facilities of Lakshya Dairy Private Limited continue to remain under Issuer Not Cooperating category. The ratings are denoted as '[ICRA]D ISSUER NOT COOPERATING'; Rating continues to remain under 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.50 [ICRA]D; ISSUER NOT COOPERATING; Fund Based/ Rating Continues to remain under Cash Credit the 'Issuer Not Cooperating' category Unallocated 2.50 [ICRA]D; ISSUER NOT COOPERATING; Rating Continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis dated information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 2008, LDPL is engaged in the trading of milk. The company has been promoted by Mr Rajbir Singh Nagar and Mr Rohit Nagar, who have been in the milk trading business for more than two decades. The company procures milk from farmers and milk aggregators and preserves it in its chillers before selling it to milk processors and local dairies. MACHILIPATNAM MUNICIPALITY: ICRA Lowers Issuer Rating to B+ ----------------------------------------------------------- ICRA has downgraded the Issuer Rating of Machilipatnam Municipality to [ICRA]B+ (Stable) ISSUER NOT COOPERATING from [ICRA]BB+ (Stable) and continues to remain in the 'Issuer Not Cooperating' category. Rationale The rating downgrade is because of lack of adequate information regarding Machilipatnam Municipality performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Machilipatnam Municipality, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. The MPM, an urban local body (ULB) was constituted as a municipality in 1866 and is governed by the Andhra Pradesh State Municipalities Act 1965 (Act). It manages the municipal services of Machilipatnam town, which is located in Krishna district of Andhra Pradesh. The MPM covers an area of 26.27 sq. km. and serves a population of 1.70 lakh (as per Census 2011). Its main functions include water supply, solid waste management and construction, repair and maintenance of roads and streetlights in its area. The municipality is divided into 42 municipal wards, and is governed by an elected body (council) headed by a Chairperson, while the Commissioner acts as the executive head overseeing its everyday functioning. MAK CONSTRUCTIONS: ICRA Keeps B+ on INR18cr Debt in Not Cooperating ------------------------------------------------------------------- ICRA said ratings for the INR18.00-crore bank facilities of Mak Constructions (MC) Continues to remain under 'Issuer Not Cooperating' category'. The Long term ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 18.00 [ICRA]B+(Stable); ISSUER NOT Fund Based COOPERATING; Rating Continues Facilities to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. MAK Constructions (MAK) is a partnership concern established in 2001 with Mr. R.T. Venkatesh Kumar, Mr. S.R. Chandra Mohan and Mrs. R. Mekhala as partners. This firm undertakes small scale infrastructure projects and is primarily focused on the laying and maintenance of roads (national highways, state highways and private roads) and bridges. MAK undertakes projects within a 100 km radius of Madurai, Tamil Nadu. The managing partner, Mr. S.R. Chandra Mohan, has been involved in the construction segment as a proprietor since 1989; while his partner, Mr. R.T. Venkatesh Kumar, began his career as a construction contractor in 1995. MANMAN MANUFACTURING: Ind-Ra Moves 'B+' Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Manman Manufacturing Company Private Limited's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND B+ (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR30 mil. Fund-based limits migrated to non-cooperating category with IND B+ (ISSUER NOT COOPERATING) rating; -- INR2 mil. Non-fund based limits migrated to non-cooperating category with IND A4 (ISSUER NOT COOPERATING) rating; and -- INR20.88 mil. Term loan due on August 2022 migrated to non- cooperating category with IND B+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on July 25, 2019. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2000, Manman Manufacturing Company designs manufactures and supplies various scientific and medical equipment such as surgical bone saws, drills, trephines, and burrs. MARUTI COTTON: ICRA Lowers Ratings on INR7.95cr Loans to D ---------------------------------------------------------- ICRA has downgraded the ratings on certain bank facilities of Maruti Cotton Industries (MCI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based- 1.95 [ICRA]D ISSUER NOT COOPERATING; Term Loan Rating downgraded from [ICRA]B (Stable) ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Fund based- 6.00 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Rating downgraded from [ICRA]B (Stable) ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade reflects delays in Debt Servicing. The rating is based on limited information on the entity's performance since the time it was last rated in January 2019. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Maruti Cotton Industries (MCI), ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Key rating drivers and their description Credit strengths: NA Credit challenges There have been delays in debt servicing as mentioned in publicly available sources. Liquidity position: Poor Maruti Cotton Industries liquidity profile is poor as reflected by irregularities in debt servicing by entity. Established in 2014, Maruti Cotton Industries (MCI) commenced commercial operations on 28th December 2014 and is engaged in manufacture of cotton bales through ginning and pressing of raw cotton. The manufacturing unit of the company is located at Kadi (Mehsana) - an area with easy availability of raw cotton, and is equipped with 24 ginning machines and one fully automated pressing machine having a production capacity of 250 bales per day. PRAGATI GLASS: ICRA Keeps D Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA said ratings for the INR25.50 crore bank facilities of Pragati Glass Private Limited continues to remain under the 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]D/[ICRA]D ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based- 4.00 [ICRA]D ISSUER NOT COOPERATING; Term Loan Rating continues to remain under 'Issuer Not Cooperating' category Fund-based- 17.50 [ICRA]D ISSUER NOT COOPERATING; Cash Credit Rating continues to remain under 'Issuer Not Cooperating' category Non-Fund 4.00 [ICRA]D ISSUER NOT COOPERATING; Based Limits Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Pragati Glass Private Limited (Pragati Glass) was incorporated in 1982 by Mr Dinesh Gupta to manufacture glass tableware and bottles. The company primarily caters to the cosmetics and perfumes industries, with a small presence in food and beverages (F&B). Almost 60% of the company's sales are made to exports markets, while around 15-20% of these are deemed exports to SEZs. The company's manufacturing facility is located at Kosamba, Gujarat. R.J. RISHIKARAN: ICRA Keeps B on INR35cr in Not Cooperating ----------------------------------------------------------- ICRA said ratings for the INR35.00-crore bank facilities of R.J. Rishikaran Projects Pvt Ltd Continues to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 35.00 [ICRA]B (Stable) ISSUER NOT Fund Based TL COOPERATING; Rating continues to remain in 'Issuer Not Cooperating' Category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. RJ Rishikaran Projects Pvt was incorporated in February 13, so far the company has started two projects one is Lake Gardenia project and another one is Brook Square project. This was a strategic decision as in past the RJ group have been executing projects through RJ Builders (flagship company of the RJ group). The group has decided that, RJ Builders will look after interior design projects and real estate development will be done by RRPPL. RJ group has been involved in South Indian reality segment for past 3 decades offering services into building, design & development, interiors, project management & consultation into segments including hospitality, residential, commercial including hospital construction and development. RADHESHYAM COTTEX: ICRA Keeps B+ Debt Ratings in Not Cooperating ---------------------------------------------------------------- ICRA said ratings for the INR9.77 crore bank facilities of Radheshyam Cottex Continues to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based 9.50 [ICRA]B+(Stable); ISSUER NOT Cash Credit COOPERATING; Rating Continues to remain under issuer not cooperating category Non-fund 0.27 [ICRA]B+(Stable); ISSUER NOT Based limits COOPERATING; Rating Continues to remain under issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Radheshyam Cottex was acquired from M/s Shah Govardhandas Bhikharidas. It was subsequently established as a partnership firm in November 2010 by Mr. Mahavirsinh Vala and four other partners, who collectively have an experience of over a decade in the cotton industry. RC is engaged in the ginning and pressing of cotton. The manufacturing facility of the firm is located at Jasdan, in Rajkot district of Gujarat. The facility is equipped with 20 ginning machines and a pressing machine with a production capacity of around 15,780 cotton bales per annum. SAINI ALLOYS: ICRA Keeps B+ D Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA has continued the ratings for the INR24.00 crore bank facilities of Saini Alloys Private Limited. The rating is now denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING"; Rating continues to remain under 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 24.00 [ICRA]B+ (Stable); ISSUER NOT Fund Based/ COOPERATING; Rating continues Cash Credit to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Saini Alloys Private Limited is engaged in the manufacturing of steel pipes and trading of HR coils. The company was promoted by Mr. Ratan Singh Saini and Mr. Ram Niwas Saini in 1999. The company's manufacturing facility is located in Sikandrabad (Uttar Pradesh) with an installed capacity of 36,000 MT per annum (increased from 10,000 MT per annum) of steel tubes and pipes. SAMRAT GEMS: Ind-Ra Cuts LT Issuer Rating to 'BB-', Outlook Stable ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has downgraded Samrat Gems Impex Pvt Ltd's (SGIPL) Long-Term Issuer Rating to 'IND BB-' from 'IND BB (ISSUER NOT COOPERATING)'. The Outlook is Stable. The instrument-wise rating actions are: -- INR299.5 mil. Fund-based working capital limits Long-term rating downgraded and short-term rating affirmed with IND BB/ Stable/IND A4+ rating; and -- INR70 mil. Non-fund-based working capital limits affirmed with IND A4+ rating. KEY RATING DRIVERS The downgrade reflects the company's continued small scale of operations. The company's revenue declined to INR1,232 million in FY20 (FY19: INR1,490 million) due to the holding of shipments in February 2020 owing to the spread of COVID-19 in European countries. The company exports over 85% of its total sales. FY20 numbers are provisional in nature. Liquidity Indicator- Poor: SGIPL's average utilization of fund-based facilities was 98.8% during the 12 months ended May 2020. The delayed shipments resulted in deterioration in SGIPL's liquidity profile in FY20 and in the beginning of 1QFY21, which led to the overdrawing of the short-term working capital and an extension in the timeline of the outstanding letter of credit, which was due in March 2020. Ind-Ra estimates the company's cash flow from operations to have turned positive in FY20 to INR31.05 million (FY19: negative INR2.27 million) due to favorable changes in the working capital cycle. The company has availed of the Reserve Bank of India-prescribed moratorium for its fund-based facilities amounting to INR29.9 million and also postponed the interest payment over March-August 2020 and received an extension in the additional timeline of 90 days for the payments of receivables. The company started realizing revenue from the delayed shipments from 1QFY21. However, the agency expects SGIPL's liquidity to remain stretched in FY21 amid the challenging COVID-19 led economic environment. The ratings factor in SGIPL's weak credit metrics. The agency estimates the company's interest coverage (operating EBITDA/gross interest expense) to have deteriorated slightly to 1.2x in FY20 (FY19:1.3x) and net leverage ( total adjusted net debt/operating EBITDA) to 7.5x (7.2x) due to a decline the absolute EBITDA to INR59.1 million (INR62.9 million) The ratings are further constrained by SGIPL's modest EBITDA margins, which expanded slightly to 4.8% in FY20 (FY19: 4.2%) owing to a decline in the employee costs. The company's return on capital employed was flat at 9% in FY20. The ratings, however, continue to benefit from the founders' three decades of experience in the manufacturing of ready-made apparels for men, women and kids, and repeat orders from a strong customer base, comprising international clients such as Inditex Group and Fallabella SA and domestic clients such as Arvind Lifestyle Brands Limited and Morarjee Textiles Limited etc. RATING SENSITIVITIES Positive: An improvement in the scale of operations, leading to improved liquidity and gross interest coverage exceeding 1.8x, on a sustained basis, will be positive for the ratings. Negative: A decline in the scale of operations and liquidity, leading to deterioration in the credit metrics, on a sustained basis, will be negative for the rating. COMPANY PROFILE SGIPL was incorporated in 1984 by directors Shyamlal Sharma and Rajiv Sharma. The company's registered office is in Mumbai and its manufacturing units are in Bengaluru and Bhiwandi. It manufactures and exports ready-made garments to retailers. In addition, the company trades fabrics in the domestic market. SARAWAGI AUTOMOBILES: ICRA Keeps B Debt Ratings in Not Cooperating ------------------------------------------------------------------ ICRA has continued the ratings for the INR8.38 crore bank facilities of Sarawagi Automobiles Private Limited. The rating is now denoted as "[ICRA]B(Stable); ISSUER NOT COOPERATING"; Rating continues to remain under 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 7.50 [ICRA]B (Stable); ISSUER NOT Fund Based/ COOPERATING; Continues to remain Cash Credit under the 'Issuer Not Cooperating' category Long Term– 0.88 [ICRA]B (Stable); ISSUER NOT Unallocated COOPERATING; Continues to remain under the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. SAPL was incorporated in May 2009 and is an authorised dealer of Tata Motors Limited. SAPL is engaged in the sale of vehicles, spares and also provides after sales support. Presently, the company has 3S (sales, service and spares) facilities at Sri Ganganagar and Hanumangarh districts and sales facilities at Suratgarh, Raisinghnagar, Anoopgarh, Nohar and Bhadra, in Rajasthan. SARVEJANA HEALTHCARE: Ind-Ra Affirms BB+ LongTerm Issuer Rating --------------------------------------------------------------- India Ratings and Research (Ind-Ra) has affirmed Sarvejana Healthcare Private Limited's (SHPL) Long-Term Issuer Rating at 'IND BB+'. The Outlook is Stable. The instrument-wise rating actions are: -- INR280 mil. Fund based facility affirmed with IND BB+ / Stable /A4+ rating; and -- INR90.59 mil. (reduced from INR170.76 mil.) Long term loans due on June 2021 affirmed with IND BB+/Stable rating. Analytical Approach: Ind-Ra has taken a consolidated view of SHPL and its 100% subsidiaries - Rajyalakshmi Healthcare Private Limited (RHPL; 'IND BB'/Stable) and Suryateja Healthcare Private Limited (SuPL), collectively referred to as Sunshine Hospitals - due to the strong legal and operational and moderate strategic linkages among them. SHPL also extends unconditional and irrevocable corporate guarantees to the entire debt of the subsidiaries and also provides tangible financial supports in terms of unsecured loans. KEY RATING DRIVERS The affirmation reflects SHPL's continued moderate scale of operations. Its consolidated revenue improved to INR3,628 million in FY20 (FY19: INR3,345 million), driven by operational stabilization in the subsidiaries' performance and an improvement in their occupancy rates. FY20 financials are provisional in nature. RHPL commenced operations in 2018 and SuPL in 2017, and their revenue surged to INR841 million and INR117 million, respectively in FY20 (FY19: INR565 million and INR108 million). SHPL's standalone revenue declined close to 1% in FY20 to INR2,631.08 million. The subsidiaries' EBITDA attained breakeven in FY20 with a cumulative operating profit of INR48.03 million. However, the company registered a revenue loss of INR350 million in April and May 2020 on a consolidated basis due to the closure of its outpatient department owing to the COVID-19 led lockdown. The operations resumed in June 2020 and the company booked revenue of INR520 million. The rating factor in the company's risk of revenue concentration, although declined to 72.5% in FY20 (FY19: 79.6%), as the company derives the majority of its revenue from its flagship hospital in Secunderabad (Telengana). The ratings further factor in SHPL's modest operating margin, which expanded to 8.01% in FY20 (FY19: 5.14%), owing to an increase in absolute EBITDA to INR290.59 million (INR171.88 million) on a consolidated basis. The return on capital employed stood at 3% in FY20 (FY19: 4%). SHPL's standalone margin, however, contracted to 7.97% in FY20 (FY19: 9.01%). Given that the subsidiaries have attained their early stages of stabilization, the agency expects its operating profit margins to improve further in FY21. The ratings are further constrained by the company's consolidated modest credit metrics. The company's interest coverage (operating EBITDA/gross interest expense) improved to 1.6x in FY20 (FY19: 1.4x) and net leverage (adjusted net debt/operating EBITDAR) to 5.3x (7.0x) due to the improvement in the absolute EBITDA and a decline in the net debt to INR854.89 million (INR1,004.21 million). Ind-Ra expects the company's credit metrics to improve further in FY21, owing to the scheduled repayments of the long-term loan of RHPL as well as SHPL and no major planned CAPEX. SHPL's FY20 standalone interest coverage stood at 3.2x (FY19: 3.7x) and net leverage at 4.9x (5.0x). Liquidity Indicator- Stretched: The company's average maximum utilization of fund-based facilities in the 12 months ended June 2020 stood at 91%. Its cash flow from operations improved in FY20 to INR348.55 million (FY19: INR262.43 million) due to