/raid1/www/Hosts/bankrupt/TCRAP_Public/210112.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, January 12, 2021, Vol. 24, No. 3

                           Headlines



A U S T R A L I A

EXALT LABOUR: Second Creditors' Meeting Set for Jan. 19
INSIGHT PROJECTS: Second Creditors' Meeting Set for Jan. 19
P2P TRANSPORT: Second Creditors' Meeting Set for Jan. 19
WINDOWS ON THE WORLD: Second Creditors' Meeting Set for Jan. 19


C H I N A

361 DEGREES: S&P Affirms 'B-' LongTerm ICR on Lower Repayment Risk
GEMDALE CORP: Moody's Affirms Ba2 CFR on Good Liquidity
RADIANCE GROUP: S&P Upgrades LongTerm ICR to 'B+', Outlook Stable
TIMES CHINA: Moody's Gives B1 Rating on New Sr. Unsec. USD Notes
XINJIANG GUANGHUI: S&P Withdraws 'B-' LT Issuer Credit Rating



I N D I A

ACE CONSTRUCTIONS: CARE Upgrades Rating on INR48cr LT Loan to BB-
ANNADATA RICE: CARE Moves D Debt Ratings in Not Cooperating
ASTER INFRAHOME: CARE Lowers Rating on INR50cr Debt to D
BHAGWATI AIR: CARE Assigns B Rating to INR15cr LT Loan
BRIJBASI HI-TECH: CARE Reaffirms B+ Rating on INR11.56cr LT Loan

BROWN BELLY: CARE Assigns C Rating to INR2.6cr Bank Loans
BUSINESS BROADCAST: Insolvency Resolution Process Case Summary
CLIFTON EXPORT: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
EXPRESS HANDLINGS: CARE Lowers Rating on INR5cr LT Loan to B+
FALCON MARINE: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating

GANAPATHY ENTERPRISES: CARE Cuts Rating on INR15.25cr Loan to B+
GATIK TEA: CARE Assigns B Rating to INR5.75cr LT Loan to B
GOVINDAM PROJECTS: CARE Lowers Rating on INR11cr LT Loan to B+
INDIA: Proposes Pre-Packaged Insolvency Resolution Option
JAI BHOLE: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable

JAI KRISHNA: CARE Lowers Rating on INR8cr LT Loan to B+
JAIN IRRIGATION: Ind-Ra Affirms 'D' Long-Term Issuer Rating
JAIPUR TUFFEN: CARE Reaffirms B- Rating on INR13.02cr LT Loan
JAYA POULTRY: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
KANNELITE FACILITY: Insolvency Resolution Process Case Summary

KSK MAHANADI: Insolvency Process in Limbo as 4 Bidders Back Out
KTC THREADS: CARE Reaffirms B Rating on INR0.45cr LT Loan
LKP INFRA: CARE Hikes Rating on INR3.93cr LT Loan to B+
MAILAM SUBRAMANIYA: CARE Reaffirms B+ Rating on INR0.35cr Loan
NAIKNAVARE BUILDCON: CARE Reaffirms D Rating on INR80cr Debentures

NANDHANA HOTELS: CARE Withdraws B+ Rating on Outstanding Debts
ODISHA POWER: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
PC JEWELLER: CARE Moves D on INR300cr Deposit to Not Cooperating
RADHAKANTA HIMGHAR: CARE Reaffirms B Rating on INR7cr LT Loan
RAIGARH CHAMPA: Insolvency Resolution Process Case Summary

RAIPUR DEVELOPMENT: Ind-Ra Keeps 'D' Bank Rating in Non-Cooperating
S. RAJENDRAN: CARE Lowers Rating on INR2cr LT Loan to B
SAI EDUCATIONAL: CARE Lowers Rating on INR4.68cr LT Loan to B-
SAPAN CHEMICALS: Insolvency Resolution Process Case Summary
STEELCO GUJARAT: Insolvency Resolution Process Case Summary

TAGOOR CHEMICALS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
UNIQUE MERCANTILE: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
VARAD EXTRUSIONS: CARE Withdraws B+ Rating on Bank Facilities


I N D O N E S I A

PAN BROTHERS: Fitch Lowers LT Issuer Default Rating to 'CC'
SAKA ENERGI: Moody's Lowers CFR to B2, On Review for Downgrade


S I N G A P O R E

FLOATEL: Inks Deal with Lenders for Full Discharge of Some Assets
OCEAN TANKERS: To Be Wound Up Voluntarily Due to Liabilities
VALLIANZ HOLDINGS: Sells Off Loss-Making Unit for Nominal US$1


X X X X X X X X

[*] BOND PRICING: For the Week Jan. 4, 2021 to Jan. 8, 2021

                           - - - - -


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

EXALT LABOUR: Second Creditors' Meeting Set for Jan. 19
-------------------------------------------------------
A second meeting of creditors in the proceedings of Exalt Labour
Solutions Pty Ltd has been set for Jan. 19, 2021, at 10:00 a.m. at
the offices of Valles Accountants, Level 1, 452 Flinders Street, in
Melbourne, Victoria.

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 Jan. 18, 2021, at 5:00 p.m.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of Exalt Labour on Dec. 3, 2020.


INSIGHT PROJECTS: Second Creditors' Meeting Set for Jan. 19
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Insight
Projects (NSW) Pty Ltd has been set for Jan. 19, 2021, at 11:00
a.m. via teleconference.

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 Jan. 18, 2021, at 4:00 p.m.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Insight Projects on Dec. 3, 2020.


P2P TRANSPORT: Second Creditors' Meeting Set for Jan. 19
--------------------------------------------------------
A second meeting of creditors in the proceedings of P2P Transport
Limited, Taxi-Link Pty Ltd and TGT No 1 Pty Limited has been set
for Jan. 19, 2021, at 11:00 a.m. via virtual facility.

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 Jan. 18, 2021, at 4:00 p.m.

Tracy Lee Knight of Bentleys was appointed as administrator of P2P
Transport on Dec. 3, 2020.


WINDOWS ON THE WORLD: Second Creditors' Meeting Set for Jan. 19
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Windows on the
World Steel Windows Pty Ltd, as Trustee for the WOW Unit Trust, has
been set for Jan. 19, 2021, at 11:30 a.m. at Mezzanine, Level 1,
452 Flinders Street, in Melbourne, Victoria.

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 Jan. 18, 2021, at 5:00 p.m.

Joshua Philip Taylor of Taylor Insolvency was appointed as
administrator of Windows on the World Steel Windows on Dec. 3,
2020.




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

361 DEGREES: S&P Affirms 'B-' LongTerm ICR on Lower Repayment Risk
------------------------------------------------------------------
S&P Global Ratings, on Jan. 8, 2021, affirmed its long-term issuer
credit rating on 361 Degrees International Ltd. and the issue
rating on the company's senior unsecured notes at 'B-'.

The negative outlook reflects the refinancing risk on 361 Degrees'
still significant debt maturities on June 3, 2021, when the
remainder of its senior unsecured notes come due.

361 Degrees still faces some debt repayment risks over the next few
months.

S&P said, "We see a strong likelihood that the company will be able
to complete its proposed partial tender offer for its US$400
million senior unsecured notes as planned by Jan. 12, 2021. The
partial tender offer would nearly halve 361 Degrees' June 3, 2021,
bullet maturity to about US$131 million. This would meaningfully
reduce the company's refinancing and repayment pressure.
Additionally, 361 Degrees' ability to move a significant amount of
money offshore from onshore to fund the buyback alleviates the
risk, in our view. Nonetheless, there is still meaningful repayment
risk on the remaining notes balance given the narrowing time
window. The company needs to move a large amount of funds offshore
to meet rest of the maturities. Currently, the majority of 361
Degrees' cash is in time deposits located onshore.

"Leverage will likely improve over the next two years.   We
forecast that the company's debt-to-EBITDA ratio will decrease to
3.0x-3.5x in 2021 and 2022 post completion of the partial tender
offer, compared with our previous expectation of 4.0x-4.5x. Post
pandemic, 361 Degrees may explore investment opportunities in China
but the company does not have clear investment targets at the
moment. While it does have a large cash balance, 361 Degrees has
significant working capital requirements and a preference for
holding on to that cash versus potential deployment."

The company's market position in domestic sportswear will likely
weaken amid intense competition and soft consumer sentiment.  
Although demand for sportswear rebounded as the virus was gradually
contained in China, 361 Degrees' sales performance lagged that of
its peers. The company reported an 8% year-over-year decline in
retail sales during the third quarter of 2020, although sales
appear to have turned positive in the fourth quarter. Its key
domestic competitors Anta Sports and Xtep International Holdings
Ltd. reported 2% and 5% year-over-year sales growth in the third
quarter of 2020. 361 Degree's outsized exposure to lower-tier
cities is one of the main causes. Consumer sentiment in lower-tier
cities was hard hit during the pandemic and has been slower to
recover than in first- and second-tier cities.

The negative outlook reflects the still significant near-term debt
maturity that 361 Degrees face on June 3, 2021, when the remainder
of its senior unsecured notes come due. This repayment risk is
compounded by the somewhat difficult refinancing conditions for
privately owned companies in China.

