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

                     A S I A   P A C I F I C

          Tuesday, September 29, 2020, Vol. 23, No. 195

                           Headlines



A U S T R A L I A

A & T EDUCATION: First Creditors' Meeting Set for Oct. 7
COTTEE JERSEY: Second Creditors' Meeting Set for Oct. 2
ISLAND RESOLUTION: Rodgers Reidy Appointed as Administrator
SPEEDCAST INT'L: Court Grants Shorter Plan Exclusivity Extension
VERMILION BOND 2020: S&P Assigns Prelim B(sf) Rating to F Notes

ZIP MASTER 2020-1: Moody's Gives (P)B2 Rating to Class E Notes


C H I N A

CHINA EVERGRANDE: Gets HK Exchange Nod to Spin Off Management Unit
ENN ECOLOGICAL: Moody's Affirms CFR at Ba2, Outlook Positive
GOLDEN EAGLE: Fitch Affirms 'BB' LT IDR, Alters Outlook to Stable


I N D I A

AIRCEL GROUP: SC Asks NCLAT to Decide on Spectrum Sale
ALBA ASIA: CARE Keeps C Debt Rating in Not Cooperating Category
ANRAK ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating
BR. SHESHRAO: Ind-Ra Keeps B+ LT Issuer Rating in Non-Cooperating
CHEMIETRON CLEAN: CARE Keeps D Debt Ratings in Not Cooperating

CRIYAGEN AGRI: Ind-Ra Hikes Long Term Issuer Rating to 'BB+'
DR. O.P.: CARE Keeps D Debt Ratings in Not Cooperating Category
ECOMOTEL HOTEL: CARE Keeps D Debt Rating in Not Cooperating
ELECTROMECH MARITECH: CARE Reaffirms D Rating on INR31.51cr Loan
FALCON STEELS: CRISIL Migrates B+ Rating from Not Cooperating

GOPAL OIL: CARE Keeps D Debt Rating in Not Cooperating
HEALTHFORE TECHNOLOGIES: CARE Keeps D Ratings in Not Cooperating
HELIOS PHOTO: CARE Keeps D Debt Ratings in Not Cooperating
HERODEX POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
HINDOK EXPORTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating

HINDUSTAN PAPER: Fresh Plea to Liquidate 2 Closed Paper Mills Filed
IND-ANDHRA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
INDIA: $6BB Telecom Bankruptcies Left Hanging as Ministries Argue
LAKSHMI VENKATA: CRISIL Keeps B Debt Ratings in Not Cooperating
LIGARE AVIATION: CARE Keeps D Debt Ratings in Not Cooperating

LOVELY ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
LOVELY INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
MADHAV BISCUITS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
MARUDHAR ROCKS: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
MEENAKSHI FISHING: CRISIL Keeps D Debt Ratings in Not Cooperating

MERGE STONES: CRISIL Keeps B Debt Rating in Not Cooperating
NAVAGIRI APPAREL: CRISIL Lowers Rating on INR7.5cr Loans to B
NUZIVEEDU SWATHI: CARE Keeps D Debt Ratings in Not Cooperating
OM RICE: CRISIL Lowers Rating on INR8cr Cash Loan to B
PANDAV AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating

PLASTECH SOLUTIONS: CRISIL Lowers Rating on INR7cr Loans to B
R.C. EXPORTS: CRISIL Lowers Rating on INR10cr Loans to B
REHAN WINE: CRISIL Hikes Rating on INR11cr Cash Loan to B-
RHEOPLAST TECHNOLOGY: CRISIL Keeps B Ratings in Not Cooperating
SMT. BHARTO: CARE Keeps B Debt Rating in Not Cooperating

VASAVI SOLAR: CARE Reaffirms D Rating on INR15.05cr Loans
WEST QUAY: CARE Keeps D Debt Ratings in Not Cooperating Category


J A P A N

LEOPALACE21 CORP: Excess Debts Total JPY11.8 Billion as of June 30


P H I L I P P I N E S

TIAONG RURAL BANK: Deposit Insurance Claims Deadline Set for Oct. 2
[*] Pandemic Aftermath May Push Banks Borrowers to Restructure Debt


S I N G A P O R E

HIN LEONG: Founder Faces Second Charge of Abetment of Forgery
SINGAPORE: Regulator, Banks in Talks to Extend Debt Relief Scheme


X X X X X X X X

[*] BOND PRICING: For the Week Sept. 20 to Sept. 25, 2020

                           - - - - -


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

A & T EDUCATION: First Creditors' Meeting Set for Oct. 7
--------------------------------------------------------
A first meeting of the creditors in the proceedings of A & T
Education Holdings Pty Ltd will be held on Oct. 7, 2020, at 10:30
a.m. via teleconference facilities only.

Christopher Damien Darin of Worrells Solvency & Forensic
Accountants was appointed as administrator of A & T Education on
Sept. 24, 2020.

COTTEE JERSEY: Second Creditors' Meeting Set for Oct. 2
-------------------------------------------------------
A second meeting of creditors in the proceedings of:

     - Cottee Jersey Group Pty Ltd
     - Australian Jersey Dairy Pty Ltd
     - Australia Jerseyjoy Dairy Group Pty Ltd
     - AU Fine Dairy Group Pty Ltd
     - Australia Infinite Dairy Pty Ltd

has been set for Oct. 2, 2020, at 9:00 a.m. via Webinar facilities
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 Oct. 1, 2020, at 4:00 p.m.

Philip Campbell-Wilson and John McInerney of Grant Thornton
Australia Limited were appointed as administrators of Cottee Jersey
et al. on Aug. 28, 2020.

ISLAND RESOLUTION: Rodgers Reidy Appointed as Administrator
-----------------------------------------------------------
David James Hambleton of Rodgers Reidy was appointed as
administrator of Island Resolution Pty Ltd, formerly known as
Couran Cove Island Resort Pty Ltd, on Sept. 28, 2020.

SPEEDCAST INT'L: Court Grants Shorter Plan Exclusivity Extension
----------------------------------------------------------------
Bankruptcy Judge Marvin Isgur in Houston granted a shorter
extension of the periods within which Speedcast International
Limited and its debtor-affiliates have the exclusive right to file
and solicit acceptances of a Chapter 11 plan.

Pursuant to section 1121(d) of the Bankruptcy Code, the Debtors'
Exclusive Filing Period is extended to and including October 20,
2020; and their Exclusive Solicitation Period is extended to and
including November 30, 2020.

The Debtors asked the Court to extend their exclusive right to file
a Chapter 11 plan, through and including November 19, 2020, and the
exclusive right to solicit acceptances to the plan through and
including January 18, 2021.

The Debtors said the additional time will afford them a fair
opportunity to further develop a restructuring framework that will
maximize the value of the Debtors' estates for the benefit of all
stakeholders.

Also, the Debtors have made substantial progress to date: securing
a contract with Intelsat US LLC, the Debtors' largest bandwidth
supplier; setting a bar date and starting the claims reconciliation
process; and evaluating and negotiating executory contracts and
unexpired leases. The deadline for creditors to file claims against
the Debtors was set for August 6, 2020, and the Debtors and their
advisors have begun the process of analyzing and reconciling the
over 1,200 filed claims. Analysis of the claims pool is a critical
component of negotiating and developing a proposed plan. In
addition to the claims process, the Debtors continue to work with
critical contract counterparties to determine which contracts to
assume, with cure amounts, or reject as part of their
restructuring.

The Debtors' initial exclusive filing period and exclusive
solicitation period are currently set to expire on August 21, 2020,
and October 20, 2020, respectively, absent an extension.  The
Debtors said termination of the exclusive periods could lead to
confusion among the Debtors' employees, vendors, and customers at a
critical stage in the negotiations for a value-maximizing
transaction.

                About SpeedCast International

Headquartered in New South Wales, Australia, SpeedCast
International Limited and its affiliates provide remote and
offshore satellite communications and information technology
services. SpeedCast's fully-managed service is delivered to more
than 2,000 customers in 140 countries via a global, multi-access
technology, multi-band, and multi-orbit network of more than 80
satellites and an interconnecting global terrestrial network,
bolstered by on-the-ground local support from more than 40
countries.  Speedcast services customers in sectors such as
commercial maritime, cruise, energy, mining, government, NGOs,
enterprise, and media.

SpeedCast International and its affiliates sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No.
20-32243) on April 23, 2020.  At the time of the filing, the
Debtors each had estimated assets of between $500 million and $1
billion and liabilities of the same range.

Judge David R. Jones oversees the cases.

The Debtors tapped Weil, Gotshal & Manges, LLP as bankruptcy
counsel; Herbert Smith Freehills as co-counsel with Weil; Moelis
Australia Ltd. as financial advisor; FTI Consulting Inc. as
restructuring advisor; and Kurtzman Carson Consultants LLC as
claims agent.

The Office of the U.S. Trustee appointed a committee to represent
unsecured creditors in Debtors' bankruptcy cases.  The committee is
represented by Hogan Lovells US, LLP.

On August 13, 2020, the Debtor received a $395 million equity
commitment from Centerbridge Partners, L.P. and its affiliates, one
of its largest lenders.


VERMILION BOND 2020: S&P Assigns Prelim B(sf) Rating to F Notes
---------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of residential mortgage-backed securities (RMBS) to be
issued by Perpetual Corporate Trust Ltd. as trustee for Vermilion
Bond Trust 2020 Series 1. This is the second, Australian, 100%
nonresident RMBS transaction rated by S&P Global Ratings.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, which entirely comprises residential mortgage loans to
nonresidents of Australia. Because this is a closed portfolio, no
further loans will be assigned to the trust after the closing
date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. Credit support is provided by note
subordination for all rated notes and a loss reserve funded by
excess spread.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a loss reserve,
principal draws, and an amortizing liquidity reserve are sufficient
under our stress assumptions to ensure timely payment of interest.

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

-- The counterparty support to be provided by National Australia
Bank Ltd. as bank account provider. The transaction documents for
the bank account include downgrade language consistent with S&P's
"Counterparty Risk Framework: Methodology And Assumptions"
criteria, published on March 8, 2019, that requires the replacement
of the counterparty, should its rating fall below the applicable
rating.

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

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

  PRELIMINARY RATINGS ASSIGNED

  Vermilion Bond Trust 2020 Series 1

  Class      Rating         Amount (mil. A$)
  A1-MM      AAA (sf)       62.83
  A1-AU      AAA (sf)       61.52
  B          AA (sf)        31.13
  C          A (sf)         36.97
  D          BBB (sf)       30.16
  E          BB (sf)        18.91
  F          B (sf)         11.79
  G          NR              4.59
  H          NR              3.93

  NR--Not rated.


ZIP MASTER 2020-1: Moody's Gives (P)B2 Rating to Class E Notes
--------------------------------------------------------------
Moody's Investors Service has assigned provisional ratings to notes
to be issued by Perpetual Trustee Company Limited, as trustee of
the Zip Master Trust.

Issuer: Zip Master Trust Series 2020-1

AUD158.4 million Class A1 Notes, Assigned (P)Aa2 (sf)

AUD36.0 million Class A2 Notes, Assigned (P)Aa2 (sf)

AUD33.6 million Class B Notes, Assigned (P)A2 (sf)

AUD21.0 million Class C Notes, Assigned (P)Baa2 (sf)

AUD9.0 million Class D Notes, Assigned (P)Ba2 (sf)

AUD12.0 million Class E Notes, Assigned (P)B2 (sf)

The AUD15.0 million Class F Notes and AUD15.0 million Class G Notes
are not rated by Moody's.

DESCRIPTION OF TRANSACTION AND ISSUER

The Master Trust is a revolving cash securitisation of two types of
revolving line of credit products with either full (Zip Pay) or
initial (Zip Money) interest-free terms, more commonly known as
'buy-now-pay-later' receivables. All receivables were originated
and are serviced by zipMoney Payments Pty Limited (Zip, unrated, a
wholly owned subsidiary of Zip Co Limited).

Zip is an Australian non-bank fintech that was founded in 2013 as a
buy-now-pay-later retail credit platform. Zip provides customers
with a revolving line of credit to finance their retail purchase at
a large variety of merchant partners.

Series 2020-1 is the third issuance out of the Zip Master Trust. As
is usual in master trust structures, Zip may designate additional
accounts for assignment to the master trust. For Series 2020-1,
principal collections will be retained and used to purchase
substitution receivables for at least the first 12 months, and
potentially up to 24 months, provided a "controlled accumulation
period" or "rapid amortization" has not started. Additionally, the
master trust may be in a position to buy receivables from principal
allocation to other series even if Series 2020-1 has entered
controlled accumulation, scheduled amortisation or rapid
amortisation.

The optional controlled accumulation period for the 2020-1 series
can begin from October 2021. During the period, Series 2020-1
principal allocations will be retained in a ledger, to be
distributed at the expected maturity date in October 2022. If the
series 2020-1 notes remain outstanding after that date, the series
will enter the scheduled amortisation period, during which Series
2020-1 principal allocations will be distributed on a pass-through
basis. The scheduled amortisation period ends on the scheduled
maturity date in October 2023. The legal final maturity date is
October 2030, seven years after the scheduled maturity date.

As of the June 30, 2020 cut-off date, the securitised pool
consisted of 1,541,334 buy-now-pay-later revolving credit accounts.
The total outstanding balance of the receivables is AUD910,449,907,
comprising AUD453,241,925 Zip Money receivables (49.8% of the total
pool) and AUD457,207,982 Zip Pay receivables (50.2% of the total
pool). The maximum credit limit is AUD50,000 for Zip Money accounts
and AUD1,500 for Zip Pay accounts. The average account balance is
AUD1,199 for Zip Money accounts and AUD393 for Zip Pay accounts.
Approximately 97% of Zip Money accounts have a balance less than
AUD5,000. Approximately 88% of Zip Pay accounts have a balance less
than AUD1,000.

RATINGS RATIONALE

The provisional ratings take into account, among other factors:

  - The limited amount of historical data. Zip was established in
2013, with significant origination growth beginning in 2017. The
collateral performance data used in its analysis reflects Zip's
short origination history — with the period limited to between
July 2016 and July 2020 — and does not cover a full economic
cycle.

  - The revolving nature of the master trust structure. The nature
of the trust and the ability of the sponsor to add new accounts and
new liabilities to the trust could introduce some variability in
the quality of the securitised portfolio over time. The risk of a
change in underwriting is partially mitigated by the average excess
spread trigger. In addition, there are eligibility criteria as well
as triggers and other structural features to mitigate portfolio
deterioration.

