/raid1/www/Hosts/bankrupt/TCRAP_Public/200908.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, September 8, 2020, Vol. 23, No. 180

                           Headlines



A U S T R A L I A

AUSTRALIAN ASSOCIATED: Newswire Turns to Crowdfunding
NOVACASTRIAN TRADE: Second Creditors' Meeting Set for Sept. 15
REDSTAR TRANSPORT: Court OKs Liquidators Remuneration Application
VIVA ENERGY: 'Unrealistic' Victorian Road Map Could Force Closure


C H I N A

21VIANET GROUP: S&P Affirms 'B' LongTerm ICR, Outlook Stable
BINHAI INVESTMENT: Fitch Alters Outlook on BB+ LT IDR to Positive
RONGAN PROPERTY: Moody's Assigns First Time B2 CFR, Outlook Stable
SHIMAO GROUP: S&P Alters Outlook to Positive & Affirms 'BB+' ICR
ZHONGYUAN ASSET: Moody's Withdraws Ba1 CFR for Business Reasons

[*] CHINA: Developers Face Harsh Liquidity Test with Looming Curbs


H O N G   K O N G

LIONBRIDGE CAPITAL: Moody's Alters Outlook on B1 CFR to Positive


I N D I A

ACE FOOTMARK: CARE Lowers Rating on INR18.58cr LT Loan to C
ANJALI ENTERPRISES: CARE Lowers Rating on INR6cr LT Loan to C
BROOKS LABORATORIES: CARE Lowers Rating on INR27.46cr Loan to D
CHEEKA RICE: CARE Lowers Rating on INR8cr LT Loan to C
DISH INFRA: CARE Lowers Rating on INR1,024cr LT Loan to B+

DISH TV: CARE Raises Rating on INR600cr Bank Loan From D
EVERSHINE SOLVEX: CARE Keeps D on INR14cr Loans in Not Cooperating
G3S BUILDERS: CARE Lowers Rating on INR12cr LT Loan to C
GANESH EDUCATION: CARE Keeps D on INR7cr Debt in Not Cooperating
GATI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating

GLOBALITE INDUSTRIES: CARE Lowers Rating on INR12.60cr Loan to C
HUMBLE HOSPITALITY: CARE Keeps D on INR6cr Debt in Not Cooperating
INNOTECH EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
JB GOLD: CARE Keeps D on INR9cr Loans in Not Cooperating
MEC SHOT: CARE Keeps D on INR12cr Loans in Not Cooperating

RLJ INFRACEMENT: CARE Keeps D on INR12cr Loans in Not Cooperating
RNR IMPORTS: CARE Keeps D on INR12cr Loans in Not Cooperating
ROSHNI JEWELLERS: CARE Keeps D on INR9cr Loan in Not Cooperating
SUJALA PIPES: CARE Keeps D Debt Ratings in Not Cooperating
THEMIS MEDICARE: CARE Reaffirms D Rating on INR73.25cr Loan

TML HOLDINGS: Moody's Cuts GBP98MM Sr. Unsecured Notes to Ba1
VINTAGE HOME: CARE Keeps D on INR5.75cr Loans in Not Cooperating
[*] Banks Told to Roll Out Loan Restructuring Scheme by Sept. 15


I N D O N E S I A

PT MODERNLAND REALTY: S&P Cuts US$150MM Unsec. Notes Rating to 'D'


J A P A N

NISSAN MOTOR: Received Record JPY130 Billion State Loan Guarantee
[*] JAPAN: Nearly 500 Firms Go Bankrupt Since Start of Covid-19


X X X X X X X X

BOND PRICING: For the Week Aug. 31 to Sept. 4, 2020

                           - - - - -


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

AUSTRALIAN ASSOCIATED: Newswire Turns to Crowdfunding
-----------------------------------------------------
Agence France-Presse reports that the Australian Associated Press
(AAP) launched a crowdfunding campaign on Sept. 7 as the newswire
struggles with financial pressures just a month after it was sold
off and relaunched as a non-profit.

According to the AFP, CEO Emma Cowdroy said AAP was facing
aggressive competition from a new rival, NCA, created by News Corp
after the Rupert Murdoch-owned media giant backed out of its role
as the leading shareholder in the national newswire.

She said News Corp now intends to "rapidly re-enter the commercial
sector" with NCA.

"The well-funded move threatens AAP's unique role, supplying
independent content" to smaller Australian publishers, she said in
a statement, AFP relays.

Ms. Cowdroy added the move would "create further disruption to AAP,
and in turn the media market more generally, at a time when the
industry is on its knees".

AAP was relaunched in early August by a philanthropist-led
consortium just months after staff were told the company would
shutter as challenges in the media sector were exacerbated by the
economic fallout of the coronavirus pandemic, according to AFP.

In March, News Corp and broadcasting and newspaper group Nine
Entertainment pulled their support for AAP in a surprise decision
that fuelled fears of further concentration of an Australian media
landscape already dominated by a handful of companies, AFP says.

AFP relates that News Corp then launched NCA, hiring a number of
journalists, including several former AAP staff, to provide
coverage to the company's many newsrooms of topics previously
supplied by the national newswire.

According to AFP, The Guardian reported on Sept. 7 that News Corp
planned to offer NCA content to other Australian news organisations
once a non-compete clause with AAP expires at the end of this
year.

Facing the prospect of that competition from its former owner, AAP
is aiming to raise AUD500,000 (US$364,000) through the fundraising
campaign, which had attracted several thousand dollars in donations
shortly after launching, AFP says.

"As our media customers struggle in the toughest advertising market
in modern history and as the government struggles to find a way to
support media competition and diversity, we are reaching out to all
Australians for their help," AFP quotes Ms. Cowdroy as saying.

The newswire cut about half of its staff before relaunching what it
previously said would be a slimmed-down "sustainable" operation,
the report states.

Smaller local publishers rely on its national coverage of news,
sport and politics to bolster their own content, AFR notes.


NOVACASTRIAN TRADE: Second Creditors' Meeting Set for Sept. 15
--------------------------------------------------------------
A second meeting of creditors in the proceedings of Novacastrian
Trade Services Pty Ltd has been set for Sept. 15, 2020, at 10:00
a.m. via teleconference only.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Sept. 14, 2020, at 5:00 p.m.

Kathleen Vouris and Richard Albarran of Hall Chadwick were
appointed as administrators of Novacastrian Trade on Aug. 14,
2020.


REDSTAR TRANSPORT: Court OKs Liquidators Remuneration Application
-----------------------------------------------------------------
ATN reports that new details have emerged on the complex company
structure of Redstar Transport and its liquidation process, which
has been ongoing since December 2018.

According to ATN, liquidators Martin Francis Ford and Stephen
Graham Longley recently applied to the Victorian Supreme Court
under section 65-45 of the Insolvency Practice Schedule (IPS) of
the Corporations Act to have their remuneration approved and bypass
certain funds-handling compliance provisions to hasten Redstar's
wind-up.

ATN notes that Section 64-45 empowers the court to make directions
regarding the payment, deposit or custody of money payable to, or
held by, an external administrator of a company.

The Redstar Group comprised seven companies operating as an
integrated business structure under which each entity was dependent
on at least one other entity for its operational needs and support
services, ATN discloses citing court documents.

These included: Redstar Transport Pty Ltd, Redstar Transport
Services Pty Ltd, Redstar Transport Operations Pty Ltd, Redstar
Transport Linehaul Pty Ltd, Villacare Pty Ltd, Redstar Transport
Trucks Pty Ltd.

Five of the seven companies within the Redstar Group had agreed,
pursuant to a deed of cross-guarantee, to provide reciprocal
guarantees for each other's liabilities and fulfilment of
obligations.

Redstar Operations was the main trading entity and managed the
group's operations and finances.

At the time of its collapse, the Redstar Group had 43 secured
creditors, about 225 ordinary unsecured creditors (other than
related third party creditors from within the Redstar Group), and
approximately 365 employee creditors.

The liquidators, appointed on December 20, 2018, were approved for
AUD103,095.50 for more than 112 hours of work, according to ATN.

ATN relates that the liquidators also applied to have the balance
of dividends payable relating to the intercompany loans and certain
external unsecured creditors deducted, or 'netted off', and the net
amount paid from Redstar Operations, to allow them to them to "wind
up the Redstar Group entities more quickly and efficiently than
undertaking individual dividend processes for each Redstar Group
entity".

ATN says the liquidators claimed that if the dividends were
declared and paid in the usual way, "an unwieldy round robin" of
payments between various Redstar Group entities would result with
further costs and delay associated with declaring and paying
multiple dividends.

The Supreme Court approved the application, the report notes.

At the time of Redstar's collapse, Messrs. Ford and Longley told
ATN Redstar had no cash available for the liquidation and the
liquidators were "doing everything we can in the circumstances to
manage the fallout".

A nationwide asset sale via auction house Pickles followed in
2019.

One former Redstar director, Sean Williams, now lists himself as
CEO of investment management firm Growth Farms, while another, John
Dixon, was last year appointed to the board of AustralianSuper as a
representative of employers' organisation the Ai Group, adds ATN.


VIVA ENERGY: 'Unrealistic' Victorian Road Map Could Force Closure
-----------------------------------------------------------------
Dominic Powell at The Sydney Morning Herald reports that the head
of major fuel refiner Viva Energy has criticised the Victorian
government's COVID-19 road map as unrealistic, warning the company
may be forced to close its Geelong oil refinery for good if
restrictions are not eased by November.

According to the report, Viva has been mulling its options for the
Geelong site since the virus and its related restrictions on both
international and local travel wiped out demand for fuel. However,
the recent stage three and four lockdown in Victoria has
exacerbated the issue, prompting the company to consider a full
shutdown of the plant.

SMH relates that Chief executive Scott Wyatt said the state
government's current road map out of stage three and four
restrictions, revealed on Sept. 6, would mean the plant may be able
to return to full production by late November.

However, Mr. Wyatt said the hurdles for hitting that easing of
restrictions did not seem "realistic or achievable".

"They've provided a road map, but it's a long road map, and there
are some high hurdles that we have to clear to get there," the
report quotes Mr. Wyatt as saying.

"For us to reopen, we have to have five cases per day for two
weeks, well NSW doesn't have that today and yet they have a fully
functioning state. So why do our hurdles have to be so high?"

"I don't pretend to understand all the challenges and the
decisions, but we all need a pathway out of this that we can be
confident in and that seems realistic and achievable. And I'm not
sure that hit the mark yesterday [Sept. 6]."

Viva's Geelong plant employs approximately 700 workers and is
Australia's second-largest refinery, processing up to 120,000
barrels of oil a day and supplying around 10 per cent of the
nation's liquid fuel needs. The company also operates Shell-branded
petrol stations across Australia.

The refinery sunk to a AUD50 million loss last month and is
currently operating at just 60 per cent capacity while also
undergoing maintenance works, SMH discloses. Viva shares fell 0.31
per cent to AUD1.595 on Sept. 7.

The federal government is developing a support package for the
sector, which Mr. Wyatt said was well underway, though he did not
specify what kind of support measures it might include, SMH adds.




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

21VIANET GROUP: S&P Affirms 'B' LongTerm ICR, Outlook Stable
------------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer credit rating on
21Vianet Group Inc. and the issue rating on the company's senior
unsecured notes at 'B'.

21Vianet's leverage could remain high due to the company's growth
appetite. Strong domestic demand for IDC services is likely to spur
21Vianet's appetite for growth and push up leverage (ratio of debt
to adjusted EBITDA) over the next 24 months. This is even though
the ratio is likely dip below 5.0x over the next 12 months
following an equity issuance of about Chinese renminbi (RMB) 2.7
billion. S&P forecasts the ratio will be about 5.0x in 2020, fall
to below 5.0x in 2021, and rebound to about 5.0x in 2022.

S&P said, "We expect 21Vianet to maintain high investment spending,
given good take-up for its new IDC facilities. We forecast the
company's capital expenditure (capex) will be RMB3.2 billion-RMB3.4
billion in 2020 and RMB3.4 billion-RMB3.8 billion annually in 2021
and 2022. This compares with capex of RMB1.3 billion in 2019. We
forecast free operating cash flow deficit will be RMB2.0
billion-RMB2.4 billion annually in 2020 and 2021."

21Vianet may also selectively acquire existing IDC assets to
accelerate its expansion. For example, it acquired a 10 megawatt
mature IDC project in Shanghai in the second quarter of 2020. Such
projects are usually in favorable locations and already have high
utilization and reasonable valuation. However, they are still more
expensive than self-built projects.

21Vianet has a large debt maturity approaching, but its access to
capital markets is also improving. Liquidity pressure could
increase beyond the next 12 months, given the company's heavy
investment spending and US$300 million notes (RMB2.1 billion)
maturing in October 2021. However, 21Vianet's access to capital
markets is also improving. It has used a variety of funding
sources, including convertible notes, preferred shares, and equity,
in the past several months.

Strong demand supports 21Vianet's capacity expansion and
profitability over the next two to three years. S&P forecasts the
company's adjusted EBITDA margins will improve to 33%-36% over the
next two years, from 33.4% in 2019, given rising cabinet
utilization and stable monthly recurring revenue per cabinet.

IDC demand has remained resilient during the COVID-19 pandemic,
likely due to increased use of digitalization and cloud-based
applications. Utilization for 21Vianet's mature cabinets built
before 2019 has increased steadily to 73.6%. Overall utilization
also improved quarter-on-quarter despite record cabinet additions
during the second quarter. This supports the company's efforts to
grow capacity over the next several years.

Rising wholesale IDC projects, given 21Vianet's improving
relationship with internet companies in China such as Alibaba Group
Holding Ltd., could also bolster utilization and operating cash
flow. However, this will require a higher initial investment and
provide a lower internal rate of return compared with IDCs for
retail customers.

S&P said, "The stable outlook reflects our expectation that
21Vianet will ambitiously expand capacity over the next two to
three years. We therefore expect elevated debt leverage and
significant negative free cash flow over the next 12-24 months.
This is despite a near-term improvement in leverage to below 5.0x
following the recent equity issuance.

"We could downgrade 21Vianet if its debt-funded expansion is
significantly higher than our base case, leading to EBITDA interest
coverage falling below 2x or a surge in the debt-to-EBITDA ratio.

"We could also lower the rating if 21Vianet's liquidity
deteriorates. This could happen if its short-term debt maturities
increase dramatically without a concrete refinancing plan, or if
the company faces difficulty in financing its sizable investments.

"We could raise the rating if we believe 21Vianet will maintain a
debt-to-EBITDA ratio below 5.0x. This could happen if the company
can significantly grow its profitability and operating cash flow
while remaining disciplined in debt-funded expansion."


BINHAI INVESTMENT: Fitch Alters Outlook on BB+ LT IDR to Positive
-----------------------------------------------------------------
Fitch Ratings has revised China-based city-gas operator Binhai
Investment Company Limited's (Binhai) Outlook to Positive from
Stable and affirmed its Long-Term Foreign- and Local-Currency
Issuer Default Ratings (IDRs) at 'BB+'. Fitch has also affirmed
Binhai's senior unsecured rating and the rating on its USD300
million senior unsecured bond due 2020 at 'BB+'.

Binhai's ratings are based on a one-notch uplift to its standalone
credit profile (SCP) of 'bb', reflecting moderate likelihood of
support from the Tianjin Municipal Government, under Fitch's
Government-Related Entities (GRE) Rating Criteria.

The Positive Outlook mainly reflects Fitch's expectation that
Binhai's SCP may improve in the medium term due to enhanced
profitability arising from lower gas procurement cost and better
access to funding, after the completion of the strategic investment
from China Petroleum & Chemical Corporation (Sinopec) (A+/Stable).
Binhai's management told Fitch that the major regulatory hurdles
for the transaction have been cleared and the deal will be closed
very soon.

Sinopec will become Binhai's second-largest shareholder with a
29.99% stake after the deal closes, and will provide stable gas
supply at a lower cost to improve Binhai's dollar margins. Cost
savings from increased cooperation with Sinopec were evident in the
higher FFO and lower leverage in 1H20. Sinopec's shareholding could
also improve Binhai's funding capability and financial flexibility.
Fitch expects Binhai's FFO net leverage to trend below 4.0x over
the medium term, if synergies with Sinopec materialise, which may
lead to an upward assessment of its SCP.

Fitch expects Binhai to refinance its USD300 million bond due
November 2020, after the Sinopec transaction closes. Binhai has a
number of refinancing options, including bond issuance or loan
financing in the offshore market, borrowing from Sinopec's offshore
financing arms, and bond issuance in the domestic market, to bridge
any liquidity shortfalls. Fitch expects Sinopec to support Binhai's
refinancing efforts.

Binhai's likelihood of government support assessment under its GRE
criteria will remain unchanged after the deal completion, despite a
reduction in the Tianjin Municipal Government's ownership to 35.4%
from 60.2%, via Tianjin TEDA Investment Holding Co., Ltd. (TEDA),
as Fitch already assesses the 'Status, Ownership, Control' factor
as 'Weak'. Fitch does not expect the transaction to change its
assessments of the other three factors.

KEY RATING DRIVERS

Sinopec Deal to Complete Soon: Sinopec Great Wall Gas Investment
Co., Ltd. (Great Wall Gas) is buying new Binhai shares and existing
shares from TEDA. Transaction closing is taking longer than Fitch
expected as Great Wall Gas had to establish an offshore SPV to
complete the investment, which was approved by the Ministry of
Commerce on August 20. Binhai's management says registration with
the National Development and Reform Commission (NDRC) will be
completed early next week.

After NDRC registration, Sinopec will exchange Chinese yuan funds
into Hong Kong dollars and wire the funds offshore to complete the
transaction. Fitch understands from Binhai's management that
Sinopec has already secured the foreign-currency conversion quota
from the State Administration of Foreign Exchange and its bank;
hence, no additional administrative applications or approvals would
be required.

Deal Strategic to Sinopec: Fitch believes Sinopec's investment in
Binhai is strategic instead of just financial. Sinopec has been
closely involved to facilitate the regulatory and administrative
procedures, and it will be actively involved in Binhai's operations
and decision making upon deal closure. Binhai will provide Sinopec
with access to downstream gas users to secure gas demand and defend
its downstream market share against increasing competition, against
the backdrop of the establishment of China Oil and Gas Pipeline
Network Corporation.