S&P said, "We could lower the ratings if 361 Degrees' repayment
risk escalates over the next few months. This could happen if the
company fails to make significant progress in its cash remittance
arrangement such that its offshore account does not have sufficient
balance for the note repayment before June.

"We will review the rating if 361 Degrees acquires a significant
amount of its outstanding bonds at below par value.

"We could revise the outlook to stable and review the rating when
361 Degrees completes the repayment of its senior unsecured notes
in June."


GEMDALE CORP: Moody's Affirms Ba2 CFR on Good Liquidity
-------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating of Gemdale Corporation and the Ba3 CFR of its wholly-owned
subsidiary, Famous Commercial Limited.

Moody's has also affirmed the Ba3 senior unsecured ratings on the
bonds issued by Gemdale Ever Prosperity Investment Limited (Gemdale
Ever Prosperity) and guaranteed by Famous.

At the same time, Moody's has assigned a provisional (P)Ba3 senior
unsecured rating to the proposed medium-term note (MTN) program of
Gemdale Ever Prosperity, based on the unconditional and irrevocable
guarantee by Famous.

The proposed MTN program will also be supported by a deed of equity
interest purchase undertaking and a keepwell deed between Gemdale,
Famous, Gemdale Ever Prosperity and the bond trustee.

The outlooks on all the ratings remain stable.

"The affirmation of Gemdale's ratings reflects our expectation that
Gemdale will maintain stable operational growth and credit metrics
at levels supportive of its Ba2 rating category over the next 12-18
months," says Danny Chan, a Moody's Assistant Vice President.

Moody's also expects Gemdale will maintain its good liquidity and
access to funding, which would give the company financial
flexibility against a potential tightening of onshore credit to
China's property sector.

"The affirmation of Famous' ratings reflects our expectation that
Famous will remain as Gemdale's primary offshore funding platform
and continue to receive strong financial support from its parent,"
says Chan.

RATINGS RATIONALE

Gemdale's Ba2 CFR reflects its established brand name, its long
operating track record in China's (A1 stable) property market, and
its disciplined and stable management team. The Ba2 CFR also
factors in its good liquidity and good access to various funding
channels.

However, Gemdale's Ba2 CFR is constrained by its moderating profit
margins and significant exposure to its joint venture projects,
which in turn raises its contingent liabilities and lowers its
corporate and financial transparency.

Moody's expects Gemdale's debt leverage ratio, as measured by
revenue to debt, will recover slightly to 65%-70% in the coming 1-2
years from 58% for the 12 months ended June 2020, driven by an
expected recovery in revenue from a weak level in 1H 2020. The
revenue growth will more than offset a mild increase in debt to
fund its slowing business growth.

Despite the disruptions to sales caused by the coronavirus pandemic
in the first half of 2020, the company demonstrated strong sales
execution capability, with its gross contracted sales rising 15% to
RMB243 billion for 2020 from 2019.

Moody's expects Gemdale's gross contracted sales will grow steadily
to about RMB250-270 billion annually in the next 1-2 years from
RMB243 billion in 2020 and RMB210 billion in 2019, which will
support Gemdale's revenue recognition and cash flow generation over
the next 1-2 years.

However, Gemdale's EBIT/interest will decline to around 4.0x over
the next 1-2 years from 4.3x for the 12 months ended June 2020,
because of a contraction in gross margins.

Moody's expects Gemdale's gross margin will likely fall to around
30%-31% over the next 1-2 years from 39% for the 12 months ended
June 2020, in view of the governments' cap on selling prices of new
housing and increased land costs in some of the company's major
markets.

Nevertheless, Gemdale's financial metrics remain supportive of its
Ba2 CFR.

Gemdale's liquidity is good, supported by its strong contracted
sales and solid access to funding. As of September 2020, the
company's cash holdings of RMB50.5 billion could cover about 1.2x
of its short-term debt. Moody's expects the company's cash
holdings, together with its contracted sales proceeds after
deducting basic operating cash flow items, will fully cover the
company's capital spending and refinancing needs over the next
12-18 months.

Meanwhile, Famous' Ba3 CFR reflects its standalone credit profile
and a two-notch rating uplift from Gemdale, based on Moody's
expectation that Gemdale will provide financial support to its
subsidiary in times of stress.

Moody's support assumption considers Gemdale's full ownership of
Famous; Famous' status as Gemdale's primary platform to raise funds
from the offshore debt capital markets; and Gemdale's track record
of providing financial support to Famous.

Famous' standalone credit profile is constrained by the small scale
of its operations, its weak financial metrics and potential
volatility in its sales performance. However, the standalone credit
profile also factors in operational benefits arising from the
company's status as a subsidiary of Gemdale, such as cost
efficiencies and a strong brand name, and Moody's expectation of an
increase in scale over the next 1-2 years as Gemdale injects assets
into Famous.

Famous' liquidity is weak. Nonetheless, Moody's expects the company
will continue to receive funding support from Gemdale and adequate
banking facilities to fund its operations, given its close linkage
with Gemdale.

The Ba3 senior unsecured ratings on the bonds and the MTN program
guaranteed by Famous are not affected by subordination to claims at
the operating companies. This is because Moody's expects support
from Gemdale will flow through the holding company rather than
directly to its main operating companies, thereby mitigating any
differences in expected loss that could result from structural
subordination.

Moody's views that the keepwell agreements provide weaker
protection to bondholders than explicit guarantees from Gemdale.
The enforcement of keepwell agreements could also be subject to
extensive legal and procedural uncertainties, particularly because
of a lack of legal precedent in China for enforcing such
agreements.

In terms of environmental, social and governance factors, Moody's
has considered Gemdale's track record of disciplined financial
management, diversified ownership and board of directors, and its
established governance standard, which mitigate the risks brought
by its weakened corporate transparency due to the company's high
use of JVs.

Moody's has also taken into account Famous' private company status
and low corporate transparency. However, Gemdale's 100% ownership
of the company, established governance structure and history of
providing support to its subsidiary mitigate these risks.

Moody's regards the impact of the deteriorating global economic
outlook amid the rapid and widening spread of the coronavirus
outbreak as a social risk under its ESG framework, given the
substantial implications for public health and safety.

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

The stable outlook on Gemdale reflects Moody's expectation that the
company will continue to demonstrate financial discipline in
managing its business growth and maintain adequate liquidity to
meet its working capital and refinancing needs.

Meanwhile, the stable outlook on Famous reflects Moody's
expectation that the company's standalone credit profile will
remain largely stable and that the likelihood of support from
Gemdale will remain intact over the next 12-18 months.

Moody's could upgrade Gemdale's rating if the company successfully
implements its business plan to achieve stable sales growth; and
strengthens its credit metrics.

Credit metrics indicative of an upgrade include revenue/adjusted
debt above 80% and EBIT/interest coverage above 5.0x, both on a
sustained basis.

A significant reduction in contingent liabilities associated with
its JVs or a reduced likelihood of funding support to its JVs could
also lead to an upgrade. This could arise from a reduced use of
these JVs or a material improvement in the financial strengths of
its JV projects.

Gemdale's Ba2 rating could come under pressure if contracted sales
and/or operating cash flows weaken beyond Moody's expectations; or
the company materially accelerates its development activities
and/or undertakes aggressive land acquisitions, thereby weakening
its credit metrics and liquidity position.

Moody's could downgrade the rating if Gemdale's EBIT coverage of
interest falls below 3.5x-4.0x or if revenue/adjusted debt declines
below 65%-70%, both on a sustained basis.

Downward pressure could also increase if the company's contingent
liabilities associated with its JVs or the likelihood of funding
support to its JVs increase significantly. This could arise from a
material deterioration in the financial strengths and liquidity of
its JV projects or a substantial increase in investment in new JV
projects.

Meanwhile, Moody's could upgrade Famous' rating if the company
improves its scale and diversity, thereby reducing its sales and
earnings volatility; and Gemdale's CFR is upgraded.

On the other hand, Famous' rating could come under pressure if
Gemdale's rating is downgraded; or Gemdale reduces its ownership of
or lowers its support for Famous.

Moody's could also downgrade Famous' rating if the company's credit
profile or liquidity deteriorate materially because of a failure to
implement its business plan or pursue aggressive expansion.

The principal methodology used in these ratings was Homebuilding
And Property Development Industry published in January 2018.

Incorporated in China and listed on the Shanghai Stock Exchange,
Gemdale Corporation is a leading developer in China's residential
property sector. As of the end of June 2020, the company's land
bank totaled around 59 million square meters in saleable gross
floor area in about 65 cities in China.

Incorporated in Hong Kong in 1995, Famous Commercial Limited is a
wholly-owned subsidiary of Gemdale Corporation. The company also
serves as Gemdale's funding vehicle in overseas markets.


RADIANCE GROUP: S&P Upgrades LongTerm ICR to 'B+', Outlook Stable
-----------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Radiance Group Co. Ltd. to 'B+' from 'B', and its long-term issue
rating on the company's guaranteed outstanding senior unsecured
notes to 'B' from 'B-'.