  - The high degree of dependency on Zip. Zip acts as the sponsor,
originator, servicer and trust manager. In addition, given Zip's
short operating history, it has a comparably weaker credit profile.
These risks are mitigated by the inclusion of Perpetual Trustee
Company Limited (unrated) as a standby servicer and sub-trust
manager, as well as by various replacement and notification
triggers.

  - The credit enhancement levels for each class of notes: Class
A-1 - 47.2%; Class A-2 -- 35.2%; Class B -- 24.0%; Class C --
17.0%; Class D -- 14.0%; Class E -- 10.0%

  - The availability of a significant amount of excess spread over
the life of the transaction.

  - The minimum seller note size of 1%. These seller notes can
provide the trust with protection against a number of events,
including fraud and dilutions. Additionally, excess seller note
interest and principal allocations will be used to cover any income
shortfalls for Series 2020-1 and shortfalls on amortisation amounts
for Series 2020-1.

  - The liquidity facility in the amount of 1% of the note balance
subject to a floor of AUD750,000.

The coronavirus outbreak, the government measures put in place to
contain it, and the weak global economic outlook continue to
disrupt economies and credit markets across sectors and regions.
Its analysis has considered the effect on the performance of
consumer assets from the current weak Australian economic activity
and a gradual recovery for the coming months. Although an economic
recovery is underway, it is tenuous and its continuation will be
closely tied to containment of the virus. As a result, the degree
of uncertainty around its forecasts is unusually high.

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was 'Moody's
Approach to Rating Credit Card Receivables-Backed Securities'
published in June 2020.

Moody's credit card ABS rating methodology begins by developing a
maximum loss that is consistent with an Aaa (sf) rating ("Aaa loss
given sponsor default (LGSD)"), assuming that the sponsor has
closed its revolving consumer loan accounts. This scenario is
associated with sponsors that are in or near to default. For Zip
Master Trust, the Aaa LGSD is 47.2%.

The key parameters used to derive the Aaa LGSD are: charge off
rates (current, long run and peak); payment rates (current and at
the start of early amortisation), receivable yield rates (current,
at the start of early amortisation and the compression level, due
to potential asset-liability mismatches); servicing fees (current
and stressed) and the minimum seller's interest (as per the
documents).

In a second step, the level of credit enhancement that is
consistent with a Aaa (sf) rating is determined by lowering the Aaa
LGSD by the applicable "dependency ratio". This ratio varies
according to the sponsor's credit rating or counterparty risk
assessment ("CR Assessment"), if available. The higher the
sponsor's credit rating or CR Assessment as the case may be, the
lower the dependency ratio. The ratio reflects the likelihood of
the sponsor entering default. Higher rated sponsors will therefore
require lower Aaa enhancement, all else being equal. The result is
the minimum Aaa credit enhancement (CE), absent other counterparty
or operational risks. For Zip Master Trust, the Moody's Aaa CE is
based on Moody's undisclosed assessment of Zip's credit profile.

For credit card-backed securities — with CE less than that
consistent with a Aaa (sf) rating — Moody's adjusts the rating of
the securities based on the level of credit enhancement available.
Finally, for subordinate securities, additional adjustments are
made to account for the higher severity of loss inherent, due to
the smaller sizes and the ranking of those classes of securities.

Factors That Would Lead to an Upgrade or Downgrade of the Ratings:

Factors that could lead to an upgrade of the notes include
better-than-expected collateral performance or improvement in the
credit quality of the sponsor.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Specifically, if the
charge off rate rises or the payment rate or yield falls. A
downgrade of the sponsor's CR Assessment could also lead to a
downgrade of the rating of the Rated Notes, given the ongoing role
of the bank sponsor as underwriter, originator, risk manager,
servicer and collector. Other reasons that could lead to a
downgrade include poor servicing, error on the part of transaction
parties, a deterioration in the credit quality of transaction
counterparties, or lack of transactional governance and fraud.

Although certain triggers are in place to help decrease, to a
certain extent, the exposure to the sponsor in its various roles,
these will probably not fully mitigate the impact of a significant
deterioration in the credit quality of the sponsor. Consequently,
the originator's credit quality is always an important input in
monitoring the transaction.



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

CHINA EVERGRANDE: Gets HK Exchange Nod to Spin Off Management Unit
------------------------------------------------------------------
Bloomberg News reports that China Evergrande Group won approval
from the Hong Kong Stock Exchange to spin off its property
management unit, it said in an exchange filing on Sept. 25, paving
the way for the company to raise much needed capital.

Evergrande could seek to raise $1 billion to $2 billion from the
offering, depending on market conditions, people familiar with the
matter said, who asked not to be identified because the information
is private, Bloomberg relates. The developer said it will shortly
submit a formal application for listing the property management
unit.

Bloomberg says the unit, recently valued at $11 billion in a stake
sale to strategic investors, could help replenish the indebted
developer's finances. This comes at a time strategic investors have
the right to demand the company pay them $19 billion in January if
it can't complete a targeted listing in China. The stock plunged
for a second-day Sept. 25 after Bloomberg News on Sept. 24 reported
the developer had sought government help to avoid a cash crunch.

According to Bloomberg, Chinese property developers have been
seizing on a market rally to list their service arms and raise
money to pare debt. Hong Kong-listed Evergrande needs the
exchange's approval for the restructuring.

Unlike real estate assets that face government curbs and cyclical
downturns, the property management units offer a stable business
model with recurring fee revenue and low leverage, Bloomberg notes.
Investor demand has also prompted some of these companies to demand
valuations loftier than Kweichow Moutai Co., the spirits maker
that's one of China's most loved stocks.

Evergrande raised HK$23.5 billion ($3 billion) by selling a 28.1%
stake in its property management arm to investors including Tencent
Holdings Ltd. in August, Bloomberg recalls. Companies linked to
Citic
Capital Holdings, the wife of billionaire mogul Joseph Lau and the
family investment arm of New World Development Co. billionaire
Henry Cheng were among the cornerstone investors.

Other investors include Yunfeng Capital, the fund backed by Chinese
e-commerce billionaire Jack Ma, and Sequoia Capital, people
familiar said, Bloomberg relays.

The proceeds from the pre-IPO fundraising may allow Evergrande to
reduce its net debt to equity, a key measure of leverage, to 153%
from 159% at the end of last year, according to Bloomberg
Intelligence.

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific on  Sept.
17, 2020, Fitch Ratings has affirmed the Long-Term Foreign-Currency
Issuer Default Ratings of China Evergrande Group and subsidiary
Hengda Real Estate Group Co., Ltd at 'B+' with Stable Outlooks. At
the same time, Fitch has affirmed Evergrande's senior unsecured
rating at 'B' with a Recovery Rating of 'RR5'. Fitch has also
assigned Hengda's wholly owned offshore financing platform, Tianji
Holdings Limited, a Long-Term IDR of 'B+' with Stable Outlook and a
senior unsecured rating of 'B' with a Recovery Rating of 'RR5'.
The Tianji-guaranteed senior unsecured notes issued by Scenery
Journey Limited have been downgraded to 'B' with a Recovery Rating
of 'RR5', from 'B+' with a Recovery Rating of 'RR4', to reflect
Fitch's revised rating approach, whereby the bond rating is linked
to Tianji, the guarantor, rather than Hengda, the keepwell
provider. Fitch affirmed Hengda's 'B+' senior unsecured rating with
a Recovery Rating of 'RR4' and then withdrew the rating because the
senior unsecured rating was no longer relevant to the agency's
coverage.

The affirmation of Evergrande's and Hengda's IDRs reflects the
group's large business scale and diversification, but higher
leverage and weaker liquidity than that of peers. The Stable
Outlook reflects the expectation that the Evergrande will be able
to deleverage after 2020, with improving contracted sales and
collection ratio, as well as its stated intention to reduce land
acquisitions. In addition, the Stable Outlook also reflects its
expectation that Evergrande will be able to negotiate with Hengda's
strategic investors not to redeem the CNY130 billion investment in
early 2021.

ENN ECOLOGICAL: Moody's Affirms CFR at Ba2, Outlook Positive
------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating of ENN Ecological Holdings Co., Ltd, as well as the Ba2
rating on the senior unsecured notes issued by ENN Clean Energy
International Investment Limited and guaranteed by ENN Ecological.

The ratings outlook remains positive.

Moody's rating action follows ENN Ecological's completion of the
acquisition of 32.8% stake in ENN Energy Holdings Limited (ENN
Energy, Baa2 stable) for RMB25.8 billion from ENN Group
International Investment Limited (EGII) and Essential Investment
Holding Company Limited.

All of the entities are ultimately controlled by ENN Ecological's
chairman, Mr. Wang Yusuo, before and after the transaction.

ENN Ecological acquired the ENN Energy stake for a total
consideration of RMB 25.8 billion, comprising (1) its 9.97% stake
in Santos Limited at RMB7.1 billion, (2) new share issuances at
RMB13.2 billion, and (3) cash at RMB5.5 billion. The company also
intends to partially fund the cash portion of the consideration
through a private placement to no more than 35 investors of up to
246 million shares of no more than RMB3.5 billion.

RATINGS RATIONALE

"The affirmation reflects our expectation that Ecological's
business profile will be strengthened by the acquisition of its
stake in ENN Energy and the latter's stable city gas business in
China," says Boris Kan, a Moody's Vice President and Senior Credit
Officer.

ENN Energy constructs and operates facilities for the distribution
of piped natural gas to residential and commercial and industrial
(C&I) customers in China under long-term concessions. ENN Energy
accounted for around 70% of ENN Ecological's adjusted pro-forma
funds from operations (FFO) in 2019.

ENN Ecological's CFR, through its 32.8% equity stake in ENN Energy,
reflects (1) the company's established position in the piped-gas
sector, with geographically diversified operations, (2) its large
market share that often involves monopolistic positions in gas
distribution, backed by long-term concessionary agreements, and (3)
favorable industry trends and supportive government policies that
offer good growth potential.

However, these strengths are counterbalanced by (1) the risks
associated with China's evolving regulatory framework in the city
gas sector, (2) the company's weak liquidity position and moderate
financial profile because of high capital spending, (3) its lack of
majority control over ENN Energy, and (4) the challenges associated
with exposure to non-utilities businesses, which entail higher
volatility and business risk.

"The positive outlook reflects our expectation that, over the next
12-18 months, the company will (1) have better operating
performance on its city gas and non-utilities businesses from 2020
levels, (2) improve its liquidity and leverage position, and (3)
integrate with ENN Energy to create synergies with its downstream
city gas operations, after the reorganization," adds Kan.

Moody's expects ENN Ecological's operating performance to be weak
this year, mainly due to (1) falling demand and realized prices for
its coal and methanol businesses, and (2) slower gas sales volume
growth and lower household connections in the city gas business
driven by coronavirus-related disruptions. But the company's
performance will improve in 2021 to 22 as demand recovers along
with the overall economy in China, and with the government
continuing to promote natural gas use as part of its clean energy
initiative.

As a result, Moody's projects that the company's retained cash flow
(RCF) to debt ratio will decline to about 10% in 2020 from 2019
level, before improving to about 12%-15% in 2021-22. Such credit
metrics continue to support the company's current rating.

However, ENN Ecological's liquidity will remain weak over the next
12 months. The company had unrestricted cash of about RMB3 billion
at the end of June 2020 and Moody's projects an operating cash flow
of about RMB1.3 billion and a dividend income of RMB550 million
over the next 12 months. These cash sources are inadequate to cover
debt repayments of about RMB7.4 billion, shareholder loans of about
RMB4.9 billion, and capital spending of about RMB 890 million, over
the same period.

As of the end of June 2020, the company had uncommitted undrawn
banking facilities of about RMB3.3 billion. Moody's expects the
company's established track record in the debt and equity capital
markets to enable it to maintain access to external financings.
These factors will help mitigate the company's funding needs over
the next 12 months.

In addition, ENN Ecological intends to conduct a private placement
to no more than 35 investors to raise up to RMB3.5 billion within
12 months after the completion of the transaction. The share
placement plan has already obtained regulatory approval and will
alleviate the company's leverage position if materialized.

Following the completion of the ENN Energy acquisition, the
regulated city gas utilities business becomes ENN Ecological's
major source of cash flow. Accordingly, Moody's has changed the
applicable rating methodology used to rate ENN Ecological to
"Regulated Electric and Gas Utilities" published in June 2017 from
"Chemical Industry" published in March 2019.

Accordingly, Moody's has adjusted the credit metrics that could
trigger a change in ENN Ecological's CFR to reflect the shift in
the company's business mix, and to be in line with other rated
regulated gas utilities in China.

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

The positive outlook reflects Moody's expectation that over the
next 12-18 months, the company will (1) strengthen the operating
performance of its city gas and non-utilities businesses, (2)
improve its liquidity and leverage position, and (3) integrate with
ENN Energy to create synergies with its downstream city gas
operations after the reorganization.

Moody's could upgrade the rating if ENN Ecological (1) strengthens
its operating performance on the city gas and non-utilities
businesses, (2) strengthens its liquidity and leverage position and
demonstrates conservative financial and investment policies, and
(3) integrates with ENN Energy to create synergies with its
downstream city gas operations after the reorganization.

Financial metrics indicative of an upgrade includes adjusted
RCF/debt with pro rata consolidation of ENN Energy above 13% and
funds from operations interest coverage above 3.5x over a prolonged
period.

The rating outlook could return to stable if (1) unfavorable
regulatory changes significantly reduce the company's ability to
pass through upstream gas costs for its city gas business, (2) the
company's non-utilities businesses exhibit even greater volatility
than historically observed, resulting in a material deterioration
in profitability and cash flow; (3) the company encounters
liquidity problems or weakening credit metrics because of
aggressive debt-funded investments, among other factors; or (4) the
company's business risk profile increases due to higher exposure to
non-utilities business such as upstream energy projects.

Financial metrics indicative of a downgrade or change in outlook to
stable include adjusted RCF/debt (with pro rata consolidation of
ENN Energy) below 9% and funds from operations interest coverage
below 2.0x over a prolonged period.

Moody's assessment of leverage incorporates pro-rata consolidation
of ENN Energy, which is 32.8% owned by ENN Ecological.

The rating also takes into account the following environmental,
social and governance (ESG) considerations.

ENN Ecological faces moderate carbon transition risk given its coal
and methanol operations. However, the company has to date not
experienced any major compliance violations related to water
discharge or waste disposal. This risk is partially mitigated by
the company's increased exposure to the environmentally-friendly
city gas business following the acquisition of ENN Energy.

ENN Ecological faces moderate social risk in terms of meeting
worker health and safety standards in relation to its construction
and operation of city gas, methanol and coal mine projects.