Potentially Better Funding Ability: The transaction with Sinopec
will provide Binhai with HKD235 million of cash proceeds. The
USD300 million (HKD2.3 billion) notes represent around 90% of
Binhai's total debt, and Fitch expects the deal to reduce
refinancing risk for the notes. Binhai said it could have access to
Sinopec's centralised offshore cash pool after securing independent
shareholders' approval, as well as other refinancing options. Fitch
expects Sinopec's stake to improve Binhai's relationships with
financial institutions, which could help to diversify its funding
sources and cut its funding cost.

Enhanced Dollar Margins: Binhai had a much wider gas sales dollar
margin expansion of HKD0.08/cbm in 1H20 than the average of CNY
0.02-0.3/cbm of most other rated city gas peers. Fitch expects its
dollar margin to improve from 2H20 due to lower-cost gas from
Sinopec. The dollar margin of HKD0.45/cbm is still much weaker than
its peers' CNY0.6/cbm. This is due to Binhai's high procurement
cost in the heating season, and higher cost structure without
access to primary gas resources. These costs will come down in the
future, with gas from Sinopec as more connection lines to primary
gas resources are completed, and Sinopec starts offering price
discounts on the incremental gas sales volume in 2H20.

Fitch also expects Binhai's dollar margin volatility to decline in
the longer term. The newly introduced return-based gas distribution
tariff mechanism could help to ensure more timely cost
pass-through, while the strategic alliance with Sinopec could
ensure Binhai's procurement cost will be at least on a par with the
benchmark procurement cost at the city-gates.

New Connections Remain High: Fitch expects new connection growth to
remain at 10% over the medium term, given Sinopec's lower-cost gas,
and Binhai's accumulated user resources. Binhai's new residential
users grew 38%, and industrial users by 18%, in 2019. However,
connection revenue fell by 12%, due to delayed revenue recognition,
as contract liability for new connections rose by 68%. Some rated
peers' connection revenue fell sharply in 1H20 due to construction
disruptions in 1Q20, while Binhai's gas connection revenue grew by
44% yoy, driven by projects from 2019 and new-user growth of 38%.

Leverage to Decline: Fitch expects Binhai's leverage, in terms of
FFO net leverage, to fall to 3.9x in 2020 from 5.3x in 2019, helped
by a 32% rise in EBITDA. Equity proceeds from Sinopec will also
contribute to the deleveraging. Binhai's higher leverage in 2019
was due to delayed connection revenue recognition and a one-off
minority dividend distribution. FFO will benefit from a higher
dollar margin and connection growth, while net debt will rise due
to continued capex to support expansion. This will lead to FFO net
leverage of 3.7-3.8x in 2021-2023, which provides upside to its SCP
assessment.

Weak to Moderate Linkage with Government: The 'Weak' Status,
Ownership, Control assessment reflects the Tianjin government's
minimal involvement in Binhai's operations, and key investment and
financing decisions. The 'Moderate' assessment of support mainly
reflects the government's past support for Binhai's predecessor,
Wah Sang Gas Hld Ltd, between 2004 and 2009 when it was in
distress. Ongoing subsidies and grants have been minimal as Binhai
has been financially healthy. However, Fitch believes some moderate
support will be forthcoming if needed.

'Moderate' Socio-Political Implications of Default: Fitch assesses
the social-political implications of a Binhai default to be
'Moderate'. The company supplies around 50% of the gas in Tianjin's
Binhai New District, and a default may disrupt the public service.
However, the impact is unlikely to be significant as there are
alternative gas sources, and Binhai's share of the supply for the
whole of Tianjin is small.

'Moderate' Financial Implications of Default: The financial
implications of a default are also 'Moderate'. Binhai is smaller
than other Tianjin state-owned enterprises (SOEs). However, Binhai
is one of the few overseas listed companies and offshore bond
issuers held by the Tianjin government. A default may result in
reputational damage to Tianjin and weaken investor sentiment
towards other SOEs in Tianjin.

DERIVATION SUMMARY

Binhai's SCP is assessed at 'bb'. Binhai's scale is much smaller
than Fitch-rated city-gas distributors such as ENN Energy Holdings
Limited (ENN Energy, BBB/Stable), and its profitability is also
more volatile due to lower asset diversification, which makes it
more sensitive to gas procurement cost changes. Binhai's leverage
is also higher than ENN Energy, which has FFO net leverage of
around 2.0x.

Binhai's working- capital position is much healthier than Greenko
Energy Holdings (Greenko Energy, BB/Stable), and its counterparty
risk is materially lower. Greenko Energy does not have exposure to
fuel cost changes, but it faces volume risks due to the
intermittent nature of renewable power. Greenko Energy's EBITDA is
much larger than that of Binhai, but its financial metrics are much
weaker with expected net debt/EBITDA at 5.7x by FY24. Both
companies benefit from strong shareholder backing, which provides
them with higher financial flexibility.

Binhai's IDR incorporates a one-notch uplift for potential support
from the Tianjin municipality, under Fitch's Government-Related
Entities Rating Criteria. Compared with other GRE peers like
Shanghai Construction Group Co., Ltd. (BBB+/Stable), Binhai scores
'Weak' under status, ownership and control as the government has no
influence on its operational and financial activities. However, it
has a 'Moderate' assessment under the social-political implications
of default, while Shanghai Construction is assessed at 'Weak'. This
is because Shanghai Construction operates in purely commercial
businesses where its default will have limited consequences, while
Binhai's gas provision is closely linked to the wellbeing of its
users, especially during the winter heating season.

KEY ASSUMPTIONS

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

  - Gas sales volume, excluding pipeline gas transportation, to
increase by 10% in 2020, 21% in 2021, and around 13% per year in
2022-2023;

  - Gas-connection volume to grow by around 10% per year in
2020-2023, slightly lower connection fee;

  - Piped-gas transportation volume to decline in 2020, and
gradually rise to over 900 million cbm in 2022.

  - Dollar margin for piped-gas sales to rise to HKD0.48/cbm in
2020, HKD0.53/cbm in 2021, and stabilise at around HKD0.55/cbm in
2022-2023;

  - Capex and acquisition costs to remain high at HKD650
million-750 million in 2020-2023;

  - Dividend pay-out ratio at 40%-50%, and redemption of redeemable
preference shares at 50% of common dividend.

RATING SENSITIVITIES

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

  - Fitch may revise Binhai's SCP to 'bb+' upon continued
improvement in profitability, FFO net leverage sustained below
4.0x, as well as evidence of stronger access to external
financing;

  - Higher likelihood of support from Tianjin municipality

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

  - Fitch will revise the Outlook back to Stable if the company
does not meet the positive guidelines for its SCP.

  - Failure to make material progress to refinance the USD300
million bond in a timely manner will lead to further negative
rating action.

LIQUIDITY AND DEBT STRUCTURE

Refinancing Risk Manageable: At end-June 2020, Binhai had available
cash of HKD491 million, and financial assets of HKD166 million,
which are mostly short-term wealth management products that can
serve as liquidity sources. Its short-term debt amounted to
HKD2,498 million, of which HKD2,315 million is the USD300 million
bond due in November, 2020. The rest of the debt are mainly
working-capital loans, and some scheduled repayments of long-term
debt. Fitch believes Binhai's cash on hand and available bank
credit facilities will be more than enough to cover the scheduled
repayments of long-term debt and expected negative free cash flow
(FCF), while working capital loans can be rolled over.

Binhai has several plans to refinance the US dollar bond, including
potential issuance in the offshore and onshore bond markets, and
offshore syndicated loans, or a combination of the two. Fitch
believes the refinancing risk will be manageable after the Sinopec
deal closes. Fitch is monitoring the refinancing progress, and will
re-assess the risk should the refinancing progress be slower than
expected.

ESG CONSIDERATIONS

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

RONGAN PROPERTY: Moody's Assigns First Time B2 CFR, Outlook Stable
------------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to Rongan Property Co., Ltd.

The outlook is stable.

RATINGS RATIONALE

"Rongan's B2 CFR reflects the company's long track record and
well-recognized brand as a residential property developer in
Ningbo, Zhejiang Province," says Cedric Lai, a Moody's Vice
President and Senior Analyst. "We expect the company's quality land
bank in its core cities of Ningbo, Wenzhou and Hangzhou, and its
mass-market business model will support its contracted sales over
the next 12-18 months."

"However, Rongan's B2 CFR is constrained by its small operating
scale, high geographic concentration and narrow funding access,
which will limit the company's financial flexibility," adds Lai.

Rongan has over 20 years of property development experience and is
an established brand in Zhejiang Province, having expanded in
recent years to several Zhejiang cities such as Hangzhou, Jiaxing
and Wenzhou.

Rongan's contracted sales fell about 15% to RMB19.7 billion in the
first eight months of 2020 compared to last year because of the
coronavirus outbreak. However, Moody's expects the decline in the
company's contracted sales will gradually narrow to 7% for the full
year of 2020, and return to positive growth of 15% in 2021,
supported by healthy housing demand in Rongan's core markets,
sufficient saleable resources, and its demonstrated ability to
execute sales. The company achieved strong contracted sales growth
of 154% and 138% in 2019 and 2018, respectively.

Rongan's operating scale is still developing, as indicated by its
modest gross contracted sales of RMB35.1 billion in 2019 and fast
growth over the last two years. Its total land bank is small, at
2.6 million square meters in gross floor area as of June 2020, and
supports only around two years of the company's development. Around
78% of these land reserves are concentrated in Ningbo, Wenzhou,
Jiaxing and Hangzhou. The company's small operating scale and high
geographic concentration in a few core cities expose it to higher
performance volatilities and regional economic and regulatory risks
than its larger and more geographically diversified property peers.
Nevertheless, this exposure is comparable to its mid-B-rated
Chinese property peers.

Rongan has been developing its funding channels, and mainly sources
its funding from onshore bank loans, trust loans and bonds. Its
reliance on bank loans, which accounted for 68% of its reported
debt as of the end of June 2020 and 70% as of the end of 2019, will
limit its financing flexibility.

Moody's expects that Rongan's leverage, as measured by
revenue/adjusted debt, will weaken to 60%-65% over the next 12-18
months from 69.6% in 2019, because the company will have to
increase debt to fund its expansion and replenishment of its land
reserves.

Meanwhile, its EBIT/interest coverage will fall to about 3.0x from
4.5x over the same period because of rising interest expenses as it
takes on more debt. Nevertheless, these metrics remain appropriate
for its B2 CFR.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership, with
its main shareholders, Mr. Jiufang Wang and his family, holding a
77.6% stake in the company as of June 2020. Moody's also considers
the following: (1) the presence of four independent directors out
of a total of nine board members; (2) the low level of
related-party transactions and dividend payouts; and (3) the
presence of other internal governance structures and standards as
required by the Shenzhen Stock Exchange.

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

Rongan's liquidity is adequate. Its cash balance of RMB6.2 billion
could cover RMB5.2 billion of its short-term debt as of the end of
June 2020. Moody's expects that over the next 12-18 months, the
company's cash holdings, along with its contracted sales proceeds
after deducting basic operating cash flow items, will be sufficient
to cover its short-term debt, committed land premiums and dividend
payments.

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

The stable outlook reflects Moody's expectation that Rongan will
refinance its maturing debt, preserve adequate liquidity and adopt
a disciplined approach to expansion.

Moody's could upgrade Rongan's rating if the company: (1) executes
its business plans and grows in scale; (2) strengthens its
financial profile, with revenue/adjusted debt staying above 70% and
EBIT/interest staying above 3.0x on a consistent basis; (3)
maintains adequate liquidity; and (4) diversifies its funding
channels and geographic coverage.

On the other hand, Moody's could downgrade the rating if Rongan's
contracted sales decline or if the company accelerates land
acquisitions beyond Moody's expectations, thereby weakening its
financial metrics and liquidity.

Financial metrics indicative of a rating downgrade includes: (1)
EBIT/interest below 2.0x; (2) revenue/adjusted debt below 50%-55%;
or (3) a weaker liquidity position or higher refinancing risk, such
that cash/short-term debt falls below 1.0x on a sustained basis.

The principal methodology used in this rating was Homebuilding and
Property Development Industry published in January 2018.

Rongan Property Co., Ltd. is a Ningbo-based residential property
developer, with total land reserves of 2.6 million square meters in
gross floor area as of June 2020. Its key operating cities are in
Ningbo, Wenzhou, Jiaxing and Hangzhou. Listed on the Shenzhen Stock
Exchange in 2009, Rongan was 77.6% owned by its chairman, Mr.
Jiufang Wang, and in concert with his family as of June 2020.

SHIMAO GROUP: S&P Alters Outlook to Positive & Affirms 'BB+' ICR
----------------------------------------------------------------
S&P Global Ratings revised its outlook on Shimao Group Holdings
Ltd. (Shimao) to positive from stable. At the same time, S&P
affirmed its 'BB+' long-term issuer credit rating on the company
and its 'BB' long-term issue rating on its senior unsecured notes.

S&P said, "We revised the outlook to positive to reflect our
expectation that Shimao will continue to demonstrate strong sales
execution and stable profitability. Through consistent sales growth
and stable project delivery, we expect the company will gradually
deleverage to a consolidated debt-to-EBITDA ratio of 3.6x-3.8x over
the next two years."

In S&P's view, Shimao is in a better position than its peers to
achieve stable operating performance during an economic downturn.
This is supported by the company's sufficient and high quality land
reserve of 83.9 million sq. meters, valued at Chinese renminbi
(RMB) 1,450 billion as of June 30, 2020, and strong execution
capabilities. During the first seven months of 2020, the company
achieved contracted sales of RMB139.4 billion, representing a
growth rate of 16% compared with the same period in 2019.

The company's growth rate of contracted sales is the second-highest
among top-10 peers, partly because 66% of sales was from tier 1 and
tier 2 cities, which have had higher demand resilience amid the
pandemic. S&P expects the company will be able to achieve RMB295
billion-RMB300 billion in contracted sales for 2020, supported by
saleable resources of RMB400 billion for the second half of 2020.

S&P said, "Despite robust contracted sales (compounded growth at
54% annually over the past three years), we expect Shimao to
maintain revenue growth at 20%-25% in 2020-2021 because the company
has increased joint venture partnerships since 2017. On the one
hand, this reduced capital outlays and diversified project risks.
On the other, recognized revenue attributable to the company will
also be lower. We expect sales from nonconsolidated jointly
controlled entities (JCEs) to account for 35%-40% of its contracted
sales over the next two years."

Shimao's see-through leverage will be slightly higher than its
consolidated level under S&P's estimates, mainly because some of
its JCE projects are at early stages before material profit
contribution. Moreover, its debt at JCE levels is larger than the
external guarantees.

S&P said, "We anticipate Shimao's see-through ratio to be 3.7x-3.9x
in 2020-2021, slightly higher than leverage on a consolidated basis
of 3.6x-3.8x. We estimate the company's 2019 actual see-through
debt to EBITDA to be around 3.9x. In our view, the JCEs cloud
financial transparency and the confidence levels of our forecast.
We reflect this risk in a one-notch downward adjustment under our
negative comparable rating analysis.

"We anticipate the company will become even more prudent in land
acquisitions. We estimate the company's land cost as a percentage
of sales on an attributable basis will fall to 45%-50% in 2020 and
40% in 2021, from 60% in 2022.

"We believe Shimao's profitability will remain stable, defying the
industry trend of falling margins in China. In our view, the
company has strong capabilities in project acquisitions, acquiring
65% of its land replenishment this way in 2019, compared with 23%
in 2018." Despite operational risks and time required for due
diligence and negotiations, gross margins for such projects with
lower land costs are generally higher at 25%-35%, compared with
20%-25% for projects from public land auctions.

S&P expects project acquisitions will contribute around 40% of
Shimao's total new land acquired or sales in 2020-2021, which will
help the company sustain gross margins of 28%-30%, comfortably
higher than the mid-20s industry average. In addition, the
company's urban redevelopment project pipeline is an additional
support for its future margins.

Shimao's ongoing investment in nonproperty development segments
will help diversify its business and increase its recurring cash
inflow. S&P expects revenue from its property management,
commercial properties, and hotel businesses to gradually pick up
from around 5% to 5%-10% of total revenue in 2020-2021. Its
recurring rental income from commercial properties, covering about
17% of interest expense for the first half, is still lower than
peers with more sizable investment properties, such as Seazen Group
Ltd. and Longfor Group Holdings Ltd. at 60%-90%.

S&P said, "The positive outlook reflects our view that Shimao will
continue to achieve solid revenue growth and maintain above
industry average profitability in the next six to 12 months. We
also believe the company will apply disciplined financial
management while pursuing business growth, particularly with its
joint ventures.

"We could raise the rating if Shimao demonstrates operational
stability and controlled debt growth, establishing a longer track
record of keeping both its consolidated and see-through
debt-to-EBITDA ratios below 4x." The company could achieve this by
maintaining its above industry average profitability while
increasing its sales.

At the same time, Shimao would need to maintain disciplined
financial management during its business growth, particularly
within its JCE projects, such that profit contribution and leverage
level are largely commensurate with its consolidated levels.

S&P said, "We could revise the outlook back to stable if either of
Shimao's consolidated or see-through debt-to-EBITDA ratios climb
above 4x. This could occur if the company's debt-funded expansion
is more aggressive than we anticipate or its sales and margins are
materially weaker than our expectations. This could also happen if
the consolidation of subsidiaries or share of JCEs result in an
increased leverage ratio at the company."


ZHONGYUAN ASSET: Moody's Withdraws Ba1 CFR for Business Reasons
---------------------------------------------------------------
Moody's Investors Service has today withdrawn Zhongyuan Asset
Management Co., Ltd (Zhongyuan AMC)'s Ba1 corporate family rating,
Ba1/NP local currency and foreign currency long-term and short-term
issuer ratings, and b2 Baseline Credit Assessment.

At the time of the withdrawal, the entity-level outlook on
Zhongyuan AMC was stable.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings for its own business
reasons.

Zhongyuan AMC was established in August 2015 as the first local
distressed asset management company in Henan province.
Headquartered in the city of Zhengzhou, it primarily engages in
distressed asset management, alternative investments, asset
management and financial services, and reported assets of RMB76
billion as of December 31, 2019.


[*] CHINA: Developers Face Harsh Liquidity Test with Looming Curbs
------------------------------------------------------------------
Bloomberg News reports that Chinese developers are facing the
biggest liquidity test in more than four years, exacerbating
challenges brought on by stringent funding restrictions and a
prolonged profitability drop.

Cash reserves of the nation's 50 largest-listed home builders were
just enough to cover short-term debt as of June 30, the least since
2016 when China began deleveraging its economy, according to recent
earnings data compiled by Bloomberg. That metric fell below 0.5 for
eight companies, the most in four years, signaling greater risk.

