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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, December 1, 2020, Vol. 23, No. 240

                           Headlines



A U S T R A L I A

AUSTRALASIAN MORTGAGE: Second Creditors' Meeting Set for Dec. 8
BELGRAVE STREET: First Creditors' Meeting Set for Dec. 9
GROCON PTY: First Creditors' Meeting Set for Dec. 9
NORTH EAST SOLUTION: First Creditors' Meeting Set for Dec. 7
QANTAS AIRWAYS: Confirms 2,000 Jobs to Go; To Outsource Ground Crew

REECE LIMITED: Moody's Affirms Ba1 CFR, Outlook Stable
SMHL SECURITISATION 2020-1: S&P Assigns Prelim BB Rating on E Notes


C H I N A

LUCKIN COFFEE: Boss Fined for Disclosure Issues at His Other Firms
YANGO GROUP: S&P Withdraws 'B' Issuer Credit Rating
YETDZ DEV CORP: S&P Affirms 'BB+' LT ICR, Outlook Negative
YONGCHENG COAL: China Top Securities Watchdog Launches Probe


I N D I A

AGRIMONY TRADEX: CARE Keeps D on INR25cr Loans in Not Cooperating
BALAJI INDUSTRIES: CARE Keeps D on INR7.6cr Loans in NonCooperating
BPL LIMITED: Ind-Ra Withdraws 'B-' LT Issuer Rating
DEV'S CHEM: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating
DHARWAD METALLICS: CARE Keeps D on INR6.3cr Loans in NonCooperating

EDAYAR ZINC: CARE Keeps D on INR260cr Bank Loans in Not Cooperating
FUTURE LIFESTYLE: CARE Cuts Rating on INR550cr LT Loan to C
FUTURE STYLE: CARE Lowers Ratings on INR15cr Loan to C/A4
GMR WARORA: Ind-Ra Withdraws C Rating on INR750MM Debentures
HARI EQUIPMENTS: CARE Keeps D on INR30cr Loans in Not Cooperating

INDIA: Falls Into Technical Recession as Pandemic Weighs on Output
JASMINE TOWELS: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
KASHIPUR SITARGANJ: Ind-Ra Keeps 'D' Loan Rating in Not Cooperating
KEDARNATH COMMOTRADE: CARE Keeps D Debt Ratings in Not Cooperating
KISAN AGRO: CARE Lowers Rating on INR5.72cr Bank Loans to D

M.G HUSSAIN: CARE Lowers Rating on INR4.80cr Bank Loans to C
MUNIRAJ ENTERPRISE: CARE Keeps D on INR6cr Loans in Not Cooperating
SAI BALAJI: CARE Keeps D on INR7.5cr Bank Loans in Not Cooperating
SETCO AUTOMOTIVE: CARE Lowers Rating on INR257.18cr Loan to D
SIRIUS INFRA: CARE Keeps D on INR9cr Bank Loans in Not Cooperating

SOMULA CONSTRUCTIONS: CARE Lowers Rating on INR7.50cr Loan to C
TAJSHREE AUTOWHEELS: CARE Lowers Rating on INR8.75cr Loan to C
TAJSHREE CARS: CARE Keeps D on INR14.85cr Loans in Not Cooperating
TAJSHREE MOTORS: CARE Cuts Rating on INR5cr Bank Loans to C
THARU & SONS: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable

VINAYAK VIDHYALAYAA: CARE Keeps D Debt Rating in Not Cooperating
VK WAREHOUSING: CARE Lowers Rating on INR34.90cr LT Loan to C


M Y A N M A R

YOMA STRATEGIC: Full-Year Net Loss Widens to US$60.5 Million


S I N G A P O R E

NO SIGNBOARD: Full-Year Loss Widens to SGD9.8MM on Lower Revenue


S O U T H   K O R E A

ASIANA AIRLINES: Takeover Requires Regulatory OK From 4 Countries


S R I   L A N K A

SRI LANKA: Fitch Lowers Foreign Currency IDR to 'CCC'


X X X X X X X X

[*] BOND PRICING: For the Week Nov. 23, 2020 to Nov. 27, 2020

                           - - - - -


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

AUSTRALASIAN MORTGAGE: Second Creditors' Meeting Set for Dec. 8
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Australasian
Mortgage Finance Limited has been set for Dec. 8, 2020, at 2:00
p.m. at the offices of Rapsey Griffiths Turnaround + Insolvency,
Level 5, 55-57 Hunter Street, in Newcastle, NSW.

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 Dec. 7, 2020, at 4:00 p.m.

Chad Rapsey of Rapsey Griffiths Turnaround + Insolvency was
appointed as administrator of Australasian Mortgage on Nov. 3,
2020.


BELGRAVE STREET: First Creditors' Meeting Set for Dec. 9
--------------------------------------------------------
A first meeting of the creditors in the proceedings of:

   - Belgrave Street Developments Pty Ltd
   - Grocon (Fairfield) Developer Pty Ltd
   - Grocon (Belgrave St) Developer Pty Ltd
   - Grocon (Fairfield) Pty Ltd
   - Grocon Builders (Vic) Pty Ltd
   - Grocon (Parklands) Holdings Pty Ltd
   - Grocon Services Pty Ltd
   - QV No 1 Pty Ltd
   - Grocon Operations Pty Ltd
   - Grocon Developments NSW Pty Ltd
   - 61 Lt Collins Street Pty Ltd
   - Grocon (Victoria Street) Pty Ltd
   - Grocon Developments (Box Hill) Pty Ltd
   - Grocon (480 Queen Street) Pty Ltd
   - Grocon (Scots Church) Pty Ltd
   - QV Pty Ltd
   - Grocon (Bouverie Street) Pty Ltd
   - Grocon (Pitt Street) Developments Pty Ltd
   - Grocon Developments (55 Elizabeth St) Pty Ltd
   - Grocon Constructors (SA) Pty Ltd
   - Grocon (Baroona Rd) Holdings Pty Ltd
   - Grocon (Bouverie St) Holdings Pty Ltd
   - Grocon (CB) Development Manager Pty Ltd
   - Grocon (Spring Street) Pty Ltd
   - Grocon QV Investments Pty Ltd
   - QV Property Management Pty Ltd
   - Grocon (Pixel) Pty Ltd
   - Grocon (Swanston Square) Holdings Pty Ltd
   - Grocon (Carlton Brewery) Developments Pty Ltd
   - Grocon (SQ Stage 2) Developments Pty Ltd
   - Grocon (FCAD) Pty Ltd
   - Grocon (Castlereagh St, NSW) Pty Ltd
   - Grocon Development Holdings Pty Ltd
   - QV No 2 Pty Ltd ATF Grocon Land Owning Trust 2
   - QV No 3 Pty Ltd ATF Grocon Land Owning Trust 3
   - QV No 4 Pty Ltd ATF Grocon Land Owning Trust 4
   - QV No 5 Pty Ltd ATF Grocon Land Owning Trust 5
   - Grocon (Victoria Street) Developments Pty Ltd ATF

will be held on Dec. 9, 2020, at 10:00 a.m. via videoconference on
Microsoft Teams.

Craig Peter Shepard and Andrew Knight of KordaMentha were appointed
as administrators of Belgrave Street et al. on Nov. 27, 2020.


GROCON PTY: First Creditors' Meeting Set for Dec. 9
---------------------------------------------------
A first meeting of the creditors in the proceedings of Grocon Pty
Ltd will be held on Dec. 9, 2020, at 10:00 a.m. via videoconference
on Microsoft Teams.

Craig Peter Shepard and Mark Korda of KordaMentha were appointed as
administrators of Grocon Pty on Nov. 27, 2020.


NORTH EAST SOLUTION: First Creditors' Meeting Set for Dec. 7
------------------------------------------------------------
A first meeting of the creditors in the proceedings of North East
Solution Pty Ltd ACN 129 466 851 in its own right and As Trustee
For Bendigo Supermarkets Trust A.B.N. 66 798 260 452 will be held
on Dec. 7, 2020, at 10:00 a.m. via online video conferencing.

Gideon Isaac Rathner and Matthew Sweeny of Lowe Lippmann were
appointed as administrators of North East on Nov. 30, 2020.


QANTAS AIRWAYS: Confirms 2,000 Jobs to Go; To Outsource Ground Crew
-------------------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that Qantas
Airways has confirmed it will retrench another 2,000 workers and
outsource all ground handling work at major Australian airports
after rejecting a bid by employees to save their jobs.

The Herald relates that the redundancies will be completed early
next year and bring the number of workers Qantas has laid-off since
the start of the COVID-19 crisis to around 8,500, or close to a
third of its pre-pandemic workforce.

According to the report, Qantas announced a review of its ground
operations in August, looking to save up to AUD100 million a year
by shifting baggage handling, aircraft cleaning and ground support
work to third-party providers at 10 major airports.

The affected workers were able to "bid" to keep the work by
outlining how they could do it more cheaply than a third party but
Qantas said it had not accepted the proposal put forward by the
Transport Workers Union.

Qantas Domestic chief executive Andrew David said the TWU bid
claimed it could make significant savings but did not outline in
"sufficient practical detail" how it would be achieved, the Herald
relays.

According to the report, Mr. David said it was a tough day for
Qantas and particularity its ground handling teams, and that the
decision was only being made because of COVID-19.

"In normal times, we wouldn't consider something of this nature,"
the report quotes Mr. David as saying. "Unfortunately because of
the situation we're in, we have to do it."

The Herald relates that TWU national secretary Michael Kaine said
the workers' bid produced with major consulting firm EY was
thorough, competitive and delivered millions of dollars in
savings.

"To reject its own workers like this is spiteful and will hurt the
airline deeply," Mr. Kaine said.

"Qantas has spent hundreds of millions in training these workers up
over decades to achieve high standards and the idea of pushing them
out the door to replace them with less trained workers on lower
conditions is sickening.

"Families across Australia are now facing a grim Christmas where
the future lies at the end of a Centrelink queue."

The Herald says the Qantas decision affects workers at Adelaide,
Alice Springs, Brisbane, Cairns, Canberra, Darwin, Melbourne,
Perth, Sydney and Townsville airports. The airline already
outsourced ground work at 55 smaller airports across the country.

As well as 2,000 roles at Qantas to go, the group said in August
its budget arm Jetstar would lay off 370 workers by outsourcing the
last of its ground handling work at Adelaide, Avalon, Brisbane,
Cairns, Melbourne and Sydney airports. Meanwhile, the roles of 50
bus drivers at Sydney Airport remain under review, the report
adds.

Like most airlines around the world, Qantas has been devastated by
the COVID-19 pandemic which forced to it ground most of its fleet
and stand down two-thirds of its staff from work, and push it to a
AUD1.9 billion full-year loss, according to the Herald.

The Herald adds that the group said outsourcing the last of its
ground handling work would save it about AUD100 million annually in
costs and avoid having to spend AUD80 million on new equipment over
the next five years.

Qantas boss Alan Joyce has announced a cost-cutting drive intended
to save AUD15 billion over the next three years and deliver AUD1
billion in annual savings after that to help the carrier bounce
back from the pandemic, which includes possibly moving its
headquarters out of Sydney, the Herald reports.

                        About Qantas Airways

Headquartered in Mascot, Australia, Qantas Airways Limited provides
transportation of passengers through two airlines including Qantas
(full-service carrier) and Jetstar (low-cost carrier), operating
international, domestic and regional services.

As reported in the Troubled Company Reporter-Asia Pacific on Oct.
8, 2020, Egan-Jones Ratings Company has downgraded the foreign
currency and local currency senior unsecured ratings on debt issued
by Qantas Airways Limited to BB from BBB-.


REECE LIMITED: Moody's Affirms Ba1 CFR, Outlook Stable
------------------------------------------------------
Moody's Investors Service has affirmed Reece Limited's Ba1
corporate family rating. At the same time, Moody's has affirmed the
Ba1 backed senior secured rating for the $1.22 billion term loan of
Hamilton Holdco LLC, a wholly owned subsidiary of Reece Limited.
The outlook remains stable for all ratings.

"The affirmation of Reece's ratings reflects the company's solid
operating performance with limited direct impact from the pandemic
to date," says Saranga Ranasinghe, a Moody's Vice President and
Senior Analyst.

"In addition, the affirmation recognises Reece's strengthened
financial profile and liquidity following its AUD647 million equity
raising in April 2020, which enhances its ability to navigate the
weaker operating environment," adds Ranasinghe.

RATINGS RATIONALE

Reece's Ba1 rating benefits from the company's leading market
position in Australia and New Zealand (ANZ) across the plumbing,
bathroom, waterworks, and heating, ventilation, air-conditioning
and refrigeration (HVAC-R) segments. The company's strong
competitive position supports its ability to maintain high margins
for the ANZ business. Additionally, the rating is supported by the
company's low customer and supplier concentration, and its track
record of conservative financial management.

Reece's rating is constrained by its exposure to end-markets
impacted by the pandemic and the weaker economic outlook,
particularly for new construction. Tempering this is the company's
primary exposure to the more resilient repair and remodel activity.
The pandemic has so far had limited direct impact on Reece's
operations, which were able to largely continue trading through the
pandemic. The company also benefits from the relative resilience of
the ANZ economies, supported by both countries' success in
containing the pandemic and government stimulus. ANZ accounts for
around two-thirds of Reece's overall earnings. As a result, Moody's
expects the company's overall earnings will only contract
moderately for the fiscal year ending June 30, 2021 (fiscal 2021),
before recovering in fiscal 2022.

Also constraining Reece's rating is the increase in its financial
leverage following its acquisition of MORSCO in 2018. Compared to
Reece's ANZ business, MORSCO is a lower margin business as it
operates in a more fragmented and competitive market with a less
advanced product offering platform. There is also higher downside
risk to MORSCO's earnings given the more severe pandemic and
uncertain economic outlook in the US. Execution risks remain, given
the large size of the acquisition, although MORSCO has performed in
line with expectations to date.

Reece's liquidity profile is excellent. The equity raising in April
helped raised cash on hand to AUD1 billion as of June 30, 2020,
which is high relative to historical levels and its operational
needs. Moody's expects Reece will continue to generate positive
free cash flow before dividends over the next 12-18 months, albeit
at lower levels compared to recent periods. Additionally, Reece has
access to AUD219 million undrawn revolver. The company also owns
freehold land and buildings, some of which are located at good
locations, and represent a source of alternate liquidity.

Reece has no upcoming debt maturities apart from a 1% mandatory
amortization repayment of its term loan, which matures in 2027.

The stable outlook reflects Moody's view that Reece's credit
metrics will remain consistent with the parameters expected for a
Ba1 rating due to its track record of conservative capital
management.

ESG Considerations

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

Reece has a good track record of conservative capital management
which is supportive of its credit profile. The company is listed on
the ASX and majority owned by the Wilson family.

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

Factors that Could Lead to an Upgrade

The rating could be upgraded if there is a considerable improvement
in Reece's financial profile and operating performance, with a
demonstrated track record of operating in the US. In addition,
credit metrics required for an upgrade include adjusted debt/EBITDA
below 3.0x, and adjusted EBITA interest coverage exceeding 5.0x on
a sustained basis.

Factors that Could Lead to a Downgrade

Negative rating pressure could arise if: (1) the acquisition of
MORSCO reveals unexpected structural or operational challenges; (2)
if there is an adverse change in the operating environments in
Australia or the US, or both; and/or (3) there is change in the
company's financial policy as indicated by significant acquisition
or shareholder friendly initiatives which meaningfully weakens its
financial profile.

In addition, the metrics that Moody's will consider for a downgrade
include adjusted debt/EBITDA rising above 4.0x-4.25x and EBITA
interest coverage falling below 3.50x.

The principal methodology used in these ratings was Distribution &
Supply Chain Services Industry published in June 2018.

Reece Limited (Reece) is the largest product supplier in Australia
and New Zealand in the plumbing, bathroom, waterworks, and heating,
ventilation, air-conditioning and refrigeration (HVAC-R) segments.
The company operates across distribution, marketing, retailing,
wholesaling and importing.

In 2018, Reece acquired MORSCO for AUD1.91 billion. MORSCO is a
leading distributor of plumbing, waterworks and HVAC products in
the US Sunbelt states, servicing over 275,000 customers.


SMHL SECURITISATION 2020-1: S&P Assigns Prelim BB Rating on E Notes
-------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee
for SMHL Securitisation Trust 2020-1. SMHL Series Securitisation
Trust 2020-1 is a securitization of prime residential mortgages
originated by Members Equity Bank Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view of the credit support, which is
sufficient to withstand the stresses it applies. Credit support for
the rated notes comprises note subordination, excess spread and
lenders' mortgage insurance on 17.7% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.0% of the outstanding performing mortgage balance, the
principal draw function, and a spread reserve that builds from
available excess spread, after the call-option date, are sufficient
to ensure timely payment of interest.

-- The fixed- to floating-rate interest-rate swaps on existing
fixed-rate loans provided by Australia and New Zealand Banking
Group Ltd. and by National Australia Bank Ltd. to hedge the
mismatch between the fixed-rate receipts on the existing fixed-rate
loans and the floating-rate interest payable on the notes. A
fixed-rate end date in Dec. 2025, in the transaction structure
means all fixed-rate loans in the trust must convert to floating
rate by the fixed-rate end date.

Loss of income for borrowers due to the effects of COVID-19 might
put upward pressure on mortgage arrears over the longer term. S&P
said, "We updated our outlook assumptions for Australian RMBS in
response to changing macroeconomic conditions as a result of the
COVID-19 outbreak. The collateral pool as of Sept 30, 2020, does
not include any loans under 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 borrowers enter hardship arrangements
following the closing date."

S&P Global Ratings believes there remains a high degree of
uncertainty about the evolution of the coronavirus pandemic.
Reports that at least one experimental vaccine is highly effective
and might gain initial approval by the end of the year are
promising, but this is merely the first step toward a return to
social and economic normality; equally critical is the widespread
availability of effective immunization, which could come by the
middle of next year. S&P said, "We use 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

  SMHL Securitisation Trust 2020-1

  Class      Rating         Amount
                           (mil. A$)
  A          AAA (sf)       460.00
  AB         AAA (sf)        17.75
  B          AA (sf)          8.50
  C          A (sf)           6.25
  D          BBB (sf)         3.50
  E          BB (sf)          1.75
  F          NR               2.25

  NR--Not rated.

The issuer has not informed S&P Global Ratings Australia Pty. Ltd.
whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.



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

LUCKIN COFFEE: Boss Fined for Disclosure Issues at His Other Firms
------------------------------------------------------------------
Caixin Global reports that Lu Zhengyao, founder of scandal-plagued
Luckin Coffee Inc., received two fines totaling CNY300,000
(US$45,596) from China Securities Regulatory Commission, according
to statements issued in mid-November.

According to Caixin, the first fine was linked to a car rental
company owned by Mr. Lu which disclosed incorrect asset figures in
its financial report for the period of January through March last
year. The second was handed down to another of Mr. Lu's companies,
which did not disclose its relationship with Luckin and other firms
Lu controls.

In September, the Chinese regulator disclosed fines totaling CNY61
million for two of Luckin's domestic operators and 43 related third
parties, Caixin recalls.

However, it did not explicitly target Mr. Lu for his role in the
Luckin scandal as the company is listed in the United States and is
beyond the regulator's jurisdiction, the report says.

Based in China, Luckin Coffee Inc., provided non-alcoholic
beverages. The Company offered various types of coffee.  

As reported in the Troubled Company Reporter-Asia Pacific on July
21, 2020, South China Morning Post said Luckin Coffee has called in
liquidators to oversee a corporate restructuring and negotiate with
creditors to salvage its business, less than four months after
shocking the market with a US$300 million accounting fraud.

The Post related that the start-up company named Alexander Lawson
of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze of
Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order, it said in a
regulatory filing in New York. The move was in response to a
winding-up petition by an undisclosed creditor, it added.

The appointments will create a stable platform to allow the company
and its advisers to negotiate and restructure its financial
obligations, the Xiamen, Fujian-based coffee chain said in the
filing. It hired Houlihan Lokey as financial advisers to implement
a workout with creditors, the Post disclosed.


YANGO GROUP: S&P Withdraws 'B' Issuer Credit Rating
---------------------------------------------------
S&P Global Ratings withdrew its 'B' issuer credit rating on Yango
Group Co. Ltd. at the company's request. The outlook at the time of
the withdrawal was stable.


YETDZ DEV CORP: S&P Affirms 'BB+' LT ICR, Outlook Negative
----------------------------------------------------------
S&P Global Ratings affirmed its 'BB+' long-term issuer credit
rating on Yangzhou Economic and Technological Development Zone
Development Corp. (YETDZ Dev. Corp.).

S&P said, "We believe YETDZ Dev. Corp.'s credit profile will
continue to benefit from an extremely high likelihood of receiving
extraordinary support from the Yangzhou municipal government in
case of financial distress over the next 12 months. Nevertheless,
the city government's ability to provide such support is
structurally weakening due to widening fiscal deficits and growing
indebtedness.

"In our view, YETDZ Dev. Corp. retains its highly irreplaceable
role as the dominant platform for infrastructure financing and
development within the ETDZ. The company's pipeline of
infrastructure investments remains strong, with a near-term focus
on resettlement housing, environmental improvement along the
Yangtze River, etc. YETDZ Dev. Corp.'s pace of primary land
development has materially slowed recently due to the government's
own budgetary controls and inventory management. That said, about
75% of the zone remains undeveloped and the company's position as
the sole platform tasked to do so is unchanged.

"In our view, YETDZ Dev. Corp.'s increased on-lending to other
local SOEs in the ETDZ is primarily directed by the government to
uplift local fixed asset investments while lowering the overall
costs of funding. According to the company's management, most
on-lending goes toward other local SOEs or their subsidiaries for
infrastructure investments in the ETDZ. The ultimate repayment of
the on-lending hinges on these projects' operating cash flows or
the government's payment upon construction completion."

The company's on-lending transactions are not for profit and come
with negative interest margin, which the government partially
compensates through annual interest subsidies. YETDZ Dev. Corp.
charges an annual rate of 3.915% on average, lower than its own
average funding rate, which we estimate to be 4.9%-5.1%.

S&P believes the government will make its best efforts to
compensate YETDZ Dev. Corp. in case of any credit loss. It did
fully reimburse the company for a Chinese renminbi (RMB) 400
million loss incurred in on-lending to a subsidiary of Baoding
Tianwei that operates in Yangzhou. Under recent government
directives, YETDZ Dev. Corp. no longer carries any on-lending to
private enterprises.

YETDZ Dev. Corp. is controlled and directly owned by the Yangzhou
municipal government, which appoints the administrative committee
of the ETDZ to lead the company's operational management. Since
2017, the government has provided RMB6.4 billion in cash injections
and RMB3 billion in operating and interest subsidies to YETDZ Dev.
Corp., and made timely settlement for completed infrastructure
projects. S&P said "We believe the government plays a decisive role
in the company's business direction, operational oversight, and key
financing decisions, integral link that we believe are highly
unlikely to diminish in the near term."

S&P said, "We believe the Yangzhou municipal government's own
financial capability is weakening. This is based on our view that
the city's fiscal revenues are facing headwinds from both the
economic fallout of the pandemic and nationwide policies to cut
taxes and fees, which--combined with the city's continued increase
in infrastructure spending--will lead to a worsening budgetary
position and higher debt burden.

"The negative outlook on YETDZ Dev. Corp. reflects our view that
the Yangzhou government's fiscal position will likely continue to
deteriorate. We also expect an extremely high likelihood of
extraordinary government support for the company in times of
distress over the next 12 months.

"We would lower the rating on YETDZ Dev. Corp. if we believe the
Yangzhou government's creditworthiness has weakened. In our view,
this could occur if Yangzhou's deficits after capital account
increases beyond our expectation. A downgrade could also occur if
Yangzhou or its local government financing vehicles (LGFVs) ramp up
borrowings to fund large-scale infrastructure projects. In another
downside scenario, the overall debt-servicing burden of the
city-level government could increase due to a deterioration in the
fiscal positions of Yangzhou's lower-tier governments.

"We could also lower the rating on YETDZ Dev. Corp. if we assess
the likelihood of extraordinary government support to the company
to have weakened. This could happen if the Yangzhou government's
strategy or priorities change unfavorably, such that the company's
role to, or linkage with, the Yangzhou government diminishes
significantly. Reductions in management control or government
ownership could indicate declining support from the government.
Opening up YETDZ Dev. Corp.'s core businesses under the government
mandate to other state-owned or private companies could also
trigger a downgrade.

"We could also lower the rating if the company suffers material
credit losses from its on-lending to local SOEs without timely
reimbursement from the government.

"We could revise the outlook on YETDZ Dev. Corp. back to stable if
the Yangzhou government consistently keeps its deficit after
capital accounts to below 10% of adjusted total fiscal revenues and
moderates its debt growth. This is subject to our expectation that
extraordinary government support to the company will remain
unchanged."


YONGCHENG COAL: China Top Securities Watchdog Launches Probe
------------------------------------------------------------
Wang Juanjuan and Denise Jia at Caixin Global report that China's
top securities watchdog started a probe of Yongcheng Coal and
Electricity Holding Group Co. Ltd. and its auditor for possible
violations related to a surprise default last month on CNY1 billion
(US$153 million) of the state-owned coal mining company's bonds.

Caixin relates that the inquiry by the China Securities Regulatory
Commission (CSRC) of Yongcheng Coal and its auditor Xi'an Xigema
Limited Liability Accounting Firm followed the launch last month of
investigations by the National Association of Financial Market
Institutional Investors (NAFMII), China's interbank bond market
regulator.

Caixin says the market didn't expect the default because Yongcheng
Coal issued new bonds just 20 days before the Nov. 10 default, and
the company's financial statements showed it had enough cash to
repay the bond.

Yongcheng Coal & Electricity Holding Group Co. Ltd. mines and
distributes coal products. The Company produces brown coal
products, bituminous coal products, hard coal products, coking coal
products, and other related products. Yongcheng Coal & Electricity
Holding Group also provides electric generation, apparel
processing, trade, and other related services.

The company defaulted on a CNY1 billion (US$152 million) bond on
November 10, 2020.




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

AGRIMONY TRADEX: CARE Keeps D on INR25cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Agrimony
Tradex Vyaappar Private Limited (ATVPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      15.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 17, 2019, placed
the rating(s) of ATVPL under the 'issuer non-cooperating' category
as ATVPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. ATVPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and letter dated June 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 rating(s).

Detailed description of the key rating drivers

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

Key Rating Weaknesses

  * Ongoing delays/Continuing Overdraws in debt servicing:  As per
the due diligence undertaken by CARE and the audit report of FY19,
there are continued defaults in debt servicing. The rating has been
revised at the back of delays in its debt servicing due to weak
liquidity position of the company.

Key Rating Strengths

  * Experienced Promoters & Management team:  ATVPL was
incorporated in 2017 and is promoted by Mr. Sunil Kumar Choudhary,
who is the managing director and the Chief Executive Officer of the
company; he looks after the overall business operations of the
company and has over two decades of experience. Further, he is ably
supported by Mr. Bivor Bagaria, a qualified chartered accountant
who has an overall experience of over a decade and takes care of
financial operations. Moreover, the management team comprises of
professionals having significant experience in the related domain
of business operations.

Analytical approach: Standalone

(Agrimony Tradex Vyaappar Private Limited (ATVPL) is part of
Narayani group; the group comprises of five companies namely
Narayani Steels Limited (NSL), Narayani Ispat Limited (NIL), Hari
Equipment Private Limited (HEPL), Agrimony Tradex Vyaappar Private
Limited (ATVPL) and Kedarnath Commotrade Private Limited (KCPL),
and all of them are operating in similar line of business and are
managed by same promoters. Hence while arriving at the rating CARE
has factored in group's established brand name, management
bandwidth and financial flexibility.)

Agrimony Tradex Vyaappar Private Limited (ATVPL) was incorporated
in 2017 and is promoted by Mr. Sunil Kumar Choudhary, who is the
managing director and the Chief Executive Officer of the company;
he looks after the overall business operations of the company and
has two decades of experience. He is ably supported by Mr. Bivor
Bagaria, who is the director and Chief Financial Officer of the
company and has an overall experience of over a decade and takes
care of finance. ATVPL is part of Narayani group; the group
comprises of five companies namely Narayani Steels Limited (NSL),
Narayani Ispat Limited (NIL), Hari Equipment Private Limited
(HEPL), Kedarnath Commotrade Private Limited (KCPL) and Agrimony
Tradex Vyaappar Private Limited (ATVPL).

Narayani group is engaged in trading of blooms, billets, TMT bars,
pellets, wire coils and manufacturing of TMT bars and other long
products such as rounds, flats, angles, channels, etc. Further, the
group has a wide network for the sales and distribution of the
products across Andhra Pradesh, Telangana and other states in
India.


BALAJI INDUSTRIES: CARE Keeps D on INR7.6cr Loans in NonCooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Balaji
Industries (SBI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.63       CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 19, 2019, placed the
rating(s) of SBI under the 'issuer noncooperating' category as SBI
had failed to provide information for monitoring of the rating. SBI
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated from January 2020 to November 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.  

As confirmed by the banker, the account has been classified as
NPA.

Detailed description of the key rating drivers

At the time of last rating on August 19, 2019, the following were
key rating weaknesses and strengths.

Key Rating Weakness

  * Delay in debt servicing:  The firm has delays in servicing of
debt obligations owing to the stretched liquidity position of the
company.

  * Limited track record of operations coupled with relatively
small scale of operations:  SBI commenced its operations from
August 1, 2012, and hence has limited track record of operations.
Moreover, the firm has a very small scale of operations with total
operating income of INR13.45 crore and a PAT of INR0.27 crore
during FY15 (refers to the period April 1 to March 31) as compared
with total operating income of INR7.78 crore and PAT of INR0.27
crore in FY14.

  * Highly leveraged capital structure with weak debt coverage
indicators:  The capital structure of the firm is highly leveraged
with an overall gearing ratio of 2.25x as on March 31, 2015, as
against 1.92x as on March 31, 2014, on account of increase in long
term debt as well as high dependence on working capital borrowings.
The working capital borrowings increased to INR2.01 crore as on
March 31, 2015, from INR0.54 crore as on March 31, 2014, backed by
increase in scale of operations. Furthermore, the interest coverage
ratio declined to 1.77x as on March 31, 2015, from 3.05x as on
March 31, 2014, due to increase in interest expense. The term debt
/GCA further deteriorated to 8.29x as on March 31, 2015, from 4.29x
as on March 31, 2014, on account of increase in long-term debt
coupled with decline in GCA. The total debt/GCA also stood very
high at 10.86x as on March 31, 2015.

  * Working capital intensive nature of business:  The operating
cycle of the company was high at 83 days during FY15 on account of
increase in inventory days by 22 days and decline in creditors'
days by 39 days. The inventory days has increased on account of
increase in raw material inventory to support the capacity
expansion during FY16. However, collection period improved by 20
days. The working capital utilization was around 90% for the last
12 months ending December 2015.

Key Rating Strengths

  * Experienced promoter with an experience of more than two
decades in the chemical industry:  Mr. M R Subrahmanyam is the
proprietor of SBI. He has a Bachelor of Science degree in Chemistry
and has an experience of 20 years in manufacturing active
pharmaceutical ingredients and its various intermediates & trading
of all kinds of chemicals and solvents. Prior to this he has worked
as products chemist at Dr. Reddy's Labs Limited.

  * Growth in total operating income during FY13-FY15:  The total
operating income has increased to INR13.45 crore in FY15 from
INR7.78 crore in FY14 with a y-o-y growth of 72.89% (CAGR of 86.05%
during FY13-FY15) on account of increase in quantum of sales
coupled with increased realizations. The sales quantum has
increased by 79.56% during FY15 to 1,493,238 Kg from 8,31, 598 Kg
during FY14. Furthermore, the average sales realization of solvents
has increased to INR61.03/Kg in FY15 from INR49.63/Kg in FY14 which
has also resulted in increased income.

  * Moderate PBILDT margin, however, significant decline in FY15:
Despite volatility in PBILDT margin, the same stood at a moderate
level at around 13% for FY15. The PBILDT margin increased during
FY14 from 16.26% in FY13 to 23.53% on account of decline in
material costs. However, the PBILDT margin declined to 13.17%
during FY15 on account of increase in prices of solvents used in
the distillation process and inability of the firm to completely
pass on the effect of increase in the prices of raw materials to
the customers due to tough competition in the chemical industry.
Being a manufacturing company, material cost constitutes major
portion of the total costs. In line with PBILDT margin, the PAT
margin also declined from 3.53% during FY14 to 2.03% during FY15 on
account of increase in interest expense at the back of loans
availed by the firm for the purchase of machinery and other fixed
assets coupled with increased dependence on working capital bank
borrowings.

  * Established relationship with clients and suppliers:  Mr. M R
Subrahmanyam's experience in the industry has enabled him to
establish healthy relationships with customers and his suppliers
and the company's suppliers are reputed pharma players. The
company's customers are primarily various chemical and petro
chemical companies. The established relations have also resulted in
repeat orders from customers.

SBI is a proprietorship concern, established in 2011 by Mr. M R
Subrahmanyam. The firm is engaged in distillation of Solvents used
by petrochemical and other chemical manufacturing companies.

In FY15, SBI had a surplus of INR0.27 crore on a total operating
income of INR13.45 crore, as against PAT and TOI of INR0.27 crore
and INR7.78 crore, respectively, in FY14.


BPL LIMITED: Ind-Ra Withdraws 'B-' LT Issuer Rating
---------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained BPL Limited's
Long-Term Issuer Rating of 'IND B-' in the non-cooperating category
and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based limits* maintained in the non-
     cooperating category and withdrawn; and

-- INR280 mil. Non-fund-based limits# maintained in the non-
     cooperating category and withdrawn.

*Maintained at 'IND B- (ISSUER NOT COOPERATING)' before being
withdrawn

#Maintained at 'IND A4 (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

While the company's financials are available in the public domain,
Ind-Ra does not have information regarding BPL's bank limit
utilization, bank account statements and no default statement.
Hence, the agency has maintained the rating in the non-cooperating
category.

As per the company FY20 annual report and 2QFY21 results, there are
no auditor comments regarding any delays in servicing of the debt.
Meanwhile, it is mentioned in 2QFY21 results that the company can
redeem preference shares only out of profits that are otherwise
available for dividend; BPL has not yet earned profit that is to be
distributed as dividend.

BPL did not participate in the rating exercise despite continuous
requests and follow-ups by the agency. Ind-Ra is no longer required
to maintain the ratings, as it has received no objection
certificates from the rated facilities' lenders. This is consistent
with the Securities and Exchange Board of India's circular dated
March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Founded by TPG Nambiar, BPL is engaged in trading of consumer
durables and manufacturing of printed circuit boards (installed
capacity of 288,000 square meters).


DEV'S CHEM: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Dev's Chem Tec
Private 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 BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR20 mil. Fund-based working capital limit maintained in non-

     cooperating category with IND BB- (ISSUER NOT
     COOPERATING)/INDA4+ (ISSUER NOT COOPERATING) rating;

-- INR40 mil. Non-fund-based working capital limit maintained in
    non-cooperating category with IND A4+ (ISSUER NOT COOPERATING)

    rating; and

-- INR120 mil. Proposed fund-based working capital limit
     withdrawn (the company did not proceed with the instrument as

     envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 28, 2017. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2015 in Hyderabad (Telangana), Dev's Chem Tec
trades basic raw materials and intermediaries for the
pharmaceutical industry.


DHARWAD METALLICS: CARE Keeps D on INR6.3cr Loans in NonCooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Dharwad
Metallics Private Limited (DMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.30      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 10, 2019, placed
the rating(s) of DMPL under the 'issuer non-cooperating' category
as the DMPL had failed to provide information for monitoring of the
ratings. The Company continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated September 7, 2020 to October 30, 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed Rationale& Key Rating Drivers

At the time of last rating on September 10, 2019, the following
were the rating strengths and weaknesses:

Key Rating Weakness

Ongoing delays/defaults in debt servicing

Dharwad Metallics Private Limited (DMPL) was incorporated in the
year 2011 by Ms. Ruchita Rajendra Patole, Mr. Belaval Subhash and
Mrs. Roopadevi Basavaraddi Devaraddi. The company is engaged in
manufacturing of SG Iron/ Cast Iron and does Casting of Metals
including finished or semi-finished products.


EDAYAR ZINC: CARE Keeps D on INR260cr Bank Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Edayar Zinc
Limited (EZL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     247.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 22, 2018, placed the
rating of EZL under the 'Issuer noncooperating' category as EZL had
failed to provide information for monitoring of the rating. EL
continues to be noncooperative despite repeated requests for
submission of information through e-mails dated October 14, 2020,
October 30, 2020, November 2, 2020, November 4, 2020 and phone
calls. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information.

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 12, 2019, the following was
the rating weakness:

Key Rating Weakness:

The ratings take into account on-going delays in debt servicing
resulting into classification of the account under nonperforming
asset (NPA).

Edayar Zinc Limited (EZL), a subsidiary of Binani Industries
Limited (BIL), has been in operations since 1967. The company is
engaged in the manufacture of zinc with an installed capacity of
38,000 Tonne Per Annum (TPA) at its plant located at Binanipuram in
Kerala. The company also produces sulphuric acid and cadmium which
are generated as by-products.


FUTURE LIFESTYLE: CARE Cuts Rating on INR550cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Future Lifestyle Fashions Limited (FLFL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term-          175.00      CARE C (Under Credit watch with
   Proposed                        Negative Implications) Revised
   Term Loan                       from CARE BB; Continues to be
                                   on Credit watch with Negative
                                   Implications

   Long-term Bank      339.39      CARE C (Under Credit watch with

   Facilities–                     Negative Implications)
Revised
   Term Loan                       from CARE BB; Continues to be
                                   on Credit watch with Negative
                                   Implications

   Long-term fund      550.00      CARE C (Under Credit watch with
   Based bank                      Negative Implications) Revised
   facilities–CC                   from CARE BB; Continues to be

                                   on Credit watch with Negative
                                   Implications

   Short-term Bank     475.00      CARE A4 (Under Credit watch
   Facilities–LC/BG                With Negative Implications)
                                   Continues to be on Credit
                                   Watch with Negative
                                   Implications

   Non-convertible     350.00      CARE D Revised from CARE BB;
   Debenture Issue                 Continues to be on Credit
                                   watch with Negative
                                   Implications

   Proposed            150.00      CARE C (Under Credit watch with

   Nonconvertible                  Negative Implications) Revised
   Debenture Issue                 from CARE BB; Continues to be
                                   on Credit watch with Negative
                                   Implications

Detailed Rationale & Key Rating Drivers

The revision of ratings assigned to the bank facilities and
instruments of FLFL is on account of delay in servicing of its
interest and principal due (subsequent to exercise of put option)
on November 9, 2020 on its Nonconvertible Debentures (NCD) bearing
ISIN INE452O07047. NCD issued by the company on November 9, 2017
carried Put and Call option at the end of 3rd and 4th year from
issue which was exercised by two of the investor. While one of the
investor agreed to defer the payment to February 01, 2021 the other
investor rejected the proposal for deferment. The default is
primarily on account of poor liquidity position. Consequently, the
ratings for other facilities and instruments have also been
revised. The other issues raised by CARE in its press release dated
October 15, 2020, viz weakened credit profile of the company on
account of slower than envisaged ramp up of sales, unavailability
of additional working capital limits/COVID lines from lenders
further deteriorating its stretched liquidity position continue to
constrain the ratings. Inadequate cash flows continue to put stress
on liquidity position of the company.