S&P said, "The stable outlook reflects our view that Radiance Group
will sustain its revenue growth and stable leverage, while its fair
geographic diversity will help stabilize profitability.

"We upgraded Radiance Group because we believe its solid execution
in higher-tier cities will bolster its cash flow stability and fuel
deleveraging in the next one to two years. This will offset the
margin pressure brought on by rising land costs.

"In our view, Radiance Group's steady sales performance is mainly
underpinned by its long operating track record and good brand
recognition in its targeted cities." The company's diverse
geographic presence and consistent focus on higher-tier cities also
contribute positively. Its landbank is one of the most evenly
spread among peers in terms of geography. Of Radiance Group's
landbank, 25% is in Northwest China, 18% in the Bohai Rim Region,
14% in Yangtze River Delta, 26% in Southwest China, and 17% in the
Greater Bay Area.

The cities where the company has the most exposure -- such as
Xi'an, Fuzhou, Hangzhou, and Chongqing -- are spread out across
different regions and have low correlations with one another. In
this way, the impact of regional events, such as economic slowdown
or local policy changes, can be smoothed out in the portfolio,
supporting sales and cash flow stability.

S&P said, "As such, we believe the ramp up in Radiance Group's
revenue recognition is visible and sustainable. The company has a
bulk of presold projects with Chinese renminbi (RMB) 63 billion in
unrecognized sales as of June 30, 2020. These projects are likely
to be delivered in the next 12-24 months. We therefore forecast
revenue growth of 30%-35% in 2020 and 25%-30% in 2021, from a
relatively low base. Although the pandemic in 2020 slowed down
construction and delivery speed to some extent, the containment in
China since April could support a recovery.

"Radiance Group's debt expansion is likely to be modest in the next
24 months. In our view, its land acquisitions will be at a
controlled pace, given the company leans toward a milder growth
path in anticipation of tightening of funding conditions. We
estimate it will spend 40%-50% of its sales proceeds in land
replenishment in 2021 and 2022.

"We forecast Radiance Group will deleverage such that its
consolidated debt-to-EBITDA ratio will fall to 6x-6.5x in 2020 and
2021, from 8.3x in 2019. Look-through debt-to-EBITDA (after
proportionally consolidating joint venture projects) will be
5.5x-6x in the same period.

"In our estimate, the existing unsold land bank can support sales
for the next three years, based on contracted sales volume in 2020.
As the company does not place an emphasis on new locations or
lower-tier cites, 80% of its land bank is located in tier-two
cities and their surrounding areas.

"That said, Radiance Group's reliance on auctions for land
replenishment may subject it to higher risk of margin compression.
Intense competition in auctions and price caps in these larger
cities will continue to pressure the company's profitability. We
project its gross margin will stay at only 23%-24% in the coming
two years, compared with 24.2% in 2019 and 33.5% in 2018. Radiance
Group's gross margin declined substantially in 2019, because of
recognition of some low-margin projects acquired in 2017-2018 in
top-tier cities around Yangtze River Delta, which have higher land
costs and price cap on sales. Nonetheless, we believe the impact of
such projects has been largely absorbed."

Despite a recent improvement, Radiance Group's revenue booking and
its deleveraging lags some similarly rated companies, such as Jinke
Property Group Co. Ltd. and Jiangsu Zhongnan Construction Group Co.
Ltd. These companies went through a similar fast expansion in the
last property up-cycle and later on deleveraged fairly quickly. In
S&P's opinion, Radiance Group's scale, especially its revenue size,
and its high leverage relative to higher-rated developers, continue
to weigh on its credit profile.

Radiance Group's stable and clean capital structure will continue
to back up its operational needs. The company's long domestic bond
issuing history also supports its diversified capital structure.
With offshore financing channels opening up, the company further
reduced its dependence on trust financing and improved its capital
structure. That, along with the leverage improvement, is captured
in a one-notch uplift in S&P's comparable rating analysis.

After the public listing of Radiance Holdings (Group) Co. Ltd.
(Radiance Holdings) in October 2020, Radiance Group remains the
sole operating platform within the group and contributes over 99%
of revenue and debt. S&P said, "Hence, we assess Radiance Group as
a core entity to its parent. We also believe the listing will
enhance the group's financial disclosure and transparency."

S&P said, "The stable outlook reflects our view that Radiance Group
will achieve steady sales growth by deepening its focus on China's
higher-tier cities and leveraging on its long operational
experience there. As such, the company will be able to sustain
solid revenue growth and stable leverage. We also expect its fairly
diverse geographic exposure to help limit volatility in earning and
profitability.

"We may downgrade Radiance Group if: (1) the company's execution
weakens, which could be indicated by revenue recognition or margin
decline materially weaker than our expectations; or (2) its
debt-funded expansion is more aggressive than we anticipate. A
consolidated debt-to-EBITDA ratio higher than 6.5x or look-through
debt-to-EBITDA more than 6x could indicate such deterioration.

"We may also lower the rating if parent Radiance Holdings incurs
significant debt, such that Radiance Holdings' credit metrics
become materially weaker despite Radiance Group's stand-alone
profile remaining stable.

"We may upgrade Radiance Group if it significantly improves its
financial leverage such that the consolidated and look-through
debt-to-EBITDA ratios improve to less than 5x while the credit
profile of the parent also improves accordingly." This could happen
if Radiance Group achieves stronger sales, expedites delivery of
projects, and better manages debt growth through further
controlling the pace of its land acquisitions.


TIMES CHINA: Moody's Gives B1 Rating on New Sr. Unsec. USD Notes
----------------------------------------------------------------
Moody's Investors Service has assigned a B1 rating to the proposed
senior unsecured USD notes to be issued by Times China Holdings
Limited (Ba3 stable).

The rating outlook is stable.

Times China plans to use the proceeds from the proposed notes to
refinance its existing offshore debt.

RATINGS RATIONALE

"Times China's Ba3 corporate family rating reflects its growing
operating scale, leading market position in Guangdong Province and
strong liquidity profile," says Danny Chan, a Moody's Assistant
Vice President and Analyst, and also Moody's Lead Analyst for Times
China.

"However, the company's Ba3 CFR is constrained by its geographic
concentration in Guangdong Province," adds Chan.

Moody's expects Times China's leverage, as measured by
revenue/adjusted debt, to improve to 75%-80% over the next 1-2
years from 60% for the 12 months ended June 2020, supported by
steadily increasing revenue recognition from strong contracted
sales over the past 2-3 years and slowing debt growth.

Similarly, Moody's expects the company's interest-servicing
ability, as measured by adjusted EBIT/interest coverage, will
improve to 3.4x-3.7x over the same period from 2.7x for the 12
months ended June 2020, supported by an improvement in debt
leverage and controlled financing costs. Such credit metrics
support the company's Ba3 CFR.

Times China's gross contracted sales increased 28% to RMB100
billion in 2020 compared with the previous year, following a solid
29% growth in 2019. Moody's expects the company's annual contracted
sales growth will remain healthy at around 10%-15% per annum over
the next 1-2 years, supported by abundant saleable resources and
the company's good execution track record.

The B1 rating on the proposed notes reflects the risk of structural
subordination, given the fact that the majority of claims are at
the operating subsidiaries and have priority over claims at the
holding company in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination, reducing the expected recovery rate for claims at
the holding company level.

Times China's liquidity is good. Moody's expects the company's cash
holdings along with its operating cash flow will be sufficient to
cover its committed land payments and maturing debt in the next
12-18 months. In addition, the company's reported cash balance of
RMB34.5 billion as of June 30, 2020 provides good coverage for its
short-term debt of RMB24.1 billion.

In terms of environmental, social and governance factors, Moody's
has taken into consideration Times China's concentrated ownership
by its key shareholder, Shum Chiu Hung and his wife, who jointly
hold a 61.5% stake in the company as of the end of June 2020. This
is mitigated by the presence of three independent nonexecutive
directors on the company's six-member board of directors, the fact
that independent nonexecutive directors chair both the audit and
remuneration committees, and the presence of other internal
governance structures and standards as required under the Corporate
Governance Code for companies listed on the Hong Kong Stock
Exchange.

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

The stable outlook on Times China's CFR reflects Moody's
expectation that the company will maintain growth in its contracted
sales, as well as carry out disciplined land acquisitions and debt
management to maintain a financial profile that is consistent with
its Ba3 CFR.

Moody's could upgrade the ratings if Times China achieves stable
growth in sales and an increased operating scale, maintains a
strong liquidity position and improves its credit metrics.

Credit metrics indicative of an upgrade include cash/short-term
debt above 1.5x, EBIT/interest coverage above 3.5x and
revenue/adjusted debt above 75%-80% on a sustained basis.

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

Times China Holdings Limited is a property developer based in
Guangdong Province, focused on meeting end-user demand for
mass-market housing. As of December 31, 2019, the company had 127
property projects across 12 cities in Guangdong Province, Changsha
in Hunan Province, Wuhan in Hubei Province, Chengdu in Sichuan
Province and Hangzhou in Zhejiang Province. The company's land bank
totaled around 23 million sq.m as of the same date.