Bloomberg says homebuilders also face renewed financing
restrictions after a brief relaxation during the Covid-19 outbreak
as policy makers seek to prevent asset bubbles that could
destabilize the economy.

"It's a bad signal for developers' cash flow," Bloomberg quotes
Deng Hao, chief executive of Beijing GEC Asset Management, as
saying. "Authorities are tightening the residential sector even
with the pandemic. Developers that didn't actively cut debt to
control liquidity risks will face a stringent test."

China's housing watchdog and the central bank said last month they
created draft rules to monitor developers' capital, Bloomberg
recalls. The proposal may lead to a tightening of overall
financing, according to S&P Global Ratings. Already, China's
regulator of the vast interbank market took a step to curb the
amount developers can raise, people familiar have said.

It's bad timing for developers, Bloomberg says. Real estate firms
nationwide face a record maturity of debt in the first quarter next
year. An equivalent of around $41 billion in local currency and
U.S. dollar bonds are due, according to data compiled by Bloomberg.
This may heighten repayment pressure for builders with annual sales
lower than CNY100 billion, S&P analysts wrote in a note last week.

Their debt structure has also worsened. Among the top 50
developers, short-term borrowing was equivalent to 63% of long-term
borrowing as of June, the highest proportion in five years,
according to data compiled by Bloomberg.

Investors are closely monitoring credit risks after Tahoe Group
Co., a high profile luxury developer, and a unit of Tianjin Real
Estate Group Co., a state-owned residential builder, defaulted on
local bonds, Deng said, Bloomberg relays.

According to Bloomberg, almost all developers toed the party line
at their earnings calls, vowing to pare borrowing or keep leverage
in check. The most indebted builder, China Evergrande Group,
pledged a substantial debt cut on all possible fronts by year end
after a temporary failure to remake itself a leaner company,
Bloomberg says.

Their plans to rein in debt will be hurt by the weakest profit
growth in at least five years. The coronavirus slowed their pace of
construction and stringent home-selling rules damped margins,
raising concerns on the outlook.

Earnings at the top 50 edged up just 0.04% in the first half, the
narrowest since at least 2015, according to data compiled by
Bloomberg. Gross margin at the three largest players, Country
Garden Holdings Co, Evergrande and China Vanke Co. shrank at least
2.9 percentage points from a year prior, Bloomberg discloses.

"As the government aims to keep home market stable, it's not very
likely for developers to expand gross margin in future," Bloomberg
quotes Country Garden's Chief Financial Officer Wu Bijun as saying.
"We aim to increase net profit by controlling expenses and costs."

Vanke, which saw its gross margin fall by 4.4 percentage points,
estimated a further compression by year end.

Shares of 12 major Chinese developers listed in Hong Kong are
trading at about 4.3 times forecast earnings, close to a nine-year
low, Bloomberg notes.

While investors were downbeat about the developers' stock, more
piled in on debt. Yields on Chinese junk bonds, the bulk of which
are issued by real estate firms, are down about 900 basis points
compared with its March peak, Bloomberg discloses citing an ICE
BofA index. It's a reflection of how some investors are brushing
aside concerns for risk and betting on their ability to cash out of
the sector even with curbs looming, Deng said.




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

LIONBRIDGE CAPITAL: Moody's Alters Outlook on B1 CFR to Positive
----------------------------------------------------------------
Moody's Investors Service affirmed Lionbridge Capital Co.,
Limited's B1 corporate family rating (CFR) and B2 issuer rating.

At the same time, Moody's has affirmed the B2 backed long-term
senior unsecured rating on the USD-denominated senior unsecured
notes due October 2020 issued by New Lion Bridge Co., Ltd. and
guaranteed by Lionbridge Capital.

Moody's has also changed the outlook on both entities to positive
from stable.

RATINGS RATIONALE

The rating affirmation and change to positive outlook reflect
Moody's view that various forms of support from CCB Trust Co., Ltd.
(CCBT) since the June 2020 share transfer will lead to an
improvement in Lionbridge's standalone assessment over time.

CCBT is a subsidiary of China Construction Bank Corporation (CCB A1
stable, baseline credit assessment baa1) which owns 67% of shares.
The remaining 33% is owned by Hefei Xingtai Financial Holdings Co.
Ltd., a state-owned enterprise 100% owned by the SASAC of Hefei
City, Anhui Province.

In June 2020, CCBT acquired 30% of the total voting share of
Lionbridge Cayman Limited (Lionbridge Cayman) -- which owns 100% of
the voting power of Lionbridge Capital -- from Bain Capital
Lionbridge Cayman Limited. Subsequently, CCBT has become the single
largest shareholder holding 32% of voting share of Lionbridge
Cayman and in turn Lionbridge Capital. In connection with the share
transfer, CCBT has committed to providing financial support to
Lionbridge Cayman and its subsidiaries, including but not limited
to liquidity support, credit facilities, supply chain financing and
channel collaboration.

Moody's expects Lionbridge's standalone assessment to benefit from
the ongoing support from CCBT and improve on the three following
aspects:

First, Moody's expects Lionbridge's financial flexibility to
increase with more diversified funding channels and lower reliance
on wholesale secured funding, partly benefiting from CCBT's
franchise and relationship with the China Construction Bank.

Second, Lionbridge is likely to strengthen its capital adequacy
driven by its continued shift towards less capital-intensive loan
facilitation business, whose growth would be further enhanced by
the cooperation and drive from CCBT. In the loan facilitation
business, Lionbridge provides a service platform and connects
borrowers to the banks. Lionbridge only provides guarantee for a
small portion of the loans. This business enables Lionbridge to
earn fee income while minimizing capital usage and credit risk.
Moody's also expects CCBT's shareholding to enable Lionbridge to
further expand its partnerships with other banks.

Third, Moody's also expects increased profitability at Lionbridge
propelled by higher business volume and lower funding costs
partially offset by potential rise in credit cost. The economic
recovery in China along with the government policy to support real
economies will continue to drive the demand for Lionbridge's truck
leasing business. Meanwhile Lionbridge, backed by CCBT's
shareholding, will be able to access diversified funding at a
relatively low cost.

The rating affirmation reflects Moody's view that Lionbridge has
several plans and options to obtain USD liquidity to repay the
outstanding USD bond maturing on October 10, 2020. The completion
of CCBT's acquisition has enhanced Lionbridge Capital's access to
liquidity and ability to execute its refinancing plans.

Lionbridge's first half 2020 results show resiliency despite the
impact of COVID-19. Revenue and net profit grew from a year ago
while return on average assets were largely in line with the
prior-year level. Both problem loan and net charge-off ratios
increased only modestly, testifying to the company's asset risk
management capabilities.

Moody's CFR reflects the likelihood of a default on a corporate
family's contractually promised payments and the expected financial
loss suffered in the event of default. A CFR is assigned to a
corporate family as if it had a single class of debt and a single
consolidated legal entity structure. Moody's issuer rating reflects
the ability of entities to honor senior unsecured financial
counterparty obligations and contracts.

The one-notch difference between Lionbridge Capital's CFR and its
issuer rating reflects the fact that (1) most of the company's
assets reside at its fully owned onshore operating entity,
Lionbridge Leasing; and (2) a large proportion of Lionbridge
Leasing's assets are encumbered for secured borrowings. Lionbridge
Capital's senior unsecured debt is structurally subordinated to
Lionbridge Leasing's secured indebtedness and senior unsecured
indebtedness.

Lionbridge Capital was founded in Hong Kong in 2011, and its core
operating entity Lionbridge Leasing in mainland China in April
2012. At year-end 2019, Lionbridge Leasing accounted for 99% of
Lionbridge Capital's total assets.

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

What Could Change the Rating -- Up

Lionbridge Capital's CFR could be upgraded if (1) Lionbridge
successfully executes its refinancing plans for the maturing USD
bond; (2) maintains its asset quality, profitability and capital
adequacy; (3) improves its financial flexibility and reduces the
reliance on secured funding ; and (4) it becomes evident that
Lionbridge has become an important strategic platform under CCBT
and will continue to benefit from CCBT's various forms of support
from an operational perspective.

The company's issuer rating and debt rating could be upgraded if
its CFR is upgraded.

What Could Change the Rating -- Down

Given the positive outlook, a downgrade is unlikely over the next
12-18 months.

Nonetheless, Lionbridge Capital's outlook could be revised to
stable if (1) there is any sign of failure in the company's
execution of its refinancing plans and it becomes apparent that the
company will not have sufficient liquidity available offshore to
repay the outstanding debt, (2) the company's franchise in truck
leasing in China weakens, (3) its asset quality, capital adequacy
or financial flexibility weakens materially, or (4) the positive
impact on Lionbridge's profitability and funding from CCBT's
shareholding and ongoing support does not materialize.

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

Lionbridge Capital is domiciled in Hong Kong with a majority of its
operations in China. The company reported assets of RMB24.4 billion
as of June 30, 2020.




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

ACE FOOTMARK: CARE Lowers Rating on INR18.58cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Ace
Footmark Private Limited (AFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       18.58      CARE C; Stable; Issuer not
   Facilities                      cooperating; Revised from
                                   CARE B+; Stable; ISSUER NOT
                                   COOPERATING on the basis of
                                   Best available information

   Long-term/Short       2.00      CARE C; Stable/CARE A4;
   term Bank                       Issuer not cooperating;
   Facilities                      Revised from CARE B+;
                                   Stable/CARE A4; ISSUER
                                   NOT COOPERATING on the
                                   basis of best available
                                   information

   Short-term Bank       4.20      CARE A4; Issuer not
   Facilities                      cooperating; Based on
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 24, 2019, placed the
ratings of AFPL under the 'issuer non-cooperating' category as AFPL
had failed to provide information for monitoring of the rating.
AFPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated August 7, 2020 and August 12, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further banker could not be
contacted.

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

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Ace Footmark Private Limited with CARE'S efforts
to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. The ratings assigned to the bank facilities of Ace
Footmark Private Limited (ACE), continue to be constrained by
decline in total operating income, thin net profitability margins,
leveraged capital structure, weak debt service coverage indicators
and elongated working capital cycle. The ratings are further
constrained by highly fragmented and competitive nature of footwear
industry. The ratings, however, draw comfort from experienced
management, location advantage and wide distribution network of the
company.

Detailed description of the key rating drivers

At the time of last rating on July 24, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Decline in total operating income: The scale of operations
continues to remain modest as marked by total operating income of
INR48.98 crore for FY18. The total operating income registered a
decline of around 10% on y-o-y basis in FY18. The modest scale
limits the company's financial flexibility in times of stress and
deprives it of scale benefits.

* Thin net profitability, leveraged capital structure and weak
coverage indicators: The PBILDT margin remained moderate at 9.68%,
however, the PAT margin stood at 1.67% for FY18 owing to high
interest and depreciation expense. The capital structure of the
company continues to be leveraged mainly on account of high
dependence on external borrowing to fund working capital
requirements. Furthermore, the coverage indicators of the company
continue to remain weak mainly on account of thin profitability
coupled with high debt levels.

* Elongation in operating cycle: The operating cycle of the company
continues to remain elongated in FY18 and stood at 233 days owing
to high inventory and high collection period for FY18. The company
had high inventory holding period of around five month due to large
product portfolio which is required to maintain adequate inventory
of raw material for smooth running of its production processes and
finished goods of all the products to meet the immediate demand of
its customers. The company receives a credit period of around five
months and extends a similar period to its dealers.

* Highly fragmented and competitive footwear industry: ACE operates
in the footwear industry which is highly fragmented and has various
organized and unorganized players. The industry is labour intensive
and requires low capital investment which resulted into low entry
barriers. Being a small player in the industry, the company is not
able to increase the price of its products which affect the
profitability margins of the company.

Key Rating Strengths

* Experienced management: The promoters have about more than a
decade of experience in the manufacturing and trading of footwear
products through their association with ACE. Prior to the setup of
this company the promoters were engaged in same line of business
through its other group companies.

* Location advantage and integrated manufacturing process: The
manufacturing facility of ACE is located in footwear park
Bahadurgarh, Haryana. It gives the company easy availability
of raw materials and other support items as a large number of
companies engaged in the related business are located in the
footwear park.

* Wide distribution network: The company has a wide distribution
network of more than 250 distributors/dealers spread all over
India. Wide distribution network aids the company in better market
penetration and reaching the customers which further establishes
the brand image.

ACE Footmark Private Limited was incorporated in July 2000 and
currently being managed by Mr. Arjun Puri, Mr. Akash Kapoor and Mr.
Angad Puri. The company is engaged in the manufacturing of footwear
products like hawai slipper, sandal, etc. The manufacturing
facility of the company is located in Bahadurgarh, Haryana. The
company has its own in-house ethylene vinyl acetate (EVA)
compounding unit which produces EVA sheets from EVA granules. The
company sells its products under the brand name 'FIZIK' in India
through its distributor network. Beside ACE, group also consists of
Saraswati Timber Private Limited and Focus Shoes Private Limited.
Both are engaged in the manufacturing of footwear.


ANJALI ENTERPRISES: CARE Lowers Rating on INR6cr LT Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Anjali Enterprises (AE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       6.00       CARE C; Issuer not cooperating;
   Facilities                      Revised from CARE B+; Stable
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AE to monitor the rating
vide e-mail communications dated July 15, 2020, July 17, 2020 and
July 20, 2020 numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Anjali
Enterprises bank facilities will now be denoted as CARE C; Stable;
ISSUER NOT COOPERATING.

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

The rating has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by Anjali Enterprises with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the ratings continue to remain constrained on
account of implementation risk associated with its Weak
Profitability margin, leveraged capital structure and weak coverage
indicators and highly competitive industry.

Detailed description of the key rating drivers

Key Rating Weakness

* Weak Profitability margin, leveraged capital structure and weak
coverage indicators: The profitability margins of the firm stood
weak in the past three financial years i.e. (FY16-FY18), owing to
trading nature of business and highly fragmented nature of industry
characterized by intense competition. This apart high interest
burden on its working capital borrowing also restricts the net
profitability of the firm. The PBILDT margin of the firm stood at
1.38% in FY18 as against 1.47% in FY17. PAT margin remained below
unity from last financial years i.e. (FY16-FY18). The capital
structure of the firm as marked by debt equity and overall gearing
stood leveraged as on past three balance sheet date 31st
March(FY16-FY18), mainly on account of low proprietor capital.
Further, overall gearing ratio improved though leveraged at 3.57x
as on March 31, 2018 as against 6.23x as on March 31, 2017
improvement was on account of infusion of capital by promoter.
Further, owing to low profitability in the firm the coverage
indicators marked by interest coverage ratio and total debt to GCA
stood weak at 1.44x and 22.38x respectively for FY18.

* Highly competitive industry: The major income of Anjali
Enterprises comes from trading of consumer's products where the
company procures these products from ITC local dealers and markets
them to various retailers with limited value addition to the
product. Stockiest & distributor business is characterized by high
volumes and low margins. The FMCG distribution sector is highly
competitive, comprising a large number of players in the organized
segment as a result of low entry barriers.

Key Rating Strengths

* Experienced Management: The operation of the firm is managed by
Mr. Anuj Khanna. He has around half a decade of experience in
trading industry through his association with AE and other family
business run.

* Growing scale of operation: The scale of operations of firm stood
growing for past three financial year (i.e. FY16-FY18) it increases
from Rs INR48.00 crore in FY16 to INR80.05 crore in FY18 showing
CAGR of 66.78% on account of higher quantity sold, AE has achieved
total operating income of INR45 crore in 6MFY19(refer to Aril to
September)

* Moderate Operating Cycle: The operating cycle of the firm stood
at 24 days for FY18. Firm usually sell its products on credit
period of around a month to their customers resulting into
collection period of 29days. Being involved in distribution it
critical for the firm to hold optimum inventory at any given time.
Firm mostly procure products on cash basis resulting in average
creditor days of 8 days. The average utilization of working capital
requirements stood around 80% for last 12 months' period ended
October 31, 2018

Sahibabad-UP based Anjali Enterprises (AE) was registered in 2014
as a proprietorship firm established by Ms. Anjali Khanna. The
operation of firm is managed by Mr. Anuj Khanna for all business
purposes. The firm is an approved stockiest and distributor for ITC
Products-FMCG, cigarettes, Atta Etc., with cigarettes accounting
for around 70% of total Sales. It holds a local depot in Ghaziabad
district which acts as its warehouse to manage this trading
business. The firm caters to the demands of various medium to small
size retailers in Sahibabad and expanding rapidly to to entire
Ghaziabad and also Dilshad Garden along with various Delhi UP
border regions.


BROOKS LABORATORIES: CARE Lowers Rating on INR27.46cr Loan to D
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Brooks Laboratories Limited (BLL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      27.46       CARE D; Issuer not cooperating;
   Facilities                      Revised from CARE BB-; Stable
                                   ISSUER NOT COOPERATING on the
                                   basis of best available
                                   information

   Short-term Bank      2.50       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Revised from CARE A4; ISSUER
                                   NOT COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

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

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

The revision in the rating assigned to the bank facilities of
Brooks Laboratories Limited (BLL) factors in instances of delays in
the servicing of the debt obligations in the past.

Detailed description of the key rating drivers

Key Rating Weakness

* Instances of delays in the debt servicing: As per the account
statements shared by the company, there have been instances of
delays in servicing of the repayment obligations of the term loans
availed by the company. Further, there has also been an instance of
overdrawal in the cash credit account.  

The company was initially incorporated as Brooks Pharmaceuticals in
2000 and subsequently rechristened as BLL in 2002. BLL is engaged
in the contract manufacturing of pharmaceutical formulations at its
two manufacturing facilities, one each in Baddi (Himachal Pradesh)
and Vadodra (Gujarat). It is operating at a combined installed
capacity of 2.30 crore units per annum for liquid injection vials,
13.82 crore units per annum for tablets, 2.02 crore units per annum
for dry syrup, 5.76 crore units per annum for liquid injection
ampoules, 2.30 crore units per annum for eye/ear drops, and 5.18
crore units per annum for dry powder injection and 25 crore units
per annum for injections as on December 31, 2018. The products
manufactured by the company find application in various therapeutic
segments including antibacterial, anti-biotics, antigastric,
antimalarial, life-saving drugs etc. BLL also supplies generic
formulations on tender basis in states like Gujarat, Jammu &
Kashmir, Mumbai and West Bengal. The company derived 40% of its
income in FY18 from this segment. The company also engages in
export sales to Yemen, Afghanistan etc. while some domestic sales
are also being made under self-owned brand. The proportion of
income from these two segments, however, remains low. BLL's plant
in Gujarat has obtained the EU-GMP (European Union Good
Manufacturing Practices) certification in December-2017. Further,
both of BLL's manufacturing plants are WHO-GMP certified by the
World Health Organisation (WHO) headquartered in Geneva.