ENN Ecological's governance risk is moderate. The company's
ownership is concentrated on Mr. Wang Yusuo, and his wife, Zhao
Baoju, and his controlling entities, with a combined 75.6% equity
stake after the reorganization. The company's lack of majority
ownership in ENN Energy is another important consideration, as the
company's credit profile incorporates its significant control on
ENN Energy and the stable cash flows from the China city gas
business. Lastly, the company's financial policy is characterized
by high capital spending and leverage.

The principal methodology used in these ratings was Regulated
Electric and Gas Utilities published in June 2017.

Founded in 1992 and headquartered in Hebei, ENN Ecological Holdings
Co., Ltd is a diversified energy company mainly engaged in (1) city
gas distribution, (2) chemical production and trading, (3) energy
construction services, (4) coal mining and trading, and (5)
liquefied natural gas production.

ENN Ecological's major asset is its 32.8% equity stake in ENN
Energy Holdings Limited, one of the largest city gas distributors
in China with 229 city gas concessions in 22 provinces as of the
end of June 2020. The company completed the acquisition of ENN
Energy from Mr. Wang Yusuo, the company's chairman, and his concert
parties on September 21, 2020 under a group reorganization. ENN
Ecological becomes the single largest shareholder in ENN Energy
after the transaction.

In 2019, ENN Energy contributed around 70% and 61% of ENN
Ecological's adjusted FFO and gross profit respectively.

ENN Ecological was listed on the Shanghai Stock Exchange in 1994.
Mr. Wang Yusuo, his wife, Zhao Baoju, and his controlling entities
owned 75.6% of the company as of September 21, 2020.

GOLDEN EAGLE: Fitch Affirms 'BB' LT IDR, Alters Outlook to Stable
-----------------------------------------------------------------
Fitch Ratings has revised the Outlook on China-based
department-store operator Golden Eagle Retail Group Limited's
Long-Term Issuer Default Rating (IDR) to Stable, from Negative, and
affirmed the Long-Term IDR at 'BB'. Fitch has also affirmed Golden
Eagle's senior unsecured rating at 'BB'.

The Outlook revision reflects its view Golden Eagle is recovering
from the effects of the coronavirus pandemic. Golden Eagle's
financial performance during the pandemic and the pace of recovery
were better than its expectations due to its flexible cost
structure and a high proportion of store ownership.

KEY RATING DRIVERS

FCF to Turn Positive: Fitch expects the company to generate
sustained positive free cash flow (FCF) after 2020, driven by a
stabilization in its retail operations and sufficient cash inflows
from property sales to cover capex. Cash flow generation remained
solid in 2020, underpinned by stable profitability, cash inflows
from property sales and a reduction in capex. Golden Eagle has
adequate rating headroom with FFO adjusted net leverage remaining
below its negative trigger even for 2020.

Resilient Profile amid Pandemic: The company's credit profile
remains solid despite the weak retail environment in 1H20 due to
the coronavirus. Fitch expects a fast recovery from the pandemic
with Golden Eagle's revenue and EBITDA reverting to 2019 levels by
2021. Gross sales proceeds (excluding property sales) declined by
21% yoy in 1H20 with concessionaire sales falling 25% and direct
sales dropping 4%, which were better than its expectations. Fitch
forecasts a slight decrease in total revenue in 2020, supported by
a strong rebound in 2H20.

Stable Profitability: Golden Eagle's EBITDA margin widened to 43.8%
in 1H20 from a year earlier due to timely and effective
cost-cutting measures. Fitch expects operating expense as a
percentage of gross sales proceeds to remain largely stable in 2020
compared with 2019 and profitability to improve slightly in the
short term on better sales. The increasing contribution of direct
sales, which have a lower margin, would weigh on the EBITDA margin
in the medium term, but the impact would be offset by better
operational efficiency.

Online Sales Supportive: Golden Eagle will invest more resources to
develop its online platform and improve its merchandise choices.
Fitch expects online sales to complement offline sales and help
offset any disruptions in offline store demand. Its online customer
base is likely to expand as more marketing campaigns will be
conducted through online channels and this option will allow Golden
Eagle to offer a more comprehensive shopping experience to its
customers. Online sales represented 10% of sales in February during
the lockdown and 2% of revenue in June 2020.

Business Profile Intact: Golden Eagle's credit profile continues to
be supported by a high proportion of self-owned stores and a
broadening diversification of revenue. Its operating performance
has been more resilient than that of peers in recent years as it
made continued investments in new store formats to cater to
consumer needs.

The company has also enriched its merchandise selection and service
offerings. Lifestyle elements contribute increasingly to total
revenue, with direct sales and rental income accounting for 60% of
total revenue in 2019, up from 47% in 2015. However, the company
remains very geographically concentrated, with the bulk of revenue
generated from the Yangtze River delta area.

Sufficient Near-Term Liquidity: The company has USD430 million and
HKD1,781 million in syndicated loans due in April 2021. Fitch
expects Golden Eagle to refinance all or part of the outstanding
balance. Its reported readily available cash of CNY5.3 billion was
more than sufficient to cover its short-term debt of CNY4.2 billion
at end-June 2020. In addition, it has unutilised banking facilities
of CNY16 billion.

DERIVATION SUMMARY

Golden Eagle has a weaker market position and significantly smaller
scale than Macy's Inc. (BB/Negative), but benefits from potentially
more favourable consumer demand and has been more resilient after
corrective actions taken over the last few years to offer more
relevant retail formats. Golden Eagle has a smaller store footprint
but historically higher leverage than Dillard's, Inc.
(BB/Negative), which offset its stronger profitability. Both
companies are regionally concentrated.

Recent rating downgrades and Outlook revisions for US department
stores reflect the significant business interruption from the
coronavirus and the implications of a downturn in discretionary
spending that Fitch believes could extend well into 2021. Rating
actions have also resulted from decisions to add permanent debt to
balance sheets to support liquidity. Fitch expects Macy's and
Dillard's to have sufficient liquidity to manage operations through
the downturn, if Fitch's projections are met.

No Country Ceiling, parent or subsidiary or operating environment
aspects have an impact on the rating.

KEY ASSUMPTIONS

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

Gross sales proceeds to decline by low teens in 2020, with rental
income and concessionaire sales declining by more than direct sales
(2019: -1% excluding sale of properties)

EBITDA margin relative to operating revenue of 41% in 2020 and to
remain largely stable thereafter, excluding the contribution
related to property development

Capex of CNY550 million (including capex for projects under
development) in 2020 and increasing to CNY800 million in 2021-2023
(2019: CNY466 million, capex for projects under development is not
included)

55% dividend payout rate annually (2019: 50%)

RATING SENSITIVITIES

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

  - Payables adjusted FFO net leverage (adjusted for lease,
payables and customer deposits) sustained below 3.0x (2019: 3.1x)

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

  - Payables adjusted FFO net leverage (adjusted for lease,
payables and customer deposits) sustained above 4.5x

  - EBITDA margin sustained below 40% (2019: 42%)

  - Sustained negative FCF

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Golden Eagle had reported cash and cash
equivalents of CNY5.3 billion at end-June 2020, against short-term
debt obligations of CNY4.2 billion. In addition, it had unutilised
banking facilities of CNY16 billion.

SUMMARY OF FINANCIAL ADJUSTMENTS

  - Leases: Fitch has adjusted the debt by adding 8x annual fixed
operating lease expense (2019: fixed rental expense of CNY19
million)

  - Payables-Adjusted Net Leverage: Fitch subtracts customer
prepayments and 85% of trade payables from readily available cash.
This metric applies mainly to Chinese department stores operating
under the concessionaire model

  - Operating EBITDA: Fitch treats the sale of properties and cost
of properties sold as non-operating items and cash flow from the
sale of properties as non-operating cash flow

  - Readily available cash: Fitch has classified structured
deposits as readily available cash (2019: CNY611 million)

REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF
RATING

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

ESG CONSIDERATIONS

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



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

AIRCEL GROUP: SC Asks NCLAT to Decide on Spectrum Sale
------------------------------------------------------
Livemint.com reports that the Supreme Court on Sept. 25 said the
National Company Law Appellate Tribunal (NCLAT) will decide whether
lenders can sell spectrum rights of bankrupt telecom operator,
Aircel Group, under the ongoing insolvency resolution process.

Livemint.com relates that a two-judge bench, headed by Justice
S.Abdul Nazeer, said the decision is only for Aircel as the
National Company Law Tribunal (NCLT) had already approved UV Asset
Reconstruction Co Ltd's resolution bid for the bankrupt telco.
Reliance Communications Ltd (RCom) and Videocon Telecommunications
Ltd are the other two bankrupt telecom firms undergoing insolvency
and are at different stages of resolution process.

Aircel on September 9 had filed an application urging the apex
court to modify its order that NCLT will look into the sale of
spectrum held by bankrupt telcos, Livemint.com relates. In its
application, Aircel requested the court to allow the NCLAT to take
decisions related to spectrum sale as nothing was pending before
the NCLT.

"We consider it appropriate that the aforesaid various questions
should first be considered by the NCLT… Let the question be
decided within the outer limits of two months," the Supreme Court
had said in its 1 September order in the adjusted gross revenue
(AGR) case, Livemint.com recalls.

According to Livemint.com, the top court had allowed telecom
operators--Vodafone Idea Ltd, Bharti Airtel Ltd and Tata
Teleservices Ltd--to pay their AGR dues in 10 years. However, the
court did not decided on whether spectrum could be sold under
insolvency process of bankrupt telcos.

While lenders argued that spectrum was an asset and an important
part of the insolvency resolution process to recover dues, the
department of telecommunications (DoT) countered that it could not
be sold as it was national property.

On Sept. 28, solicitor general Tushar Mehta said the NCLAT should
take all decisions of Aircel as the matter was pending before the
appellate tribunal, Livemint.com relays.

In June 2020, the Mumbai bench of the NCLT approved a INR6,630
crore bid by UV ARC that included transfer of spectrum, subject to
the government's approval. Aircel owes INR12,389 crore to the DoT
in AGR dues, Livemint.com discloses.

                        About Aircel Limited

Aircel Limited, along with its subsidiaries Aircel Cellular Limited
and Dishnet Wireless Limited, is a telecom service provider with a
pan India presence. Aircel offers GSM-based 2G services in all the
22 telecom circles and has also introduced 3G services in select
geographies.

Aircel Ltd filed for bankruptcy on Feb. 28, 2018, pressured by a
high debt pile and mounting losses following a price war triggered
by a telecom upstart, according to Reuters. Talks between Aircel,
74% owned by Malaysia's Maxis Communications Bhd, and Reliance
Communications Ltd (RCom) to combine their wireless business was
called off in late 2017 due to regulatory and legal uncertainties
and interventions by various parties.

Aircel, whose debt amounts to INR155 billion (US$2.38 billion),
then tried unsuccessfully to restructure its debt, Reuters related.

ALBA ASIA: CARE Keeps C Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Alba Asia
Private Limited (AAPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        20        CARE C; Stable; Issuer not
   Facilities Term                 cooperating; Based on best
   Loan (Proposed)                 available information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 26, 2019 and January
22, 2018, placed the rating(s) of AAPL under the 'issuer
non-cooperating' category as AAPL had failed to provide information
for monitoring of the rating. AAPL continues to be non-cooperative
despite repeated requests for submission of information through
e-mails, phone calls and a letter/email dated September 10, 2020
and September 14, 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 January 31, 2017 the following were
the rating strengths and weaknesses:

Key Rating Strengths

* Experience of the promoter group in handling port operations:
AAPL is a Joint Venture between ABG Infralogistics Limited (ABG
infra) (through its wholly-owned subsidiary, ABG Ports Pvt. Ltd.)
and Louis Dreyfus Armateurs (LDA), France, holding 51% and 49%
stake respectively. ABG Infra has been in infrastructure space,
primarily crane renting, since 1983. LDA is a France-based
conglomerate with its presence in international maritime transport
for more than a century.

Key Rating Weaknesses

* Weak financial health, reliance on promoter funds for debt
servicing: During FY16, AAPL's income from operations significantly
declined from around INR34 crore in FY15 to around INR20 crore in
FY16, mainly on account of an overall decline in the cargo handled
at the Vishakhapatnam and the New Mangalore
port.

* Issuance of substantial amount of the corporate guarantee on
behalf of its Group companies: The company has extended large
corporate guarantees on behalf of its subsidiaries/associate
companies.

Alba Asia Private Limited (erstwhile ABG LDA Bulk Handling Private
Limited ) (AAPL) is a Joint Venture between ABG Infralogistics
Limited (ABG Infra) through its wholly owned subsidiary, ABG Ports
Pvt. Ltd. and Louis Dreyfus Armateurs (LDA), France, holding 51%
and 49% stake respectively. AAPL owns, operates, maintains and
rents cranes of various types and capacity, which are used for
different applications, mainly by the companies from the ports
sector. The company at present has operations at Visakhapatnam Port
and New Mangalore Port.

ANRAK ALUMINIUM: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Anrak
Aluminium Ltd (AAL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      2,995.00    CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 3, 2017; placed the
ratings of AAL under the 'Issuer Non-Cooperating' category as AAL
had failed to provide information for monitoring of the rating. AAL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated September 4, 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 July 16, 2019; the following were the
rating strengths and weaknesses:

Key rating weakness

* Delays in debt servicing on account of stretched liquidity
position at the back of delay in commencement of operations: There
are delays in servicing of debt obligations by AAL. Due to
non-availability of raw material, AAL has not been able to commence
operations in its alumina refinery. AAL's inability to generate
requisite cash accruals from its power plant operations considering
high debt obligations has led to delays in debt servicing.

ANRAK Aluminium Limited has been promoted by Penna Group along with
Ras Al Khaimah Investment Authority (RAKIA - Investment Body of
Government of Ras Al Khaimah) in 2007 to set up a 1.5 million tons
per annum (MTPA) Alumina refinery along with 3*75 (225 MW) coal
based co-generation power plant at Vishakhapatnam.

AAL executed a bauxite supply agreement with Andhra Pradesh Mineral
Development Corporation Ltd (APMDC). As per the agreement, APMDC
shall supply bauxite from four blocks covering an area of 1162
hectares of Jerrala deposits with mineable reserves of 200 million
tons. APMDC was waiting for final approval from the Ministry of
Environment and Forestry (MoEF). The MoEF, GoI expand through later
dated 17.08.2015, have granted 2nd stage forest clearance under
section 2 of Forest Clearance (FC) Act, 1980 for diversion of
forest land in Chintapalli and Jerrla of Narsinpatnam division,
Visakhapatnam district for mining lease for bauxite in favour of
APMDC. However, due to various reasons, including several
controversies over bauxite mining, the mining operations could not
be taken up. Despite completion of the project and achieving
commercial operations on March 31, 2013, AAL's operations from the
alumina refinery segment did not takeoff due to non-availability of
raw material (bauxite) from Jerrala mines.