FLFL applied for the One Time Restructuring (OTR) facility vide its
letter dated September 17, 2020 to all its lenders, under RBI
guidelines issued on August 6, 2020. Further FLFL did not made debt
repayments that were due on September 30, 2020 to its lenders as
the OTR process has been initiated. Since the application for OTR
has been made before the due date, CARE has not treated the same as
default in line with the criteria issued on 'Analytical treatment
for one-time restructuring due to COVID-19 related stress', issued
on September 29, 2020. As per the discussion with some of the
lenders, the OTR has been invoked on November 2, 2020 and ICA shall
be signed within 30 days from the date on invocation. The
successful implementation of restructuring remains a key rating
monitorable.

The ratings continues to be tempered by moderate return on capital
employed, refinancing risk, high operating cycle coupled with
susceptibility to economic cycles and increasing competition in the
fashion retail industry. The ratings also factor in stretched
liquidity position of the Future Group which could impact the
financial flexibility of the company.

The ratings continue to be on credit watch with negative
implications on account of the company's announced scheme of
arrangement with FEL and OTR application. CARE will continue to
monitor the progress on said scheme of arrangement and OTR
application and will resolve the watch once clarity emerges on the
same.

Rating Sensitivity Factors

Positive factors

  * Improvement in credit profile of FLFL post end of pandemic on
back of strong sales growth and increased contribution from private
brands.

  * Improvement in capital structure through equity
infusion/monetisation of brands leading to overall gearing (post
adoption of IndAS116) below 1.00x

Negative factors

  * Weakening in liquidity position resulting from extended closure
and enhancement in working capital limits

  * Increase in working capital intensity or weakening of debt
credit metrics on account of larger than anticipated debt funded
capex leading to overall gearing (post adoption of IndAS116) above
2.00x.

Detailed description of the key rating drivers

Key Rating Weaknesses

  * Deterioration of debt coverage metrics on the back of COVID19:
FLFL's financial risk profile has weakened on account of disruption
in operations caused by temporary shutdown of operations on the
back of COVID19 pandemic. As on March 31, 2020, the capital
structure has deteriorated to 1.68x as against 0.64x as on March
31, 2019 on account of net losses, increase in debt and adoption of
IndAS 116. Similarly debt coverage metrics such as interest
coverage ratio and total debt to GCA have also deteriorated to
3.45x and 11.65 respectively.

FLFL's investments in nurturing brands offer it opportunities to
unlock value over a period of time and provide it with the
financial flexibility to raise funds whenever needed. The company
also has demonstrated track record of raising funds from marquee
investors like Blackstone, L-Catterton and Aion Capital which has
invested funds in FLFL or promoter level entity. Improvement in
FY19 Operational Performance but ROCE remains moderate; further
expected to contract due to COVID19 lockdown: Footfalls in the
stores of FLFL have increased by 19% in FY19 with an improvement in
conversion rate as well. However, the average transaction size and
average selling price declined by 5% and 2% respectively over FY18
on account of increase in contribution from the discount format
store (Brand Factory).

During FY20, the operational performance was impacted due to
outbreak of COVID-19 and subsequent lockdown imposed in the nation.
The company, in FY20, reported net loss of INR53 crore on total
income of INR6,362 crore as against net profit of INR189 crore on a
total income of INR5,755 crore in FY19. The company maintains large
inventory and with increasing contribution from 'Brand Factory' the
company's profit margins have remain modest. ROCE has improved over
the years, however, the same is expected to moderate on account of
addition of new stores and increasing contribution from 'Brand
Factory'. Post lifting of lockdown CARE expects recovery to be slow
and gradual which is likely to result in moderation in debt
coverage indicators and ROCE. Due to nation-wide lockdown and
subsequent extensions, the company has reported a PAT loss of
INR616 crore on total revenue of INR520 crore in H1FY21.

  * Refinancing risk:  Non-Convertible debentures (NCD) issued by
the company (ISIN INE452O07047) on November 9, 2017 carries Put and
Call option at the end of 3rd and 4th year from issue. Two
investors have exercised the Put option. FLFL had requested the
investors to extend the date of payment of annual interest and
principal which has been agreed by one of the Debenture holders.
The other investor rejected the deferment proposal. Due to ongoing
stress on liquidity position the company could not service
principal payment of INR100 crore and interest payment of INR30.93
crore on its NCDs aggregating to INR350.00 crore.

  * Significant shares pledged/encumbered by the promoter:  The
total shares pledged/encumbered by promoters as on September 11,
2020 continue to remain high at 99.51%. Blackstone has invested a
total of INR1,750 crore or USD 250mn in holding company of FLFL,
Ryka Commercial Ventures Private Limited (Ryka). As a part of the
deal, 6% of equity shares of FLFL held by Ryka have been acquired
by Blackstone for an amount of INR545 crore. The balance amount
(Rs. 1,205 crore) is issued as NCD by Ryka and subscribed by
Blackstone entity. The structure is backed by the security by way
of encumbrance (Non-Disposal Undertaking) sale of shares of Ryka
and FLFL (held by Ryka) and pledge will be created only upon the
occurrence of the event of defaults.  As per the management, there
is no recourse to the cash flows of FLFL and the NCD is a zero
coupon instrument with payment at the end of five years. The share
price has also witnessed a significant decline. Share price has
fallen by 38% to INR73.35 as on November 11, 2020 as against
closing of INR119.25 on August 13, 2020. Market capitalisation has
declined from INR2,406 crore to INR1,480 crore.

  * High Working Capital Cycle:  FLFL has low receivables period
like other retailers, however the inventory days are higher on
account of bought out stock arrangement for its private brands
which leads to higher working capital requirement. Also, the
retailing of private brands coupled with the distribution business
leads to an extended inventory requirement. The company has a
relatively high working capital cycle. Inventory carrying risk is
partially mitigated through the 'Sale or Return' (SOR) model
adopted by the company. This provides FLFL the right to return
unsold stock to the vendor at determined frequency. The same
minimises the inventory carrying risk for the company and help it
with better working capital management. The company procures
50%-60% of inventory on SOR basis.

  * Acquisition of Koovs and investment towards digital business:
The Board of FLFL in FY19 approved the investment in equity shares
of Koovs plc. for GBP 15.3 million (approx. INR140.00 crore) for
30% stake. Koovs plc (company incorporated in England) is a
supplier of branded fashion garments and accessories for sale by a
third party through Koovs.com website principally in India. The
company has till June 2019 invested INR85 crore in Koovs and holds
25.8% of ordinary share capital. However, on account of continued
losses reported by Koovs, FLFL in Q4FY20 had impaired its
investment to the tune of INR84 crore (which is reported as
exceptional item). FLFL in Q2FY20, launched its digital business
through the website 'brandfactoryonline.com'. For FY20, it reported
a turnover of INR19 crore and operating losses of INR25 crore. The
fall was primarily on account of platform building cost, trial run
cost and one time set up cost. The ability of the company to ramp
up businesses and generate envisaged returns through stipulated
investments remains key rating monitorable.

  * Deterioration in credit profile of Future Group:  The share
price of various Future Group entities has witnessed a steep
decline. The weakening of market capitalization has impacted the
financial flexibility of the group.

  * Intensifying competition:  FLFL faces intense competition from
other brick and mortal retailers like Lifestyle International,
Shoppers Stop Limited, Aditya Birla Fashion, Trent Limited etc. The
company also faces competition from online retailers like Amazon,
Flipkart, Myntra. Heightened competition from both brick and mortar
and online players could impact overall SSSG of FLFL. However, with
its diverse offering with presence in premium and discount formats
would support FLFL over the medium term.

Key Rating Strengths

  * Experienced promoters and expected support from PE Investors:
FLFL is part of the Future Group, which is one of the largest
retailers in India. Mr. Kishore Biyani, founder of Future group is
Managing Director of FLFL. The promoters of FLFL are involved in
the management of the business, defining and monitoring the
business strategy for the company, and have been successful in
building and scaling up in both value retail and fashion retail.
Furthermore, the promoters are supported by a strong management
team, having significant experience in the retail industry. FLFL is
backed by PE investors such as Blackstone, LCatterton, PremjiInvest
and Aion Capital.

  * Established pan-India presence of various operationally
profitable formats:  As on September 30, 2020, FLFL distribution
network includes 338 stores having a retail space of 7.7 million
sq. ft. FLFL's fashion retail business is led by two major retail
chains - Central and Brand Factory. These outlets contribute nearly
88% of the total retail sales for FY19. FLFL sells the premium
apparel segment through Central while the low priced apparels are
sold through Brand Factory. Central alone contributes 50% of the
total sales in FY19. The company further operates EBOs and is also
into distribution business wherein it is selling its brands from
other MBOs (Multi Brand Outlets) falling outside Future Group
Retail network. The key formats 'Central' and 'Brand Factory' are
the major contributors to the EBDITA of the company.

  * Established and diversified lifestyle fashion brand portfolio:
FLFL is associated with various brands in apparel, footwear,
accessories, home fashion and luggage via three formats: (i)
Own/Private Brands, (ii) Licensed Brands held directly by FLFL and
(iii) Investments in various companies holding Brand licenses. FLFL
brands contributed 39% of total sales in FY19 whereas the balance
was by third party brands. These brands are sold through Central
and Brand Factory as well as through EBOs and MBOs. FLFL's
investments in nurturing such brands offer it opportunities to
unlock value over a period of time. During FY17, FLFL had
transferred its investments in various companies holding brand
licenses to “FLFL Lifestyle Brands Ltd. (FLBL)” and divested
51% stake to raise INR450 crore. During FY20 the company had bought
back investment by PE player in 'Future Speciality Retail Limited'
at ~Rs.350 crore.  The company is expected to benefit from the
focus on brands along with increase in retail space in the medium
term.

  * Robust supply chain infrastructure in place: FLFL has a robust
supply chain infrastructure in place which helps in achieving
better operational efficiencies. The inventory management system
enables it to offer and display correct merchandise assortments in
the right mix, style, colour and fashion at various price points on
the shelves as per the regional taste and preference. The sales
trends are also regularly monitored to optimise inventory levels.
The company's warehousing and logistic requirements are managed by
Future Supply Chain Solutions Limited, which is a part of the
Future Group. FLFL has mother warehouses at various locations in
each zone which feeds the regional warehouse which in turn provides
services to the stores across all the locations. Better inventory
management led to inventory days declining to 126 days in FY19 as
against 135 days in FY18. However, on account of temporary closure
of stores during last week of FY20, inventories couldn't be
liquidated leading to rise in inventory days to 154 in FY20.

  * Industry Outlook:  In view of the COVID19 outbreak and lowering
of the discretionary spending by the consumers in these times of
economic downturn, the outlook for the Indian players in retail
sector is 'Negative' in the short to medium term. The impact on
demand, which is expected to remain muted at least for the next
three or four quarters, will be more in case of players with
presence in non-essential items and luxury segments. However, the
expected support from the government in terms of financial stimulus
packages and wage support subsidy as well as rental waivers from
the mall-owners which would help the retailers to bring down their
fixed costs, will reduce the impact on their credit profile to an
extent. The retailers with presence in essential commodities
continue to have some cash flows to support their fixed costs.

After the control of the spread of the coronavirus and post the
lock-down period, the spending as well as shopping patterns of the
consumers are expected to change significantly. The consumers are
likely to curtail their discretionary spending with reduced income
in their hands as well as tendency to preserve cash. Also, more
preference is likely towards online channels in order to avoid
crowded spaces. In such times, the retailers with presence across
the retail segments (grocery, apparel, appliances, accessories) as
well as who have an omni-channel strategy with presence in both
offline and online channels are expected to have a quicker
recovery.

Liquidity: Stretched

Temporary closure of operations as directed by the governing
authorities on the back of COVID19 outbreak has hampered the
company's ability to generate cash flows. The company's working
capital limits remain fully utilised. FLFL has availed moratorium
on payments as per RBI package. The company has also applied to
lenders for One Time Restructuring (OTR) facility under RBI
guidelines issued on August 6, 2020 .The liquidity profile of the
company is stretched on account of reduced cash flows and short
term financial liabilities and term loan repayments of INR~280
crore (scheduled repayments prior to availing moratorium/OTR) due
in FY21.

Analytical approach: Consolidated financials of FLFL along with its
subsidiaries and joint ventures are considered for analysis due to
strong operational linkages.

Future Lifestyle Fashions Limited (FLFL) is a part of the Future
Group (one of India's largest retailers). FLFL is in the business
of managing the lifestyle fashion segment of the Future Group. It
has a portfolio of fashion brands that cover a range of fashion
categories including formal menswear, casual wear, active or
sportswear, women's ethnic wear, women's denim wear, women's casual
wear, footwear and accessories and are present across various price
points. The company as on September 30, 2020 operate 338 stores
having a retail space of 7.7 million sq. ft.


FUTURE STYLE: CARE Lowers Ratings on INR15cr Loan to C/A4
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Future Style Lab Limited (FSL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   LT/ST Fund Based/      15       CARE C (CE)/CARE A4 (CE)
   Non Fund based–                 (Under Credit watch with
   Working Capital                 Negative Implications)
                                   Revised from CARE BB (CE)/
                                   CARE A4 (CE); Continues
                                   to be on Credit watch with
                                   Negative Implications

* backed by credit enhancement in the form of unconditional and
irrevocable corporate guarantee by Future Lifestyle Fashions
Limited (FLFL)

   Unsupported Rating     -        CARE C/CARE A4 Revised from
                                   CARE B+/CARE A4

Detailed Rationale & Key Rating Drivers for the credit enhanced
debt

The ratings assigned to the long-term/short-term bank facilities of
FSL centrally factors in credit enhancement in the form of an
unconditional and irrevocable corporate guarantee provided by
Future Lifestyle Fashions Limited [rated CARE D/CARE C/CARE A4
(under credit watch with developing implications)]

Detailed Rationale & Key Rating Drivers of Future Lifestyle
Fashions Limited (Guarantor)

The revision of ratings assigned to the bank facilities and
instruments of Future Lifestyle Fashions Limited (FLFL) is on
account of delay in servicing of its interest and principal due
(subsequent to exercise of put option) on November 9, 2020 on its
Nonconvertible Debentures (NCD) bearing ISIN INE452O07047. NCD
issued by the company on November 9, 2017 carried Put and
Call option at the end of 3rd and 4th year from issue which was
exercised by two of the investor. While one of the investor agreed
to defer the payment to February 1, 2021 the other investor
rejected the proposal for deferment. The default is primarily on
account of poor liquidity position. Consequently, the ratings for
other facilities and instruments have also been revised.

The other issues raised by CARE in its press release dated October
15, 2020, viz weakened credit profile of the company on account of
slower than envisaged ramp up of sales, unavailability of
additional working capital limits/COVID lines from lenders further
deteriorating its stretched liquidity position continue to
constrain the ratings. Inadequate cash flows continue to put
stress on liquidity position of the company.

FLFL applied for the One Time Restructuring (OTR) facility vide its
letter dated September 17, 2020 to all its lenders, under RBI
guidelines issued on August 6, 2020. Further FLFL did not made debt
repayments that were due on September 30, 2020 to its lenders as
the OTR process has been initiated. Since the application for OTR
has been made before the due date, CARE has not treated the same as
default in line with the criteria issued on 'Analytical treatment
for one-time restructuring due to  COVID-19 related stress', issued
on September 29, 2020. As per the discussion with some of the
lenders, the OTR has been invoked on November 02, 2020 and ICA
shall be signed within 30 days from the date on invocation. The
successful implementation of restructuring remains a key rating
monitorable.

The ratings continues to be tempered by moderate return on capital
employed, refinancing risk, high operating cycle coupled with
susceptibility to economic cycles and increasing competition in the
fashion retail industry. The ratings also factor in stretched
liquidity position of the Future Group which could impact the
financial flexibility of the company. The ratings continue to be on
credit watch with negative implications on account of the company's
announced scheme of arrangement with FEL and OTR application. CARE
will continue to monitor the progress on said scheme of arrangement
and OTR application and will resolve the watch once clarity emerges
on the same.

Key Rating Drivers of Future Style Lab Limited (FSL)

The ratings factor in the strong parentage of Future group, India's
leading business houses having its presence in multiple businesses
spanning across the consumption space and financial support
provided by FLFL.

The ratings are however tempered by the losses at operating levels
on account of small scale of operations and high fixed costs, which
are inherent to the retail industry coupled with negative net worth
of the company.

Rating Sensitivity Factors

Positive factors

  * Improvement in credit profile of FLFL post end of pandemic on
back of strong sales growth and increased contribution from private
brands.

  * Improvement in capital structure through equity
infusion/monetisation of brands leading to overall gearing (post
adoption of RSAS116) below 1.00x

Negative factors

  * Weakening in liquidity position resulting from extended closure
and enhancement in working capital limits

  * Increase in working capital intensity or weakening of debt
credit metrics on account of larger than anticipated debt funded
capex leading to overall gearing (post adoption of IndAS116) above
2.00x.

Detailed description of the key rating drivers

Key Rating Weaknesses

  * Deterioration of debt coverage metrics on the back of COVID19:
FLFL's financial risk profile has weakened on account of disruption
in operations caused by temporary shutdown of operations on the
back of COVID19 pandemic. As on March 31, 2020, the capital
structure has deteriorated to 1.68x as against 0.64x as on March
31, 2019 on account of net losses, increase in debt and adoption of
IndAS 116. Similarly debt coverage metrics such as interest
coverage ratio and total debt to GCA have also deteriorated to
3.45x and 11.65 respectively.

FLFL's investments in nurturing brands offer it opportunities to
unlock value over a period of time and provide it with the
financial flexibility to raise funds whenever needed. The company
also has demonstrated track record of raising funds from marquee
investors like Blackstone, L-Catterton and Aion Capital which has
invested funds in FLFL or promoter level entity. Improvement in
FY19 Operational Performance but ROCE remains moderate; further
expected to contract due to COVID19 lockdown: Footfalls in the
stores of FLFL have increased by 19% in FY19 with an improvement in
conversion rate as well. However, the average transaction size and
average selling price declined by 5% and 2% respectively over FY18
on account of increase in contribution from the discount format
store (Brand Factory).

During FY20, the operational performance was impacted due to
outbreak of COVID-19 and subsequent lockdown imposed in the nation.
The company, in FY20, reported net loss of INR53 crore on total
income of INR6,362 crore as against net profit of INR189 crore on a
total income of INR5,755 crore in FY19. The company maintains large
inventory and with increasing contribution from 'Brand Factory' the
company's profit margins have remain modest. ROCE has improved over
the years, however, the same is expected to moderate on account of
addition of new stores and increasing contribution from 'Brand
Factory'. Post lifting of lockdown CARE expects recovery to be slow
and gradual which is likely to result in moderation in debt
coverage indicators and ROCE. Due to nation-wide lockdown and
subsequent extensions, the company has reported a PAT loss of
INR616 crore on total revenue of INR520 crore in H1FY21.

  * Refinancing risk:  Non-Convertible debentures (NCD) issued by
the company (ISIN INE452O07047) on November 9, 2017 carries Put and
Call option at the end of 3rd and 4th year from issue. Two
investors have exercised the Put option. FLFL had requested the
investors to extend the date of payment of annual interest and
principal which has been agreed by one of the Debenture holders.
The other investor rejected the deferment proposal. Due to ongoing
stress on liquidity position the company could not service
principal payment of INR100 crore and interest payment of INR30.93
crore on its NCDs aggregating to INR350.00 crore.

  * Significant shares pledged/encumbered by the promoter:  The
total shares pledged/encumbered by promoters as on September 11,
2020 continue to remain high at 99.51%. Blackstone has invested a
total of INR1,750 crore or USD 250mn in holding company of FLFL,
Ryka Commercial Ventures Private Limited (Ryka). As a part of the
deal, 6% of equity shares of FLFL held by Ryka have been acquired
by Blackstone for an amount of INR545 crore. The balance amount
(Rs. 1,205 crore) is issued as NCD by Ryka and subscribed by
Blackstone entity. The structure is backed by the security by way
of encumbrance (Non-Disposal Undertaking) sale of shares of Ryka
and FLFL (held by Ryka) and pledge will be created only upon the
occurrence of the event of defaults.

As per the management, there is no recourse to the cash flows of
FLFL and the NCD is a zero coupon instrument with payment at the
end of five years.   The share price has also witnessed a
significant decline. Share price has fallen by 38% to INR73.35 as
on November 11, 2020 as against closing of INR119.25 on August 13,
2020. Market capitalisation has declined from INR2,406 crore to
INR1,480 crore.

  * High Working Capital Cycle:  FLFL has low receivables period
like other retailers, however the inventory days are higher on
account of bought out stock arrangement for its private brands
which leads to higher working capital requirement. Also, the
retailing of private brands coupled with the distribution business
leads to an extended inventory requirement. The company has a
relatively high working capital cycle. Inventory carrying risk is
partially mitigated through the 'Sale or Return' (SOR) model
adopted by the company. This provides FLFL the right to return
unsold stock to the vendor at determined frequency. The same
minimises the inventory carrying risk for the company and help it
with better working capital management. The company procures
50%-60% of inventory on SOR basis.

  * Acquisition of Koovs and investment towards digital business:
The Board of FLFL in FY19 approved the investment in equity shares
of Koovs plc. for GBP 15.3 million (approx. INR140.00 crore) for
30% stake. Koovs plc (company incorporated in England) is a
supplier of branded fashion garments and accessories for sale by a
third party through Koovs.com website principally in India. The
company has till June 2019 invested INR85 crore in Koovs and holds
25.8% of ordinary share capital. However, on account of continued
losses reported by Koovs, FLFL in Q4FY20 had impaired its
investment to the tune of INR84 crore (which is reported as
exceptional item). FLFL in Q2FY20, launched its digital business
through the website 'brandfactoryonline.com'. For FY20, it reported
a turnover of INR19 crore and operating losses of INR25 crore. The
fall was primarily on account of platform building cost, trial run
cost and one time set up cost. The ability of the company to ramp
up businesses and generate envisaged returns through stipulated
investments remains key rating monitorable.

Deterioration in credit profile of Future Group

The share price of various Future Group entities has witnessed a
steep decline. The weakening of market capitalization has impacted
the financial flexibility of the group.

  * Intensifying competition:  FLFL faces intense competition from
other brick and mortal retailers like Lifestyle International,
Shoppers Stop Limited, Aditya Birla Fashion, Trent Limited etc. The
company also faces competition from online retailers like Amazon,
Flipkart, Myntra. Heightened competition from both brick and mortar
and online players could impact overall SSSG of FLFL. However, with
its diverse offering with presence in premium and discount formats
would support FLFL over the medium term.

Key Rating Strengths

  * Experienced promoters and expected support from PE Investors:
FLFL is part of the Future Group, which is one of the largest
retailers in India. Mr. Kishore Biyani, founder of Future group is
Managing Director of FLFL. The promoters of FLFL are involved in
the management of the business, defining and monitoring the
business strategy for the company, and have been successful in
building and scaling up in both value retail and fashion retail.
Furthermore, the promoters are supported by a strong management
team, having significant experience in the retail industry. FLFL is
backed by PE investors such as Blackstone, LCatterton, PremjiInvest
and Aion Capital.

  * Established pan-India presence of various operationally
profitable formats:  As on September 30, 2020, FLFL distribution
network includes 338 stores having a retail space of 7.7 million
sq. ft. FLFL's fashion retail business is led by two major retail
chains – Central and Brand Factory. These outlets contribute
nearly 88% of the total retail sales for FY19. FLFL sells the
premium apparel segment through Central while the low priced
apparels are sold through Brand Factory. Central alone contributes
50% of the total sales in FY19. The company further operates EBOs
and is also into distribution business wherein it is selling its
brands from other MBOs (Multi Brand Outlets) falling outside Future
Group Retail network. The key formats 'Central' and 'Brand Factory'
are the major contributors to the EBDITA of the company.

  * Established and diversified lifestyle fashion brand portfolio:
FLFL is associated with various brands in apparel, footwear,
accessories, home fashion and luggage via three formats: (i)
Own/Private Brands, (ii) Licensed Brands held directly by FLFL and
(iii) Investments in various companies holding Brand licenses. FLFL
brands contributed 39% of total sales in FY19 whereas the balance
was by third party brands. These brands are sold through Central
and Brand Factory as well as through EBOs and MBOs.  FLFL's
investments in nurturing such brands offer it opportunities to
unlock value over a period of time. During FY17, FLFL had
transferred its investments in various companies holding brand
licenses to “FLFL Lifestyle Brands Ltd. (FLBL)” and divested
51% stake to raise INR450 crore. During FY20 the company had bought
back investment by PE player in 'Future Speciality Retail Limited'
at ~Rs.350 crore.  The company is expected to benefit from the
focus on brands along with increase in retail space in the medium
term.

  * Robust supply chain infrastructure in place:  FLFL has a robust
supply chain infrastructure in place which helps in achieving
better operational efficiencies. The inventory management system
enables it to offer and display correct merchandise assortments in
the right mix, style, colour and fashion at various price points on
the shelves as per the regional taste and preference. The sales
trends are also regularly monitored to optimise inventory levels.

The company's warehousing and logistic requirements are managed by
Future Supply Chain Solutions Limited, which is a part of the
Future Group. FLFL has mother warehouses at various locations in
each zone which feeds the regional warehouse which in turn provides
services to the stores across all the locations. Better inventory
management led to inventory days declining to 126 days in FY19 as
against 135 days in FY18. However, on account of temporary closure
of stores during last week of FY20, inventories couldn't be
liquidated leading to rise in inventory days to 154 in FY20.

Industry Outlook

In view of the COVID19 outbreak and lowering of the discretionary
spending by the consumers in these times of economic downturn, the
outlook for the Indian players in retail sector is 'Negative' in
the short to medium term. The impact on demand, which is expected
to remain muted at least for the next three or four quarters, will
be more in case of players with presence in non-essential items and
luxury segments. However, the expected support from the government
in terms of financial stimulus packages and wage support subsidy as
well as rental waivers from the mall-owners which would help the
retailers to bring down their fixed costs, will reduce the impact
on their credit profile to an extent. The retailers with presence
in essential commodities continue to have some cash flows to
support their fixed costs.

After the control of the spread of the coronavirus and post the
lock-down period, the spending as well as shopping patterns of the
consumers are expected to change significantly. The consumers are
likely to curtail their discretionary spending with reduced income
in their hands as well as tendency to preserve cash. Also, more
preference is likely towards online channels
in order to avoid crowded spaces. In such times, the retailers with
presence across the retail segments (grocery, apparel, appliances,
accessories) as well as who have an omni-channel strategy with
presence in both offline and online channels are expected to have a
quicker recovery.

Liquidity: Stretched

Temporary closure of operations as directed by the governing
authorities on the back of COVID19 outbreak has hampered the
company's ability to generate cash flows. The company's working
capital limits remain fully utilised. FLFL has availed moratorium
on payments as per RBI package. The company has also applied to
lenders for One Time Restructuring (OTR) facility under RBI
guidelines issued on August 6, 2020 .The liquidity profile of the
company is stretched on account of reduced cash flows and short
term financial liabilities and term loan repayments of INR~280
crore (scheduled repayments prior to availing moratorium/OTR) due
in FY21.

                 About the Guarantor (FLFL)

Future Lifestyle Fashions Limited (FLFL) is a part of the Future
Group (one of India's largest retailers). FLFL is in the business
of managing the lifestyle fashion segment of the Future Group. It
has a portfolio of fashion brands that cover a range of fashion
categories including formal menswear, casual wear, active or
sportswear, women's ethnic wear, women's denim wear, women's casual
wear, footwear and accessories and are present across various price
points. The company as on September 30, 2020 operate 338 stores
having a retail space of 7.7 million sq. ft.


GMR WARORA: Ind-Ra Withdraws C Rating on INR750MM Debentures
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded GMR Warora
Energy Limited's (GWEL) non-convertible debentures' (NCDs) rating
to 'IND C' from 'IND B'/Stable.

The instrument-wise rating actions are:

-- INR750 mil. NCDs** assigned with IND C rating; and

-- INR750 mil. NCDs*^ downgraded and withdrawn.

^Downgraded to 'IND C' from 'IND B'/Stable before being withdrawn

*The rating has been withdrawn as the old international securities
identification number (ISIN) stands changed post modifications in
terms and conditions of GWEL's NCDs. The old ISINs stand
relinquished.

**NCDs with modified terms and conditions with new ISINs. Details
in Annexure below.

KEY RATING DRIVERS

The downgrade reflects delays in debt servicing during September
2020 and October 2020 for term loans and working capital facilities
by GWEL. The union territory of Dadra and Nager Haveli (DNH) did
not pay the capacity charges for March 23, 2020 to June 30, 2020,
quoting force majeure due to COVID-19, unlike historical regular
payments. Hence, liquidity stress compounded in GWEL, leading to
delays in debt servicing. GWEL has filed a petition in Central
Electricity Regulatory Commission to recover the capacity charges.
Also, the Ministry of Power, in its letter dated April 6, 2020, has
confirmed that the obligation to pay capacity charges under power
purchase agreement (PPA) continues. The rated bonds have
semi-annual coupon payments falling on March 25 and September 25
until the maturity of the bonds and Ind-Ra has received the
confirmation that last two coupon payments were timely. In the
consortium meeting held on October 13, 2020, the term loan lenders
suggested GWEL to prepare a resolution plan under the Reserve Bank
of India's guidelines; accordingly, GWEL plans to apply for the
same. On November 24, 2020, GWEL informed the lead lender that all
interest and principal dues have been met and the loan accounts are
regular.

GWEL and the bond holder signed a second amendment to the debenture
trust deed on August 21, 2020 to extend the put option date to
September 2021 from September 2020. The amendment also states that
coupon on NCDs will be 12% during March 26, 2020 to March 25, 2021,
irrespective of the credit rating as long as there is no delay in
coupon servicing for NCDs. Due to these change in terms, new ISINs
have been issued to the NCDs.

Liquidity Indicator– Poor: As of October 31, 2020, GWEL faced
liquidity concerns as it its working capital debt limits of
INR6,200 million were inadequate to fund its working capital
requirements and the company was yet to create a debt service
reserve. GWEL's receivable period increased to around 164 days in
1HFY21 (FY20: 128 days, FY19: 152 days), due to delays in payments
by Dadra and Nagar Haveli and Tamil Nadu Generation and
Distribution Corporation Limited ('IND BBB'/Negative). Any bulk
revenue realization will only temporarily aid debt servicing. As of
November 16, 2020, GWEL's cash balance and investments were around
INR120.6 million, along with INR6,200 million working capital
facilities, of which INR4,050 million is a common sub-limit for
cash credit and letter of credit. The project's working capital
utilization as of October 31, 2020 was 84%.

GWEL has availed moratorium for its term loan and working capital
loan during March to August 2020 under the Reserve Bank of India's
COVID-19 regulatory package. Payments from counterparties have
slowed down during the lockdown, weighing on GWEL's liquidity
profile. GWEL is using usance letter of credit of six-month tenor
to purchase coal, unlike the previous requirement of making
payments in advance.

GWEL's PPA with Dadra and Nagar Haveli for 200MW expired in June
2020 and GWEL is yet to tie-up any new PPA. GWEL has long-term
take-or-pay PPA for 63% net capacity with Maharashtra State
Electricity Distribution Limited (200MW; valid until March 2039)
and TANGEDCO; 150MW; valid until September 2028). The agreements
have a two-part tariff mechanism, comprising capacity and variable
charges, linked to the Central Electricity Regulatory Commission's
inflation index (updated every six months). The compensatory tariff
orders are in place, thus providing revenue visibility under the
PPAs. GWEL has no concerns over coal supply currently. In 7MFY21,
the plant load factor (PLF) was 70% (FY20: 79%, FY19: 74%). If the
low margins in merchant sale continue, despite the high PLF of
above 80% since July 2020, the debt service coverage ratio (DSCR)
will be lower than 1.0x.

The total outstanding term loan and NCDs stood at INR29,802
million, (including moratorium interest), as of October 31, 2020.
The NCDs amortize in three tranches of INR250 million each on 25
September 2022, 25 September 2023 and 25 November 2023. GWEL has
not delayed interest payments on NCDs till date, except for a
one-day delay in September 2019 in meeting additional interest. The
terms of NCDs recognize default if payment delay continues for 30
days from due date. Financial covenants under the debenture trust
deed include a minimum fixed asset coverage ratio of 1.0x, a
minimum asset coverage ratio of 1.0x and a minimum DSCR of 1.0x for
training 12 months. Although the project's DSCR stood at 1.06x in
FY20, adverse receivable position affected its debt servicing. The
term loan amortizes over 16 years in an even manner. Ind-Ra has
considered the entire senior debt in its analysis.

RATING SENSITIVITIES

Positive: Regular debt servicing of all facilities for at least
continuous six months and/or signing of PPA for 200MW at
remunerative tariff, leading to a minimum DSCR of at least 1.10x
through loan tenor will lead to a positive rating action.

Negative: Continuous delay in servicing term loan or working
capital facilities until January 2021 will lead to a rating
downgrade.

COMPANY PROFILE

GWEL is a special purpose vehicle incorporated to build, maintain
and operate a 600MW (two units of 300MW each) coal-fired,
subcritical technology-based thermal power plant in Warora,
Maharashtra. GMR Energy Limited is the primary sponsor of the
project, with 100% equity investment. GMR Energy is held by GMR
Infrastructure Limited (52%), Tenaga Nasional Berhad (30%) and
private equity investors (18%).

Coal supply is secured through a fuel supply agreement with
state-owned South Eastern Coal Fields, a Coal India Limited
subsidiary, for an annual contracted quantity of 2.60 million
tons.


HARI EQUIPMENTS: CARE Keeps D on INR30cr Loans in Not Cooperating
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hari
Equipments Private Limited (HEPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       20.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      10.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 17, 2019, placed
the rating(s) of HEPL under the 'issuer non-cooperating' category
as HEPL had failed to provide information for monitoring of the
rating as agreed to in its Rating Agreement. HEPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and letter dated June 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 rating(s).

Detailed description of the key rating drivers

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

Key Rating Weaknesses

  * Ongoing delays/Continuing defaults in debt servicing:  As per
the due diligence undertaken by CARE and the audit report of FY19,
there are continued defaults in debt servicing. The rating has been
revised at the back of delays in its debt servicing due to weak
liquidity position of the company. During FY19, the company
reported lower PAT margins and GCA levels.

Key Rating Strengths

  * Promoters significant experience in Iron & Steel Industry:  Mr.
Kishanlal Choudhary who founded the company in the year 1971,
currently serves as the chairman and non-executive director of the
company, he has more than three decades of experience in the Iron &
Steel industry. Mr. Sunil Kumar Choudhary is the managing director
and the Chief Executive Officer of the company; he looks after the
overall business operations of the company and has two decades of
experience. Further, they are ably supported by Mr. Bivor Bagaria,
a qualified chartered accountant who has an overall experience of
over a decade and takes care of finance. Moreover, the management
team comprises of professionals having significant experience in
the related domain of business operations.

Analytical approach: Standalone

(Hari Equipments Private Limited (HEPL) is part of Narayani group;
the group comprises of five companies namely Narayani Steels
Limited (NSL), Narayani Ispat Limited (NIL), Hari Equipment Private
Limited (HEPL), Agrimony Tradex Vyaappar Private Limited (ATVPL)
and Kedarnath Commotrade Private Limited (KCPL), and all of them
are operating in similar line of business and are managed by same
promoters. Hence while arriving at the rating CARE has factored in
group's established brand name, management bandwidth and financial
flexibility.)

Incorporated in 1971, Hari Equipments Private Limited (HEPL) was
promoted by Mr. Kishanlal Choudhary who has more than three decades
of experience in the Iron and Steel Industry. He is ably supported
by his son Mr. Sunil Choudhary, who is the managing director and
chief executive officer with an overall experience of 20 years.

HEPL is part of Narayani group; the group comprises of five
companies namely Narayani Steels Limited (NSL), Narayani Ispat
Limited (NIL), Hari Equipment Private Limited (HEPL), Kedarnath
Commotrade Private Limited (KCPL) and Agrimony Tradex Vyaappar
Private Limited (ATVPL).

Narayani group is engaged in trading of blooms, billets, TMT bars,
pellets, wire coils and manufacturing of TMT bars and other long
products such as rounds, flats, angles, channels, etc. Further, the
group has a wide network for the sales and distribution of the
products across Andhra Pradesh, Telangana and other states in
India.


INDIA: Falls Into Technical Recession as Pandemic Weighs on Output
------------------------------------------------------------------
The Financial Times reports that India's economy contracted 7.5 per
cent year-on-year in the quarter ending September, taking it into a
technical recession as strict lockdown measures to deal with the
coronavirus pandemic continued to weigh on output.

The performance was better than many analysts had forecast but
still reflected the heavy blow the pandemic has delivered to what
was recently the world's fastest-growing large economy, the FT
says.

According to the FT, India's output contracted by a record 24 per
cent year-on-year in the April to June quarter, when much of the
economy was shuttered by a strict lockdown, but activity has since
picked up somewhat after businesses and industry were allowed to
reopen. A recession is defined as two consecutive quarters of
negative growth, the report notes.

The third quarter's performance is "a positive indication", said
Shumita Deveshwar, a senior director at research firm TS Lombard,
though she added: "This is still a long road ahead for us as far as
a sustainable recovery is concerned," the FT relays.

The FT relates that Eswar Prasad, an economist at Cornell
University, called the contraction "a body blow to India's economy"
that "sets back much of the progress, especially on poverty
reduction, that had been achieved in previous years through high
growth".

"India's inability to control the spread of the virus has taken a
severe toll on growth that will set the economy back for years to
come," the FT quotes Prasad as saying.

The FT says the country of 1.4 billion people has been among the
hardest hit by the pandemic, both economically and in terms of
Covid-19 infections and deaths. India has recorded 9.3 million
confirmed cases, the world's second-highest tally, and almost
140,000 deaths.

The sudden and severe lockdown into which India was plunged in
March, when the country had a few hundred confirmed Covid-19 cases,
is estimated to have claimed over 100 million jobs and devastated
the livelihoods of many of the country's poor, the report states.

Yet the restrictions ultimately failed to stem the virus.
Seropositivity studies conducted across the country indicate that
the spread of the virus has been far wider than official numbers
suggest, finding antibodies in between a quarter and a half of
those surveyed.

After the initial months of lockdown, central and local authorities
have largely opted to press ahead with reopening, conscious of the
economic cost and buoyed by India's lower fatality rate compared to
many other countries, the report says.

This helped business and consumer activity pick up between July and
September from their historic lows in the previous quarter, with
indicators such as consumer durables and rail freight registering
sharp improvements.

According to the report, the construction sector contracted 8.6 per
cent in the September quarter, compared to 50 per cent in the
previous quarter. Agriculture, which has outperformed the wider
economy thanks to good crop seasons and government stimulus, grew
3.4 per cent. Manufacturing registered a surprise increase of 0.6
per cent.

Kshatrapati Shivaji, India's chief statistician, called these
figures "very, very encouraging for a country like ours", telling a
TV channel that it was a sign of "the collective effort that has
taken place," the FT relays.

But Ms. Deveshwar said she worried that strained government
finances would limit India's ability to address deeper structural
issues that weighed on growth even before the pandemic, such as bad
loans in the banking system and inadequate infrastructure.

The country's pre-pandemic level of output "is a really long way
off", she said. The government is "hoping there'll be an organic
resurgence in growth, because that really is our only hope".

Capital Economics said in a note that India's best hope for a
recovery lay in the success of the Oxford University and
AstraZeneca vaccine, which is being manufactured and tested at
scale in the country, the FT adds.


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

The instrument-wise rating actions are:

-- INR92.55 mil. Term loan due on March 2026 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating; and

-- INR90 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT
     COOPERATING)/IND A4 (ISSUER NOT COOPERATING) rating;

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 6, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1994, Madurai-based Jasmine Towels manufactures
dish napkins, terry towels, beach towels, and aprons.