CHEEKA RICE: CARE Lowers Rating on INR8cr LT Loan to C
------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Cheeka Rice Mill (CRM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        8.00      CARE C; Issuer not cooperating;
   Facilities                      Revised from CARE B; ISSUER NOT

                                   COOPERATING on the basis of
                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 22, 2019 placed the
rating of CRM under the 'issuer not cooperating' category as CRM
had failed to provide information for monitoring of the rating. CRM
continues to be noncooperative despite repeated requests for
submission of information through numerous phone calls and e-mail
dated August 7, 2020 and August 12, 2020 and numerous phone calls.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further banker could not be contacted.

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

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Cheeka Rice Mill with CARE'S efforts to
undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. The rating takes into account small scale of
operations with low profitability margins, weak financial risk
profile, leveraged capital structure and weak debt service coverage
indicators, partnership nature of constitution and highly
fragmented industry characterized by high competition. However the
risk is mitigated by experienced partners, favorable manufacturing
location and fragmented nature of the industry.

Detailed description of the key rating drivers

At the time of last rating on July 22, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations with low profitability margins: The
scale of operations continues to remain small reflected by total
operating income (TOI) of INR29.65 crore in FY15 (refers to the
period April 1 to March 31) as against INR23.71 in FY14. The PBILDT
margin of the firm has declined in FY15 and stood at 2.87% as
against 3.24% in FY14. However, the PAT margin has improved in FY15
and stood at 0.10% as against 0.04% in owing to comparatively lower
interest and deprecation cost during FY15.

* Weak financial risk profile: The financial risk profile of CRM is
characterized by low profitability margins, leveraged capital
structure and weak coverage indicators. The firm's profitability
margins have been on the lower side owing to the low value addition
and intense market competition given the highly fragmented nature
of the industry. This apart, interest burden on working capital
borrowing also restricts the net profitability of the firm. The
PBILDT and PAT margins stood at around 4.70% and
0.03% respectively in the last three financial years (FY11-FY13).
As on March 31, 2013, the firm has a leveraged capital structure
marked by overall gearing ratio of 2.38x as on March 31, 2013,
which deteriorated from 1.54x as on March 31, 2012, mainly on
account of higher utilization of working capital bank borrowings as
on balance sheet date. The firm's coverage indicators stood weak
marked by low interest coverage and high total debt to GCA of 1.18x
and above 44x, respectively, for FY13 due to low profitability
margin and high debt level.

* Leveraged capital structure and weak debt service coverage
indicators: Capital structure of the firm has improved in FY15;
however, stood leveraged marked by overall gearing of 1.67x as on
March 31, 2015, as against 2.19x as on March 31, 2014 on account of
higher utilization of working capital bank borrowings as on balance
sheet date. Debt coverage indicators have remained weak marked by
interest coverage and total debt to GCA of 1.14x and 59.23x for
FY15 against 1.15x and 62.22x for FY14.

* Partnership nature of constitution: CRM being a partnership firm
and is exposed to the risk of withdrawal of capital by partners due
to personal exigencies, dissolution of firm due to retirement or
death or insolvency of any partner and restricted financial
flexibility due to inability to explore cheaper sources of finance
leading to limited growth potential.

* Highly fragmented industry characterized by high competition: The
commodity nature of the product makes the industry highly
fragmented with numerous players operating in the unorganized
sector with very less product differentiation. There are several
small-scale operators which are not into end-to-end processing of
rice from paddy, instead they merely complete a small fraction of
processing and dispose-off semi processed rice to other big rice
millers for further processing. Agro-based industry is
characterized by its seasonality, as it is dependent on the
availability of raw materials, which further varies with different
harvesting periods. The price of rice moves in tandem with the
prices of paddy.

Key Rating Strengths

* Experienced partners and long track record of operations: CRM is
a partnership firm with a track record of over four decades in
processing of paddy into rice. Mr. Sat Pal and Ms Darshana Devi
have a total experience of around than two decades in the business
of processing and trading of paddy. Prior to this, Mr. Sat Pal was
involved in Vishnu Trading Co (trading of paddy).

* Favourable manufacturing location: CRM is mainly engaged in the
milling and processing of rice. The main raw material (paddy) and
wheat is procured from local grain markets, located in Haryana. The
firm's processing facility is situated in Cheeka, Haryana, which is
one of the highest producers of paddy in India. Its presence in the
region gives additional advantage over the competitors in terms of
easy availability of the raw material as well as favorable pricing
terms. CRM owing to its location is in a position to cut on the
freight component of incoming raw materials.

* Fragmented nature of the industry: The commodity nature of the
product makes the industry highly fragmented with numerous players
operating in the unorganized sector with very less product
differentiation. There are several small scale operators which are
not into end to-end processing of rice from paddy, instead they
merely complete a small fraction of processing and dispose-off semi
processed rice to other big rice millers for further processing.

Cheeka Rice Mills (CRM) was established in 1972 as a partnership
firm. The present partners include Mr. Sat Pal and Ms. Darshana
Devi with equal profit sharing of 50% each. The firm is engaged in
trading and processing of rice. The firm is also engaged in
processing of rice for other rice millers on job work basis. The
manufacturing unit is located at Cheeka, Haryana. CRM procures
paddy from local grain markets through commission agents in bulk
mainly from the states of Haryana and Punjab. The firm gets credit
period of around 30-40 days. CRM has an open storage facility of
around 5 acres and storage capacity of around 10,000 tons
approximately. The firm sells its products in the states of Haryana
and Punjab through a network of commission agents.


DISH INFRA: CARE Lowers Rating on INR1,024cr LT Loan to B+
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Dish
Infra Services Private Limited (DISPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     1,024.00     CARE B+ (CE); Stable Revised
   Facilities                      from CARE C

   Long Term/Short      349.00     CARE B+ (CE); Stable/CARE A4
   Term Bank                       (CE); Outlook: Stable Revised
   Facilities                      from CARE C/CARE A4

   Long Term/Short      298.88     CARE B+ (CE); Stable/CARE A4
   Term Bank                       (CE); Outlook: Stable Revised
   Facilities                      from CARE C/CARE A4

Detailed Rationale & Key Rating Drivers for the credit enhancement
of debt

The above ratings are based on the credit enhancement in the form
of unconditional and irrevocable corporate guarantee provided by
Dish TV India Ltd (DTIL; rated CARE A4) to the lenders of Dish
Infra Services Private Limited (DISPL).

Detailed Rationale & Key Rating Drivers of Dish TV India Limited

The revision in the ratings assigned to the bank facility of DTIL
takes into account the default free track record for more than five
months from February 2020 onwards. The ratings also factor in the
reduced financial flexibility consequent to high pledge of the
promoter holding in its listed group companies, the increasing
competition faced both from peers and allied technology platforms
and highly regulated DTH industry. Furthermore, the ratings also
take into account the substantial provision made by DTIL
(consolidated) towards license fee, which upon materialization
would necessitate incremental debt funding. The ratings also
consider the decline in the subscriber base and the
quarter-on-quarter (q-o-q) decline in the average revenue per user
(ARPU) in FY20.  The ratings, however, continue to derive strength
from DTIL's leadership position in the Direct-to-Home (DTH)
industry with net subscriber base of 23.65 million translating to
market share of about 31% as on March 31, 2020.

Detailed Rationale & Key Rating Drivers of Dish Infra Services
Private Limited (Unsupported Rating)

CARE has withdrawn the outstanding rating of 'CARE C/CARE A4'
assigned to the Short term Bank Facility of Dish Infra Services
Limited with immediate effect as there is no outstanding against
the said facility. The above action has been taken on receipt of no
due certificate from the bank indicating that the said facility is
repaid and redeemed in full in July 2020.

The revision in the ratings assigned to the bank facilities of Dish
Infra Services Private Limited (DISPL) takes into account
experience of the management and DTIL's leadership position in the
DTH industry. However, the ratings are tempered by weak credit
profile of the company characterized by stretched liquidity
position and net loss reported by DISPL during FY20 (Prov.).
Furthermore, the ratings also takes into account currency risk
associated with procurement of CPE and the increasing competition
faced both from peers and allied technology platforms. The ratings
also factor in decline in scale of operations due to decline in
gross installation and reduced capex, delays witnessed in buyer's
credit payment by DISPL from ICICI Bank, albeit, the same was
repaid in full.

Rating Sensitivities

Positive Factors

  * Favorable Supreme Court order on license dispute

  * Release of pledge on the shares of DTIL

  * Improvement in the operational performance of DTIL by way of
    improved net subscriber additions

  * Consolidated DSCR to be greater than 1.5x on sustained basis

Negative Factors

  * Adverse ruling by Supreme court resulting in immediate payment
    amounting to at-least INR3570 crore

  * Increase in total debt levels resulting in TOL/TNW greater
    than 5x

Detailed Description of the key rating drivers

Key Rating Weaknesses

* Decline in subscription revenue with muted growth in subscriber
base: Subscriber revenue has remained on declining trend in the
recent past due to lower spend on acquisition of new clients and
increased competition. Activation charges and subscription charges
are the two main components of subscription revenue. Due to the
liquidity issue faced by the group in the previous year, the
company had to reduce spend on capex and operating expense. Hence
the subscriber base of the company declined in FY20 on account of
lower capex which aids in the acquisition of subscribers. The
growth has also been tempered by the increasing competition faced
both from Doordarshan's Free Dish and its peers wherein competitive
packs are offered in the market to gain market share. Accordingly,
amongst the increasing competition faced, the ability to maintain
its operating margins without jeopardizing its market share amongst
the DTH players forms a key rating monitorable.

* Forex fluctuation risk: The CPEs rented/leased to the subscribers
are majorly imported from Korea due to marginal presence of CPE
manufacturers in India. In FY20, DISPL has been importing CPE on
cash basis on presentation of bills by the seller or with usance of
60 days. After the adoption of Ind AS, DISPL does not capitalize
the forex gain/loss as a fixed asset cost. Further, due to
repayment of buyer's credit facilities in FY20, forex loan has
reduced to about 12% of the total loan in DISPL, thus reducing the
impact of forex fluctuation to that extent. DISPL generally follows
a hedging policy to hedge 25% upfront at the time of taking the
forex loan (supplier's credit) and 25% within six months due for
loan repayment.

* High provisioning towards disputed regulatory dues: DTIL has
filed a petition before the Honorable Telecom Disputes Settlement &
Appellate Tribunal (TDSAT) regarding a demand letter received by
Ministry of Information & Broadcasting (MIB) alleging a short
payment in license fees paid. This has occurred due to
interpretational differences of the term 'Gross Revenue', basis
which license fees are paid. In the meanwhile, the company
continues to create a provision on a conservative basis. As on
March 31, 2020, DTIL has created a provision of INR3578crore (as on
March 31, 2020) (vis-a-vis INR3256.48 crore as on March 31, 2019).
In the event the demand materializes, the company may have to raise
additional debt.

* Highly regulated industry: The industry is highly regulated which
could possibly affect the business model. In the recent past, the
industry witnessed some reforms like transition to the GST regime
and new tariff order. The National Tariff Order 2.0 issued by the
Telecom Regulatory Authority of India (TRAI) mandates the service
providers to provide 200 FTA channels at the base price of INR153
(inclusive of taxes). DTH and cable TV distribution providers have
been mandated not to charge more than INR160 per month for
providing all channels available on their platform. Cap on pay
channels has now been kept at INR12 against INR19 in the past.
Further the sum of a-la-carte channels forming bouquet should not
exceed one and a half times of the bouquet's overall price. Dish TV
was the first in the industry to voluntarily roll out the
provisions of the TRAI's tariff order by offering costeffective
channels to its subscribers.

Key Rating Strengths

* Default free track record of the company: Despite improving and
stable cash flows in the past few years, the company had faced
liquidity constraint primarily on account of bunching of large
repayments as a result of merger of Videocon d2h Limited with DTIL
w.e.f. March 22, 2018.  The situation was further aggravated owing
to discontinuation of buyer's credit by RBI in February 2018
coupled with large capital expenditure done to maintain market
share in the past. Thus, significant pressure on the cash flow
eventually led to default on short term loans of Yes Bank in
November 2019 by DTIL. As per the No dues shared by the company,
DTIL had fully repaid the aforesaid short term loan in the month of
February 2020. Further as per the banker due diligence there are no
delays.

* Experienced management: DTIL is promoted by Essel group having
its presence across media value chain including television
broadcasting, cable distribution, direct-to-home satellite service
and digital media amongst others, with ZEEL being the flagship
company. The chairman & managing director of the company Mr.
Jawahar Lal Goel has overall five decade of diversified experience
which includes entertainment industry as well. He has been the key
personnel in establishing the cable distribution network of various
TV channels and technological infrastructure for the implementation
of DTH services. He is well supported by experienced and qualified
management team.

* Strong brand presence with leadership position in DTH segment and
strong distribution network: DTIL has developed a strong
distribution network of ~4,000 distributors and over 400,000
dealers that span across 9,450 towns in the country. Post the
amalgamation of Vd2h into DTIL, DTIL continues to be a market
leader along with Tata Sky Limited holding 31% market share, each,
amongst the DTH players as on March 31, 2020. The merged company
had a net subscriber base of around 23.65 million as on March 31,
2020.

* Moderate capital structure: The actual business performance
post-merger of DTIL and Videocon D2h has been lower than estimated.
Thus goodwill appearing in the books of DTIL has been impaired by
INR1563 crore as on March 31, 2019 and by INR1916 crore as on March
31, 2020 by the company. Despite erosion of net worth due to
impairment of goodwill, the overall gearing improved to 0.47x as on
March 31, 2020 as against 0.51x as on March 31, 2019, due to
reduction in total debt to INR1793crore as on March 31, 2020 as a
result of large scheduled repayments in the past
(PY:Rs.2809crore).

* Improved debt coverage indicators: Due to repayment of term loans
and lower utilization of limits, the overall debt of DTIL on
consolidated basis has reduced from INR2809crore as on March 31,
2019 to INR1793crore as on March 31, 2020. Reduced debt levels and
higher gross cash accruals led to improvement in total debt to GCA
from 1.70x in FY19 to 0.98x in FY20. Excluding provision created
for interest on license fee, the interest coverage has actually
improved from 5.17x in FY19 to 7.23x in FY20.

Liquidity: Moderate

The overall liquidity of the company is moderate due to moderate
cash accruals vis-à-vis repayment obligations and low cash balance
of INR146 crore as on March 31, 2020 (vis-à-vis INR171 crore as on
March 31, 2019). Its capex requirements are modular which would be
funded through internal cash accruals. Average utilization of
DTIL's bank limits were at 20% for the 12 months ended June 2020.
Further in FY21, the company will have to make debt repayment of
INR1015 crore and fund capex of INR600-650 crore, which the company
should be able to manage from internal accrual of INR2,000 crore.
Availability of additional bank limit will further support
liquidity over this period. Further, DISPL and DTIL had opted for
moratorium; however, the same has been fully repaid in July 2020.
Analytical approach: The ratings are based on the credit
enhancement in the form of unconditional and irrevocable corporate
guarantee provided by Dish TV India Ltd (DTIL; rated CARE A4) to
the lenders of Dish Infra Services Private Limited (DISPL).

Dish Infra Services Private Limited (DISPL) is wholly owned
subsidiary of Dish TV India Limited (DTIL). From April 1, 2015 (as
per scheme of demerger), Infrastructure & Support Business was
transferred from DTIL to its wholly owned subsidiary DISPL. The
Scheme will enable the management to streamline operations wherein
DTIL shall focus on branding and distribution while DISPL shall
focus on DTH related infrastructure and service related aspects.
For all the financial obligations raised by DISPL, an unconditional
and irrevocable corporate guarantee has been provided by DTIL.


DISH TV: CARE Raises Rating on INR600cr Bank Loan From D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Dish
TV India Limited (DTIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank
   Facilities (i)      600.00      CARE A4 Revised from CARE D

   Short Term Bank
   Facilities (ii)       0.00      CARE A4 Withdrawn

Detailed Rationale & Key Rating Drivers

CARE has withdrawn the outstanding rating of 'CARE D [Single D]'
assigned to the Short term Bank Facility (ii) of DTIL with
immediate effect as there is no outstanding against the said
facility. The above action has been taken on receipt of no due
certificate from banker indicating that said facility is repaid and
redeemed in full in February 2020. The revision in the ratings
assigned to the bank facility (i) of DTIL takes into account the
default free track record for more than five months from February
2020 onwards. The ratings also factor in the reduced financial
flexibility consequent to high pledge of the promoter holding in
its listed group companies, the increasing competition faced both
from peers and allied technology platforms and highly regulated DTH
industry.  Furthermore, the ratings also take into account the
substantial provision made by DTIL (consolidated) towards license
fee costs, which upon materialization would necessitate incremental
debt funding. The ratings also consider the decline in the
subscriber base and the quarter-on-quarter (q-o-q) decline in the
average revenue per user (ARPU) in FY20.

The ratings, however, continue to derive strength from DTIL's
leadership position in the Direct-to-Home (DTH) industry with net
subscriber base of 23.65 million translating to market share of
about 31% as on March 31, 2020.

Rating Sensitivities

Positive Factors

  * Favorable Supreme Court order on license dispute

  * Release of pledge on the shares of DTIL

  * Improvement in the operational performance of DTIL by way of
    improved net subscriber additions

  * Consolidated DSCR to be greater than 1.5x on sustained basis

Negative Factors

  * Adverse ruling by Supreme court resulting in immediate payment
    amounting to at-least INR3570crore

  * Increase in total debt levels resulting in TOL/TNW greater
    than 5x

Detailed Description of the key rating drivers

Key Rating Weaknesses

* Decline in subscription revenue with muted growth in subscriber
base: Subscriber revenue has remained on declining trend in the
recent past due to lower spend on acquisition of new clients and
increased competition. Activation charges and subscription charges
are the two main components of subscription revenue. Due to the
liquidity issue faced by the group in the previous year, the
company had to reduce spend on capex and operating expense. Hence
the subscriber base of the company declined in FY20 on account of
lower capex which aids in the acquisition of subscribers. The
growth has also been tempered by the increasing competition faced
both from Doordarshan's Free Dish and its peers wherein competitive
packs are offered in the market to gain market share. Accordingly,
amongst the increasing competition faced, the ability of DTIL to
maintain its operating margins (PBILDT) without jeopardizing its
market share amongst the DTH players forms a key rating
monitorable.