BR. SHESHRAO: Ind-Ra Keeps B+ LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Br. Sheshrao
Wankhede Shetkari Sahakari Soot Girni Limited's Long-Term Issuer
Rating in the non-cooperating category. The issuer did not
participate in the rating exercise despite continuous requests and
follow-ups by the agency. Therefore, investors and other users are
advised to take appropriate caution while using these ratings. The
rating will continue to appear as 'IND B+ (ISSUER NOT COOPERATING)'
on the agency's website.

The instrument-wise rating actions are:

-- INR21.40 mil. Bank loans maintained in non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR200 mil. Fund-based working capital limit maintained in
     non-cooperating category with IND B+ (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 4, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Established in 1989 and operational since 2004, Br. Sheshrao
Wankhede Shetkari Sahakari Soot Girni is a cooperative entity
registered under Cooperative Societies Act of Maharashtra, 1960. It
manufactures 100% cotton yarn.


CHEMIETRON CLEAN: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Chemietron
Clean Tech Private Limited (CCTPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        5.46      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

   Long Term/Short       1.00      CARE D; ISSUER NOT COOPERATING;
   Term Bank                       Based on best available
   Facilities                      Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 5, 2019, placed the
rating of CCTPL under the 'Issuer non-cooperating' category as
CCTPL had failed to provide information for monitoring of the
ratings as agreed to in its rating agreement. CCTPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter May 13, 2020,
May 18, 2020, August 4, 2020, and September 2, 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 August 05, 2019, following was the
key rating weakness

Rating Weakness

* Delays in Debt servicing: The ratings assigned to the bank
facilities of CCTPL takes into account that there had been delays
in
servicing of the company's debt obligations

CCTPL was incorporated in May, 2008 as a private limited company by
three promoters led by Mr Ashok Gupta (Age: 73 years). Mr Ashok
Gupta has a long industry experience of around 43 years. CCTPL is
engaged in the business of manufacturing and trading of air filters
and air handling units. CCTPL operates from its ISO 9001:2008
certified manufacturing facilities located at Ahmedabad (Gujarat).

CRIYAGEN AGRI: Ind-Ra Hikes Long Term Issuer Rating to 'BB+'
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Criyagen Agri &
Biotech Private Limited's (Criyagen) Long-Term Issuer Rating to
'IND BB+' from 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR70 mil. working capital limits Long-term rating upgraded;
     short-term rating affirmed with IND BB+/Stable/IND A4+
     rating; and

-- INR15 mil. Term loan due on November 2020 upgraded with
     IND BB+/Stable rating.

KEY RATING DRIVERS

The upgrade reflects a significant rise in Criyagen's revenue in
FY20, leading to an improvement in its margins and credit metrics.
According to FY20 provisional financials, revenue surged to INR488
million (FY19: INR337 million), primarily on account of an increase
in the number of orders received through brand partnership with its
key customer Coromandel International Limited ('IND AA+'/Stable),
which constituted 48% of the total sales (16%). The company
achieved around INR406 million of revenue as of mid-September 2020.
It was able to generate 83% of its FY20 revenue in 1HFY21, on the
back of favorable monsoon and absence of any major impact of the
nationwide lockdown due to the COVID-19 pandemic owing to
classification of the fertilizers segment under the essential
category. Ind-Ra expects the revenue to increase FY21 onwards with
the likely increase in orders in the B2B segment. Criyagens' scale
of operations remains small.

During FY20, the company's EBITDAR margins expanded to 16.48%
(FY19: 11.46%; FY18: 12.26%) owing to the increase in revenue and a
decline in raw material prices. The margins are healthy with a
return on capital employed of 24% in FY20 (FY19: 7%). However,
Ind-Ra expects the margins to remain volatile due to fluctuations
in raw material prices.

Criyagen's interest coverage (operating EBITDAR/gross interest
expense) improved to 5.68x in FY20 (FY19: 1.83x) and net leverage
(total adjusted net debt/operating EBITDAR) to 1.76x (4.21x), on
account of an increase in EBITDAR to INR80.47 million (INR38.66
million) and a reduction in the debt to INR128 million (INR135
million), due to the term loan prepayment. The company plans to
incur capex of INR60 million in FY21-FY22 to increase its plant
capacity by 25%-30%. The capex will be funded through 75% debt and
25% of fund infusion by the promoters. Despite the debt-led capex,
Ind Ra expects the credit metrics to remain strong in the medium
term owing to the likely improvement in the EBITDAR.

Liquidity Indicator - Stretched: The company's average maximum
utilization of its fund-based limits was 78% for the 12 months
ended August 2020. The company had cash and cash equivalents of
INR16 million at FYE20 (FYE19: INR9.7 million). The total
outstanding debt stood at INR15 million as at end-August 2020,
which will be repaid by FY21. The company had availed moratorium
for its working capital and long-term facilities over March-August
2020 under the Reserve Bank of India's COVID-19 regulatory package
scheme. The company's cash flow from operations declined to INR4
million in FY20 (FY19: INR17 million) due to an increase in working
capital requirements. Its working capital cycle elongated to 160
days in FY20 (FY19: 73 days) owing to (i) a decline in creditor
period to 130 days (197 days) as the company opted for alternate
suppliers offering raw materials at a lower price for advanced
payments, and (ii) an increase in the inventory holding period to
165 days (148 days) due to the nationwide lockdown, which led to
delays in despatching of goods.

However, the ratings continue to benefit from the promoters' a
decade-long experience in the manufacturing of biochemical
fertilizers.

RATING SENSITIVITIES

Positive: An improvement in the liquidity position, along with an
increase in the scale of operations while maintaining the overall
credit metrics, all on a sustained basis, could lead to a positive
rating action.

Negative: Any deterioration in the scale of operations, liquidity
along with deterioration in the credit metrics could be negative
for the ratings.

COMPANY PROFILE

Incorporated in 2008, Criyagen manufactures bio fertilizers,
phosphate rich organic manure and bio control agents.


DR. O.P.: CARE Keeps D Debt Ratings in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dr. O.P.
Chaudhary Memorial Trust (DOPT) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        3.48      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

   Short Term Bank       1.60      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from DOPT to monitor the ratings
vide e-mail communications/letters dated June 11, 2020, June 26,
2020, August 17, 2020, August 25, 2020, August 28, 2020 and
numerous phone calls. However, despite CARE's repeated requests,
the trust 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 DOPT's bank facilities will now be
denoted as CARE D; 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 ratings takes into account non-availability of requisite
information and no due-diligence conducted due to noncooperation by
Dr. O.P. Chaudhary Memorial Trust 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.

Detailed description of the key rating drivers

Key Rating Weaknesses

Ongoing delay in debt servicing due to tight liquidity position and
cash flow mismatch.

Lucknow (Uttar Pradesh) based Dr. O.P. Chaudhary Memorial Trust
(DOPT) was established in 2011 by Mr Anurag Singh and Dr Snehlata
Singh to set up Ayuvedic Medical College and Hospital in the name
of Sardar Patel Institute of Ayurvedic Medical Sciences & Research
Center (SPIRC). SPIRC offers graduation course in Ayurvedic
Medicine and Surgery. The college has due approvals for undertaking
teaching of Ayurvedic Medicine and Surgery courses from Lucknow
University, Uttar Pradesh. The hospital was operational since
December, 2014 and the college has started its operation from
December, 2017.

ECOMOTEL HOTEL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ecomotel
Hotel Ltd. (EHL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       11.65      CARE D; Issuer Not Cooperating;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 5, 2018, placed the
rating(s) of EHL under the 'issuer noncooperating' category as EHL
had failed to provide information for monitoring of the rating. The
same continued in the press release dated August 2, 2019. EHC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated August 31, 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 2, 2019 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Delays in Debt Servicing: Due to lower capacity utilization, the
company has continued to book losses even during FY17. The weak
liquidity has constrained the company's ability to service its debt
in a timely manner and there have been continuing delays in
servicing of debt obligations to the lenders.

Ecomotel Hotel Limited (EHL) is a special purpose vehicle promoted
by Celebrations, a part of the Celebrations Group which operates
multiple specialty theme luxury hotels and resorts in Central India
and LCL, a Hindustan Construction Company Limited (HCC) group
company. As on March 31, 2017, LCL holds 51% equity stake in the
company while the remaining 49% equity stake is held by
Celebrations. EHL operates a mid-priced 130 room hotel at Lavasa
under the brand name 'Mercure Lavasa'. The hotel's built up area is
around 77,000 square feet with 97 standard rooms, 31 superior rooms
and 2 family rooms. Also, the hotel operates four inhouse
restaurants suiting different requirement of customers. The hotel
is operated by AAPC Singapore PTE Limited (Mercure Hotels) who are
paid 6% of gross room rent as operating fees, in addition to other
fees as per agreement.

ELECTROMECH MARITECH: CARE Reaffirms D Rating on INR31.51cr Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Electromech Maritech Private Limited (Electromech), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       31.51      CARE D Reaffirmed
   Facilities
   (Term Loan-I)        

   Long term Bank        7.95      CARE D Reaffirmed
   Facilities
   (Term Loan-II)        

Detailed Rationale & Key Rating Drivers

The reaffirmation of rating assigned to the bank facilities of
Electromech continue to take into account the instances of delay in
servicing of debt obligations by the company.

Rating Sensitivities

Positive Factors

* Timely servicing of debt obligations for more than three months
and improvement in the liquidity profile of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Instances of delay in the servicing of debt obligations: There
have been delays in the servicing of debt obligations by the
company for the last one year with the latest delay in July
2020 as confirmed with the lenders. The company had sought
moratorium on the interest and principal repayment obligations from
the term lenders for the period of March-August 2020 as per RBI
package. The lenders had accepted the request sought for
moratorium-I from March to May 2020; however, since the company has
been regularly receiving payments from the off-taker, the request
for moratorium-II was rejected by the lenders. The company has paid
the due debt obligations for June-July period with a delay which
has been confirmed by the lenders. The delay in the servicing of
debt obligations is mainly attributed to stretched liquidity
position due to lower generation of cash accruals
vis-a-vis debt repayments for the fiscal FY20.

* Below average financial risk profile: The company has a below
average financial risk profile characterized by leveraged capital
structure and low debt coverage indicators. The leveraged capital
structure is largely due to high debt and low net worth which is
largely due to accumulated losses. The overall gearing deteriorated
from 3.59x as on March 31, 2019 to 4.24x as on
March 31, 2020. Further, the company has reported net losses for
FY19 and FY20 due to lower operating income as against higher
capital charge (INR2.40 crore during FY20 and INR1.37 crore during
FY19). The interest coverage ratio declined from 1.76x in FY19 to
1.44x in FY20 due to lower top-line resulting in lower PBILDT.

* Subdued operational performance during FY20: The operational
performance of 5 MW grid connected solar photovoltaic (SPV) power
plant constructed by Electromech at Askandra Village, Jaisalmer
district, Rajasthan which was commissioned on January 10, 2012
remained subdued with CUF (Capacity utilization factor) of 10.81%
during FY20 (PY: 14.78%). This was mainly on account of fire
accident in one of the inverter of 1 MW translating into 20% of the
installed capacity non-operational from November 2019-August 2020.

Key Rating Strengths

* Long term power off take arrangement: Electromech has signed a
Power Purchase Agreement (PPA) with NTPC Vidyut Vyapar Nigam
Limited (NVVNL) to supply power generated from the 5 MW solar
projects for a period of 25 years from COD which was on January 10,
2012. According to the PPA, the power is to be sold at a fixed
tariff rate of INR11.60 per KWH. In the event that the payments are
delayed beyond the due date, NVVNL would be liable to pay late
payment surcharge for the delayed amount at 1.25% per month for the
actual period of delay.

Liquidity: Stretched

The liquidity profile of the company is marked by tightly matched
cash accruals to repayment obligations, no working capital limits
and low cash & bank balance. The company had sought moratorium on
the interest and principal repayment obligations from the term
lenders for the period of March-August 2020 as per RBI package. The
lenders had accepted the request sought for moratorium-I from March
to May 2020; however, since the company has been regularly
receiving payments from the off-taker, the request for
moratorium-II was rejected by the lenders. The company has cash
balance of INR1.13 crore and has created DSRA in the form of fixed
deposits amounting to INR4.10 crore as on August 20, 2020.

Electromech is a 51:49 joint venture between Golden Infraprojects
Pvt Ltd (GIPL) and Lanco Solar Energy Private Limited (LSEPL) was
incorporated on January 2, 2008. Both GIPL and LSEPL are companies
of Lanco group. Electromech is a 5 MW solar energy project located
at Askandra Village, Jaisalmer district, Rajasthan. The project was
funded in debt equity ratio of 63:37. The project achieved
Commercial Operations Date (COD) on January 10, 2012. The company
has signed a long term PPA with NVVNL for 25 years at a fixed
tariff rate of INR11.60/kwh in January 2011.

FALCON STEELS: CRISIL Migrates B+ Rating from Not Cooperating
-------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL had migrated its rating
on the bank facilities of Falcon Steels (FS) to 'CRISIL B+/Stable
Issuer Not Cooperating. However, the management has subsequently
shared the information required for carrying out a comprehensive
review. Consequently, CRISIL is migrating the rating to 'CRISIL
B+/Stable'.

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

   Term Loan              0.98      CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

   Proposed Term Loan     2.02      CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

The ratings continue to reflect modest scale of operations, an
average financial risk profile and working capital intensive
operations. These weaknesses are partially offset by the experience
of the promoter and their funding support.

Key Rating Drivers & Detailed Description

Weakness:
* Small scale of operations and exposure to intense competition:
Falcon Steels commenced its commercial operation from April 2017,
hence the scale of operations has remained low at estimated revenue
of INR21.24 crore with limited track record of operations. Intense
competition in the stainless steel industry, both from organised
and unorganised players also limits the firm's ability to bargain
with its dealers and customers.

* Average financial risk profile: The financial risk profile is
marked by modest net-worth of INR5.01 crores and total outside
liabilities/tangible net-worth of 2.51 times as on 31st March 2020.
Debt protection matrices has also remained average with interest
coverage ratio of 1.83 times and net cash accrual to adjusted debt
(NCAAD) of 0.08 times.

* Working capital intensive operations: Working capital operations
are marked by GCA of 222 days on back of inventory of 101 days and
debtors of 126 days as on March 31, 2020. Limited support by
creditors has led to higher reliance on external debt leading to
high bank limit utilization of 99% averaged for past 12 months
ending July 2020.