the higher EBITDA and an improvement in the working capital cycle to negative 46 days (FY19: negative 19 days). The company's free cash flow also improved to INR347.4 million in FY20 (FY19: XX). The company has planned regular maintenance capital expenditure of around INR55 million in FY21. The ratings, however, continue to derive support from the promoter - Dr. Gurava Reddy's two decades of experience in establishing a brand name for the hospitals in orthopedics specialty in the Telangana region. RATING SENSITIVITIES Positive: An improvement in the scale of operations, performance of the subsidiaries, and profitability, with net leverage reducing below 5x along with an improved liquidity profile, all on a sustained basis, will be positive for the ratings. Negative: Any further decline in the credit metrics and stress in liquidity may lead to negative rating action. COMPANY PROFILE Incorporated in 2009, SHPL operates two multispecialty hospitals with a total bed capacity of 412 beds. It operates an additional two hospitals, through its subsidiaries RHPL and SuPL. The group has a total capacity of 675 beds. The group focuses mainly on orthopedics and cardio divisions and operates under the Sunshine Hospitals brand. SHIRDI SAI: ICRA Rates INR107cr Cash Loan 'C+' ---------------------------------------------- ICRA has assigned rating to the bank facilities of Shirdi Sai Electricals Limited (SSEL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Cash Credit 107.0 [ICRA]C+; assigned Letter of credit/ Bank Guarantees 657.0 [ICRA]C+/[ICRA]A4; assigned Rationale The rating assigned reflects the stretched liquidity position of SSEL owing to an elongated receivable position and delays in project execution, which, in turn, led to delays in servicing debt obligations (LC devolvements) in the past. ICRA however, notes that the debt servicing of the company has been timely in the last four-month period, aided by realization of INR201.5 crore receivables since March 2020. The rating is further constrained by the high geographical and customer concentration risks given that Andhra Pradesh and Bihar state power distribution utilities (discoms) together contribute to over 90% of the company's revenue as well outstanding order book. High level of receivables in the form of withheld and retention money from these discoms coupled with large capital expansion plans undertaken largely from internal accruals resulted in stressed cashflows for the company in the past few years. Thus, timely receipt of payments from discoms for the projects completed remains extremely crucial for the company given the sizeable LC maturities in the near term. ICRA also notes that the company has opted for moratorium for interest payments on its working capital facilities as per the COVID-19 relief package offered by RBI in March 2020. In addition, the rating is tempered vulnerability of profitability to volatility in commodity prices, mitigated to a certain extent by price escalation clauses in the contracts. ICRA further takes note of the fragmented nature of the transformer industry which results in pricing pressure. Moreover, the company's operations remain exposed to execution risks associated with the orders and ability to execute the same within the budgeted costs and time remains critical from credit perspective. Given the constraints due to COVID-19 outbreak, while the company has obtained timeline extension under force majeure clause by the nodal agencies for the ongoing order execution, timely completion of the same remains crucial. ICRA also takes note of the part debt-funded acquisition of Indotech Transformers Limited (ITL) by the company which would entail in-flow of long-term debt in addition to promoter's equity. However, the acquisition is expected to entail synergistic benefits and aid SSEL's entry into catering to requirements of private enterprises. The rating, however, positively factors in the established presence of SSEL in the distribution transformers manufacturing segment and as an EPC contractor for close to two decades. The company has been able to forge strong relationships with its client base as evident from receipt of repeat orders from state power distribution utilities(discoms) of Andhra Pradesh, Bihar, Madhya Pradesh etc. SSEL benefits from presence of a technology tieup with Hitachi Metals Limited which aids it in manufacturing of energy efficient amorphous core-based transformers. Furthermore, backward integrated operations and manufacturing of ~70% of sub-parts of transformers in-house provides the company with higher control on both cost and quality. ICRA further notes that the company is likely to benefit from GOI's order to release bank guarantees and retention money to the extent of project completion as part of the Atmanirbhar Bharat package. Going forward, the ability of the company to improve its cashflows by timely completion of projects and realisation of payments from discoms and thus ensure timely servicing of its repayment obligations remains crucial from a credit perspective. Key rating drivers and their description Credit strengths * Long track record in the transformer industry: SSEL is one of the prominent players in the distribution transformer manufacturing industry and has also emerged as an EPC contractor in the segment over the years. The company's major clients include state power distribution utilities across Andhra Pradesh, Bihar, Madhya Pradesh, Odisha etc. * Technological tie-up with Hitachi Group for manufacturing energy efficient transformers: SSEL has signed an agreement with Metglas Inc (Hitachi Group) for manufacturing of amorphous core-based transformers. As per the agreement, Hitachi group provides SSEL with AMT (amorphous metal) which is used in manufacturing of energy efficient transformers. These materials have high magnetic susceptibility, very low coercivity and high electrical resistance and reduce losses in the transmission segment. The company does not pay any royalty towards usage of this technology. * Backward integrated operations provide cost and quality control: SSEL has backward integrated into core, conductor, winding and tank fabrication operations which aids healthy profitability for the company. While several transformer manufacturers outsource production of these parts, in-house manufacturing of about 60-70% of transformer parts provides the company with significant cost control opportunities in addition to having a constant tab on quality. * Satisfactory order book position: SSEL has an outstanding orderbook of INR1466 crore as on May 31, 2020 which provides revenue visibility for the company going forward. Credit challenges * High working capital intensity: SSEL's working capital intensity remains high due to stretched receivables, retention money and inventory holding requirements. This coupled with delays in project execution in Bihar due to rains had led to delays in servicing of debt obligations (LC devolvements) in the past. * High customer and geographical concentration risks: The customer and geographical concentration risks remain high as Andhra Pradesh and Bihar state power distribution utilities contribute to over 90% of the company's revenue and outstanding orderbook. Thus, any adverse impact on the performance in the discoms, particularly given the adverse impact of the Covid-19 pandemic, is likely to impact the receivable position of SSEL. ICRA, however, notes that the projects undertaken by SSEL are funded by central/multilateral agencies. * Profitability exposed to volatility in raw material prices: SSEL's profitability remains exposed to volatility in raw material prices; however, majority contracts have price escalation clauses based on published indices. * Execution risks associated with orders: Ability to execute the orders within the budgeted costs and time remains important for the overall performance of the company. Given the constraints arising out of the pandemic, the company has invoked force majeure clause and obtained timeline extension for project completion from the respective nodal agencies for projects. * High competitive intensity: Highly fragmented nature of the transformer industry results in high competitive intensity which in turn translates to pricing pressure for the company to a certain extent. Liquidity position: Stretched SSEL's liquidity position remains stretched given the nominal free cash balances as compared to sizeable LC maturities in the near term. Further, the company's debt servicing ability completely hinges on the timeliness of receipt of receivables given the limited cushion available in terms of unused working capital facilities. Rating sensitivities Positive triggers - Rating could be upgraded in case of continued improvement in receivable position/release of retention money which would improve the liquidity position of the company and thereby SSEL's ability to cater to debt repayment obligations in a timely manner. Negative triggers - Rating could witness a downward revision in case of [a] delays in receipt of payments/release of retention money from discoms [b] stress on company's cashflows in case of promoter's inability to bring in funds on a timely basis for the proposed acquisition of Indotech Transformers Limited. Incorporated in the year 1994, Shirdi Sai Electricals Limited (SSEL) is into the business of manufacturing of power and distribution Transformers (up to 20 MVA, 66 kV). The company has a transformer manufacturing facility in Kadapa, Andhra Pradesh. The company designs and manufactures power and distribution transformers to cater to the needs of electricity utilities as well as private enterprises. SSEL also provides solutions for power transmission and distribution systems through its turnkey projects division. In FY2020, the company reported net profit of INR53.6 crore on an operating income (OI) of INR711.8 crore compared with a net profit of INR113.6 crore on an OI of INR1057.1 crore in the previous year. SIDDIPET MUNICIPALITY: ICRA Lowers Issuer Rating to B+ ------------------------------------------------------ ICRA has downgraded the Issuer Rating of Siddipet Municipality to [ICRA]B+ (Stable) ISSUER NOT COOPERATING from [ICRA]BB (Stable) and continues to remain in the 'Issuer Not Cooperating' category. Rationale The rating downgrade is because of lack of adequate information regarding Siddipet Municipality performance and hence the uncertainty around its credit risk. ICRA assesses whether the information available about the entity is commensurate with its rating and reviews the same as per its "Policy in respect of non-cooperation by a rated entity" available at www.icra.in. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with Siddipet Municipality, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with the aforesaid policy of ICRA, a rating view has been taken on the entity based on the best available information. The Siddipet Municipality was constituted in 1952. It is a special-grade municipality governed under provisions of the Telangana Municipalities Act, 1965. The SM manages municipal services of Siddipet town, which is located in Siddipet district of Telangana. The SM covers an area of 36.03 square kilometre (sq. km.) and serves a population of 1,11,358 (as per Census 2011). The major services provided by SM include water supply, solid waste management, repair and maintenance of roads and street lighting in its area. SM is divided into 34 municipal wards. The Commissioner is the Chairman of the municipality and oversees the functioning of the local body. STEEL PRODUCTS: ICRA Keeps C- Debt Ratings in Not Cooperating ------------------------------------------------------------- ICRA said ratings for the INR22.65-crore bank facilities of Steel Products Limited Continues to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]C-/[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund Based– 11.50 [ICRA]C-; ISSUER NOT COOPERATING; Cash Credit Rating Continues to remain under Issuer not cooperating category Non-Fund 10.00 [ICRA]C-; ISSUER NOT COOPERATING; Based Bank Rating Continues to remain under Guarantee Issuer not cooperating category Non-Fund 1.15 [ICRA]A4; ISSUER NOT COOPERATING; Based Letter Rating Continues to remain under of Credit issuer not cooperating category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Incorporated in 1917, Steel Products Limited (SPL) is engaged in the manufacturing of tower parts and steel structural for transmission towers, telecom towers and substation transmission systems. The company also undertakes engineering procurement and construction (EPC) work to lay optic fiber cables over the transmission towers. SUPREME NUTRI: ICRA Keeps B Debt Ratings in Not Cooperating ----------------------------------------------------------- ICRA said rating for the bank facilities for INR13.25 crore of Supreme Nutri Grain Private Limited (SNGPL) continues to remain under 'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]B (Stable)/[ICRA]A4; ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund based– 4.50 [ICRA]B (Stable); ISSUER NOT Term Loan COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Fund based– 7.00 [ICRA]B (Stable); ISSUER NOT Cash Credit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category Forward 1.75 [ICRA]A4; ISSUER NOT Contract Limit COOPERATING; Rating continues to remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Supreme Nutri Grain Private Limited (SNGPL), promoted by Mr. Bharat Piparava, Mr. Nilesh Kapuriya, Mr. Sanjay Kapuriya and Mr. Mukesh Khatrani, was incorporated as a private limited company in May 2012 and commenced commercial production from August 15, 2013. The company is engaged in manufacturing of instant noodles packaged in units of 35 grams, 75 grams and 300 grams and has an installed capacity of 6200 TPA. The noodles are sold under the registered brand name of 'Zoopy' and are available in four flavours namely Mazedaar Masala, Mirch Masala, Gujarati Delight and Satvik Sizzle. Apart from its branded noodles, the company also sells non branded instant noodles packaged in various units depending on the requirements of the customers ranging from packs of 35 grams to 10 kg each. THE WOODIND: ICRA Keeps D on INR10cr Bank Loans in Not Cooperating ------------------------------------------------------------------ ICRA said the ratings for the INR10.00-crore bank facilities of The Woodind continues to remain under 'Issuer Not Cooperating' category'. The ratings are denoted as "[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- (6.00) [ICRA]D ISSUER NOT COOPERATING; Interchangeable Rating continues to remain in the 'Issuer Not Cooperating' category Short Term- 10.00 [ICRA]D ISSUER NOT COOPERATING; Non-Fund Rating continues to remain in Based the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The Woodind, initially established as proprietorship concern in 2006 by Mr. Russal M Easa, was later converted in to a partnership firm in December 2013. The firm is engaged in trading of timber. The firm imports timber mainly from Latin American countries and also from African countries. The timber imported belongs to two main categories – Teak and Pincoda. The firm is located in Kochi (Kerala) and caters to the needs of the wholesalers as well as the retailers in North Kerala. TRIMURTHI HITECH: ICRA Keeps C+ Debt Ratings in Not Cooperating --------------------------------------------------------------- ICRA said ratings for the INR10.00-crore bank facilities of Trimurthi Hitech Company Private Limited (THCPL) Continues to remain under 'Issuer Not Cooperating' category'. The Long term ratings are denoted as "[ICRA]C+ ISSUER NOT COOPERATING" and Short term ratings are denoted as "[ICRA]A4 ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 4.75 [ICRA]C+; ISSUER NOT COOPERATING; Fund Based Rating Continues to remain under 'Issuer Not Cooperating' category Short Term– 2.75 [ICRA]A4; ISSUER NOT COOPERATING; Non Fund Rating Continues to remain under Based 'Issuer Not Cooperating' category Long Term/ 2.50 [ICRA]C+/A4; ISSUER NOT Short term COOPERATING; Rating Continues to Unallocated remain under 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. Trimurthi Hitech Company Pvt Ltd was incorporated in the year 1989 by Mr B.L Kabra and Mr Sundeep Kabra who have close to two decades of experience as EPC contractors for various government projects. The company predominantly takes up electrification works for railway projects in southern India. By virtue of the long standing experience of the promoters in execution of such projects, the company is prequalified to take up overhead electrification works, high voltage substation contracts and civil tenders for government projects. UNITED INDIA: A.M. Best Cuts Fin. Strength Rating to C+(Marginal) ----------------------------------------------------------------- AM Best has downgraded the Financial Strength Rating (FSR) to C+ (Marginal) from C++ (Marginal) and the Long-Term Issuer Credit Rating (Long-Term ICR) to "b-" from "b+" for United India Insurance Company Limited (United India). The outlook of the FSR has been revised to negative from stable while the outlook of the Long-Term ICR is negative. Concurrently, these Credit Ratings (ratings) have been withdrawn at the company's request to no longer participate in AM Best's interactive rating process. The ratings reflect the company's balance sheet strength, which AM Best categorizes as weak, marginal operating performance, neutral business profile, and marginal enterprise risk management. The rating downgrades reflect a downward revision in AM Best's balance sheet strength assessment for United India to weak from adequate, driven by a decline in risk-adjusted capitalization as of December 2019 and the expectation of a further material deterioration at fiscal-year end 2020. AM Best expects the company's balance sheet strength fundamentals to weaken considerably at fiscal year-end 2020, as continuously weak operating results and mark-to-market losses from the company's common equity investments are expected to drive a significant decline in shareholder equity. As a result of the aforementioned, the company's risk-adjusted capitalization, as measured by the Best's Capital Adequacy Ratio (BCAR), is projected to decline to a very weak level at fiscal year-end 2020. In addition, as of December 2019, the company's regulatory solvency margin declined to 0.94 times, which is below the regulatory minimum requirement of 1.5 times. United India's financial results for the year ended 31 March 2020 are not yet available, given the regulator's extension for statutory returns in light of operational challenges brought on by the COVID-19 pandemic. Over the near term, United India's balance sheet strength position, including its risk-adjusted capitalization, remains highly reliant on the timing and magnitude of capital support recently announced by India's government. The company received formal communication from India's government for a capital infusion of INR 10.8 billion (USD 144 million) in the near term, but full details of further capital infusion are unavailable. The negative rating outlooks reflect the potential for further deterioration in the company's risk-adjusted capitalization over the near to medium term due to volatility of operating performance, or if sufficient capital support is not received from India's government in a timely manner. VIKAS COT FIBER: ICRA Keeps B+ Debt Ratings in Not Cooperating -------------------------------------------------------------- ICRA said ratings for the INR20.00-crore bank facilities of Vikas Cot Fiber Private Limited continue to remain under 'Issuer Not Cooperating' category'. The Long-term rating are denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING". Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term 18.68 [ICRA]B+(Stable) ISSUER NOT Cash Credit COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category Long Term 1.32 [ICRA]B+(Stable) ISSUER NOT Unallocated COOPERATING; Rating continues to remain in the 'Issuer Not Cooperating' category ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis best available information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of noncooperation by a rated entity available at www.icra.in. Vikas Cot Fiber Private Limited was incorporated in May 2008 by Khandelwal Family in Sendhwa, Madhya Pradesh. The company is engaged in cotton ginning and pressing. VCF is also involved in cotton trading. The company manufactures lint from kapas (raw cotton) and undertakes pressing operation to produce bales. Cotton seed is the by-product of ginning operation which the company sells to oil extraction units. VSRK CONSTRUCTIONS: ICRA Cuts Ratings on INR14cr Loans to D ----------------------------------------------------------- ICRA has downgraded the ratings on certain bank facilities of VSRK Constructions (VSRKC), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long Term- 2.00 [ICRA]D ISSUER NOT COOPERATING; Fund Based/CC Rating downgraded from [ICRA]B+ (Stable) ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Long Term-Non- 12.00 [ICRA]D ISSUER NOT COOPERATING; Fund Based Rating downgraded from [ICRA]B+ (Stable) ISSUER NOT COOPERATING and continues to remain under 'Issuer Not Cooperating' category Rationale The rating downgrade reflects delays in Debt Servicing. The rating is based on limited information on the entity's performance since the time it was last rated in April 2019. The lenders, investors and other market participants are thus advised to exercise appropriate caution while using this rating as the rating may not adequately reflect the credit risk profile of the entity, despite the downgrade. As part of its process and in accordance with its rating agreement with VSRK Constructions, ICRA has been trying to seek information from the entity so as to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. In the absence of requisite information and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating Committee has taken a rating view based on the best available information. Key rating drivers and their description Credit strengths: NA Credit challenges There have been delays in debt servicing as mentioned in publicly available sources. Liquidity position: Poor VSRK Constructions liquidity profile is poor as reflected by irregularities in debt servicing by entity. VSRK Constructions (VSRKC) is a partnership firm established in 2002 by Mr. N.T. Venkateswara Rao and Mr. Ch. Venkateswara Rao. The firm is recognized as a special class contractor by Roads and Buildings department of Andhra Pradesh and Telangana. It is engaged in the business of constructing roads, bridges, etc. primarily in Telangana and Andhra Pradesh. ZILLION INFRAPROJECTS: ICRA Keeps D Debt Ratings in Not Cooperating ------------------------------------------------------------------- ICRA said ratings for the bank facilities of Zillion Infraprojects Private Limited (ZIPL) continue to remain in the Issuer Not Cooperating category. The rating is denoted as [ICRA]D ISSUER NOT COOPERATING. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Fund-based 80.0 [ICRA]D ISSUER NOT COOPERATING; Facilities Rating remains in 'Issuer Not Cooperating' category Non-fund 250.0 [ICRA]D ISSUER NOT COOPERATING; Based Rating remains in 'Issuer Not facilities Cooperating' category ICRA has noted a first information report (FIR) dated July 2, 2020 by the Central Bureau of Investigation (CBI) booking Mr. Anant Saxena, MD of ZIPL, in relation to a charge of bribery during the process of calling for an Expression of Interest (EOI) for pre-investment work for the site development for the construction of National Sports University, Manipur, floated by Hindustan Steelworks Construction Limited (HSCL) in 2015. ICRA has been seeking information from the entity to monitor its performance, but despite repeated requests by ICRA, the entity's management has remained non-cooperative. The current rating action has been taken by ICRA basis the best available/dated/ limited information on the issuers' performance. Accordingly, the lenders, investors and other market participants are advised to exercise appropriate caution while using this rating as it may not adequately reflect the credit risk profile of the entity. The rating action has been taken in accordance with ICRA's policy in respect of non-cooperation by a rated entity available at www.icra.in. ZIPL, formerly known as Durha Constructions Private Limited, has been involved in the infrastructure business since 1977. The company was incorporated in 1975 by Mr. C S Saxena. Mr. Saxena is an M.Sc. and has done an Advance Course in Non-destructive Testing. He started his career in Bhabha Atomic Research Centre. He was later joined by his younger brother, Mr. Anant Saxena, who is a bachelor in technology from IT BHU. Over the years, the company has grown from a labour contractor and provider of non-destructive technology (NDT) services to engineering, procurement and commissioning (EPC) contractor. The main activities of the company are site fabrication, installation of steel structures, equipment and piping, all types of civil work, pipelines, and electrical installations. In December 2010, Sintex Industries Limited (SIL), through its Group company Sintex Infra Projects Ltd. (SIPL), acquired a 30% stake in the company. ========= J A P A N ========= JAPAN AIRLINES: Posts JPY93.7BB Net Loss in Quarter Ended June 30 ----------------------------------------------------------------- The Japan Times reports that Japan Airlines Co. said Aug. 3 it posted a net loss of JPY93.71 billion in the April to June quarter as the global coronavirus outbreak sharply reduced air traffic demand. The company again withheld an earnings forecast for the current business year through March, citing uncertainty in its business environment due to the virus pandemic, the report says. JAL logged an operating loss of JPY131.01 billion in the quarter on revenue of JPY76.39 billion, down 78.1% from a year earlier, the report discloses. Japan Airlines Co., Ltd. engages in scheduled and non-scheduled air transport, aerial work, and aircraft maintenance services. It operates through the Air Transport and Others segments. The Air Transport segment engages in air transport business, airport passenger service, ground handling service, maintenance service, cargo service, passenger transport service and airport area business. The Others segment includes travel planning and sales. [*] JAPAN: Sees More Than 400 Coronavirus-Linked Corp. Failures --------------------------------------------------------------- The Japan Times reports that the number of corporate bankruptcies triggered by the spread of the novel coronavirus has exceeded 400 in Japan, Teikoku Databank Ltd. said Aug. 3. More and more restaurants and hotels have been forced out of business due to voluntary restrictions on going out, the Japan Times discloses citing the credit research company. Total liabilities left by 385 of the failed companies came to JPY239,485 million, the report discloses. Nearly 80% of the 385 were small or midsize businesses with liabilities of less than JPY500 million. Fifty-four restaurant and bar operators went under, topping the list by industry category, the report states. They were followed by 48 hotels and traditional Japanese-style inns. By prefecture, the number of bankruptcies was highest in Tokyo at 95, according to the report. The Tokyo Metropolitan Government's request that bars and restaurants serving alcoholic drinks and karaoke parlors shorten their operating hours until the end of this month will likely trigger more bankruptcies, a Teikoku Databank official said, the report adds. ===================== P H I L I P P I N E S ===================== PHILIPPINES: Pandemic Pushed GDP Into Deeper 8% Dive, Moody's Says ------------------------------------------------------------------ Ben O. de Vera at Inquirer.net reports that the research arm of debt watcher Moody's Investors Service is projecting an 8-percent dive in the Philippines' gross domestic product (GDP) during the second quarter of 2020 largely as a result of one of the world's most stringent COVID-19 lockdowns being enforced in the country. Inquirer.net relates that Steven G. Cochrane, Moody's Analytics chief Asia-Pacific economist, said the debt watcher changed the earlier forecast of 2.5 percent decline in GDP from April to June because "very weak data on manufacturing production, exports and movement indicators have led us to revise our expectations." "The 8-percent decline is more in line with the most recent high-frequency data," the report quotes Mr. Cochrane as saying. According to Inquirer.net, the government will report on the second-quarter GDP performance on Aug. 6 which could only validate what economic managers had feared - the economy shrank at a faster pace than 0.2 percent during the first quarter. Mr. Cochrane, however, said Moody's Analytics sees light at the end of the tunnel as it expected GDP to "rise on a quarter-to-quarter basis in the third quarter, bringing the recession to end." "But this is based on the assumption that the community quarantines will continue to be eased in coming weeks," Mr. Cochrane said. "The current path of COVID-19 infections, however, puts the risks to this forecast clearly on the downside," Mr. Cochrane said, Inquirer.net relays. Mr. Cochrane's assumptions, however, could change drastically, the report notes. On Aug. 2, President Rodrigo Duterte approved a plea by Philippine health professionals to bring restrictions back, Inquirer.net reports. Inquirer.net relates that Pres. Duterte ordered modified enhanced community quarantine (MECQ), from the less-stringent general community quarantine (GCQ) at present, in Metro Manila and Bulacan, Cavite, Laguna and Rizal provinces. Doctors, nurses and other health workers on the forefront of the fight against COVID-19 had called for a "timeout" in reopening the economy as COVID-19 cases surged when at least 3/4 of the economy had started to open in June, the report says. The MECQ period would last from Aug. 4-18, Inquirer.net adds. As previously reported by The Troubled Company Reporter - Asia Pacific in March 2020, BusinessWorld Online related that Central Bank Governor Benjamin E. Diokno said the Philippine economy could go into recession this year amid the onslaught of the coronavirus pandemic. "We're looking at negative to maybe 1% [growth] given this development," Diokno told the ABS-CBN News Channel, BusinessWorld relays. ================= S I N G A P O R E ================= ASIATRAVEL.COM HOLDINGS: To Release Audited Statements By September ------------------------------------------------------------------- The Business Times reports that beleaguered travel operator Asiatravel.com Holdings plans to release audited financial statements for FY2018 and FY2019 by the end of September, the board said on July 31. That comes as the Catalist-listed company has finalised its accounts for those periods and is now engaging its auditors to go over the statements, according to the board, BT relays. Separately, Asiatravel's directors reiterated that the company is working with a lender on a restructuring plan that includes the goal of resuming trading, BT reports. BT relates that the group had earlier disclosed a convertible facility agreement for up to SGD1.6 million with Sky Smart Venture, a third-party private financial investor incorporated under the laws of Seychelles. This deal, inked and announced on July 23, was done "to obtain immediate and urgent funding for the company's day-to-day operations", the Asiatravel board said at the time. Under the agreement, the outstanding amount - which has an annual interest rate of 10 per cent - can also be repaid in new Asiatravel shares issued at SGD0.001 apiece, the report notes. Asiatravel hit the headlines in mid-2018, when the Singapore Tourism Board issued a notice of intent to suspend the group's travel agent licences, after an independent auditor's disclaimer of opinion on whether Asiatravel could continue as a going concern, according to BT. Trading has been suspended since July 2018. The counter last closed at SGD0.027, the report discloses. Asiatravel.com Holdings Limited provides hotel and travel reservation services through websites on the Internet and travel offices throughout Asia. The Company also provides website membership, tours and transportation packages, and electronic-commerce, technical and consultancy services. HIN LEONG: Collapse Cues Socgen to Shut Trade Commodity Desk in SG ------------------------------------------------------------------ Alexandre Rajbhandari at Bloomberg News reports that Societe Generale SA is closing its trade commodity finance unit in Singapore after the collapse of Hin Leong Trading (Pte) Ltd. prompted the bank to halt fresh funding to such firms in the region. The bank is dismissing all front office staff dealing with transactions, while still keeping some administrative workers, people with knowledge of the matter said, asking not to be named because the matter is private, Bloomberg relates. Large Asian commodities trading clients with operations in Singapore will now be handled by Hong Kong, the people said. SocGen is cutting ties with Singapore-based small and medium commodities trading firms, Bloomberg relays. Earlier this year, SocGen was among more than 20 Singaporean and international banks owed $3.8 billion by oil trader Hin Leong, which filed for creditor protection after crude prices crashed, according to Bloomberg. The French bank, which was owed $240 million by the firm, later decided to freeze the allocation of new funds to oil traders in Asia Pacific. "Natural resources financing is one of Societe Generale's core expertise," the bank said in an emailed statement on July 31, Bloomberg relays. "The bank is and will remain committed to the Trade Commodity Finance sector, including in Asia. Societe Generale continuously adapts its set up to better serve its global and local clients and leverages its presence and strengths in Asia to bring proximity and appropriate solutions to its clients." According to Bloomberg, SocGen posted a surprise first quarter loss as the bank's investment banking unit set aside EUR342 million (US$372 million) for risky assets in the period, in part related to two fraud-related charges. SocGen didn't identify the cases but said it may have to provision more over the remainder of the year, the report notes. Plummeting oil prices and rising bankruptcies are forcing French lenders to review their trade commodities financing activities, the report says. Earlier this month, Natixis SA said it was merging its infrastructure and commodities operations, in a move planned before the coronavirus crisis, but which was accelerated in recent months. Bloomberg says banks were already pulling back from commodities in Asia before the chaos triggered by coronavirus. Over the past few years, the industry has been rocked by a number of high-profile collapses and scandals, including multi-million dollar losses by some major Chinese and Japanese traders, and the spectacular downfall of Noble Group, one of the biggest names in the industry. Trade finance is the lifeblood for the global commodity trading industry, which needs access to hundreds of billions of dollars to fund the buying, blending, storing and transporting of raw materials, according to Bloomberg. Without access to short-term credit, traders' businesses would all but collapse. Bloomberg adds that HSBC Holdings Plc, the biggest bank creditor to Hin Leong, said it booked substantial loan loss provisions from an exposure to oil traders that amounted to $2 billion in the first quarter. Dutch lender ABN Amro is the second largest creditor after HSBC, according to a draft copy of Hin Leong's presentation for bank creditors earlier this year seen by Bloomberg News. About Hin Leong Hin Leong Trading (Pte.) Ltd. provides petroleum products and transportation services. The Company offers oil, lubricants, grease, and diesel products, as well grants storage, terminalling, trucking, and marine logistics services. Hin Leong Trading serves customers globally. Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed for court protection from creditors on April 17, 2020, as the former struggles to repay debts of almost US$4 billion. Hin Leong posted a positive equity of US$4.56 billion and net profit of US$78 million in the period ended October 31, 2019, according to the people, who asked not to be identified as the matter is sensitive, Bloomberg News reported. But Hin Leong told its creditors that total liabilities reached US$4.05 billion as of early April, while assets were just US$714 million, leaving a hole of at least US$3.34 billion, according to screenshots of the presentation to a group of bankers seen by Bloomberg News. The balance sheet of the company showed no equity at all as of April 9, 2020, and warned that "figures obtained from the company are subject to verification," Bloomberg News added. On April 27, 2020, the Company was granted interim judicial management by the Singapore High Court. Goh Thien Phong and Chan Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have been appointed as interim judicial managers. Ernst & Young (EY), has been appointed interim judicial manager for Ocean Tankers. XIHE GROUP: Puts New Management Team in Place --------------------------------------------- Grant Rowles at Splash247.com reports that Singapore-based tanker owner Xihe Group has put a new leadership team in charge as part of an agreement with banks to restructure the company. According to the report, Xihe reached an agreement with its lenders to a consensual restructuring of the company after OCBC Bank filed an application to place the company under judicial management, claiming it has lost trust in management citing alleged fraud at the Xihe owner's affiliate company, Hin Leong Trading. Lim Oon Kuin and his children are no longer part of the management team, which is now headed by interim CEO Kenny Lim, Splash247.com says. Lim is backed up by commercial director Desmond Chong, sales and purchase director Michael Tan and VP for fleet management, Zhang Yujie. A new board of directors is also being finalized, the report notes. Xihe, which owns close to 140 vessels, said a number of bareboat charter contracts with Ocean Tankers and Hin Leong Trading have been terminated, the report states. The group is working with the two companies, now under judicial management, to have the vessels redelivered while it pursues opportunities to re-deploy them. It is also looking to downsize its fleet through vessel sales and has already concluded several deals. "Xihe has been updating its lenders regularly on its strategic plans and the direction it has charted. It is confident of getting its business back on track and with full commitment to bring about the best outcome for all its stakeholders, partners and clients," the company said in a statement, Splash247.com relays. =============== X X X X X X X X =============== BOND PRICING: For the Week July 27 to July 31, 2020 --------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.04 CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 0.98 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95 MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.17 MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.17 PALADIN ENERGY LTD 10.00 02/01/23 USD 60.63 PALADIN ENERGY LTD 10.00 02/01/23 USD 60.63 VIRGIN AUSTRALIA HOLDINGS 8.08 03/05/24 AUD 15.65 VIRGIN AUSTRALIA HOLDINGS 7.88 10/15/21 USD 15.42 VIRGIN AUSTRALIA HOLDINGS 8.25 05/30/23 AUD 15.23 VIRGIN AUSTRALIA HOLDINGS 7.88 10/15/21 USD 15.15 VIRGIN AUSTRALIA HOLDINGS 8.13 11/15/24 USD 15.00 VIRGIN AUSTRALIA HOLDINGS 8.13 11/15/24 USD 15.00 VIRGIN AUSTRALIA HOLDINGS 8.00 11/26/24 AUD 6.82 CHINA ----- AKESU DISTRICT GREEN INDU 4.09 03/11/23 CNY 59.75 AKESU DISTRICT GREEN INDU 4.09 03/11/23 CNY 59.69 AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 40.24 AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 40.12 ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 60.70 ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 59.30 AN SHUN YU KUN REAL ESTAT 5.48 11/10/21 CNY 69.32 ANHUI FOREIGN ECONOMIC CO 7.30 07/13/21 CNY 70.01 ANHUI JIANGNAN INDUSTRIAL 4.76 07/08/23 CNY 59.01 ANHUI JIANGNAN INDUSTRIAL 4.76 07/08/23 CNY 58.93 ANHUI PINGTIANHU INVESTME 7.40 10/23/20 CNY 20.08 ANHUI PINGTIANHU INVESTME 7.40 10/23/20 CNY 19.60 ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 27.18 ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 20.32 ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 24.57 ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 20.65 ANJI NORTHWEST DEVELOPMEN 5.90 07/18/23 CNY 59.63 ANLU CONSTRUCTION DEVELOP 5.45 06/15/23 CNY 60.83 ANLU CONSTRUCTION DEVELOP 5.45 06/15/23 CNY 60.82 ANQING ECONOMIC&TECHNOLOG 4.09 03/09/23 CNY 60.02 ANQING ECONOMIC&TECHNOLOG 4.09 03/09/23 CNY 58.79 ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 41.14 ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 40.00 ANSHUN STATE-RUN ASSETS M 4.48 07/18/23 CNY 56.50 BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 20.38 BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 20.00 BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 45.50 BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 41.45 BAOYING CITY CONSTRUCTION 4.50 03/24/23 CNY 60.47 BAOYING CITY CONSTRUCTION 4.50 03/24/23 CNY 60.32 BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 31.30 BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 60.00 BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 58.54 BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 21.20 BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 20.70 BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.40 BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 19.99 BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 20.83 BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 20.39 BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.33 BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.00 BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 20.49 BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 20.41 BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.45 BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 23.68 BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 20.12 BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.01 BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.01 BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.27 BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.05 BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 20.11 BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 20.00 BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 43.87 BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 40.51 BEIJING XINCHENG INFRASTR 7.50 04/21/21 CNY 20.61 BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 20.40 BEIJING XINGZHAN INVESTME 6.66 04/24/21 CNY 20.00 BEIPIAO CITY CONSTRUCTION 6.70 03/25/23 CNY 62.03 BEIPIAO CITY CONSTRUCTION 6.70 03/25/23 CNY 52.22 BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 20.44 BENGBU GAOXIN INVESTMENT 8.70 04/17/21 CNY 20.00 BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.02 BENXI URBAN CONSTRUCTION 6.24 01/22/22 CNY 40.00 BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 45.65 BIJIE CONSTRUCTION INVEST 6.50 01/28/22 CNY 41.30 BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 30.00 BIJIE KAIYUAN CONSTRUCTIO 7.78 02/25/21 CNY 20.31 BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 23.40 BINZHOU HI-TECH DEVELOPME 8.60 01/10/21 CNY 20.26 BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 40.47 BINZHOU ZHONGHAI VENTURE 6.65 04/13/22 CNY 40.00 BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 60.42 BORALA MONGOL AUTONOMOUS 5.77 08/26/22 CNY 59.00 BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 20.02 BORALA MONGOL AUTONOMOUS 7.18 08/09/20 CNY 19.90 BOZHOU URBAN CONSTRUCTION 4.78 04/14/23 CNY 60.62 BOZHOU URBAN CONSTRUCTION 4.78 04/14/23 CNY 60.50 CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 68.00 CANGNAN COUNTY STATE OWNE 5.58 11/11/22 CNY 60.85 CEFC SHANGHAI INTERNATION 4.98 12/10/20 CNY 61.29 CEFC SHANGHAI INTERNATION 4.08 09/09/21 CNY 60.00 CHANG DE DING LI INDUSTRY 4.30 03/10/23 CNY 60.19 CHANG DE DING LI INDUSTRY 4.30 03/10/23 CNY 59.93 CHANGCHUN MODERN AGRICULT 7.00 07/25/21 CNY 40.21 CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 21.40 CHANGDE ECONOMIC CONSTRUC 7.00 03/24/21 CNY 20.47 CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 60.00 CHANGDE URBAN CONSTRUCTIO 3.59 01/12/23 CNY 59.87 CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 62.03 CHANGLE COUNTY NEWTOWN DE 5.18 12/16/22 CNY 59.78 CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 41.86 CHANGSHA COUNTY XINGCHENG 7.90 03/25/22 CNY 41.80 CHANGSHA ECONOMIC & TECHN 8.45 04/13/22 CNY 30.93 CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 60.67 CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 60.30 CHANGSHA METRO GROUP CO L 5.97 04/03/25 CNY 72.69 CHANGSHA METRO GROUP CO L 5.40 07/14/25 CNY 71.74 CHANGSHA METRO GROUP CO L 5.40 07/14/25 CNY 70.00 CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 46.65 CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 60.10 CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 59.96 CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 60.17 CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 59.77 CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 24.00 CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 20.55 CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.60 CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.00 CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 47.32 CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 41.10 CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 27.00 CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 20.57 CHANGXING COMMUNICATIONS 7.88 04/30/21 CNY 30.30 CHANGXING COMMUNICATIONS 6.75 06/16/21 CNY 20.70 CHANGXING COMMUNICATIONS 7.88 04/30/21 CNY 20.55 CHANGXING COMMUNICATIONS 6.75 06/16/21 CNY 19.94 CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 40.45 CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 39.00 CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.34 CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.30 CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 20.20 CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 20.19 CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 41.01 CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 40.00 CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 42.10 CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 41.16 CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 26.00 CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 20.49 CHENGDU GARDEN WATER CITY 6.15 05/03/23 CNY 60.42 CHENGDU GARDEN WATER CITY 6.15 05/03/23 CNY 60.04 CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.05 CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.00 CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 20.46 CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 48.83 CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 41.44 CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 20.11 CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 40.74 CHENGDU SHUZHOU CITY CONS 6.58 05/26/22 CNY 39.30 CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 40.92 CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 40.00 CHENGDU XINKAIYUAN URBAN 5.29 04/27/23 CNY 59.92 CHENGDU XINKAIYUAN URBAN 5.29 04/27/23 CNY 59.58 CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 41.00 CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 40.60 CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 20.52 CHENZHOU BAIFU INVESTMENT 4.96 03/22/26 CNY 73.33 CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.25 CHENZHOU BAIFU INVESTMENT 6.54 08/28/21 CNY 40.12 CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.82 CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.80 CHENZHOU INDUSTRY INVESTM 6.45 01/23/22 CNY 40.36 CHENZHOU XINTIAN INVESTME 5.38 03/08/26 CNY 73.87 CHENZHOU XINTIAN INVESTME 5.38 03/08/26 CNY 73.12 CHENZHOU XINTIAN INVESTME 6.15 04/24/22 CNY 39.78 CHINA MINSHENG INVESTMENT 7.00 12/26/20 CNY 36.65 CHINA OCEANWIDE HOLDINGS 8.60 09/21/21 CNY 68.00 CHINA OCEANWIDE HOLDINGS 8.90 12/13/21 CNY 63.00 CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00 CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.40 CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.14 CHONGQIN BAIYAN INVESTMEN 5.75 05/03/23 CNY 61.50 CHONGQIN BAIYAN INVESTMEN 5.75 05/03/23 CNY 60.47 CHONGQIN XINLIANG INVESTM 4.76 08/26/23 CNY 56.48 CHONGQIN XINLIANG INVESTM 4.76 08/26/23 CNY 56.41 CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.10 CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 41.00 CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 40.77 CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 40.73 CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 20.30 CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 20.15 CHONGQING BISHAN DISTRICT 4.93 03/29/23 CNY 60.52 CHONGQING BISHAN DISTRICT 4.93 03/29/23 CNY 60.16 CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 20.34 CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 20.00 CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 20.29 CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 20.00 CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 20.07 CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 40.38 CHONGQING DAZU INDUSTRIAL 6.30 04/28/22 CNY 40.00 CHONGQING ECO&TECH DEVELO 3.95 04/13/23 CNY 60.80 CHONGQING ECO&TECH DEVELO 3.95 04/13/23 CNY 60.13 CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 27.33 CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 20.42 CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 40.66 CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 40.00 CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 30.80 CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 20.58 CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 20.63 CHONGQING GARDENING INDUS 8.45 06/03/21 CNY 20.00 CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 20.24 CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.16 CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 20.00 CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.00 CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 21.00 CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 20.70 CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.29 CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.13 CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 20.51 CHONGQING JIN TONG INDUST 4.44 11/16/23 CNY 74.76 CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 60.04 CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 60.01 CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.55 CHONGQING KAIQIAN INVESTM 4.64 03/21/23 CNY 58.88 CHONGQING KAIQIAN INVESTM 4.64 03/21/23 CNY 58.76 CHONGQING LAND PROPERTIES 3.36 03/21/23 CNY 60.57 CHONGQING LAND PROPERTIES 3.36 03/21/23 CNY 60.10 CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.06 CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.00 CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 70.10 CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 40.73 CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 40.60 CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 40.14 CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 40.05 CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 40.00 CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 20.56 CHONGQING MAIRUI URBAN CO 4.95 04/21/23 CNY 60.99 CHONGQING MAIRUI URBAN CO 4.95 04/21/23 CNY 60.44 CHONGQING NANCHUAN CITY C 4.20 07/11/23 CNY 59.90 CHONGQING NANCHUAN CITY C 4.20 07/11/23 CNY 59.23 CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 21.70 CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 20.25 CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.15 CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.00 CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 46.25 CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 39.69 CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 21.70 CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 20.47 CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 20.34 CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 40.67 CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 40.00 CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 60.76 CHONGQING TONGNAN DISTRIC 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 40.22 CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 23.90 CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 20.33 CHONGQING WANSHENG ECO DE 5.40 11/18/21 CNY 69.73 CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 60.66 CHONGQING XINGRONG HOLDIN 4.86 03/31/23 CNY 58.79 CHONGQING XINGRONG HOLDIN 4.86 03/31/23 CNY 58.50 CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 42.33 CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 40.63 CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 21.60 CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 20.65 CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 41.08 CHONGQING YUELAI INVESTME 6.09 04/29/22 CNY 40.00 CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 20.76 CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 20.39 CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 20.57 CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 20.38 CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 44.55 CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 40.85 CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 40.71 CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.25 CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25 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 IN 6.18 08/18/21 CNY 48.80 CIXI CITY CONSTRUCTION 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03/21/23 CNY 60.58 DEXING INVESTMENT HOLDING 5.99 03/21/23 CNY 59.78 DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 28.26 DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 20.34 DONGLING GROUP INC CO 8.00 07/14/22 CNY 41.26 DONGLING GROUP INC CO 8.00 07/14/22 CNY 40.00 DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 28.48 DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 20.52 DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 20.35 DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 41.58 DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 40.61 DONGZHI COUNTY CITY OPERA 4.88 06/20/23 CNY 60.31 DONGZHI COUNTY CITY OPERA 4.88 06/20/23 CNY 60.27 DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 39.46 DUNYUN STATE-OWNED ASSETS 6.60 12/28/22 CNY 59.10 EASTAR HOLDINGS GROUP CO 7.30 10/31/20 CNY 63.00 ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 27.54 ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 20.52 EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.00 EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 40.22 EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 26.50 EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 20.65 FANGCHENGGANG GANGFA HOLD 8.09 04/16/21 CNY 22.00 FANGCHENGGANG GANGFA HOLD 8.09 04/16/21 CNY 20.44 FEICHENG CITY ASSETS MANA 4.04 03/23/23 CNY 59.48 FEICHENG CITY ASSETS MANA 4.04 03/23/23 CNY 59.42 FEIXI COUNTY URBAN & RURA 4.45 06/03/23 CNY 61.24 FEIXI COUNTY URBAN & RURA 4.45 06/03/23 CNY 60.42 FENG COUNTY ECONOMIC DEVE 5.18 06/21/23 CNY 59.40 FENG COUNTY ECONOMIC DEVE 5.18 06/21/23 CNY 58.77 FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 44.49 FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 41.02 FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 60.00 FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 59.35 FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 54.79 FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 40.33 FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 40.00 FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 19.73 FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 20.24 FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00 FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 20.65 FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 20.55 FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 40.53 FUJIAN PROVINCE LIANJIANG 6.29 04/30/22 CNY 40.00 FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.74 FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.00 FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 41.15 FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 40.50 FUQING CITY STATE-OWNED A 5.94 11/26/22 CNY 56.18 FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 25.18 FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 40.39 FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 40.03 FUZHOU CHANGLE DISTRICT S 4.50 04/11/23 CNY 59.95 FUZHOU CHANGLE DISTRICT S 4.50 04/11/23 CNY 58.80 FUZHOU LINCHUAN URBAN CON 5.68 07/05/23 CNY 61.34 FUZHOU LINCHUAN URBAN CON 5.68 07/05/23 CNY 61.04 FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 40.67 FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 40.57 FUZHOU URBAN AND RURAL CO 4.89 07/08/22 CNY 40.55 FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 40.00 GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 40.93 GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 40.00 GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 20.27 GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 19.00 GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 60.68 GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 60.08 GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.78 GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.00 GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.26 GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.00 GONGQINGCHENG FINANCIAL M 5.85 03/25/23 CNY 61.13 GONGQINGCHENG FINANCIAL M 5.85 03/25/23 CNY 58.93 GOOCOO INVESTMENT CO LTD 8.00 02/01/21 CNY 50.00 GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 44.00 GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 41.21 GUANGAN ECONOMIC & TECHNO 5.16 04/14/23 CNY 59.56 GUANGAN ECONOMIC & TECHNO 5.16 04/14/23 CNY 59.35 GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.34 GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.34 GUANGDONG HUIZHOU COMMUNI 4.16 05/17/23 CNY 60.30 GUANGDONG HUIZHOU COMMUNI 4.16 05/17/23 CNY 60.06 GUANGXI 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METRO GROUP CO L 5.97 09/17/24 CNY 72.89 HANGZHOU WEST LAKE INVEST 4.30 04/25/23 CNY 61.22 HANGZHOU WEST LAKE INVEST 4.30 04/25/23 CNY 60.62 HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 20.56 HANGZHOU XIAOSHAN QIANJIA 4.00 03/22/23 CNY 60.27 HANGZHOU XIAOSHAN QIANJIA 4.00 03/22/23 CNY 60.15 HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 20.49 HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 20.44 HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 20.75 HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 20.48 HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 21.85 HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 20.56 HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 26.60 HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 20.32 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 CONST 4.10 11/16/21 CNY 59.92 HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.70 HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 40.99 HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 40.59 HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 62.42 HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 60.46 HEFEI CONSTRUCTION INVEST 7.20 04/29/24 CNY 64.27 HEFEI XINCHENG STATE-OWNE 4.13 07/15/23 CNY 59.36 HEFEI XINCHENG STATE-OWNE 4.13 07/15/23 CNY 59.10 HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.22 HEILONGJIANG HECHENG CONS 5.60 11/11/21 CNY 40.00 HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 30.93 HEILONGJIANG HECHENG CONS 7.05 06/21/22 CNY 30.80 HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 25.22 HEILONGJIANG POST-DISASTE 7.10 11/19/20 CNY 18.55 HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.81 HEILONGJIANG POST-DISASTE 7.06 11/20/20 CNY 6.74 HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.28 HEISHAN TONGHE ASSET MANA 6.79 09/18/22 CNY 59.05 HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 44.50 HENGYANG BAISHAZHOU DEVEL 6.87 08/22/21 CNY 40.10 HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 60.00 HENGYANG COMMUNICATION IN 4.28 01/21/23 CNY 59.75 HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 21.10 HENGYANG XIANGJIANG WATER 7.40 04/23/21 CNY 20.39 HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 59.84 HETIAN YUXIN STATE-OWNED 4.65 03/28/23 CNY 59.67 HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 45.88 HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 40.68 HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 20.40 HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 20.80 HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 20.52 HNA GROUP CO LTD 7.10 04/15/20 CNY 70.00 HNA GROUP CO LTD 5.99 11/27/22 CNY 29.10 HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 31.83 HUAIAN CITY HUAIAN DISTRI 4.63 05/03/23 CNY 64.10 HUAIAN CITY HUAIAN DISTRI 4.63 05/03/23 CNY 60.12 HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 41.54 HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 40.90 HUAIAN CITY XUYI URBAN AS 5.10 04/15/23 CNY 59.79 HUAIAN CITY XUYI URBAN AS 5.10 04/15/23 CNY 59.21 HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 27.84 HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 20.42 HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 58.85 HUAIAN HONGRI TRANSPORTAT 5.09 04/20/23 CNY 58.01 HUAIAN HONGZE DISTRICT UR 4.37 07/18/23 CNY 58.96 HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 47.50 HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 40.52 HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 20.33 HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 20.00 HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 20.11 HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 20.10 HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 40.34 HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 40.00 HUAIHUA TRANSPORTATION CO 4.96 04/12/23 CNY 59.65 HUAIHUA TRANSPORTATION CO 4.96 04/12/23 CNY 59.26 HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 21.65 HUAINAN URBAN CONSTRUCTIO 6.79 07/09/21 CNY 20.60 HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 60.27 HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 20.60 HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 20.42 HUANGGANG CITY CONSTRUCTI 8.60 12/25/20 CNY 20.37 HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 41.14 HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 40.65 HUANGSHI CIHU HIGH-TECH D 4.50 06/08/23 CNY 63.00 HUANGSHI CIHU HIGH-TECH D 4.97 06/08/23 CNY 60.41 HUANGSHI CIHU HIGH-TECH D 4.50 06/08/23 CNY 60.17 HUANGSHI CIHU HIGH-TECH D 4.97 06/08/23 CNY 60.05 HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 20.44 HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 20.25 HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 41.29 HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 40.00 HUAWEN MEDIA GROUP 6.00 04/04/21 CNY 45.50 HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 42.40 HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 41.28 HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 62.24 HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.52 HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.11 HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 40.57 HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 40.00 HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 22.25 HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 20.48 HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 61.09 HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 60.06 HUNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 59.84 HUNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 59.82 HUNAN JINYANG INVESTMENT 4.39 04/06/23 CNY 59.54 HUNAN JINYANG INVESTMENT 4.39 04/06/23 CNY 58.73 HUNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 40.22 HUNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 38.60 HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 56.50 HUNAN LOUDI ECONOMIC & TE 4.89 03/30/23 CNY 56.48 HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 47.00 HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 39.47 HUNAN PROVINCIAL RAILWAY 6.09 04/30/25 CNY 74.05 HUNAN PROVINCIAL RAILWAY 6.09 04/30/25 CNY 70.00 HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 61.84 HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 59.31 HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 58.30 HUNAN TIER GROUP CO LTD 4.20 03/17/23 CNY 57.50 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 22.72 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.36 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 20.36 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 20.20 HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 20.42 HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 20.00 HUNAN YOUZHOU INVESTMENT 4.80 07/07/23 CNY 60.17 HUNAN YOUZHOU INVESTMENT 4.80 07/07/23 CNY 60.16 HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 42.38 HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 40.78 HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 20.40 HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 20.38 HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 20.00 INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 60.20 INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 59.50 INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 40.00 INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 40.00 INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 39.06 INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 38.90 INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 44.00 INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 40.10 INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 42.10 INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 41.02 JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 59.80 JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 58.86 JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 20.87 JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 20.43 JIANAN INVESTMENT HOLDING 4.30 03/08/23 CNY 60.27 JIANAN INVESTMENT HOLDING 4.30 03/08/23 CNY 60.26 JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 26.50 JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 20.44 JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 20.48 JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 41.10 JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 40.99 JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 20.19 JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 61.28 JIANGSU BEIGU INDUSTRIAL 5.80 06/20/23 CNY 60.32 JIANGSU HAIZHOU DEVELOPME 4.67 06/06/23 CNY 61.51 JIANGSU HAIZHOU DEVELOPME 4.67 06/06/23 CNY 60.41 JIANGSU HAIZHOUWAN DEVELO 5.37 03/29/23 CNY 45.00 JIANGSU HANRUI INVESTMENT 4.63 04/15/23 CNY 61.00 JIANGSU HANRUI INVESTMENT 4.63 04/15/23 CNY 60.54 JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 20.80 JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 20.50 JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 20.61 JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 20.00 JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 40.84 JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 20.22 JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 29.90 JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 25.06 JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 28.80 JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 20.49 JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 59.88 JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 58.98 JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 25.00 JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 20.34 JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 20.42 JIANGSU TAICANG PORT DEVE 7.40 04/28/21 CNY 20.00 JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 26.10 JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 25.07 JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.69 JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.32 JIANGSU XISHAN ECONOMIC D 5.78 07/20/22 CNY 40.91 JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 47.50 JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 40.78 JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 30.19 JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 20.51 JIANGSU ZHANGJIAGANG ECON 3.95 03/22/23 CNY 60.00 JIANGSU ZHANGJIAGANG ECON 3.95 03/22/23 CNY 59.99 JIANGSU ZHUFU INDUSTRIAL 4.47 07/20/23 CNY 58.33 JIANGSU ZHUFU INDUSTRIAL 4.93 12/29/20 CNY 40.18 JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 60.00 JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 59.62 JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 70.07 JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 69.59 JIANGXI LONGHU MOUNTAIN T 4.35 03/16/23 CNY 59.70 JIANGXI LONGHU MOUNTAIN T 4.35 03/16/23 CNY 59.37 JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 29.34 JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 20.45 JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 20.56 JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 20.56 JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 21.00 JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 20.15 JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.66 JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.31 JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 42.75 JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 40.47 JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 71.00 JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 69.27 JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 42.86 JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 39.81 JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 21.13 JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 20.30 JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 21.80 JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 20.55 JIAXING XIANGJIADANG DEVE 4.13 07/20/23 CNY 59.79 JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 60.89 JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 60.89 JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.47 JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.00 JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.55 JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 59.95 JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 59.90 JILIN ECONOMIC AND TECHNO 6.20 04/29/23 CNY 60.54 JILIN ECONOMIC AND TECHNO 6.20 04/29/23 CNY 59.22 JILIN NORTHEAST SOCK INDU 7.50 05/19/22 CNY 71.71 JILIN NORTHEAST SOCK INDU 6.80 12/19/21 CNY 69.84 JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 20.11 JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 20.49 JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 20.48 JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 39.61 JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 39.61 JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 20.37 JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.60 JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.00 JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.50 JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.34 JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 60.04 JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 60.00 JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 20.33 JINGHONG STATE-OWNED ASSE 8.08 05/23/21 CNY 20.00 JINGJIANG CITY INVESTMENT 4.55 03/30/23 CNY 59.58 JINGJIANG CITY INVESTMENT 4.55 03/30/23 CNY 59.52 JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 48.68 JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 40.14 JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 31.76 JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 30.99 JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 20.15 JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 18.57 JINGMEN DONGBAO DISTRICT 4.44 07/22/23 CNY 20.00 JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 60.70 JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 59.80 JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 21.80 JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 20.27 JINGZHOU URBAN CONSTRUCTI 3.97 03/10/23 CNY 59.96 JINGZHOU URBAN CONSTRUCTI 3.97 03/10/23 CNY 59.68 JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.33 JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 40.86 JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 44.44 JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 40.73 JINING HIGH TECH URBAN CO 6.09 04/30/22 CNY 41.50 JINING HIGH TECH URBAN CO 6.09 04/30/22 CNY 41.02 JINTANG MODERN AGRICULTUR 5.49 07/14/23 CNY 58.31 JINTANG MODERN AGRICULTUR 5.49 07/14/23 CNY 57.68 JINZHAI URBAN DEVELOPMENT 5.90 04/25/23 CNY 61.36 JINZHAI URBAN