KASHIPUR SITARGANJ: Ind-Ra Keeps 'D' Loan Rating in Not Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kashipur
Sitarganj Highways Pvt Ltd's (KSHPL) bank loan rating in the
non-cooperating category. The issuer did not participate in the
surveillance exercise despite continuous requests and follow-ups by
the agency. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR4.220 bil. Senior long-term rupee loans (long term) due on
     March 2029 maintained in non-cooperating category with IND D
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 24, 2016. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Kashipur Sitarganj Highways is a special purpose vehicle that was
incorporated to implement a 77.2 kilometer two-to-four lanes'
expansion project between Kashipur and Sitarganj in Uttarakhand on
NH74, under a 21-year concession from the National Highways
Authority of India ('IND AAA'/Stable).


KEDARNATH COMMOTRADE: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Kedarnath
Commotrade Private Limited (KCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       19.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      25.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 17, 2019, placed
the rating(s) of KCPL under the 'Care D ; issuer non-cooperating'
category as KCPL had failed to provide information for monitoring
of the rating as agreed to in its Rating Agreement. KCPL continues
to be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and letter dated June 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 rating(s).

Detailed description of the key rating drivers

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

Key Rating Weaknesses

  * Ongoing delays/Continuing Overdraws in debt servicing: As per
the due diligence undertaken by CARE and the audit report of FY19,
there are continued defaults in debt servicing. The rating has been
revised at the back of delays in its debt servicing due to weak
liquidity position of the company. Losses were primarily on account
of high capital charge as against lower operating profit levels.

Key Rating Strengths

  * Promoters significant experience in Iron & Steel Industry: Mr.
Kishanlal Choudhary, who currently serves as the chairman and
non-executive director of the company, he has more than three
decades of experience in the Iron & Steel industry. Mr. Sunil Kumar
Choudhary is the managing director and the Chief Executive Officer
of the company; he looks after the overall business operations of
the company and has two decades of experience. Further, they are
ably supported by Mr. Bivor Bagaria, a qualified chartered
accountant who has an overall experience of over a decade and takes
care of finance. Moreover, the management team comprises of
professionals having significant experience in the related domain
of business operations.

Analytical approach: Standalone

(Kedarnath Commotrade Private Limited (KCPL) is part of Narayani
group; the group comprises of five companies namely Narayani Steels
Limited (NSL), Narayani Ispat Limited (NIL), Hari Equipment Private
Limited (HEPL), Agrimony Tradex Vyaappar Private Limited (ATVPL)
and Kedarnath Commotrade Private Limited (KCPL), and all of them
are operating in similar line of business and are managed by same
promoters. Hence while arriving at the rating CARE has factored in
group's established brand name, management bandwidth and financial
flexibility.)

Kedarnath Commotrade Private Limited (KCPL) was incorporated in
February 2009 and commenced the commercial operations in December
2015. The company is promoted by Mr. Kishanlal Choudhary who has
more than 3 decades of experience in the Iron and Steel Industry.
He is supported by his son Mr. Sunil Choudhary, who is the managing
director and chief executive officer with an overall experience of
20 years.


KISAN AGRO: CARE Lowers Rating on INR5.72cr Bank Loans to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kisan Agro and Poultry Farms Private Limited, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.72       CARE D Revised from CARE B+;
   Facilities                      Stable

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of Kisan
Agro and Poultry Farms Private Limited is on account of ongoing
delays in the servicing of interest and principal amount of term
loan facility.

The firm has availed RBI moratorium period during March 2020 to
August 2020.

Key Rating Sensitivities

Positive Rating Factors

  * Delay free track record of more than 90 days

Detailed description of the key rating drivers

Key Rating Weakness

  * Ongoing delays in meeting of debt obligations:  Kisan Agro and
Poultry Farms Private Limited has been facing liquidity issues from
past few months, due to which the firm is unable to service the
interest and instalment obligation on term loan facility. There are
ongoing delays in servicing the interest and instalment in term
loan facility.

Key Rating Strengths

  * Satisfactory track record of the operations and experience of
the promoters for more than a decade in poultry business:  KAPF was
established in the year 2012 as a private limited with a
satisfactory track record of operations for eight years in the
poultry business and promoted by Mr. V. Koteswara Rao, Mr. M.
Chandrasekhar Rao, K. Srinivas who has more than a decade in the
poultry business. Due to long term presence of the firm and
experienced promoters in the segment, the company has established
good relationships with suppliers and customers.

Andhra Pradesh based Kisan Agro and Poultry Farms Private Limited
incorporated in the year 2012 as private limited company and
promoted by Mr. Koteswara Rao, Chandra Shekar Rao and K. Srinivas.
The firm is engaged in farming of egg laying poultry birds and
trading with eggs and cull birds. The installed capacity of 158000
birds per annum. The firm purchases its raw material maize and soya
from Chandigarh and Maharashtra respectively. The company sells
eggs through dealers (98%) and remaining through local customers
(20%).


M.G HUSSAIN: CARE Lowers Rating on INR4.80cr Bank Loans to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of M.G
Hussain (MGH), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.80       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable;
                                   ISSUER NOT COOPERATING

   Short-term Bank
   Facilities           2.50       CARE A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 4, 2019, placed
the rating(s) of MGH under the 'issuer not cooperating' category as
MGH had failed to provide information for monitoring of the rating.
MGH continues to be non-cooperative despite repeated requests for
submission of information through phone calls and e-mails dated
September 4, 2020 to 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.

The revision in the ratings is on account of non-availability of
requisite information due to non-cooperation by M.G Hussain (MGH),
with CARE'S efforts to undertake a review of the rating
outstanding, as CARE views information availability risk as key
factor in its assessment of credit risk profile.

Detailed Rationale& Key Rating Drivers

At the time of last press release dated September 4, 2019, the
following were the rating strengths and weaknesses:

Key Rating Weakness

  * Small scale of operations with fluctuating total operating
income and profitability margins during review period:  The firm
was established in the year 1992; despite of the long track record
of the entity, scale of operations of the firm is relatively small
as compared to other peers in the industry, marked by total
operating income (TOI) of INR17.79 crore in FY16 and networth level
at INR4.37 crore as on March 31, 2016. Further the total operating
income of the firm has been fluctuating during the review period
FY14-FY16. The firm's TOI reduced from INR15.37 crore in FY14 to
INR9.08 crore in FY15 due to low amount of orders received from the
government departments along with increased competition during the
year. However, the same increased to INR17.79 crore in FY16 as the
firm received work orders from D C Office Mangalore and Mangalore
City Corporation.

The profitability margins of the firm are seen fluctuating during
review period, the PBILDT margin of the firm fluctuates in the
range of 10.88%-5.98 % due to fluctuation in raw material prices at
the back of absence of price variation clause in the orders
received. Further PAT margin of the firm is seen fluctuating in the
range of 2.48% -1.41% during FY14- FY16 due to fluctuating PBILDT
margin.

  * Constitution of the entity as proprietorship firm with inherent
risk of withdrawal of capital:  The sole proprietor typically makes
all the decisions and runs the entire business operation. If he
becomes ill or disabled, there may be nobody else who can step in
and keep the business going. Running a business single-handedly can
also pose a risk due to heavy burden. Constitution as a
proprietorship has the inherent risk of possibility of withdrawal
of the capital at the time of personal contingency which can
adversely affect its capital structure.

  * Short-term revenue visibility from order book position with
high geographic concentration risk:  The firm has an order book of
INR6.32crore as on August 24, 2017 which translates to 0.35x of
total operating of FY17 and the same is likely to be completed by
FY18. The said order book provides revenue visibility for short
term.

  * Presence in the highly fragmented nature of the industry
characterized by intensive competition:  The industry is highly
competitive with presence of number of players and further total
revenues and profitability margins of the company are tender
driven. However, the firm is able to withstand the competition and
procure orders through its established track record and experience
of promoter.

Key Rating Strengths

  * Long track record of the entity with experienced proprietor for
more than two decade in construction industry:  MGH was established
in the year 1992 by Mr. M.G. Hussain. Since then, the promoter is
engaged in construction business. Mr. M. G. Hussain is a qualified
graduate and has more than 20 years of experience in the civil
construction industry, further he has gained experience through its
group companies as well. He also has considerable experience in
dealing with government authorities like Mangalore City Corporation
and Public welfare Departments for procurement and completion of
the tender works, and also realization of receivables of the works
executed on time. The day to day activates of the entity are
managed by the proprietor and well supported by the Mr. Munzil (son
of the proprietor).

  * Financial risk profile marked by comfortable capital structure,
and debt coverage indicators and satisfactory operating cycle:  The
capital structure of firm is satisfactory marked by comfortable
debt equity and overall gearing ratio at 0.25x and 0.26x
respectively as on March 31, 2016 at the back of higher level of
net worth of the firm at INR4.37crore as on March 31, 2016 along
with working capital bank borrowings remained zero on account of
excess funds in the working capital account as on financial year
ending date. Due to low debt levels, the debt coverage indicators
of the entity also stood comfortable during review period marked by
total debt/GCA which improved from 7.75x as on March 31, 2015 to
2.12x as on march 31, 2016 due to lower level of debt as on March
31, 2016. The PBILDT interest coverage ratio of the entity also
remained comfortable at 3.22x as on March 31, 2016 at the back of
increased PBILDT with low financial expenses resulted in
comfortable debt coverage indicators. The operating cycle of the
firm remained moderately comfortable at 47 days in FY16 which has
improved from 154 days in FY15 at the back of significant
improvement in the collection days of the firm from 111 days in
FY15 to 24 days in FY16 with sooner realization of the receivables
of the firm.

  * Stable outlook in of civil construction industry:  The
construction industry contributes around 8% to India's Gross
domestic product (GDP). Growth in infrastructure is critical for
the development of the economy and hence, the construction sector
assumes an important role. During the last few years (mainly
FY13-FY15), there was a reduction in flow of orders along with slow
movement of the existing order book. However, the focus of the
government on infrastructure development is expected to translate
into huge business potential for the construction industry in the
long-run. In the short to medium term (1-3 years), projects from
infrastructure sector are expected to dominate the overall business
for construction companies. Going forward, companies with better
financial flexibility would be able to grow at a faster rate by
leveraging upon potential opportunities.

M.G Hussain (MGH) was established in the year 1992 by Mr. M.G
Hussain as a proprietorship firm. The firm has its registered
office located at Surathkal, Karnataka. MGH is engaged in
construction of roads. The firm is a Class-I contractor and
procuress its works from Mangalore City Corporation, D C Office
Mangalore and Public Work Department through online tenders. The
entity purchases raw materials like cement, steel and stone etc.
from local suppliers like Bangalore steel Traders, Munna
Constructions, Malcon and Mining etc.


MUNIRAJ ENTERPRISE: CARE Keeps D on INR6cr Loans in Not Cooperating
-------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Muniraj
Enterprise (MUE) continues to remain in the 'Issuer Not
Cooperating' category.
                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.755      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed rationale & key rating drivers

CARE has been seeking information from MUE to monitor the ratings
vide e-mail communications/letters dated letters June 5, 2020, July
13, 2020, August 19, 2020, August 28, 2020, September 7, 2020,
September 14, 2020, October 9, 2020, October 16, 2020, numerous
phone calls and final reminder dated October 30, 2020. 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 rating on the basis
of best available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The rating on MUE'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 ratings.

The rating assigned to the bank facilities of MUE factor in
on-going delays in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on April 29, 2020, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

  * On-going delays in debt servicing:  As per banker interaction,
there are on-going delays in debt servicing by MUE.

Surat-based (Gujarat) MUE was established as a partnership firm in
2011 by five partners i.e. Mr. Harish Patel, Mr. Vivek Poddar, Mr.
Mirang Shah, Mr. Sushil Poddar and Mr. Jayendra Patel. Later on,
Mr. Jayendra Patel retired from firm and Mrs Nayna Shah, Mrs Rita
Morakhiya & Mrs Deepika Patel were added as partners. The firm is
engaged into the real estate activities. Currently, the firm is
executing a commercial project 'MEENA Bazaar' (RERA Registration
no. - PR/GJ/SURAT/SURAT CITY/SUDA/CAA03436/180918) consisting of
215 shops, 82 offices, 1 warehouse and 7 halls at Pal area of
Surat, Gujarat.


SAI BALAJI: CARE Keeps D on INR7.5cr Bank Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri Sai
Balaji Associates (SSBA) continues to remain in the 'Issuer Not
Cooperating' category.
                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        0.60      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term Bank        6.90      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 30, 2019 placed the
rating(s) of SSBA under the 'issuer non-cooperating' category as
SSBA had failed to provide information for monitoring of the
ratings. SSBA continues to be noncooperative despite repeated
requests for submission of information through e-mails, phone calls
and emails dated January 2020 to November 04 2020. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

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

Key Rating Weakness

  * Delays in meeting debt obligations:  The firm has been facing
liquidity issues hence couldn't able to meet its debt obligations.

Key Rating Strengths

  * Satisfactory track record and long experience of partners in
the construction industry:  SSBA has satisfactory track record of
around fifteen years in the execution of civil contracts works in
Andhra Pradesh and Telangana states. The firm is actively managed
by Mr. Venkata Subba Reddy. He is qualified in MSc (Maths) and
Managing Partner of the firm who takes care of day to day
operations.The other partner, Mr. Pal Reddy, is qualified in M.Com.
Both the partners are brothers and have close to two decades of
experience inthe civil contraction industry since inception of the
firm SSBA.

Kadapa (Andhra Pradesh) based, Sri Sai Balaji Associates was
established as a partnership firm in 2002 by Mr. Venkata Subba
Reddy and Mr. Pal Reddy. SSBA is engaged in civil construction
works like construction of canals, water tanks and under wiring
works relating to Department of Power Grid Corporation of India, in
Andhra Pradesh and Telangana. The firm purchases materials
like cement, steel, metal and CWD pipes from local suppliers
located in and around Andhra Pradesh and engage into construction
works. Till now, the firm has completed around 20 projects with
total value of about INR200.00 crore.


SETCO AUTOMOTIVE: CARE Lowers Rating on INR257.18cr Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Setco Automotive Limited (SAL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank      257.18      CARE D Revised from CARE C;
   Facilities                      Negative

   Short term Bank       2.00      CARE D Revised from CARE A4
   Facilities            

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of SAL
takes into account the on-going delays in servicing of its debt
obligations [towards Working Capital Demand Loan (WCDL)] on the
back of poor liquidity due to the slowdown faced by the automotive
industry especially Medium and Heavy Commercial Vehicle (MHCV)
industry which was further exacerbated by the COVID-19 pandemic.

Rating Sensitivities

Positive Factors

  * Establishing track record of timely debt servicing of debt
obligations for a continuous period of 90 days

  * Revival of business operations and improvement in liquidity
position of the company

Detailed description of the key rating drivers

Key Rating Weaknesses

  * Ongoing delays in debt servicing: The debt servicing of SAL is
irregular in recent past as reflected by delays in servicing of its
debt obligations (towards WCDL) on the back of poor liquidity.

Liquidity: Poor

Liquidity position of SAL is poor as evinced by its inability to
service its debt obligations in a timely manner. SAL had also
availed moratorium up to August 31, 2020.

Analytical approach: Consolidated

CARE has taken a consolidated view on Setco Automotive Limited and
all its subsidiaries for arriving at the ratings as the entities
are under a common management, have similar line of business and
financial linkages. List of subsidiaries which are consolidated is
presented in Annexure 5.

Setco Automotive Limited (SAL) is engaged in manufacture of
clutches for Medium and Heavy Commercial Vehicles (MHCV) and
markets it under brand name 'LIPE Clutches'. SAL led by Mr. Harish
Sheth, is the flagship company of the 'Sheth Group'. Incorporated
in 1982, SAL has 4 manufacturing facilities: 2 in India (Kalol -
Gujarat, Sitarganj - Uttarakhand), 1 in United Kingdom (Haslingden
- Lancashire) and 1 in USA (Paris – Tennessee). The overseas
facilities of SAL act as assembling units. SAL meets major portion
of MHCV Original Equipment (OEM) demand in India. The product line
of SAL also includes supply of hydraulics (pressure converters) and
fully machined ferrous castings. SAL also set up ferrous foundry
through subsidiary Lava Cast Pvt Ltd (LCPL) (JV between SAL and
Lingotes Especiales (LE) of Spain) to produce fully machined
ferrous castings. SAL is currently in the process of acquiring 100%
stake in LCPL. In addition to LCPL, SAL has also set up a unit to
manufacture diaphragm springs which it used to earlier source from
Germany.


SIRIUS INFRA: CARE Keeps D on INR9cr Bank Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sirius
Infra Projects Private Limited (SIPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term Bank        5.00      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated 19 August, 2019, placed the
rating(s) of SIPPL under the 'issuer non-cooperating' category as
SIPPL had failed to provide information for monitoring of the
rating. SIPPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated from January 2020 to November 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.

Detailed description of the key rating drivers

At the time of last rating on August 19, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weakness

  * Delay in debt Servicing:  The company has delays in servicing
of debt obligations owing to the stretched liquidity position of
the company.

  * Short track record of the company:  The company's track record
of operations is limited to about 6 years. During this period it
has executed around five projects completely till date, amounting
to around INR50 crores. The works executed predominantly are the
road works, followed by irrigation works. Further, its scale of
operations remained small as compared to other industry peers
marked by total operating income of INR31.25 crore during FY14 (A)
and low net worth base of INR6.51 crore as on March 31, 2014.
However the company has substantial order book in hand which is
expected to results increase in size of operations.

  * Working capital intensive nature of business:  The company's
business being execution of laying of roads and canal works is
working capital intensive. The firm follows monthly billing and
receives payment within 30-45 days of billing and in turn pays to
creditors in about 45-60 days for the raw materials supplied. On
account of these factors, average working capital utilization stood
at 75% for the last 12 month ended September, 2014.

Key Rating Strengths

  * Qualified and experienced promoters coupled with strong
management team:  The company is promoted and managed by Mr. B.
Narsimha Reddy and Mr. Rajeev Mayor. Mr. Rajeev Mayor is a graduate
with around 35 years of experience in this industry. .Mr. B.
Narsimha Reddy, an MBA graduate has around 8 years of experience.
The managing director, Mr. Reddy's industry experience and
established relationship with clients have helped the company in
procuring contracts from reputed clientele. Mr.Jagga Rao(GM) looks
after administration activity and has more than three decades of
experience. Mr. Syed Saleem (GM-Technical) has technical expertise
with more than three decades of experience whereas Mr.Joshi, a
Chartered Accountant looks after finance and accounts and has more
than two decade of experience.

Incorporated in 2008, Hyderabad-based, SIPPL was promoted by Mr. B.
Narsimha Reddy and Mr. Rajeev Mayor. The company is engaged in
civil construction works such as laying of roads and irrigation
works for government organizations covering the states of Madhya
Pradesh and Odisha. Till March 2011, the company used to work as
subcontractor for Patel Engineering Limited (CARE BB/A4) and KNR
Constructions Limited (CRISIL A-/A2+), whereas from April 2012
onwards the company started participating in tenders and executing
the projects directly for the government. The company has executed
around INR12.98crore for MPRDCL (Road Work) during FY13.


SOMULA CONSTRUCTIONS: CARE Lowers Rating on INR7.50cr Loan to C
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Somula Constructions Private Limited (SCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable;
                                   ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 14, 2019, placed the
rating(s) of SCPL under the 'issuer non-cooperating' category as
SCPL had failed to provide information for monitoring of the
rating. SCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated from January 2020 to November 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 rating. (Updated for the information available from ROC)

The revision in the rating takes into account the non-availability
of requisite information due to non-cooperation by Somula
Constructions Private Limited with CARE's efforts to undertake a
review of the outstanding ratings as CARE views information
availability risk as key factor in its assessment of credit risk
profile.

Detailed description of the key rating drivers

The ratings assigned to the bank facilities of Somula Constructions
Private Limited (SCPL) are continued to be constrained by working
capital intensive nature of operations and tender based nature of
operations. The rating also factors in company reported nil revenue
in FY19and deterioration in capital structure and debt coverage
indicator. However, the ratings are underpinned by experience of
promoter for more than one decade in the construction industry.

Key Rating Weakness

  * Decline in total operating income and net losses in FY18:  The
total operating income declined from INR0.37 crore in FY18 to nil
in FY19. The company has incurred net losses in FY19.

  * Leveraged capital structure and weak debt coverage indicators:
The overall gearing ratio deteriorated from 5.40x as on March 31,
2018 to 12.02x as on March 31, 2019 at the back of decrease in net
worth on account of accumulated losses. The debt coverage
indicators stood weak during FY19 on account of company reported
cash losses.

  * Working capital intensive nature of operations:  Since the
company has reported nil revenue in FY19, operating cycle is high.

Key Rating Strengths

  * Experience of the promoter for more than one decade in
construction industry:  The company was established and managed by
Mr. Somula Venkata Prasad Reddy with around 15 years of experience
in civil construction works. Mr. Somula Venkata Prasad Reddy has
been handling road construction works and maintenance works under
R&B and Panchayath Raj. The industry experience of the promoter has
helped the company in procuring contracts from government
organizations.

Somula Construction Private Limited (SCPL) was incorporated by Mr.
Somula Venkata Prasad Reddy (Managing Director) and his wife Mrs
Venkata Subbalakshmi Somula in the year 2008 as a Private Limited
company. SCPL is a Kurnool based company engaged in civil
construction works such as laying roads and irrigation works for
government organizations covering Road & Buildings Department (R&B)
and Panchayat Raj which are procured through tenders. The company
is a Class– I contractor. Beside civil construction works, the
company is also engaged in trading of coal and steel in Andhra
Pradesh region. The company generates around 60% of its total
revenues from trading activities and balance 40% from execution of
civil construction works.


TAJSHREE AUTOWHEELS: CARE Lowers Rating on INR8.75cr Loan to C
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tajshree Autowheels Private Limited (TAPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.75       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable;
                                   ISSUER NOT COOPERATING

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

CARE had, vide its press release dated October 1, 2019, placed the
rating of TAPL) under the 'issuer non-cooperating' category as TAPL
had failed to provide information for monitoring of the rating as
agreed to in its rating agreement. TAPL continues to be
non-cooperative despite repeated requests for submission of
information through email dated June 22, 2020, June 24, 2020, June
29, 2020, July 24, 2020, August 31, 2020, October 7, 2020, October
20, 2020, October 27, 2020 and numerous phone calls. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The revision in the rating assigned to the bank facilities of TAPL
takes into account no due-diligence conducted and nonavailability
of information due to non-cooperation by TAPL 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

At the time of last rating on October 1, 2019, the following were
the rating strength and weaknesses (updated for the information
available from Registrar of Companies)

Key Rating Weaknesses

  * Low and fluctuating profitability and leveraged capital
structure:  Owing to automobile dealership nature of operations,
profitability levels have improved marginally further and continues
to remain thin in FY19. The same resulted in slower accretion
towards networth leading to high dependence on external borrowings
to support the operation subsequently resulting in leveraged
capital structure.

  * Moderate liquidity position with working capital intensive
nature of operations:  The operations of the entity continues to
remain working capital intensive in nature with high amount of
funds blocked in inventory and debtors along with less credit
period received from its supplier.

  * Presence in competitive and fragmented industry:  TAPL operates
in an industry characterized by high competition due to low entry
barriers, high fragmentation and the presence of a large number of
players in the organized and unorganized sector. Thus, the entities
present in the segment generally have a very low bargaining power
vis-à-vis their customers.

Key Rating Strengths

  * Experienced promoters:  The directors are qualified graduates
having average total experience of more than 10 years in the two
wheeler and four wheeler automobile dealership segment reflecting
their adequate ability to steer the operations of the company. The
day-to-day operations of TAPL are handled by directors who are
assisted by a team of qualified and experienced professionals.

  * Association with Honda Motorcycle and Scooter India and
integrated operations:  HMSI has wide and established distribution
network for sales and service across India. The revenue of TAPL is
directly linked with the performance of HMSI and it benefits from
latter's strong position in the two-wheeler segment.


TAJSHREE CARS: CARE Keeps D on INR14.85cr Loans in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tajshree
Cars Private Limited (TCPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       14.85      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

CARE had, vide its press release dated September 30, 2019, placed
the rating of TCPL under the 'issuer non-cooperating' category as
TCPL had failed to provide information for monitoring of the rating
as agreed to in its rating agreement. TCPL continues to be
non-cooperative despite repeated requests for submission of
information through email dated June 22, 2020, June 24, 2020, June
29, 2020, July 24, 2020, August 31, 2020, October 7, 2020, October
20, 2020, October 27, 2020 and numerous phone calls. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on September 30, 2019, the following
were the rating weaknesses:

Key Rating Weaknesses

  * Delay in servicing of debt obligations:  As per the banker
interaction dated March 21, 2017, there have been instances of
delay in repayment of principal and interest obligation of drop
line overdraft facility.

TCPL was established in the year 2013. The company is an authorized
dealer for the four wheelers of Honda Cars India Limited (Honda) in
Nagpur region.


TAJSHREE MOTORS: CARE Cuts Rating on INR5cr Bank Loans to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Tajshree Motors Private Limited (TMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable;
                                   ISSUER NOT COOPERATING

Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

CARE had, vide its press release dated September 30, 2019, placed
the rating of TMPL under the 'issuer non-cooperating' category as
TMPL had failed to provide information for monitoring of the rating
as agreed to in its rating agreement. TMPL continues to be
non-cooperative despite repeated requests for submission of
information through email dated June 22, 2020, June 24, 2020, June
29, 2020, July 24, 2020, August 31, 2020, October 7, 2020, October
20, 2020, October 27, 2020 and numerous phone calls. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

The revision in the rating assigned to the bank facilities of TMPL
takes into account no due-diligence conducted and nonavailability
of information due to non-cooperation by TMPL 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

At the time of last rating on September 30, 2019, the following
were the rating strength and weaknesses

Key Rating Weaknesses

  * Low and fluctuating profitability and leveraged capital
structure:  Owing to automobile dealership nature of operations,
profitability levels have remained thin and highly fluctuating in
the range of 0.34% to 0.42 % during the last three years ending
FY17. The capital structure for the period stood leveraged
resulting on high dependence on external borrowings.

  * Weak liquidity position with working capital intensive nature
of operations:  The operations of the entity remained working
capital intensive in nature with high amount of funds blocked in
inventory and debtors and very less credit period received from its
supplier. The same led to high utilization of working capital
limits as well.

  * Presence in competitive and fragmented industry:  TMPL operates
in an industry characterized by high competition due to low entry
barriers, high fragmentation and the presence of a large number of
players in the organized and unorganized sector. Thus, the entities
present in the segment generally have a very low bargaining power
vis-à-vis their customers.

Key Rating Strengths

  * Experienced promoters: The directors are qualified graduates
having average total experience of more than 10 years in the two
wheeler and four wheeler automobile dealership segment reflecting
their adequate ability to steer the operations of the company. The
day-to-day operations of TMPL are handled by directors who are
assisted by a team of qualified and experienced professionals.
Further the entity has dealership of Yamaha two wheelers and
Chevrolet four wheelers thus reducing dependence on performance on
one segment.

TMPL was incorporated in the year 2006. The company is an
authorized dealer for the two wheelers of Yamaha Motors Private
Limited (Yamaha) and Chevrolet Sales India Private Limited).


THARU & SONS: Ind-Ra Assigns 'BB' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Tharu & Sons
(Tharu) a Long-Term Issuer Rating of 'IND BB'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR10 mil. Fund-based limits assigned with IND BB/Stable/IND
     A4+ rating;

-- INR75 mil. Non-fund-based limits assigned with IND A4+ rating;

     and

-- INR115 mil. Proposed non-fund-based limits* assigned with IND
     A4+ rating.

*Unallocated

KEY RATING DRIVERS

The ratings reflect Tharu's small scale of operations as indicated
by revenue of INR608 million in FY20 (FY19: INR365 million). The
growth in revenue was on account of an increase in the number of
orders received from build-own-operate-transfer (BOOT) laundry
services, as well as an increase in on-board housekeeping and
station cleaning revenue. During 1HFY21, the firm achieved revenue
of INR300 million. Ind-Ra expects the revenue to continue to
increase in FY21, on account of its established laundry work,
increase in trains operations from June 2020 and a strong order
book. As on 1 April 2020, Tharu had an order book of INR5,745
million (9.45x of FY20 revenue), to be executed within 10 years.
The firm's BOOT laundry services contracts are for 10 years and
other contracts are for four years, which can be extended by two
years. The firm is also applying for new tenders. FY20 financials
are provisional.

The ratings also factors in the firm's moderate credit metrics. In
FY20, interest coverage (operating EBITDA/gross interest expense)
improved to 2.7x (FY19: 2.2x) and net leverage (total adjusted net
debt/operating EBITDAR) to 1.8x (2.4x), on account of an increase
in absolute EBITDA to INR72 million (INR49 million). Ind-Ra expects
the credit metrics to remain moderate in the short-term, on account
of absence of any major debt-led capex plans.

The ratings are constrained by the partnership structure of the
firm.

Liquidity Indicator- Stretched: Tharu had low cash and cash
equivalent of INR5.3 million at FYE20 (FYE19: INR2.3 million). The
average use of the fund-based and the non-fund-based limits was
93.2% and 92.6%, respectively, for the 12 months ended October
2020. Its cash flow from operations plunged to INR0.1 million in
FY20 (FY19: INR35 million) due to unfavorable changes in working
capital. In FY20, the firm had an inventory of INR113.5 million
(FY19: nil), due to work completed but not billed. Tharu did not
avail the Reserve Bank of India-prescribed moratorium on its debt
under the COVID-19 relief package.

However, the ratings benefit from the firm's healthy EBITDA margins
of 11.9% in FY20 (FY19: 13.4%) with a return on capital employed of
24.7% (17.7%). The decline in margins in FY20 was on account of an
increase in operating expenses. Ind-Ra expects the EBITDA margins
to deteriorate in FY21 on account of further increase in the
operating expenses considering the impact of COVID-19.

The ratings are supported by the partners' experience of more than
two decades in the Indian railway service industry, which enables
the firm to establish longstanding relationships with its customers
and suppliers.

RATING SENSITIVITIES

Positive: Any substantial growth in the revenue, along with an
improvement in the operating profitability, leading to an
improvement in the credit metrics, will lead to a positive rating
action.

Negative: Any decline in the revenue or operating profitability,
leading to the interest coverage reducing below 2.2x or a further
stress on the liquidity position, will be negative for the
ratings.

COMPANY PROFILE

Incorporated in 1998 in Kerala, Tharu is a partnership firm engaged
in providing laundry services, and cleaning of  railway coaches and
railway stations.


VINAYAK VIDHYALAYAA: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sree
Vinayak Vidhyalayaa Charitable Trust (SVVCT) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.21      CARE D; ISSUER NOT COOPERATING;
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 20, 2019, placed the
rating(s) of SVVCT under the 'Issuer non-cooperating' category as
SVVCT had failed to provide information for monitoring of the
rating.  SVVCT continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated October 6, 2020 In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on August 20, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weakness

  * Ongoing delays in meeting debt obligations: The trust was
unable to generate sufficient cash flows leading to strained
liquidity position resulting in ongoing delays in meeting its
interest obligations in time.

Sree Vinayak Vidhyalayaa Charitable Trust (SVVCT) was established
as a non-profit making organization in the year 2006 by Mr.Sekar
and his family members at Erode, Tamil Nadu. SVVCT is registered as
a public charitable trust and established educational institutions
for the purpose of promoting engineering, scientific, managerial
and other graduation courses. Various health and awareness camps
are held in association with the government hospitals in and around
Erode, Tamil Nadu as part of their philanthropic activities. The
trust operates three educational institutions namely, Aishwarya
College of Engineering & Technology, Aishwarya Polytechnic College
and Sri Vinayak Vidhyalaya College of Education.


VK WAREHOUSING: CARE Lowers Rating on INR34.90cr LT Loan to C
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of VK
Warehousing Enterprises, as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       34.90      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable;
                                   ISSUER NOT COOPERATING

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 25, 2019, placed
the ratings of VK Warehousing Enterprises under the 'issuer
non-cooperating' category as company had failed to provide
information for monitoring of the rating. The firm continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated January
31, 2020 to November 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 rating.

The revision in the rating takes into account the non-availability
of requisite information due to non-cooperation by VK Warehousing
Enterprises with CARE's efforts to undertake a review of the
outstanding ratings as CARE views information availability risk as
key factor in its assessment of credit risk profile.

Detailed description of the key rating drivers

At the time of PR dated October 5, 2018 and September 25, 2019, the
following were the rating strengths and weakness:

Key Rating Weaknesses

  * Risk towards stabilization of operations:  The firm has
constructed rural godowns with a storage capacity of 102,000 MT at
various districts of Uttar Pradesh. As on September 19, 2018, the
firm has incurred the entire cost i.e the project has been
completed 100%. The commercial operation is expected to start from
December 2018. Therefore, risk exists towards stabilization of
operations, post initiation of commercial operations of the godown.
Ability of the firm to stabilize the operations and generate the
revenue and profit levels as envisaged will remain critical from
credit perspective.

  * Partnership nature of constitution with inherent risk of
capital withdrawal:  The partners typically make all the decisions
and lead the business operations. If they become ill or disabled,
there may not be anybody else to step in and maintain the optimum
functioning of business. A business run by three partners also
poses a risk of heavy burden, i.e. an inherent risk of capital
withdrawal, at a time of personal contingency which can adversely
affect the capital structure of the firm. Moreover, the partnership
firms have restricted access to external borrowing which limits
their growth opportunities to some extent.

  * Presence in a fragmented and competitive industry:  The firm is
engaged in the business of providing godown facilities on lease
basis where the profitability margins compared to other industry
will be low. Apart from that, there are numerous organized and
unorganized players entering into the market which makes the
industry competitive nature.

Key Rating Strengths

  * Qualified and experienced management:  VK Warehousing
Enterprises (ASWE) was established as a partnership firm by Mrs.
Sarala Devi and Mrs. Kalpana Prasad. However, Mr. Vamsidhar
Maddipatla, the managing director of OSR Infra Private Limited
handles the overall operations of the firm. Mr. Vamsi Maddipatla
has over 17 years of experience as an entrepreneur who founded and
built successful companies in technology and Bio-Pharma industries.
He is also the founder of Laxai, an MNC in New Jersey, USA and
Laxai Avati Life Sciences, Hyderabad along with being the founder
director of International Drug Discover & Clinical. Furthermore,
the promoters are assisted by second line of management having
adequate experience in the agriculture industry.

  * Financial closure achieved and 100% of the cost has been
incurred for the ongoing project:  The promoters of the firm have
constructed 18 godowns with an aggregate storage capacity of
102,000 MT. The total project cost was INR51.21 crore which was
funded through bank term loan of INR34.87 crore and promoter's fund
of INR16.34 crore. Furthermore, 100% of the project has been
completed and the firm is expecting to start the commercial
operations from December 2018.

  * Geographical diversification:  At a combined level, the group
has its clientele spread across Tamil Nadu, Uttar Pradesh and
Andhra Pradesh which results in a diversified geographical reach.
The group has its warehouses at West Godavari, Kurnool and Nalgonda
districts of Andhra Pradesh, Dindigal district of Tamil Nadu and in
Uttar Pradesh, the warehouses are present in 6 different districts
namely Auraiya, Etawah, Balrampur, Unnao, Sonbhadhra and
Barabanki.

  * Stable outlook of warehousing industry:  Warehousing Market in
India states that the demand for good quality state-of-the-art
warehouses will be a major requirement in the country given the
growing logistics industry. The evolution from storage godowns to
multipurpose logistic centers is highly desired. Warehouses form a
crucial supply chain element which is key to both customer
satisfaction and cost reduction. Warehouses today serve as a
stocking point as well as consolidation centers for multiple
sourcing locations which provide cross docking facilities to retail
distributors, sorting centers for customer deliveries, and assembly
facilities for final packaging and bundling. The organized sector
has a minor market share, but claims a major portion of the
revenue. The warehouse market is subjected to stringent regulations
and policies regarding licensing, performance, and accountability.
The current fragmented state of the sector coupled with growth in
the overall economy provides tremendous potential for the
warehousing sector to flourish.

Analytical Approach: Combined

The combined business risk profiles of VK Warehousing Enterprises
and its group companies namely OSR Infra Private Limited, OSR MP
Warehousing Enterprises, OSR UP Warehousing Enterprises, Annapurna
Saraswathi Warehousing Enterprises, Annapurna Kalpana Warehousing
Enterprises and KPM Warehousing Enterprises have been considered as
these entities operate in the same line of business and have
operational linkages.

Hyderabad based, VK Warehousing Enterprises (VKWE) was established
as a partnership firm in January 2013 by Mrs. Kalpana Prasad and
Mrs. Sarala Devi. Mr. Vamsidhar Maddipatla, the managing director
of OSR Infra Private Limited (associate concern) is the chief
executive of VKWE and handles the overall operations of the firm.
The firm is engaged in providing ware house on lease rental to
Uttar Pradesh State Warehousing Corporation (UPSWC) and other local
traders. Mr. Vamsidhar Maddipatla and family runs seven other
entities namely OSR Infra Private Limited, OSR MP Warehousing
Enterprises, OSR UP Warehousing Enterprises, Annapurna Saraswathi
Warehousing Enterprises, Annapurna Kalpana Warehousing Enterprises
and KPM Warehousing Enterprises which is in the same line of
business and have operational linkages.

The property of VKWE, located at various districts of Uttar
Pradesh, which is built on a total land area of 1344,087 square
feet comprises of 18 godowns, with an aggregate storage capacity of
102,000 MT (Metric Tons) for agricultural products and consumer
goods. The total project cost for the construction of 18 godowns
was INR51.21 crore which was funded through bank term loan of
INR34.87 crore and promoters fund of INR16.34 crore. The firm
started the project work in May 2015 and is expecting to start the
commercial operations from December 2018. As on September 19, 2018,
the firm has incurred the entire cost i.e the project has been
completed 100%.




=============
M Y A N M A R
=============

YOMA STRATEGIC: Full-Year Net Loss Widens to US$60.5 Million
-------------------------------------------------------------
Olivia Poh at The Business Times reports that Myanmar-focused Yoma
Strategic Holdings' full-year net loss has widened to US$60.5
million, from US$36.9 million a year ago.

This comes amid a higher share of losses of joint ventures, an
increase in the cost of sales, administrative expenses, as well as
income tax expenses, showed results released by the
mainboard-listed group on Nov. 28, BT relays.

Loss per share stood at 2.01 US cents for the six-month period
ended Sept. 30, 2020, compared with loss per share of 3.06 US cents
a year ago, BT discloses. The group had in February announced a
change of its financial year-end from March 31 to Sept. 30.

Revenue for the full year rose 13.6 per cent to US$103.4 million,
from US$91 million a year ago.

Revenue generated from the real estate development segment, which
accounted for 30.7 per cent of total revenue, increased more than
90 per cent to US$31.7 million for the 12 months ended Sept 30,
2020, from US$16.2 million a year ago, BT relays.

BT relates that the group also recorded higher revenue for its
consumer segment, financial services arm as well as its automotive
and heavy equipment segment, but saw drops in its real estate
services and investments arm.

No dividend was declared for the period, unchanged from a year
ago.

It said: "With the easing of the Covid-19 measures and the
successful conclusion to the election, the group is cautiously
optimistic on the outlook for Myanmar's economy.

"The government is expected to focus on various growth initiatives
and attracting foreign investment during its next five-year term.
Furthermore, the impact of the Covid-19 response is expected to
provide the catalyst for a more rapid pace of economic
transformation, which bodes well for the group's businesses."