Strengths:
* Extensive entrepreneurial experience of the partners and their
fund support: The partners have entrepreneurial experience of more
than two decades. Further, unsecured loans of INR3.68 crore as
March 31, 2020 have been extended by partners and their family
members.

Liquidity Stretched

Bank limit utilisation was high at around 99% during the 12 months
through July 2020. Cash accrual is expected to be modest at
INR80-100 lakh against term debt obligation of INR17.28 lakh, per
fiscal over the medium term. The current ratio was moderate at 1.06
times on March 31, 2020.

Outlook: Stable

CRISIL believes FS will continue to benefit from the fund support
from the partners and experience of promoters.

Rating Sensitivity factors

Upward factors
* Increase in revenue to more than INR30 crore per fiscal while
sustaining operating profitability
* Improvement in the working capital cycle with a reduction in
gross current assets and higher cushion in working capital lines

Downward factors
* A decline in the operating margin by more than 300 basis points,
resulting in lower-than-expected net cash accrual
* Higher-than-expected debt-funded capital expenditure, weakening
the financial risk profile

FS was established as a partnership firm in 2016 in Kaithal,
Haryana, by Mr. Rahul Singhal, Mr. Pradeep Singhal, Mr. Akhil
Singhal and Mr. Raj Kumar Singhal. The firm manufactures stainless
steel tubes used in various industries such as infrastructure,
agriculture, and water and sanitary fittings, among others.

GOPAL OIL: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gopal Oil
Industries (GOI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        7.90      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GOI to monitor the ratings
vide e-mail communications dated July 15, 2020, July 17, 2020, July
24, 2020, August 11, 2020, August 17, 2020, August 24, 2020, and
numerous phone calls. However, despite CARE's repeated requests,
the firm has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the ratings on the basis of the best available information
which, however, in CARE's opinion is not sufficient to arrive at a
fair rating. The ratings on GOI bank facilities will now be denoted
as CARE D; 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 ratings.

Detailed description of the key rating drivers

At the time of last rating on February 13, 2020, following was the

key rating weakness:

Rating Weakness

* Ongoing overdrawing owing to poor liquidity position: As per
banker interaction, there is an ongoing overdrawing of more than 30
days Cash Credit Limit owing to poor liquidity position of the
firm. Further, the account has turned NPA.

Pandhurna, Chindawara (Madhya Pradesh) situated Gopal oil
Industries (GOI) was formed as a proprietorship firm in 1991 by Mr
Gopal Paliwal (Promoter), he has experience of 26 years in this
industry and looks after production process in the firm. GOI is
engaged in processing and trading of cotton seeds oil and cotton
oil cake which is also used in Cattle industry. The firm
is having installed capacity of 1250 Metric Tonnes Per Day (MTPD);
however it utilizes 500 MTPD. The firm purchases raw material from
local market, Andhra Pradesh and Maharashtra and supplies its
products mainly to Gujarat and Rajasthan.

HEALTHFORE TECHNOLOGIES: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Healthfore
Technologies Ltd (HTL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank Facilities-     266.67     CARE D; Issuer not cooperating;
   LT Term Loan                    Based on best available
                                   information

   Bank Facilities-       7.10     CARE D; Issuer not cooperating;
   STWCDL                          Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 16, 2019, continues to
place the ratings of HTL under the 'Issuer Not Cooperating'
category as the company had failed to provide the requisite
information required for monitoring of the ratings as agreed to in
its rating agreement.

Healthfore Technologies Ltd continues to be non-cooperative despite
repeated requests for submission of information through phone calls
and a letter/email dated Sept. 2, 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. The ratings on bank
facilities of Healthfore Technologies Ltd are denoted as 'CARE D;
Issuer not cooperating'.

Detailed description of the key rating drivers

CARE has not received any information from the company. The review
is conducted on the basis of best available information.

Analytical approach: The ratings of the facilities of HTL are based
on the assessment of RHC as the rated facilities are backed by
credit enhancement from RHC Holding Private Limited.

Healthfore Technologies Limited (HTL; erstwhile Religare
Technologies Limited), incorporated in May 2009 is a global
healthcare IT solutions and advisory services company. HFTL offers
various products and services including product 'Infinity' which is
a Hospital Information System and supports patient, clinical,
ancillary and financial management, 'Magnum Imaging system' which
optimizes clinical workflow by combining Picture Archival and
Communication System (PACS), Radiology Information System (RIS) and
teleradiology. HFTL also provides telehealth services spanning
telemedicine, telepathology, teledermatology and teleradiology.

HELIOS PHOTO: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Helios
Photo Voltaic Limited (HPVL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      978.38      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

   Short Term Bank       2.15      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 18, 2019, continues to
place the ratings of HPVL under the 'Issuer Not Cooperating'
category as the company had failed to provide the requisite
information required for monitoring of the ratings as agreed to in
its rating agreement. Helios Photo Voltaic Limited continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and a letter/email dated Sept. 2,
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. The ratings on bank facilities of Helios Photo Voltaic
Limited are denoted as 'CARE D; 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.

Detailed description of the key rating drivers

CARE has not received any information from the company except the
FY19 financials extracted from ROC.

The review is conducted on the basis of best available
information.

HPVL, previously known as Moser Baer Photo Voltaic Limited is a
wholly-owned subsidiary of Moser Bear Solar Limited (MBSL, rated
CARE D; Issuer not cooperating) and a step-down subsidiary of Moser
Baer India Limited (MBIL, rated CARE D; Issuer not cooperating).
HPVL is primarily engaged into design, manufacture and export of
photo voltaic cells, modules and systems. HPVL commenced its
commercial shipment of PV (Photo Voltaic) cells and modules in June
2007 and November 2007 respectively. HPVL also provides turnkey
solutions and EPC services for the large grid-connect solar farms.

HERODEX POWER: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL said the ratings on bank facilities of Herodex Power Systems
Private Limited (HPSPL) continue to be 'CRISIL D/CRISIL D Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        14.5       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Cash Credit           19         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Letter of Credit       5         CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term    10.42      CRISIL D (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with HPSPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HPSPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on HPSPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of HPSPL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

HPSPL, established in August 1995 is promoted by Mr. Shashank
Kalkar and Mr. Prashant Desai. The company provides products and
services for the electricity transmission and distribution sector.
It manufactures automatic power factor controller panels and offers
various power systems-based EPC turnkey project solutions to the
sector. Its manufacturing facility is at Nashik, Maharashtra.

HINDOK EXPORTS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Hindok Exports
Limited (HEL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            7.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan         2.5       CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with HEL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of HEL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on HEL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of HEL
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

HEL, incorporated in 2002, is promoted by Mr. Aditya Kapoor. The
company manufactures yarn, and trades in yarn, knitted cloth, and
steel machinery. It is based in Ludhiana, Punjab.


HINDUSTAN PAPER: Fresh Plea to Liquidate 2 Closed Paper Mills Filed
-------------------------------------------------------------------
Hindustan Times reports that the liquidator for the state-run
Hindustan Paper Corporation Limited (HPCL) has submitted a fresh
plea in the National Company Law Tribunal (NCLT) seeking
liquidation of the corporation's two closed paper mills in Assam.

According to Hindustan Times, the fresh application was filed by
Kuldeep Verma, liquidator for HPCL, before NCLT's Bench-II in New
Delhi on September 14--four days after Assam government sent a
letter to Verma seeking a month's time for revival of the closed
mills and clearances of all due of employees and workers.

Production at HPCL's Cachar Paper Mill (CPM) closed on October 20,
2015 while the Nagaon Paper Mill (NPM) has remained closed since
March 13, 2017, Hindustan Times recalls. Nearly 1,200 employees of
both the mills have not received salaries for over two years.

The matter of liquidation of the two paper mills has been pending
with NCLT. The final hearing in the case was slated for Sept. 21.

"It would be expedient and in the interest of all stakeholders for
the assets of the corporate debtor (HPCL) to be liquidated so as to
maximize the realization for distribution among the stakeholders as
per law," the application stated, Hindustan Times relays.

"The applicant is, in the aforesaid facts, filing the present
application praying for issuance of directions permitting the
liquidator to proceed with liquidation of the corporate debtor HPCL
in accordance with law," it added.

Hindustan Times says the application mentioned that all "sincere
efforts" for revival of the paper mills "have not yielded any
positive result" and granting any further time would not be as per
legal provisions or earlier decisions of the Supreme Court on the
matter.

It was stated that huge expenses are being incurred on a monthly
basis towards security charges, insurance premium, essential
services for basic upkeep of the paper mills and townships etc. and
the same is detrimental to the interest of the stakeholders.

On September 10, the Assam government had written a letter to Verma
seeking a month's time to revive the mills, Hindustan Times
relates.

"Government of Assam has always taken a stand that the closed HPCL
mills must be revived at the earliest. Due to closure of the mills,
over thousands of workers and employees have been rendered jobless.
Local economy has also got severely affected," the letter stated.

"Kindly take up the matter with NCLT to grant one month's time as
the state government is making sincere efforts and pursuing the
matter with the central government for revival of the closed mills
and clearances of all dues of employees and workers," it added.

Hindustan Paper Corporation Ltd is a Government of India Enterprise
engaged in manufacturing pulp and paper of various grade. It has
pan-india operations from North Eastern Region to Southern most
Kerala. Writing and printing papers of all grades are manufactured
in the 2 plants located in Assam, Newsprint is manufactured in the
subsidiary Hindustan Newsprint Ltd Kerala.

IND-ANDHRA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Ind-Andhra Agro
Products Private Limited (IAPPL) continue to be 'CRISIL D/CRISIL D
Issuer not cooperating'.

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

   Packing Credit        38         CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with IAPPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of IAPPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on IAPPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of IAPPL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

IAPPL was set up by Mr. Arimilli Rama Krishna, Mr. Gudimetla Rama
Krishna, and Mr. Samanthapudi Sree Rama Raju. The company trades in
agro-commodities, and derives revenue from trading in maize and
rice. The company is based in West Godavari District (Andhra
Pradesh).


INDIA: $6BB Telecom Bankruptcies Left Hanging as Ministries Argue
-----------------------------------------------------------------
Upmanyu Trivedi at Bloomberg News reports that bickering among
Indian government ministries and a deferred top court decision on
the sale of bankrupt telecom companies' rights to use mobile phone
spectrum has derailed the resolution of the industry's biggest
bankruptcies, leaving banks waiting for $5.7 billion in payments.

According to Bloomberg, India's top court in a verdict on telecom
dues earlier this month asked a lower court to first rule on the
dispute raised by the federal telecommunications ministry against a
group of government-owned banks led by State Bank of India over the
legality of the sale of airwave licenses of collapsed mobile phone
operators.

Bloomberg says the case is yet another example of how government
branches are delaying bankruptcy settlements in a country whose
banks suffer the world's worst bad debt ratios. Any uncertainty
about lenders' rights over the key assets of operators could also
discourage lending or bank guarantees to Bharti Airtel Ltd. and
Vodafone Idea Ltd.

In an interim step, the Supreme Court decided on Sept. 25 that the
bankruptcy appellate tribunal will decide whether banks can sell
bankrupt telecom companies' right to mobile phone spectrum in the
insolvency proceedings, Bloomberg says. That's a change from the
previous order, which empowered the lower bankruptcy court. The
Sept. 25 ruling removes one layer of appeals, which could expedite
a final decision on the issue.

Any ruling by a lower court, followed by possible appeals up to the
top court, may take from six months to more than a year, Shally
Bhasin, a partner at Delhi-based law firm Agarwal Law Associates,
said before Sept. 25's hearing, Bloomberg relays. "Neither the
banks nor the telecom sector can afford such delays. It frustrates
the spirit of the bankruptcy law that mandates a time-bound
resolution of insolvencies," she said.

Bloomberg says the bankruptcy tribunal had approved a plan to sell
the assets of Aircel Ltd. group companies to help banks recover
about INR190 billion ($2.6 billion) of debt.  Another proposal to
sell the assets of Reliance Communications Ltd. to reclaim about
INR230 billion is pending, Bloomberg notes.

The banks were seeking larger amounts, Bloomberg says. A group of
mostly state-owned lenders claimed about INR587 billion from Aircel
firms -- formerly controlled by Malaysian billionaire T. Ananda
Krishnan -- and some INR1.2 trillion from collapsed Reliance
companies, which used to be controlled by tycoon Anil Ambani,
Bloomberg discloses. The telecom department claimed another INR120
billion from Aircel and INR250 billion from RCom in fees for
airwave permits.

Bloomberg relates that the telecom department challenged any sale
before its dues are cleared, a view opposed by the corporate
affairs ministry. Lenders contested the telecom ministry's petition
in court, saying without sale of airwaves rights the bankruptcy
resolution would fail.

"Ministries of telecommunications and corporate affairs must sort
the issues at their levels so that the sanctity of bankruptcy
resolution process remains intact," the report quotes Ms. Bhasin as
saying.

LAKSHMI VENKATA: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lakshmi Venkata
Ramana Publishers (LVRP) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          1.0         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan       7.4         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term   1.6         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING)

CRISIL has been consistently following up with LVRP for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LVRP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on LVRP is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of LVRP
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Established in 2015 as a partnership firm, Lakshmi Venkata Ramana
Publishers (LVRP) is engaged in offset printing and book
manufacturing business. Based in Vijaywada, Andhra Pradesh, the
firm is promoted by Mr.P Srinivasa Rao.

LIGARE AVIATION: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ligare
Aviation Ltd (LAL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Bank Facilities-    235.00      CARE D; Issuer not cooperating;
   LT-Term Loan                    Based on best available
                                   information

   Bank Facilities-      5.00      CARE D; Issuer not cooperating;
   ST-WCDL                         Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 16, 2019, continues to
place the ratings of LAL under the 'Issuer Not Cooperating'
category as the company had failed to provide the requisite
information required for monitoring of the ratings as agreed to in
its rating agreement. Ligare Aviation Limited continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and a letter/email dated Sept. 2,
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. The ratings on bank facilities of Ligare Aviation Limited
are denoted as 'CARE D; Issuer not cooperating'.

Detailed description of the key rating drivers

CARE has not received any information from the company except the
FY18 financials extracted from ROC.

The review is conducted on the basis of best available
information.

Analytical approach: The long-term ratings of Ligare Aviation
Limited (LAL) are based on the credit enhancement from RHC Holding
Private Limited (RHC) and Malav Holdings Pvt Ltd & Shivi Holdings
Pvt Ltd, the holding companies of RHC while the short term rating
are based on standalone approach.