* Forex fluctuation risk: The CPEs rented/leased to the subscribers
are majorly imported from Korea due to marginal presence of CPE
manufacturers in India. In FY20, DISPL has been importing CPE on
cash basis on presentation of bills by the seller or with usance of
60 days. After the adoption of Ind AS, DISPL does not capitalize
the forex gain/ loss as a fixed asset cost. Further, due to
repayment of buyer's credit facilities in FY20, forex loan has
reduced to about 12% of the total loan in DISPL, thus reducing the
impact of forex fluctuation to that extent. DISPL generally follows
a hedging policy to hedge 25% upfront at the time of taking the
forex loan (supplier's credit) and 25% within six months due for
loan repayment.

* High provisioning towards disputed regulatory dues: DTIL has
filed a petition before the Honorable Telecom Disputes Settlement &
Appellate Tribunal (TDSAT) regarding a demand letter received by
Ministry of Information & Broadcasting (MIB) alleging a short
payment in license fees paid. This has occurred due to
interpretational differences of the term 'Gross Revenue', basis
which license fees are paid. In the meanwhile, the company
continues to create a provision on a conservative basis. As on
March 31, 2020, DTIL has created a provision of Rs.3578crore (as on
March 31, 2020) (vis-a-vis INR3256.48 crore as on March 31, 2019).
In the event the demand materializes, the company may have to raise
additional debt.

* Highly regulated industry: The industry is highly regulated which
could possibly affect the business model. In the recent past, the
industry witnessed some reforms like transition to the GST regime
and new tariff order. The National Tariff Order 2.0 issued by the
Telecom Regulatory Authority of India (TRAI) mandates the service
providers to provide 200 FTA channels at the base price of INR153
(inclusive of taxes). DTH and cable TV distribution providers have
been mandated not to charge more than INR160 per month for
providing all channels available on their platform. Cap on pay
channels has now been kept at INR12 against INR19 in the past.
Further the sum of a-la-carte channels forming bouquet should not
exceed one and a half times of the bouquet's overall price. Dish TV
was the first in the industry to voluntarily roll out the
provisions of the TRAI tariff order by offering costeffective
channels to its subscribers.

Key Rating Strengths

* Default free track record of the company: Despite improving and
stable cash flows in the past few years, the company had faced
liquidity constraint primarily on account of bunching of large
repayments as a result of merger of Videocon d2h Limited with DTIL
w.e.f. March 22, 2018.  The situation was further aggravated owing
to discontinuation of buyer's credit by RBI in February 2018
coupled with large capital expenditure done to maintain market
share in the past. Thus, significant pressure on the cash flow
eventually led to default on short term loans of Yes Bank in
November 2019 by DTIL. As per the No dues shared by the company,
DTIL had fully repaid the aforesaid short term loan in the month of
February 2020. Further as per the banker due diligence there are no
delays.

* Experienced management: DTIL is promoted by Essel group having
its presence across media value chain including television
broadcasting, cable distribution, direct-to-home satellite service
and digital media amongst others, with ZEEL being the flagship
company. The chairman & managing director of the company Mr.
Jawahar Lal Goel has overall five decade of diversified experience
which includes entertainment industry as well. He has been the key
personnel in establishing the cable distribution network of various
TV channels and technological infrastructure for the implementation
of DTH services. He is well supported by experienced and qualified
management team.

* Strong brand presence with leadership position in DTH segment and
strong distribution network: DTIL has developed a strong
distribution network of ~4,000 distributors and over 400,000
dealers that span across 9,450 towns in the country. Post the
amalgamation of Vd2h into DTIL, DTIL continues to be a market
leader along with Tata Sky Limited holding 31% market share, each,
amongst the DTH players as on March 31, 2020. The merged company
had a net subscriber base of around 23.65 million as on March 31,
2020.

* Moderate capital structure: The actual business performance
post-merger of DTIL and Videocon D2h has been lower than estimated.
Thus goodwill appearing in the books of DTIL has been impaired by
INR1563 crore as on March 31, 2019 and by INR1916 crore as on March
31, 2020 by the company. Despite erosion of net worth due to
impairment of goodwill, the overall gearing improved to 0.47x as on
March 31, 2020 as against 0.51x as on March 31, 2019, due to
reduction in total debt to INR1793crore as on March 31, 2020 as a
result of large scheduled repayments in the past
(PY:Rs.2809crore).

* Improved debt coverage indicators: Due to repayment of term loans
and lower utilization of limits, the overall debt of DTIL on
consolidated basis has reduced from INR2809crore as on March 31,
2019 to INR1793crore as on March 31, 2020. Reduced debt levels and
higher gross cash accruals led to improvement in total debt to GCA
from 1.70x in FY19 to 0.98x in FY20. Excluding provision created
for interest on license fee, the interest coverage has actually
improved from 5.17x in FY19 to 7.23x in FY20.

Liquidity: Moderate

The overall liquidity of the company is moderate due to moderate
cash accruals vis-à-vis repayment obligations and low cash balance
of INR146crore as on March 31, 2020 (vis-à-vis INR171 crore as on
March 31, 2019). Its capex requirements are modular which would be
funded through internal cash accruals. Average utilization of
DTIL's bank limits were at 20% for the 12 months ended June 2020.
Further in FY21, the company will have to make debt repayment of
INR1015crore and fund capex of INR600-650 crore, which the company
should be able to manage from internal accrual of INR2,000 crore.
Availability of additional bank limit will further support
liquidity over this period. Further, DISPL and DTIL had opted for
moratorium; however, the same has been fully repaid in July 2020.

Analytical approach: The consolidated financials of DTIL have been
considered for analytical purposes owing to financial linkages in
the form of explicit corporate guarantee and operational linkages
between the company and its subsidiaries.

List of companies that are consolidated to arrive at the ratings
are:

  Name of the Company            % of holding as on March 31, 2020
  -------------------            ---------------------------------
  Dish Infra Services
  Private Limited                               100%

  C&S Medianet Private               51% (C&S Medianet became the
  Limited                          subsidiary of the Company with
                                   effect from November 1, 2018.)

Dish TV India Limited (DTIL), a part of Essel group of companies,
is India's first direct to home (DTH) company to launch its service
in 2003. Effective March 22, 2018, Videocon d2h Limited (which
launched its service in 2009) has been amalgamated with and into
Dish TV India, with October 01, 2017 being the appointed date. The
combined entity has a subscriber base of 23.7 million with a market
share of 37% in the DTH segment as on March 31, 2019. The merged
entity has a bandwidth capacity of 1422 MHz, with an ability to
deliver more than 655 channels & services including 40 audio
channels and over 70 HD channels & services. The company has a vast
distribution network of over 4000 distributors and around 400,000
dealers that span across 9,450 towns in the country. During FY19,
the company has launched in-house OTT app namely 'Watcho' which has
mix of original content, linear channels and catch-up content.


EVERSHINE SOLVEX: CARE Keeps D on INR14cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Evershine
Solvex Private Limited (ESPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       14.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 19, 2019, placed the
rating of ESPL under the 'issuer non-cooperating' category as
Evershine Solvex Private Limited had failed to provide information
for monitoring of the rating. ESP continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated August 18, 2020,
August 17, 2020, August 14, 2020 and August 13, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating in June, 2019, the following were the
rating weaknesses:

* Ongoing delays in the servicing of debt obligation:  There have
been ongoing delays in the servicing of debt obligation.

Evershine Solvex Private Limited (ESPL) is a private limited
company incorporated in September, 1983 and commenced operations in
April, 1984. The company is currently being managed by Mr. Ravinder
Kumar Kalra and Mr. Pankaj Kalra. ESPL is engaged in the extraction
of rice bran oil at its processing facility located in Muktsar
(Punjab) with an installed capacity to extract 86400 tonnes of rice
bran oil per annum. ESPL has two associate concerns, namely, Ekam
Agro Private Limited (CARE BB-; Stable) which is engaged in
refining of oil since 2014 and Mithan Lal Kalra Rice Mills (MKRM)
which is a partnership firm engaged in rice milling since 1977.


G3S BUILDERS: CARE Lowers Rating on INR12cr LT Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of G3S
Builders Private Limited (G3S), as:

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 2, 2019, placed the
rating of G3S under the 'issuer non-cooperating' category as G3S
Builders Private Limited had failed to provide information for
monitoring of the rating. G3S continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated August 18, 2020,
August 17, 2020, August 14, 2020 and August 13, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

The rating has been revised on account of small scale of operations
with low PAT margin, weak overall solvency position, elongated
operating cycle and raw material price fluctuation risk associated
with orders due to absence of price escalation clause and
fragmented nature of the construction sector. The rating, however,
derive strength from experienced promoters in the construction
industry.

Key Rating Weaknesses

* Small scale of operations with low PAT margin: The total
operating income of the company declined from INR35.32 crore in
FY18 to INR14.08 crore in FY19. The PAT margin of the company stood
low at 1.51% in FY19 (PY: 0.29%).

* Weak overall solvency position with elongated operating cycle:
The capital structure stood leveraged, on March 31, 2019.
Furthermore, the total debt to GCA also stood weak at 23.57x as on
March 31, 2019 (PY:12.74) and interest coverage ratio of 1.45x in
FY19. The operating cycle stood elongated at 724 days, as on March
31, 2019 (PY: 191 days).

* Raw material price fluctuation risk associated with orders due to
absence of price escalation clause: G3S is exposed to the inherent
risk associated with raw material price fluctuation in execution of
various orders due to absence of price escalation clause in
majority of the contracts. Thus, any adverse change in the prices
of the raw material may affect the profitability margins of the
company.

* Fragmented nature of the construction sector albeit improving
growth prospects: The construction sector in India is highly
fragmented with a large number of small and mid-sized players. This
coupled with tendering process in order procurement results into
intense competition within the industry. Despite these road blocks
faced by the industry, the sector is expected to grow, given huge
economic significance associated with it and rising investor
interest. Also, the outlook for Indian construction sector
continues to be stable in the medium to long-term on account of
increased thrust of Government on development of infrastructure to
support economic growth.

Key Rating Strengths

* Experienced promoters in the construction industry: Mr. Gulzar
Singh and Mr. Surinder Singh have three decades and two and a half
decades of experience, respectively, in construction industry
gained through their association with G3S and G.S Builders and
Engineers. Whereas, Mrs. Harjit Kaur and Mrs. Kusum Lata have 4
years of experience, each in the construction industry gained
through their alliance with G3S only.

G3S Builders Private Limited (G3S) was incorporated in 2013 as a
private limited company by Mr. Gulzar Singh and his family members.
G3S is engaged in civil construction work for private players in
Punjab, Uttarakhand and Haryana which includes infrastructure
development, construction of hospitals, educational institutes,
residential projects etc. The orders undertaken by the company are
secured through the competitive bidding process. The company also
executes sub contracts for other civil contractor players.


GANESH EDUCATION: CARE Keeps D on INR7cr Debt in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shree
Ganesh Education and Welfare Society (SGWES) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank Facilities       7.00      CARE D; Issuer not cooperating;
   Fund Based-LT–                  Based on best available
   Cash Credit                     information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SGWES to monitor the rating
vide e-mail communications dated July 15, 2020, July 17, 2020 and
July 20, 2020 numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The rating on Shree Ganesh
Education And Welfare Society bank facilities will now be denoted
as CARE D; Stable; ISSUER NOT COOPERATING.

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

Ongoing delays: There have been ongoing delays in debt servicing
due to stretched liquidity position.

Shree Ganesh Education and Welfare Society (SGWES) is an
educational society and was formed in April 8, 2011 under Societies
Registration Act, 1860 with an objective to provide educational
services by establishing and operating various educational
institutions. The society operate colleges and school under the
name of "Dev Rishi" in a single geography offering varied courses
located in Saharanpur.


GATI INFRASTRUCTURE: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gati
Infrastructure Private Limited (GIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank      229.23      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers:

CARE had, vide its press release dated June 3, 2019, placed the
rating(s) of GIPL under the 'issuer non-cooperating' category as
GIPL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. GIPL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and a letter/email dated
April 30, 2020, May 29, 2020, June 30, 2020 & July 27, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings continue to take into account stretched liquidity
position with delays in debt servicing by the company.

Detailed description of the key rating drivers

At the time of last rating on June 3, 2019, the following were the
rating strengths and weaknesses:

(Updated based on financials for FY19 received from the online
portal of Ministry of Corporate Affairs)

Key rating weakness

* Stretched liquidity position leading to delays in debt servicing:
The project though has achieved COD in May 2013, it is unable to
operate at full capacity due to flash floods resulting in lower
generation of power coupled with low off-take leading to cash flow
mismatches. During FY19, the company continued to report net loss
and cash loss and along with high debt repayment
obligation has resulted in continuous delay in debt servicing.

Key rating Strength

* Experienced promoter group: The Company is promoted by Mr.
Mahendra Agarwal, Founder and CEO of Gati Group and holds 81.29%
equity stake in GIPL through Amrit Jal Ventures Pvt ltd. He is well
supported by qualified professionals having rich experience in
their respective fields.

Gati Infrastructure Pvt Ltd. (GIPL) is a special purpose vehicle
(SPV) promoted by Mr. M K Agarwal & associates along with his group
company – Amrit Jal Ventures P Ltd. (AJVPL) to set up a 110 MW
run-of-the-river, Chuzachen hydro-electric project (HEP) in the
state of Sikkim. The project is located on the tributaries of
Teesta River - Rangpo and Rangli, in east Sikkim. The project was
awarded to GIPL under an implementation agreement entered into
between Government of Sikkim (GoS), Sikkim Power Development
Company (SPDC) for a period of 35 years from commercial operating
date (COD).


GLOBALITE INDUSTRIES: CARE Lowers Rating on INR12.60cr Loan to C
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Globalite Industries Private Limited (GIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       12.60      CARE C; Issuer not cooperating;
   Facilities                      Revised from CARE B; ISSUER NOT

                                   COOPERATING on the basis of
                                   best available information

   Long-term/Short       0.60      CARE C; Stable/CARE A4; Issuer
   term Bank                       not cooperating; Revised from
   Facilities                      CARE B; Stable/CARE A4; ISSUER
                                   NOT COOPERATING on the basis of

                                   best available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 17, 2019 placed the
rating of GIPL under the 'issuer non-cooperating' category as GIPL
had failed to provide information for monitoring of the rating.
GIPL continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls August 7,
2020 and August 12, 2020 and numerous phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further banker could
not be contacted.

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

The rating has been revised by taking into account non-availability
of requisite information and no due-diligence conducted due to
non-cooperation by Globalite Industries Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, the ratings continue to remain constrained by
decline in scale of operations, decline in profitability margins,
deterioration in capital structure and weak coverage indicators,
elongation in operating cycle, industry risk and susceptibility of
margins to the volatility in the raw material prices and
competition from organized and unorganized players. The ratings,
however, continue to take comfort from experienced promoter and
established marketing arrangement.

Detailed description of the key rating drivers

At the time of last rating on July 17, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Decline in scale of operations: The small scale of operations has
remained small which limits the company's financial flexibility in
times of stress and deprives it from scale benefits. The scale of
operations has declined from INR27.10 crore in FY17 to INR21.53
crore in FY18 (refers to period from April 01 to March 31).

* Decline in profitability margins, deterioration in capital
structure and weak coverage indicators The profitability margins of
the company as marked by PBILDT margin and PAT margin declined by
52 bps and 179 bps and stood at 9.61% and -1.53% respectively for
FY18. The capital structure as marked by overall gearing has
deteriorated and stood at 4.03x as on Mrach 31, 2018 as against
2.37x as on March 31, 2017. Further, coverage indicators as marked
by interest coverage and total debt to GCA stood at 1.14x and
56.19x respectively for FY18.

* Elongation in operating cycle: The operating cycle of the company
elongated and stood at 279 days in FY17 as against 191 days for
FY16. The elongation was mainly on account of higher collection
period. The collection period has elongated to 214 days for FY17 as
against 153 days for FY16. The average inventory holding stood at
146 days for FY17. Further, the creditor's period stood at 82 days
for FY17.

* Industry risk and susceptibility of margins to the volatility in
the raw material prices: The main raw materials for GIP are PVC
(Polyvinyl Chloride), Leather, PU Chemicals, etc., the prices of
which are linked with crude oil prices and are very volatile. GIP's
profitability depends to a large extent on the movement in raw
material prices.

* Competition from organized and unorganized players: Footwear
industry is highly competitive in nature due to low entry barriers
on account of low capital investment required to set up a new
facility. Also, operations are labour intensive resulting in
presence of a large number of unorganized players.

Key Rating Strengths

* Experienced management: The overall operations of the company are
being managed by Mr. Lalit Kishore and Ms Vanita Gupta. Mr. Lalit
Kishore, promoter of GIP is a chartered accountant by profession
and has around two decades of experience in consumer & lifestyle
industry through his association with this entity and other
associate concerns. Ms Vanita Gupta is a post graduate and has
around a decade of experience in this consumer & lifestyle industry
through her association with GIP.

* Established marketing arrangement: GIP supplies its products
under its own designs and brand 'Globalite'. The company markets
its product through online and offline distribution channels.

GIP erstwhile LKA Creations Private Limited was incorporated in
2005 and commenced its commercial operation in March 2011. The
company is currently being managed by Mr. Lalit Kishore and Ms.
Vanita Gupta. The company is engaged in the business of
manufacturing and selling of footwear (both sports and casual). The
company is also engaged in trading of accessories and apparels
(T-shirts, sweat shirts, track suits, bag, watches, etc.). GIP
procures the raw material i.e. PVC polymers, chemicals, leather,
etc, from manufacturers/resellers located domestically. Besides,
the traded goods are also procured from domestic manufacturers. GIP
sells its products under the brand name "Globalite". The company
sells 70% of the product through digital channels, e-commerce
portal, television channels and remaining through retail stores and
outlets. Moreover, the company has a license arrangement with Lotto
for manufacturing and marketing of open footwear (sleepers and
sandals) under Lotto's brand name against payment of royalty fee.


HUMBLE HOSPITALITY: CARE Keeps D on INR6cr Debt in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Humble
Hospitality (Punjab) Private Limited (HHP) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank        6.85      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 13, 2019, placed the
rating of HHP under the 'issuer non-cooperating' category as Humble
Hospitality (Punjab) Private Limited had failed to provide
information for monitoring of the rating. HHP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 10, 2020, August 7, 2020, August 6, 2020 and August 5, 2020.
In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 13, 2019, the following were the
rating weaknesses:

* Ongoing delays in the servicing of debt obligation: There have
been ongoing delays in the servicing of debt
obligation.