Yoma Strategic Holdings Ltd. (SGX:Z59) --
https://www.yomastrategic.com/html/index.php -- is an investment
holding company. The Company's segments include real estate
segment, which is engaged in developing, selling and leasing land
development rights, residential and commercial properties, and
providing design and project management services, as well as
property and estate management services; agriculture activities
segment, which cultivates and manages plantation estate; automotive
and equipment segment, which supplies and leases motor vehicles and
automotive equipment; consumer segment, which operates quick
service restaurants and develops food and beverage distribution,
and retail businesses; tourism services segment, which operates hot
air balloons business and related travelling services; rental of
properties segment, which relates to the rental of shopping center
and retail stores, and corporate segment, which is involved in
Company level corporate services in treasury functions, and
investments in financial and non-financial assets.




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

NO SIGNBOARD: Full-Year Loss Widens to SGD9.8MM on Lower Revenue
----------------------------------------------------------------
Raphael Lim at The Business Times reports that No Signboard
Holdings sank deeper into the red for the financial year ended
Sept. 30, 2020, on lower revenue, it said in an exchange filing on
Nov. 29.

Net loss for the year widened to SGD9.8 million from SGD4.9 million
a year ago, BT discloses. On a per share basis, its net loss
amounted to 2.13 Singapore cents for FY2020, compared to 1.05 cents
a year ago.

No dividend was declared, unchanged from the year before, as there
were no distributable profits, No Signboard said.

Revenue fell by 46.8 per cent to SGD13.6 million for FY2020, from
SGD25.5 million for FY2019.

According to BT, revenue was impacted by a temporary closure of its
seafood restaurant at Esplanade for two months for renovations
earlier in the year. No Signboard said that revenue for seafood and
hotpot restaurants also declined significantly from the second
quarter of this year due to lower tourist footfalls at most of its
outlets arising from travel entry restrictions on incoming
foreigners.

BT relates that No Signboard said it has seen gradual revenue
improvement due to the commencement of Phase Two of the progressive
economic reopening in Singapore.

"Notwithstanding, business in the short term would not be able to
operate on the same level as it was before, prior to the onset of
Covid-19," No Signboard said.

It added that its business is still impacted by ongoing travel
restrictions, social distancing measures and people generally being
more cautious when dining out.

"The group expects the operating environment of the local food and
beverage industry to remain challenging in the next 12 months, due
to uncertain economic outlook aggravated by travel restriction
imposed globally that dampened consumers' demand," No Signboard
said.

"The group's current key priority is to preserve cash to support
working capital requirements until Covid-19 situation improves and
to ensure that the group has sufficient resources to tide through
this period."

Net asset value for the group stood at 1.47 Singapore cents per
share as at Sept. 30, 2020, down from 3.66 cents a year earlier.

BT adds that No Signboard said it will also continue to explore
suitable opportunities to strengthen its competitive edge in its
existing business and expand its food and beverage business both in
Singapore and overseas.

                         About No Signboard

No Signboard Holdings Ltd., an investment holding company, manages
and operates food and beverage outlets in Singapore. The company
operates a chain of seafood restaurants under the No Signboard
Seafood brand that serve various seafood cuisine prepared in
Chinese and Singapore styles. It owns and operates three
restaurants, as well as operates one restaurant under a franchise
agreement. The company also produces, promotes, and distributes
beer under the Draft Denmark brand; and distributes various third
party brands of beer, as well as operates as an OEM beer supplier
for third party brands. In addition, it produces and distributes
ready meals through a network of vending machines. Further, the
company engages in leasing financial intangible assets, such as
patents, trademarks, brand names, etc.




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

ASIANA AIRLINES: Takeover Requires Regulatory OK From 4 Countries
-----------------------------------------------------------------
Yonhap News Agency reports that South Korea's biggest carrier
Korean Air Lines Co.'s planned acquisition of the debt-laden Asiana
Airlines Inc. requires approval from antitrust authorities in at
least four other countries, industry sources said on Nov. 29.

According to the aviation industry sources and the Fair Trade
Commission (FTC), the planned merger requires review from
authorities in the United States, European Union (EU), China and
Japan, Yonhap relates.

A failure would jeopardize the deal valued at KRW1.8 trillion
(US$1.6 billion) that would create the world's 10th-biggest airline
by fleet, the report says.

In the U.S., combined revenue of two companies exceeding $198
million for the latest financial year requires a conditional review
for merger clearance from the Department of Justice and the Federal
Trade Commission, according to Yonhap.

Korean Air's revenue in the passenger business for this year's
first, second and third quarters reached 1.7 trillion won, with
more than 20 percent coming from the U.S. market, they said, Yonhap
discloses.

Asiana Airlines does not release revenue data by region, yet its
total revenue came to KRW2.8 trillion during the cited period, they
added.

In the European market, combined revenue of two parties exceeding
EUR50 billion for the latest financial year also requires a merger
review from antitrust authorities, Yonhap relays.

The combined revenue of Korean Air and Asiana Airlines for this
year in the global market surpassed the 8 trillion-won mark,
according to the sources cited by Yonhap.

Mergers and alliances in civil aviation in the European market are
considered to be more tricky, the sources said.

The EU previously disapproved a merger of Greece's biggest carriers
-- Olympic Air and Aegean Airlines -- citing concerns over a
quasi-monopoly of the Greek air transport market.

In China, combined revenue of two companies in the global market
exceeding CNY10 billion also requires merger clearance from the
authorities, according to the sources.

In Japan, Korean Air's revenue for the latest financial year in the
country exceeds KRW20 billion, meaning the deal requires a merger
review, they said.

Also, the sources said further review may be needed in other
Southeast Asian countries, the report adds.

Yonhap relates that South Korea's antitrust regulator will first
review the deal over the issue of monopoly, and it is highly
unlikely for overseas authorities to overturn the decision, they
added.

Earlier this month, the state-run Korea Development Bank (KDB), the
main creditor of Asiana Airlines, signed an investment agreement
with Korean Air's parent Hanjin KAL Corp. to inject KRW800 billion
into Hanjin KAL through a rights offering and convertible bonds,
Yonhap recalls.

Hanjin KAL will then participate in a 2.5 trillion-won stock sale
by Korean Air that will be used to acquire Asiana, Yonhap relates.

Korean Air, currently the world's 18th-largest airline by fleet,
will become Asiana's biggest shareholder with a 63.9 percent stake
if the acquisition is completed, the report notes.

Hit hard by the pandemic, Korean Air and Asiana have suspended most
of their flights on international routes since March, and travel
demand has dried up, adds Yonhap.

                       About Asiana Airlines

Headquartered in Osoe-Dong Kangseo-Gu, South Korea, Asiana Airlines
Incorporated is engaged in air transportation, engineering,
construction, facilities, electricity, ground handling, catering,
communication, logo products and e-business.  Asiana Airlines is a
unit of the Kumho Asiana Group, a South Korean conglomerate whose
business portfolio includes tire manufacturing and chemical
production.

Asiana Airlines' net losses deepened for the January-March quarter
to KRW683.26 billion from KRW89.18 billion a year earlier.  The
airline has suspended most of its flights on international routes
as more than 180 countries have strengthened entry restrictions
amid coronavirus fears this year, according to Yonhap News Agency.

State lenders Korea Development Bank and the Export-Import Bank of
Korea planned to inject a combined KRW1.7 trillion into Asiana to
help the airline stay afloat.  In self-help measures, Asiana has
had all of its 10,500 employees take unpaid leave for 15 days a
month since April until business circumstances normalize, Yonhap
noted.  Asiana's executives have also agreed to forgo 60% of their
wages, though no specific time frame was given for how long the pay
cuts will remain in effect.




=================
S R I   L A N K A
=================

SRI LANKA: Fitch Lowers Foreign Currency IDR to 'CCC'
-----------------------------------------------------
Fitch Ratings has downgraded Sri Lanka's Long-Term Foreign-Currency
Issuer Default Rating (IDR) to 'CCC'.

Fitch typically does not assign Outlooks or apply modifiers to
sovereigns with a rating of 'CCC' or below.

KEY RATING DRIVERS

The downgrade reflects Sri Lanka's increasingly challenging
external-debt repayment position over the medium term. In
particular, a sharp rise in the sovereign debt to GDP ratio
associated with the coronavirus shock and narrowing financing
options have heightened debt sustainability risks.

Sri Lanka's external funding needs are substantial over the medium
term, and in its view, risks to the sovereign's ability to meet its
external-debt service obligations have increased. The government's
external-debt obligations amount to USD23.2 billion between 2021
and 2025 or about USD4 billion annually, against FX reserves at
end-October of just USD5.9 billion. The sovereign's financing and
debt service challenges are exacerbated by its existing financing
model, which has resulted in very high general government interest
to revenues ratios. The average interest to revenue ratio from 2016
to 2020 is about 50%, substantially above the 'CCC' peer median of
about 11%.

The authorities plan to meet their external-debt obligations in
2021-2025 through a combination of sources, including bilateral,
multilateral and commercial financing, but in Fitch's view, access
to such external financing options will become more challenging
against the backdrop of already high debt levels and an expected
further weakening of government debt dynamics. Meanwhile, Fitch
believes that financing conditions for potential market issuance
have tightened materially, notwithstanding the reduction in
political and policy uncertainty following the completion of
parliamentary elections in August 2020 and submission of the draft
2021 budget in November.

Fitch thinks there are now increasing risks to Sri Lanka's ability
to meet its external-debt repayments as reflected in its forecast
of a steady decline in FX reserves in 2021 and 2022. Fitch expects
Sri Lanka's external liquidity ratio, defined as liquid external
assets/external liabilities, will remain low at about 63%, against
a 'CCC' median of about 68% in 2021.

In the 2021 budget, the authorities have planned external
borrowings of project and programme loans mostly through bilateral
and multilateral sources (about USD1.8 billion), as well as foreign
commercial loans (about USD1.4 billion) for budget support. The
authorities do not currently anticipate a financing arrangement
with the IMF.

Fitch estimates Sri Lanka's government debt to GDP ratio to
increase to about 100% in 2020 from 86.8% in 2019, and to rise
further under its baseline scenario to around 116% in 2024. This
trajectory is in sharp contrast to the authorities' medium-term
fiscal strategy, which envisages a reduction in the debt to GDP
ratio to 75.5% in 2025 from their estimate of 95.1% in 2020. The
authorities are forecasting a pick-up in revenues to 14.2% of GDP
by 2025, from their estimate of 9.5% in 2020, with GDP growth
picking up to 6% or higher over the medium term. They also project
a primary surplus by 2025.

Its baseline projections are based on more conservative, and Fitch
believes, realistic, assumptions for economic growth, revenue and
interest payments. Sri Lanka lacks a track record of sustained
primary surpluses, its revenue-to-GDP ratio has stayed low and GDP
growth has been weak (growth averaged 3.7% in 2015-2019).
Accordingly, its baseline assumptions for 2021-2024 incorporate
average annual growth of about 4%, a primary deficit of about 2% of
GDP, and revenue-to-GDP of about 11%.

Sri Lanka's 2021 budget targets a widening deficit of 8.9% of GDP,
from 7.9% of GDP for 2020. The budget contains numerous tax
incentives for the agricultural sector, and policies to facilitate
private investment. It also includes reforms to improve tax
collection and administration, and the introduction of a special
goods and services tax for alcohol, betting and gaming,
telecommunication and vehicles. In its view, the official revenue
projection of nominal revenue growth of about 28% in 2021 is highly
ambitious given the lack of major revenue-raising measures and the
numerous tax incentives, coupled with the tax cuts announced
towards end-2019. The budget also targets a large increase in
spending, particularly public investment, raising it from an
estimated 2.6% of GDP in 2020 to 6.1% of GDP in 2021.

In its view, the budget lacks a credible fiscal consolidation
strategy and provides only limited details on the potential revenue
impact of some of the measures announced, raising uncertainty about
the government's planned reduction in government debt and budget
deficit. As such, Fitch projects the budget deficit to widen to
about 11.5% of GDP in 2021 and 2022. This forecast is based on its
GDP growth assumption of 4.9% in 2021 compared to the authorities'
5.5%. Sri Lanka's low revenue-to-GDP ratio has remained a key
weakness in the fiscal profile and Fitch expects it to remain below
the 'CCC' median of 23% in 2021.

Sri Lanka's economic performance has been affected by the COVID-19
pandemic through multiple channels, even though the virus has been
relatively well contained domestically. Travel and tourism, which
is an important driver of the economy has been hard hit and the
outlook for its recovery remains uncertain and dependent on the
evolution of the pandemic. The direct contribution of tourism to
GDP is about 4%, but the indirect spill-over effect is much
higher.

Private consumption, which accounts for about 70% of GDP, was
weakened by the domestic lockdown in place between March and
May2020. GDP contracted by 1.6% in 1Q20, and Fitch expects an even
sharper contraction in 2Q (publication of the 2Q GDP data has been
delayed).

Overall, Fitch expects GDP to contract by 6.7% in 2020 and to begin
recovering in 2021 by 4.9%, partly driven by the low-base effect.
Its forecasts are subject to a high degree of uncertainty related
to the path of the pandemic globally and in Sri Lanka. However,
recent positive news on vaccine development initiatives has
highlighted the potential for the gradual roll-out of a medical
solution to the pandemic from early 2021, which could facilitate a
return to economic normalisation and mitigate the downside risks to
macro forecasts.

Remittances have performed unexpectedly well during the pandemic,
growing by about 2.7% yoy between January-October, and have helped
support the external position. However, Fitch views this increase
as temporary, due to factors such as workers repatriating their
savings before returning home, and a shift towards more formal
remittance channels. The stronger remittance inflows alongside a
decline in imports due to various import controls, has kept Sri
Lanka's current account from deteriorating significantly in 2020.
Fitch expects the current account deficit to remain manageable at
2% -3% of GDP in 2021 and 2022 as some of those import controls are
likely to remain in place.

Sri Lanka's basic human development indicators, including education
standards, are high compared with the 'CCC' median, based on the UN
Human Development Index Score, which positions Sri Lanka in the
63rd percentile, well above the 27th percentile for the 'CCC'
median. The country's per capita income of USD3,775 estimated by
Fitch at end-2020 is above the 'CCC' median of USD2,661.

The operating environment for banks in Sri Lanka remains
challenging and Fitch expects banks' financial profiles to come
under stress. The sector regulatory non-performing loan (NPL) ratio
rose to 4.7% by end-2019, prior to the economic disruptions from
the pandemic, and reached 5.4% by end-1H20. Underlying
asset-quality stress could continue to build, despite the
regulatory relief in the form of a moratorium for affected
customers that has to a large extent halted the recognition of
credit impairment. Sri Lankan banks could also face increased
challenges in the access to - and pricing of - foreign-currency
funding stemming from the deteriorating sovereign credit profile.

ESG - Governance: Sri Lanka has an ESG Relevance Score of '5' for
Political Stability and Rights as well as for the Rule of Law,
Institutional and Regulatory Quality and Control of Corruption, as
is the case for all sovereigns. These scores reflect the high
weight that the World Bank Governance Indicators have in its
proprietary Sovereign Rating Model. Sri Lanka has a medium World
Bank Governance Indicator ranking in the 46th percentile,
reflecting a recent record of peaceful political transitions, a
moderate level of rights for participation in the political
process, moderate institutional capacity, established rule of law
and a moderate level of corruption.

RATING SENSITIVITIES

The main factors that could, individually or collectively, lead to
positive rating action/upgrade are:

  - External Finances: Improvement in external finances, supported
    by higher non-debt inflows or a reduction in external
    sovereign refinancing risks from an improved liability
    profile.

  - Public Finances: Stronger public finances, accompanied by a
    sustained decline in the general government debt to GDP
    ratio, closer to the 'B' median, underpinned by a credible
    medium-term fiscal consolidation strategy

  - Structural: Improved policy coherence and credibility,
    leading to more sustainable public and external finances
     and a reduction in the risk of debt distress

The main factors that could, individually or collectively, lead to
negative rating action/downgrade:

  - Increased signs of a probable default event, for instance
    from severe external liquidity stress, potentially
    reflected in an ongoing erosion of foreign exchange
    reserves and reduced capacity of the government to
    access external financing.

SOVEREIGN RATING MODEL (SRM) AND QUALITATIVE OVERLAY (QO)

In accordance with the rating criteria for ratings in the 'CC'
range and below, Fitch's sovereign rating committee has not used
the SRM and QO to explain the ratings, which are instead guided by
the rating definitions.

Fitch's SRM is the agency's proprietary multiple regression rating
model that employs 18 variables based on three-year centred
averages, including one year of forecasts, to produce a score
equivalent to a Long-Term Foreign-Currency Issuer Default Rating.
Fitch's QO is a forward-looking qualitative framework designed to
allow for adjustment to the SRM output to assign the final rating,
reflecting factors within its criteria that are not fully
quantifiable and/or not fully reflected in the SRM.

KEY ASSUMPTIONS

The global economy performs in line with Fitch's global GDP
forecasts published in November 2020.

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

Sri Lanka has an ESG Relevance Score of 5 for Political Stability
and Rights as World Bank Governance Indicators have the highest
weight in Fitch's SRM and are highly relevant to the rating and a
key rating driver with a high weight.

Sri Lanka has an ESG Relevance Score of 5 for Rule of Law,
Institutional & Regulatory Quality and Control of Corruption as
World Bank Governance Indicators have the highest weight in Fitch's
SRM and are therefore highly relevant to the rating and are a key
rating driver with a high weight.

Sri Lanka has an ESG Relevance Score of 4 for Human Rights and
Political Freedoms, as strong social stability and voice and
accountability are reflected in the World Bank Governance
Indicators that have the highest weight in the SRM. They are
relevant to the rating and a rating driver.

Sri Lanka has an ESG Relevance Score of 4 for Creditor Rights, as
willingness to service and repay debt is relevant to the rating and
is a rating driver for Sri Lanka, as for all sovereigns.

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




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

[*] BOND PRICING: For the Week Nov. 23, 2020 to Nov. 27, 2020
-------------------------------------------------------------
Issuer                 Coupon     Maturity    Currency    Price
------                 ------     --------    --------    -----

  AUSTRALIA
  ---------


ACN 113 874 712 PTY LTD     13.25    02/15/18    USD      0.13
ACN 113 874 712 PTY LTD     13.25    02/15/18    USD      0.13
CLEAN SEAS SEAFOOD LTD       8.00    11/18/22    AUD      1.06
CLIME CAPITAL LTD/FUND       6.25    11/30/21    AUD      0.98
PALADIN ENERGY LTD          10.00    02/01/23    USD     59.69
PALADIN ENERGY LTD          10.00    02/01/23    USD     59.69
VIRGIN AUSTRALIA HOLDIN      7.88    10/15/21    USD     10.03
VIRGIN AUSTRALIA HOLDIN      7.88    10/15/21    USD     10.03
VIRGIN AUSTRALIA HOLDIN      8.13    11/15/24    USD      6.62
VIRGIN AUSTRALIA HOLDIN      8.08    03/05/24    AUD      6.01
VIRGIN AUSTRALIA HOLDIN      8.25    05/30/23    AUD      5.90
VIRGIN AUSTRALIA HOLDIN      8.13    11/15/24    USD      4.94
VIRGIN AUSTRALIA HOLDIN      8.00    11/26/24    AUD      4.94