Ligare Aviation Ltd (LAL) incorporated in September, 1996, is
engaged in non-scheduled air charter business with fleet of 11
aircrafts (out of which four are owned and balance seven are
leased) including jets, turbo props and helicopters with a flying
range within the Asian continent and the Middle East.

LOVELY ENTERPRISES: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL said the rating on bank facilities of Lovely Enterprises
Private Limited (LEPL; part of the Lovely group) continues to be
'CRISIL D Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            25        CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with LEPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LEPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on LEPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of LEPL
continues to be 'CRISIL D Issuer Not Cooperating'.

The Kolkata-based Lovely group was promoted by Mr. Kishan Gopal
Biyani and his son, Mr. Samir Biyani. Lovely International Pvt Ltd
(LIPL), incorporated in 1999, trades in sawn timber and timber
logs. LEPL, which was set up in 2003, also trades in other
commodities such as marble, and iron and steel products; however,
timber remains the group's main product.

LOVELY INTERNATIONAL: CRISIL Keeps D Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Lovely International
Private Limited (LIPL; part of the Lovely group) continue to be
'CRISIL D/CRISIL D Issuer not cooperating'.

                         Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Bill Purchase-           7.5        CRISIL D (ISSUER NOT
   Discounting                         COOPERATING)
   Facility                 

   Cash Credit             40.0        CRISIL D (ISSUER NOT
                                       COOPERATING)

   Letter of Credit        28.0        CRISIL D (ISSUER NOT
                                       COOPERATING)

   Proposed Long Term       2.5        CRISIL D (ISSUER NOT
   Bank Loan Facility                  COOPERATING)

CRISIL has been consistently following up with LIPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of LIPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on LIPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of LIPL
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

The Kolkata-based Lovely group was promoted by Mr. Kishan Gopal
Biyani and his son, Mr. Samir Biyani. LIPL, incorporated in 1999,
trades in sawn timber and timber logs. Lovely Enterprises Pvt Ltd
(LEPL), which was set up in 2003, also trades in other commodities
such as marble, and iron and steel products; however, timber
remains the group's main product.

MADHAV BISCUITS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Madhav Biscuits
Private Limited (MBP) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           .40        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

   Long Term Loan      13.60        CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MBP for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MBP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MBP is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MBP
continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

MBP (formerly known as Pahladrai Biscuits Pvt Ltd), incorporated in
2008, manufactures biscuits on contract basis for Parle. The
company is promoted by Vaid and family and started its commercial
operations in September 2010. The manufacturing facilities are in
Uttar Pradesh.

MARUDHAR ROCKS: Ind-Ra Lowers Long Term Issuer Rating to 'BB+'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Marudhar Rocks
International Private Limited's (MRIPL) Long-Term Issuer Rating to
'IND BB+' from 'IND BBB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR1.30 bil. Term loans due on June 2025 downgraded with IND
     BB+/Stable/IND A4+ rating;

-- INR75 mil. Fund-based working capital limits downgraded with
     IND BB+/Stable rating;

-- INR20 mil. (reduced from INR95 mil.) Non-fund-based working
     capital limits downgraded with IND A4+ rating; and

-- INR200 mil. Proposed fund-based working capital limits
     downgraded with Provisional IND BB+/Stable/Provisional IND
     A4+ rating.

KEY RATING DRIVERS

The downgrade reflects MRIPL's lower-than-expected revenue,
sustained high net adjusted leverage and a stretched liquidity
position in FY20. Ind-Ra expects the company's credit profile to
remain constrained in FY21 because of the muted demand and
uncertainties associated with the COVID-19 pandemic.

MRIPL's revenue declined 16% yoy to INR581 million in FY20, mainly
due to 42% yoy drop in the overall sales volume of marble and
granite to 1,93,349 square meter (sq. m)., partially offset by 30%
yoy increase in average realization to INR2,738 per sq. m. The
revenue decline was also attributable to the shift towards the
commission-based trading model from direct trading. Furthermore,
the company generated revenue lowers than Ind-Ra's expectation, due
to a delay in commercialization of its quartz plant. The agency
expects a significant improvement in the revenue in FY21 on the
back of its robust order book of around INR1,600 million as of
August 2020, to be executed in FY21. During 5MFY21, MRIPL booked
revenue of INR438 million. The company's scale of operations
remains medium.

Despite the decline in revenue, MRIPL's EBITDA margins surged to
21.77% in FY20 (FY19: 8.75%) mainly due to (i) a decline in the raw
material cost as a percentage of sales to 49% (63%) owing to the
shift towards the commission-based model for trading, (ii) the
increase in average realization in the granite and marble segment,
and (iii) the addition of high-margin product (quartz) in FY20. The
company's return on capital employed was below 1% in FY20 (FY19:
6%, FY18: 10%) due to the delay in commercialization of the quartz
plant, leading to negligible capacity utilization. The margins also
remain susceptible to forex fluctuations; however, this risk is
partially mitigated as the company enters into forward contracts.
Ind-Ra expects the FY21 margins to remain in line with FY20 or to
improve marginally due to the likely increase in revenue from the
high-margin quartz business.

MRIPL's interest coverage (operating EBITDA/gross interest expense)
was comfortable and improved to 15.79x in FY20 (FY19: 3.3x), while
its net adjusted leverage (total adjusted net debt/operating
EBITDAR) remained high despite improvement to around 16x (24x). The
improvement in the credit metrics was due to an increase in EBITDA
to around INR127 million (INR61 million) and a decline in finance
cost to INR8.01 million (INR18.47 million). The adjusted debt
(including letter of credit outstanding) at FYE20 was INR2,032.50
million (FYE19: INR1,670 million). Ind-Ra opines the interest
coverage is likely to remain comfortable in FY21 due to the
conversion of letter of credit to buyer's credit instead of a term
loan, which attracts lower interest cost; however, the net adjusted
leverage will continue to be high.

Liquidity Indicator - Stretched:  The company had low cash and cash
equivalents of INR17 million at FYE20 (FYE19: INR195.36 million).
MRIPL's cash flow from operations remained negative at INR18.83
million in FY20 (FY19:  negative INR19.41 million) due to a
substantial increase in the working capital requirements, resulting
from the newly added high capacity quartz plant. The net working
capital cycle elongated to 204 days in FY20 (FY19: 76 days) due to
a substantial increase in the inventory holding period to 227 days
(35 days), resulting from the addition of new products in the
portfolio and the COVID-led disruptions at the end of the year. The
company borrowed around INR67 million of unsecured loans in FY20
and INR120 million in FY21 to fund the increased working capital
requirements. The average peak utilization of the fund-based limits
was 65% for the 12 months ended August 2020. Furthermore, the
company has a proposed working capital limit of INR200 million,
which will be sanctioned in FY21 as per the banker. MRIPL has
scheduled debt repayments of INR150 million in FY21 and INR200
million in FY22.

However, the ratings are supported by MRIPL's promoters, who have
interests in natural stones, food and beverages and real estate
sectors. One of the promoters, Avinash Mehta is the promoter
director of Prataap Snacks Limited. The promoters' more than two
and a half decades of experience in the trading of marble and
granite has led to established relationships with its customers and
suppliers, leading to repeat orders from established customers in
the US (accounts 80% of the revenue).

RATING SENSITIVITIES

Positive: A substantial increase in the capacity utilization of the
quartz plant, leading to a significant improvement in the revenue,
EBITDA margins and liquidity position, and a consequent reduction
in the net adjusted leverage to 4.0x, all on a sustained basis,
could be positive for the ratings.

Negative: Lower-than-expected growth in the revenue and EBITDA,
leading to a further stretch in liquidity position and/or the net
adjusted leverage remaining above 6.0x, all on a sustained basis,
could be negative for the ratings.

COMPANY PROFILE

Incorporated in 2010, MRIPL is an export-oriented unit that
manufactures and exports natural stones and granites. The company
has a 225,000 square meter-production facility in Hosur, Tamil
Nadu. It also has a quartz stone manufacturing plant with an annual
capacity of 766,080 square meters, which commenced operations in
January 2020.



MEENAKSHI FISHING: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL said the ratings on bank facilities of Meenakshi Fishing and
Trading Co. (MFTC) continue to be 'CRISIL D Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.15       CRISIL D (ISSUER NOT
                                    COOPERATING)

   Long Term Loan        8          CRISIL D (ISSUER NOT
                                    COOPERATING)

   Proposed Long Term
   Bank Loan Facility    1.85       CRISIL D (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MFTC for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MFTC, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MFTC is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MFTC
continues to be 'CRISIL D Issuer Not Cooperating'.

Meenakshi fishing and trading co (MFTC), is engaged in fishing and
providing ferry services for tourists of Andaman Islands. The
firm's entire operation is based out of Andaman Islands.

MERGE STONES: CRISIL Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL said the rating on bank facilities of Merge Stones -
Hyderabad (MS) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              14        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with MS for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of MS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on MS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of MS
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up as a partnership firm in December 2016 by Mr. Sidda Rao and
Mr. Mittapalli Sharat Babu, MS is setting up a unit to process
marble stones in Chattanpalle Village, Telangana. The unit will
have installed capacity of 39.6 lakh square feet per annum and is
expected to commence commercial operations in April 2018.

NAVAGIRI APPAREL: CRISIL Lowers Rating on INR7.5cr Loans to B
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Navagiri
Apparel (NA) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bill Discounting      2.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

   Export Packing        5.0        CRISIL B/Stable (ISSUER NOT
   Credit                           COOPERATING; Revised from
                                    'CRISIL BB/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with NA for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NA, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on NA is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of NA Revised
to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB/Stable
Issuer Not Cooperating'.

Established in June 2003 in Tiruppur, Tamil Nadu, as a partnership
firm by Mr. AR Shanmugam and Ms S Kalrani, NA manufactures
readymade garments for men and women.

NUZIVEEDU SWATHI: CARE Keeps D Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Nuziveedu
Swathi Coastal Consortium (NSC) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       51.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

   Short Term Bank       5.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   Information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 16, 2019, placed the
rating(s) of NSC under the 'issuer non-cooperating' category as NSC
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. NSC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 31, 2020, September 2, 2020 & September 4, 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 take into account the delays in servicing of debt
obligations of Nuziveedu Swathi Coastal Consortium on account of
slow progress of the project and stretched liquidity position.

Detailed description of the key rating drivers:

(At the time of last rating on August 16, 2019, the following were
the rating strengths and weaknesses)

Key Rating Weaknesses

* Stretched liquidity position resulting in delay in debt
servicing: The firm has been facing stretched liquidity position
due to the slow progress of the project and significant additional
cost incurred due to increase input cost. This apart, the payment
from the Government Departments of A.P. has also been delaying
which has resulted in stretched liquidity and consequently delays
in debt servicing.

Key Rating Strengths

* Experienced partners: The managing partners of NSCC comprises the
promoter of the NSL group, Coastal Projects Limited and Siva Swathi
Constructions Private Limited The partner companies have long
established experience in the construction segment in Hyderabad.

Nuziveedu Swathi Coastal Consortium (NSCC) is a partnership firm
engaged in construction of a tunnel [Tunnel I, using Tunnel Boring
Machine (TBM)] as a part of the Veligonda Irrigation Project
(Rs.612.80 crore) in the Prakasam district of Andhra Pradesh. NSCC
is formed by a consortium comprising Splendid Minerals Private
Limited (SMPL, subsidiary of Mandava Holdings Private Limited of
NSL group of Hyderabad, holding 50% share), Coastal Projects
Limited (CPL, holding 25% share) and Siva Swathi Constructions
Private Limited (SSCPL, holding 25% share), all belonging to
Hyderabad. The Partners have formed NSCC primarily for execution of
the Veligonda Irrigation Project.

CARE has reviewed the ratings assigned to the bank facilities of
Jaymala Spintex Limited (JSL) to CARE D; Issuer not cooperating
(Single D; Issuer not Co-operating) and has simultaneously
withdrawn it, with immediate effect.

The rating withdrawal is at the request of JSL and 'No Objection'
received from the bank that has extended the facilities rated by
CARE.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing: The rating assigned to the bank
facilities of JSL takes into account that JSL had been irregular in
servicing of its debt obligations.

Idar-based (Gujarat), Jaymala Spintex Limited (JSL) was
incorporated in May 2006 as Saraswati Cotspin Pvt. Ltd. by Mr.
Niranjan Patel, Mr. Bharat Patel and Mr. Ishwar Patel.
Subsequently, during March 2013, JSL was consverted into public
limited company. JSL manufactures cotton combed yarn of finer
quality with 30s count and operates from its sole manufacturing
facility located at Idar. JSL has commenced commercial production
from February 2014. The products manufactured by the entity find
its application in manufacturing of suiting, shirting, and hosiery
products. The major raw material for manufacturing cotton yarn is
ginned cotton which will be procured from the local market of Idar.
The promoters are also partners in Paras Seeds Corporation which is
engaged in seeds processing, cotton ginning and pressing business
and Bhoomi Bio Seeds Limited which is engaged in the packaging,
trading, research and production of seeds and other ancillary
services.

OM RICE: CRISIL Lowers Rating on INR8cr Cash Loan to B
------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Om Rice And
Agro Industries (ORAI) to 'CRISIL B/Stable Issuer Not Cooperating'
from 'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            8        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

CRISIL has been consistently following up with ORAI for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of ORAI, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on ORAI is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of ORAI
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

Incorporated in 2007, ORAI is promoted by Sachani Family. The firm
is engaged into rice milling with capacity of 8 tonnes per hour.
The factory is situated at Nagpur.

PANDAV AGRO: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL said the ratings on bank facilities of Pandav Agro Food
Processing (PAFP) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           7.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

   Term Loan             7.1        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING)

CRISIL has been consistently following up with PAFP for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PAFP, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PAFP is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of PAFP
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2016 as a partnership firm by Mr. Shyamsunder Kabra and
his family, PAFP is setting up a unit to mill wheat flour (atta),
maida, suji and bran. Production is expected to begin from July
2018 onwards.

PLASTECH SOLUTIONS: CRISIL Lowers Rating on INR7cr Loans to B
-------------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Plastech
Solutions (PS) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            3        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Cash          1        CRISIL B/Stable (ISSUER NOT
   Credit Limit                    COOPERATING; Revised from
                                   'CRISIL BB-/Stable ISSUER NOT
                                   COOPERATING')

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

CRISIL has been consistently following up with PS for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of PS, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on PS is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of PS Revised
to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB-/Stable
Issuer Not Cooperating'.