HHP, incorporated in February 2012, is being managed by Mr.
Inderpreet Singh Chadha, Mr. Surjit Singh, Mr. Harpreet Singh
Chadha, Mr. Harpreet Singh, Mr. Mayank Umat and Mr. Prabhpreet
Singh Chadha. The company has constructed a four-star hotel under
the name of "Humble - Una Hotels" in Amritsar, Punjab. The hotel is
constructed on a total land area of 2,400 square yards and has 42
rooms (including suites and deluxe rooms), 3 banquet halls, 2
restaurants, a bar and a coffee shop. The business operations of
the hotel started in February 2014.


INNOTECH EDUCATIONAL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Innotech
Educational Society (IES) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        19.00     CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from IES to monitor the rating
vide e-mail communications/letters dated August 5, 2020, August 10,
2020, August 12, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the Entity has not provided the requisite
information for monitoring the rating. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the
publicly available information which, however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating of IES's bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.
Further, the banker could not be contacted.

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

Detailed description of the key rating drivers

At the time of last rating in June 20, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses:

* Ongoing delays in debt servicing: There are on-going delays in
the debt servicing of the Entity. The banker has confirmed that
there are ongoing delays in repayment of principal and interest of
the term loan account.

Innotech Educational Society (IES) was established in March, 2010
under the Societies Registration Act, 1860 for establishing and
operating educational institutes for imparting education in
engineering discipline in Araria, Bihar. With completion of the
Phase I of its three phased project, the society has started an
Engineering college under the name "Moti Babu Institute of
Technology (MBIT)" with 300 seats in 5 streams of engineering from
the academic year 2014-2015. The institute is approved by All India
Council for Technical Education (AICTE) and affiliated to
Aryabhatta Technology University, Bihar. The society has been
founded & promoted by Shri Amit Kumar Das, an NRI (based in
Australia), who is a graduate and diploma holder in computer
engineering and possesses more than a decade experience in
Information Technology sector. He is also the founder & chairman of
the ISOFT Software Technologies Pvt. Ltd., a Entity engaged in
software development.


JB GOLD: CARE Keeps D on INR9cr Loans in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of JB Gold
Private Limited (JBG) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank Facilities       9.00      CARE D; Issuer not cooperating;
   Fund Based-LT–                  Based on best available
   Bank Overdraft                  information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 16, 2019, maintained
the rating(s) of JBG under the 'issuer non-cooperating' category as
JBG had failed to provide information for monitoring of the rating.
JB Gold Private Limited (JBG) continues to be non-cooperative
despite repeated requests for submission of information through
e-mail communications/ letters dated August 19, 2020, July 18,
2020, August 17, 2020, August 14, 2020, August 7, 2020, August 5,
2020, August 3, 2020, July 31, 2020 and numerous phone calls. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, banker could not be contacted.

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

The rating has been reaffirmed by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by JB Gold Private Limited (JBG) with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, banker feedback is also not available.  The
rating on the company's bank facilities will now be denoted as CARE
D; ISSUER NOT COOPERATING.

Delhi-based JB Gold Private Limited (JBGPL) was incorporated in
2011 as a private limited company by Mr. Rajnish Gupta and his wife
Ms Nisha Gupta. JBGPL is engaged in the wholesale trading of gold
jewellery, diamond jewellery and loose cut & polished diamonds,
registered office being at Karol Bagh, Delhi. The company also
started in-house manufacturing of gold & diamond jewellery in FY14
under its own brand name 'Kiyan'. Roshni Jewellers Private Limited
(rated CARE D; INC) is a group associate of JBG and is engaged in
the same line of business.


MEC SHOT: CARE Keeps D on INR12cr Loans in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mec Shot
Blasting Equipments Private Limited (MSBE) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short       5.50      CARE D/CARE D; Issuer not
   Term Bank                       cooperating; Based on best
   Facilities                      available information

   Short Term Bank       6.50      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale, Key Rating Drivers

CARE had, vide its press release dated August 30, 2019, placed the
rating of MSBE under the 'issuer non-cooperating' category as MSBE
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. MSBE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated August 5, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on August 30, 2019 the following were
the rating strengths and weaknesses.

Key Rating Weakness

* Delay in the debt servicing: There was delay in Debt servicing in
past.

Jodhpur (Rajasthan) based MEC Shot Blasting Equipments Private
Limited (MSBE) was formed in 1990 by Mr. AnandKishore Modi. MSBE
provides solution in the field of surface preparation through air
operated and airless/turbine blasting machines. It designs and
manufactures shot blasting and shot peening machines with media
conveying dust collectors, painting & baking rooms and its
accessories.


RLJ INFRACEMENT: CARE Keeps D on INR12cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RLJ
Infracement Private Limited (RLJIPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based-LT–        7.20      CARE D; Issuer not
cooperating;
   Term Loan                       Based on best available
                                   Information

   Fund-based-LT–        4.80      CARE D; Issuer not
cooperating;
   Cash Credit                     Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 19, 2019, maintained
the rating(s) of RLJIPL under the 'issuer non-cooperating' category
as RLJ Infracement Private Limited had failed to provide
information for monitoring of the rating. RLJ Infracement Private
Limited continues to be non-cooperative despite repeated requests
for submission of information through e-mail communications/letters
dated July 27, 2020, July 24, 2020, July 20, 2020, July 18, 2020,
July 6, 2020, July 3, 2020, June 29, 2020, June 19, 2020, June 16,
2020 and numerous phone calls. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. Further, banker could not be
contacted.

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

The rating has been reaffirmed by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by RLJ Infracement Private Limited with CARE'S
efforts to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk. Further, banker feedback is also not available.  

The rating on the company's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

West Bengal-based RLJ Infracement Pvt Ltd (RLJIPL) was incorporated
in March 2008 as RLJ Steel Plant Private Limited. Thereafter, it
changed its name to RLJ Infracement Private Limited in November
2013. Its commercial operations commenced in September 2014. It is
managed by Mr. Manmohan Agarwal, Mr. Rameshwar Singh and Mr. Sneh
Jain. The company is engaged in the manufacturing and trading of
cement. The grinding unit for manufacturing Portland Pozzolana
Cement (PPC) is located in Chunar, Mirzapur, Uttar Pradesh. The
company procures packaging material from its group company "RLJ
Woven Sacks Private Limited" based in Kolkata. The company mainly
sells its products in the regions of Bihar and Uttar Pradesh under
the brand 'RLJ Captain King Cement'. The company's associate
concerns, namely, RLJ Woven Sacks Private Limited, RLJ Multigrain
Private Limited, S A Iron & Alloys Private Limited, Shree
Salasarhanumanji Grains Private Limited, Sudarshan Beopar Company
Limited, RLJ Concast Private Limited, RLJ Sarees Private Limited
and Aadyakirti Fashions Private Limited are engaged in different
types of businesses as manufacturing of HDPE Bags, sponge iron,
atta, sooji, maida and embroidery of sarees.


RNR IMPORTS: CARE Keeps D on INR12cr Loans in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RNR Imports
& Exports (RIE) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short-term Bank      12.00      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 7, 2019, placed the
ratings of RIE under the 'issuer non-cooperating' category as firm
had failed to provide information for monitoring of the rating. The
firm continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated January 31, 2020 to August 5, 2020. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on June 7, 2019, the following were the
rating strengths and weakness

Key Rating Weakness

* Delays in meeting of debt obligations: RNR Imports & Exports has
been facing liquidity issues due to which there are overdraws in
the packing credit facility.

RNR Imports & Exports (RIE) was established in October 2017 as a
Proprietorship firm and converted to partnership firm in December
2017. The firm is promoted by Mrs. Madhavi Latha, Mrs. Aruna Kumari
and Mr. Ravinder Reddy. The firm is managed by Mrs Madhavi Latha,
who is an MBA graduate and has more than two decades of experience
in packing industry in edible oils segment and is also a director
in Vyshnavi Fillers Private Limited, which is engaged in
manufacturing of 15Kg capacity empty tins, small cans and barrels
used for packing of edible oils. The registered office of the firm
is located at Guntur, Andhra Pradesh. RIE is engaged in trading of
Rice and ethanol to African countries. The firm purchases, rice
from Raipur and Chhattisgarh, and Ethanol from Pune. The firm
purchases from the wholesaler located in and around Gunture and
directly export to foreign countries like Ghana. Also in 8MFY19 the
firm has achieved a turnover of INR5.00 crore. The financial
closure of the firm has achieved in January 2018 and the firm has
started its commercial in February 2018.


ROSHNI JEWELLERS: CARE Keeps D on INR9cr Loan in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Roshni
Jewellers Private Limited (RJPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank Facilities       9.00      CARE D; Issuer not cooperating;
   Fund Based-LT–                  Based on best available
   Cash Credit                     information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 19, 2019, maintained
the rating(s) of RJPL under the 'issuer non-cooperating' category
as RJPL had failed to provide information for monitoring of the
rating. Roshni Jewellers Private Limited (RJPL) continues to be
non-cooperative despite repeated requests for submission of
information through e-mail communications/ letters dated August 19,
2020, July 18, 2020, August 17, 2020, August 14, 2020, August 7,
2020, August 05, 2020, August 03, 2020, July 31, 2020 and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. Further, banker could not be contacted.

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

The rating has been reaffirmed by taking into account
non-availability of information and no due-diligence conducted due
to non-cooperation by Roshni Jewellers Private Limited (RJPL) with
CARE'S efforts to undertake a review of the rating outstanding.
CARE views information availability risk as a key factor in its
assessment of credit risk. Further, banker feedback is also not
available.

The rating on the company's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

Delhi based Roshni Jewellers Private Limited (RJL) was incorporated
in 2011 by Mr. Sandeep Gupta and his wife, Ms. Anju Gupta. RJL is
engaged in wholesale trading of gold jewelry, diamond jewelry and
loose cut & polished diamonds, registered office being at Karol
Bagh, Delhi. The company also started in-house manufacturing of
gold & diamond jewelry in FY14 under its own brand name 'Balika
Vadhu'.


SUJALA PIPES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sujala
Pipes Private Limited (SPPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       31.80      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

   Short-term Bank      15.07      CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers:

CARE had, vide its press release dated June 3, 2019, placed the
rating(s) of SPPL under the 'issuer non-cooperating' category as
SPPL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. SPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 30, 2020, May 29, 2020, June 30, 2020 & July 27, 2020. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

The ratings assigned to Sujala Pipes Private Limited (SPPL) take
into account the ongoing delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on June 3, 2019, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Delays in debt servicing: The company has been facing liquidity
constraint and there are delays in debt servicing, as confirmed by
the lenders.

Key Rating Strengths:

* Experienced Promoters: SPPL belongs to Nandi group of Kurnool
(Andhra Pradesh), a South India based industrial house, promoted by
Mr. S.P.Y Reddy. The promoter has vast experience in managing
business for over three decades. Nandi group has diversified
business interest and apart from manufacturing of pipes (carried
out through SPPL and several other companies); it has presence in
the cement, steel, construction, dairy and distillery business,
carried out through several group companies.

Sujala Pipes Private Limited (SPPL), belonging to Nandi group of
Kurnool, Andhra Pradesh (A.P.), was incorporated in 1982 as a
partnership concern and was reconstituted as a Private Limited
Company in February, 1988. SPPL is engaged in manufacturing of
Polyvinyl Chloride (PVC) pipes & fittings used in irrigation
projects, water management, sewerage, & drainage industry, etc.
Nandi group, promoted by Mr. S.P.Y Reddy, is a South India based
industrial house having diversified business interest. Apart from
manufacturing of PVC pipes, the group has presence in cement,
steel, dairy and construction segment.


THEMIS MEDICARE: CARE Reaffirms D Rating on INR73.25cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Themis Medicare Limited (TML), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities           13.10      CARE D Reaffirmed

   Long-term/Short-
   term Bank
   facilities           73.25      CARE D/CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation in the ratings assigned to the bank facilities of
TML is on account of delay in servicing of debt obligation for
Adhoc facilities. There was delay in debt servicing on account of
mismatch of inflow and outflow of funds due to COVID19 situation.
However, liquidity position of the company has improved and is
expected to continue.

Key Rating Sensitivities

Positive factors

* Sustained improvement in liquidity position resulting in
satisfactory track record of repayment of debt, utilization of
fund-based limits within sanctioned limits and no LC devolvement or
invocation of BG on a sustained basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing: As per the interaction with management,
there was delay in servicing of debt obligations of Adhoc facility
due to mismatch in inflow and outflow of funds on account of
COVID19. However, company's liquidity position is improving and as
on date company is servicing its debt obligations on timely manner.
Analytical approach: Consolidated. CARE has taken a consolidated
view of Themis Medicare Ltd. TML has subsidiaries namely Artemis
Biotech Ltd (TML holds 95% shares), Themis Lifestyle Pvt. Ltd. (TML
holds 99% shares) and Carpo Medical Ltd. (TML holds 90% of shares).
TML has two associate companies, Gujarat Themis Biosyn Ltd and Long
Island Nutritionals Pvt. Ltd. and one Joint venture, Richter Themis
Medicare (India) Pvt. Ltd. Consolidated view has been taken on
account of TML's significant stake and same line of business as its
subsidiaries and associates.

Themis Medicare Limited (TML) was established in the year 1969 as
Themis Chemicals Limited by two Hungarian pharmaceutical companies
- Gedeon Richter, Medimpex and an Indian company Chemosyn Limited,
which was promoted by Late Mr. Shantibhai Patel. TML is in the
business of manufacturing and marketing of bulk API of synthetic
and biotech origin, bulk intermediates and formulations for
domestic and international markets as well as in research and
development activity. In formulations segment, TML is into
manufacturing of anti-TB, anti-malarial, anti-cholesterol and pain
management drugs. TML is headquartered in Mumbai and has
manufacturing facilities at Vapi, Hyderabad and Haridwar.


TML HOLDINGS: Moody's Cuts GBP98MM Sr. Unsecured Notes to Ba1
-------------------------------------------------------------
Moody's Investors Service has downgraded to Ba1 from Baa3 the
rating on the GBP98 million senior unsecured notes issued by TML
Holdings Pte Limited, a wholly-owned subsidiary of Tata Motors
Limited (B1 negative).

The notes are supported by an irrevocable standby letter of credit
(SBLC) from Bank of Baroda (London).

Moody's rating action was prompted by the downgrade on September 4,
of Bank of Baroda's long-term local and foreign currency deposit
ratings to Ba1 from Baa3 and its long-term Counterparty Risk
Assessment (CR Assessment) to Ba1(cr) from Baa3(cr). Moody's also
changed the rating outlook on Bank of Baroda's ratings to negative
from ratings under review.

The affected rating is:

Issuer: TML Holdings Pte Limited

  - GBP98 million 4.0 percent credit-enhanced notes due 2023,
    downgraded to Ba1 from Baa3

RATINGS RATIONALE

The downgrade of TML Holdings' bond follows the downgrade to
Ba1(cr) from Baa3(cr) of Bank of Baroda's CR Assessment. The bond
rating is directly linked to the CR Assessment of Bank of Baroda,
whose London Branch is the SBLC provider.

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

Any change to the long-term CR Assessment of Bank of Baroda could
lead to a corresponding change in the rating of the notes.

The principal methodology used in this rating was Rating
Transactions Based on the Credit Substitution Approach: Letter of
Credit-backed, Insured and Guaranteed Debts published in May 2017.

Bank of Baroda is headquartered in Mumbai and reported total assets
of INR11.3 trillion at June 30, 2020.


VINTAGE HOME: CARE Keeps D on INR5.75cr Loans in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vintage
Home Fashions (VHF) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       5.75       CARE D; Issuer not cooperating;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 6, 2019, placed the
rating of VHF under the 'issuer non-cooperating' category as VHF
had failed to provide information for monitoring of the rating. SBO
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated August 13, 2020, August 11, 2020, and August 7,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

At the time of last rating in June 6, 2019, the following were the
rating strengths and weaknesses:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing: There were instances of delays
in the servicing of the debt obligations and the account has been
classified as NPA. The delays are on account of weak liquidity as
the firm is unable to generate sufficient funds on timely manner
leading to cash flow mismatches.

VHF was established in April 1999 as a proprietorship firm by Mr.
Puneet Chugh. The firm is engaged in the manufacturing of textile
home furnishing products which includes bed sheets, curtains,
quilts, blankets, carpets, etc, at its manufacturing unit located
in Panipat, Haryana. The firm has an installed capacity of 85 lakh
units per annum as on March 31, 2018. VHF procures its key raw
materials i.e. acrylic fabric, cotton fabric and polyester fabric
from companies as well as from various traders located in nearby
regions. VHF sells its finished products under its own brand name
'Blanc' to the online sales portals including Naaptol Online, Best
Deal TV, etc. and also to wholesalers. The firm has in house
facility of printing, dyeing and designing of furnishing products.


[*] Banks Told to Roll Out Loan Restructuring Scheme by Sept. 15
----------------------------------------------------------------
The Times of India reports that Finance minister Nirmala Sitharaman
on Sept. 3 asked banks and NBFCs to roll out loan restructuring
scheme for COVID-19 related stress by September 15, and provide
adequate support to the borrowers following the lifting of
moratorium on repayment of debts.

The minister urged lenders to immediately put in place a
board-approved policy for resolution at the review meeting with
heads of scheduled commercial banks and NBFCs through video
conferencing, TOI relates.

During the meeting, the minister impressed upon the lenders that as
and when the moratorium on loan repayments is lifted, borrowers
must be given support and COVID-19 related distress must not impact
the lenders' assessment of their creditworthiness, an official
statement said, the report relays.

The six months moratorium on payment of EMIs ended on August 31,
TOI notes.

TOI relates that during the three-hour meeting, the statement said,
the finance minister asked lenders to identify eligible borrowers
and reaching out to them, and the quick implementation of a
sustained resolution plan by lenders for the revival of every
viable business.

Banks are in the process of getting a board-approved restructuring
framework in line with the RBI's framework and eligibility defined
by the central bank in its notification on August 6, according to
the report.

The finance minister also emphasised that resolution schemes must
be rolled out by lenders by Sept. 15, 2020, and a sustained media
campaign to create awareness be carried out thereafter, the
statement, as cited by TOI, said.

She advised lenders to ensure that regularly updated FAQs on the
resolution framework are uploaded on their websites in Hindi,
English and regional languages, and also circulated to their
offices and branches, it added.