   CHINA
   -----

AKESU DISTRICT GREEN IN      4.09    03/11/23    CNY     60.00
AKESU DISTRICT GREEN IN      4.09    03/11/23    CNY     59.47
AKESU XINCHENG ASSET IN      6.40    04/20/22    CNY     40.24
AKESU XINCHENG ASSET IN      6.40    04/20/22    CNY     40.18
ALTAY PREFECTURE STATE-      4.85    01/22/23    CNY     60.70
ALTAY PREFECTURE STATE-      4.85    01/22/23    CNY     59.62
AN SHUN YU KUN REAL EST      5.48    11/10/21    CNY     69.59
ANHUI FOREIGN ECONOMIC       7.30    07/13/21    CNY     70.01
ANHUI JIANGNAN INDUSTRI      4.76    07/08/23    CNY     59.19
ANHUI JIANGNAN INDUSTRI      4.76    07/08/23    CNY     58.88
ANHUI PINGTIANHU INVEST      7.40    10/23/20    CNY     20.02
ANHUI PINGTIANHU INVEST      7.40    10/23/20    CNY     19.60
ANHUI PROVINCE TONGLING      7.30    05/13/21    CNY     27.18
ANHUI PROVINCE TONGLING      7.30    05/13/21    CNY     20.60
ANJI COUNTY STATE-OWNED      8.30    04/24/21    CNY     24.57
ANJI COUNTY STATE-OWNED      8.30    04/24/21    CNY     20.28
ANJI NORTHWEST DEVELOPM      5.90    07/18/23    CNY     60.00
ANJI NORTHWEST DEVELOPM      5.90    07/18/23    CNY     59.91
ANLU CONSTRUCTION DEVEL      5.45    06/15/23    CNY     60.51
ANLU CONSTRUCTION DEVEL      5.45    06/15/23    CNY     60.51
ANQING ECONOMIC&TECHNOL      4.09    03/09/23    CNY     60.10
ANQING ECONOMIC&TECHNOL      4.09    03/09/23    CNY     58.66
ANQING URBAN CONSTRUCTI      6.01    04/27/22    CNY     40.92
ANQING URBAN CONSTRUCTI      6.01    04/27/22    CNY     40.00
ANSHUN STATE-RUN ASSETS      4.48    07/18/23    CNY     58.40
ANSHUN STATE-RUN ASSETS      4.48    07/18/23    CNY     56.88
BAOJI HI-TECH INDUSTRIA      8.25    04/21/21    CNY     20.25
BAOJI HI-TECH INDUSTRIA      8.25    04/21/21    CNY     20.00
BAOTOU CITY SCIENCE EDU      6.48    03/25/22    CNY     45.50
BAOTOU CITY SCIENCE EDU      6.48    03/25/22    CNY     41.11
BAOYING CITY CONSTRUCTI      4.50    03/24/23    CNY     60.51
BAOYING CITY CONSTRUCTI      4.50    03/24/23    CNY     60.05
BAYAN ZHUOER HETAO WATE      8.54    03/31/22    CNY     30.94
BAZHONG STATE-OWNED ASS      5.13    12/02/22    CNY     60.00
BAZHONG STATE-OWNED ASS      5.13    12/02/22    CNY     59.14
BAZHONG STATE-OWNED ASS      8.50    04/25/21    CNY     20.44
BAZHONG STATE-OWNED ASS      8.50    04/25/21    CNY     20.35
BEIJING CAPITAL DEVELOP      6.50    02/27/21    CNY     20.22
BEIJING CAPITAL DEVELOP      7.19    01/15/21    CNY     20.17
BEIJING CAPITAL DEVELOP      7.19    01/15/21    CNY     20.00
BEIJING CHANGXIN CONSTR      6.74    04/22/21    CNY     20.37
BEIJING CHANGXIN CONSTR      6.74    04/22/21    CNY     20.34
BEIJING FUTURE SCIENCE       4.20    08/13/22    CNY     40.30
BEIJING FUTURE SCIENCE       4.20    08/13/22    CNY     40.27
BEIJING JINLIYUAN STATE      7.00    10/28/20    CNY     20.03
BEIJING JINLIYUAN STATE      7.00    10/28/20    CNY     20.00
BEIJING SHIJINGSHAN STA      6.08    08/18/21    CNY     23.87
BEIJING SHIJINGSHAN STA      6.08    08/18/21    CNY     20.40
BEIJING XINCHENG INFRAS      7.50    04/21/21    CNY     20.29
BEIJING XINCHENG INFRAS      7.50    04/21/21    CNY     20.20
BEIJING XINGZHAN INVEST      6.66    04/24/21    CNY     20.33
BEIJING XINGZHAN INVEST      6.66    04/24/21    CNY     20.32
BEIPIAO CITY CONSTRUCTI      6.70    03/25/23    CNY     61.58
BEIPIAO CITY CONSTRUCTI      6.70    03/25/23    CNY     55.11
BENGBU GAOXIN INVESTMEN      8.70    04/17/21    CNY     20.28
BENGBU GAOXIN INVESTMEN      8.70    04/17/21    CNY     20.00
BENXI URBAN CONSTRUCTIO      6.24    01/22/22    CNY     40.03
BENXI URBAN CONSTRUCTIO      6.24    01/22/22    CNY     40.00
BIJIE CONSTRUCTION INVE      6.50    01/28/22    CNY     45.65
BIJIE CONSTRUCTION INVE      6.50    01/28/22    CNY     40.43
BIJIE KAIYUAN CONSTRUCT      7.78    02/25/21    CNY     30.00
BIJIE KAIYUAN CONSTRUCT      7.78    02/25/21    CNY     20.11
BINZHOU HI-TECH DEVELOP      8.60    01/10/21    CNY     23.40
BINZHOU HI-TECH DEVELOP      8.60    01/10/21    CNY     20.13
BINZHOU ZHONGHAI VENTUR      6.65    04/13/22    CNY     40.29
BINZHOU ZHONGHAI VENTUR      6.65    04/13/22    CNY     40.00
BOHAI LEASING CO LTD         7.00    06/20/21    CNY     68.53
BORALA MONGOL AUTONOMOU      5.77    08/26/22    CNY     40.61
BORALA MONGOL AUTONOMOU      5.77    08/26/22    CNY     39.00
BOZHOU URBAN CONSTRUCTI      4.78    04/14/23    CNY     60.57
BOZHOU URBAN CONSTRUCTI      4.78    04/14/23    CNY     59.79
CANGNAN COUNTY STATE OW      5.58    11/11/22    CNY     68.00
CANGNAN COUNTY STATE OW      5.58    11/11/22    CNY     60.71
CEFC SHANGHAI INTERNATI      4.98    12/10/20    CNY     61.29
CEFC SHANGHAI INTERNATI      4.08    09/09/21    CNY     60.00
CHANG DE DING LI INDUST      4.30    03/10/23    CNY     60.11
CHANG DE DING LI INDUST      4.30    03/10/23    CNY     60.06
CHANGCHUN MODERN AGRICU      7.00    07/25/21    CNY     20.13
CHANGCHUN MODERN AGRICU      7.00    07/25/21    CNY     19.50
CHANGDE DE YUAN SHANTY       5.33    09/13/23    CNY     67.47
CHANGDE ECONOMIC CONSTR      7.00    03/24/21    CNY     20.29
CHANGDE ECONOMIC CONSTR      7.00    03/24/21    CNY     20.25
CHANGDE URBAN CONSTRUCT      3.59    01/12/23    CNY     60.00
CHANGDE URBAN CONSTRUCT      3.59    01/12/23    CNY     59.86
CHANGLE COUNTY NEWTOWN       5.18    12/16/22    CNY     62.03
CHANGLE COUNTY NEWTOWN       5.18    12/16/22    CNY     59.60
CHANGSHA COUNTY XINGCHE      7.90    03/25/22    CNY     41.61
CHANGSHA COUNTY XINGCHE      7.90    03/25/22    CNY     41.61
CHANGSHA ECONOMIC & TEC      8.45    04/13/22    CNY     30.70
CHANGSHA FURONG CITY DE      3.88    01/26/23    CNY     60.67
CHANGSHA FURONG CITY DE      3.88    01/26/23    CNY     60.14
CHANGSHA METRO GROUP CO      5.40    07/14/25    CNY     82.67
CHANGSHA METRO GROUP CO      5.97    04/03/25    CNY     73.39
CHANGSHA METRO GROUP CO      5.97    04/03/25    CNY     73.26
CHANGSHA METRO GROUP CO      5.40    07/14/25    CNY     70.00
CHANGSHA METRO GROUP CO      6.20    04/23/23    CNY     48.35
CHANGSHA METRO GROUP CO      6.20    04/23/23    CNY     46.21
CHANGSHA TIANXIN CITY C      4.20    11/06/22    CNY     60.10
CHANGSHA TIANXIN CITY C      4.20    11/06/22    CNY     59.96
CHANGSHA TIANXIN CITY C      3.43    08/08/23    CNY     59.83
CHANGSHA TIANXIN CITY C      3.43    08/08/23    CNY     59.09
CHANGSHA YUHUA JINGKAI       4.17    09/06/23    CNY     59.08
CHANGSHA YUHUA JINGKAI       4.17    09/06/23    CNY     58.90
CHANGSHA YUHUA URBAN CO      3.80    01/28/23    CNY     59.84
CHANGSHA YUHUA URBAN CO      7.17    04/18/21    CNY     24.00
CHANGSHA YUHUA URBAN CO      7.17    04/18/21    CNY     20.41
CHANGSHU BINJIANG URBAN      6.39    09/11/21    CNY     20.41
CHANGSHU BINJIANG URBAN      6.39    09/11/21    CNY     20.00
CHANGSHU DONGNAN ASSET       6.53    03/26/22    CNY     47.32
CHANGSHU DONGNAN ASSET       6.53    03/26/22    CNY     41.11
CHANGSHU TRANSPORTATION      7.00    04/29/21    CNY     27.00
CHANGSHU TRANSPORTATION      7.00    04/29/21    CNY     20.26
CHANGXING COMMUNICATION      7.88    04/30/21    CNY     30.30
CHANGXING COMMUNICATION      7.88    04/30/21    CNY     20.30
CHANGXING COMMUNICATION      6.75    06/16/21    CNY     20.20
CHANGXING COMMUNICATION      6.75    06/16/21    CNY     20.03
CHANGXING URBAN CONSTRU      6.00    12/03/21    CNY     40.26
CHANGXING URBAN CONSTRU      6.00    12/03/21    CNY     39.00
CHANGZHOU BINHU CONSTRU      8.04    12/12/20    CNY     20.30
CHANGZHOU BINHU CONSTRU      8.04    12/12/20    CNY     20.14
CHANGZHOU PUBLIC HOUSIN      6.64    07/02/21    CNY     20.11
CHANGZHOU PUBLIC HOUSIN      6.64    07/02/21    CNY     20.11
CHANGZHOU TIANNING CONS      6.48    02/12/22    CNY     40.81
CHANGZHOU TIANNING CONS      6.48    02/12/22    CNY     40.00
CHAOHU URBAN TOWN CONST      6.50    04/30/22    CNY     42.10
CHAOHU URBAN TOWN CONST      6.50    04/30/22    CNY     40.87
CHENGDU ECONOMIC & TECH      6.90    05/30/21    CNY     26.00
CHENGDU ECONOMIC & TECH      6.90    05/30/21    CNY     20.31
CHENGDU GARDEN WATER CI      6.15    05/03/23    CNY     60.22
CHENGDU GARDEN WATER CI      6.15    05/03/23    CNY     60.09
CHENGDU LONGBO INVESTME      8.10    04/24/21    CNY     20.30
CHENGDU LONGBO INVESTME      8.10    04/24/21    CNY     20.26
CHENGDU PIDU DISTRICT S      6.95    04/01/22    CNY     48.83
CHENGDU PIDU DISTRICT S      6.95    04/01/22    CNY     40.99
CHENGDU PIDU DISTRICT S      7.25    10/15/20    CNY     20.01
CHENGDU PIDU DISTRICT S      7.25    10/15/20    CNY     20.00
CHENGDU SHUZHOU CITY CO      6.58    05/26/22    CNY     40.97
CHENGDU SHUZHOU CITY CO      6.58    05/26/22    CNY     40.50
CHENGDU XINGCHENGJIAN I      6.00    03/20/22    CNY     40.80
CHENGDU XINGCHENGJIAN I      6.00    03/20/22    CNY     40.00
CHENGDU XINKAIYUAN URBA      5.29    04/27/23    CNY     59.85
CHENGDU XINKAIYUAN URBA      5.29    04/27/23    CNY     59.48
CHENGDU XINKAIYUAN URBA      7.43    08/12/21    CNY     21.00
CHENGDU XINKAIYUAN URBA      7.43    08/12/21    CNY     20.35
CHENGFA INVESTMENT GROU      6.87    04/30/21    CNY     21.37
CHENGFA INVESTMENT GROU      6.87    04/30/21    CNY     20.26
CHENZHOU BAIFU INVESTME      4.96    03/22/26    CNY     74.16
CHENZHOU BAIFU INVESTME      4.96    03/22/26    CNY     73.33
CHENZHOU BAIFU INVESTME      6.54    08/28/21    CNY     20.15
CHENZHOU BAIFU INVESTME      6.54    08/28/21    CNY     20.00
CHENZHOU FUCHENG HIGH T      4.73    01/22/23    CNY     60.22
CHENZHOU FUCHENG HIGH T      4.73    01/22/23    CNY     59.85
CHENZHOU INDUSTRY INVES      6.45    01/23/22    CNY     48.60
CHENZHOU INDUSTRY INVES      6.45    01/23/22    CNY     40.32
CHENZHOU XINTIAN INVEST      5.38    03/08/26    CNY     74.36
CHIBI LANTIAN URBAN CON      4.38    08/10/23    CNY     59.44
CHIBI LANTIAN URBAN CON      4.38    08/10/23    CNY     59.27
CHINA MINSHENG INVESTME      7.00    12/26/20    CNY     36.65
CHINA OCEANWIDE HOLDING      8.90    12/13/21    CNY     50.26
CHINA SECURITY CO LTD        4.45    11/11/19    CNY     31.00
CHINA YIXING ENVIRONMEN      4.08    09/14/23    CNY     59.77
CHINA YIXING ENVIRONMEN      4.08    09/14/23    CNY     59.76
CHINA YIXING ENVIRONMEN      7.10    10/18/20    CNY     20.40
CHINA YIXING ENVIRONMEN      7.10    10/18/20    CNY     20.01
CHONGQIN BAIYAN INVESTM      5.75    05/03/23    CNY     61.35
CHONGQIN BAIYAN INVESTM      5.75    05/03/23    CNY     60.17
CHONGQIN XINLIANG INVES      4.76    08/26/23    CNY     56.39
CHONGQIN XINLIANG INVES      4.76    08/26/23    CNY     56.33
CHONGQING BANAN ECONOMI      6.17    03/13/22    CNY     40.47
CHONGQING BANAN ECONOMI      7.00    08/20/21    CNY     21.10
CHONGQING BANAN ECONOMI      7.00    08/20/21    CNY     20.46
CHONGQING BAYUAN CONSTR      4.99    08/16/23    CNY     58.14
CHONGQING BEICHENG CONS      7.30    10/16/20    CNY     20.30
CHONGQING BEICHENG CONS      7.30    10/16/20    CNY     20.00
CHONGQING BISHAN DISTRI      4.93    03/29/23    CNY     61.87
CHONGQING BISHAN DISTRI      4.93    03/29/23    CNY     60.96
CHONGQING CHANGSHOU ECO      7.20    07/15/21    CNY     20.22
CHONGQING CHANGSHOU ECO      7.20    07/15/21    CNY     20.00
CHONGQING CHANGSHOU ECO      7.10    06/19/21    CNY     20.18
CHONGQING CHANGSHOU ECO      7.10    06/19/21    CNY     20.00
CHONGQING DAZU INDUSTRI      6.30    04/28/22    CNY     40.43
CHONGQING DAZU INDUSTRI      6.30    04/28/22    CNY     40.00
CHONGQING ECO&TECH DEVE      3.95    04/13/23    CNY     60.15
CHONGQING FULING DISTRI      7.89    03/20/21    CNY     27.33
CHONGQING FULING DISTRI      7.89    03/20/21    CNY     20.22
CHONGQING FULING TRAFFI      6.68    02/03/22    CNY     40.64
CHONGQING FULING TRAFFI      6.68    02/03/22    CNY     40.00
CHONGQING GAOXIN ZONE D      7.80    04/25/21    CNY     30.80
CHONGQING GAOXIN ZONE D      7.80    04/25/21    CNY     20.42
CHONGQING GARDENING IND      8.45    06/03/21    CNY     20.45
CHONGQING GARDENING IND      8.45    06/03/21    CNY     20.00
CHONGQING HAOJIANG CONS      8.05    03/06/21    CNY     20.20
CHONGQING HAOJIANG CONS      7.99    11/22/20    CNY     20.04
CHONGQING HAOJIANG CONS      8.05    03/06/21    CNY     20.00
CHONGQING HAOJIANG CONS      7.99    11/22/20    CNY     20.00
CHONGQING HECHUAN CITY       3.95    09/06/23    CNY     61.22
CHONGQING HECHUAN CITY       3.95    09/06/23    CNY     59.88
CHONGQING HECHUAN CITY       7.30    07/07/21    CNY     21.00
CHONGQING HECHUAN CITY       7.30    07/07/21    CNY     20.53
CHONGQING INTERNATIONAL      7.08    10/18/20    CNY     20.29
CHONGQING INTERNATIONAL      7.08    10/18/20    CNY     20.01
CHONGQING JIANGBEIZUI C      6.50    07/21/21    CNY     20.40
CHONGQING JIANGBEIZUI C      6.50    07/21/21    CNY     20.30
CHONGQING JINYUN ASSET       4.50    12/31/22    CNY     60.08
CHONGQING JINYUN ASSET       4.50    12/31/22    CNY     60.04
CHONGQING JIULONG HI-TE      6.60    08/19/21    CNY     20.46
CHONGQING JIULONG HI-TE      6.60    08/19/21    CNY     20.25
CHONGQING KAIQIAN INVES      4.64    03/21/23    CNY     58.90
CHONGQING KAIQIAN INVES      4.64    03/21/23    CNY     58.82
CHONGQING LAND PROPERTI      3.36    03/21/23    CNY     60.10
CHONGQING LAND PROPERTI      3.36    03/21/23    CNY     59.72
CHONGQING LIANGJIANG NE      3.60    04/19/21    CNY     40.60
CHONGQING LIANGJIANG NE      3.60    04/19/21    CNY     39.95
CHONGQING LIANGJIANG NE      3.10    08/05/21    CNY     39.93
CHONGQING LIANGJIANG NE      3.17    01/13/21    CNY     39.92
CHONGQING LIANGJIANG NE      3.17    01/13/21    CNY     39.90
CHONGQING LIANGJIANG NE      6.70    04/25/21    CNY     22.72
CHONGQING LIANGJIANG NE      5.88    09/16/21    CNY     20.38
CHONGQING LIANGJIANG NE      5.88    09/16/21    CNY     20.31
CHONGQING LIANGJIANG NE      6.70    04/25/21    CNY     20.31
CHONGQING MAIRUI URBAN       4.95    04/21/23    CNY     62.61
CHONGQING MAIRUI URBAN       4.95    04/21/23    CNY     61.67
CHONGQING NANCHUAN CITY      4.20    07/11/23    CNY     59.54
CHONGQING NANCHUAN CITY      4.20    07/11/23    CNY     58.31
CHONGQING QIANJIANG CIT      8.00    03/21/21    CNY     21.70
CHONGQING QIANJIANG CIT      8.00    03/21/21    CNY     20.18
CHONGQING QIJIANG EAST       4.00    09/05/23    CNY     58.13
CHONGQING QIJIANG EAST       4.00    09/05/23    CNY     58.05
CHONGQING SHUANGFU CONS      7.49    10/23/20    CNY     20.01
CHONGQING SHUANGFU CONS      7.49    10/23/20    CNY     20.00
CHONGQING SHUANGQIAO EC      5.99    11/19/21    CNY     46.25
CHONGQING SHUANGQIAO EC      5.99    11/19/21    CNY     40.14
CHONGQING TAX FREE PORT      7.50    04/24/21    CNY     21.70
CHONGQING TAX FREE PORT      7.50    04/24/21    CNY     20.32
CHONGQING TEA GARDEN IN      7.70    05/20/21    CNY     20.28
CHONGQING TONGLIANG JIN      6.59    04/08/22    CNY     40.81
CHONGQING TONGLIANG JIN      6.59    04/08/22    CNY     40.00
CHONGQING TONGNAN DISTR      4.99    12/31/22    CNY     60.00
CHONGQING TONGNAN DISTR      4.99    12/31/22    CNY     59.36
CHONGQING WANSHENG ECO       6.95    08/25/21    CNY     25.00
CHONGQING WANSHENG ECO       8.19    04/08/21    CNY     23.90
CHONGQING WANSHENG ECO       8.19    04/08/21    CNY     20.20
CHONGQING WANSHENG ECO       6.95    08/25/21    CNY     20.16
CHONGQING WANSHENG ECO       5.40    11/18/21    CNY     69.87
CHONGQING WANZHOU SANXI      4.95    08/25/22    CNY     40.80
CHONGQING WANZHOU SANXI      4.95    08/25/22    CNY     40.55
CHONGQING XINGRONG HOLD      4.86    03/31/23    CNY     59.30
CHONGQING XINGRONG HOLD      4.86    03/31/23    CNY     58.50
CHONGQING XIYONG MICRO-      6.58    07/25/21    CNY     22.33
CHONGQING XIYONG MICRO-      6.58    07/25/21    CNY     20.48
CHONGQING YONGCHUAN HUI      7.28    05/30/21    CNY     21.60
CHONGQING YONGCHUAN HUI      7.28    05/30/21    CNY     20.37
CHONGQING YUELAI INVEST      6.09    04/29/22    CNY     41.01
CHONGQING YUELAI INVEST      6.09    04/29/22    CNY     40.00
CHONGQING YUNAN ASSET M      7.05    06/17/21    CNY     20.76
CHONGQING YUNAN ASSET M      7.05    06/17/21    CNY     20.47
CHONGQING YUZHONG STATE      7.25    02/26/21    CNY     20.28
CHONGQING YUZHONG STATE      7.25    02/26/21    CNY     20.20
CHUN'AN XINANJIANG DEVE      6.10    03/11/22    CNY     44.55
CHUN'AN XINANJIANG DEVE      6.10    03/11/22    CNY     40.64
CHUZHOU CITY CONSTRUCTI      6.17    11/30/21    CNY     61.00
CHUZHOU CITY CONSTRUCTI      6.40    08/22/21    CNY     20.48
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       6.18    08/18/21    CNY     28.80
CIXI CITY CONSTRUCTION       6.18    08/18/21    CNY     20.39
DAFANG COUNTY CONSTRUCT      6.00    09/26/23    CNY     58.42
DAFANG COUNTY CONSTRUCT      6.00    09/26/23    CNY     57.80
DALI ECONOMIC DEVELOPME      8.30    12/11/20    CNY     20.60
DALI ECONOMIC DEVELOPME      7.90    03/04/21    CNY     20.15
DALI ECONOMIC DEVELOPME      8.30    12/11/20    CNY     20.13
DALI ECONOMIC DEVELOPME      7.90    03/04/21    CNY     20.00
DALI HAIDONG DEVELOPMEN      6.01    01/25/23    CNY     61.47
DALI HAIDONG DEVELOPMEN      6.01    01/25/23    CNY     59.82
DALIAN PULANDIAN CONSTR      3.80    01/25/23    CNY     59.07
DALIAN RONGDA INVESTMEN      5.69    12/05/21    CNY     40.47
DALIAN RONGQIANG INVEST      7.92    04/14/21    CNY     20.22
DALIAN RONGQIANG INVEST      7.92    04/14/21    CNY     20.22
DALIAN RONGQIANG INVEST      8.60    01/20/21    CNY     20.16
DALIAN RONGQIANG INVEST      8.60    01/20/21    CNY     20.15
DALIAN SHITAI CITY CONS      4.50    02/01/23    CNY     55.85
DALIAN SHITAI CITY CONS      4.50    02/01/23    CNY     54.87
DALIAN SHITAI CITY CONS      7.09    02/20/21    CNY     19.79
DANDONG PORT GROUP CO L      5.50    01/27/21    CNY     59.00
DANGTU COUNTY CONSTRUCT      5.38    08/10/22    CNY     40.75
DANGTU COUNTY CONSTRUCT      5.38    08/10/22    CNY     40.59
DANGYANG XINYUAN INVEST      4.97    03/29/23    CNY     60.54
DANGYANG XINYUAN INVEST      4.97    03/29/23    CNY     60.08
DANGYANG XINYUAN INVEST      7.99    05/23/21    CNY     20.00
DANYANG HI-TECH INDUSTR      6.40    04/24/22    CNY     40.18
DANYANG HI-TECH INDUSTR      6.40    04/24/22    CNY     40.00
DANYANG INVESTMENT GROU      3.99    01/25/23    CNY     59.51
DANYANG INVESTMENT GROU      6.90    10/23/20    CNY     20.16
DANYANG INVESTMENT GROU      6.90    10/23/20    CNY     20.02
DATONG ECONOMIC CONSTRU      4.49    10/22/22    CNY     60.41
DATONG ECONOMIC CONSTRU      4.49    10/22/22    CNY     60.30
DAWA COUNTY CITY CONSTR      6.29    06/12/22    CNY     39.30
DAWA COUNTY CITY CONSTR      6.29    06/12/22    CNY     39.14
DAYE ZHENHENG CITY DEVE      4.50    03/28/23    CNY     58.93
DAYE ZHENHENG CITY DEVE      4.50    03/28/23    CNY     58.92
DAYE ZHENHENG CITY DEVE      4.05    08/31/23    CNY     58.44
DAYE ZHENHENG CITY DEVE      4.05    08/31/23    CNY     58.17
DAYE ZHENHENG CITY DEVE      7.30    03/03/21    CNY     23.53
DAYE ZHENHENG CITY DEVE      7.30    03/03/21    CNY     20.20
DAYE ZHENHENG CITY DEVE      7.95    11/27/20    CNY     20.15
DAYE ZHENHENG CITY DEVE      7.95    11/27/20    CNY     20.08
DAZHOU DEVELOPMENT HOLD      5.10    11/27/22    CNY     60.52
DAZHOU DEVELOPMENT HOLD      5.10    11/27/22    CNY     60.00
DAZHOU DEVELOPMENT HOLD      6.55    01/14/22    CNY     40.76
DAZHOU DEVELOPMENT HOLD      6.55    01/14/22    CNY     40.00
DEHONGZHOU HONGKANG INV      6.68    01/23/22    CNY     40.19
DEHONGZHOU HONGKANG INV      6.68    01/23/22    CNY     40.19
DEXING INVESTMENT HOLDI      5.99    03/21/23    CNY     60.58
DEXING INVESTMENT HOLDI      5.99    03/21/23    CNY     60.42
DEYANG ECONOMIC DEVELOP      7.90    04/28/21    CNY     28.26
DEYANG ECONOMIC DEVELOP      7.90    04/28/21    CNY     20.22
DONGLING GROUP INC CO        8.00    07/14/22    CNY     40.99
DONGLING GROUP INC CO        8.00    07/14/22    CNY     40.00
DONGTAI UBAN CONSTRUCTI      7.58    04/23/21    CNY     28.48
DONGTAI UBAN CONSTRUCTI      7.58    04/23/21    CNY     20.38
DONGTAI UBAN CONSTRUCTI      8.65    01/13/21    CNY     20.19
DONGYING CITY URBAN ASS      5.57    03/31/22    CNY     41.58
DONGYING CITY URBAN ASS      5.57    03/31/22    CNY     40.49
DONGZHI COUNTY CITY OPE      4.88    06/20/23    CNY     60.41
DONGZHI COUNTY CITY OPE      4.88    06/20/23    CNY     60.05
DUJIANGYAN XINGYAN INVE      6.10    03/12/22    CNY     40.00
DUJIANGYAN XINGYAN INVE      6.10    03/12/22    CNY     38.92
DUNYUN STATE-OWNED ASSE      6.60    12/28/22    CNY     59.16
EASTAR HOLDINGS GROUP C      7.30    10/31/20    CNY     63.00
ENSHI URBAN CONSTRUCTIO      7.50    06/03/21    CNY     27.54
ENSHI URBAN CONSTRUCTIO      7.50    06/03/21    CNY     20.42
EZHOU CITY CONSTRUCTION      7.76    05/15/21    CNY     26.50
EZHOU CITY CONSTRUCTION      6.68    09/19/21    CNY     21.00
EZHOU CITY CONSTRUCTION      6.68    09/19/21    CNY     20.57
EZHOU CITY CONSTRUCTION      7.76    05/15/21    CNY     20.52
FANGCHENGGANG GANGFA HO      8.09    04/16/21    CNY     20.50
FANGCHENGGANG GANGFA HO      8.09    04/16/21    CNY     20.32
FEICHENG CITY ASSETS MA      4.04    03/23/23    CNY     59.83
FEICHENG CITY ASSETS MA      4.04    03/23/23    CNY     59.26
FEIXI COUNTY URBAN & RU      4.45    06/03/23    CNY     61.24
FEIXI COUNTY URBAN & RU      4.45    06/03/23    CNY     59.89
FENG COUNTY ECONOMIC DE      5.18    06/21/23    CNY     59.29
FENG COUNTY ECONOMIC DE      5.18    06/21/23    CNY     58.83
FENGCHENG CITY CONSTRUC      6.49    02/10/22    CNY     44.49
FENGCHENG CITY CONSTRUC      6.49    02/10/22    CNY     40.66
FENGCHENG CITY MODERN I      5.76    12/17/22    CNY     60.00
FENGCHENG CITY MODERN I      5.76    12/17/22    CNY     59.85
FENGXIAN URBAN INVESTME      6.48    03/20/22    CNY     40.42
FENGXIAN URBAN INVESTME      6.48    03/20/22    CNY     40.00
FENGXIAN URBAN INVESTME      4.23    07/13/21    CNY     19.79
FENGXIAN URBAN INVESTME      4.23    07/13/21    CNY     19.75
FENYI CITY CONSTRUCTION      4.54    08/22/23    CNY     78.52
FENYI CITY CONSTRUCTION      4.54    08/22/23    CNY     58.59
FUGU COUNTY STATE-OWNED      8.69    12/16/20    CNY     20.11
FUGU COUNTY STATE-OWNED      8.69    12/16/20    CNY     20.01
FUGUINIAO CO LTD             6.30    04/22/20    CNY     13.00
FUJIAN JINJIANG INDUSTR      7.08    06/27/21    CNY     20.65
FUJIAN JINJIANG INDUSTR      7.08    06/27/21    CNY     20.39
FUJIAN JINJIANG URBAN C      3.35    08/24/23    CNY     59.60
FUJIAN PROVINCE LIANJIA      6.29    04/30/22    CNY     40.93
FUJIAN PROVINCE LIANJIA      6.29    04/30/22    CNY     40.00
FUJIAN ZHANGLONG GROUP       4.99    08/07/22    CNY     40.53
FUJIAN ZHANGLONG GROUP       4.99    08/07/22    CNY     40.00
FUNING URBAN INVESTMENT      7.19    08/15/21    CNY     21.15
FUNING URBAN INVESTMENT      7.19    08/15/21    CNY     20.43
FUQING CITY STATE-OWNED      5.94    11/26/22    CNY     56.19
FUQING CITY STATE-OWNED      6.66    03/01/21    CNY     25.09
FUXIN INFRASTRUCTURE CO      6.18    03/18/22    CNY     40.39
FUXIN INFRASTRUCTURE CO      6.18    03/18/22    CNY     40.04
FUZHOU CHANGLE DISTRICT      4.50    04/11/23    CNY     59.38
FUZHOU CHANGLE DISTRICT      4.50    04/11/23    CNY     58.79
FUZHOU DEVELOPMENT ZONE      3.53    08/25/23    CNY     59.61
FUZHOU LINCHUAN URBAN C      5.68    07/05/23    CNY     60.91
FUZHOU LINCHUAN URBAN C      5.68    07/05/23    CNY     60.74
FUZHOU URBAN AND RURAL       4.89    07/08/22    CNY     40.68
FUZHOU URBAN AND RURAL       5.48    01/26/22    CNY     40.60
FUZHOU URBAN AND RURAL       4.89    07/08/22    CNY     40.55
FUZHOU URBAN AND RURAL       5.48    01/26/22    CNY     40.00
GANSU PROVINCIAL HIGHWA      6.58    09/24/22    CNY     72.89
GANZHOU CITY DEVELOPMEN      5.50    06/16/22    CNY     40.93
GANZHOU CITY DEVELOPMEN      5.50    06/16/22    CNY     40.00
GANZHOU DEVELOPMENT ZON      7.43    02/19/21    CNY     20.21
GANZHOU DEVELOPMENT ZON      7.43    02/19/21    CNY     19.00
GAOMI STATE-OWNED ASSET      4.69    01/26/23    CNY     60.49
GAOMI STATE-OWNED ASSET      4.69    01/26/23    CNY     59.88
GAOYOU CITY CONSTRUCTIO      5.48    09/15/22    CNY     40.75
GAOYOU CITY CONSTRUCTIO      5.48    09/15/22    CNY     40.00
GAOYOU CITY ECONOMY DEV      3.65    09/02/23    CNY     60.00
GAOYOU CITY ECONOMY DEV      3.65    09/02/23    CNY     59.79
GOLMUD INVESTMENT HOLDI      8.70    12/30/20    CNY     20.13
GOLMUD INVESTMENT HOLDI      8.70    12/30/20    CNY     20.00
GONG'AN COUNTY CITY CON      4.30    08/30/23    CNY     59.31
GONG'AN COUNTY CITY CON      4.30    08/30/23    CNY     59.04
GONGQINGCHENG FINANCIAL      5.85    03/25/23    CNY     60.77
GONGQINGCHENG FINANCIAL      5.85    03/25/23    CNY     59.70
GOOCOO INVESTMENT CO LT      8.00    02/01/21    CNY     50.00
GUANGAN DEVELOPMENT AND      6.39    03/24/22    CNY     44.00
GUANGAN DEVELOPMENT AND      6.39    03/24/22    CNY     40.84
GUANGAN ECONOMIC & TECH      5.16    04/14/23    CNY     59.55
GUANGAN ECONOMIC & TECH      5.16    04/14/23    CNY     59.31
GUANGAN ECONOMIC & TECH      7.10    09/22/21    CNY     20.23
GUANGAN ECONOMIC & TECH      7.10    09/22/21    CNY     20.22
GUANGDONG HUIZHOU COMMU      4.16    05/17/23    CNY     60.31
GUANGDONG HUIZHOU COMMU      4.16    05/17/23    CNY     59.98
GUANGRAO COUNTY ECONOMI      3.61    09/08/23    CNY     60.00
GUANGRAO COUNTY ECONOMI      3.61    09/08/23    CNY     59.19
GUANGXI BAISE DEVELOPME      7.27    06/20/21    CNY     20.17
GUANGXI BAISE DEVELOPME      7.27    06/20/21    CNY     20.00
GUANGXI LAIBIN INDUSTRI      5.97    11/26/21    CNY     40.14
GUANGXI LAIBIN INDUSTRI      5.97    11/26/21    CNY     40.00
GUANGXI LIUZHOU DONGCHE      7.40    10/29/20    CNY     21.00
GUANGXI LIUZHOU DONGCHE      7.40    10/29/20    CNY     20.03
GUANGXI QINZHOU LINHAI       7.68    02/20/21    CNY     24.77
GUANGXI QINZHOU LINHAI       7.68    02/20/21    CNY     20.16
GUANGXI URBAN CONSTRUCT      7.59    04/14/21    CNY     23.00
GUANGXI URBAN CONSTRUCT      7.59    04/14/21    CNY     20.29
GUANGYUAN INVESTMENT HO      7.30    04/22/21    CNY     21.15
GUANGYUAN INVESTMENT HO      7.30    04/22/21    CNY     20.29
GUANGYUAN YUANQU CONSTR      4.48    03/10/23    CNY     58.67
GUANGYUAN YUANQU CONSTR      4.48    03/10/23    CNY     58.63
GUANGYUAN YUANQU CONSTR      8.35    08/26/21    CNY     27.00
GUANGYUAN YUANQU CONSTR      8.35    08/26/21    CNY     20.68
GUANGZHOU HUANTOU NANSH      6.38    11/18/24    CNY     73.82
GUANGZHOU HUANTOU NANSH      6.38    11/18/24    CNY     73.28
GUANGZHOU METRO GROUP C      6.45    04/02/24    CNY     62.53
GUANGZHOU METRO GROUP C      6.05    06/03/24    CNY     62.11
GUANGZHOU METRO GROUP C      6.45    04/02/24    CNY     60.00
GUILIN CITY INVESTMENT       6.90    06/13/21    CNY     20.27
GUILIN CITY INVESTMENT       6.90    06/13/21    CNY     20.00
GUILIN ECONOMIC CONSTRU      5.60    04/22/22    CNY     40.63
GUILIN ECONOMIC CONSTRU      5.60    04/22/22    CNY     40.00
GUIRENNIAO CO LTD            7.00    12/03/19    CNY     49.50
GUIXI CITY CONSTRUCTION      4.18    08/18/23    CNY     58.25
GUIXI CITY CONSTRUCTION      4.18    08/18/23    CNY     58.22
GUIYANG BAIYUN CITY CON      4.75    09/13/26    CNY     74.95
GUIYANG BAIYUN CITY CON      4.75    09/13/26    CNY     73.60
GUIYANG BAIYUN INDUSTRY      7.30    03/27/22    CNY     45.00
GUIYANG BAIYUN INDUSTRY      7.30    03/27/22    CNY     40.31
GUIYANG GUANSHANHU DIST      4.87    01/28/23    CNY     59.82
GUIYANG GUANSHANHU DIST      4.87    01/28/23    CNY     59.21
GUIYANG GUANSHANHU DIST      4.48    03/09/23    CNY     59.07
GUIYANG GUANSHANHU DIST      4.48    03/09/23    CNY     58.81
GUIYANG URBAN CONSTRUCT      5.23    12/02/22    CNY     60.25
GUIYANG URBAN CONSTRUCT      5.23    12/02/22    CNY     60.00
GUIZHOU EAST LAKE CITY       5.18    01/06/23    CNY     60.62
GUIZHOU EAST LAKE CITY       5.18    01/06/23    CNY     58.34
GUIZHOU FANJINGSHAN INV      6.95    01/28/22    CNY     40.48
GUIZHOU FANJINGSHAN INV      6.95    01/28/22    CNY     40.00
GUIZHOU GUIAN CONSTRUCT      4.17    10/28/22    CNY     61.00
GUIZHOU GUIAN CONSTRUCT      4.17    10/28/22    CNY     60.22
GUIZHOU GUILONG INDUSTR      7.80    04/28/22    CNY     50.97
GUIZHOU GUILONG INDUSTR      7.80    04/28/22    CNY     50.03
GUIZHOU HONGCAI INVESTM      6.00    06/07/23    CNY     49.02
GUIZHOU HONGCAI INVESTM      6.00    06/07/23    CNY     48.66
GUIZHOU RAILWAY INVESTM      7.50    04/23/24    CNY     63.06
GUIZHOU RAILWAY INVESTM      7.50    04/23/24    CNY     63.05
GUIZHOU RAILWAY INVESTM      7.20    03/27/22    CNY     41.16
GUIZHOU RAILWAY INVESTM      7.20    03/27/22    CNY     41.05
GUIZHOU SHUICHENG CITY       4.98    11/22/23    CNY     74.16
GUIZHOU SHUICHENG CITY       4.98    11/22/23    CNY     73.94
GULIN STATE-OWNED ASSET      4.18    08/04/23    CNY     59.96
GULIN STATE-OWNED ASSET      4.18    08/04/23    CNY     58.69
HAIAN COUNTY DEVELOPMEN      5.45    04/13/23    CNY     59.81
HAIAN COUNTY DEVELOPMEN      5.45    04/13/23    CNY     59.38
HAIAN URBAN DEMOLITION       5.08    11/27/22    CNY     60.90
HAIAN URBAN DEMOLITION       5.08    11/27/22    CNY     60.88
HAICHENG URBAN JINCAI L      5.37    08/10/23    CNY     59.52
HAICHENG URBAN JINCAI L      5.37    08/10/23    CNY     59.05
HAICHENG URBAN JINCAI L      8.17    04/16/21    CNY     20.21
HAICHENG URBAN JINCAI L      8.56    12/19/20    CNY     20.09
HAIFENG MARINE INFRASTR      6.84    04/29/22    CNY     40.45
HAIKOU MEILAN INTERNATI      5.25    09/06/19    USD     52.87
HAIMEN CITY DEVELOPMENT      6.22    04/03/22    CNY     42.20
HAIMEN CITY DEVELOPMENT      6.22    04/03/22    CNY     40.95
HAINING CITY DEVELOPMEN      5.58    10/22/21    CNY     40.49
HAINING CITY JIANSHAN D      6.90    11/04/20    CNY     21.42
HAINING CITY JIANSHAN D      6.90    11/04/20    CNY     20.04
HAIXI STATE-OWNED CAPIT      8.60    01/02/21    CNY     20.30
HAIXI STATE-OWNED CAPIT      8.60    01/02/21    CNY     20.10
HAMI JIANHUI STATE-OWNE      3.90    09/21/23    CNY     59.10
HAMI JIANHUI STATE-OWNE      3.90    09/21/23    CNY     57.84
HANCHUAN CITY HANRONG I      4.25    07/18/23    CNY     59.33
HANCHUAN CITY HANRONG I      4.25    07/18/23    CNY     59.11
HANDAN CONSTRUCTION & I      5.48    05/27/22    CNY     47.20
HANDAN CONSTRUCTION & I      5.48    05/27/22    CNY     40.39
HANGZHOU CITY CONSTRUCT      3.80    03/14/23    CNY     60.01
HANGZHOU CITY CONSTRUCT      3.80    03/14/23    CNY     60.00
HANGZHOU FUYANG CITY CO      7.20    03/19/21    CNY     20.30
HANGZHOU FUYANG CITY CO      7.20    03/19/21    CNY     20.28
HANGZHOU FUYANG DEVELOP      4.76    01/27/23    CNY     59.62
HANGZHOU FUYANG DEVELOP      4.76    01/27/23    CNY     59.12
HANGZHOU FUYANG DEVELOP      7.70    04/28/21    CNY     29.00
HANGZHOU FUYANG DEVELOP      7.70    04/28/21    CNY     20.33
HANGZHOU GONGSHU DISTRI      6.90    07/21/21    CNY     20.46
HANGZHOU GONGSHU DISTRI      6.90    07/21/21    CNY     20.40
HANGZHOU METRO GROUP CO      5.97    09/17/24    CNY     72.77
HANGZHOU METRO GROUP CO      5.97    09/17/24    CNY     62.98
HANGZHOU WEST LAKE INVE      4.30    04/25/23    CNY     60.28
HANGZHOU WEST LAKE INVE      4.30    04/25/23    CNY     59.96
HANGZHOU XIAOSHAN ECO&T      6.90    05/13/21    CNY     20.29
HANGZHOU XIAOSHAN QIANJ      4.00    03/22/23    CNY     60.27
HANGZHOU XIAOSHAN QIANJ      4.00    03/22/23    CNY     60.07
HANGZHOU YUHANG CITY CO      7.00    03/03/21    CNY     20.20
HANGZHOU YUHANG ECONOMI      7.45    03/03/21    CNY     20.75
HANGZHOU YUHANG ECONOMI      7.45    03/03/21    CNY     20.34
HANGZHOU YUHANG TRANSPO      7.19    04/18/21    CNY     21.85
HANGZHOU YUHANG TRANSPO      7.19    04/18/21    CNY     20.29
HANJIANG STATE-OWNED-AS      7.30    11/11/20    CNY     26.60
HANJIANG STATE-OWNED-AS      7.30    11/11/20    CNY     20.05
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 CON      4.10    11/16/21    CNY     60.04
HEBEI ZHONGYUE CITY CON      4.10    11/16/21    CNY     59.75
HEBI INVESTMENTS GROUP       7.88    08/01/21    CNY     20.99
HEBI INVESTMENTS GROUP       7.88    08/01/21    CNY     20.62
HECHI CITY CONSTRUCTION      5.58    11/13/22    CNY     62.42
HECHI CITY CONSTRUCTION      5.58    11/13/22    CNY     60.18
HEFEI CONSTRUCTION INVE      7.20    04/29/24    CNY     63.79
HEFEI XINCHENG STATE-OW      4.13    07/15/23    CNY     59.82
HEFEI XINCHENG STATE-OW      4.13    07/15/23    CNY     59.30
HEILONGJIANG HECHENG CO      5.60    11/11/21    CNY     40.01
HEILONGJIANG HECHENG CO      7.05    06/21/22    CNY     30.40
HEILONGJIANG POST-DISAS      7.10    11/19/20    CNY     25.07
HEILONGJIANG POST-DISAS      7.10    11/19/20    CNY     18.55
HEILONGJIANG POST-DISAS      7.06    11/20/20    CNY      6.81
HEILONGJIANG POST-DISAS      7.06    11/20/20    CNY      6.78
HEISHAN TONGHE ASSET MA      6.79    09/18/22    CNY     39.64
HEISHAN TONGHE ASSET MA      6.79    09/18/22    CNY     39.28
HENGYANG BAISHAZHOU DEV      6.87    08/22/21    CNY     24.50
HENGYANG BAISHAZHOU DEV      6.87    08/22/21    CNY     20.05
HENGYANG COMMUNICATION       4.28    01/21/23    CNY     60.02
HENGYANG COMMUNICATION       4.28    01/21/23    CNY     60.00
HENGYANG XIANGJIANG WAT      7.40    04/23/21    CNY     21.10
HENGYANG XIANGJIANG WAT      7.40    04/23/21    CNY     20.21
HESHAN PUBLIC ASSET MAN      4.08    09/28/23    CNY     58.81
HESHAN PUBLIC ASSET MAN      4.08    09/28/23    CNY     58.06
HETIAN YUXIN STATE-OWNE      4.65    03/28/23    CNY     59.85
HETIAN YUXIN STATE-OWNE      4.65    03/28/23    CNY     59.40
HEYUAN CITY RUNYE INVES      6.20    12/03/21    CNY     45.88
HEYUAN CITY RUNYE INVES      6.20    12/03/21    CNY     40.61
HEZE INVESTMENT DEVELOP      7.14    03/24/21    CNY     20.95
HEZE INVESTMENT DEVELOP      7.14    03/24/21    CNY     20.27
HEZHOU URBAN CONSTRUCTI      8.16    05/16/21    CNY     20.80
HEZHOU URBAN CONSTRUCTI      8.16    05/16/21    CNY     20.39
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 AUTOMOTIVE GROU      6.30    09/14/23    CNY     68.23
HUACHEN AUTOMOTIVE GROU      5.80    06/17/24    CNY     60.78
HUACHEN AUTOMOTIVE GROU      5.80    11/05/23    CNY     59.80
HUACHEN AUTOMOTIVE GROU      6.30    09/14/23    CNY     56.93
HUACHEN AUTOMOTIVE GROU      5.40    09/14/23    CNY     55.80
HUACHEN AUTOMOTIVE GROU      5.80    03/20/24    CNY     54.80
HUACHEN ENERGY CO LTD        6.63    05/18/20    USD     35.57
HUAIAN CITY HUAIAN DIST      4.63    05/03/23    CNY     64.10
HUAIAN CITY HUAIAN DIST      4.63    05/03/23    CNY     60.17
HUAIAN CITY URBAN ASSET      5.70    04/23/22    CNY     41.54
HUAIAN CITY URBAN ASSET      5.70    04/23/22    CNY     40.76
HUAIAN CITY XUYI URBAN       5.10    04/15/23    CNY     59.90
HUAIAN CITY XUYI URBAN       5.10    04/15/23    CNY     59.20
HUAI'AN DEVELOPMENT HOL      7.30    03/10/21    CNY     27.84
HUAI'AN DEVELOPMENT HOL      7.30    03/10/21    CNY     20.24
HUAIAN HONGRI TRANSPORT      5.09    04/20/23    CNY     59.27
HUAIAN HONGRI TRANSPORT      5.09    04/20/23    CNY     58.56
HUAIAN HONGZE DISTRICT       4.37    07/18/23    CNY     58.85
HUAIAN HONGZE DISTRICT       4.37    07/18/23    CNY     58.44
HUAI'AN NEW CITY INVEST      6.95    07/28/21    CNY     27.50
HUAI'AN NEW CITY INVEST      6.95    07/28/21    CNY     20.40
HUAI'AN NEW CITY INVEST      7.45    03/04/21    CNY     20.21
HUAI'AN NEW CITY INVEST      7.45    03/04/21    CNY     20.00
HUAIHUA CITY CONSTRUCTI      4.18    08/31/23    CNY     58.67
HUAIHUA CITY CONSTRUCTI      4.18    08/31/23    CNY     58.64
HUAIHUA CITY INDUSTRIAL      7.70    10/29/20    CNY     20.04
HUAIHUA ECONOMIC DEVELO      6.80    03/26/22    CNY     40.08
HUAIHUA ECONOMIC DEVELO      6.80    03/26/22    CNY     40.00
HUAIHUA TRANSPORTATION       4.96    04/12/23    CNY     59.99
HUAIHUA TRANSPORTATION       4.96    04/12/23    CNY     59.19
HUAINAN URBAN CONSTRUCT      6.79    07/09/21    CNY     21.65
HUAINAN URBAN CONSTRUCT      6.79    07/09/21    CNY     20.43
HUANGGANG CITY CONSTRUC      4.08    01/18/23    CNY     60.21
HUANGGANG CITY CONSTRUC      7.45    03/04/21    CNY     20.30
HUANGGANG CITY CONSTRUC      8.60    12/25/20    CNY     20.27
HUANGGANG CITY CONSTRUC      7.45    03/04/21    CNY     20.23
HUANGSHAN CHENGTOU GROU      5.95    05/06/22    CNY     40.82
HUANGSHAN CHENGTOU GROU      5.95    05/06/22    CNY     40.65
HUANGSHI CIHU HIGH-TECH      4.50    06/08/23    CNY     63.00
HUANGSHI CIHU HIGH-TECH      4.50    06/08/23    CNY     60.20
HUANGSHI CIHU HIGH-TECH      4.97    06/08/23    CNY     60.17
HUANGSHI CIHU HIGH-TECH      4.97    06/08/23    CNY     60.14
HUANGSHI CIHU HIGH-TECH      9.30    01/21/21    CNY     20.25
HUANGSHI CIHU HIGH-TECH      8.70    12/05/20    CNY     20.09
HUANGSHI URBAN CONSTRUC      5.99    04/29/22    CNY     40.87
HUANGSHI URBAN CONSTRUC      5.99    04/29/22    CNY     40.80
HUAWEN MEDIA GROUP           6.00    04/04/21    CNY     66.43
HUBEI PROVINCE CHANGJIA      6.15    04/03/22    CNY     42.40
HUBEI PROVINCE CHANGJIA      6.15    04/03/22    CNY     40.86
HUBEI SUPPLY AND MARKET      6.70    08/23/24    CNY     74.35
HULUDAO INVESTMENT GROU      7.50    10/18/23    CNY     61.60
HULUDAO INVESTMENT GROU      7.05    10/18/20    CNY     20.04
HULUDAO INVESTMENT GROU      7.05    10/18/20    CNY     20.01
HULUNBEIER INVESTMENT C      6.31    04/30/22    CNY     40.42
HULUNBEIER INVESTMENT C      6.31    04/30/22    CNY     40.00
HUNAN CHANGDE DEYUAN IN      6.50    06/16/21    CNY     22.25
HUNAN CHANGDE DEYUAN IN      6.50    06/16/21    CNY     20.33
HUNAN CHENGLINGJI HARBO      4.24    07/21/23    CNY     59.32
HUNAN CHENGLINGJI HARBO      4.24    07/21/23    CNY     58.24
HUNAN CHUZHISHENG HOLDI      5.60    12/18/22    CNY     60.93
HUNAN CHUZHISHENG HOLDI      5.60    12/18/22    CNY     60.34
HUNAN JINYANG INVESTMEN      4.37    01/19/23    CNY     60.03
HUNAN JINYANG INVESTMEN      4.37    01/19/23    CNY     59.65
HUNAN JINYANG INVESTMEN      4.39    04/06/23    CNY     59.59
HUNAN JINYANG INVESTMEN      4.39    04/06/23    CNY     58.72
HUNAN JINYANG INVESTMEN      5.70    11/27/21    CNY     39.42
HUNAN JINYANG INVESTMEN      5.70    11/27/21    CNY     38.60
HUNAN LOUDI ECONOMIC &       4.89    03/30/23    CNY     57.83
HUNAN LOUDI ECONOMIC &       4.89    03/30/23    CNY     56.93
HUNAN LOUDI ECONOMIC &       6.36    03/13/22    CNY     47.00