Established in 2006, PS is a proprietorship firm formed by Mrs.
Jyoti Zod as an automation service provider firm and subsequently
in 2011, ventured into manufacturing engineering plastic parts and
engineering polymer components. It manufactures engineering plastic
parts and engineering polymer components in its unit based in
Sanaswadi, Pune (Maharashtra) for its industrial and corporate
clients in Auto, Engineering (switch gear), Infrastructure and
Aerospace sector. The firm is also engaged in the dealership of
Baumuller Inc. Germany, Toshiba India, etc. for its energy saving
and automation products.


R.C. EXPORTS: CRISIL Lowers Rating on INR10cr Loans to B
--------------------------------------------------------
CRISIL has revised said the ratings on bank facilities of R.C.
Exports (RCE) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB-/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            2         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Long Term Loan         1         CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

   Proposed Cash          7         CRISIL B/Stable (ISSUER NOT
   Credit Limit                     COOPERATING; Revised from
                                    'CRISIL BB-/Stable ISSUER NOT
                                    COOPERATING')

CRISIL has been consistently following up with RCE for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RCE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RCE is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of RCE
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB-/Stable Issuer Not Cooperating'.

Established in January 2014 as a partnership firm by Mr. Vijay
Bajaj, Ms Sweety Bajaj, and Mr. Manthan Bajaj, RCE operates a 4
tonne per hour rice milling unit in Jatwali, Fazilka, Punjab.
Commercial operations began in September 2017.

REHAN WINE: CRISIL Hikes Rating on INR11cr Cash Loan to B-
----------------------------------------------------------
CRISIL has upgraded its rating on the long-term bank facility of
Rehan Wine (REW) to 'CRISIL B-/Stable' from 'CRISIL C'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            11        CRISIL B-/Stable (Upgraded
                                    from 'CRISIL C')

The upgrade reflects overall improvement in business risk profile
with revenue increasing to INR69.00 crore in fiscal 2020 and
expected to remain at similar level over the medium term. Further
operating profitability is expected to remain at around 3% giving
stability to overall business profile. Crisil believes that with
improve scale and profitability overall liquidity profile will
improve further over the medium term.  

The rating reflects stretched liquidity and a highly leveraged
capital structure. These weaknesses are partially offset by the
experience of the proprietor n the alcohol distribution industry.

Key Rating Drivers & Detailed Description

Weaknesses

* Stretched liquidity: The cash credit limit has been highly
utilised at an average of 101% during the 12 months through June
2020. However, liquidity partially benefits from nil maturing debt
obligation over the medium term.

* Highly leveraged capital structure: The gearing has been high and
the networth modest, estimated at around 3.4 times and around
INR3.7 crore, respectively, as on March 31, 2020. Despite no major
debt-funded capital expenditure plans, the capital structure should
remain leveraged over the medium term.

Strength

* Experience of the proprietor: Benefits from the proprietor's
experience of over five years, his strong understanding of local
market dynamics, and healthy relationship with customers and
suppliers should continue to support the business.

Liquidity Stretched

Liquidity is likely to remain stretched. The cash credit limit has
been highly utilised at an average of 101% during the 12 months
through June 2020. However, there is nil maturing debt obligation
over the medium term. Net cash accrual is expected to remain modest
at INR0.3-0.4 crore per fiscal over this period.

Outlook: Stable

CRISIL believes the business risk profile will continue to benefit
from the extensive experience of the proprietor.

Rating Sensitivity factors

Upward factors:
* Sustained improvement in the scale of operation and
profitability, leading to net cash accrual of around INR1 crore per
fiscal
* Sustained improvement in the working capital cycle, leading to
moderation in bank limit utilisation
* Improvement in the financial risk profile, particularly the
capital structure

Downward factors:
* A decline in revenue or profitability, leading to net cash
accrual of below INR10 lakh per fiscal
* A stretched working capital cycle, resulting in deterioration in
the financial risk profile, especially liquidity

REW was set in 2015 by the proprietor, Mr. Sumit Doda. The firm is
a wholesale distributor for beer, Indian-made foreign liquor,
country liquor, and wine products in Abohar, Punjab.

RHEOPLAST TECHNOLOGY: CRISIL Keeps B Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL said the ratings on bank facilities of Rheoplast Technology
Private Limited (RTPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

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

   Foreign Letter         2         CRISIL B/Stable (ISSUER NOT
   of Credit                        COOPERATING)

CRISIL has been consistently following up with RTPL for obtaining
information through letters and emails dated February 12, 2020 and
August 15, 2020 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

'The investors, lenders and all other market participants should
exercise due caution with reference to the rating assigned/reviewed
with the suffix 'ISSUER NOT COOPERATING' as the rating is arrived
at without any management interaction and is based on best
available or limited or dated information on the company. Such non
co-operation by a rated entity may be a result of deterioration in
its credit risk profile. These ratings with 'ISSUER NOT
COOPERATING' suffix lack a forward looking component.'

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of RTPL, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes that rating action on RTPL is consistent
with 'Assessing Information Adequacy Risk'. Based on the last
available information, the ratings on bank facilities of RTPL
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

RTPL was incorporated in June 2009, promoted by Mr. Parminder Kohli
and his brother Mr. Preetpal Singh Kohli to take over the business
of Rheoplast Technology, a partnership firm set up in 2006. The
company manufactures construction chemicals. Its registered office
is in Mumbai, and manufacturing units are in Karnal, Haryana;
Kolkata; and Navi Mumbai, Maharashtra.


SMT. BHARTO: CARE Keeps B Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Smt. Bharto
Devi Educational Trust continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank        6.50      CARE B; ISSUER NOT COOPERATING;
   Facilities                      Based on best available
                                   information

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from Smt. Bharto Devi
Educational Trust to monitor the ratings vide e-mail communications
dated July 30, 2020, August 7, 2020, August 18, 2020, August 25,
2020, August 28, 2020 and numerous phone calls. However, despite
CARE's repeated requests, the trust has not provided the no default
statement for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on Smt.
Bharto Devi Educational Trust bank facilities will now be denoted
as CARE B; 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 takes into account non-availability of no default
statement and no due-diligence conducted due to noncooperation by
Smt. Bharto Devi Educational Trust 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.

Gurgaon, Haryana based Smt. Bharto Devi Educational Trust was
established in 2017. Mr Yogesh Dahiya is the director of the trust
and the trust was setup with an objective to provide educational
services. SBD operates a school in the name of "Imperial Heritage
School” in Sector–4, Gurgaon. The school provides primary and
secondary education from Nursery to XII standard and is affiliated
with Haryana Board of School Education (HBSE). SBD has gradually
expanded the scale of operations over the years and had total
student strength of 250 during academic year 2019-20.

VASAVI SOLAR: CARE Reaffirms D Rating on INR15.05cr Loans
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Vasavi Solar Power Private Limited (VSSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       15.05      CARE D Reaffirmed
   Facilities
   (Term Loan-I)        

   Long term Bank        9.54      CARE D Reaffirmed
   Facilities
   (Term Loan-II)        

Detailed Rationale & Key Rating Drivers

The reaffirmation of rating assigned to the bank facilities of
VSSPL continue to take into account the instances of delay in
servicing of debt obligations by the company.

Rating Sensitivities

Positive Factors

* Timely servicing of debt obligations for more than three months
and improvement in the liquidity profile of the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Instances of delay in the servicing of debt obligations: There
have been delays in the servicing of debt obligations by the
company for the last one year with the latest delay in July 2020 as
confirmed with the lenders. The company had sought moratorium on
the interest and principal repayment obligations from the term
lenders for the period of March-August 2020 as per RBI package. The
lenders had accepted the request sought for moratorium-I from March
to May 2020; however, since the company has been regularly
receiving payments from the off-taker, the request for
moratorium-II was rejected by the lenders. The company has paid the
due debt
obligations for June-July period with a delay which has been
confirmed by the lenders. The delay in the servicing of debt
obligations is mainly attributed to stretched liquidity position
due to lower generation of cash accruals vis-a-vis debt repayments
for the fiscal FY20.

* Below average financial risk profile: The company has a below
average financial risk profile characterized by leveraged capital
structure and low debt coverage indicators. The leveraged capital
structure is largely due to high debt and low net worth which is
largely due to accumulated losses. The company reported increase in
total operating income in FY20 to INR6.63 crore from INR6.48 crore
during FY19 due to better generation levels. However, the company
continued to report net losses for FY20 of INR2.75 crore due higher
capital charge (PY: INR4.26 crore). The interest coverage ratio
improved from 1.21x in FY19 to 1.64x in FY20 due to higher topline
resulting in better PBILDT for the period.

* Subdued operational performance during FY20: The operational
performance of 5 MW grid connected solar photovoltaic (SPV) power
plant constructed by VSPPL at Askandra Village, Jaisalmer district,
Rajasthan which was commissioned on January 09, 2012 remained on
the lower side, though improved from FY19 with CUF (Capacity
utilization factor) of 13.13% during FY19 (PY: 12.12%).

Key Rating Strengths

* Long term power off take arrangement: VSPPL has signed a Power
Purchase Agreement (PPA) with NTPC Vidyut Vyapar Nigam Limited
(NVVNL) to supply power generated from the 5 MW solar projects for
a period of 25 years from COD which was on January 09, 2012.
According to the PPA, the power is to be sold at a fixed tariff
rate of INR11.65 per KWH. In the event that the payments are
delayed beyond the due date, NVVNL would be liable to pay late
payment surcharge for the delayed amount at 1.25% per month for the
actual period of delay.

Liquidity: Stretched

The liquidity profile of the company is marked by tightly matched
cash accruals to repayment obligations, no working capital limits
and low cash & bank balance. The company had sought moratorium on
the interest and principal repayment obligations from the term
lenders for the period of March-August 2020 as per RBI package. The
lenders had accepted the request sought for moratorium-I from March
to May 2020, however, since the company has been regularly
receiving payments from the off-taker, the request for
moratorium-II was rejected by the lenders. The company has cash
balance of Rs. 1.90 crore and has created DSRA in the form of BG
amounting to INR1.00 crore as on August 20, 2020.

VSPPL is a 51:49 joint venture between Vasavi Power Services
Private Limited (VPSPL) and Lanco Solar Energy Private Limited.
LSEPL was incorporated on June, 29, 2010. LSEPL, a Lanco group
company, was established in June 2009 and is engaged in providing
design & engineering, procurement of equipment and complete
construction of solar power projects. The company has executed
turnkey EPC contracts for ~250 MW solar power projects located
majorly in Rajasthan, Gujarat and Maharashtra.

WEST QUAY: CARE Keeps D Debt Ratings in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of West Quay
Multiport Private Limited (WQMPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank       116.50     CARE D; Issuer Not cooperating;
   Facilities                      Based on best available
   (Fund based)                    information

   Short Term Bank       25.00     CARE D; Issuer Not cooperating;
   Facilities (Non                 Based on best available
   Fund Based)                     information

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 26, 2019 and January
22, 2018 placed the rating(s) of WQMPL under the 'issuer
non-cooperating' category as WQMPL had failed to provide
information for monitoring of the rating. WQMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 10, 2020 and September 14, 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 June 26, 2019 the following factors
were rating strengths and weaknesses:

Delays in debt servicing

* The revision in the rating assigned to the bank facilities West
Quay Multiport Private Limited considers the delay in debt
servicing obligation by the company due to its weak liquidity
position.

West Quay Multiport Private Limited (WQMPL) is a Special Purpose
Vehicle (SPV) incorporated to implement the project for development
of West Quay Berth-VI (WQ6) for handling bulk cargo up to 4.5
million tonnes per annum at Visakhapatnam Port on Design, Build,
Finance, Operate and Transfer (DBFOT) basis. The port would
exclusively handle Pet Coke, CP Coke, LAM Coke, steel and Granite
for the first five years.

WQMPL has been promoted by Alba Asia Private Limited (AAPL,
erstwhile ABG-LDA Bulk Handling Pvt. Ltd) (AAPL holds 49%) and ABG
Infra-logistics Ltd. (ABG Infra, holds 51%). AAPL is a Joint
Venture (JV) in which ABG Infra through its majority owned
subsidiary, ABG Ports Pvt. Ltd. - holds 51% equity stake and LDA
holds balance 49% of the equity.



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

LEOPALACE21 CORP: Excess Debts Total JPY11.8 Billion as of June 30
------------------------------------------------------------------
The Japan Times reports that struggling apartment rental firm
Leopalace21 Corp. said on Sept. 28 its debts exceeded assets by
JPY11.8 billion as of the end of June.

According to the report, the negative net worth reflected stagnant
apartment occupancy rates apparently stemming from Leopalace21's
shoddy construction scandal, which came to light in 2018. The
company faces an urgent need to find a sponsor that will support
its business reconstruction.

The Japan Times relates that Leopalace21 also said it expects to
report a consolidated net loss of ¥14.2 billion for April-June.
The company's overall earnings results for the first quarter of
fiscal 2020 are set to be released on Sept. 30.

The firm has introduced a voluntary retirement program to cut about
1,000 jobs and scaled back its apartment construction business as
part of efforts to streamline its operations and improve its
profitability, the report says.

Although Leopalace21 is believed to have enough funds to keep
running its businesses for a while, observers said that it would be
difficult for the company to achieve a quick turnaround and that
the company could face problems in taking out fresh bank loans if
it fails to eliminate the net liabilities soon, the Japan Times
adds.

Leopalace21 Corporation, together with its subsidiaries, engages in
the construction, leasing, and sale of apartments in Japan. It
operates through four segments: Leasing Business; Development
Business; Elderly Care Business; and Hotels, Resort and Other
Businesses. The Leasing Business segment engages in the leasing and
management of apartment buildings and other properties; repair
work; broadband Internet service; rent obligation guarantee; and
company residence agency, solar power generation, and small-amount
short-term insurance and other businesses. The Development Business
segment is involved in the construction subcontracting of
apartments and detached houses; and development of condominiums and
others. The Elderly Care Business segment operates elderly care
facilities under the Azumi En brand. This segment also offers day
services, short stays, in-home nursing care support, and other
services. The Hotels, Resort and Other Businesses segment engages
in the operation of hotels; operation and management of resort
facilities on the island of Guam; and provision of travel agency,
clerical agency, and other services. The company was formerly known
as MDI Corporation and changed its name to Leopalace21 Corporation
in July 2000. Leopalace21 Corporation was founded in 1973 and is
headquartered in Tokyo, Japan.



=====================
P H I L I P P I N E S
=====================

TIAONG RURAL BANK: Deposit Insurance Claims Deadline Set for Oct. 2
-------------------------------------------------------------------
The Philippine Deposit Insurance Corporation (PDIC) announced that
depositors of the closed Tiaong Rural Bank, Inc. have until October
2, 2020 to file their deposit insurance claims.