On their part, bankers assured the finance minister that they are
ready with their resolution policies and have started the process
of identifying and reaching out to eligible borrowers and that they
will comply with the timelines stipulated by the Reserve Bank of
India (RBI), the report relays.

TOI relates that the ministry of finance has also been engaging
with the RBI to ensure that the lenders are assisted by the central
bank in the resolution process.

The RBI last month permitted one-time restructuring of both
corporate and retail loans without getting classified as a
non-performing asset (NPA), TOI recalls.

Restructuring benefit can be availed by those whose account was
standard on March and default should not be over 30 days, the
report adds.




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

PT MODERNLAND REALTY: S&P Cuts US$150MM Unsec. Notes Rating to 'D'
------------------------------------------------------------------
S&P Global Ratings lowered the long-term issue credit rating to 'D'
from 'CC' on Indonesia-based property developer PT Modernland
Realty Tbk.'s guaranteed, senior unsecured US$150 million notes.

The long-term issuer credit rating on the company remains at 'SD'
and the issue rating on company's guaranteed senior unsecured 2024
notes at 'CC'.

The downgrade reflects S&P's view that Modernland will not make the
coupon payment on its US$150 million senior unsecured notes due
2021 within the 30-day grace period.

S&P said, "We kept the ratings on the US$240 million notes due 2024
at 'CC' because we believe default is a virtual certainty. We
believe the company has limited cash sources to service the 2024
note coupon payment of US$8.3 million due in October this year. We
believe Modernland's cash on hand has been largely depleted
following the payment of a US$8 million coupon payment in April."
This is indicated by its failure to repay its Indonesian rupiah
(IDR) 150 billion domestic notes that matured on July 7, 2020.

S&P also believes Modernland has not accumulated meaningful
positive operating cash flows because the company only generated
IDR385 billion (excluding sales at joint venture level) in
marketing sales during the first half of 2020. This is about a 77%
decline compared with the same period last year. As of March 31,
2020, Modernland had about IDR180 billion in cash and cash
equivalents (equivalent to US$11 million).

In addition, Modernland has met bondholders of its U.S. dollar
notes on Aug. 12, 2020, for potential note restructuring and has
appointed financial advisers and an international legal counsel to
assist with the restructuring. S&P believes the company will
conduct a comprehensive debt restructuring, which could be
constituted as a distressed exchange.

The issuer credit rating remains at 'SD' because the company
remains in default on only some of its financial obligations.

Modernland is an Indonesia-based property developer. The company
primarily engages in residential and industrial township
development in the suburbs of Jakarta. Its major projects include
Jakarta Garden City, Modern Cikande, and Modern Bekasi.




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

NISSAN MOTOR: Received Record JPY130 Billion State Loan Guarantee
-----------------------------------------------------------------
Japan Today reports that the Development Bank of Japan extended a
record JPY130 billion (US$1.2 billion) to Nissan Motor Co in May
with a guarantee that the government will repay most of it in case
of a default by the struggling automaker, sources familiar with the
matter said Sept. 7.

According to the report, the guarantee is part of the JPY180
billion loan that Nissan received from the state-affiliated
financial institution to weather the impact of the novel
coronavirus pandemic.  Under the arrangement, if the automaker
defaults on the loan, the government will shoulder up to 80
percent, or about JPY100 billion, of the guaranteed portion, using
taxpayers' money.

Japan Today relates that the pandemic has dealt a further blow to
sales at Nissan -- already hurt by restructuring following the
expansion pursued by former boss Carlos Ghosn, who was ousted amid
allegations of financial misconduct.

The DBJ judged that the loan should be extended swiftly due to the
potential impact from Nissan's woes on local economies such as jobs
at suppliers, according to the sources.

Nissan reported a net loss of JPY671.22 billion in the business
year that ended in March, the first full-year red ink in 11 years,
the report notes.

In March, the government launched a scheme to extend loans to
companies stung by the coronavirus outbreak via financial entities
such as the DBJ, Japan Today recalls.

While the DBJ provided about JPY1.8 trillion in loans to large and
midsized companies as of the end of July, the loan to Nissan is the
only one with a state guarantee, the sources, as cited by Japan
Today, said.

During the financial crisis following the collapse of Lehman
Brothers, Japan Airlines Co took out a loan of about JPY67 billion
in 2009.  It defaulted on the loan the following year when the
carrier went bankrupt, causing the state to shoulder about JPY47
billion, the report says.

                        About Nissan Motor

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

As reported in the Troubled Company Reporter-Asia Pacific on July
16, 2020, Egan-Jones Ratings Company, on July 6, 2020, downgraded
the foreign currency and local currency senior unsecured ratings on
debt issued by Nissan Motor Co., Ltd. to BB- from BB.  EJR also
downgraded the rating on commercial paper issued by the Company to
B from A3.


[*] JAPAN: Nearly 500 Firms Go Bankrupt Since Start of Covid-19
---------------------------------------------------------------
The Sun Daily reports that almost 500 businesses went bankrupt in
Japan due to the economic hardships caused by the ongoing
coronavirus pandemic since February, according to Sputnik news
agency quoting media report on Sept. 7.

As of Sept. 4, the number of companies that filed for bankruptcy or
launched legal liquidation procedures reached 489 in Japan, the NHK
broadcaster reported, citing the Teikoku Databank research firm,
Sun Daily relays.

Businesses operating in the food, accommodation and clothing
industries were affected the most, according to Teikoku Databank.

Meanwhile, 8.5 per cent of small and medium businesses may cease
operations if the pandemic does not end soon enough, Sun Daily
discloses citing a survey conducted by Tokyo Shoko Research in July
and August.  The results of a survey suggest that over 300,000
Japanese companies may face bankruptcy.