HUNAN LOUDI ECONOMIC &       6.36    03/13/22    CNY     38.70
HUNAN PROVINCIAL RAILWA      6.09    04/30/25    CNY     72.88
HUNAN PROVINCIAL RAILWA      6.09    04/30/25    CNY     70.00
HUNAN SHAODONG ECO-INDU      6.50    01/11/23    CNY     61.73
HUNAN SHAODONG ECO-INDU      6.50    01/11/23    CNY     59.31
HUNAN TIER GROUP CO LTD      4.20    03/17/23    CNY     58.47
HUNAN TIER GROUP CO LTD      4.20    03/17/23    CNY     58.45
HUNAN TIER GROUP CO LTD      8.00    12/23/20    CNY     22.72
HUNAN TIER GROUP CO LTD      7.10    03/03/21    CNY     20.30
HUNAN TIER GROUP CO LTD      7.10    03/03/21    CNY     20.23
HUNAN TIER GROUP CO LTD      8.00    12/23/20    CNY     20.16
HUNAN XIANGJIANG NEW AR      7.36    03/17/21    CNY     20.33
HUNAN XIANGJIANG NEW AR      7.36    03/17/21    CNY     20.00
HUNAN YOUZHOU INVESTMEN      4.80    07/07/23    CNY     59.92
HUNAN YOUZHOU INVESTMEN      4.80    07/07/23    CNY     59.91
HUZHOU URBAN CONSTRUCTI      6.48    08/28/21    CNY     22.38
HUZHOU URBAN CONSTRUCTI      6.48    08/28/21    CNY     20.20
HUZHOU WUXING NANTAIHU       8.79    01/16/21    CNY     20.29
HUZHOU WUXING NANTAIHU       8.79    01/16/21    CNY     20.10
HUZHOU XISAISHAN DEVELO      7.80    04/29/21    CNY     20.22
HUZHOU XISAISHAN DEVELO      7.80    04/29/21    CNY     20.00
INNER MONGOLIA JINLONG       7.30    11/19/22    CNY     60.27
INNER MONGOLIA JINLONG       7.30    11/19/22    CNY     59.50
INNER MONGOLIA KE'ERQIN      6.45    04/30/22    CNY     40.00
INNER MONGOLIA KE'ERQIN      6.50    03/11/22    CNY     40.00
INNER MONGOLIA KE'ERQIN      6.50    03/11/22    CNY     39.01
INNER MONGOLIA KE'ERQIN      6.45    04/30/22    CNY     38.85
INNER MONGOLIA SHENGXIA      8.18    08/21/21    CNY     24.00
INNER MONGOLIA SHENGXIA      8.18    08/21/21    CNY     20.14
INNER MONGOLIA ZHUNGEER      6.54    12/31/21    CNY     42.10
INNER MONGOLIA ZHUNGEER      6.54    12/31/21    CNY     40.85
JIAN CITY JINGANGSHAN D      4.87    01/27/23    CNY     59.78
JIAN CITY JINGANGSHAN D      4.87    01/27/23    CNY     58.60
JIAN CITY JINGANGSHAN D      7.99    06/03/21    CNY     20.87
JIAN CITY JINGANGSHAN D      7.99    06/03/21    CNY     20.33
JIANAN INVESTMENT HOLDI      4.30    03/08/23    CNY     60.28
JIANAN INVESTMENT HOLDI      4.30    03/08/23    CNY     60.24
JIANAN INVESTMENT HOLDI      3.85    09/05/23    CNY     60.00
JIANAN INVESTMENT HOLDI      3.85    09/05/23    CNY     59.70
JIANAN INVESTMENT HOLDI      3.50    09/05/23    CNY     59.41
JIANAN INVESTMENT HOLDI      6.85    05/23/21    CNY     26.50
JIANAN INVESTMENT HOLDI      6.85    05/23/21    CNY     20.45
JIANGDONG HOLDING GROUP      7.14    04/24/21    CNY     20.26
JIANGMEN NEW HI-TECH IN      6.03    04/22/22    CNY     41.10
JIANGMEN NEW HI-TECH IN      6.03    04/22/22    CNY     40.83
JIANGMEN NEW HI-TECH IN      7.39    11/04/20    CNY     20.04
JIANGSU BEIGU INDUSTRIA      5.80    06/20/23    CNY     60.94
JIANGSU BEIGU INDUSTRIA      5.80    06/20/23    CNY     59.77
JIANGSU DAHANG LINGANG       5.18    09/22/23    CNY     59.08
JIANGSU DAHANG LINGANG       5.18    09/22/23    CNY     58.61
JIANGSU GAOCHUN ECONOMI      3.67    09/23/23    CNY     59.37
JIANGSU GAOCHUN ECONOMI      3.67    09/23/23    CNY     59.25
JIANGSU HAIZHOU DEVELOP      4.67    06/06/23    CNY     61.51
JIANGSU HAIZHOU DEVELOP      4.67    06/06/23    CNY     60.45
JIANGSU HAIZHOUWAN DEVE      5.37    03/29/23    CNY     45.00
JIANGSU HANRUI INVESTME      4.63    04/15/23    CNY     60.51
JIANGSU HANRUI INVESTME      4.63    04/15/23    CNY     60.35
JIANGSU HANRUI INVESTME      5.00    08/31/23    CNY     58.27
JIANGSU HANRUI INVESTME      5.00    08/31/23    CNY     57.91
JIANGSU JINGUAN INVESTM      7.90    04/08/21    CNY     20.80
JIANGSU JINGUAN INVESTM      7.90    04/08/21    CNY     20.35
JIANGSU JINTAN GUOFA IN      4.60    08/22/23    CNY     58.59
JIANGSU JINTAN GUOFA IN      4.60    08/22/23    CNY     58.27
JIANGSU JINTAN GUOFA IN      6.85    05/30/21    CNY     20.23
JIANGSU JINTAN GUOFA IN      6.85    05/30/21    CNY     20.00
JIANGSU JURONG FUDI BIO      7.70    03/21/21    CNY     40.70
JIANGSU JURONG FUDI BIO      7.70    03/21/21    CNY     40.48
JIANGSU NANTONG NO2 CON      8.10    07/10/21    CNY     20.14
JIANGSU RUNCHENG ASSET       7.88    04/16/21    CNY     28.80
JIANGSU RUNCHENG ASSET       7.88    04/16/21    CNY     20.37
JIANGSU RUNQI WANGUO IN      4.14    10/21/21    CNY     59.99
JIANGSU RUNQI WANGUO IN      4.14    10/21/21    CNY     59.18
JIANGSU SUHAI INVESTMEN      7.28    05/29/21    CNY     25.00
JIANGSU SUHAI INVESTMEN      7.28    05/29/21    CNY     20.18
JIANGSU TAICANG PORT DE      7.40    04/28/21    CNY     20.44
JIANGSU TAICANG PORT DE      7.40    04/28/21    CNY     20.00
JIANGSU WUZHONG ECONOMI      5.49    11/19/21    CNY     40.51
JIANGSU WUZHONG ECONOMI      5.49    11/19/21    CNY     40.32
JIANGSU XISHAN ECONOMIC      5.78    07/20/22    CNY     40.89
JIANGSU XISHAN ECONOMIC      5.78    07/20/22    CNY     40.00
JIANGSU YANGKOU PORT CO      6.23    04/10/22    CNY     47.50
JIANGSU YANGKOU PORT CO      6.23    04/10/22    CNY     40.73
JIANGSU YINGZHOU DEVELO      4.33    09/21/23    CNY     58.17
JIANGSU YINGZHOU DEVELO      4.33    09/21/23    CNY     57.86
JIANGSU YIXING ECONOMIC      7.69    04/18/21    CNY     30.19
JIANGSU YIXING ECONOMIC      7.69    04/18/21    CNY     20.40
JIANGSU ZHANGJIAGANG EC      3.95    03/22/23    CNY     60.07
JIANGSU ZHANGJIAGANG EC      3.95    03/22/23    CNY     60.00
JIANGSU ZHUFU INDUSTRIA      4.47    07/20/23    CNY     58.90
JIANGSU ZHUFU INDUSTRIA      4.47    07/20/23    CNY     56.30
JIANGSU ZHUFU INDUSTRIA      4.93    12/29/20    CNY     40.13
JIANGXI HEJI INVESTMENT      5.09    12/17/22    CNY     60.00
JIANGXI HEJI INVESTMENT      5.09    12/17/22    CNY     59.78
JIANGXI HUIHENG PROPERT      4.43    08/30/21    CNY     40.13
JIANGXI HUIHENG PROPERT      4.43    08/30/21    CNY     39.91
JIANGXI LONGHU MOUNTAIN      4.35    03/16/23    CNY     59.53
JIANGXI LONGHU MOUNTAIN      4.35    03/16/23    CNY     59.50
JIANGXI PINGXIANG CHANG      8.18    05/22/21    CNY     29.34
JIANGXI PINGXIANG CHANG      8.18    05/22/21    CNY     20.39
JIANGXI PROVINCE SITONG      8.20    04/18/21    CNY     20.56
JIANGXI PROVINCE SITONG      8.20    04/18/21    CNY     20.33
JIANGYIN LINGANG NEW CI      7.10    11/07/20    CNY     21.00
JIANGYIN LINGANG NEW CI      7.10    11/07/20    CNY     20.04
JIANGYOU HONGFEI INVEST      6.55    09/02/22    CNY     40.61
JIANGYOU HONGFEI INVEST      6.55    09/02/22    CNY     40.31
JIANHU COUNTY DEVELOPME      7.29    09/25/21    CNY     22.75
JIANHU COUNTY DEVELOPME      7.29    09/25/21    CNY     20.21
JIANHU URBAN CONSTRUCTI      3.28    10/13/21    CNY     71.00
JIANHU URBAN CONSTRUCTI      3.28    10/13/21    CNY     69.54
JIANHU URBAN CONSTRUCTI      6.30    06/01/22    CNY     42.86
JIANHU URBAN CONSTRUCTI      6.30    06/01/22    CNY     40.09
JIAXING ECONOMIC&TECHNO      7.89    03/05/21    CNY     21.13
JIAXING ECONOMIC&TECHNO      7.89    03/05/21    CNY     20.37
JIAXING NANHU INVESTMEN      7.45    02/26/21    CNY     21.80
JIAXING NANHU INVESTMEN      7.45    02/26/21    CNY     20.24
JIAXING XIANGJIADANG DE      3.87    09/21/23    CNY     59.94
JIAXING XIANGJIADANG DE      4.13    07/20/23    CNY     59.53
JIAXING XIANGJIADANG DE      4.13    07/20/23    CNY     58.22
JIAXING XIANGJIADANG DE      3.87    09/21/23    CNY     57.78
JIAYU COUNTY URBAN TOWN      5.70    01/19/23    CNY     60.59
JIAYU COUNTY URBAN TOWN      5.70    01/19/23    CNY     60.59
JIAYUGUAN CITY INFRASTR      7.83    09/23/21    CNY     20.32
JIAYUGUAN CITY INFRASTR      7.83    09/23/21    CNY     20.00
JIEYANG CITY INVESTMENT      6.55    08/27/21    CNY     20.31
JILIN CITY CONSTRUCTION      3.80    01/27/23    CNY     59.90
JILIN CITY CONSTRUCTION      3.80    01/27/23    CNY     59.55
JILIN ECONOMIC AND TECH      6.20    04/29/23    CNY     60.33
JILIN ECONOMIC AND TECH      6.20    04/29/23    CNY     59.55
JILIN NORTHEAST SOCK IN      7.50    05/19/22    CNY     71.28
JILIN NORTHEAST SOCK IN      6.80    12/19/21    CNY     70.10
JILIN RAILWAY INVESTMEN      7.18    03/04/21    CNY     20.11
JILIN RAILWAY INVESTMEN      7.18    03/04/21    CNY     19.76
JINAN CITY CONSTRUCTION      6.80    03/20/21    CNY     20.28
JINAN CITY CONSTRUCTION      6.80    03/20/21    CNY     20.20
JINAN CITY LICHENG DIST      5.00    06/23/22    CNY     39.58
JINAN CITY LICHENG DIST      5.00    06/23/22    CNY     39.56
JINAN HI-TECH HOLDING G      6.38    06/19/21    CNY     20.30
JINAN HI-TECH HOLDING G      6.38    06/19/21    CNY     20.30
JINCHANG CONSTRUCTION I      6.79    12/21/22    CNY     60.46
JINCHANG CONSTRUCTION I      6.79    12/21/22    CNY     60.00
JINCHENG STATE-OWNED CA      4.99    11/11/21    CNY     40.36
JINCHENG STATE-OWNED CA      4.99    11/11/21    CNY     40.20
JINGDEZHEN CERAMIC CULT      5.38    11/27/22    CNY     60.24
JINGDEZHEN CERAMIC CULT      5.38    11/27/22    CNY     60.00
JINGHONG STATE-OWNED AS      8.08    05/23/21    CNY     20.23
JINGHONG STATE-OWNED AS      8.08    05/23/21    CNY     20.00
JINGJIANG CITY INVESTME      4.55    03/30/23    CNY     60.08
JINGJIANG CITY INVESTME      4.55    03/30/23    CNY     59.22
JINGJIANG HARBOUR GROUP      7.30    08/05/21    CNY     28.68
JINGJIANG HARBOUR GROUP      7.30    08/05/21    CNY     20.24
JINGMEN CITY CONSTRUCTI      6.85    07/09/22    CNY     30.90
JINGMEN CITY CONSTRUCTI      6.85    07/09/22    CNY     30.74
JINGMEN CITY CONSTRUCTI      7.00    10/17/20    CNY     20.00
JINGMEN CITY CONSTRUCTI      7.00    10/17/20    CNY     18.57
JINGMEN HIGH-TECH DEVEL      4.15    07/28/23    CNY     59.27
JINGMEN HIGH-TECH DEVEL      4.15    07/28/23    CNY     58.33
JINGMEN HIGH-TECH DEVEL      5.48    08/11/22    CNY     40.73
JINGMEN HIGH-TECH DEVEL      5.48    08/11/22    CNY     39.80
JINGSHAN JINGCHENG INVE      4.38    08/29/23    CNY     60.07
JINGSHAN JINGCHENG INVE      4.38    08/29/23    CNY     59.33
JINGZHOU DEVELOPMENT ZO      8.20    12/09/20    CNY     20.14
JINGZHOU DEVELOPMENT ZO      8.20    12/09/20    CNY     20.10
JINGZHOU URBAN CONSTRUC      3.97    03/10/23    CNY     60.14
JINGZHOU URBAN CONSTRUC      3.97    03/10/23    CNY     60.07
JINHU COUNTY STATE-OWNE      4.00    07/26/22    CNY     50.16
JINHU COUNTY STATE-OWNE      4.00    07/26/22    CNY     50.15
JINHU COUNTY STATE-OWNE      7.75    08/25/21    CNY     21.33
JINHU COUNTY STATE-OWNE      7.75    08/25/21    CNY     20.47
JINING CITY SHIZHONG DI      3.52    09/14/23    CNY     59.19
JINING CITY SHIZHONG DI      6.39    01/29/22    CNY     44.44
JINING CITY SHIZHONG DI      6.39    01/29/22    CNY     40.57
JINING HIGH TECH URBAN       6.09    04/30/22    CNY     41.50
JINING HIGH TECH URBAN       6.09    04/30/22    CNY     40.90
JINSHA COUNTY CONSTRUCT      6.01    09/05/23    CNY     58.81
JINSHA COUNTY CONSTRUCT      6.01    09/05/23    CNY     58.81
JINTANG MODERN AGRICULT      5.49    07/14/23    CNY     58.83
JINTANG MODERN AGRICULT      5.49    07/14/23    CNY     57.88
JINZHAI URBAN DEVELOPME      5.90    04/25/23    CNY     61.10
JINZHAI URBAN DEVELOPME      5.90    04/25/23    CNY     60.77
JINZHOU CITY INVESTMENT      6.44    08/18/21    CNY     24.91
JINZHOU CITY INVESTMENT      8.50    12/27/20    CNY     20.60
JINZHOU CITY INVESTMENT      6.44    08/18/21    CNY     20.19
JINZHOU CITY INVESTMENT      8.50    12/27/20    CNY     20.12
JINZHOU HUAXING INVESTM      8.38    02/25/21    CNY     25.00
JINZHOU HUAXING INVESTM      9.10    01/21/21    CNY     20.90
JINZHOU HUAXING INVESTM      8.38    02/25/21    CNY     20.18
JINZHOU HUAXING INVESTM      9.10    01/21/21    CNY     20.16
JISHOU HUATAI STATE OWN      7.18    02/09/22    CNY     42.82
JISHOU HUATAI STATE OWN      7.18    02/09/22    CNY     40.36
JIUJIANG CITY CONSTRUCT      5.50    05/22/22    CNY     40.80
JIUJIANG CITY CONSTRUCT      5.50    05/22/22    CNY     39.55
JIUJIANG LAND INVESTMEN      6.20    03/23/22    CNY     40.77
JIUJIANG LAND INVESTMEN      6.20    03/23/22    CNY     40.36
JIUJIANG LIANXI DISTRIC      4.58    03/30/23    CNY     59.76
JIUJIANG LIANXI DISTRIC      4.58    03/30/23    CNY     59.67
JIUQUAN ECONOMIC DEVELO      7.40    02/26/21    CNY     20.60
JIUQUAN ECONOMIC DEVELO      7.40    02/26/21    CNY     20.24
JIXI STATE OWN ASSET MA      6.87    01/19/22    CNY     40.85
JIXI STATE OWN ASSET MA      6.87    01/19/22    CNY     40.08
KAIFENG URBAN OPERATION      6.35    03/23/22    CNY     40.11
KAIFENG URBAN OPERATION      6.35    03/23/22    CNY     40.11
KAIFU CITY DEVELOPMENT       4.20    01/21/23    CNY     60.08
KAIFU CITY DEVELOPMENT       3.73    08/22/23    CNY     59.49
KAIFU CITY DEVELOPMENT       3.73    08/22/23    CNY     59.42
KAILI GUIZHOU TOWN CONS      5.29    12/17/22    CNY     60.00
KAILI GUIZHOU TOWN CONS      5.29    12/17/22    CNY     58.50
KANGMEI PHARMACEUTICAL       6.33    01/27/22    CNY     36.69
KANGMEI PHARMACEUTICAL       5.47    09/15/22    CNY     21.25
KANGMEI PHARMACEUTICAL       5.29    08/16/22    CNY     21.25
KANGMEI PHARMACEUTICAL       5.20    07/17/22    CNY     21.25
KANGMEI PHARMACEUTICAL       6.80    06/28/21    CNY     21.25
KANGMEI PHARMACEUTICAL       7.00    06/21/21    CNY     21.25
KANGMEI PHARMACEUTICAL       5.50    04/20/21    CNY     21.25
KANGMEI PHARMACEUTICAL       6.10    03/28/21    CNY     21.25
KANGMEI PHARMACEUTICAL       6.28    03/20/21    CNY     21.25
KASHI URBAN CONSTRUCTIO      5.80    07/20/22    CNY     40.76
KASHI URBAN CONSTRUCTIO      5.80    07/20/22    CNY     40.00
KUNMING DONGJUN REAL ES      4.50    11/02/21    CNY     49.50
KUNSHAN COMMUNICATION D      6.95    05/22/21    CNY     25.45
KUNSHAN COMMUNICATION D      6.95    05/22/21    CNY     20.26
KUNSHAN HIGH TECHNOLOGY      7.10    03/26/21    CNY     20.29
KUNSHAN HIGH TECHNOLOGY      7.10    03/26/21    CNY     19.90
LAIWU CITY ECONOMIC DEV      7.08    02/28/21    CNY     20.60
LAIWU CITY ECONOMIC DEV      7.08    02/28/21    CNY     20.19
LANZHOU STATE OWNED ASS      6.32    09/10/21    CNY     20.06
LANZHOU STATE OWNED ASS      6.32    09/10/21    CNY     14.90
LAOHEKOU CITY CONSTRUCT      6.75    08/12/22    CNY     40.47
LAOHEKOU CITY CONSTRUCT      6.75    08/12/22    CNY     40.42
LEIYANG CITY AND RURAL       7.80    04/10/22    CNY     41.38
LEIYANG CITY AND RURAL       7.80    04/10/22    CNY     41.35
LEQING CITY STATE OWNED      5.99    10/20/21    CNY     40.85
LEQING CITY STATE OWNED      5.99    10/20/21    CNY     40.50
LESHAN STATE-OWNED ASSE      5.68    10/22/21    CNY     40.44
LESHAN STATE-OWNED ASSE      5.68    10/22/21    CNY     40.00
LIANYUNGANG TRANSPORT G      5.47    11/17/21    CNY     45.00
LIANYUNGANG TRANSPORT G      5.47    11/17/21    CNY     40.43
LIAOCHENG ANTAI URBAN R      5.16    04/11/23    CNY     60.18
LIAOCHENG ANTAI URBAN R      5.16    04/11/23    CNY     60.10
LIAOCHENG ANTAI URBAN R      4.58    04/11/23    CNY     59.88
LIAOCHENG ANTAI URBAN R      4.58    04/11/23    CNY     59.73
LIAOCHENG XINGYE ECONOM      5.20    04/13/23    CNY     60.81
LIAOCHENG XINGYE ECONOM      5.20    04/13/23    CNY     57.91
LIAONING COASTAL ECONOM      8.90    04/01/21    CNY     11.12
LIAONING COASTAL ECONOM      8.90    04/01/21    CNY      3.63
LIAONING YAODU DEVELOPM      6.50    04/29/23    CNY     60.64
LILING HIGH-TECH INDUST      4.93    01/19/23    CNY     59.36
LILING HIGH-TECH INDUST      4.93    01/19/23    CNY     59.23
LINFEN YAODU DISTRICT I      7.19    03/13/22    CNY     40.56
LINFEN YAODU DISTRICT I      7.19    03/13/22    CNY     40.49
LISHUI CITY CONSTRUCTIO      5.67    08/13/22    CNY     40.95
LISHUI CITY CONSTRUCTIO      5.67    08/13/22    CNY     40.55
LIUPANSHUI DEVELOPMENT       3.74    01/20/23    CNY     59.65
LIUPANSHUI MINSHENG INV      5.08    01/29/23    CNY     59.13
LIUPANSHUI MINSHENG INV      5.08    01/29/23    CNY     59.04
LIUYANG MODERN MANUFACT      4.72    01/19/23    CNY     59.46
LIUYANG MODERN MANUFACT      4.72    01/19/23    CNY     59.09
LIUYANG NEW INDUSTRIAL       4.43    10/23/22    CNY     60.30
LIUYANG NEW INDUSTRIAL       4.43    10/23/22    CNY     60.09
LIUYANG URBAN CONSTRUCT      4.45    05/24/23    CNY     60.65
LIUYANG URBAN CONSTRUCT      4.45    05/24/23    CNY     60.41
LIUYANG URBAN CONSTRUCT      6.98    08/22/21    CNY     20.60
LIUYANG URBAN CONSTRUCT      6.98    08/22/21    CNY     20.50
LIUZHOU CITY INVESTMENT      7.18    12/31/22    CNY     46.09
LIUZHOU DONGTONG INVEST      4.45    07/22/23    CNY     58.04
LIUZHOU DONGTONG INVEST      4.45    07/22/23    CNY     58.02
LIUZHOU INVESTMENT HOLD      4.28    03/08/23    CNY     59.60
LIUZHOU INVESTMENT HOLD      4.28    03/08/23    CNY     59.49
LIUZHOU LONGJIAN INVEST      8.28    04/30/24    CNY     63.05
LIUZHOU LONGJIAN INVEST      8.28    04/30/24    CNY     60.22
LIYANG KUNLUN URBAN CON      5.90    10/24/21    CNY     40.34
LIYANG KUNLUN URBAN CON      5.90    10/24/21    CNY     38.00
LONGHAI STATE-OWNED ASS      6.58    08/15/21    CNY     20.31
LONGYAN RAILWAY CONSTRU      4.98    04/13/23    CNY     59.94
LONGYAN RAILWAY CONSTRU      4.98    04/13/23    CNY     59.19
LOUDI CITY CONSTRUCTION      7.95    04/15/21    CNY     30.31
LOUDI CITY CONSTRUCTION      7.95    04/15/21    CNY     20.37
LOUDI TIDU INVESTMENT D      4.83    01/20/23    CNY     59.81
LOUDI TIDU INVESTMENT D      4.83    01/20/23    CNY     59.69
LOUDI TIDU INVESTMENT D      7.18    08/27/21    CNY     20.30
LOUDI TIDU INVESTMENT D      7.18    08/27/21    CNY     20.00
LOUDI WANBAO NEW DISTRI      5.13    02/01/23    CNY     59.53
LOUDI WANBAO NEW DISTRI      5.13    02/01/23    CNY     59.35
LOUDI WANBAO NEW DISTRI      4.42    08/01/23    CNY     58.51
LOUDI WANBAO NEW DISTRI      4.42    08/01/23    CNY     58.46
LU'AN CITY CONSTRUCTION      5.05    04/26/21    CNY     50.43
LU'AN CITY CONSTRUCTION      3.97    02/22/21    CNY     50.13
LUJIANG CITY CONSTRUCTI      6.70    04/16/22    CNY     40.99
LUJIANG CITY CONSTRUCTI      6.70    04/16/22    CNY     40.00
LUOYANG CITY COUNTRY CO      4.28    04/26/23    CNY     60.42
LUOYANG CITY DEVELOPMEN      4.47    12/02/22    CNY     60.50
LUOYANG CITY DEVELOPMEN      4.47    12/02/22    CNY     60.00
LUZHOU FUYANG INVESTMEN      5.00    08/11/23    CNY     60.10
LUZHOU FUYANG INVESTMEN      5.00    08/11/23    CNY     58.90
LUZHOU XINGLU INVESTMEN      6.41    04/23/25    CNY     74.21
LUZHOU XINGLU INVESTMEN      6.41    04/23/25    CNY     70.00
LUZHOU XINGYANG INVESTM      4.87    01/28/23    CNY     59.68
LUZHOU XINGYANG INVESTM      4.87    01/28/23    CNY     59.66
MA'ANSHAN CIHU HIGH TEC      6.85    09/09/21    CNY     23.00
MA'ANSHAN CIHU HIGH TEC      6.85    09/09/21    CNY     20.40
MAANSHAN ECONOMIC TECHN      6.49    03/06/22    CNY     44.99
MAANSHAN ECONOMIC TECHN      6.49    03/06/22    CNY     40.39
MAANSHAN HUASHAN DISTRI      6.07    04/20/22    CNY     40.99
MAANSHAN SOUTHERN INDUS      4.43    09/02/23    CNY     58.98
MAANSHAN SOUTHERN INDUS      4.43    09/02/23    CNY     58.47
MAANSHAN SOUTHERN INDUS      4.53    07/25/23    CNY     58.32
MAANSHAN SOUTHERN INDUS      4.53    07/25/23    CNY     57.98
MEISHAN ASSET MANAGEMEN      7.84    02/26/21    CNY     20.29
MEISHAN ASSET MANAGEMEN      7.84    02/26/21    CNY     20.24
MEISHAN CITY DONGPO DEV      5.90    06/30/23    CNY     59.18
MEISHAN CITY DONGPO DEV      5.90    06/30/23    CNY     58.90
MEISHAN HONGDA CONSTRUC      4.18    03/28/23    CNY     59.28
MEISHAN HONGDA CONSTRUC      4.18    03/28/23    CNY     59.11
MEIZHOU CITY XIN JIN YE      6.02    04/22/22    CNY     45.32
MEIZHOU CITY XIN JIN YE      6.02    04/22/22    CNY     40.74
MEIZHOU MEI COUNTY DIST      5.00    12/30/22    CNY     60.38
MEIZHOU MEI COUNTY DIST      5.00    12/30/22    CNY     60.00
MUDANJIANG AREA URBAN D      6.48    06/30/22    CNY     45.00
MUDANJIANG AREA URBAN D      6.48    06/30/22    CNY     41.17
MUDANJIANG STATE-OWNED       7.70    04/14/21    CNY     20.18
MUDANJIANG STATE-OWNED       7.70    04/14/21    CNY     20.17
MUNICIPALITY OF SHENZHE      3.00    03/29/22    CNY     60.00
MUNICIPALITY OF SHENZHE      3.00    03/29/22    CNY     60.00
NANCHANG ECONOMY TECHNO      3.83    09/22/23    CNY     59.95
NANCHANG ECONOMY TECHNO      3.83    09/22/23    CNY     59.50
NANCHONG AIRPORT INVEST      6.80    01/26/22    CNY     40.25
NANCHONG AIRPORT INVEST      6.80    01/26/22    CNY     40.24
NANCHONG ECONOMIC DEVEL      8.28    04/21/21    CNY     31.20
NANCHONG ECONOMIC DEVEL      8.28    04/21/21    CNY     20.36
NANJING BAIXIA STATE-OW      3.98    03/29/23    CNY     60.18
NANJING BAIXIA STATE-OW      3.98    03/29/23    CNY     60.15
NANJING HEXI NEW TOWN A      3.47    06/17/21    CNY     40.07
NANJING HEXI NEW TOWN A      3.20    07/22/21    CNY     39.90
NANJING JIANGNING ECONO      7.94    04/14/24    CNY     64.99
NANJING JIANGNING ECONO      7.94    04/14/24    CNY     64.30
NANJING JIANYE SCIENCE       4.37    06/24/23    CNY     60.44
NANJING JIANYE SCIENCE       4.37    06/24/23    CNY     60.14
NANJING LISHUI ECONOMIC      6.27    09/22/21    CNY     21.29
NANJING LISHUI ECONOMIC      6.27    09/22/21    CNY     20.48
NANJING LISHUI URBAN CO      4.97    04/28/23    CNY     60.94
NANJING LISHUI URBAN CO      4.97    04/28/23    CNY     60.80
NANJING METRO GROUP CO       3.29    08/29/23    CNY     59.71
NANJING QIXIA STATE-OWN      4.10    06/24/23    CNY     60.24
NANJING QIXIA STATE-OWN      4.10    06/24/23    CNY     60.15
NANJING STATE OWNED ASS      5.60    03/06/23    CNY     46.19
NANJING STATE OWNED ASS      5.60    03/06/23    CNY     45.91
NANJING TANGSHAN CONSTR      6.80    06/30/21    CNY     26.80
NANJING TANGSHAN CONSTR      6.80    06/30/21    CNY     20.45
NANNING HI-TECH INDUSTR      4.28    03/25/23    CNY     58.93
NANNING HI-TECH INDUSTR      4.28    03/25/23    CNY     55.20
NANNING LVGANG CONSTRUC      7.30    06/27/21    CNY     24.80
NANNING LVGANG CONSTRUC      7.30    06/27/21    CNY     20.29
NANPING CITY WUYI NEW D      4.96    09/28/22    CNY     40.60
NANPING CITY WUYI NEW D      4.96    09/28/22    CNY     40.34
NANTONG CHONGCHUAN URBA      5.70    07/21/22    CNY     71.73
NANTONG CHONGCHUAN URBA      5.70    07/21/22    CNY     70.00
NANTONG CHONGCHUAN URBA      7.15    04/18/21    CNY     25.40
NANTONG CHONGCHUAN URBA      7.15    04/18/21    CNY     20.33
NANTONG CITY GANGZHA DI      3.80    09/06/21    CNY     40.01
NANTONG CITY GANGZHA DI      3.80    09/06/21    CNY     39.68
NANTONG CITY TONGZHOU D      3.75    07/07/23    CNY     59.51
NANTONG HIGH TECHNOLOGY      5.00    10/19/22    CNY     61.52
NANTONG HIGH TECHNOLOGY      5.00    10/19/22    CNY     60.78
NANTONG SUTONG SCIENCE       6.20    03/18/22    CNY     40.84
NANTONG SUTONG SCIENCE       6.20    03/18/22    CNY     40.00
NANYANG HIGH-TECH DISTR      6.45    04/29/23    CNY     61.46
NANYANG HIGH-TECH DISTR      6.45    04/29/23    CNY     60.78
NANYANG INVESTMENT GROU      7.05    10/24/20    CNY     20.17
NANYANG INVESTMENT GROU      7.05    10/24/20    CNY     20.03
NEIJIANG CITY XINGYUAN       4.28    08/16/23    CNY     58.37
NEIJIANG CITY XINGYUAN       4.28    08/16/23    CNY     57.59
NEIJIANG INVESTMENT HOL      7.99    04/24/21    CNY     28.53
NEIJIANG INVESTMENT HOL      7.99    04/24/21    CNY     20.16
NEIJIANG STATE-OWNED AS      6.20    04/12/23    CNY     59.15
NEIJIANG STATE-OWNED AS      6.20    04/12/23    CNY     58.71
NEIJINAG CONSTRUCTION E      5.03    12/25/22    CNY     59.64
NEIJINAG CONSTRUCTION E      5.03    12/25/22    CNY     56.36
NEOGLORY HOLDING GROUP       8.10    11/23/18    CNY     72.00
NEOGLORY HOLDING GROUP       8.00    09/25/20    CNY     60.00
NEOGLORY HOLDING GROUP       8.00    10/22/20    CNY     56.00
NINGBO CITY HAISHU GUAN      7.75    03/06/21    CNY     26.30
NINGBO CITY HAISHU GUAN      7.75    03/06/21    CNY     20.26
NINGBO CITY ZHENHAI INV      5.85    12/04/21    CNY     40.47
NINGBO CITY ZHENHAI INV      5.85    12/04/21    CNY     40.46
NINGBO ECONOMIC & TECHN      7.09    04/21/21    CNY     29.00
NINGBO ECONOMIC & TECHN      7.09    04/21/21    CNY     20.32
NINGBO MEISHAN ISLAND D      6.27    03/23/22    CNY     48.29
NINGBO MEISHAN ISLAND D      6.27    03/23/22    CNY     40.91
NINGGUO CITY STATE OWNE      8.70    04/28/21    CNY     20.56
NINGGUO CITY STATE OWNE      8.70    04/28/21    CNY     20.00
NINGHAI COUNTY URBAN IN      8.00    01/02/21    CNY     25.00
NINGHAI COUNTY URBAN IN      7.99    04/16/21    CNY     20.70
NINGHAI COUNTY URBAN IN      7.99    04/16/21    CNY     20.48
NINGHAI COUNTY URBAN IN      8.00    01/02/21    CNY     20.18
NINGXIANG CITY CONSTRUC      6.70    01/20/22    CNY     40.76
NINGXIANG CITY CONSTRUC      6.70    01/20/22    CNY     40.20
NINGXIANG ECONOMIC TECH      3.87    01/27/23    CNY     59.98
NINGXIANG ECONOMIC TECH      3.87    01/27/23    CNY     59.50
NINGXIANG ECONOMIC TECH      8.20    04/16/21    CNY     20.36
NINGXIANG STATE-OWNED A      4.89    06/03/23    CNY     59.62
NINGXIANG STATE-OWNED A      4.89    06/03/23    CNY     58.98
ONE BELT ONE ROAD JIANG      4.70    07/15/23    CNY     60.36
ONE BELT ONE ROAD JIANG      4.70    07/15/23    CNY     60.27
PANJIN CITY SHUANGTAIZI      7.25    01/22/22    CNY     40.76
PANJIN CITY SHUANGTAIZI      7.25    01/22/22    CNY     40.28
PANSHAN COUNTY STATE-OW      7.48    01/21/22    CNY     40.50
PANSHAN COUNTY STATE-OW      7.48    01/21/22    CNY     40.50
PANZHIHUA STATE OWNED A      8.18    03/13/22    CNY     41.30
PANZHIHUA STATE OWNED A      8.18    03/13/22    CNY     41.20
PANZHIHUA STATE OWNED A      7.60    03/05/21    CNY     20.32
PANZHIHUA STATE OWNED A      7.60    03/05/21    CNY     20.19
PEIXIAN CITY INVESTMENT      5.20    11/10/22    CNY     60.00
PEIXIAN CITY INVESTMENT      5.20    11/10/22    CNY     59.91
PEKING UNIVERSITY FOUND      6.30    03/04/24    CNY     11.00
PEKING UNIVERSITY FOUND      6.50    11/16/23    CNY     11.00
PEKING UNIVERSITY FOUND      6.68    08/09/23    CNY     11.00
PEKING UNIVERSITY FOUND      5.80    01/28/22    CNY     11.00
PEKING UNIVERSITY FOUND      5.99    11/02/21    CNY     11.00
PEKING UNIVERSITY FOUND      6.10    08/22/21    CNY     11.00
PEKING UNIVERSITY FOUND      4.80    07/26/21    CNY     11.00
PEKING UNIVERSITY FOUND      6.30    09/12/20    CNY     11.00
PEKING UNIVERSITY FOUND      6.15    07/23/20    CNY     11.00
PEKING UNIVERSITY FOUND      6.20    05/31/20    CNY     11.00
PINGHU CITY INVESTMENT       5.13    04/29/23    CNY     60.85
PINGHU CITY INVESTMENT       5.13    04/29/23    CNY     60.75
PINGHU ECONOMIC DEVELOP      7.99    04/17/21    CNY     20.22
PINGLIANG CULTURAL & TO      6.85    11/30/22    CNY     60.54
PINGLIANG CULTURAL & TO      6.85    11/30/22    CNY     60.00
PINGTAN COMPREHENSIVE P      3.92    01/29/23    CNY     60.15
PINGXIANG CHANGXING INV      5.26    04/11/23    CNY     59.48
PINGXIANG CHANGXING INV      5.26    04/11/23    CNY     59.44
PINGXIANG HUIFENG INVES      6.60    01/26/22    CNY     40.54
PINGXIANG HUIFENG INVES      6.60    01/26/22    CNY     40.12
PINGYANG STATE-OWNED AS      4.97    01/08/23    CNY     60.18
PINGYANG STATE-OWNED AS      4.97    01/08/23    CNY     60.00
PIZHOU CITY HENGRUN INV      6.46    12/05/21    CNY     42.46
PIZHOU CITY HENGRUN INV      6.46    12/05/21    CNY     40.33
PIZHOU ECONOMIC DEVELOP      5.00    10/29/22    CNY     60.00
PIZHOU ECONOMIC DEVELOP      5.00    10/29/22    CNY     59.54
PIZHOU RUNCAI ASSET MAN      5.90    12/18/20    CNY     50.09
PUTIAN HIGH TECHNOLOGY       5.90    05/03/22    CNY     49.91
PUTIAN HIGH TECHNOLOGY       5.90    05/03/22    CNY     49.72
PUYANG INVESTMENT GROUP      8.00    12/11/20    CNY     20.13
PUYANG INVESTMENT GROUP      8.00    12/11/20    CNY     20.00
QIANAN URBAN CONSTRUCTI      7.19    08/11/21    CNY     20.52
QIANAN URBAN CONSTRUCTI      8.88    01/23/21    CNY     20.23
QIANAN URBAN CONSTRUCTI      7.19    08/11/21    CNY     20.00
QIANAN URBAN CONSTRUCTI      8.88    01/23/21    CNY     20.00
QIANAN XINGYUAN WATER I      6.25    04/22/22    CNY     46.90
QIANAN XINGYUAN WATER I      6.25    04/22/22    CNY     40.82
QIANDONGNAN TRANSPORTAT      5.79    12/21/22    CNY     57.68
QIANDONGNAN TRANSPORTAT      5.79    12/21/22    CNY     57.23
QIANDONGNANZHOU KAIHONG      5.30    09/22/26    CNY     74.47
QIANDONGNANZHOU KAIHONG      5.30    09/22/26    CNY     68.02
QIANJIANG URBAN CONSTRU      5.19    12/21/22    CNY     61.28
QIANJIANG URBAN CONSTRU      5.19    12/21/22    CNY     60.00
QIANJIANG URBAN CONSTRU      8.38    04/22/21    CNY     20.52
QIANJIANG URBAN CONSTRU      8.38    04/22/21    CNY     20.39
QIANNANZHOU INVESTMENT       6.43    03/09/22    CNY     38.65
QIANNANZHOU INVESTMENT       6.43    03/09/22    CNY     38.50
QIANXINAN AUTONOMOUS RE      5.90    06/22/23    CNY     59.48
QIANXINAN AUTONOMOUS RE      5.90    06/22/23    CNY     59.12
QIDONG COMMUNICATIONS I      4.00    03/18/23    CNY     59.94
QIDONG STATE-OWNED ASSE      4.00    03/09/23    CNY     60.16
QIDONG STATE-OWNED ASSE      4.00    03/09/23    CNY     59.30
QIDONG STATE-OWNED ASSE      7.30    11/20/22    CNY     46.48
QIDONG URBAN CONSTRUCTI      8.20    04/04/21    CNY     20.46
QIDONG URBAN CONSTRUCTI      7.90    04/28/21    CNY     20.34
QIDONG URBAN CONSTRUCTI      8.20    04/04/21    CNY     20.33
QIHE CITY OPERATION CON      5.10    03/07/23    CNY     60.14
QIHE CITY OPERATION CON      5.10    03/07/23    CNY     60.13
QINGDAO CHANGYANG INVES      3.73    09/12/23    CNY     59.70
QINGDAO CHANGYANG INVES      3.73    09/12/23    CNY     59.69
QINGDAO CONSON DEVELOPM      6.40    12/12/22    CNY     46.33
QINGDAO CONSON DEVELOPM      6.40    12/12/22    CNY     46.30
QINGDAO HICREAT DEVELOP      6.88    04/25/21    CNY     21.13
QINGDAO HICREAT DEVELOP      6.88    04/25/21    CNY     20.21
QINGDAO JIAOZHOU BAY DE      6.33    09/18/21    CNY     21.30
QINGDAO JIAOZHOU BAY DE      6.33    09/18/21    CNY     20.51
QINGDAO JIMO CITY TOURI      5.47    11/17/21    CNY     41.00
QINGDAO JIMO CITY TOURI      5.47    11/17/21    CNY     40.37
QINGDAO LAIXI CITY ASSE      7.50    03/06/21    CNY     28.79
QINGDAO LAIXI CITY ASSE      7.50    03/06/21    CNY     20.18
QINGDAO OCEAN INVESTMEN      4.36    05/12/23    CNY     60.61
QINGDAO OCEAN INVESTMEN      4.36    05/12/23    CNY     59.56
QINGDAO WEST COAST DEVE      4.26    06/06/23    CNY     60.45
QINGDAO WEST COAST DEVE      4.26    06/06/23    CNY     59.94
QINGHAI PROVINCIAL INVE      6.40    07/10/21    USD     35.56
QINGHAI PROVINCIAL INVE      7.88    03/22/21    USD     34.93
QINGHAI STATE-OWNED ASS      5.90    12/17/22    CNY     45.00
QINGHAI STATE-OWNED ASS      5.40    05/21/23    CNY     42.50
QINGYANG CITY ECONOMIC       7.98    04/16/21    CNY     20.21
QINGYANG CITY ECONOMIC       7.98    04/16/21    CNY     20.20
QINGYUAN TRANSPORTATION      8.20    12/19/20    CNY     20.14
QINGZHOU HONGYUAN PUBLI      7.59    05/29/21    CNY     20.29
QINHUANGDAO CITY DEVELO      4.69    04/14/23    CNY     60.59
QINHUANGDAO CITY DEVELO      4.69    04/14/23    CNY     58.97
QINHUANGDAO DEVELOPMENT      4.07    08/26/23    CNY     58.09
QINHUANGDAO DEVELOPMENT      4.07    08/26/23    CNY     57.69
QINHUANGDAO DEVELOPMENT      8.45    04/18/21    CNY     21.28
QINHUANGDAO DEVELOPMENT      8.45    04/18/21    CNY     20.26
QINHUANGDAO DEVELOPMENT      8.00    12/17/20    CNY     20.08
QINHUANGDAO DEVELOPMENT      8.00    12/17/20    CNY     20.00
QINZHOU BINHAI NEW CITY      6.99    07/07/21    CNY     20.28
QINZHOU BINHAI NEW CITY      6.99    07/07/21    CNY     20.00
QIONGLAI CITY CONSTRUCT      6.98    03/25/22    CNY     40.80
QIONGLAI CITY CONSTRUCT      6.98    03/25/22    CNY     40.72
QUANJIAO URBAN INFRASTR      5.10    05/18/23    CNY     59.28
QUANJIAO URBAN INFRASTR      5.10    05/18/23    CNY     59.26
QUJING CITY QILIN DISTR      5.37    11/26/22    CNY     61.95
QUJING CITY QILIN DISTR      5.37    11/26/22    CNY     59.40
QUJING DEVELOPMENT INVE      7.48    04/28/21    CNY     22.55
QUJING DEVELOPMENT INVE      7.48    04/28/21    CNY     20.21
QUJING ECO TECH DEVELOP      5.75    06/01/23    CNY     59.88
QUJING ECO TECH DEVELOP      5.75    06/01/23    CNY     59.75
QUJING ECO TECH DEVELOP      7.48    07/21/21    CNY     20.38
QUZHOU STATE OWNED ASSE      7.20    04/21/21    CNY     23.42
QUZHOU STATE OWNED ASSE      7.20    04/21/21    CNY     20.42
RENHUAI CITY DEVELOPMEN      5.12    04/14/23    CNY     59.04
RENHUAI CITY DEVELOPMEN      5.12    04/14/23    CNY     59.01
RENHUAI CITY DEVELOPMEN      8.09    05/16/21    CNY     20.49
RENHUAI CITY DEVELOPMEN      8.09    05/16/21    CNY     20.47
RENQIU CONSTRUCTION INV      5.68    11/18/22    CNY     60.64
RENQIU CONSTRUCTION INV      5.68    11/18/22    CNY     58.22
RENSHOU DEVELOPMENT OF       6.42    12/22/22    CNY     61.05
RENSHOU DEVELOPMENT OF       6.42    12/22/22    CNY     60.00
REWARD SCIENCE AND TECH      6.40    03/03/22    CNY     70.00
REWARD SCIENCE AND TECH      5.53    07/05/21    CNY     29.10
RIGHT WAY REAL ESTATE D      8.00    07/15/21    CNY     43.89
RIZHAO CITY CONSTRUCTIO      3.98    12/07/22    CNY     60.46
RIZHAO CITY CONSTRUCTIO      3.98    12/07/22    CNY     59.60
RUDONG COUNTY DONGTAI S      6.99    06/20/21    CNY     25.90
RUDONG COUNTY DONGTAI S      6.99    06/20/21    CNY     20.40
RUDONG COUNTY JINXIN TR      3.80    07/26/23    CNY     59.82
RUDONG COUNTY JINXIN TR      3.80    07/26/23    CNY     59.79
RUDONG COUNTY JINXIN TR      4.57    07/26/23    CNY     59.75
RUDONG COUNTY JINXIN TR      4.57    07/26/23    CNY     59.19
RUDONG COUNTY JINXIN TR      8.08    03/03/21    CNY     24.03
RUDONG COUNTY JINXIN TR      8.08    03/03/21    CNY     20.25
RUDONG COUNTY KAITAI CI      4.57    01/08/23    CNY     60.31
RUDONG NEW WORLD INVEST      4.37    07/18/23    CNY     59.49
RUDONG NEW WORLD INVEST      4.37    07/18/23    CNY     58.46
RUGAO COMMUNICATIONS CO      3.74    03/23/23    CNY     59.94
RUGAO COMMUNICATIONS CO      3.74    03/23/23    CNY     59.80
RUGAO ECONOMIC & TRADE       3.95    03/24/23    CNY     60.07
RUGAO ECONOMIC & TRADE       3.95    03/24/23    CNY     59.97
RUGAO ECONOMIC & TRADE       8.30    01/22/21    CNY     29.00
RUGAO ECONOMIC & TRADE       8.30    01/22/21    CNY     20.24
RUGAO YANJIANG DEVELOPM      8.60    01/24/21    CNY     20.93
RUGAO YANJIANG DEVELOPM      8.60    01/24/21    CNY     20.25
RUIAN STATE OWNED ASSET      4.56    01/27/23    CNY     60.66
RUIAN STATE OWNED ASSET      4.56    01/27/23    CNY     58.96
RUICHANG CITY INVESTMEN      5.50    06/17/23    CNY     61.17
RUICHANG CITY INVESTMEN      5.50    06/17/23    CNY     61.16
RUICHANG CITY INVESTMEN      5.68    03/25/23    CNY     61.15
RUICHANG CITY INVESTMEN      5.68    03/25/23    CNY     61.14
RUIJIN URBAN DEVELOPMEN      4.13    09/06/23    CNY     58.77
RUIJIN URBAN DEVELOPMEN      4.13    09/06/23    CNY     58.68
RUZHOU CITY XINYUAN INV      4.43    09/26/23    CNY     56.27
RUZHOU CITY XINYUAN INV      4.43    09/26/23    CNY     55.96
RUZHOU CITY XINYUAN INV      6.30    09/16/21    CNY     25.34
SANMEN COUNTY STATE-OWN      6.80    03/18/22    CNY     40.96
SANMEN COUNTY STATE-OWN      6.85    10/29/21    CNY     40.62
SANMEN COUNTY STATE-OWN      6.80    03/18/22    CNY     40.00
SANMEN COUNTY STATE-OWN      6.85    10/29/21    CNY     40.00
SANMING TRANSPORTATION       3.68    03/29/23    CNY     59.76
SANMING TRANSPORTATION       3.68    03/29/23    CNY     59.51
SHAANXI ANKANG HIGH TEC      8.78    09/17/21    CNY     27.00
SHAANXI ANKANG HIGH TEC      8.78    09/17/21    CNY     20.64
SHAANXI XIXIAN NEW AREA      6.85    08/15/21    CNY     25.50
SHAANXI XIXIAN NEW AREA      6.85    08/15/21    CNY     20.47
SHAANXI XIXIAN NEW AREA      6.89    01/05/22    CNY     43.10
SHAANXI XIXIAN NEW AREA      6.89    01/05/22    CNY     40.57
SHAANXI XIXIAN NEW AREA      5.15    11/27/22    CNY     61.01
SHAANXI XIXIAN NEW AREA      5.15    11/27/22    CNY     60.63
SHANDONG BORUN INDUSTRI      6.50    11/02/21    CNY     66.21
SHANDONG BOXING COUNTY       8.00    12/22/21    CNY     41.95
SHANDONG BOXING COUNTY       8.00    12/22/21    CNY     40.93
SHANDONG CENTURY SUNSHI      8.19    07/21/21    CNY     20.63
SHANDONG CENTURY SUNSHI      8.19    07/21/21    CNY     20.62
SHANDONG FUYU CHEMICAL       7.70    09/18/22    CNY     70.00
SHANDONG GAOCHUANG CONS      6.05    06/18/22    CNY     42.45
SHANDONG GAOCHUANG CONS      6.05    06/18/22    CNY     40.75
SHANDONG HONGHE HOLDING      8.50    06/23/21    CNY     24.00
SHANDONG HONGHE HOLDING      8.50    06/23/21    CNY     20.10
SHANDONG JINMAO TEXTILE      8.00    09/25/20    CNY     35.84
SHANDONG JINMAO TEXTILE      6.97    04/01/21    CNY     20.70
SHANDONG RENCHENG RONGX      7.30    10/18/20    CNY     23.40
SHANDONG RENCHENG RONGX      7.30    10/18/20    CNY     20.01
SHANDONG RUYI TECHNOLOG      7.90    09/18/23    CNY     52.10
SHANDONG SNTON GROUP CO      6.20    05/30/21    CNY      9.50
SHANDONG SNTON GROUP CO      5.18    09/08/21    CNY      8.52
SHANDONG TAIYANG INDUST      5.97    03/02/21    CNY     42.86
SHANDONG TENGJIAN INVES      6.00    06/08/22    CNY     40.45
SHANDONG TENGJIAN INVES      6.00    06/08/22    CNY     40.00
SHANDONG WANTONG PETROL      7.97    11/29/21    CNY      6.45
SHANGHAI CAOHEJING HI-T      7.24    04/09/21    CNY     20.32
SHANGHAI CAOHEJING HI-T      7.24    04/09/21    CNY     20.31
SHANGHAI JIADING ROAD C      6.80    04/23/21    CNY     20.75
SHANGHAI JIADING ROAD C      6.80    04/23/21    CNY     20.33
SHANGHAI LAKE DIANSHAN       5.95    01/30/21    CNY     25.13
SHANGHAI LAKE DIANSHAN       5.95    01/30/21    CNY     25.10
SHANGHAI MINHANG URBAN       5.63    04/20/22    CNY     40.79
SHANGHAI MINHANG URBAN       5.63    04/20/22    CNY     40.78
SHANGHAI MUNICIPAL INVE      4.80    11/05/24    CNY     71.38
SHANGHAI NANHUI URBAN C      6.04    08/20/21    CNY     20.44
SHANGHAI NANHUI URBAN C      6.04    08/20/21    CNY     20.30
SHANGHAI PUTAILAI NEW E      5.50    03/19/21    CNY     66.67
SHANGHAI URBAN CONSTRUC      3.50    01/06/23    CNY     61.07
SHANGHAI URBAN CONSTRUC      3.50    01/06/23    CNY     59.50
SHANGRAO CITY STATE-OWN      4.65    01/29/23    CNY     60.58
SHANGRAO CITY STATE-OWN      4.65    01/29/23    CNY     60.28
SHANTOU CITY CONSTRUCTI      8.57    03/23/22    CNY     31.42