XINJIANG GUANGHUI: S&P Withdraws 'B-' LT Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings has withdrawn its 'B-' long-term issuer credit
rating on Xinjiang Guanghui Industry Investment (Group) Co. Ltd.
(Guanghui) at the company's request. S&P also withdrew its 'CCC+'
long-term issue rating on the China-based company's senior
unsecured notes. The outlook on Guanghui was negative at the time
of the withdrawal.




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

ACE CONSTRUCTIONS: CARE Upgrades Rating on INR48cr LT Loan to BB-
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Ace
Constructions (ACS), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       48.00      CARE BB-; Stable Revised from
   Facilities                      CARE B+; Stable

Detailed Rationale & Key rating drivers

The revision in the rating assigned to bank facilities of ACS
factors in progress in construction and sales momentum of Phase I
of the "Gada Anutham" Project. The ratings continue to derive
strength from long track record of operations, extensive experience
of promoters in real estate industry and strategic location of the
project. The ratings however, remain constrained on account of
moderate booking status, pending approvals and nascent stage of
Phase II of the Gada Anutham Project. The rating is further
constrained on account of its presence in a highly competitive and
cyclical real estate industry, subdued industry scenario due to
COVID-19 pandemic and partnership nature of constitution. The
rating further takes a note on cost overrun of the "Gada Anutham"
project on account of escalation in construction cost of Phase I of
the project.

Key Rating Sensitivities

Positive factors - Factors that could lead to positive rating
action/upgrade

* Significant increase in velocity of sales and timely inflow of
customer advances and ability to sell inventory as per envisaged
timeline and at desired rates

Negative factors: Factors that could lead to negative rating
action/downgrade

* Slower booking of units along with lower than envisaged sales
realization and delayed receipts of customer advances/infusion
funds by promoters

* Any further major cost over-run in the project more than 20%

Detailed description of the key rating drivers

Key Rating Weaknesses

* Moderate booking status: ACS is developing a real estate project
"Gada Anutham" in two phases. The phase 1 of the project consists
of two buildings. The construction of one of the building is
completed and the other one is nearing completion. Further, the
firm has sold all the flats available for sale to the developer
admeasuring 0.84 lsf(lakh square feet) under Phase 1 of the project
as on December 23, 2020 (as against approximately 0.57 lsf area
sold as on September 30, 2019). The area sold of 0.84 lsf is
approximately 36% of the total saleable area of 2.33 lsf under both
the phases of the "Gada Anutham" project. Furthermore, around 97%
of the sold flats have been registered leading to decrease in the
risk of cancellations. Moreover, the firm has also allocated 0.15
lsf to MHADA(Maharashtra Housing and Area Developing Authority).
The expected date of completion of Phase 1 of the project is
December 2020.

* Pending approvals for the phase II of the Gada Anutham project:
The firm had received all the requisite approvals for 'Gada Anutham
Phase I'. Further, 'Gada Anutham Phase II' was launched in June
2020 and the registration has been updated on MAHARERA. The firm
has received approval for construction of one of the two buildings
under Phase II of the project. However, commencement certificate is
yet to be received. Moreover, the firm has applied for pending
approvals for Phase II of the project at Pune Metropolitan Region
Development Authority (PMRDA) and the approvals are under process.

* Satisfactory project execution status: The revised total cost of
"Gada Anutham" project is estimated at INR110.70 crore (as against
estimated cost of INR105.70 crore as on September 30, 2019) to be
funded by promoter's contribution, term loan and customer advances
in the ratio of 0.24:0.48:0.28. The cost overrun is due to increase
in construction cost of the phase I of the project, and is expected
to be funded through promoter funds and loan of INR4.76 crore under
COVID-19 scheme(Guaranteed Emergency Credit Limit) in line with the
Atmanirbhar Bharat package announced by Government of India. As on
September 30, 2020, the firm has incurred INR75.80 crore which is
~68% of the total cost of project (cost incurred as on September
30,  2019 is INR60.40 crore), which was funded through promoter's
contribution, debt, creditors and customer advances in the ratio of
0.31:0.30:0.02:0.37. Given that the Phase 2 of the project is still
at nascent stage with expected date of completion by June 2023, and
on account of receipt of pending approvals. There persists
significant execution risk. However, considering achievement of
financial closure for Phase II and the experience of the promoters
in real estate business, the risk is mitigated to some extent.

* Presence in competitive and cyclical real estate industry: The
firm is exposed to the cyclicality associated with the real estate
sector which has direct linkage with the general macroeconomic
scenario, interest rates and level of disposable income available
with individuals. In case of real estate companies, the
profitability is highly dependent on property markets. A high
interest rate scenario could discourage the consumers from
borrowing to finance the real estate purchases and may depress the
real estate market. The real estate industry in India is highly
fragmented with most of the real estate developers having
region-specific presence. ACS also faces competition from other
real-estate projects in the area.

* Subdued industry scenario due to COVID-19 pandemic: The real
estate sector faced several challenges amid the country wide
lockdown in wake of COVID-19 pandemic which include lower sales and
collections on the back of subdued demand, slowdown in construction
activities and weakened cash flows due to pessimistic sentiments of
the buyers. However, with gradual relaxation in lockdown and
recommencement of construction activities, the sector has seen the
green shoots of recovery especially for near completion inventory.
The recovery is supported by pent up demand during Q1FY21,
reduction in stamp duty charges by 3% for the months September -
December 2020(in Maharashtra) and lowest interest rates in the last
15 years.

* Partnership nature of constitution: AC's constitution as a
partnership firm restricts its access to external borrowing.
Furthermore, the firm is exposed to inherent risk of partners'
capital being withdrawn at time of personal contingency and the
same limits the financial flexibility of the firm.

Key Rating Strengths

* Long track record and experience of the promoters: AC,
established in 2004, is part of the Pune (Maharashtra) based Gada
group, which is promoted by Mr. Mukesh Gada, Mr. Kishor Gada and
Mr. Nilesh Gada. AC is promoted by Mr. Nilesh Gada, Mr. Kishor Gada
and Mr. Popatlal Hirji Shah as Partners. Till date the group has
successfully developed about half million square feet of commercial
and residential development in the city. Henceforth, the company is
likely to be benefitted by extensive experience of promoters.

* Strategic location of the projects: AC is developing a
residential cum commercial project "Gada Anutham" in two phases
"Gada Anutham Phase-I" and "Gada Anutham Phase-II" at Hadapsar,
Pune. Hadapsar is an upcoming residential market. The project is
expected to cater to the residents in the upper middle class family
and is a luxurious housing project with modern amenities at 1BHK,
2BHK and 3BHK flats. In addition, the project is situated in area
with easy access to basic civic amenities such as schools,
hospitals, colleges, malls. Hadapsar is further surrounded by
Mundhwa, Manjri, Ghorpadi and Mula river and is well connected to
Magarpatta IT park which is a hub for many prestigious companies
that attracts working class as well as public.

Liquidity: Adequate

Liquidity is adequate marked by the undrawn term loan including
GECL limits at INR16.53 crore as on December 23, 2020 providing
cushion for construction of the "Gada Anutham" project. The cash
balance is modest at INR0.36 crore as on September 30, 2020. The
project loan (Sanctioned amount is INR48 crore) has escrow
mechanism in place wherein approximately 30% of the receivables
received is utilized in repayment of the project loan irrespective
of repayment schedule. Due to this, the firm has already repaid
approximately INR7.41 crore ahead of the repayment schedule which
provides cushion in repayments to some extent. Further, ACS has not
availed moratorium (as per COVID 19 regulatory package announced by
RBI) for both deferment of payment of interest portion and
repayment of the term loan.

ACS, established in 2004, is a part of the Pune (Maharashtra) based
Gada group. The Gada Group started real estate activity in 1997 and
has successfully developed about 5 lakh square feet (lsf) of
commercial and residential development in Pune, Maharashtra. The
group has interest in property development and financial services.
The firm is developing a residential cum commercial project "Gada
Anutham" at Hadapsar, Pune in two phases. The project consists of 4
buildings offering premium 39(1BHK), 121 (2 BHK) & 88(3 BHK)
apartments and 10 commercial shops and offices with a host of
amenities.


ANNADATA RICE: CARE Moves D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Annadata
Rice Mill (ARM) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.22       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

   Short Term Bank      0.54       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ARM to monitor the rating
vide e-mail communications/letters dated July 9, 2020, October 19,
2020, November 4, 2020, November 26, 2020, December 11, 2020 and
numerous phone calls. However, despite repeated requests, the
entity has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on ARM's bank facilities will
now be denoted as CARE D; ISSUER NOT COOPERATING. Further, due
diligence could not be conducted.

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

Detailed description of the key rating drivers

At the time of last rating in December 31, 2019 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Delay in debt servicing: There were various recent instances of
delays in term loan servicing of the entity owing to poor liquidity
of the entity.

Annadata Rice Mill (ARM) was constituted as a partnership firm in
March 2004 by Mr. SK. Jakir Ali and Mr. Mirza Amanat Ali for
setting up a rice milling unit. The firm has started its commercial
operations from May 2004. The firm has been engaged in rice milling
activities at its plant located at Burdwan, West Bengal with
aggregate installed capacity of 8400 MTPA. The firm procures its
raw material from local market and sells its finished products
across India.