DEVELOPMENT 5.90 04/25/23 CNY 60.92 JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 44.91 JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 40.28 JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.60 JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.29 JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 25.00 JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 20.90 JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 20.32 JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 20.32 JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 42.82 JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 39.97 JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 40.92 JIUJIANG CITY CONSTRUCTIO 5.50 05/22/22 CNY 39.55 JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 40.88 JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 40.36 JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 59.49 JIUJIANG LIANXI DISTRICT 4.58 03/30/23 CNY 59.40 JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 20.60 JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 20.39 JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.85 JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.13 KAIFENG URBAN OPERATION I 6.35 03/23/22 CNY 40.24 KAIFENG URBAN OPERATION I 6.35 03/23/22 CNY 40.23 KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 60.10 KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 60.10 KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 60.00 KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 58.26 KANGMEI PHARMACEUTICAL CO 6.33 01/27/22 CNY 36.69 KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 24.15 KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 24.15 KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 22.30 KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 21.25 KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 21.25 KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 21.25 KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 21.25 KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 21.25 KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 60.87 KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 40.00 KUNMING DONGJUN REAL ESTA 4.50 11/02/21 CNY 49.38 KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 25.45 KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 20.45 KUNSHAN HIGH TECHNOLOGY G 7.10 03/26/21 CNY 20.45 LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 20.60 LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 20.35 LANZHOU STATE OWNED ASSET 6.32 09/10/21 CNY 40.16 LANZHOU STATE OWNED ASSET 6.32 09/10/21 CNY 34.90 LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.59 LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.39 LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 41.54 LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 41.53 LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 40.85 LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 40.65 LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 45.60 LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 40.62 LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 45.00 LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 40.31 LIAOCHENG ANTAI URBAN RUR 5.16 04/11/23 CNY 60.45 LIAOCHENG ANTAI URBAN RUR 5.16 04/11/23 CNY 60.29 LIAOCHENG ANTAI URBAN RUR 4.58 04/11/23 CNY 60.11 LIAOCHENG ANTAI URBAN RUR 4.58 04/11/23 CNY 59.94 LIAOCHENG XINGYE ECONOMIC 5.20 04/13/23 CNY 60.68 LIAOCHENG XINGYE ECONOMIC 5.20 04/13/23 CNY 58.54 LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.24 LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 3.63 LIAONING YAODU DEVELOPMEN 6.50 04/29/23 CNY 60.77 LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 59.28 LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 58.75 LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 40.55 LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 40.49 LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.11 LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.10 LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 61.09 LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 60.00 LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 60.57 LIUPANSHUI MINSHENG INVES 5.08 01/29/23 CNY 58.68 LIUPANSHUI MINSHENG INVES 5.08 01/29/23 CNY 58.66 LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 59.12 LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 59.11 LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.30 LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.10 LIUYANG URBAN CONSTRUCTIO 4.45 05/24/23 CNY 60.43 LIUYANG URBAN CONSTRUCTIO 4.45 05/24/23 CNY 60.39 LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 40.77 LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 46.17 LIUZHOU INVESTMENT HOLDIN 4.28 03/08/23 CNY 59.46 LIUZHOU INVESTMENT HOLDIN 4.28 03/08/23 CNY 59.45 LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 63.68 LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 40.44 LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 38.00 LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 40.45 LONGYAN RAILWAY CONSTRUCT 4.98 04/13/23 CNY 59.30 LONGYAN RAILWAY CONSTRUCT 4.98 04/13/23 CNY 59.24 LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 30.31 LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 20.47 LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 59.81 LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 59.43 LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 40.42 LOUDI WANBAO NEW DISTRICT 5.13 02/01/23 CNY 59.56 LOUDI WANBAO NEW DISTRICT 5.13 02/01/23 CNY 59.40 LU'AN CITY CONSTRUCTION I 5.05 04/26/21 CNY 50.59 LU'AN CITY CONSTRUCTION I 3.97 02/22/21 CNY 50.20 LU'AN CITY CONSTRUCTION I 5.20 09/25/20 CNY 50.20 LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 40.96 LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 40.00 LUOHE CITY INVESTMENT HOL 5.25 09/11/20 CNY 40.07 LUOYANG CITY COUNTRY CONS 4.28 04/26/23 CNY 60.38 LUOYANG CITY COUNTRY CONS 4.28 04/26/23 CNY 60.10 LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.64 LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.00 LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 74.03 LUZHOU XINGLU INVESTMENT 6.41 04/23/25 CNY 70.00 LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 59.58 LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 59.57 MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 43.00 MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 40.61 MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 44.99 MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 40.64 MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 41.83 MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 41.20 MEISHAN ASSET MANAGEMENT 7.84 02/26/21 CNY 20.38 MEISHAN CITY DONGPO DEVEL 5.90 06/30/23 CNY 59.36 MEISHAN CITY DONGPO DEVEL 5.90 06/30/23 CNY 59.14 MEISHAN HONGDA CONSTRUCTI 4.18 03/28/23 CNY 60.04 MEISHAN HONGDA CONSTRUCTI 4.18 03/28/23 CNY 59.08 MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 45.32 MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 40.84 MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.09 MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.07 MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 60.00 MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 59.79 MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 45.00 MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 41.33 MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 20.29 MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 20.29 MUNICIPALITY OF SHENZHEN 3.00 03/29/22 CNY 60.00 MUNICIPALITY OF SHENZHEN 3.00 03/29/22 CNY 60.00 NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 40.53 NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 40.39 NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 31.20 NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 20.58 NANJING BAIXIA STATE-OWNE 3.98 03/29/23 CNY 60.72 NANJING BAIXIA STATE-OWNE 3.98 03/29/23 CNY 60.04 NANJING HEXI NEW TOWN ASS 3.20 07/22/21 CNY 70.01 NANJING HEXI NEW TOWN ASS 3.47 06/17/21 CNY 40.10 NANJING JIANGNING ECONOMI 7.94 04/14/24 CNY 65.41 NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 60.57 NANJING JIANYE SCIENCE & 4.37 06/24/23 CNY 59.89 NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 41.29 NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 40.74 NANJING LISHUI URBAN CONS 4.97 04/28/23 CNY 60.60 NANJING LISHUI URBAN CONS 4.97 04/28/23 CNY 59.64 NANJING QIXIA STATE-OWNED 4.10 06/24/23 CNY 60.15 NANJING QIXIA STATE-OWNED 4.10 06/24/23 CNY 59.76 NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 46.17 NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 26.80 NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 20.59 NANNING HI-TECH INDUSTRIA 4.28 03/25/23 CNY 59.12 NANNING HI-TECH INDUSTRIA 4.28 03/25/23 CNY 55.20 NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 24.80 NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 20.49 NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.60 NANPING CITY WUYI NEW DIS 4.96 09/28/22 CNY 60.54 NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.08 NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.03 NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 25.40 NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 20.46 NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.96 NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.93 NANTONG CITY TONGZHOU DIS 3.75 07/07/23 CNY 61.50 NANTONG CITY TONGZHOU DIS 3.75 07/07/23 CNY 59.46 NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 61.52 NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 60.82 NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 40.57 NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 40.00 NANYANG HIGH-TECH DISTRIC 6.45 04/29/23 CNY 61.88 NANYANG HIGH-TECH DISTRIC 6.45 04/29/23 CNY 60.80 NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.16 NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.00 NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 28.53 NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 20.68 NEIJIANG STATE-OWNED ASSE 6.20 04/12/23 CNY 59.44 NEIJIANG STATE-OWNED ASSE 6.20 04/12/23 CNY 59.43 NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 59.61 NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 56.36 NEOGLORY HOLDING GROUP CO 8.10 11/23/18 CNY 72.00 NEOGLORY HOLDING GROUP CO 8.00 09/25/20 CNY 60.00 NEOGLORY HOLDING GROUP CO 8.00 10/22/20 CNY 56.00 NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 26.30 NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 20.47 NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.84 NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.67 NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 29.00 NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 20.42 NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 48.29 NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 41.32 NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 20.66 NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 20.00 NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 25.00 NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 20.70 NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 20.69 NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 20.30 NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 41.10 NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 40.20 NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 60.40 NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 59.79 NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 20.54 NINGXIANG STATE-OWNED ASS 4.89 06/03/23 CNY 60.27 NINGXIANG STATE-OWNED ASS 4.89 06/03/23 CNY 59.03 ONE BELT ONE ROAD JIANGSU 4.70 07/15/23 CNY 60.18 ONE BELT ONE ROAD JIANGSU 4.70 07/15/23 CNY 60.18 PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.76 PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.38 PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 40.73 PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 40.71 PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 41.92 PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 41.00 PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 20.45 PANZHIHUA STATE OWNED ASS 7.60 03/05/21 CNY 20.32 PANZHIHUA STATE OWNED ASS 5.41 07/29/20 CNY 19.30 PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.36 PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.00 PEKING UNIVERSITY FOUNDER 6.30 03/04/24 CNY 49.00 PEKING UNIVERSITY FOUNDER 6.50 11/16/23 CNY 49.00 PEKING UNIVERSITY FOUNDER 6.68 08/09/23 CNY 49.00 PEKING UNIVERSITY FOUNDER 5.80 01/28/22 CNY 49.00 PEKING UNIVERSITY FOUNDER 6.10 08/22/21 CNY 49.00 PEKING UNIVERSITY FOUNDER 4.80 07/26/21 CNY 49.00 PEKING UNIVERSITY FOUNDER 6.30 09/12/20 CNY 49.00 PEKING UNIVERSITY FOUNDER 6.15 07/23/20 CNY 49.00 PEKING UNIVERSITY FOUNDER 6.20 05/31/20 CNY 49.00 PEKING UNIVERSITY FOUNDER 5.99 11/02/21 CNY 11.00 PINGHU CITY INVESTMENT DE 5.13 04/29/23 CNY 61.16 PINGHU CITY INVESTMENT DE 5.13 04/29/23 CNY 60.61 PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 20.66 PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 20.36 PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.08 PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 59.33 PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 60.07 PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 60.00 PINGXIANG CHANGXING INVES 5.26 04/11/23 CNY 59.60 PINGXIANG CHANGXING INVES 5.26 04/11/23 CNY 58.74 PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 40.54 PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 40.21 PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 60.00 PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 59.77 PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 42.46 PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 40.85 PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 60.00 PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 59.58 PIZHOU RUNCAI ASSET MANAG 5.90 12/18/20 CNY 50.19 PUTIAN HIGH TECHNOLOGY IN 5.90 05/03/22 CNY 50.44 PUTIAN HIGH TECHNOLOGY IN 5.90 05/03/22 CNY 50.19 PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.29 PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.00 QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.60 QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.00 QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.39 QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.00 QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 46.90 QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 40.87 QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 57.68 QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 56.65 QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 60.00 QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 59.98 QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 21.00 QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 20.63 QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 39.60 QIANXINAN AUTONOMOUS REGI 5.90 06/22/23 CNY 59.13 QIANXINAN AUTONOMOUS REGI 5.90 06/22/23 CNY 58.70 QIDONG COMMUNICATIONS INV 4.00 03/18/23 CNY 60.75 QIDONG COMMUNICATIONS INV 4.00 03/18/23 CNY 59.95 QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 60.01 QIDONG STATE-OWNED ASSET 4.00 03/09/23 CNY 59.30 QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 46.61 QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 20.61 QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 20.59 QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 20.52 QIHE CITY OPERATION CONST 5.10 03/07/23 CNY 59.92 QIHE CITY OPERATION CONST 5.10 03/07/23 CNY 59.41 QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 47.20 QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 46.38 QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 20.46 QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.30 QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 40.64 QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 41.00 QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 40.65 QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 28.79 QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 20.39 QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 60.40 QINGDAO OCEAN INVESTMENT 4.36 05/12/23 CNY 59.67 QINGDAO WEST COAST DEVELO 4.26 06/06/23 CNY 60.51 QINGDAO WEST COAST DEVELO 4.26 06/06/23 CNY 59.95 QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 35.40 QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 35.20 QINGHAI STATE-OWNED ASSET 5.40 05/21/23 CNY 56.23 QINGHAI STATE-OWNED ASSET 5.90 12/17/22 CNY 56.20 QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 20.31 QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 20.31 QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 20.30 QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 27.50 QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 20.34 QINHUANGDAO CITY DEVELOPM 4.69 04/14/23 CNY 60.87 QINHUANGDAO CITY DEVELOPM 4.69 04/14/23 CNY 59.02 QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 21.28 QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 20.41 QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.23 QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.00 QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.04 QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.00 QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 20.15 QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 20.00 QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 40.80 QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 40.73 QUANJIAO URBAN INFRASTRUC 5.10 05/18/23 CNY 59.35 QUANJIAO URBAN INFRASTRUC 5.10 05/18/23 CNY 59.34 QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 61.95 QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 59.17 QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 22.55 QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 20.38 QUJING ECO TECH DEVELOPME 5.75 06/01/23 CNY 59.56 QUJING ECO TECH DEVELOPME 5.75 06/01/23 CNY 59.15 QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 40.51 QUJING ECO TECH DEVELOPME 7.48 07/21/21 CNY 20.33 QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 23.42 QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 20.59 RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 59.32 RENHUAI CITY DEVELOPMENT 5.12 04/14/23 CNY 59.03 RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 20.61 RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 20.61 RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 59.86 RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 58.22 RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 60.72 RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 60.00 REWARD SCIENCE AND TECHNO 6.40 03/03/22 CNY 70.00 REWARD SCIENCE AND TECHNO 5.53 07/05/21 CNY 29.10 RIGHT WAY REAL ESTATE DEV 8.00 07/15/21 CNY 43.89 RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 60.54 RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 25.90 RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 20.59 RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 24.03 RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 20.42 RUDONG COUNTY KAITAI CITY 4.57 01/08/23 CNY 60.29 RUDONG NEW WORLD INVESTME 4.37 07/18/23 CNY 78.32 RUGAO COMMUNICATIONS CONS 3.74 03/23/23 CNY 59.81 RUGAO ECONOMIC & TRADE DE 3.95 03/24/23 CNY 60.05 RUGAO ECONOMIC & TRADE DE 3.95 03/24/23 CNY 59.85 RUGAO ECONOMIC & TRADE DE 8.30 01/22/21 CNY 29.00 RUGAO ECONOMIC & TRADE DE 8.30 01/22/21 CNY 20.45 RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 20.93 RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 20.48 RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 60.54 RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 58.97 RUICHANG CITY INVESTMENT 5.68 03/25/23 CNY 59.93 RUICHANG CITY INVESTMENT 5.50 06/17/23 CNY 59.76 RUICHANG CITY INVESTMENT 5.68 03/25/23 CNY 59.32 RUICHANG CITY INVESTMENT 5.50 06/17/23 CNY 58.90 RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 53.30 RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 50.66 SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.86 SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 40.58 SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 40.00 SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.00 SANMING TRANSPORTATION CO 3.68 03/29/23 CNY 59.44 SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 47.00 SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 40.68 SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 45.50 SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 40.42 SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 43.10 SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 40.80 SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 61.01 SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 60.06 SHANDONG BORUN INDUSTRIAL 6.50 11/02/21 CNY 66.04 SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 41.95 SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 41.24 SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 40.77 SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 20.78 SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00 SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 42.45 SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 41.01 SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 24.00 SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 20.78 SHANDONG JINMAO TEXTILE C 8.00 09/25/20 CNY 35.84 SHANDONG JINMAO TEXTILE C 6.97 04/01/21 CNY 20.70 SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 23.40 SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 20.10 SHANDONG RUYI TECHNOLOGY 7.90 09/18/23 CNY 52.10 SHANDONG SNTON GROUP CO L 6.20 05/30/21 CNY 9.50 SHANDONG SNTON GROUP CO L 5.18 09/08/21 CNY 8.52 SHANDONG TAIYANG INDUSTRY 5.97 03/02/21 CNY 42.86 SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 40.36 SHANDONG TENGJIAN INVESTM 6.00 06/08/22 CNY 40.00 SHANDONG WANTONG PETROLEU 7.97 11/29/21 CNY 18.95 SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 20.42 SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 20.42 SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 20.75 SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 20.52 SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 25.75 SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 25.27 SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 40.90 SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 40.79 SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 71.64 SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 40.68 SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 40.49 SHANGHAI PUTAILAI NEW ENE 5.50 03/19/21 CNY 66.67 SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 61.07 SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 59.75 SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 25.40 SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 20.14 SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 60.80 SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 60.34 SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 31.53 SHANTOU INVESTMENT & FINA 7.99 03/04/24 CNY 64.64 SHANXI INTERNATIONAL ELEC 5.88 05/24/22 CNY 62.60 SHANXI XIANG KUANG GROUP 8.80 02/11/22 CNY 69.90 SHANXI XIANG KUANG GROUP 8.80 02/11/22 CNY 54.50 SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 63.39 SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 60.54 SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 40.83 SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 40.00 SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 48.00 SHAOXING 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COUNTY HONG YUAN P 6.15 03/16/22 CNY 40.77 SIHONG COUNTY HONG YUAN P 6.15 03/16/22 CNY 40.00 SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 59.73 SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 59.30 SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 60.56 SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 60.06 SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 20.58 SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 20.00 SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 40.78 SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 40.63 SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 27.82 SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 20.58 SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 60.45 SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 60.00 SUINING COUNTY RUNQI INVE 7.10 06/25/21 CNY 20.42 SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 44.18 SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 39.85 SUINING KAIDA INVESTMENT 4.89 04/08/23 CNY 59.19 SUINING KAIDA INVESTMENT 4.89 04/08/23 CNY 58.41 SUINING KAIDA INVESTMENT 8.69 04/21/21 CNY 20.48 SUINING 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STATE-OWNED INVES 7.20 03/19/21 CNY 26.50 TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 20.42 TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 63.45 TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.14 TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.00 TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 44.00 TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 41.27 TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 26.00 TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 25.12 TAIZHOU JINDONG URBAN CON 5.10 06/02/23 CNY 60.78 TAIZHOU JINDONG URBAN CON 5.10 06/02/23 CNY 59.56 TAIZHOU JINDONG URBAN CON 7.10 09/03/20 CNY 20.60 TAIZHOU JINDONG URBAN CON 7.10 09/03/20 CNY 20.07 TAIZHOU XINBINJIANG DEVEL 7.60 03/05/21 CNY 21.00 TAIZHOU XINBINJIANG DEVEL 7.60 03/05/21 CNY 20.28 TAIZHOU XINTAI GROUP CO L 4.07 03/23/23 CNY 59.99 TAIZHOU XINTAI GROUP CO L 4.07 03/23/23 CNY 59.95 TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 20.10 TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 20.19 TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 20.09 TIANJIN 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HI-TECH INDUSTRY 6.65 09/12/21 CNY 40.36 TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 41.70 TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 40.59 TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 20.35 TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 20.24 TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 46.10 TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 46.00 TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 20.38 TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 20.00 TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 20.20 TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 20.19 TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 27.50 TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 20.44 TIANJIN NINGHE INVESTMENT 5.50 04/22/23 CNY 60.92 TIANJIN NINGHE INVESTMENT 5.50 04/22/23 CNY 60.02 TIANJIN RAILWAY CONSTRUCT 5.58 04/13/25 CNY 73.17 TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 20.39 TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 20.03 TIANJIN STATE-OWNED CAPIT 1.60 12/17/39 USD 73.92 TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 41.80 TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 39.20 TIANJIN WATER INVESTMENT 8.40 01/15/21 CNY 24.94 TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 60.60 TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 59.77 TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.76 TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 20.40 TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.34 TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 20.32 TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 45.16 TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 41.00 TIANRUI GROUP CEMENT CO L 5.95 09/25/20 CNY 50.00 TONGLING CONSTRUCTION INV 4.12 03/14/23 CNY 60.00 TONGLING CONSTRUCTION INV 4.12 03/14/23 CNY 59.63 TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 22.50 TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 20.09 TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 20.98 TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 20.61 TSINGHUA UNIGROUP CO LTD 5.20 12/10/23 CNY 65.51 TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 41.38 TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 40.85 TUNGHSU GROUP 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4.37 07/20/23 CNY 59.59 WUHU JIUJIANG CONSTRUCTIO 3.96 03/21/23 CNY 59.78 WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 20.68 WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 20.00 WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 60.56 WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 59.50 WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.45 WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 40.69 WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 20.51 WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 20.40 WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 20.27 WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 20.10 WUXI HUIKAI ECONOMIC DEVE 4.16 04/08/23 CNY 60.07 WUXI HUIKAI ECONOMIC DEVE 4.16 04/08/23 CNY 59.83 WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 40.45 WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 40.02 WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.13 WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.11 WUXI TAIHU NEW CITY DEVEL 4.49 05/03/23 CNY 61.05 WUXI TAIHU NEW CITY DEVEL 4.49 05/03/23 CNY 60.64 WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48 WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.12 WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.11 XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 20.53 XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.46 XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.46 XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 41.46 XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 40.40 XI'AN INTERNATIONAL INLAN 7.90 09/23/21 CNY 42.28 XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 63.20 XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 59.68 XIANGTAN CITY CONSTRUCTIO 7.60 04/02/22 CNY 64.80 XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 28.99 XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 20.17 XIANGTAN JIUHUA ECONOMIC 6.59 01/21/22 CNY 37.79 XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.75 XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.73 XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 20.26 XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 39.96 XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.00 XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 19.99 XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 60.30 XIANGXIANG URBAN CONSTRUC 5.84 05/18/23 CNY 59.54 XIANGYANG CITY XIANGZHOU 5.18 04/28/23 CNY 60.88 XIANGYANG CITY XIANGZHOU 5.18 04/28/23 CNY 60.66 XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 23.38 XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 20.42 XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 60.15 XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 59.97 XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 45.00 XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 40.60 XIANTAO CITY CONSTRUCTION 4.59 04/18/23 CNY 60.27 XIANTAO CITY CONSTRUCTION 4.59 04/18/23 CNY 59.95 XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 20.50 XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 20.45 XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 46.69 XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 40.46 XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 32.72 XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 20.52 XIAOGAN URBAN CONSTRUCTIO 3.94 07/05/21 CNY 63.12 XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 20.51 XIAOXIAN COUNTY DEVELOPME 4.85 06/22/23 CNY 60.54 XIAOXIAN COUNTY DEVELOPME 4.85 06/22/23 CNY 60.42 XINDONGGANG HOLDING GROUP 5.53 04/27/23 CNY 60.16 XINDONGGANG HOLDING GROUP 5.53 04/27/23 CNY 59.81 XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 42.71 XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 41.82 XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 49.71 XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 49.21 XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 60.00 XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 58.46 XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 21.35 XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 20.40 XINMI CAIYUAN CITY CONSTR 4.35 02/28/23 CNY 59.83 XINMI CAIYUAN CITY CONSTR 4.35 02/28/23 CNY 59.81 XINMIN CITY LUXIN MUNICIP 6.41 07/29/21 CNY 34.44 XINMIN CITY LUXIN MUNICIP 6.41 07/29/21 CNY 33.49 XINTAI CITY COORDINATING 6.35 03/23/22 CNY 40.75 XINTAI CITY COORDINATING 6.35 03/23/22 CNY 40.73 XINYANG HONGCHANG PIPE GA 6.49 06/20/20 CNY 72.87 XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 26.30 XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 20.49 XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 60.00 XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 59.27 XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.32 XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.14 XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 41.53 XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 40.93 XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 27.00 XINYU CITY SHANTYTOWN ZON 6.42 12/09/20 CNY 40.24 XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 41.39 XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 40.95 XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 25.25 XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 21.07 XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 20.37 XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 20.28 XIUSHAN INDUSTRY DEVELOPM 5.85 04/14/23 CNY 60.10 XIUSHAN INDUSTRY DEVELOPM 5.85 04/14/23 CNY 59.32 XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94 XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 46.00 XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 40.78 XUANCHENG STATE-OWNED ASS 4.12 04/07/23 CNY 60.32 XUANCHENG STATE-OWNED ASS 4.12 04/07/23 CNY 60.15 XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 26.00 XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 20.67 XUZHOU BOCHANT DEVELOPMEN 5.69 07/28/21 CNY 66.34 XUZHOU CITY JIAWANG CONST 4.00 03/23/23 CNY 59.60 XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 61.00 XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 60.78 XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.66 XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.03 XUZHOU ECONOMIC TECHNOLOG 7.35 04/21/21 CNY 20.49 XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 31.50 XUZHOU HI-TECH INDUSTRIAL 7.86 04/22/21 CNY 20.59 XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 21.00 XUZHOU TRANSPORTATION HOL 7.09 05/15/21 CNY 20.60 XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 64.46 XUZHOU XINSHENG INVESTMEN 5.13 08/12/22 CNY 61.06 YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.05 YA'AN DEVELOPMENT INVESTM 7.00 09/13/20 CNY 20.05 YANCHENG CITY TINGHU DIST 7.95 11/15/20 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26.00 YANGZHOU CHEMICAL INDUSTR 8.58 01/24/21 CNY 20.40 YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 40.89 YANGZHOU ECONOMIC & TECHN 7.40 03/05/21 CNY 40.00 YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 46.63 YANGZHOU HANJIANG CONSTRU 5.88 06/15/22 CNY 41.14 YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.03 YANGZHOU JIANGDU YANJIANG 7.48 07/29/20 CNY 25.00 YI CHENG CONSTRUCTION INV 5.44 04/27/23 CNY 60.03 YI ZHENG CITY DEVELOPMENT 4.63 01/08/23 CNY 60.00 YI ZHENG CITY DEVELOPMENT 4.63 01/08/23 CNY 59.99 YI ZHENG CITY DEVELOPMENT 8.60 01/09/21 CNY 29.30 YI ZHENG CITY DEVELOPMENT 8.60 01/09/21 CNY 20.30 YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 60.63 YICHANG HIGH-TECH INVESTM 4.80 12/15/22 CNY 60.00 YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 23.47 YICHUN URBAN CONSTRUCTION 7.09 05/15/21 CNY 20.47 YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 40.70 YICHUN VENTURE CAPITAL CO 6.70 03/23/22 CNY 40.61 YIHUA ENTERPRISE GROUP CO 7.00 04/29/22 CNY 54.00 YIHUA ENTERPRISE GROUP CO 6.80 03/15/21 CNY 47.99 YIHUA ENTERPRISE GROUP CO 5.99 11/26/20 CNY 30.00 YIHUA LIFESTYLE TECHNOLOG 6.88 07/16/20 CNY 35.90 YIHUA LIFESTYLE TECHNOLOG 6.88 07/23/20 CNY 35.00 YILI KAZAKH AUTONOMOUS PR 7.68 02/28/21 CNY 20.41 YINCHUAN URBAN CONSTRUCTI 6.88 05/12/21 CNY 20.53 YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 