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

BOND PRICING: For the Week Aug. 31 to Sept. 4, 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 IN    6.18      08/18/21    CNY    40.59
DALI ECONOMIC DEVELOPMENT    8.30      12/11/20    CNY    20.60
DALI ECONOMIC DEVELOPMENT    8.30      12/11/20    CNY    20.27
DALI ECONOMIC DEVELOPMENT    7.90      03/04/21    CNY    20.26
DALI ECONOMIC DEVELOPMENT    7.90      03/04/21    CNY    20.00
DALI HAIDONG DEVELOPMENT     6.01      01/25/23    CNY    61.26
DALI HAIDONG DEVELOPMENT     6.01      01/25/23    CNY    59.82
DALIAN PULANDIAN CONSTRUC    3.80      01/25/23    CNY    58.42
DALIAN RONGDA INVESTMENT     5.69      12/05/21    CNY    40.53
DALIAN RONGQIANG INVESTME    7.92      04/14/21    CNY    20.35
DALIAN RONGQIANG INVESTME    7.92      04/14/21    CNY    20.35
DALIAN RONGQIANG INVESTME    8.60      01/20/21    CNY    20.30
DALIAN RONGQIANG INVESTME    8.60      01/20/21    CNY    20.30
DALIAN SHITAI CITY CONSTR    4.50      02/01/23    CNY    58.70
DALIAN SHITAI CITY CONSTR    4.50      02/01/23    CNY    57.73
DALIAN SHITAI CITY CONSTR    7.09      02/20/21    CNY    20.07
DANDONG PORT GROUP CO LTD    5.50      01/27/21    CNY    59.00
DANGTU COUNTY CONSTRUCTIO    5.38      08/10/22    CNY    61.40
DANGTU COUNTY CONSTRUCTIO    5.38      08/10/22    CNY    60.61
DANGYANG XINYUAN INVESTME    4.97      03/29/23    CNY    59.81
DANGYANG XINYUAN INVESTME    4.97      03/29/23    CNY    59.37
DANGYANG XINYUAN INVESTME    7.99      05/23/21    CNY    20.00
DANYANG HI-TECH INDUSTRY     6.40      04/24/22    CNY    40.00
DANYANG HI-TECH INDUSTRY     6.40      04/24/22    CNY    39.71
DANYANG INVESTMENT GROUP     3.99      01/25/23    CNY    59.51
DANYANG INVESTMENT GROUP     6.90      10/23/20    CNY    20.14
DATONG ECONOMIC CONSTRUCT    4.49      10/22/22    CNY    60.28
DAWA COUNTY CITY CONSTRUC    6.29      06/12/22    CNY    39.30
DAWA COUNTY CITY CONSTRUC    6.29      06/12/22    CNY    38.92
DAYE ZHENHENG CITY DEVELO    4.50      03/28/23    CNY    59.06
DAYE ZHENHENG CITY DEVELO    4.50      03/28/23    CNY    58.92
DAYE ZHENHENG CITY DEVELO    7.30      03/03/21    CNY    23.53
DAYE ZHENHENG CITY DEVELO    7.30      03/03/21    CNY    20.33
DAYE ZHENHENG CITY DEVELO    7.95      11/27/20    CNY    20.26
DAZHOU DEVELOPMENT HOLDIN    5.10      11/27/22    CNY    60.45
DAZHOU DEVELOPMENT HOLDIN    5.10      11/27/22    CNY    60.00
DAZHOU DEVELOPMENT HOLDIN    6.55      01/14/22    CNY    40.83
DAZHOU DEVELOPMENT HOLDIN    6.55      01/14/22    CNY    40.00
DEHONGZHOU HONGKANG INVES    6.68      01/23/22    CNY    40.33
DEHONGZHOU HONGKANG INVES    6.68      01/23/22    CNY    40.33
DEXING INVESTMENT HOLDING    5.99      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 BAISE DEVELOPMENT    7.27      06/20/21    CNY    20.10
GUANGXI BAISE DEVELOPMENT    7.27      06/20/21    CNY    20.00
GUANGXI LAIBIN INDUSTRIAL    5.97      11/26/21    CNY    40.59
GUANGXI LAIBIN INDUSTRIAL    5.97      11/26/21    CNY    40.00
GUANGXI LIUZHOU DONGCHENG    7.40      10/29/20    CNY    21.00
GUANGXI LIUZHOU DONGCHENG    7.40      10/29/20    CNY    20.16
GUANGXI QINZHOU LINHAI IN    7.68      02/20/21    CNY    24.77
GUANGXI QINZHOU LINHAI IN    7.68      02/20/21    CNY    20.25
GUANGXI URBAN CONSTRUCTIO    7.59      04/14/21    CNY    23.00
GUANGXI URBAN CONSTRUCTIO    7.59      04/14/21    CNY    20.45
GUANGYUAN INVESTMENT HOLD    7.30      04/22/21    CNY    21.15
GUANGYUAN INVESTMENT HOLD    7.30      04/22/21    CNY    20.44
GUANGYUAN YUANQU CONSTRUC    4.48      03/10/23    CNY    59.17
GUANGYUAN YUANQU CONSTRUC    4.48      03/10/23    CNY    59.16
GUANGYUAN YUANQU CONSTRUC    8.35      08/26/21    CNY    47.00
GUANGYUAN YUANQU CONSTRUC    8.35      08/26/21    CNY    40.99
GUANGZHOU HUANTOU NANSHA     6.38      11/18/24    CNY    73.48
GUANGZHOU HUANTOU NANSHA     6.38      11/18/24    CNY    72.93
GUANGZHOU METRO GROUP CO     6.45      04/02/24    CNY    63.07
GUANGZHOU METRO GROUP CO     6.05      06/03/24    CNY    62.87
GUANGZHOU METRO GROUP CO     6.45      04/02/24    CNY    60.00
GUILIN CITY INVESTMENT AN    6.90      06/13/21    CNY    20.39
GUILIN CITY INVESTMENT AN    6.90      06/13/21    CNY    20.00
GUILIN ECONOMIC CONSTRUCT    5.60      04/22/22    CNY    40.90
GUILIN ECONOMIC CONSTRUCT    5.60      04/22/22    CNY    40.00
GUIRENNIAO CO LTD            7.00      12/03/19    CNY    49.50
GUIYANG BAIYUN INDUSTRY D    7.30      03/27/22    CNY    45.00
GUIYANG BAIYUN INDUSTRY D    7.30      03/27/22    CNY    40.51
GUIYANG GUANSHANHU DISTRI    4.87      01/28/23    CNY    59.26
GUIYANG GUANSHANHU DISTRI    4.48      03/09/23    CNY    58.89
GUIYANG GUANSHANHU DISTRI    4.87      01/28/23    CNY    58.87
GUIYANG GUANSHANHU DISTRI    4.48      03/09/23    CNY    58.40
GUIYANG URBAN CONSTRUCTIO    5.23      12/02/22    CNY    60.90
GUIYANG URBAN CONSTRUCTIO    5.23      12/02/22    CNY    60.00
GUIZHOU EAST LAKE CITY CO    5.18      01/06/23    CNY    60.72
GUIZHOU EAST LAKE CITY CO    5.18      01/06/23    CNY    58.09
GUIZHOU FANJINGSHAN INVES    6.95      01/28/22    CNY    41.21
GUIZHOU FANJINGSHAN INVES    6.95      01/28/22    CNY    40.00
GUIZHOU GUIAN CONSTRUCTIO    4.17      10/28/22    CNY    61.00
GUIZHOU GUIAN CONSTRUCTIO    4.17      10/28/22    CNY    60.20
GUIZHOU GUILONG INDUSTRIA    7.80      04/28/22    CNY    51.28
GUIZHOU GUILONG INDUSTRIA    7.80      04/28/22    CNY    49.65
GUIZHOU HONGCAI INVESTMEN    6.00      06/07/23    CNY    48.84
GUIZHOU HONGCAI INVESTMEN    6.00      06/07/23    CNY    48.41
GUIZHOU RAILWAY INVESTMEN    7.50      04/23/24    CNY    63.72
GUIZHOU RAILWAY INVESTMEN    7.20      03/27/22    CNY    41.50
GUIZHOU RAILWAY INVESTMEN    7.20      03/27/22    CNY    41.38
GUIZHOU SHUICHENG CITY IN    4.98      11/22/23    CNY    73.66
GUIZHOU SHUICHENG CITY IN    4.98      11/22/23    CNY    73.34
HAIAN COUNTY DEVELOPMENT     5.45      04/13/23    CNY    59.32
HAIAN COUNTY DEVELOPMENT     5.45      04/13/23    CNY    59.24
HAIAN URBAN DEMOLITION &     5.08      11/27/22    CNY    60.91
HAIAN URBAN DEMOLITION &     5.08      11/27/22    CNY    60.88
HAICHENG URBAN JINCAI LAN    8.56      12/19/20    CNY    20.22
HAICHENG URBAN JINCAI LAN    8.17      04/16/21    CNY    20.22
HAICHENG URBAN JINCAI LAN    8.17      04/16/21    CNY    20.10
HAICHENG URBAN JINCAI LAN    8.56      12/19/20    CNY    20.00
HAIFENG MARINE INFRASTRUC    6.84      04/29/22    CNY    40.63
HAIKOU MEILAN INTERNATION    5.25      09/06/19    USD    55.18
HAIMEN CITY DEVELOPMENT G    6.22      04/03/22    CNY    42.20
HAIMEN CITY DEVELOPMENT G    6.22      04/03/22    CNY    41.16
HAINING CITY DEVELOPMENT     5.58      10/22/21    CNY    40.67
HAINING CITY JIANSHAN DIS    6.90      11/04/20    CNY    21.42
HAINING CITY JIANSHAN DIS    6.90      11/04/20    CNY    20.18
HAIXI STATE-OWNED CAPITAL    8.60      01/02/21    CNY    20.30
HAIXI STATE-OWNED CAPITAL    8.60      01/02/21    CNY    20.30
HAIYAN COUNTY STATE-OWNED    7.00      09/04/20    CNY    20.20
HAIYAN COUNTY STATE-OWNED    7.00      09/04/20    CNY    20.07
HANDAN CONSTRUCTION & INV    5.48      05/27/22    CNY    47.20
HANDAN CONSTRUCTION & INV    5.48      05/27/22    CNY    40.73
HANGZHOU CITY CONSTRUCTIO    3.80      03/14/23    CNY    60.05
HANGZHOU CITY CONSTRUCTIO    3.80      03/14/23    CNY    60.00
HANGZHOU FUYANG CITY CONS    7.20      03/19/21    CNY    20.45
HANGZHOU FUYANG CITY CONS    7.20      03/19/21    CNY    20.45
HANGZHOU FUYANG DEVELOPME    4.76      01/27/23    CNY    60.12
HANGZHOU FUYANG DEVELOPME    4.76      01/27/23    CNY    59.16
HANGZHOU FUYANG DEVELOPME    7.70      04/28/21    CNY    29.00
HANGZHOU FUYANG DEVELOPME    7.70      04/28/21    CNY    20.57
HANGZHOU GONGSHU DISTRICT    6.90      07/21/21    CNY    40.40
HANGZHOU GONGSHU DISTRICT    6.90      07/21/21    CNY    20.67
HANGZHOU 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 CITY INVESTMENT     5.75      04/17/22    CNY    41.35
SHAOXING CITY KEQIAO DIST    6.40      08/20/21    CNY    40.62
SHAOXING JINGHU NEW DISTR    6.13      04/30/22    CNY    41.07
SHAOXING KEQIAO ECONOMIC     7.00      12/10/21    CNY    40.93
SHAOXING KEQIAO ECONOMIC     7.00      12/10/21    CNY    40.00
SHAOXING KEYAN CONSTRUCTI    6.28      03/24/22    CNY    41.56
SHAOXING KEYAN CONSTRUCTI    6.28      03/24/22    CNY    40.00
SHAOXING PAOJIANG INDUSTR    6.98      05/29/21    CNY    23.90
SHAOXING PAOJIANG INDUSTR    6.98      05/29/21    CNY    20.32
SHAOXING SHANGYU ECONOMIC    4.76      04/11/23    CNY    60.33
SHAOXING SHANGYU ECONOMIC    4.76      04/11/23    CNY    60.32
SHAOXING SHANGYU HANGZHOU    6.95      10/11/20    CNY    20.55
SHAOXING SHANGYU HANGZHOU    6.95      10/11/20    CNY    20.12
SHAOXING SHANGYU URBAN CO    6.80      08/07/21    CNY    40.61
SHAOYANG CITY CONSTRUCTIO    8.58      01/17/21    CNY    20.32
SHAOYANG DULIANG INVESTME    5.50      04/13/23    CNY    59.77
SHAOYANG DULIANG INVESTME    5.50      04/13/23    CNY    57.99
SHENGZHOU INVESTMENT HOLD    7.60      07/17/21    CNY    20.78
SHENGZHOU INVESTMENT HOLD    7.60      07/17/21    CNY    20.69
SHENMU CITY STATE-OWNED A    7.28      06/23/21    CNY    20.53
SHENYANG DADONG STATE-OWN    6.05      03/20/22    CNY    41.00
SHENYANG DADONG STATE-OWN    6.05      03/20/22    CNY    40.00
SHENYANG ECONOMIC AFFORDA    7.17      04/29/22    CNY    41.26
SHENYANG ECONOMIC AFFORDA    7.17      04/29/22    CNY    39.73
SHENYANG TIEXI STATE-OWNE    6.00      01/14/22    CNY    47.50
SHENYANG TIEXI STATE-OWNE    6.00      01/14/22    CNY    40.59
SHENZHEN METRO GROUP CO L    6.75      01/24/24    CNY    63.79
SHENZHEN METRO GROUP CO L    5.40      03/25/23    CNY    46.42
SHIJIAZHUANG HUTUO NEW DI    5.28      12/24/25    CNY    63.25
SHIJIAZHUANG HUTUO NEW DI    5.28      12/24/25    CNY    62.50
SHIJIAZHUANG STATE-OWNED     5.75      04/09/22    CNY    47.20
SHIJIAZHUANG STATE-OWNED     5.75      04/09/22    CNY    40.91
SHIJIAZHUANG URBAN CONSTR    6.55      03/09/21    CNY    41.40
SHISHI CITY CONSTRUCTION     6.10      05/04/22    CNY    41.17
SHIYAN STATE-OWNED CAPITA    6.58      08/20/21    CNY    40.71
SHIYAN STATE-OWNED CAPITA    6.58      08/20/21    CNY    40.00
SHIYAN STATE-OWNED CAPITA    6.88      10/11/20    CNY    20.68
SHIYAN STATE-OWNED CAPITA    6.88      10/11/20    CNY    20.12
SHOUGUANG CITY CONSTRUCTI    7.10      10/18/20    CNY    22.87
SHOUGUANG CITY CONSTRUCTI    7.10      10/18/20    CNY    20.07
SHUCHENG COUNTY URBAN CON    5.50      04/29/23    CNY    61.24
SHUCHENG COUNTY URBAN CON    5.50      04/29/23    CNY    61.23
SHUYANG JINGYUAN ASSET OP    5.49      09/11/22    CNY    66.00
SHUYANG JINGYUAN ASSET OP    5.49      09/11/22    CNY    60.53
SHUYANG JINGYUAN ASSET OP    7.39      04/14/21    CNY    20.47
SHUYANG JINGYUAN ASSET OP    7.39      04/14/21    CNY    20.00
SICHUAN CHENG'A DEVELOPME    7.18      09/12/20    CNY    20.06
SICHUAN COAL GASIFICATION    7.00      04/18/23    CNY    60.32
SICHUAN COAL INDUSTRY GRO    7.70      01/09/18    CNY    45.00
SICHUAN LANGZHONG FAMOUS     5.60      04/19/23    CNY    59.85
SICHUAN LANGZHONG FAMOUS     5.60      04/19/23    CNY    59.51
SICHUAN LONGYANG TIANFU N    5.45      05/27/23    CNY    60.87
SICHUAN LONGYANG TIANFU N    5.45      05/27/23    CNY    59.92
SICHUAN NAXING INDUSTRIAL    6.80      08/18/22    CNY    74.73
SICHUAN NAXING INDUSTRIAL    6.80      08/18/22    CNY    74.72
SICHUAN NAXING INDUSTRIAL    4.68      03/31/23    CNY    58.53
SICHUAN NAXING INDUSTRIAL    4.68      03/31/23    CNY    57.62
SICHUAN NAXING INDUSTRIAL    7.17      09/11/21    CNY    40.42
SICHUAN TIANYIN INDUSTRIA    6.79      03/25/22    CNY    48.00
SICHUAN TIANYIN INDUSTRIA    6.79      03/25/22    CNY    40.84
SIHONG 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 KAIDA INVESTMENT     8.69      04/21/21    CNY    20.00
SUIZHOU DEVELOPMENT INVES    8.50      12/20/20    CNY    21.83
SUIZHOU DEVELOPMENT INVES    8.40      04/30/21    CNY    20.71
SUIZHOU DEVELOPMENT INVES    8.40      04/30/21    CNY    20.70
SUIZHOU DEVELOPMENT INVES    8.50      12/20/20    CNY    20.38
SUIZHOU HIGH-TECH INDUSTR    4.47      03/25/23    CNY    59.55
SUIZHOU HIGH-TECH INDUSTR    4.47      03/25/23    CNY    59.17
SUIZHOU URBAN CONSTRUCTIO    7.18      09/02/21    CNY    41.20
SUIZHOU URBAN CONSTRUCTIO    7.18      09/02/21    CNY    40.67
SUIZHOU YULONG WATER SUPP    6.10      03/28/23    CNY    59.76
SUNSHINE KAIDI NEW ENERGY    6.12      08/23/20    CNY    40.06
SUNSHINE KAIDI NEW ENERGY    6.12      08/23/20    CNY    29.01
SUQIAN CITY CONSTRUCTION     6.88      10/29/20    CNY    20.15
SUZHOU CITY CONSTRUCTION     3.89      03/24/23    CNY    59.97
SUZHOU CITY CONSTRUCTION     3.89      03/24/23    CNY    59.94
SUZHOU CITY HENGCHENG CON    4.40      03/01/23    CNY    60.07
SUZHOU CITY HENGCHENG CON    4.40      03/01/23    CNY    60.06
SUZHOU FENHU INVESTMENT G    7.49      02/28/21    CNY    20.80
SUZHOU FENHU INVESTMENT G    7.49      02/28/21    CNY    20.39
SUZHOU NEW & HIGH-TECH IN    4.18      03/23/23    CNY    59.66
SUZHOU NEW & HIGH-TECH IN    4.18      03/23/23    CNY    59.06
SUZHOU NEW DISTRICT ECONO    6.20      07/22/21    CNY    40.47
SUZHOU WUJIANG COMMUNICAT    6.80      10/31/20    CNY    25.53
SUZHOU WUJIANG COMMUNICAT    6.80      10/31/20    CNY    25.23
SUZHOU WUJIANG DISTRICT I    5.25      07/08/22    CNY    40.98
SUZHOU XIANGCHENG URBAN C    6.95      03/19/21    CNY    22.60
SUZHOU XIANGCHENG URBAN C    6.95      03/19/21    CNY    20.40
TAIAN TAISHAN HOLDINGS CO    5.50      04/26/23    CNY    60.62
TAIAN TAISHAN HOLDINGS CO    5.50      04/26/23    CNY    59.76
TAICANG ASSETS MANAGEMENT    7.00      02/27/21    CNY    20.70
TAICANG ASSETS MANAGEMENT    7.00      02/27/21    CNY    20.16
TAICANG SCIENCE EDUCATION    5.54      08/28/22    CNY    64.65
TAICANG SCIENCE EDUCATION    5.54      08/28/22    CNY    61.22
TAIXING CITY CHENGXING ST    8.30      12/12/20    CNY    20.31
TAIXING CITY HONGQIAO YUA    5.03      10/29/22    CNY    63.87
TAIXING CITY HONGQIAO YUA    5.03      10/29/22    CNY    59.74
TAIYUAN ECONOMIC TECHNOLO    7.43      04/24/21    CNY    20.39
TAIYUAN ECONOMIC TECHNOLO    7.43      04/24/21    CNY    20.00
TAIYUAN HIGH-SPEED RAILWA    5.18      09/06/20    CNY    40.10
TAIYUAN HIGH-SPEED RAILWA    6.50      10/30/20    CNY    25.19
TAIYUAN 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 BEICHEN DISTRICT     7.00      04/21/21    CNY    27.15
TIANJIN BEICHEN DISTRICT     7.00      04/21/21    CNY    20.22
TIANJIN BEICHEN TECHNOLOG    6.87      08/20/21    CNY    40.06
TIANJIN BINHAI NEW AREA C    6.10      11/23/21    CNY    43.90
TIANJIN BOHAI STATE-OWNED    3.82      04/18/23    CNY    59.69
TIANJIN BOHAI STATE-OWNED    3.82      04/18/23    CNY    59.25
TIANJIN DONGFANG CAIXIN I    5.19      01/29/22    CNY    40.24
TIANJIN DONGFANG CAIXIN I    5.19      01/29/22    CNY    39.59
TIANJIN DONGLI CITY INFRA    4.28      12/02/22    CNY    59.51
TIANJIN ECONOMIC TECHNOLO    6.50      12/03/22    CNY    46.30
TIANJIN ECONOMIC TECHNOLO    6.50      12/03/22    CNY    45.65
TIANJIN GUANGCHENG INVEST    5.40      04/20/23    CNY    58.36
TIANJIN GUANGCHENG INVEST    5.40      04/20/23    CNY    57.75
TIANJIN GUANGCHENG INVEST    7.45      07/24/21    CNY    49.00
TIANJIN GUANGCHENG INVEST    6.97      02/22/23    CNY    44.47
TIANJIN GUANGCHENG INVEST    7.45      07/24/21    CNY    39.74
TIANJIN GUANGCHENG INVEST    6.97      02/22/23    CNY    39.00
TIANJIN HARBOR CONSTRUCTI    6.29      10/21/21    CNY    70.37
TIANJIN HARBOR CONSTRUCTI    8.80      01/24/21    CNY    40.87
TIANJIN HARBOR CONSTRUCTI    8.00      04/01/21    CNY    40.83
TIANJIN 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 CO LTD         6.55      03/13/22    CNY    45.00
ULANQAB CITY INVESTMENT D    8.39      04/25/22    CNY    51.68
ULANQAB JINING DISTRICT G    6.16      03/24/23    CNY    61.51
ULANQAB JINING DISTRICT G    6.16      03/24/23    CNY    58.74
URUMQI ECO&TECH DEVELOPME    6.40      04/13/22    CNY    41.19
URUMQI ECO&TECH DEVELOPME    6.40      04/13/22    CNY    40.00
WAFANGDIAN COASTAL PROJEC    3.98      02/01/23    CNY    58.46
WAFANGDIAN COASTAL PROJEC    3.98      02/01/23    CNY    58.28
WANGCHENG ECONOMIC DEVELO    3.75      07/13/23    CNY    61.05
WANGCHENG ECONOMIC DEVELO    3.75      07/13/23    CNY    59.77
WANGCHENG ECONOMIC DEVELO    6.57      01/22/22    CNY    48.81
WANGCHENG ECONOMIC DEVELO    6.57      01/22/22    CNY    41.07
WEIFANG BINHAI INVESTMENT    6.16      04/16/21    CNY    25.35
WEIHAI LANCHUANG CONSTRUC    4.80      12/17/22    CNY    59.39
WEIHAI LANCHUANG CONSTRUC    4.80      12/17/22    CNY    59.18
WEIHAI URBAN CONSTRUCTION    3.33      03/02/23    CNY    59.13
WEIHAI URBAN CONSTRUCTION    3.33      03/02/23    CNY    58.40
WEIHAI WENDENG URBAN PROP    4.80      05/26/23    CNY    59.02
WEIHAI WENDENG URBAN PROP    4.80      05/26/23    CNY    58.50
WEINAN CITY INVESTMENT GR    6.09      03/11/22    CNY    40.86
WEINAN CITY INVESTMENT GR    6.09      03/11/22    CNY    40.00
WENDENG GOLDEN BEACH INVE    3.97      03/21/23    CNY    59.41
WENDENG GOLDEN BEACH INVE    3.97      03/21/23    CNY    58.48
WENZHOU CITY CONSTRUCTION    5.00      04/26/23    CNY    61.78
WENZHOU CITY CONSTRUCTION    5.00      04/26/23    CNY    61.45
WENZHOU CITY CONSTRUCTION    4.05      01/25/23    CNY    60.69
WENZHOU CITY CONSTRUCTION    4.05      01/25/23    CNY    60.22
WENZHOU GANGCHENG DEVELOP    5.19      03/29/23    CNY    60.46
WENZHOU GANGCHENG DEVELOP    5.19      03/29/23    CNY    60.19
WENZHOU HIGH-TECH INDUSTR    7.30      05/30/21    CNY    20.63
WENZHOU HIGH-TECH INDUSTR    7.30      05/30/21    CNY    20.60
WENZHOU HIGH-TECH INDUSTR    7.95      03/21/21    CNY    20.60
WENZHOU HIGH-TECH INDUSTR    7.95      03/21/21    CNY    20.59
WENZHOU LUCHENG CITY DEVE    5.58      11/03/21    CNY    40.40
WINTIME ENERGY CO LTD        7.50      04/04/21    CNY    43.63
WINTIME ENERGY CO LTD        7.90      03/29/21    CNY    43.63
WINTIME ENERGY CO LTD        7.90      12/22/20    CNY    43.63
WINTIME ENERGY CO LTD        7.50      12/06/20    CNY    43.63
WINTIME ENERGY CO LTD        7.50      11/16/20    CNY    43.63
WINTIME ENERGY CO LTD        7.70      11/15/20    CNY    43.63
WINTIME ENERGY CO LTD        7.00      04/26/19    CNY    43.63
WINTIME ENERGY CO LTD        7.00      03/19/19    CNY    43.63
WINTIME ENERGY CO LTD        7.00      12/15/18    CNY    43.63
WINTIME ENERGY CO LTD        6.78      10/23/18    CNY    43.63
WINTIME ENERGY CO LTD        7.00      08/25/18    CNY    43.63
WINTIME ENERGY CO LTD        7.30      08/06/18    CNY    43.63
WINTIME ENERGY CO LTD        7.00      07/05/18    CNY    43.63
WUHAI CITY CONSTRUCTION I    8.19      04/21/21    CNY    20.50
WUHAI CITY CONSTRUCTION I    8.19      04/21/21    CNY     5.39
WUHAN CHEDU CORP LTD         7.18      02/27/21    CNY    20.96
WUHAN CHEDU CORP LTD         7.18      02/27/21    CNY    20.38
WUHAN CITY HUANPI DISTRIC    6.43      09/17/21    CNY    43.02
WUHAN CITY HUANPI DISTRIC    6.43      09/17/21    CNY    40.68
WUHAN JIANGXIA URBAN CONS    4.80      06/03/23    CNY    60.53
WUHAN JIANGXIA URBAN CONS    4.80      06/03/23    CNY    60.32
WUHAN JIANGXIA URBAN CONS    8.99      01/20/21    CNY    20.40
WUHAN METRO GROUP CO LTD     5.25      04/14/22    CNY    40.46
WUHU COMMUNICATIONS INVES    4.50      04/28/23    CNY    60.05
WUHU COMMUNICATIONS INVES    4.50      04/28/23    CNY    59.99
WUHU COUNTY CONSTRUCTION     6.60      12/08/21    CNY    46.35
WUHU COUNTY CONSTRUCTION     6.60      12/08/21    CNY    40.70
WUHU JINGHU CONSTRUCTION     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    CNY    20.15
YANCHENG CITY TINGHU DIST    7.95      11/15/20    CNY    18.30
YANCHENG DAFENG DISTRICT     8.70      01/24/21    CNY    20.97
YANCHENG DAFENG DISTRICT     8.50      12/30/20    CNY    20.60
YANCHENG DAFENG DISTRICT     8.70      01/24/21    CNY    20.44
YANCHENG DAFENG DISTRICT     8.50      12/30/20    CNY    20.37
YANCHENG HIGH-TECH ZONE I    3.90      12/14/22    CNY    60.40
YANCHENG HIGH-TECH ZONE I    3.90      12/14/22    CNY    60.05
YANCHENG ORIENTAL INVESTM    6.48      09/15/21    CNY    40.33
YANCHENG SOUTH DISTRICT D    6.70      07/30/21    CNY    40.63
YANCHENG YANDU DISTRICT S    3.67      03/17/23    CNY    58.92
YANCHENG YANDU DISTRICT S    3.67      03/17/23    CNY    58.56
YANGJIANG HENGCAI CITY IN    6.24      04/14/22    CNY    41.17
YANGJIANG HENGCAI CITY IN    6.85      09/09/20    CNY    20.15
YANGJIANG HENGCAI CITY IN    6.85      09/09/20    CNY    20.07
YANGZHONG CITY INVESTMENT    5.15      06/03/23    CNY    60.95
YANGZHONG TRANSPORTATION     4.98      04/07/23    CNY    60.70
YANGZHONG TRANSPORTATION     4.98      04/07/23    CNY    60.43
YANGZHONG TRANSPORTATION     4.95      04/07/23    CNY    60.36
YANGZHONG TRANSPORTATION     4.95      04/07/23    CNY    59.55
YANGZHOU CHEMICAL INDUSTR    8.58      01/24/21    CNY    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 CITY CONSTRUCTION IN    4.31      12/07/22    CNY    60.40
YIWU CITY CONSTRUCTION IN    4.31      12/07/22    CNY    60.27
YIWU URBAN & RURAL NEW CO    4.25      11/24/21    CNY    50.03
YIXING CITY CONSTRUCTION     6.16      03/30/22    CNY    41.10
YIXING CITY CONSTRUCTION     6.16      03/30/22    CNY    40.00
YIXING TUOYE INDUSTRIAL C    7.60      05/28/21    CNY    23.50
YIXING TUOYE INDUSTRIAL C    7.60      05/28/21    CNY    20.37
YIYANG ADVANCED INDUSTRY     7.00      03/30/22    CNY    48.00
YIYANG ADVANCED INDUSTRY     7.00      03/30/22    CNY    40.62
YONG ZHOU CITY CONSTRUCTI    7.30      10/23/20    CNY    20.13
YONGJIA INVESTMENT GROUP     6.50      11/12/21    CNY    40.69
YONGJIA INVESTMENT GROUP     6.50      11/12/21    CNY    40.00
YONGXING YINDU CONSTRUCTI    5.60      03/24/23    CNY    59.86
YONGXING YINDU CONSTRUCTI    5.60      03/24/23    CNY    59.42
YONGZHOU ECONOMIC CONSTRU    3.55      01/14/23    CNY    60.50
YONGZHOU ECONOMIC CONSTRU    3.55      01/14/23    CNY    59.30
YUANAN COUNTY QIFENG CITY    5.50      05/27/23    CNY    59.79
YUANAN COUNTY QIFENG CITY    5.50      05/27/23    CNY    59.79
YUEYANG CITY DONGTING NEW    6.15      03/20/22    CNY    40.39
YUEYANG CITY DONGTING NEW    6.15      03/20/22    CNY    40.18
YUEYANG 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 ***