ASTER INFRAHOME: CARE Lowers Rating on INR50cr Debt to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Aster Infrahome Pvt Ltd (AIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      50.00      CARE D; ISSUER NOT COOPERATING;
   Debentures                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   category and Revised from     
                                   CARE B+; Stable

Detailed Rationale and key rating drivers

The rating has been revised on account of ongoing delays in
servicing of its debt obligations due to stressed liquidity
position. The interest due for December 31, 2020 has been received
by the Debenture holders, however principal due has not been
received.

Key Rating Sensitivity

Positive Factors

* Timely repayment of its debt on timely basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in servicing of debt obligations: There has been ongoing
delays in servicing of its debt obligations due to stressed
liquidity position. The interest due for December 31, 2020 has been
received by the Debenture holders, however principal due has not
been received.

Liquidity: Weak

The liquidity profile of Aster Infrahome Private Limited remains
weak. Due to mismatch between project receipts vis-à-vis the debt
repayment obligations the liquidity of Aster Infrahome Private
Limited remains constrained.

* Subdued real estate scenario coupled with impact of Covid-19: In
Real estate sector, prices are likely to remain stagnant and
developers will continue to focus on clearing existing inventory
rather than launching new projects as they continue to grapple with
regulatory changes like Real estate (regulation and development)
Act, 2016 (RERA), goods and services tax (GST) and overall subdued
demand. In fact, 2020 is expected to be another tough year for real
estate developers, given the ongoing liquidity problem, owing to
the NBFC crisis.

Now, in light of the situation which was created by COVID-19 it had
worsened the persisting liquidity crunch in the real estate sector.
Various restrictions imposed by the Indian Government to curb the
pandemic had also led to a temporary halt in ongoing real estate
projects which also had a domino effect w.r.t. the large scale
reverse migration of labourers and disruption in supply chain of
materials.  

Aster Infrahome Pvt Ltd (AIPL), a real estate development company,
incorporated in May, 2011, is a part of the 'Shree Vardhman Group'.
The company is currently engaged in developing a residential
project 'Green Court' located in Sector90, Gurgaon, having total
saleable area of 8.19 lsf. Shree Vardhman group has been engaged in
real estate development and is developing several projects through
different SPVs (Special Purpose Vehicles). The group has already
completed a township at Kurukshetra and group housing project at
Sonipat constituting total saleable area of 13.34 lsf.

Ongoing projects of the Group includes Shree Vardhman Gardenia,
Shree Vardhman Olive, Shree Vardhman Flora (Shree Vardhman
Infrahome Pvt Ltd), Shree Vardhman Mantra (Shree Vardhman Buildprop
Pvt Ltd), Green Space (Green Space Infraheights Pvt Ltd) etc. The
total area being developed in various group entities is 67.09 lsf.


BHAGWATI AIR: CARE Assigns B Rating to INR15cr LT Loan
------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Bhagwati
Air Express Private Limited (BAEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities           15.00      CARE B; Stable Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the long term bank facilities of BAEPL is
constrained by the low profitability margins, leveraged capital
structure and working capital intensive nature of operations. The
rating also factors in the dependency of BAEPL on few big clients
for majority of revenue and its presence in highly fragmented and
competitive industry.

The rating however, derives comfort from experience of promoters in
logistics services, growing scale of operations, and diversified
client base across various industries and presence in both surface
& air freight forwarding.

Rating Sensitivities

Positive Factors

* Growth in TOI by more than 30% and PBILDT margin of more than 6%
on a sustained basis.

* Improvement in capital structure marked by overall gearing of
less than 1.50 times on sustained basis.

Negative Factors

* Deterioration in total income by more than 30% and PBILDT margin
of less than 3% on sustained basis.

* Any higher than envisaged debt funded capex plan.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Low profitability margins: Profitability margins of BAEPL
remained low due to competitive and fragmented nature of the
industry with company offering better rates to its clients for
acquiring business. The PBILDT and PAT margins of the company
remained low at 4.14% and 0.80% respectively during FY20 (Prov.) as
against 3.26% and -0.37% respectively during FY19.

* Leveraged capital structure: The capital structure of the company
stood leveraged with overall gearing of 2.18x in FY20 which
increased over past three years from 1.37x in FY17. The increase in
overall gearing was largely due to increase in vehicle loans for
buying fleet of trucks which increased from 39 trucks in FY18 to
108 trucks in FY20. The vehicle loan increased from INR4.56 crore
in FY18 to INR12.03 crore in FY20.

* Working capital intensive nature of operations: As the company is
engaged in deliveries across the country, the delivery time add to
the receivable cycle of the company. The company gets payment in 30
days after presenting bill to its clients. The company has to incur
some upfront operational expenses for security check and advance
payments which along with time lag in collection of receivables
results in higher working capital requirements for BAEPL. The
company has to rely more on cash credit for financing its working
capital needs and its cash credit limits had 95% utilization over
the past 12 months ended October 31, 2020.

* Highly fragmented and competitive industry: The logistics
industry is highly fragmented with large number of operators owing
to low entry barriers. Presence of various players results in
intense competition within the industry. High fragmentation and
intense competition leads to unhealthy price wars and discounts
resulting in pressure on margins and depressed freight rate.

Key Rating Strengths

* Experienced promoters: BAEPL is currently being managed by Mr.
Dinesh Kumar Digga and Mr. Roopchand Baheti both promoters have
vast experience of more than a decade in the logistics solutions
through their association with BAEPL. They collectively look after
the operations of the company. BAEPL has been operational for more
than a decade, which has enabled company to establish relationship
with its clients.

* Growing scale of operations: Total operating income of BAEPL grew
at a healthy rate of 22.51% on y-o-y basis from INR108.31 crore
during FY17 (A) to INR199.15 crore during FY20 (Prov.) owing to
higher demand from domestic logistics sector. Several government
initiatives like Make in India, Skill India, Digital India and
Start up India etc. had resulted in big boost to E-Commerce and
manufacturing sector in India, which derived the demand in
logistics sector in past few years.

* Diversified client base across various industries and presence in
both surface and air freight forwarding: BAEPL provides domestic
freight services through both airway (Air Freight Forwarding
services) and surface channel to its broad and diversified customer
base in the verticals of E-commerce, pharmaceuticals and healthcare
industry, automobile, Industrial companies, courier companies etc.
During FY20 (Prov.) freight services through surface channel
constitutes 62.88% (PY: 44.59%) and air freight forwarding
constitutes 34.74% (PY: 41.84%) towards revenue of the company.
Though the company has diversified client base, it is dependent on
few big clients for majority of revenue as evident by top 4
customers contributing 75.22% towards revenue during FY20 (Prov.)
(PY: 46.50%).

Liquidity: Stretched

The liquidity of BAEPL is stretched with tightly matched cash
accruals vis-à-vis repayment obligations. The free cash and
balance available with company stood at INR0.92 crore as on
September 30, 2020. The company also has FDR with bank which stood
at INR3.02 crore as on March 31, 2020 (PY: INR4.75 crore) of which
INR2.94 crore is lien marked with bank. Company has to rely on cash
credit limit for its working capital requirements which remains 95%
utilized during the past 12 Months ending October 31, 2020. Company
has also availed moratorium on its debt obligations under the
covid-19 regulatory package announced by RBI which has been
approved by the lenders.

BAEPL was incorporated in 2010 by Mr. Dinesh Kumar Digga and Mr.
Roopchand Baheti. The company provides domestic freight services
through airway channel (air freight forwarding services) and
surface transportation. The company has tie up with domestic air
carrier for transportation of goods through air and for surface
transportation the company has its own fleet of more than 108
trucks with capacity ranging from 9 tons to 18 tons.


BRIJBASI HI-TECH: CARE Reaffirms B+ Rating on INR11.56cr LT Loan
----------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Brijbasi Hi-Tech Udyog Limited (BHUL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           11.56      CARE B+; Stable Reaffirmed

   Short-Term Bank
   Facilities           10.00      CARE A4 Reaffirmed

Detailed Rationale and key rating drivers

The rating assigned to the bank facilities of BHUL continues to
remain constrained on account of small scale of operations, thin
profitability margins and modest coverage indicators, leveraged
capital structure, elongated operating cycle and competitive nature
of business and tender driven nature of business. The rating,
however, continues to draw comfort from experienced and resourceful
promoters.

Rating Sensitivities

Positive Factors

* Increase in the total operating income (TOI) of the company above
INR50.00 crore on sustained basis.