40.29 YINGKOU COASTAL DEVELOPME 6.45 01/26/22 CNY 39.17 YINGKOU LAOBIAN CITY CONS 4.98 03/11/23 CNY 60.00 YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 60.00 YINGKOU LAOBIAN CITY CONS 5.63 12/16/22 CNY 59.79 YINGKOU LAOBIAN CITY CONS 4.98 03/11/23 CNY 58.48 YINGTAN INVESTMENT CO 3.63 08/12/21 CNY 69.99 YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 46.85 YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 46.85 YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 61.18 YINGTAN LONGGANG ASSET OP 6.75 07/31/22 CNY 60.90 YINING CITY STATE OWNED A 5.37 09/24/22 CNY 60.00 YINING CITY STATE OWNED A 5.37 09/24/22 CNY 59.85 YINING CITY STATE OWNED A 8.90 01/23/21 CNY 29.95 YINING CITY STATE OWNED A 8.90 01/23/21 CNY 20.51 YIWU 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HUILIN INVESTMENT 5.50 11/03/21 CNY 40.07 YUEYANG HUILIN INVESTMENT 5.50 11/03/21 CNY 40.00 YUEYANG YUNXI CITY CONSTR 6.00 07/08/23 CNY 78.50 YUEYANG YUNXI CITY CONSTR 6.00 07/08/23 CNY 60.28 YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 44.50 YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 44.47 YUHUAN CITY COMMUNICATION 6.18 03/20/22 CNY 40.83 YUHUAN CITY COMMUNICATION 5.65 11/03/21 CNY 40.55 YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 61.30 YUHUAN CITY CONSTRUCTION 5.10 05/03/23 CNY 60.50 YUNNAN METROPOLITAN CONST 6.77 05/23/21 CNY 20.50 YUYAO CITY CONSTRUCTION I 7.09 05/19/21 CNY 20.63 YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.09 YUZHOU GENERAL INVESTMENT 4.68 01/19/23 CNY 60.00 ZAOYANG CITY CONSTRUCTION 5.50 03/22/23 CNY 60.45 ZAOYANG CITY CONSTRUCTION 5.50 03/22/23 CNY 60.43 ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 26.04 ZHANGJIAGANG FREE TRADE Z 7.10 08/23/20 CNY 20.05 ZHANGJIAGANG JINCHENG INV 6.88 04/28/21 CNY 20.41 ZHANGJIAJIE ECONOMIC DEVE 7.80 04/17/21 CNY 20.50 ZHANGSHU STATE-OWNED ASSE 4.80 06/22/23 CNY 62.67 ZHANGSHU STATE-OWNED ASSE 4.80 06/22/23 CNY 60.14 ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.90 ZHANGYE CITY INVESTMENT G 6.92 09/22/21 CNY 40.70 ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 40.93 ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 40.00 ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 20.60 ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 20.47 ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 20.15 ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 41.28 ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 40.00 ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 60.49 ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 60.00 ZHEJIANG CHANGXING JINGKA 7.99 03/03/21 CNY 30.00 ZHEJIANG CHANGXING JINGKA 7.99 03/03/21 CNY 20.40 ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 48.50 ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 40.52 ZHEJIANG HANGZHOU QINGSHA 7.90 04/23/21 CNY 24.00 ZHEJIANG HANGZHOU QINGSHA 7.90 04/23/21 CNY 20.63 ZHEJIANG HUISHENG INVESTM 4.49 03/15/24 CNY 70.03 ZHEJIANG HUISHENG INVESTM 4.49 03/15/24 CNY 70.00 ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.48 ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.00 ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 41.06 ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 40.00 ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 41.06 ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 41.03 ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 40.72 ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 61.03 ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 60.00 ZHENGZHOU MOUZHONG DEVELO 4.59 04/18/23 CNY 60.45 ZHENGZHOU MOUZHONG DEVELO 4.59 04/18/23 CNY 60.02 ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 46.20 ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 41.08 ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 28.50 ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 28.49 ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 20.39 ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 20.30 ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 40.13 ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 39.60 ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 60.81 ZHENJIANG NEW AREA URBAN 5.31 07/14/23 CNY 58.76 ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 20.36 ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 20.34 ZHIJIANG STATE-OWNED ASSE 4.38 03/28/23 CNY 64.70 ZHIJIANG STATE-OWNED ASSE 4.38 03/28/23 CNY 60.49 ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 60.00 ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 59.87 ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.42 ZHONGMINTOU LEASING HOLDI 7.55 09/21/21 CNY 49.49 ZHONGRONG XINDA GROUP CO 7.10 01/22/21 CNY 33.70 ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.49 ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.00 ZHONGTIAN FINANCIAL GROUP 7.00 10/15/20 CNY 23.88 ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 20.27 ZHOUSHAN DINGHAI CITY CON 6.67 07/20/22 CNY 40.62 ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.40 ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 40.70 ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 26.65 ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 25.12 ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 56.42 ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 55.80 ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 41.90 ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 41.66 ZHUHAI HUIHUA INFRASTRUCT 4.70 06/27/23 CNY 60.63 ZHUHAI HUIHUA INFRASTRUCT 4.70 06/27/23 CNY 60.26 ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 21.15 ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 20.09 ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 41.16 ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 24.50 ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 20.28 ZHUZHOU CITY CONSTRUCTION 8.36 11/10/21 CNY 43.75 ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 20.16 ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.86 ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 40.85 ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.55 ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 40.00 ZHUZHOU RECYCLING ECONOMI 4.38 03/24/23 CNY 57.46 ZHUZHOU RECYCLING ECONOMI 4.38 03/24/23 CNY 57.04 ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.78 ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.15 ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.42 ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.00 ZIYANG WATER INVESTMENT C 3.97 03/17/23 CNY 58.74 ZIYANG WATER INVESTMENT C 3.97 03/17/23 CNY 58.46 ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.15 ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.00 ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 59.68 ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 58.49 ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 60.00 ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 57.36 ZUNYI HONGHUAGANG CITY DE 5.05 06/27/23 CNY 59.03 ZUNYI HONGHUAGANG CITY DE 5.05 06/27/23 CNY 56.21 ZUNYI NEW DISTRICT DEVELO 5.99 04/07/26 CNY 69.70 ZUNYI NEW DISTRICT DEVELO 5.99 04/07/26 CNY 67.66 ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 57.96 ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 52.98 HONG KONG --------- HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 75.00 DR PENG HOLDING HONGKONG 7.55 12/01/21 USD 71.48 INDIA ----- ABM INVESTAMA TBK PT 7.13 08/01/22 USD 67.09 ABM INVESTAMA TBK PT 7.13 08/01/22 USD 65.58 BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 40.00 BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 40.00 DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.44 DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.44 DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.43 DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.43 DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 10.92 DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 10.78 GAJAH TUNGGAL TBK PT 8.38 08/10/22 USD 67.77 INDONESIA --------- 3I INFOTECH LTD 2.50 03/31/25 USD 4.27 AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 24.80 AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 24.76 APG HABITAT PVT LTD 1.00 09/09/28 INR 58.45 APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 42.31 APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 40.52 AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 61.94 AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 61.78 BRITANNIA INDUSTRIES LTD 8.00 08/28/22 INR 30.95 CREIXENT SPECIAL STEELS L 0.01 08/28/25 INR 66.57 CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 60.51 CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 37.55 DEWAN HOUSING FINANCE COR 8.50 04/18/23 INR 26.17 DLF EMPORIO RESTAURANTS L 0.01 06/29/30 INR 44.15 DLF HOME DEVELOPERS LTD 0.01 06/29/30 INR 46.92 EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 69.72 EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 67.38 EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 64.09 EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 63.13 EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 61.38 FUTURE RETAIL LTD 5.60 01/22/25 USD 64.42 FUTURE RETAIL LTD 5.60 01/22/25 USD 58.28 GREEN URJA PVT LTD 0.01 02/14/30 INR 46.68 GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00 HINDUSTAN CONSTRUCTION CO 0.01 01/05/27 INR 58.94 HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 55.19 INDIABULLS HOUSING FINANC 6.38 05/28/22 USD 72.79 JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13 JAIPRAKASH POWER VENTURES 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 26.84 JTPM ATSALI LTD 0.01 08/29/48 INR 10.98 KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 25.50 KRIBHCO INFRASTRUCTURE LT 1.00 04/15/26 INR 72.34 MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 66.62 MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 30.05 MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 27.55 MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 27.55 ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 26.42 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/26 INR 70.17 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 65.42 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 60.97 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 56.83 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 53.01 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 49.56 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 46.44 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 43.64 PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26 R L FINE CHEM PVT LTD 0.10 08/19/36 INR 27.23 REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 69.66 REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 65.67 REI AGRO LTD 5.50 11/13/14 USD 0.56 REI AGRO LTD 5.50 11/13/14 USD 0.56 RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 11.64 SINTEX INDUSTRIES LTD 3.50 05/25/22 USD 48.63 SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 67.08 SUZLON ENERGY LTD 5.75 07/16/19 USD 25.54 SUZLON ENERGY LTD 5.75 07/16/19 USD 25.54 SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61 TN URJA PVT LTD 0.10 02/22/36 INR 29.18 VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 30.25 WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 56.26 WS T&D LTD 0.10 03/24/29 INR 50.57 ZYDUS FOUNDATION 0.10 03/25/25 INR 70.08 INDONESIA --------- 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 0.99 11/27/26 JPY 73.14 UNIZO HOLDINGS CO LTD 1.20 05/28/27 JPY 67.88 UNIZO HOLDINGS CO LTD 1.50 11/26/27 JPY 66.72 SOUTH KOREA ----------- ECOMAISTER CO LTD 2.00 10/11/22 KRW 60.98 HEUNGKUK FIRE & MARINE IN 5.70 12/29/46 KRW 46.42 KIBO ABS SPECIALTY CO LTD 5.00 09/11/20 KRW 75.01 KIBO ABS SPECIALTY CO LTD 5.00 08/28/21 KRW 72.52 KIBO ABS SPECIALTY CO LTD 5.00 02/24/22 KRW 71.76 KIBO ABS SPECIALTY CO LTD 5.00 02/28/22 KRW 70.93 KIBO ABS SPECIALTY CO LTD 5.00 02/24/23 KRW 69.67 KIBO ABS SPECIALTY CO LTD 5.00 02/26/21 KRW 63.39 LOTTE CARD CO LTD 3.95 06/28/49 KRW 38.65 POSCO ENERGY CO LTD 5.21 08/29/43 KRW 61.91 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 SINBO SECURITIZATION SPEC 5.00 09/28/22 KRW 73.25 SINBO SECURITIZATION SPEC 5.00 06/29/22 KRW 73.15 SINBO SECURITIZATION SPEC 5.00 06/29/21 KRW 72.71 SINBO SECURITIZATION SPEC 5.00 12/27/21 KRW 71.61 SINBO SECURITIZATION SPEC 5.00 02/28/23 KRW 71.29 SINBO SECURITIZATION SPEC 5.00 03/20/23 KRW 71.14 SINBO SECURITIZATION SPEC 5.00 02/28/22 KRW 70.92 SINBO SECURITIZATION SPEC 5.00 07/24/23 KRW 69.29 SINBO SECURITIZATION SPEC 5.00 08/29/23 KRW 69.12 SINBO SECURITIZATION SPEC 5.00 08/29/23 KRW 69.12 SINBO SECURITIZATION SPEC 5.00 09/26/23 KRW 68.99 SINBO SECURITIZATION SPEC 5.00 09/26/23 KRW 68.99 SINBO SECURITIZATION SPEC 5.00 09/26/23 KRW 68.99 SINBO SECURITIZATION SPEC 5.00 01/25/23 KRW 68.82 SINBO SECURITIZATION SPEC 5.00 06/27/23 KRW 68.30 SINBO SECURITIZATION SPEC 5.00 08/29/22 KRW 67.10 SINBO SECURITIZATION SPEC 5.00 08/31/22 KRW 67.10 SINBO SECURITIZATION SPEC 5.00 09/26/22 KRW 67.08 SINBO SECURITIZATION SPEC 5.00 07/26/22 KRW 67.07 SINBO SECURITIZATION SPEC 5.00 07/24/22 KRW 67.07 SINBO SECURITIZATION SPEC 5.00 01/25/22 KRW 66.75 SINBO SECURITIZATION SPEC 5.00 01/26/22 KRW 66.74 SINBO SECURITIZATION SPEC 5.00 02/23/22 KRW 66.38 SINBO SECURITIZATION SPEC 5.00 06/27/22 KRW 66.06 SINBO SECURITIZATION SPEC 5.00 12/21/20 KRW 64.30 SINBO SECURITIZATION SPEC 5.00 08/31/21 KRW 64.09 SINBO SECURITIZATION SPEC 5.00 07/26/21 KRW 63.13 SINBO SECURITIZATION SPEC 5.00 03/21/21 KRW 62.72 SRI LANKA --------- SRI LANKA DEVELOPMENT BON 5.66 05/01/23 USD 74.36 SRI LANKA DEVELOPMENT BON 4.57 01/22/23 USD 73.78 SRI LANKA DEVELOPMENT BON 4.38 01/22/23 USD 73.73 SRI LANKA DEVELOPMENT BON 4.35 03/16/23 USD 72.52 SRI LANKA DEVELOPMENT BON 4.26 05/01/23 USD 71.48 SRI LANKA DEVELOPMENT BON 4.22 05/01/23 USD 71.39 SRI LANKA DEVELOPMENT BON 6.87 01/22/25 USD 70.12 SRI LANKA DEVELOPMENT BON 6.75 01/22/25 USD 69.75 SRI LANKA DEVELOPMENT BON 6.50 01/22/25 USD 68.98 SRI LANKA DEVELOPMENT BON 6.02 01/22/25 USD 67.51 SRI LANKA DEVELOPMENT BON 5.98 01/22/25 USD 67.39 SRI LANKA DEVELOPMENT BON 4.90 01/22/25 USD 63.84 SRI LANKA GOVERNMENT INTE 5.75 04/18/23 USD 73.17 SRI LANKA GOVERNMENT INTE 5.75 04/18/23 USD 73.06 SRI LANKA GOVERNMENT INTE 6.85 03/14/24 USD 71.56 SRI LANKA GOVERNMENT INTE 6.85 03/14/24 USD 71.49 SRI LANKA GOVERNMENT INTE 6.35 06/28/24 USD 71.43 SRI LANKA GOVERNMENT INTE 6.35 06/28/24 USD 71.26 SRI LANKA GOVERNMENT INTE 6.85 11/03/25 USD 67.50 SRI LANKA GOVERNMENT INTE 6.13 06/03/25 USD 67.43 SRI LANKA GOVERNMENT INTE 6.85 11/03/25 USD 67.17 SRI LANKA GOVERNMENT INTE 6.13 06/03/25 USD 66.98 SRI LANKA GOVERNMENT INTE 6.83 07/18/26 USD 66.61 SRI LANKA GOVERNMENT INTE 6.83 07/18/26 USD 66.50 SRI LANKA GOVERNMENT INTE 7.85 03/14/29 USD 64.97 SRI LANKA GOVERNMENT INTE 7.85 03/14/29 USD 64.88 SRI LANKA GOVERNMENT INTE 6.20 05/11/27 USD 64.50 SRI LANKA GOVERNMENT INTE 6.20 05/11/27 USD 64.38 SRI LANKA GOVERNMENT INTE 6.75 04/18/28 USD 64.25 SRI LANKA GOVERNMENT INTE 6.75 04/18/28 USD 63.98 SRI LANKA GOVERNMENT INTE 7.55 03/28/30 USD 63.56 SRI LANKA GOVERNMENT INTE 7.55 03/28/30 USD 63.43 SRILANKAN AIRLINES LTD 7.00 06/25/24 USD 51.00 MALAYSIA -------- AEON CREDIT SERVICE M BHD 3.50 09/15/20 MYR 0.85 ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.52 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.24 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.10 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.01 HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.16 HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.50 MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.01 PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 2.62 SENAI-DESARU EXPRESSWAY B 1.35 12/31/29 MYR 74.53 SENAI-DESARU EXPRESSWAY B 1.35 06/28/30 MYR 73.38 SENAI-DESARU EXPRESSWAY B 1.35 12/31/30 MYR 72.10 SENAI-DESARU EXPRESSWAY B 1.35 06/30/31 MYR 70.84 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.03 NEW ZEALAND ----------- PRECINCT PROPERTIES NEW Z 4.80 09/27/21 NZD 1.17 PHILIPPINES ----------- BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 22.75 SINGAPORE --------- ALAM SYNERGY PTE LTD 6.63 04/24/22 USD 50.54 APL REALTY HOLDINGS PTE L 5.95 06/02/24 USD 51.27 ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 42.64 ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 42.63 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.50 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.50 BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 39.54 BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 39.54 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88 BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 28.97 BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 28.97 BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 28.97 ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 45.75 ETERNA CAPITAL PTE LTD 7.50 12/11/22 USD 50.67 ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 27.38 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00 GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 51.89 GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 46.51 GOLDEN ENERGY & RESOURCES 9.00 02/14/23 USD 73.94 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 GROUP 2.00 07/30/10 USD 1.00 INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 31.05 ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 15.00 JGC VENTURES PTE LTD 10.75 08/30/21 USD 77.65 MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 22.55 MODERNLAND OVERSEAS PTE L 6.95 04/13/24 USD 29.23 MULHACEN PTE LTD 6.50 08/01/23 EUR 41.76 MULHACEN PTE LTD 6.50 08/01/23 EUR 41.30 NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 59.92 ORO NEGRO DRILLING PTE LT 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 67.56 SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 62.17 SSMS PLANTATION HOLDINGS 7.75 01/23/23 USD 46.62 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 5.55 10/10/16 SGD 12.25 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75 THAILAND -------- MDX PCL 4.75 09/17/03 USD 22.88 G STEEL PCL 3.00 10/04/15 USD 0.55 ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter-Asia Pacific is a daily newsletter co- published by Bankruptcy Creditors' Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2020. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***