Based on latest PDIC data, deposit insurance claims for 1,758
deposit accounts with aggregate insured deposits amounting to
PHP8.55 million have yet to be filed by depositors. Data also
showed that as of July 31, 2020, PDIC had paid depositors of the
closed Tiaong Rural Bank, Inc. the total amount of PHP740.9
million, corresponding to 98.8% of the bank's total insured
deposits amounting to PHP749.6 million.

Depositors are advised to file their claims either online via
electronic mail (email) at pad@pdic.gov.ph or through postal mail
or courier addressed to the PDIC Public Assistance Department, 6th
Floor, SSS Bldg., 6782 Ayala Avenue corner V.A. Rufino Street,
Makati City.

Claims may also be filed personally at the PDIC's Public Assistance
Center in Makati City on a per appointment basis. To make an
appointment, depositors may call the Public Assistance Hotline at
(02) 8841-4141 or at Toll Free number 1-800-1-888-7342 or
1-800-1-888-PDIC, send an email to pad@pdic.gov.ph, or
send a private message at PDIC's official Facebook account,
www.facebook.com/OfficialPDIC.

When filing claims through e-mail, scanned copies or photo images
of the signed and accomplished Claim Form, evidence of deposit
(i.e., savings passbook, certificate of time deposit, etc.), and
one valid photo-bearing ID with the depositor's signature should be
attached to the e-mail. Scanned copy or photo image of the first
and last page of the passbook, or the front and back portion of the
certificate of time deposit should be sent as e-mail attachments.

For claims filed personally or via postal mail or courier service,
depositors are advised to enclose the accomplished and signed Claim
Form, original Savings Passbook and/or Certificate of Time Deposit
and photocopy of one (1) valid photo-bearing ID with depositor's
signature.

The depositors are further advised that additional documents and/or
original copy of documents submitted via email may be required by
PDIC, as necessary, in the course of evaluation and processing of
claims.

The Claim Form can be downloaded from the PDIC website
http://www.pdic.gov.ph/files/New_PDIC_Claim_Form.pdf.The Claim
Form is free and there is no fee for filing deposit insurance
claims.

Depositors who are below 18 years old should mail or submit either
a photocopy of their Birth Certificate issued by the Philippine
Statistics Authority (PSA) or a duly certified copy issued by the
Local Civil Registrar. Representatives of claimants are required to
mail or submit an original copy of a notarized Special Power of
Attorney of the depositor or parent of a minor depositor. The
Special Power of Attorney template may be downloaded from the PDIC
website.

Depositors who have been notified of their documentary deficiencies
through official letters from PDIC are requested to comply with the
indicated requirements. The procedures and requirements for the
filing of deposit insurance claims are posted in the PDIC website.

The last day for filing deposit insurance claims was moved to
October 2, 2020 from August 3, 2020 to allow the depositors more
time to prepare the required documents before filing their claims,
and to ensure that affected depositors are not disenfranchised
because of the enhanced community quarantine.

Under the PDIC Charter, depositors are given two years from bank
takeover to file deposit insurance claims with the PDIC. Tiaong
Rural Bank, Inc. was taken over by the PDIC on August 3, 2018 after
it was ordered closed by the Monetary Board of the Bangko Sentral
ng Pilipinas on August 2, 2018.

Depositors who will not be able to file their deposit insurance
claims with PDIC on or before October 2, 2020 may file a claim
against the assets of the bank with the Regional Trial Court -
Branch 2, Batangas City where the Petition for Assistance in the
Liquidation (PAL) of Tiaong Rural Bank, Inc. is pending under Sp.
Proc. No. 19-126. Payment of these claims shall be subject to
availability of assets of the closed bank, legal priority and
approval of the Liquidation Court.

Depositors who have outstanding loans or payables to the bank will
be referred to the duly designated Loans Officer prior to the
settlement of their deposit insurance claims.

For more information, depositors may call the PDIC Public
Assistance Hotline at (02) 8841-41-41, or the Toll-free hotline
1-800-1-888-PDIC or 1-800-1-888-7342 during office hours.
Depositors may also send an e-mail to the PDIC Public Assistance
Department at pad@pdic.gov.ph or private message at the official
PDIC Facebook account, www.facebook.com/OfficialPDIC.

[*] Pandemic Aftermath May Push Banks Borrowers to Restructure Debt
-------------------------------------------------------------------
Daxim L. Lucas at Philippine Daily Inquirer reports that the full
extent of the coronavirus pandemic-inflicted damage on Philippine
companies and the local financial system will only begin to
manifest itself over the next couple of years, as there is always
"a lag time before you see the dead bodies."

As such, banks and their large corporate borrowers will likely need
to enter into contentious and difficult negotiations in the medium
term to rehabilitate loans that would otherwise go into default as
a result of the ongoing public health crisis, the Inquirer says.

"[Banks'] problem loans have almost doubled in July. Was that the
peak? Definitely not," the Inquirer quotes Higinio "Joey" Macadaeg
Jr., who is the managing director of newly inaugurated New Horizons
Financial Consultants Inc., as saying.

He pointed to the country's experience during the 1997 East Asian
financial crisis which saw the level of bad loans in the local
banking system peak only in 2001 and 2002, the report states.

"It was so bad then that the Special Purpose Asset Vehicle Law was
introduced," he said, referring to a scheme introduced by
policymakers to excise nonperforming loans from banks and transfer
them into separate corporations for disposal, thus relieving banks'
books from the burden of carrying distressed assets, the Inquirer
relays.

According to the Inquirer, Mr. Macadaeg noted that the funds
allotted by Philippine banks for potential losses have always been
higher than actual bad loans, but this situation has changed in
recent months as the COVID-19 crisis started affecting borrowers'
ability to service their debts.

"Since the pandemic, the past due loans have surpassed the level of
provisions," he said. "That's why you have read in the papers that
the major banks are building up their provisions this year."

So far, however, he said banks had been lucky because they all
earned substantial trading income from their treasury operations
arising from the decline in interest rates, the Inquirer relays.

"This gave them room to book more loan loss provisions and still
show a decent net income for 2020," he said, adding that the
banking industry is well capitalized and is in far better financial
health than before.

But the New Horizons chief pointed out that "in any recession or
economic slowdown, banks are always hit hard because of their loan
portfolios, the quality of which is dependent on the economy."

Because of this prognosis, New Horizons will offer financial
advisory services to compliment the legal services of its partner
firm, Divina Law.

These services include fund raising through debt or equity,
restructuring, and a review of present financial and organizational
structure of companies to check whether or not they are ready to
operate under the "new normal."

"Notwithstanding still a weak economy we anticipate companies to
need funding for capex (Capital expenditure) to modernize their
existing machineries and equipment to be more efficient," he said.
"Some will need funding for digitalization projects."

And because the pandemic has affected the revenue and cashflow of
many companies, there will be a need to assist them in
restructuring their obligations with their creditors.

"There is no doubt that our economy will recover," Mr. Macadaeg, as
cited by the Inquirer, said. "The question is how long will it
take. The recovery will clearly be a struggle."



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

HIN LEONG: Founder Faces Second Charge of Abetment of Forgery
-------------------------------------------------------------
The Strait Times reports that embattled oil tycoon Lim Oon Kuin was
hit on Sept. 25 with a second charge of abetment of forgery for the
purpose of cheating.

Better known as O.K. Lim, the 78-year-old founder of Hin Leong
Trading was not allowed into the State Courts due to a respiratory
problem, the report says. The second charge against him was read in
Mandarin to him outside the court. His $3 million bail was also
extended.

Mr. Lim was earlier charged last month with one count of abetment
of forgery for the purpose of cheating, the Straits Times recalls.
The offence carries a jail term of up to 10 years and a fine.

Responding to District Judge Christopher Goh's query, Deputy Public
Prosecutor (DPP) Navin Naidu told the court that there could be
additional charges brought against Mr. Lim.

The next mention in court will take place on Nov. 23 at 3:00 p.m.,
the report notes

According to the Straits Times, charge sheets filed in the State
Courts on Sept. 25 alleged that Mr. Lim "instigated" Mr/ Freddy Tan
Jie Ren, a contracts executive of Hin Leong, to forge a false
electronic record. Lim was accused of instructing Mr. Tan to write
an e-mail with the subject header "CAO - Sale of gasoil 10PPM
sulphur", which was purportedly sent from Hin Leong to China
Aviation Oil (Singapore) Corporation on Feb 26 at 4.41pm. The
e-mail message was allegedly intended to be used for the purpose of
cheating.

In the first charge, Mr. Lim was accused of "instigating" Mr. Tan
to forge a document purportedly issued by UT Singapore Services,
the Straits Times notes.  According to the report, Mr. Lim
allegedly instructed Mr. Tan to make an ITT certificate or
inter-tank transfer certificate using the letterhead of UT
Singapore Services. The document stated that Hin Leong had
transferred 1.05 million barrels of gasoil to China Aviation Oil
(Singapore) Corporation on March 18.

The document was then allegedly used to secure more than US$56
million (SGD77 million) in trade financing from a financial
institution, the police said, the Straits Times relays.

The charge follows investigations into Hin Leong by the Commercial
Affairs Department, the white-collar crime unit of the Singapore
police, the report notes. Investigations continue into other
offences allegedly committed by Mr. Lim.

Three companies related to the Lim family have been brought under
interim judicial management, the report says. They are Hin Leong
and its shipping arm Ocean Tankers, and Xihe Holdings, which is
owned by Lim and his son, Mr. Evan Lim Chee Meng.

Hin Leong and Ocean Tankers had initially sought a six-month
moratorium on debts of more than US$3.6 billion to 23 banks, but
have since withdrawn this application, the report notes.

The Straits Times says Hin Leong's troubles escalated following a
probe by the police and increased scrutiny by several regulators.

This came after the elder Mr. Lim said the firm hid about US$800
million in losses incurred from futures trading over the years on
his instructions. Hin Leong sold a substantial part of the
inventory it had used as collateral to secure loans from its banks,
according to filings cited by the Straits Times.

                          About Hin Leong

Hin Leong Trading (Pte.) Ltd. provides petroleum products and
transportation services. The Company offers oil, lubricants,
grease, and diesel products, as well grants storage, terminalling,
trucking, and marine logistics services. Hin Leong Trading serves
customers globally.

Hin Leong Trading and shipping unit Ocean Tankers (Pte.) Ltd. filed
for court protection from creditors on April 17, 2020, as the
former struggles to repay debts of almost US$4 billion.

Hin Leong posted a positive equity of US$4.56 billion and net
profit of US$78 million in the period ended October 31, 2019,
according to the people, who asked not to be identified as the
matter is sensitive, Bloomberg News reported.

But Hin Leong told its creditors that total liabilities reached
US$4.05 billion as of early April, while assets were just US$714
million, leaving a hole of at least US$3.34 billion, according to
screenshots of the presentation to a group of bankers seen by
Bloomberg News.

The balance sheet of the company showed no equity at all as of
April 9, 2020, and warned that "figures obtained from the company
are subject to verification," Bloomberg News added.

On April 27, 2020, the Company was granted interim judicial
management by the Singapore High Court.  Goh Thien Phong and Chan
Kheng Tek of PricewaterhouseCoopers Advisory Services (PwC) have
been appointed as interim judicial managers. Ernst & Young (EY),
has been appointed interim judicial manager for Ocean Tankers.

SINGAPORE: Regulator, Banks in Talks to Extend Debt Relief Scheme
-----------------------------------------------------------------
Chanyaporn Chanjaroen and Joyce Koh at Bloomberg News report that
Singapore's central bank is in talks with lenders about extending
the nation's debt moratorium program beyond Dec. 31 to provide
extra relief for borrowers hit by the fallout from the coronavirus
pandemic, according to people with knowledge of the matter.

Bloomberg relates that one of the key measures being discussed by
the Monetary Authority of Singapore and local banks is the
possibility of lengthening the debt relief program, with industries
that have been impacted most by the crisis potentially having aid
extended by as many as six months, the people said, asking not to
be identified because the talks are confidential.

A tiered approach is being considered, so relief is targeted to
those needing the most help, one of the people said. Details of the
plan and what types of borrowers will be covered under an extension
are still being finalized, they said, Bloomberg relays.

Under the current measures announced in March, small and
medium-sized firms can opt to postpone principal payments on their
secured term loans until the end of the year, Bloomberg says.
Consumers can defer both principal and interest payments on
residential mortgages. Individuals suffering a loss of income can
ask for a lower interest rate on unsecured credit.

An extension to the debt moratorium would help mitigate the
so-called "cliff effect" on consumers and businesses once relief
measures end, Bloomberg states. Authorities are using both fiscal
and monetary tools to provide support against what may be a record
recession that came with the pandemic. The government introduced
additional support measures of SGD8 billion ($5.8 billion) last
month to cushion the blow from the virus, bringing Singapore's
total pledged pandemic aid to more than SGD100 billion.

According to Bloomberg, MAS Managing Director Ravi Menon in July
said the regulator was talking to banks and finance companies about
how to ease borrowers into gradually resuming repayments once the
debt relief measures expire.

"We want to avoid 'cliff effects' of a sudden withdrawal of these
reliefs," Menon told reporters during the publication of the MAS
annual report, Bloomberg relays. The central bank has eased
monetary policy to help stabilize the economy, and has ensured
ample liquidity at financial institutions. It also asked
Singaporean banks to prioritize lending by capping their dividend
payouts.

While Singapore's rate of coronavirus infection is falling and
authorities are trying to gradually reopen the economy, many
restrictions on businesses and travel remain in place.

Like their global competitors, Singapore's largest lenders DBS
Group Holdings Ltd., Oversea-Chinese Banking Corp. and United
Overseas Bank Ltd. are bracing for a wave of soured debts,
Bloomberg notes. Collectively, they've set aside about SGD4 billion
in provisions for both general and problem loans in the first half
of the year, according to data tracked by Bloomberg Intelligence
analyst Rena Kwok.

As of June 30, debts under relief programs accounted for about 5%
of DBS's total loan book, 10% of OCBC's, and 16% of UOB's,
according to their second-quarter results.



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

[*] BOND PRICING: For the Week Sept. 20 to Sept. 25, 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
  -----

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
  ---------
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


  JAPAN
  -----

AVANSTRATE INC               0.10      10/29/32    JPY     9.75
TKJP CORP                    0.58      03/26/21    JPY     2.02
TKJP CORP                    0.85      03/06/19    JPY     2.02
TKJP CORP                    1.02      12/15/17    JPY     0.50
UNIZO HOLDINGS CO LTD        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


  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


  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


  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.



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