* Improvement in elongation cycle to below 100 days on sustained
basis

Negative Factors

* Any incremental borrowing leading to deterioration in capital
structure as marked by overall gearing of more than 2.50x

* Deterioration in profitability margins as marked by PBILDT and
PAT margins of below 5% and 0.40% respectively on a sustained
basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations: The scale of operations of the company
continues to remain small as marked by total operating income of
INR25.10 crore in FY20 (FY refers to period from April 1 to March
31) as against INR29.75 crore in FY19. The decline in TOI is
attributable to lower intake of goods by its existing clients.
Further, the net worth base of the company stood relatively small
at INR7.42 crore as on March 31, 2020. The small scale limits the
company's financial flexibility in times of stress and deprives it
from scale benefits. Further, the company has achieved sales
turnover of ~INR8 crore during 8MFY21 (period from April 1 to
November 30; based on provisional results). Furthermore, the
company has orders of INR22.50 crore in hand out of which orders of
INR17 crore are to be executed till March, 2021.

* Thin profitability margins and modest coverage indicators:  The
profitability margins of BHUL are directly associated with
technical aspect of the contract. Further, the profitability varies
with the project due to tender driven nature of the business owing
to varying margins in the different projects undertaken by the
company. The profitability margins of the company continue to
remain thin as marked by thin PBILDT and PAT margins. However, the
PBILDT margin improved and stood at 8.10% in FY20 as against 7.17%
in FY19 on account of better cost management by the company.
Further, higher interest cost restricted PAT margin at below unity
level of 0.60% in FY20 as against 0.85% in FY19. Owing to thin
profitability and higher debt levels in FY20, the coverage
indicators continue to be weak as marked by interest coverage ratio
and total debt to GCA of 1.23x and 37.80x respectively for FY20 as
against 1.39x and 20.22x respectively for FY19.

* Leveraged capital structure: As on March 31, 2020, the debt
profile of the company comprises of vehicle loan of INR0.13 crore,
working capital bank borrowings of INR9.72 crore and NSIC
borrowings of INR2.88 crore as against tangible net worth of
INR7.42 crore. The capital structure of the company continues to
remain leveraged as marked by overall gearing of 1.21x as on March
31, 2020 as against 0.85x as on March 31, 2019. The deterioration
is on account of higher dependence on external borrowings for
meeting its working capital requirements.  Unsecured loans from
related parties are treated as subordinated to debt as per sanction
letter. Thus, the same amounting to INR3.12 crore has been added to
tangible net worth of the company in FY19 and FY20 each. This has
led to improvement in overall gearing from 1.64x to 0.85x in FY19
and from 2.14x to 1.21x in FY20.

* Elongated operating cycle: The operating cycle of BHUL stood at
270 days in FY20 as against 196 days in FY19 on account of
elongated inventory and collection period of 221 days and 132 days
respectively. High inventory days are on account of offering of
varied range of variants, for which they need to maintain stock of
spares and parts in order to meet the customers' demand, which also
necessitates maintaining of adequate inventory in form of raw
material and work–in-progress for smooth running of its
production process. BHUL's high collection period is owing to long
clearance process with the government departments with regards to
clearance of bills raised to customers. The company procures raw
material from traders and manufactures located in overseas and
domestic market and enjoys a credit period of 3-4 months resulting
in an average creditor period of 83 days in FY20.

* Competitive nature of business and tender driven nature of
business: BHUL operates in a competitive market for fire-fighting
vehicles marked by the presence of number of players in the
unorganized sector and organized sector. The company majorly
supplies fire-fighting vehicles to government organizations, which
are awarded through tender-based system. The company is exposed to
the risk associated with tender-based business, which is
characterized by intense competition. The growth of business
depends on its ability to successfully bid for the tenders and
emerge as the lowest bidder. Furthermore, any changes in the
procurement policy or government organization's spending on
fire-fighting are likely to affect the revenues of the company.

Key Rating Strengths

* Experienced and resourceful promoters: Mr. Mahesh Chandra
Agrawal, Mr. Suresh Chandra Agarwal and Mr. Rajesh Kumar Agrawal
are directors of the company, having more than four decades of
experience in manufacturing industry. Company's overall operations
are managed by Mr. Mahesh Chandra Agrawal. Mr. Suresh Chandra
Agarwal and Mr. Rajesh Kumar Agrawal look over supply chain and
marketing division.

* Covid-19 Impact: The company has witnessed lower consumption of
the final products from their customers owing to the pandemic. Once
the Covid-19 impact is over, the consumption is expected to
increase. The major impact of slowdown owing to Covid-19 has been
from April, 2020- June, 2020 due to the production shutdown.
However, the business operations were resumed in mid-June, 2020.
The production was hampered initially due to difficulty in raw
material procurement on account of transportation constraints.
However, due to ease of government norms, the procurement is
streamlined. It has recorded a turnover of ~Rs.8 crore in
8MFY21(period from April 1 to November 30) and has an order book of
~Rs.22.50 crore out of which orders of INR17 crore are to be
executed by March, 2021. Further, during April-November, the
company has realised debtors amounting to INR3.13 crore till
November 30, 2020.

Liquidity analysis: Stretched

The liquidity position of the company remained stretched as marked
by highly utilised working capital limits to the extent of ~80-90%
during the past 12 months ending November, 2020, tightly matched
repayment obligations of ~Rs.0.09 crore as against cash accruals of
INR0.34 crore during FY20. Further, the company has low
unencumbered cash & bank balances of INR0.42 crore as on March 31,
2020. Further, the company had not availed moratorium for its bank
facilities as per RBI guidelines in wake of Covid-19 pandemic.

Mathura-based (Uttar Pradesh) Brijbasi Hi-Tech Udyog Limited (BHUL)
incorporated in 1993 by Mr. Mahesh Chandra Agrawal, Mr. Suresh
Chandra Agrawal and his family members. The company is engaged in
the manufacturing and  assembling of fire fighting vehicles viz.
fire vans, water tenders, water bourses, foam tender, DCP tenders,
crash fire tenders. BHUL is selling its product under its own brand
name i.e. "Brijbasi". Hot Rolled (HR), Cold Roll (CR) coil,
Aluminum sheet, diesel engine etc. are key raw material for the
manufacturing and assembling of fire fighting vehicles. The company
procures HR/CR coil from the traders located in the Delhi–NCR.
Furthermore, company procures equipment from intermediaries such as
Idex India, MCD (France). The company's operations are mainly order
based and orders are acquired through process of tender.


BROWN BELLY: CARE Assigns C Rating to INR2.6cr Bank Loans
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Brown Belly Products Private Limited (BBPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.61      CARE D Rating removed from
   Facilities                      ISSUER NOT COOPERATING category

                                   And Revised from CARE B;
                                   Stable

   Long Term Bank        2.64      CARE C; Stable Assigned
   Facilities            

Detailed Rationale & Key Rating Drivers

The revision in the rating assigned to the bank facilities of BBPPL
takes into account the past instances of delay in term debt
servicing of the company. Moreover, the loan accounts got
restructured into term loan, working capital term loan and funded
interest term loan on September 5, 2020 and the lender has allowed
6 month moratorium with effect from September 5, 2020 on repayment
of term loan interest and principals. Accordingly, the repayment
will start from March 2021. Hence the company has no payment track
record.

Moreover, the rating continues to remain constrained by its short
track record with small scale of operations, risk of
non-renewability of agreement, leveraged capital structure with
moderate debt coverage indicators, intensely competitive nature of
the industry with presence of many unorganized players. The rating,
however, continues to derive comfort from experienced promoters and
the long term agreement with Britania Industries Ltd and Modern
Food Enterprises Pvt Ltd.

Rating Sensitivities

Positive Factors:

* Track record of timely servicing of debt obligations for at least
90 days.

* Increase in scale of operation (Turnover beyond INR25 crore)
while sustaining its current operating margin on a sustained
basis.

* Improvement in capital structure (overall gearing below 1.50x)
and its reduced reliance on external borrowings to fund its working
capital requirement on a sustained basis.

Negative Factors:

* Any sizable decline in scale of operation from current level
along with deterioration in overall gearing from current level on a
sustained basis.

Detailed Rationale & Key Rating Drivers

Key Rating Weaknesses

* Past instances of delay in debt servicing: There were past
instances of delay in term debt servicing and accordingly the loan
accounts got restructured into term loan, working capital term loan
and funded interest term loan with effect from September 05, 2020.
The lender has allowed 6 month moratorium on repayment of term loan
interest and principals with effect from September 05, 2020.
Accordingly, the repayment will start from March 2021. Hence the
company has no payment track record.

* Short track record with small scale of operations: The company
has started its operation in Unit 1 from August 2018 and unit 2
from July 2019, accordingly it has very short track record of
operations. Moreover, the total operating income has improved to
INR13.25 crore in FY20 as against INR3.42 crore in FY19 mainly due
to first full year of operation of the unit 1 along with initiation
of operation in Unit 2 from July 2019. Moreover, the scale of
operation of the company remained small as marked by total
operating income of INR13.25 crore with a GCA of INR2.06 crore in
FY20 9Provisional). Further the tangible networth of the company
also remained moderate at INR5.87 crore as on March 31 2020. Due to
COVID pandemic there was restriction on the operation since the
lockdown was imposed on 25th March, 2020 in the country.
Accordingly the production was on hold for the time being. However,
the company has resumed its production from April 06, 2020 and it
has already booked revenue of INR9.00 crore during the period from
April 05, 2020 to December 15, 2020.