SHANTOU CITY CONSTRUCTI      8.57    03/23/22    CNY     31.40
SHANTOU INVESTMENT HOLD      7.99    03/04/24    CNY     64.40
SHANTOU INVESTMENT HOLD      7.99    03/04/24    CNY     64.10
SHANXI INTERNATIONAL EL      5.88    05/24/22    CNY     61.00
SHANXI XIANG KUANG GROU      8.80    02/11/22    CNY     72.44
SHANXI XIANG KUANG GROU      8.80    02/11/22    CNY     54.50
SHAOWU URBAN CONSTRUCTI      5.88    09/11/22    CNY     43.39
SHAOWU URBAN CONSTRUCTI      5.88    09/11/22    CNY     40.15
SHAOXING CHENGZHONGCUN       6.09    04/27/22    CNY     40.83
SHAOXING CHENGZHONGCUN       6.09    04/27/22    CNY     40.30
SHAOXING CITY INVESTMEN      5.75    04/17/22    CNY     48.00
SHAOXING CITY INVESTMEN      5.75    04/17/22    CNY     40.88
SHAOXING CITY KEQIAO DI      6.40    08/20/21    CNY     20.48
SHAOXING CITY KEQIAO DI      6.40    08/20/21    CNY     20.35
SHAOXING JINGHU NEW DIS      6.13    04/30/22    CNY     40.76
SHAOXING JINGHU NEW DIS      6.13    04/30/22    CNY     40.70
SHAOXING KEQIAO CITY CO      3.64    09/19/23    CNY     59.28
SHAOXING KEQIAO CITY CO      3.64    09/19/23    CNY     58.86
SHAOXING KEQIAO ECONOMI      7.00    12/10/21    CNY     40.89
SHAOXING KEQIAO ECONOMI      7.00    12/10/21    CNY     40.00
SHAOXING KEYAN CONSTRUC      6.28    03/24/22    CNY     40.84
SHAOXING KEYAN CONSTRUC      6.28    03/24/22    CNY     40.00
SHAOXING PAOJIANG INDUS      6.98    05/29/21    CNY     23.90
SHAOXING PAOJIANG INDUS      6.98    05/29/21    CNY     20.37
SHAOXING SHANGYU ECONOM      4.76    04/11/23    CNY     60.93
SHAOXING SHANGYU ECONOM      4.76    04/11/23    CNY     60.27
SHAOXING SHANGYU HANGZH      6.95    10/11/20    CNY     20.55
SHAOXING SHANGYU HANGZH      6.95    10/11/20    CNY     20.00
SHAOXING SHANGYU URBAN       6.80    08/07/21    CNY     21.15
SHAOXING SHANGYU URBAN       6.80    08/07/21    CNY     20.56
SHAOYANG CITY CONSTRUCT      8.58    01/17/21    CNY     20.30
SHAOYANG CITY CONSTRUCT      8.58    01/17/21    CNY     20.17
SHAOYANG DULIANG INVEST      5.50    04/13/23    CNY     59.65
SHAOYANG DULIANG INVEST      5.50    04/13/23    CNY     58.65
SHENGZHOU INVESTMENT HO      7.60    07/17/21    CNY     20.60
SHENGZHOU INVESTMENT HO      7.60    07/17/21    CNY     20.59
SHENMU CITY STATE-OWNED      7.28    06/23/21    CNY     20.60
SHENMU CITY STATE-OWNED      7.28    06/23/21    CNY     20.36
SHENYANG DADONG STATE-O      6.05    03/20/22    CNY     40.55
SHENYANG DADONG STATE-O      6.05    03/20/22    CNY     40.00
SHENYANG ECONOMIC AFFOR      7.17    04/29/22    CNY     40.05
SHENYANG ECONOMIC AFFOR      7.17    04/29/22    CNY     31.87
SHENYANG TIEXI STATE-OW      6.00    01/14/22    CNY     47.50
SHENYANG TIEXI STATE-OW      6.00    01/14/22    CNY     40.47
SHENZHEN METRO GROUP CO      6.75    01/24/24    CNY     63.07
SHENZHEN METRO GROUP CO      5.40    03/25/23    CNY     46.15
SHENZHEN METRO GROUP CO      5.40    03/25/23    CNY     46.03
SHIJIAZHUANG HUTUO NEW       5.28    12/24/25    CNY     62.70
SHIJIAZHUANG HUTUO NEW       5.28    12/24/25    CNY     62.50
SHIJIAZHUANG STATE-OWNE      5.75    04/09/22    CNY     47.20
SHIJIAZHUANG STATE-OWNE      5.75    04/09/22    CNY     40.78
SHIJIAZHUANG URBAN CONS      6.55    03/09/21    CNY     40.51
SHISHI CITY CONSTRUCTIO      6.10    05/04/22    CNY     40.87
SHIYAN ECO DEVELOPMENT       3.98    08/05/23    CNY     59.57
SHIYAN ECO DEVELOPMENT       3.98    08/05/23    CNY     59.03
SHIYAN STATE-OWNED CAPI      6.88    10/11/20    CNY     20.68
SHIYAN STATE-OWNED CAPI      6.58    08/20/21    CNY     20.50
SHIYAN STATE-OWNED CAPI      6.58    08/20/21    CNY     20.00
SHIYAN STATE-OWNED CAPI      6.88    10/11/20    CNY     19.99
SHOUGUANG CITY CONSTRUC      7.10    10/18/20    CNY     22.87
SHOUGUANG CITY CONSTRUC      7.10    10/18/20    CNY     20.01
SHUCHENG COUNTY URBAN C      5.50    04/29/23    CNY     61.11
SHUCHENG COUNTY URBAN C      5.50    04/29/23    CNY     61.10
SHUYANG JINGYUAN ASSET       5.49    09/11/22    CNY     46.00
SHUYANG JINGYUAN ASSET       5.49    09/11/22    CNY     40.54
SHUYANG JINGYUAN ASSET       7.39    04/14/21    CNY     20.33
SHUYANG JINGYUAN ASSET       7.39    04/14/21    CNY     20.00
SICHUAN COAL GASIFICATI      7.00    04/18/23    CNY     60.49
SICHUAN COAL INDUSTRY G      7.70    01/09/18    CNY     45.00
SICHUAN LANGZHONG FAMOU      5.60    04/19/23    CNY     59.75
SICHUAN LANGZHONG FAMOU      5.60    04/19/23    CNY     59.56
SICHUAN LONGYANG TIANFU      5.45    05/27/23    CNY     60.31
SICHUAN LONGYANG TIANFU      5.45    05/27/23    CNY     60.16
SICHUAN NAXING INDUSTRI      4.68    03/31/23    CNY     59.00
SICHUAN NAXING INDUSTRI      4.68    03/31/23    CNY     58.79
SICHUAN NAXING INDUSTRI      6.80    08/18/22    CNY     50.67
SICHUAN NAXING INDUSTRI      6.80    08/18/22    CNY     50.66
SICHUAN NAXING INDUSTRI      7.17    09/11/21    CNY     20.44
SICHUAN NAXING INDUSTRI      7.17    09/11/21    CNY     20.32
SICHUAN TIANYIN INDUSTR      6.79    03/25/22    CNY     48.00
SICHUAN TIANYIN INDUSTR      6.79    03/25/22    CNY     40.64
SIHONG COUNTY HONG YUAN      6.15    03/16/22    CNY     40.59
SIHONG COUNTY HONG YUAN      6.15    03/16/22    CNY     40.00
SIHUI STATE OWNED ASSET      4.59    01/14/23    CNY     59.58
SIHUI STATE OWNED ASSET      4.59    01/14/23    CNY     59.11
SIYANG COUNTY MINKANG R      4.94    01/21/23    CNY     60.56
SIYANG COUNTY MINKANG R      4.94    01/21/23    CNY     60.01
SLENDER WEST LAKE TOURI      6.80    06/25/21    CNY     20.47
SLENDER WEST LAKE TOURI      6.80    06/25/21    CNY     20.00
SONGYUAN URBAN DEVELOPM      5.79    12/04/21    CNY     40.78
SONGYUAN URBAN DEVELOPM      5.79    12/04/21    CNY     39.98
SUINING CITY HEDONG DEV      8.36    04/17/21    CNY     27.82
SUINING CITY HEDONG DEV      8.36    04/17/21    CNY     20.39
SUINING COUNTY RUNQI IN      5.42    11/20/22    CNY     60.49
SUINING COUNTY RUNQI IN      5.42    11/20/22    CNY     60.00
SUINING COUNTY RUNQI IN      7.10    06/25/21    CNY     20.42
SUINING COUNTY RUNQI IN      7.10    06/25/21    CNY     20.30
SUINING FUYUAN INDUSTRY      6.39    03/17/22    CNY     44.18
SUINING FUYUAN INDUSTRY      6.39    03/17/22    CNY     40.82
SUINING KAIDA INVESTMEN      4.89    04/08/23    CNY     59.14
SUINING KAIDA INVESTMEN      4.89    04/08/23    CNY     58.64
SUINING KAIDA INVESTMEN      8.69    04/21/21    CNY     20.34
SUINING KAIDA INVESTMEN      8.69    04/21/21    CNY     20.00
SUIZHOU DEVELOPMENT INV      8.50    12/20/20    CNY     21.83
SUIZHOU DEVELOPMENT INV      8.40    04/30/21    CNY     20.71
SUIZHOU DEVELOPMENT INV      8.40    04/30/21    CNY     20.45
SUIZHOU DEVELOPMENT INV      8.50    12/20/20    CNY     20.17
SUIZHOU HIGH-TECH INDUS      4.47    03/25/23    CNY     58.84
SUIZHOU HIGH-TECH INDUS      4.47    03/25/23    CNY     58.81
SUIZHOU URBAN CONSTRUCT      7.18    09/02/21    CNY     21.20
SUIZHOU URBAN CONSTRUCT      7.18    09/02/21    CNY     20.58
SUIZHOU YULONG WATER SU      6.10    03/28/23    CNY     59.77
SUQIAN CITY CONSTRUCTIO      6.88    10/29/20    CNY     20.26
SUQIAN CITY CONSTRUCTIO      6.88    10/29/20    CNY     20.03
SUZHOU CITY CONSTRUCTIO      3.89    03/24/23    CNY     60.08
SUZHOU CITY CONSTRUCTIO      3.89    03/24/23    CNY     60.07
SUZHOU CITY HENGCHENG C      4.40    03/01/23    CNY     61.37
SUZHOU CITY HENGCHENG C      4.40    03/01/23    CNY     60.23
SUZHOU FENHU INVESTMENT      7.49    02/28/21    CNY     20.20
SUZHOU FENHU INVESTMENT      7.49    02/28/21    CNY     20.19
SUZHOU NEW & HIGH-TECH       4.18    03/23/23    CNY     59.55
SUZHOU NEW & HIGH-TECH       4.18    03/23/23    CNY     58.82
SUZHOU NEW DISTRICT ECO      6.20    07/22/21    CNY     20.45
SUZHOU NEW DISTRICT ECO      6.20    07/22/21    CNY     20.35
SUZHOU WUJIANG COMMUNIC      6.80    10/31/20    CNY     25.53
SUZHOU WUJIANG COMMUNIC      6.80    10/31/20    CNY     25.04
SUZHOU WUJIANG DISTRICT      5.25    07/08/22    CNY     40.58
SUZHOU XIANGCHENG URBAN      6.95    03/19/21    CNY     22.60
SUZHOU XIANGCHENG URBAN      6.95    03/19/21    CNY     20.35
TAIAN TAISHAN HOLDINGS       5.50    04/26/23    CNY     60.68
TAIAN TAISHAN HOLDINGS       5.50    04/26/23    CNY     59.63
TAICANG ASSETS MANAGEME      7.00    02/27/21    CNY     20.20
TAICANG ASSETS MANAGEME      7.00    02/27/21    CNY     20.20
TAICANG SCIENCE EDUCATI      5.54    08/28/22    CNY     44.65
TAICANG SCIENCE EDUCATI      5.54    08/28/22    CNY     40.91
TAIXING CITY CHENGXING       8.30    12/12/20    CNY     20.10
TAIXING CITY CHENGXING       8.30    12/12/20    CNY     19.85
TAIXING CITY HONGQIAO Y      5.03    10/29/22    CNY     63.87
TAIXING CITY HONGQIAO Y      5.03    10/29/22    CNY     59.90
TAIYUAN ECONOMIC TECHNO      7.43    04/24/21    CNY     20.28
TAIYUAN HIGH-SPEED RAIL      6.50    10/30/20    CNY     25.04
TAIYUAN STATE-OWNED INV      7.20    03/19/21    CNY     26.50
TAIYUAN STATE-OWNED INV      7.20    03/19/21    CNY     20.24
TAIZHOU CITY CONSTRUCTI      6.92    10/16/23    CNY     62.68
TAIZHOU CITY CONSTRUCTI      6.92    10/16/23    CNY     62.10
TAIZHOU HAILING CITY DE      4.60    12/14/22    CNY     60.13
TAIZHOU JIAOJIANG STATE      6.18    07/06/22    CNY     44.00
TAIZHOU JIAOJIANG STATE      6.18    07/06/22    CNY     41.19
TAIZHOU JINDONG URBAN C      5.10    06/02/23    CNY     60.26
TAIZHOU JINDONG URBAN C      5.10    06/02/23    CNY     60.10
TAIZHOU XINBINJIANG DEV      7.60    03/05/21    CNY     21.00
TAIZHOU XINBINJIANG DEV      7.60    03/05/21    CNY     20.27
TAIZHOU XINTAI GROUP CO      4.07    03/23/23    CNY     60.26
TAIZHOU XINTAI GROUP CO      4.07    03/23/23    CNY     59.95
TANGSHAN CAOFEIDIAN DEV      7.50    10/15/20    CNY     20.03
TIANJIN BAOXING INDUSTR      7.10    10/17/20    CNY     19.99
TIANJIN BEICHEN DISTRIC      7.00    04/21/21    CNY     27.15
TIANJIN BEICHEN DISTRIC      7.00    04/21/21    CNY     20.23
TIANJIN BEICHEN TECHNOL      6.87    08/20/21    CNY     27.00
TIANJIN BEICHEN TECHNOL      6.87    08/20/21    CNY     20.06
TIANJIN BINHAI NEW AREA      6.10    11/23/21    CNY     42.65
TIANJIN BOHAI STATE-OWN      3.82    04/18/23    CNY     59.69
TIANJIN BOHAI STATE-OWN      3.82    04/18/23    CNY     59.64
TIANJIN DONGFANG CAIXIN      5.19    01/29/22    CNY     40.17
TIANJIN DONGFANG CAIXIN      5.19    01/29/22    CNY     39.59
TIANJIN DONGLI CITY INF      4.28    12/02/22    CNY     59.62
TIANJIN ECONOMIC TECHNO      6.50    12/03/22    CNY     46.30
TIANJIN ECONOMIC TECHNO      6.50    12/03/22    CNY     45.54
TIANJIN GUANGCHENG INVE      5.40    04/20/23    CNY     59.28
TIANJIN GUANGCHENG INVE      5.40    04/20/23    CNY     58.01
TIANJIN GUANGCHENG INVE      6.97    02/22/23    CNY     44.67
TIANJIN GUANGCHENG INVE      6.97    02/22/23    CNY     40.01
TIANJIN GUANGCHENG INVE      7.45    07/24/21    CNY     29.00
TIANJIN GUANGCHENG INVE      7.45    07/24/21    CNY     20.02
TIANJIN HARBOR CONSTRUC      6.29    10/21/21    CNY     70.11
TIANJIN HARBOR CONSTRUC      8.00    04/01/21    CNY     40.55
TIANJIN HARBOR CONSTRUC      8.80    01/24/21    CNY     40.46
TIANJIN HI-TECH INDUSTR      6.65    09/12/21    CNY     20.30
TIANJIN HI-TECH INDUSTR      6.65    09/12/21    CNY     19.99
TIANJIN HUANCHENG URBAN      5.75    04/27/22    CNY     41.70
TIANJIN HUANCHENG URBAN      5.75    04/27/22    CNY     40.61
TIANJIN HUANCHENG URBAN      7.20    03/21/21    CNY     20.35
TIANJIN HUANCHENG URBAN      7.20    03/21/21    CNY     20.20
TIANJIN INFRASTRUCTURE       5.70    02/26/23    CNY     46.00
TIANJIN INFRASTRUCTURE       5.70    02/26/23    CNY     45.81
TIANJIN JINNAN CITY CON      6.50    06/03/21    CNY     20.29
TIANJIN JINNAN CITY CON      6.50    06/03/21    CNY     20.00
TIANJIN LINGANG INVESTM      7.75    02/26/21    CNY     20.21
TIANJIN LINGANG INVESTM      7.75    02/26/21    CNY     20.11
TIANJIN NINGHE DISTRICT      7.00    05/30/21    CNY     27.50
TIANJIN NINGHE DISTRICT      7.00    05/30/21    CNY     20.21
TIANJIN NINGHE INVESTME      5.50    04/22/23    CNY     60.60
TIANJIN NINGHE INVESTME      5.50    04/22/23    CNY     60.15
TIANJIN RAILWAY CONSTRU      5.58    04/13/25    CNY     72.49
TIANJIN REAL ESTATE TRU      8.59    03/13/21    CNY     19.50
TIANJIN RESIDENTIAL CON      8.00    12/19/20    CNY     20.03
TIANJIN STATE-OWNED CAP      1.60    12/17/39    USD     74.35
TIANJIN WATER INVESTMEN      8.40    01/15/21    CNY     25.04
TIANJIN WATER INVESTMEN      6.60    07/28/21    CNY     21.80
TIANJIN WATER INVESTMEN      6.60    07/28/21    CNY     19.33
TIANJIN WUQING STATE-OW      4.15    11/17/22    CNY     60.04
TIANJIN WUQING STATE-OW      4.15    11/17/22    CNY     59.90
TIANJIN WUQING STATE-OW      8.00    12/17/20    CNY     20.76
TIANJIN WUQING STATE-OW      7.18    03/19/21    CNY     20.42
TIANJIN WUQING STATE-OW      7.18    03/19/21    CNY     20.19
TIANJIN WUQING STATE-OW      8.00    12/17/20    CNY     20.16
TIANMEN CITY CONSTRUCTI      8.20    08/28/21    CNY     25.16
TIANMEN CITY CONSTRUCTI      8.20    08/28/21    CNY     20.77
TONGLING CONSTRUCTION I      4.12    03/14/23    CNY     60.00
TONGLING CONSTRUCTION I      4.12    03/14/23    CNY     59.88
TONGLU STATE-OWNED ASSE      8.09    04/18/21    CNY     20.98
TONGLU STATE-OWNED ASSE      8.09    04/18/21    CNY     20.42
TSINGHUA UNIGROUP CO LT      5.85    03/27/22    CNY     64.81
TSINGHUA UNIGROUP CO LT      5.20    12/10/23    CNY     59.90
TULUFAN DISTRICT STATE-      6.20    03/19/22    CNY     41.38
TULUFAN DISTRICT STATE-      6.20    03/19/22    CNY     40.68
TUNGHSU GROUP CO LTD         6.55    03/13/22    CNY     45.00
ULANQAB CITY INVESTMENT      8.39    04/25/22    CNY     51.26
ULANQAB JINING DISTRICT      6.16    03/24/23    CNY     59.77
ULANQAB JINING DISTRICT      6.16    03/24/23    CNY     59.13
URUMQI ECO&TECH DEVELOP      6.40    04/13/22    CNY     40.92
URUMQI ECO&TECH DEVELOP      6.40    04/13/22    CNY     40.00
WAFANGDIAN COASTAL PROJ      3.98    02/01/23    CNY     58.84
WAFANGDIAN COASTAL PROJ      3.98    02/01/23    CNY     58.28
WANGCHENG ECONOMIC DEVE      3.75    07/13/23    CNY     61.05
WANGCHENG ECONOMIC DEVE      3.75    07/13/23    CNY     61.02
WANGCHENG ECONOMIC DEVE      6.57    01/22/22    CNY     48.81
WANGCHENG ECONOMIC DEVE      6.57    01/22/22    CNY     40.81
WEICHI HOLDING GROUP CO      5.40    12/21/20    CNY     60.00
WEIFANG BINHAI INVESTME      6.16    04/16/21    CNY     25.22
WEIHAI LANCHUANG CONSTR      4.80    12/17/22    CNY     59.59
WEIHAI LANCHUANG CONSTR      4.80    12/17/22    CNY     59.39
WEIHAI URBAN CONSTRUCTI      3.33    03/02/23    CNY     59.44
WEIHAI URBAN CONSTRUCTI      3.33    03/02/23    CNY     58.40
WEIHAI WENDENG URBAN PR      4.80    05/26/23    CNY     59.33
WEIHAI WENDENG URBAN PR      4.80    05/26/23    CNY     58.97
WEINAN CITY INVESTMENT       6.09    03/11/22    CNY     40.67
WEINAN CITY INVESTMENT       6.09    03/11/22    CNY     40.00
WENDENG GOLDEN BEACH IN      3.97    03/21/23    CNY     59.27
WENDENG GOLDEN BEACH IN      3.97    03/21/23    CNY     59.20
WENSHAN URBAN CONSTRUCT      4.50    09/13/23    CNY     58.80
WENSHAN URBAN CONSTRUCT      4.50    09/13/23    CNY     58.54
WENZHOU CITY CONSTRUCTI      5.00    04/26/23    CNY     61.07
WENZHOU CITY CONSTRUCTI      5.00    04/26/23    CNY     60.99
WENZHOU CITY CONSTRUCTI      4.05    01/25/23    CNY     59.78
WENZHOU CITY CONSTRUCTI      4.05    01/25/23    CNY     59.57
WENZHOU GANGCHENG DEVEL      5.19    03/29/23    CNY     61.87
WENZHOU GANGCHENG DEVEL      5.19    03/29/23    CNY     60.91
WENZHOU HIGH-TECH INDUS      7.30    05/30/21    CNY     20.60
WENZHOU HIGH-TECH INDUS      7.95    03/21/21    CNY     20.46
WENZHOU HIGH-TECH INDUS      7.95    03/21/21    CNY     20.38
WENZHOU HIGH-TECH INDUS      7.30    05/30/21    CNY     20.35
WENZHOU LUCHENG CITY DE      5.58    11/03/21    CNY     40.31
WENZHOU LUCHENG CITY DE      5.58    11/03/21    CNY     40.20
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      8.19    04/21/21    CNY     20.32
WUHAI CITY CONSTRUCTION      8.19    04/21/21    CNY      5.42
WUHAN CHEDU CORP LTD         7.18    02/27/21    CNY     20.96
WUHAN CHEDU CORP LTD         7.18    02/27/21    CNY     20.21
WUHAN CITY HUANPI DISTR      6.43    09/17/21    CNY     23.02
WUHAN CITY HUANPI DISTR      6.43    09/17/21    CNY     20.46
WUHAN JIANGXIA URBAN CO      4.80    06/03/23    CNY     60.69
WUHAN JIANGXIA URBAN CO      4.80    06/03/23    CNY     60.50
WUHAN JIANGXIA URBAN CO      8.99    01/20/21    CNY     20.24
WUHAN METRO GROUP CO LT      5.25    04/14/22    CNY     40.36
WUHAN QIAOKOU STATE OWN      3.48    08/29/23    CNY     59.17
WUHAN QIAOKOU STATE OWN      3.48    08/29/23    CNY     58.93
WUHU COMMUNICATIONS INV      4.50    04/28/23    CNY     59.79
WUHU COMMUNICATIONS INV      4.50    04/28/23    CNY     59.76
WUHU COMMUNICATIONS INV      3.58    09/23/23    CNY     58.83
WUHU COMMUNICATIONS INV      3.58    09/23/23    CNY     58.60
WUHU COUNTY CONSTRUCTIO      6.60    12/08/21    CNY     46.35
WUHU COUNTY CONSTRUCTIO      6.60    12/08/21    CNY     40.72
WUHU JINGHU CONSTRUCTIO      4.37    07/20/23    CNY     59.64
WUHU JINGHU CONSTRUCTIO      4.37    07/20/23    CNY     59.63
WUHU JIUJIANG CONSTRUCT      3.96    03/21/23    CNY     59.55
WUHU JIUJIANG CONSTRUCT      8.49    04/14/21    CNY     20.48
WUHU JIUJIANG CONSTRUCT      8.49    04/14/21    CNY     20.00
WUHU XINMA INVESTMENT C      4.87    11/04/22    CNY     60.36
WUHU XINMA INVESTMENT C      4.87    11/04/22    CNY     59.80
WUHU YIJU INVESTMENT GR      6.45    08/11/21    CNY     21.45
WUHU YIJU INVESTMENT GR      6.45    08/11/21    CNY     20.48
WUWEI CITY ECONOMY DEVE      8.20    12/09/20    CNY     20.40
WUWEI CITY ECONOMY DEVE      8.20    04/24/21    CNY     20.26
WUWEI CITY ECONOMY DEVE      8.20    04/24/21    CNY     20.10
WUWEI CITY ECONOMY DEVE      8.20    12/09/20    CNY     20.08
WUXI HUIKAI ECONOMIC DE      4.16    04/08/23    CNY     60.01
WUXI HUIKAI ECONOMIC DE      4.16    04/08/23    CNY     59.83
WUXI HUNING METRO HUISH      4.38    06/08/21    CNY     40.45
WUXI HUNING METRO HUISH      4.38    06/08/21    CNY     40.08
WUXI MUNICIPAL DEVELOPM      6.10    10/11/20    CNY     20.00
WUXI TAIHU NEW CITY DEV      4.49    05/03/23    CNY     60.70
WUXI TAIHU NEW CITY DEV      4.49    05/03/23    CNY     60.63
WUXI TAIHU NEW CITY DEV      3.47    08/29/23    CNY     59.50
WUXI TAIHU NEW CITY DEV      3.47    08/29/23    CNY     59.27
WUYANG CONSTRUCTION GRO      7.80    09/11/20    CNY     32.48
WUZHONG URBAN RURAL CON      7.18    10/12/20    CNY     20.01
WUZHONG URBAN RURAL CON      7.18    10/12/20    CNY     20.00
XIAMEN TORCH GROUP CO L      7.49    04/21/21    CNY     24.88
XIAMEN TORCH GROUP CO L      7.49    04/21/21    CNY     20.33
XIAN FENGDONG DEVELOPME      4.67    01/08/23    CNY     59.94
XIAN FENGDONG DEVELOPME      4.67    01/08/23    CNY     59.71
XI'AN INTERNATIONAL HOR      6.20    10/21/21    CNY     41.46
XI'AN INTERNATIONAL HOR      6.20    10/21/21    CNY     40.46
XI'AN INTERNATIONAL INL      7.90    09/23/21    CNY     22.28
XIANGSHUI GUANJIANG HOL      4.98    12/24/22    CNY     63.20
XIANGSHUI GUANJIANG HOL      4.98    12/24/22    CNY     60.52
XIANGTAN CITY CONSTRUCT      7.60    04/02/22    CNY     62.66
XIANGTAN CITY CONSTRUCT      7.80    01/30/22    CNY     62.42
XIANGTAN CITY CONSTRUCT      7.80    03/12/22    CNY     62.00
XIANGTAN CITY'S CONSTRU      3.60    08/04/23    CNY     58.87
XIANGTAN CITY'S CONSTRU      3.95    08/04/23    CNY     57.44
XIANGTAN CITY'S CONSTRU      3.95    08/04/23    CNY     56.78
XIANGTAN HI-TECH GROUP       8.16    02/25/21    CNY     28.99
XIANGTAN HI-TECH GROUP       8.16    02/25/21    CNY     20.12
XIANGTAN JIUHUA ECONOMI      5.00    07/25/26    CNY     62.63
XIANGTAN JIUHUA ECONOMI      6.59    01/21/22    CNY     39.12
XIANGTAN JIUHUA ECONOMI      7.15    10/15/20    CNY     19.99
XIANGTAN JIUHUA ECONOMI      7.15    10/15/20    CNY     19.95
XIANGTAN LIANGXING SOCI      7.89    04/23/21    CNY     20.16
XIANGTAN LIANGXING SOCI      7.89    04/23/21    CNY     20.10
XIANGTAN WANLOU XINCHEN      6.90    01/14/22    CNY     39.90
XIANGTAN WANLOU XINCHEN      6.90    01/14/22    CNY     35.49
XIANGXIANG ECONOMIC DIS      5.28    09/09/23    CNY     57.72
XIANGXIANG ECONOMIC DIS      5.28    09/09/23    CNY     57.30
XIANGXIANG URBAN CONSTR      5.84    05/18/23    CNY     60.61
XIANGXIANG URBAN CONSTR      5.84    05/18/23    CNY     59.72
XIANGYANG CITY XIANGZHO      5.18    04/28/23    CNY     60.77
XIANGYANG CITY XIANGZHO      5.18    04/28/23    CNY     60.65
XIANGYANG HIGH TECH STA      7.00    05/29/21    CNY     23.38
XIANGYANG HIGH TECH STA      7.00    05/29/21    CNY     20.35
XIANGYANG STATE-OWNED C      4.62    01/25/23    CNY     59.79
XIANGYANG STATE-OWNED C      4.62    01/25/23    CNY     59.78
XIANNING HIGH-TECH INVE      6.29    02/10/22    CNY     40.71
XIANNING HIGH-TECH INVE      6.29    02/10/22    CNY     40.56
XIANTAO CITY CONSTRUCTI      4.59    04/18/23    CNY     60.29
XIANTAO CITY CONSTRUCTI      4.59    04/18/23    CNY     59.73
XIANTAO CITY CONSTRUCTI      8.15    02/24/21    CNY     20.38
XIAOGAN GAOCHUANG INVES      7.43    06/23/21    CNY     32.72
XIAOGAN GAOCHUANG INVES      6.87    09/22/21    CNY     26.69
XIAOGAN GAOCHUANG INVES      6.87    09/22/21    CNY     20.22
XIAOGAN GAOCHUANG INVES      7.43    06/23/21    CNY     20.18
XIAOGAN URBAN CONSTRUCT      3.94    07/05/21    CNY     62.99
XIAOGAN URBAN CONSTRUCT      6.89    05/29/21    CNY     20.40
XIAOGAN URBAN CONSTRUCT      6.89    05/29/21    CNY     20.38
XIAOXIAN COUNTY DEVELOP      4.85    06/22/23    CNY     60.63
XIAOXIAN COUNTY DEVELOP      4.85    06/22/23    CNY     60.45
XINDONGGANG HOLDING GRO      5.53    04/27/23    CNY     60.54
XINDONGGANG HOLDING GRO      5.53    04/27/23    CNY     60.16
XINGAN COUNTY URBAN CON      5.48    08/03/23    CNY     57.92
XINGAN COUNTY URBAN CON      5.48    08/03/23    CNY     57.88
XINGAN LEAGUE URBAN DEV      6.18    12/21/22    CNY     42.59
XINGAN LEAGUE URBAN DEV      6.18    12/21/22    CNY     42.05
XINGHUA CITY ECONOMIC D      5.28    06/13/22    CNY     49.89
XINGHUA CITY ECONOMIC D      5.28    06/13/22    CNY     49.63
XINGYI XINHENG URBAN CO      5.40    12/16/22    CNY     60.00
XINGYI XINHENG URBAN CO      5.40    12/16/22    CNY     58.63
XINJIANG KAIDI INVESTME      7.80    04/22/21    CNY     21.35
XINJIANG KAIDI INVESTME      7.80    04/22/21    CNY     20.16
XINMI CAIYUAN CITY CONS      4.35    02/28/23    CNY     60.76
XINMI CAIYUAN CITY CONS      4.35    02/28/23    CNY     60.07
XINMIN CITY LUXIN MUNIC      6.41    07/29/21    CNY     13.94
XINMIN CITY LUXIN MUNIC      6.41    07/29/21    CNY     13.94
XINTAI CITY COORDINATIN      6.35    03/23/22    CNY     40.75
XINTAI CITY COORDINATIN      6.35    03/23/22    CNY     40.37
XINYANG HUAXIN INVESTME      7.55    04/15/21    CNY     26.30
XINYANG HUAXIN INVESTME      7.55    04/15/21    CNY     20.25
XINYI CITY INVESTMENT &      4.30    01/19/23    CNY     60.00
XINYI CITY INVESTMENT &      4.30    01/19/23    CNY     59.57
XINYI CITY INVESTMENT &      7.39    10/15/20    CNY     20.32
XINYI CITY INVESTMENT &      7.39    10/15/20    CNY     20.01
XINYI URBAN TRANSPORTAT      6.14    02/06/22    CNY     41.53
XINYI URBAN TRANSPORTAT      6.14    02/06/22    CNY     40.77
XINYU CHENGDONG CONSTRU      8.48    05/27/21    CNY     20.33
XINYU CITY SHANTYTOWN Z      6.42    12/09/20    CNY     40.05
XINYU CITY YUSHUI DISTR      7.70    06/24/22    CNY     41.56
XINYU CITY YUSHUI DISTR      7.70    06/24/22    CNY     41.39
XINZHENG NEW DISTRICT D      6.40    01/29/21    CNY     25.13
XINZHOU ASSET MANAGEMEN      7.90    02/21/21    CNY     21.07
XINZHOU ASSET MANAGEMEN      7.90    02/21/21    CNY     20.29
XINZHOU ASSET MANAGEMEN      8.50    12/18/20    CNY     20.17
XINZHOU ASSET MANAGEMEN      8.50    12/18/20    CNY     20.08
XIUSHAN INDUSTRY DEVELO      5.85    04/14/23    CNY     60.00
XIUSHAN INDUSTRY DEVELO      5.85    04/14/23    CNY     60.00
XIWANG GROUP CO LTD          7.80    12/03/22    CNY     49.94
XUANCHENG CITY ECONOMY       7.95    09/22/21    CNY     26.00
XUANCHENG CITY ECONOMY       7.95    09/22/21    CNY     20.76
XUANCHENG STATE-OWNED A      4.12    04/07/23    CNY     60.23
XUANCHENG STATE-OWNED A      4.12    04/07/23    CNY     60.23
XUANCHENG STATE-OWNED A      7.95    03/27/21    CNY     26.00
XUANCHENG STATE-OWNED A      7.95    03/27/21    CNY     20.32
XUZHOU BOCHANT DEVELOPM      5.69    07/28/21    CNY     33.05
XUZHOU CITY JIAWANG CON      4.00    03/23/23    CNY     59.64
XUZHOU CITY TONGSHAN DI      5.23    09/18/22    CNY     41.00
XUZHOU CITY TONGSHAN DI      5.23    09/18/22    CNY     40.58
XUZHOU ECONOMIC TECHNOL      7.35    04/21/21    CNY     20.36
XUZHOU ECONOMIC TECHNOL      7.35    04/21/21    CNY     20.32
XUZHOU HI-TECH INDUSTRI      7.86    04/22/21    CNY     31.50
XUZHOU HI-TECH INDUSTRI      7.86    04/22/21    CNY     20.45
XUZHOU TRANSPORTATION H      7.09    05/15/21    CNY     21.00
XUZHOU TRANSPORTATION H      7.09    05/15/21    CNY     20.40
XUZHOU XINSHENG INVESTM      5.13    08/12/22    CNY     44.46
XUZHOU XINSHENG INVESTM      5.13    08/12/22    CNY     40.86
YANCHENG CITY TINGHU DI      7.95    11/15/20    CNY     20.05
YANCHENG CITY TINGHU DI      7.95    11/15/20    CNY     18.30
YANCHENG DAFENG DISTRIC      8.70    01/24/21    CNY     20.97
YANCHENG DAFENG DISTRIC      8.50    12/30/20    CNY     20.60
YANCHENG DAFENG DISTRIC      8.70    01/24/21    CNY     20.24
YANCHENG DAFENG DISTRIC      8.50    12/30/20    CNY     20.18
YANCHENG HIGH-TECH ZONE      3.90    12/14/22    CNY     60.06
YANCHENG ORIENTAL INVES      6.48    09/15/21    CNY     20.29
YANCHENG SOUTH DISTRICT      6.70    07/30/21    CNY     20.40
YANCHENG SOUTH DISTRICT      6.70    07/30/21    CNY     20.39
YANCHENG YANDU DISTRICT      3.67    03/17/23    CNY     59.47
YANCHENG YANDU DISTRICT      3.67    03/17/23    CNY     59.46
YANGJIANG HENGCAI CITY       6.24    04/14/22    CNY     41.20
YANGJIANG HENGCAI CITY       6.24    04/14/22    CNY     41.04
YANGZHONG TRANSPORTATIO      4.98    04/07/23    CNY     60.62
YANGZHONG TRANSPORTATIO      4.98    04/07/23    CNY     60.32
YANGZHONG TRANSPORTATIO      4.95    04/07/23    CNY     60.11
YANGZHONG TRANSPORTATIO      4.95    04/07/23    CNY     59.69
YANGZHOU CHEMICAL INDUS      8.58    01/24/21    CNY     26.00
YANGZHOU CHEMICAL INDUS      8.58    01/24/21    CNY     20.15
YANGZHOU ECONOMIC & TEC      7.40    03/05/21    CNY     40.63
YANGZHOU ECONOMIC & TEC      7.40    03/05/21    CNY     40.00
YANGZHOU GUANGLING NEW       3.62    09/07/23    CNY     58.00
YANGZHOU GUANGLING NEW       3.62    09/07/23    CNY     55.99
YANGZHOU HANJIANG CONST      5.88    06/15/22    CNY     46.63
YANGZHOU HANJIANG CONST      5.88    06/15/22    CNY     40.94
YI CHENG CONSTRUCTION I      5.44    04/27/23    CNY     60.07
YI ZHENG CITY DEVELOPME      4.63    01/08/23    CNY     60.07
YI ZHENG CITY DEVELOPME      4.63    01/08/23    CNY     60.00
YI ZHENG CITY DEVELOPME      8.60    01/09/21    CNY     29.30
YI ZHENG CITY DEVELOPME      8.60    01/09/21    CNY     20.14
YICHANG HIGH-TECH INVES      4.80    12/15/22    CNY     60.40
YICHANG HIGH-TECH INVES      4.80    12/15/22    CNY     60.00
YICHANG HIGH-TECH INVES      3.74    07/21/23    CNY     59.74
YICHANG HIGH-TECH INVES      3.74    07/21/23    CNY     58.85
YICHUN URBAN CONSTRUCTI      7.09    05/15/21    CNY     23.47
YICHUN URBAN CONSTRUCTI      7.09    05/15/21    CNY     20.40
YICHUN VENTURE CAPITAL       6.70    03/23/22    CNY     40.79
YICHUN VENTURE CAPITAL       6.70    03/23/22    CNY     40.61
YIHUA ENTERPRISE GROUP       7.00    04/29/22    CNY     54.00
YIHUA ENTERPRISE GROUP       6.80    03/15/21    CNY     47.99
YIHUA ENTERPRISE GROUP       5.99    11/26/20    CNY     30.00
YIHUA LIFESTYLE TECHNOL      6.88    07/16/20    CNY     35.90
YIHUA LIFESTYLE TECHNOL      6.88    07/23/20    CNY     35.00
YILI KAZAKH AUTONOMOUS       7.68    02/28/21    CNY     20.75
YILI KAZAKH AUTONOMOUS       7.68    02/28/21    CNY     20.31
YINCHUAN URBAN CONSTRUC      6.88    05/12/21    CNY     20.25
YINGKOU COASTAL DEVELOP      6.45    01/26/22    CNY     40.29
YINGKOU COASTAL DEVELOP      6.45    01/26/22    CNY     39.03
YINGKOU ECO & TECH DEVE      5.20    08/05/23    CNY     59.38
YINGKOU ECO & TECH DEVE      5.20    08/05/23    CNY     58.06
YINGKOU LAOBIAN CITY CO      4.98    03/11/23    CNY     60.00
YINGKOU LAOBIAN CITY CO      5.63    12/16/22    CNY     60.00
YINGKOU LAOBIAN CITY CO      4.98    03/11/23    CNY     58.90
YINGTAN LONGGANG ASSET       6.75    07/31/22    CNY     41.18
YINGTAN LONGGANG ASSET       6.75    07/31/22    CNY     40.20
YINGTAN STATE-OWNED ASS      7.50    12/12/22    CNY     46.58
YINGTAN STATE-OWNED ASS      7.50    12/12/22    CNY     46.56
YINGTAN STATE-OWNED ASS      3.63    08/12/21    CNY     39.98
YINING CITY STATE OWNED      5.37    09/24/22    CNY     39.31
YINING CITY STATE OWNED      8.90    01/23/21    CNY     29.95
YINING CITY STATE OWNED      8.90    01/23/21    CNY     20.26
YIWU CITY CONSTRUCTION       4.31    12/07/22    CNY     60.40
YIWU CITY CONSTRUCTION       4.31    12/07/22    CNY     60.27
YIWU URBAN & RURAL NEW       4.25    11/24/21    CNY     49.84
YIXING CITY CONSTRUCTIO      6.16    03/30/22    CNY     40.87
YIXING CITY CONSTRUCTIO      6.16    03/30/22    CNY     40.00
YIXING TUOYE INDUSTRIAL      7.60    05/28/21    CNY     23.50
YIXING TUOYE INDUSTRIAL      7.60    05/28/21    CNY     20.28
YIYANG ADVANCED INDUSTR      7.00    03/30/22    CNY     48.00
YIYANG ADVANCED INDUSTR      7.00    03/30/22    CNY     40.63
YIZHANG XINGYI CONSTRUC      5.49    09/02/24    CNY     69.26
YIZHANG XINGYI CONSTRUC      5.49    09/02/24    CNY     67.96
YONG ZHOU CITY CONSTRUC      7.30    10/23/20    CNY     20.03
YONGJIA INVESTMENT GROU      6.50    11/12/21    CNY     40.59
YONGJIA INVESTMENT GROU      6.50    11/12/21    CNY     40.00
YONGXING YINDU CONSTRUC      5.60    03/24/23    CNY     60.56
YONGXING YINDU CONSTRUC      5.60    03/24/23    CNY     60.56
YONGZHOU ECONOMIC CONST      3.55    01/14/23    CNY     60.50
YONGZHOU ECONOMIC CONST      3.55    01/14/23    CNY     59.43
YUANAN COUNTY QIFENG CI      5.50    05/27/23    CNY     60.56
YUANAN COUNTY QIFENG CI      5.50    05/27/23    CNY     60.02
YUEYANG CITY DONGTING N      6.15    03/20/22    CNY     40.15
YUEYANG CITY DONGTING N      6.15    03/20/22    CNY     40.06
YUEYANG HUILIN INVESTME      5.50    11/03/21    CNY     40.06
YUEYANG HUILIN INVESTME      5.50    11/03/21    CNY     40.00
YUEYANG YUNXI CITY CONS      6.00    07/08/23    CNY     60.10
YUEYANG YUNXI CITY CONS      6.00    07/08/23    CNY     58.99
YUHUAN CITY COMMUNICATI      5.65    11/03/21    CNY     44.50
YUHUAN CITY COMMUNICATI      6.18    03/20/22    CNY     44.47
YUHUAN CITY COMMUNICATI      5.65    11/03/21    CNY     40.40
YUHUAN CITY COMMUNICATI      6.18    03/20/22    CNY     40.37
YUHUAN CITY CONSTRUCTIO      5.10    05/03/23    CNY     61.01
YUHUAN CITY CONSTRUCTIO      5.10    05/03/23    CNY     60.23
YUNNAN METROPOLITAN CON      6.77    05/23/21    CNY     20.35
YUNNAN METROPOLITAN CON      6.77    05/23/21    CNY     19.80
YUYAO CITY CONSTRUCTION      7.09    05/19/21    CNY     20.46
YUZHOU GENERAL INVESTME      4.68    01/19/23    CNY     60.17
YUZHOU GENERAL INVESTME      4.68    01/19/23    CNY     60.00
ZAOYANG CITY CONSTRUCTI      5.50    03/22/23    CNY     60.58
ZAOYANG CITY CONSTRUCTI      5.50    03/22/23    CNY     60.13
ZHANGJIAGANG JINCHENG I      6.88    04/28/21    CNY     20.30
ZHANGJIAGANG JINCHENG I      6.88    04/28/21    CNY     20.30
ZHANGJIAJIE ECONOMIC DE      7.80    04/17/21    CNY     20.32
ZHANGQIU STATE OWNED AS      3.69    08/09/23    CNY     59.59
ZHANGQIU STATE OWNED AS      3.69    08/09/23    CNY     58.47
ZHANGSHU STATE-OWNED AS      4.80    06/22/23    CNY     62.67
ZHANGSHU STATE-OWNED AS      4.80    06/22/23    CNY     59.98
ZHANGYE CITY INVESTMENT      6.92    09/22/21    CNY     20.90
ZHANGYE CITY INVESTMENT      6.92    09/22/21    CNY     20.48
ZHANGZHOU ECONOMIC DEVE      6.17    04/27/22    CNY     40.80
ZHANGZHOU ECONOMIC DEVE      6.17    04/27/22    CNY     40.50
ZHANGZHOU JIULONGJIANG       6.48    06/20/21    CNY     20.43
ZHANGZHOU JIULONGJIANG       6.48    06/20/21    CNY     20.30
ZHANJIANG INFRASTRUCTUR      6.93    10/21/20    CNY     20.10
ZHANJIANG INFRASTRUCTUR      6.93    10/21/20    CNY     20.01
ZHAOQING GAOYAO DISTRIC      6.68    04/14/22    CNY     40.79
ZHAOQING GAOYAO DISTRIC      6.68    04/14/22    CNY     40.00
ZHAOQING HI-TECH ZONE C      3.97    08/26/23    CNY     59.71
ZHAOQING HI-TECH ZONE C      3.97    08/26/23    CNY     58.99
ZHEJIANG BINHAI NEW CIT      4.65    12/23/22    CNY     60.46
ZHEJIANG CHANGXING JING      7.99    03/03/21    CNY     30.00
ZHEJIANG CHANGXING JING      7.99    03/03/21    CNY     20.15
ZHEJIANG GUOXING INVEST      6.94    08/01/21    CNY     28.50
ZHEJIANG GUOXING INVEST      6.94    08/01/21    CNY     20.48
ZHEJIANG HANGZHOU QINGS      7.90    04/23/21    CNY     24.00
ZHEJIANG HANGZHOU QINGS      7.90    04/23/21    CNY     20.39
ZHEJIANG HUISHENG INVES      4.49    03/15/24    CNY     70.24
ZHEJIANG HUISHENG INVES      4.49    03/15/24    CNY     70.00
ZHEJIANG OUHAI CONSTRUC      4.83    01/21/23    CNY     60.42
ZHEJIANG OUHAI CONSTRUC      6.45    04/23/22    CNY     41.05
ZHEJIANG OUHAI CONSTRUC      6.45    04/23/22    CNY     40.30
ZHEJIANG PROVINCE XINCH      6.95    12/31/21    CNY     41.20
ZHEJIANG PROVINCE XINCH      5.88    10/30/21    CNY     41.06
ZHEJIANG PROVINCE XINCH      6.95    12/31/21    CNY     40.91
ZHEJIANG PROVINCE XINCH      5.88    10/30/21    CNY     40.47
ZHENGZHOU AIRPORT ECONO      4.27    07/20/26    CNY     70.19
ZHENGZHOU AIRPORT ECONO      4.27    07/20/26    CNY     70.19
ZHENGZHOU JINGKAI INVES      5.48    07/31/22    CNY     40.95
ZHENGZHOU JINGKAI INVES      5.48    07/31/22    CNY     40.00
ZHENGZHOU MOUZHONG DEVE      4.59    04/18/23    CNY     60.49
ZHENGZHOU MOUZHONG DEVE      4.59    04/18/23    CNY     60.42
ZHENGZHOU MOUZHONG DEVE      7.48    12/11/21    CNY     46.20
ZHENGZHOU MOUZHONG DEVE      7.48    12/11/21    CNY     40.69
ZHENJIANG CITY CONSTRUC      7.90    12/18/20    CNY     28.50
ZHENJIANG CITY CONSTRUC      8.20    01/13/21    CNY     28.49
ZHENJIANG CITY CONSTRUC      8.20    01/13/21    CNY     20.21
ZHENJIANG CITY CONSTRUC      7.90    12/18/20    CNY     20.14
ZHENJIANG DANTU DISTRIC      5.89    11/03/21    CNY     40.14
ZHENJIANG DANTU DISTRIC      5.89    11/03/21    CNY     39.60
ZHENJIANG NEW AREA URBA      5.31    07/14/23    CNY     60.50
ZHENJIANG NEW AREA URBA      5.31    07/14/23    CNY     59.47
ZHENJIANG NEW AREA URBA      8.35    02/26/21    CNY     20.18
ZHENJIANG NEW AREA URBA      8.99    01/16/21    CNY     20.12
ZHIJIANG STATE-OWNED AS      4.38    03/28/23    CNY     64.70
ZHIJIANG STATE-OWNED AS      4.78    01/11/23    CNY     60.05
ZHIJIANG STATE-OWNED AS      4.38    03/28/23    CNY     60.00
ZHIJIANG STATE-OWNED AS      4.78    01/11/23    CNY     60.00
ZHONGGUANCUN DEVELOPMEN      4.20    08/12/22    CNY     40.50
ZHONGGUANCUN DEVELOPMEN      4.20    08/12/22    CNY     40.17
ZHONGMINTOU LEASING HOL      7.55    09/21/21    CNY     49.49
ZHONGRONG XINDA GROUP C      7.10    01/22/21    CNY     33.70
ZHONGSHAN TRANSPORTATIO      5.25    11/26/21    CNY     40.33
ZHONGSHAN TRANSPORTATIO      5.25    11/26/21    CNY     40.00
ZHONGTIAN FINANCIAL GRO      7.00    10/15/20    CNY     24.91
ZHOUKOU INVESTMENT GROU      7.49    04/21/21    CNY     20.16
ZHOUSHAN DINGHAI CITY C      6.67    07/20/22    CNY     40.40
ZHOUSHAN DINGHAI STATE-      7.13    08/04/21    CNY     20.33
ZHOUSHAN DINGHAI STATE-      7.13    08/04/21    CNY     20.18
ZHOUSHAN ISLANDS NEW DI      6.98    10/22/22    CNY     56.33
ZHOUSHAN ISLANDS NEW DI      6.98    10/22/22    CNY     55.80
ZHOUSHAN PUTUO DISTRICT      7.18    06/20/22    CNY     41.90
ZHOUSHAN PUTUO DISTRICT      7.18    06/20/22    CNY     41.29
ZHUHAI HUIHUA INFRASTRU      4.70    06/27/23    CNY     60.38
ZHUHAI HUIHUA INFRASTRU      4.70    06/27/23    CNY     60.32
ZHUJI CITY EAST NEW TOW      3.89    08/26/23    CNY     59.79
ZHUJI CITY YUEDU INVEST      6.38    04/07/22    CNY     41.01
ZHUJI CITY YUEDU INVEST      6.38    04/07/22    CNY     40.95
ZHUJI CITY YUEDU INVEST      8.20    12/12/20    CNY     24.50
ZHUJI CITY YUEDU INVEST      8.20    12/12/20    CNY     20.20
ZHUZHOU CITY CONSTRUCTI      8.36    11/10/21    CNY     43.75
ZHUZHOU CITY CONSTRUCTI      6.95    10/16/20    CNY     20.04
ZHUZHOU CITY CONSTRUCTI      6.95    10/16/20    CNY     20.03
ZHUZHOU GECKOR GROUP CO      3.78    09/28/23    CNY     59.09
ZHUZHOU GECKOR GROUP CO      3.78    09/28/23    CNY     58.81
ZHUZHOU GECKOR GROUP CO      6.38    04/17/22    CNY     40.80
ZHUZHOU GECKOR GROUP CO      6.38    04/17/22    CNY     40.00
ZHUZHOU GECKOR GROUP CO      6.95    08/11/21    CNY     20.86
ZHUZHOU GECKOR GROUP CO      6.95    08/11/21    CNY     20.35
ZHUZHOU RECYCLING ECONO      4.38    03/24/23    CNY     57.68
ZHUZHOU RECYCLING ECONO      4.38    03/24/23    CNY     57.04
ZHUZHOU XIANGJIANG SCEN      5.39    11/25/22    CNY     60.72
ZHUZHOU XIANGJIANG SCEN      5.39    11/25/22    CNY     60.24
ZIBO BANYANG CITY URBAN      5.50    09/09/22    CNY     41.03
ZIBO BANYANG CITY URBAN      5.50    09/09/22    CNY     40.00
ZIYANG WATER INVESTMENT      3.97    03/17/23    CNY     58.30
ZIYANG WATER INVESTMENT      3.97    03/17/23    CNY     58.29
ZIYANG WATER INVESTMENT      7.40    10/21/20    CNY     20.01
ZIYANG WATER INVESTMENT      7.40    10/21/20    CNY     20.00
ZIZHONG COUNTY XINGZI I      5.97    01/18/23    CNY     59.68
ZIZHONG COUNTY XINGZI I      5.97    01/18/23    CNY     58.59
ZUNYI ECONOMIC DEVELOPM      4.87    01/22/23    CNY     60.00
ZUNYI ECONOMIC DEVELOPM      4.87    01/22/23    CNY     57.87
ZUNYI HONGHUAGANG CITY       6.98    07/25/24    CNY     74.90
ZUNYI HONGHUAGANG CITY       5.05    06/27/23    CNY     59.06
ZUNYI HONGHUAGANG CITY       5.05    06/27/23    CNY     57.87
ZUNYI NEW DISTRICT DEVE      5.99    04/07/26    CNY     69.89
ZUNYI NEW DISTRICT DEVE      5.99    04/07/26    CNY     69.62
ZUNYI ROAD & BRIDGE CON      6.10    04/27/23    CNY     57.96
ZUNYI ROAD & BRIDGE CON      6.10    04/27/23    CNY     52.90