* Risk of non-renewability of agreement: BBPPL has entered into an
agreement with Britania Industries Ltd and Modern Food Enterprises
Pvt Ltd, wherein the agreement will be valid for the period of five
years from the date of commencement of operations. Thereafter, it
is subject to renewability of agreement.

* Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the company has deteriorated
mainly due to increase in term loans and the same remained
leveraged marked by overall gearing ratio of 2.90x as on March 31,
2020 based on provisional financials. Further the debt coverage
indicators also remained moderate marked by interest coverage of
4.85x and total debt to GCA of 8.25x in FY20.

* Intensely competitive nature of the industry with presence of
many unorganized players: Due to low entry barrier, BBPPL faces
intense competition from organized region specific players as well
as from unorganized players. With high penetration and established
supply chain network of packaged food from domestic food processing
players at attractive price intensifies the competition. However,
the company has long term agreement with BIL and MFEPL which
mitigates the aforesaid risk to a certain extent.

Key Rating Strengths

* Experienced promoters: Mr. Binod Kumar having over two decades of
experience in same line of industry looks after the overall
management of the company. He is supported by Mrs. Poonam Kumari
along with a team of experienced professional.

* Long term agreement with Britania Industries Ltd and Modern Food
Enterprises Pvt Ltd: BBPPL has entered into longterm agreement with
Britania Industries Ltd (BIL) and Modern Food Enterprises Pvt. Ltd.
(MFEPL) for manufacturing of bread and rusk respectively. As per
the agreement, BBPPL is entitled to receive conversion charges
(Rs.9 per kg by BIL and INR25 per kg by MFEPL). The required raw
material will be provided by BIL and MFEPL respectively to BBPPL.
As per the agreement, BIL has provided a minimum guarantee of 700
tons and MFEPL has provided a minimum guarantee of 75 tons per
month of order offtake from BBPPL.

Liquidity: Stretched - Liquidity is marked by tightly matched
accruals vis—a-vis repayment obligations, highly utilized bank
limits to the extent of 93% and low cash balance of INR0.28 crore
as on march 31, 2020. Moreover, the current ratio stood above unity
at 1.67x as on March 31, 2020. However, the company has not availed
any moratorium from its lender that could be availed as per the
recent RBI circular.

Incorporated in December 1993, Brown Belly Products Private Limited
(BBPPL) was promoted by Mr. Binod Kumar and Mrs. Poonam Kumari.
After remaining dormant for around fourteen years, it started
setting up a food processing unit in collaboration with Modern Food
Enterprises Pvt. Ltd. (MFEPL) and Britania Industries Limited
(BIL). The company has already set up its first unit with aggregate
cost of INR8.23 crore funded at debt equity of 1.55x and started
commercial operation of its first unit having collaboration with
MFEPL from August 2018. The aggregate installed capacity of the
unit 1 is 1800 metric tons per annum. Further, the company has
already set up unit 2 (for manufacturing of bread) which has an
installed capacity of 900 tons per month and commenced operations
from July 2019.

BBPPL has entered into long-term agreement with Britania Industries
Ltd (BIL) and Modern Food Enterprises Pvt. Ltd. (MFEPL) for
manufacturing of bread and rusk respectively. As per the agreement,
BBPPL is entitled to receive conversion charges (Rs.9 per kg by BIL
and INR25 per kg by MFEPL). The required raw material will be
provided by BIL and MFEPL respectively to BBPPL. As per the
agreement, BIL has provided a minimum guarantee of 700 tons and
MFEPL has provided a minimum guarantee of 75 tons per month of
order off take from BBPPL.

Mr. Binod Kumar having over two decades of experience in same line
of industry looks after the overall management of the company. He
is supported by Mrs. Poonam Kumari along with a team of experienced
professional.


BUSINESS BROADCAST: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Business Broadcast News Private Limited
        Manek Mahal, 6th Floor
        90 Veer Nariman Road
        Mumbai, Maharashtra 400020

Insolvency Commencement Date: January 4, 2021

Court: National Company Law Tribunal, Nashik, Maharashtra Bench

Estimated date of closure of
insolvency resolution process: July 3, 2021

Insolvency professional: Prakash Nath Mishra

Interim Resolution
Professional:            Prakash Nath Mishra
                         S-31, Regimental Plaza
                         Bitco Point, Nashik Road
                         Nashik, Maharashtra 422101
                         E-mail: prakash@pmishra.in
                                 irp.bnpl@gmail.com

Last date for
submission of claims:    January 18, 2021


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

The instrument-wise rating actions are:

-- INR620 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating;

-- INR31.10 mil. Long-term loans due on March 2023 migrated to
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating; and

-- INR41.50 mil. Non-fund-based working capital limits migrated
     to non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 23, 2019. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Clifton Export was established as a proprietorship concern by B.
Nadanasabapathy in 1993. Subsequently, in 2007, the firm was
converted into a private limited company and renamed as Clifton
Exports.  The company manufactures hosiery and garments for
infants.

EXPRESS HANDLINGS: CARE Lowers Rating on INR5cr LT Loan to B+
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Express Handlings Worldwide (EHWW), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.00      CARE B+; Stable Revised from
   Facilities                      CARE BB-; Stable

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of EHWW
takes into account the decrease in the total operating income,
deterioration in capital structure, working capital cycle,
stretched liquidity position during FY20 (refers to the period
April 1 to March 31) and tightly matched debt repayment
obligations. The rating continues to be constrained by relatively
modest scale of operations, thin profitability margins, leveraged
capital structure, weak debt coverage indicators, working capital
intensive nature operations and stretched liquidity position. The
rating is further continue to be constrained by presence in
competitive and fragmented logistics industry, risk of withdrawal
of capital given the partnership nature of constitution of the
entity The ratings, however, continue to derive strength from
reasonable track record of operations and reasonably experienced
partners in the logistics industry.

Rating Sensitivities

Positive Factors

* Increase in scale of operations with total operating income
exceeding INR75 crore with tangible networth base exceeding INR10
crore on a sustained basis.

* Improvement in the PBILDT and PAT margin exceeding 5% and 3%
respectively on a sustained basis.

* Improvement in the capital structure with overall gearing
reaching below 1.2x on a sustained basis

* Improvement in the debt coverage indicators with interest
coverage exceeding 2 times and total debt to gross cash accruals
reaching below 10 times on a sustained basis

* Reduction in average utilization of the working capital limits
reaching below 80% on a sustained basis

Negative Factors

* Deterioration in the collection period exceeding 90 days with
operating cycle exceeding 75 days on a sustained basis

Detailed description of the key rating drivers

Key Rating Weaknesses

* Modest scale of operations: EHWW registered decline in the TOI by
13.83 % in FY20 over FY19 (from INR53.29 crore in FY19 to INR45.92
crore in FY20) on the back of decrease in the volume of business in
terms of the supply of goods and documents owing to non-operational
of international airways since January 2020 during Covid-19
pandemic situation aroused worldwide. Further, during 8MFY21, the
company has achieved net sales of INR14.55 crore. The tangible
networth of the firm remained small at INR2.17 crore as on March
31, 2020 which limits the financial flexibility of the company to a
greater extent.

* Low profit margins: The operating profitability of the firm
remained at lower level in the range of 1.26%-2.25% during last
three years ending FY20 mainly on account of high apportionment of
total operating income being paid as the freight charges towards
supply base channel. The PAT margin has also remained at lower
level in the range of 0.36%-0.54% due to relatively higher interest
costs.

* Leveraged capital structure and weak debt coverage indicators:
EHWW's capital structure marked by overall gearing has marginally
deteriorated and remained leveraged at 2.73 x as on March 31, 2020
vis-à-vis 2.44 x as on March 31, 2019 on account of higher
utilization of working capital limit as on the balance sheet date
along with addition of unsecured loan as on March 31st, 2020. The
debt coverage indicators marked by total debt to GCA and interest
coverage ratio stood weak.

* Working capital intensive nature of operations: The operations of
EHWW are moderately working capital intensive with funds being
blocked in receivables. EHWW receivables periods tends to remain
high, due to inherent nature of business and firm generally receive
payment from courier companies within 30-75 days as marked by the
average collection period of 78 days in FY20 (as against 71 days in
FY19) which has elongated due to slower realization of debtors due
to COVID-19 impact. Furthermore, entity receives credit period of
~25-35 days from shipping liners and airlines authority which
resulted in average creditors' period of 32 days in FY20 (vis-a-vis
33 days in FY19). Given this, the operating cycle has elongated
marginally and stood moderate at 46 days in FY20.

* Concentrated customer base: EHWW has a concentrated customer base
with top five customers contributing to around 94% share in the
total sales during FY20 vis-à-vis 21.00% in FY19 due to increase
dependence on single customer for the purpose of generating
revenue. Further, the topmost customer contributed 64% of total
sales indicating high level of customer
concentration risk.

* Risk of withdrawal of capital given the partnership nature of
constitution of the entity: EHWW being a partnership firm, the
risks associated with withdrawal of capital exists. The firm is
exposed to inherent risk of capital being withdrawn at time of
personal contingency as also it has limited ability to raise
capital and poor succession planning may result in dissolution of
entity. During the year the partners have withdrawn INR0.26 crore
from the capital account during FY20 for personal use. Due to the
partnership constitution, it has restricted access to external
borrowing where net worth as well as credit worthiness of partners
is the key factors affecting credit decision of lenders.