   HONG KONG
   ---------

DR PENG HOLDING HONGKON      7.55    12/01/21    USD     71.55
HNA GROUP INTERNATIONAL      6.25    10/05/21    USD     54.33


   INDIA
   -----

3I INFOTECH LTD              2.50    03/31/25    USD      9.75
AMPSOLAR SOLUTION PVT L      0.01    10/27/37    INR     26.92
AMPSOLAR SOLUTION PVT L      0.01    11/03/37    INR     26.88
APG HABITAT PVT LTD          1.00    09/09/28    INR     60.52
APG INTELLI HOMES PVT L      1.25    02/04/35    INR     44.36
APG INTELLI HOMES PVT L      1.25    02/04/35    INR     42.26
AUTOMOTIVE EXCHANGE PVT      4.00    06/01/30    INR     63.09
AUTOMOTIVE EXCHANGE PVT      4.00    10/11/30    INR     62.85
BREEZE CONSTRUCTIONS PV      0.01    06/29/30    INR     44.46
BRITANNIA INDUSTRIES LT      8.00    08/28/22    INR     31.16
CHANDRAJYOTI ESTATE DEV      0.01    07/06/30    INR     47.08
CREIXENT SPECIAL STEELS      0.01    08/28/25    INR     68.72
CUMULUS TRADING CO PVT       0.01    01/23/30    INR     62.29
CUMULUS TRADING CO PVT       0.01    05/21/32    INR     39.17
DEWAN HOUSING FINANCE C      8.50    04/18/23    INR     28.36
DLF EMPORIO RESTAURANTS      0.01    06/29/30    INR     46.44
DLF EMPORIO RESTAURANTS      0.01    08/12/30    INR     45.99
DLF HOME DEVELOPERS LTD      0.01    06/29/30    INR     48.53
DLF HOMES SERVICES PVT       0.01    06/29/30    INR     44.46
DLF REAL ESTATE BUILDER      0.01    06/23/30    INR     47.05
DLF RESIDENTIAL BUILDER      0.01    06/23/30    INR     44.47
DLF RESIDENTIAL DEVELOP      0.01    06/28/30    INR     47.09
DLF SOUTHERN TOWNS PVT       0.01    07/09/30    INR     47.16
DOMUS REAL ESTATE PVT L      0.01    07/11/30    INR     47.15
EDELWEISS ASSET RECONST      2.00    03/28/27    INR     71.85
EDELWEISS ASSET RECONST      2.00    11/20/27    INR     69.50
EDELWEISS ASSET RECONST      2.00    10/07/28    INR     66.12
EDELWEISS ASSET RECONST      2.00    01/15/29    INR     65.13
EDELWEISS ASSET RECONST      2.00    07/22/29    INR     63.32
ESSAR POWER TRANSMISSIO      3.00    03/31/43    INR     48.35
ESSAR POWER TRANSMISSIO      3.00    03/31/43    INR     48.35
GREEN URJA PVT LTD           0.01    02/14/30    INR     48.36
GTL INFRASTRUCTURE LTD       6.73    10/26/22    USD      5.65
HINDUSTAN CONSTRUCTION       0.01    01/05/27    INR     61.32
HITODI INFRASTRUCTURE L      0.01    06/30/27    INR     57.46
JAIPRAKASH ASSOCIATES L      5.75    09/08/17    USD     55.13
JAIPRAKASH POWER VENTUR      7.00    05/15/17    USD      4.56
JCT LTD                      2.50    04/08/11    USD     25.75
JSM CORP PVT LTD             0.01    08/31/36    INR     28.72
JTPM ATSALI LTD              0.01    08/29/48    INR     13.66
KANAKADURGA FINANCE LTD      0.01    04/15/36    INR     27.46
KRIBHCO INFRASTRUCTURE       1.00    04/15/26    INR     71.43
MARIS POWER SUPPLY CO P      2.00    04/18/28    INR     68.47
MELOSA BUILDERS & DEVEL      0.01    06/29/30    INR     45.46
MENS BUILDCON PVT LTD        0.01    06/29/30    INR     45.46
MYTRAH AADHYA POWER PVT      0.01    07/05/35    INR     32.04
MYTRAH ADVAITH POWER PV      0.01    07/13/36    INR     29.72
MYTRAH AKSHAYA ENERGY P      0.01    07/13/36    INR     29.72
ORIGAMI CELLULO PVT LTD      0.01    11/14/36    INR     28.40
PRAKASH INDUSTRIES LTD       5.25    04/30/15    USD     22.63
PUNJAB INFRASTRUCTURE D      0.40    10/15/26    INR     70.75
PUNJAB INFRASTRUCTURE D      0.40    10/15/27    INR     65.95
PUNJAB INFRASTRUCTURE D      0.40    10/15/28    INR     61.43
PUNJAB INFRASTRUCTURE D      0.40    10/15/29    INR     57.24
PUNJAB INFRASTRUCTURE D      0.40    10/15/30    INR     53.39
PUNJAB INFRASTRUCTURE D      0.40    10/15/31    INR     49.88
PUNJAB INFRASTRUCTURE D      0.40    10/15/32    INR     46.69
PUNJAB INFRASTRUCTURE D      0.40    10/15/33    INR     43.97
PYRAMID SAIMIRA THEATRE      1.75    07/04/12    USD      0.26
R L FINE CHEM PVT LTD        0.10    08/19/36    INR     29.26
REDKITE CAPITAL PVT LTD      2.50    01/15/28    INR     71.74
REDKITE CAPITAL PVT LTD      2.50    03/30/29    INR     67.63
REI AGRO LTD                 5.50    11/13/14    USD      0.96
REI AGRO LTD                 5.50    11/13/14    USD      0.96
RELIANCE COMMUNICATIONS      6.50    11/06/20    USD      9.95
SAKET HOLIDAYS RESORTS       0.01    06/29/30    INR     47.10
SHIVAJI MARG MAINTENANC      0.01    06/28/30    INR     44.93
SINTEX INDUSTRIES LTD        3.50    05/25/22    USD     25.00
SURBHI INVESTMENTS & TR      2.50    10/21/28    INR     68.93
SUZLON ENERGY LTD            5.75    07/16/19    USD     24.85
SUZLON ENERGY LTD            5.75    07/16/19    USD     24.85
SVOGL OIL GAS & ENERGY       5.00    08/17/15    USD      0.61
TATA SMARTFOODZ LTD          0.01    07/15/25    INR     71.05
TN URJA PVT LTD              0.10    02/22/36    INR     31.21
VIDEOCON INDUSTRIES LTD      2.80    12/31/20    USD     28.88
WATSUN INFRABUILD PVT L      4.00    10/16/37    INR     60.47
WS T&D LTD                   0.10    03/24/29    INR     52.48
ZYDUS FOUNDATION             0.10    03/25/25    INR     72.11


   INDONESIA
   ---------

ABM INVESTAMA TBK PT         7.13    08/01/22    USD     63.34
ABM INVESTAMA TBK PT         7.13    08/01/22    USD     62.64
BERAU COAL ENERGY TBK P      7.25    03/13/17    USD     44.38
BERAU COAL ENERGY TBK P      7.25    03/13/17    USD     44.38
DELTA MERLIN DUNIA TEKS      8.63    03/12/24    USD     10.20
DELTA MERLIN DUNIA TEKS      8.63    03/12/24    USD      6.86
GAJAH TUNGGAL TBK PT         8.38    08/10/22    USD     68.28
MNC INVESTAMA TBK PT         9.00    05/11/21    USD     68.42


   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        0.85    05/26/23    JPY     74.87
UNIZO HOLDINGS CO LTD        0.80    11/29/23    JPY     71.76
UNIZO HOLDINGS CO LTD        0.89    05/29/24    JPY     69.44
UNIZO HOLDINGS CO LTD        1.10    11/28/24    JPY     67.42
UNIZO HOLDINGS CO LTD        0.99    11/27/26    JPY     63.00
UNIZO HOLDINGS CO LTD        1.50    11/26/27    JPY     61.88
UNIZO HOLDINGS CO LTD        1.20    05/28/27    JPY     61.48


   MALAYSIA
   --------

ASIAN PAC HOLDINGS BHD       3.00    05/25/22    MYR      0.53
BERJAYA CORP BHD             5.00    04/22/22    MYR      0.26
BERJAYA CORP BHD             2.00    05/29/26    MYR      0.11
ELK-DESA RESOURCES BHD       3.25    04/14/22    MYR      1.14
HIAP TECK VENTURE BHD        5.00    06/23/21    MYR      0.18
HUME INDUSTRIES BHD          5.00    05/29/24    MYR      1.01
MALAYAN FLOUR MILLS BHD      5.00    01/24/24    MYR      1.11
PENGURUSAN AIR SPV BHD       1.00    09/28/35    MYR     69.10
PMB TECHNOLOGY BHD           3.00    07/12/23    MYR      2.56
SENAI-DESARU EXPRESSWAY      1.35    12/31/30    MYR     74.02
SENAI-DESARU EXPRESSWAY      1.35    06/30/31    MYR     72.72
VIZIONE HOLDINGS BHD         3.00    08/08/21    MYR      0.03


   NEW ZEALAND
   -----------

PRECINCT PROPERTIES NEW      4.80    09/27/21    NZD      1.14


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICATION     15.00    07/15/06    USD     22.75


   SINGAPORE
   ---------

ALAM SYNERGY PTE LTD        11.50    04/22/21    USD     72.50
ALAM SYNERGY PTE LTD         6.63    04/24/22    USD     58.39
APL REALTY HOLDINGS PTE      5.95    06/02/24    USD     68.39
ASL MARINE HOLDINGS LTD      3.00    03/28/25    SGD     46.25
ASL MARINE HOLDINGS LTD      3.00    10/01/26    SGD     46.25
BAKRIE TELECOM PTE LTD      11.50    05/07/15    USD      0.63
BAKRIE TELECOM PTE LTD      11.50    05/07/15    USD      0.63
BERAU CAPITAL RESOURCES     12.50    07/08/15    USD     32.01
BERAU CAPITAL RESOURCES     12.50    07/08/15    USD     32.01
BLD INVESTMENTS PTE LTD      8.63    03/23/15    USD      4.88
BLUE OCEAN RESOURCES PT      8.00    12/31/21    USD     30.06
BLUE OCEAN RESOURCES PT      8.00    12/31/21    USD     30.06
BLUE OCEAN RESOURCES PT      8.00    12/31/21    USD     30.06
ENERCOAL RESOURCES PTE       9.25    08/05/14    USD     45.75
ETERNA CAPITAL PTE LTD       7.50    12/11/22    USD     43.48
ETERNA CAPITAL PTE LTD       8.00    12/11/22    USD     22.86
EZRA HOLDINGS LTD            4.88    04/24/18    SGD      5.00
GEO COAL INTERNATIONAL       8.00    10/04/22    USD     44.01
GEO COAL INTERNATIONAL       8.00    10/04/22    USD     43.86
HYFLUX LTD                   4.60    09/23/19    SGD     10.00
HYFLUX LTD                   4.20    08/29/19    SGD     10.00
HYFLUX LTD                   4.25    09/07/18    SGD     10.00
INDO INFRASTRUCTURE GRO      2.00    07/30/10    USD      1.00
INNOVATE CAPITAL PTE LT      6.00    12/11/24    USD     18.00
JGC VENTURES PTE LTD        10.75    08/30/21    USD     38.00
MICLYN EXPRESS OFFSHORE      8.75    11/25/18    USD     24.16
MODERNLAND OVERSEAS PTE      6.95    04/13/24    USD     40.09
MULHACEN PTE LTD             6.50    08/01/23    EUR     46.06
MULHACEN PTE LTD             6.50    08/01/23    EUR     45.58
NT RIG HOLDCO PTE LTD        7.50    12/20/21    USD     60.00
ORO NEGRO DRILLING PTE       7.50    01/24/19    USD     14.50
OXLEY MTN PTE LTD            6.50    02/28/23    SGD     74.15
PACIFIC INTERNATIONAL L      8.50    11/16/20    SGD     48.20
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     62.03
SOECHI CAPITAL PTE LTD       8.38    01/31/23    USD     60.56
SSMS PLANTATION HOLDING      7.75    01/23/23    USD     56.72
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     66.73
HEUNGKUK FIRE & MARINE       5.70    12/29/46    KRW     45.55
JT CAPITAL FIRST ASSET       2.73    07/24/45    KRW     68.23
KIBO ABS SPECIALTY CO L      5.00    08/28/21    KRW     73.06
KIBO ABS SPECIALTY CO L      5.00    02/24/22    KRW     72.34
KIBO ABS SPECIALTY CO L      5.00    02/28/22    KRW     71.50
KIBO ABS SPECIALTY CO L      5.00    02/24/23    KRW     70.24
KIBO ABS SPECIALTY CO L      5.00    02/26/21    KRW     64.62
LOTTE CARD CO LTD            3.95    06/28/49    KRW     37.37
POSCO ENERGY CO LTD          5.21    08/29/43    KRW     61.02
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 SP      5.00    09/28/22    KRW     73.84
SINBO SECURITIZATION SP      5.00    06/29/22    KRW     73.76
SINBO SECURITIZATION SP      5.00    06/29/21    KRW     73.27
SINBO SECURITIZATION SP      5.00    12/27/21    KRW     72.18
SINBO SECURITIZATION SP      5.00    02/28/23    KRW     71.88
SINBO SECURITIZATION SP      5.00    03/20/23    KRW     71.73
SINBO SECURITIZATION SP      5.00    02/28/22    KRW     71.49
SINBO SECURITIZATION SP      5.00    12/25/23    KRW     69.69
SINBO SECURITIZATION SP      5.00    12/25/22    KRW     69.25
SINBO SECURITIZATION SP      5.00    10/24/23    KRW     69.23
SINBO SECURITIZATION SP      5.00    10/24/23    KRW     69.23
SINBO SECURITIZATION SP      5.00    11/21/23    KRW     69.10
SINBO SECURITIZATION SP      5.00    07/24/23    KRW     68.90
SINBO SECURITIZATION SP      5.00    08/29/23    KRW     68.47
SINBO SECURITIZATION SP      5.00    08/29/23    KRW     68.47
SINBO SECURITIZATION SP      5.00    09/26/23    KRW     68.16
SINBO SECURITIZATION SP      5.00    09/26/23    KRW     68.16
SINBO SECURITIZATION SP      5.00    09/26/23    KRW     68.16
SINBO SECURITIZATION SP      5.00    01/25/23    KRW     68.14
SINBO SECURITIZATION SP      5.00    06/27/23    KRW     67.98
SINBO SECURITIZATION SP      5.00    12/21/20    KRW     67.95
SINBO SECURITIZATION SP      5.00    07/24/22    KRW     66.71
SINBO SECURITIZATION SP      5.00    07/26/22    KRW     66.68
SINBO SECURITIZATION SP      4.00    12/25/23    KRW     66.62
SINBO SECURITIZATION SP      4.00    12/25/23    KRW     66.62
SINBO SECURITIZATION SP      5.00    08/29/22    KRW     66.22
SINBO SECURITIZATION SP      5.00    08/31/22    KRW     66.21
SINBO SECURITIZATION SP      5.00    09/26/22    KRW     65.90
SINBO SECURITIZATION SP      5.00    01/25/22    KRW     65.87
SINBO SECURITIZATION SP      5.00    01/26/22    KRW     65.87
SINBO SECURITIZATION SP      5.00    06/27/22    KRW     65.84
SINBO SECURITIZATION SP      5.00    02/23/22    KRW     65.74
SINBO SECURITIZATION SP      3.00    11/21/23    KRW     64.44
SINBO SECURITIZATION SP      5.00    03/21/21    KRW     63.99
SINBO SECURITIZATION SP      5.00    07/26/21    KRW     62.83
SINBO SECURITIZATION SP      5.00    08/31/21    KRW     62.06


   SRI LANKA
   ---------

SRI LANKA DEVELOPMENT B      5.66    05/01/23    USD     74.48
SRI LANKA DEVELOPMENT B      4.48    01/22/23    USD     74.10
SRI LANKA DEVELOPMENT B      4.29    01/22/23    USD     73.75
SRI LANKA DEVELOPMENT B      4.27    03/16/23    USD     72.67
SRI LANKA DEVELOPMENT B      4.17    05/01/23    USD     71.91
SRI LANKA DEVELOPMENT B      4.13    05/01/23    USD     71.83
SRI LANKA DEVELOPMENT B      6.87    01/22/25    USD     70.93
SRI LANKA DEVELOPMENT B      6.80    01/22/25    USD     70.73
SRI LANKA DEVELOPMENT B      6.75    01/22/25    USD     70.58
SRI LANKA DEVELOPMENT B      6.50    01/22/25    USD     69.85
SRI LANKA DEVELOPMENT B      6.02    01/22/25    USD     68.44
SRI LANKA DEVELOPMENT B      5.98    01/22/25    USD     68.32
SRI LANKA DEVELOPMENT B      4.91    01/22/25    USD     65.35
SRI LANKA GOVERNMENT IN      5.75    04/18/23    USD     73.10
SRI LANKA GOVERNMENT IN      5.75    04/18/23    USD     72.81
SRI LANKA GOVERNMENT IN      6.85    03/14/24    USD     72.12
SRI LANKA GOVERNMENT IN      6.85    03/14/24    USD     71.96
SRI LANKA GOVERNMENT IN      6.35    06/28/24    USD     71.35
SRI LANKA GOVERNMENT IN      6.35    06/28/24    USD     71.30
SRI LANKA GOVERNMENT IN      6.85    11/03/25    USD     69.81
SRI LANKA GOVERNMENT IN      6.85    11/03/25    USD     69.79
SRI LANKA GOVERNMENT IN      6.13    06/03/25    USD     69.25
SRI LANKA GOVERNMENT IN      6.13    06/03/25    USD     69.21
SRI LANKA GOVERNMENT IN      6.83    07/18/26    USD     68.61
SRI LANKA GOVERNMENT IN      6.83    07/18/26    USD     68.39
SRI LANKA GOVERNMENT IN      7.85    03/14/29    USD     67.57
SRI LANKA GOVERNMENT IN      7.85    03/14/29    USD     67.43
SRI LANKA GOVERNMENT IN      7.55    03/28/30    USD     66.32
SRI LANKA GOVERNMENT IN      6.75    04/18/28    USD     66.31
SRI LANKA GOVERNMENT IN      7.55    03/28/30    USD     66.28
SRI LANKA GOVERNMENT IN      6.20    05/11/27    USD     66.26
SRI LANKA GOVERNMENT IN      6.75    04/18/28    USD     66.21
SRI LANKA GOVERNMENT IN      6.20    05/11/27    USD     66.09
SRILANKAN AIRLINES LTD       7.00    06/25/24    USD     67.64


   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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