* Presence in competitive and fragmented logistics industry: The
industry is highly unorganized and the firm faces intense
competition from both the organized as well as unorganized players
in the air cargo handling business. The firm also has low
bargaining power with the airlines. Fuel is the major cost
component of the transportation business and any significant
increase in petrol/diesel cost is passed on to the client.
Furthermore, EHW faces fierce competition from other companies for
tendering of contracts and any changes in current policies of the
airport authorities with regards to change in budget allocation
would impact EHW revenue considerably.

* Stretched Liquidity Position: The liquidity position remained
stretched characterized by tightly matched accruals vis-à-vis
repayment obligations and low free cash balance of INR0.03 crore as
on March 31, 2020. The average utilization of its working capital
limits during past 12 months ended November 2020 stood at ~92.62%.
Further, net cash flow from operating activities stood positive at
INR0.32 crore in FY20 (vis-à-vis positive at INR0.41 crore in
FY19). EHWW has availed moratorium against working capital
borrowing interest payment for the period of March 2020 to June
2020 under RBI COVID-19 regulatory package and the same has been
converted into FITL which is being repayable by March 2021.

Key rating Strengths

* Reasonable track record of operations and reasonably experienced
partners in the logistics industry: EHWW was established in the
year 2010 by Mr. Harbinder Singh who is currently managing the firm
and has a total experience of 30 years out of which 10 years is in
logistics industry. Over the years of his presence, the firm has
established strong presence in the market with long term relations
with their customers and stakeholders.

Express Handlings World Wide (EHWW) is a The International Air
Transport Association (IATA) accredited entity established in 2010
as a partnership firm by Mr. Harbinder Singh. The firm is engaged
in providing courier consolidation services (Courier Co-loading) by
airways contributing around 80% of the total revenue in FY20 and
rest 20% derived from freight forwarding (cargo export &
logistics). EHWW registered office located at Andheri, Mumbai and
two branch offices located at Delhi & Ahmedabad.


FALCON MARINE: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Falcon Marine
Exports Limited's Long-Term Issuer Rating of 'IND BB (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:  

-- INR1.330 bil. Fund-based limits^ maintained in the non-
     cooperating category and withdrawn;

-- INR305 mil. Non-fund-based limits^ maintained in the non-
     cooperating category and withdrawn; and

-- INR65 mil. Proposed fund-based limits# maintained in the non-
     cooperating category and withdrawn.

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

#Maintained at Provisional 'IND A4+ (ISSUER NOT COOPERATING)'
before being withdrawn; the issuer did not proceed
  with the instrument as envisaged

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no-objection certificate from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Falcon Marine Exports was set up in Bhubaneswar in 1986. The
company processes and exports marine products, mainly shrimp.

GANAPATHY ENTERPRISES: CARE Cuts Rating on INR15.25cr Loan to B+
----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Ganapathy Enterprises (SGE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.25      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved
                                   to ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.75      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 13, 2020 placed the
rating(s) of SGE under the 'issuer non-cooperating' category as SGE
had failed to provide information for monitoring of the rating. SGE
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated December 28, 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 January 13, 2020 the following were
the rating strengths and weaknesses:

Key rating drivers

* Leveraged capital structure and weak debt coverage indicators:
The firm has leveraged capital structure. The debt to equity and
overall gearing ratio of the firm has deteriorated from 0.49x and
1.53x respectively as on March 31, 2016 to 1.58x and 2.72x
respectively as on March 31, 2018 due to increase in total debt to
support the increased business operations. The debt coverage
indicators marked by total debt/GCA has deteriorated from 8.50x in
FY17 to 12.96x in FY18 on account of increase in total debt.
Further PBILDT/Interest coverage ratio has marginally improved from
1.83x in FY17 to 1.89x in FY18 on account of increase in
operational profits. The TD/CFO is deteriorated from 10.81x in FY17
to -4.86x in FY18 on account of changes in total working capital at
the back of increase in debtors and advances made to suppliers as
on March 31, 2018.

* Working capital intensive nature of operations: As the firm is
significantly engaged in trading business its operations are
working-capital intensive in nature. While some suppliers of the
firm take full upfront payment for the goods procured by SGE, some
extend a credit period of 3-30 days, based on their respective
credit policies. The customers on the other hand are given a window
of 30- 60 days by SGE to make the payments. However in case of
builders who have long term contract with SGE for supply of
materials, they are given a credit period of 90-110 days.  Further,
the firm has not holding inventory during the review period, after
receiving order, based on the specifications of the customer and
nearest location, the firm is supplying materials to the customer
directly from supplier's premises. Due to the afore mentioned
reason, the firm had an elongated operating cycle of 97 days in
FY18 and made an average cash credit utilization of 90% for the 12
month period ended October 30, 2018 in order to meet its working
capital needs.

* Highly competitive and fragmented trading industry: The firm
operates in highly fragmented and competitive industry wherein the
presence of large number of entities in the unorganized sector and
established players in the organized sector limits the bargaining
power with the customers. However due to long presence of
proprietor in the business and ability to supply in bulk quantities
enables the firm to compete with other players in the industry.

* Constitution of the entity as a proprietorship firm: The
proprietor typically make all the decisions and led the business
operations. If he became ill or disabled, there may not be anybody
else to step in and maintain the optimum functioning of business. A
business run by proprietor 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 proprietorship firms have restricted access to
external borrowing which limits their growth opportunities to some
extent. Further the proprietor has withdrawn capital of INR0.84
crore during FY17- FY18.

Key Rating Strengths

* Established track record and experience of the proprietor for
more than two decades in the business of trading of construction
material: The proprietor of the firm has more than two decades of
experience in the field of supply of construction materials. Over
the years, Mr. T. Srinivasan has established a clientele and
suppliers network across Tamil Nadu, Andhra Pradesh and Karnataka.
Furthermore, the firm has membership with M/s. Builders Association
of India (BAOI). The proprietor also engaged in the business of
infrastructure development, residential & commercial projects,
power, irrigation, IT projects, road works, bridges, canals,
private and public sector works etc.

* Growth in total operating income during the review period: The
firm's scale of operations has been on an increasing trend and has
registered a CAGR of 40.23% over FY16-FY18, at the back of increase
in sales on account of repeated orders from existing customers and
addition of new customers. Further the firm has added new products,
cement and steel in FY17 and expanded its operations in Andhra
Pradesh with the name Srinivasa Enterprises.

In FY18, the TOI of the firm was marked INR87.59 crore, of which
95% was contributed from trading of Aggregates, Blocks & Sand and
5% from sale of Steel and Cement. Further the firm achieved a TOI
of INR55.69 crore in 7M FY19 (refers to the period
from April 2018 to October 2018).  

* Satisfactory profitability margins albeit fluctuating during the
review period: The PBILDT margin of the firm remained satisfactory
though fluctuated in the range of 7.59%-8.99% during the review
period (FY16-FY18) due to fluctuation in raw material cost and
increase in employee cost. Further, the PAT margin of the firm was
also fluctuated in the range of 2.26%-2.68% due to increase in
finance cost at the back of increase in utilization of working
capital bank borrowings.

* Established clientele and dealership with reputed companies: SGE
has supplying its products to several multinational companies and
builders. Few of the customers include Lafarge India Limited,
Radiance Realty Developers India Limited, Simplex Infrastructures
Limited, shapoorji pallonji and Company Private Limited, SSM
Builders & Promoters, Chettinad Builders Private Limited, URC
Construction Limited, Allied Investments & Housing Private Limited,
VGN Property Developers Private Limited, NSC Project Private
Limited and others. Further SGE has the dealership with suppliers,
reputed companies like ACC Limited, Chettinad Cement Corporation
Private Limited, Penna Cements Industries Limited.

Sri Ganapathy Enterprises (SGE) was established as a sole
proprietorship firm in the year 1995, promoted by Mr. T.
Srinivasan. Currently, the firm is engaged in trading of bulk
supply of construction materials such as River Sand, M-Sand,
aggregates, bricks, blocks, Steel and Cement. The firm has its
operations in Tamil Nadu, Andhra Pradesh and Karnataka regions and
having a customer base of 250 customers and supplier base of about
3000 suppliers. Further the firm has started its business
operations in Guntur (Andhra Pradesh) under the name Srinivasa
Enterprises in FY17. The firm is an ISO 9001:2015 certified
company.


GATIK TEA: CARE Assigns B Rating to INR5.75cr LT Loan to B
----------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of Gatik
Tea Co. Private Limited (GTCPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           5.75       CARE B; Stable Assigned

   Short Term Bank
   Facilities           0.25       CARE A4 Assigned

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GTCPL is constrained
by its short track record with small scale of operation and net as
well as cash loss from operation in FY20 albeit improvement in
8MFY21, susceptibility to vagaries of nature, volatility associated
with tea prices, high competition, lack of backward integration for
its raw material, working capital intensive nature of operation and
leveraged capital structure. However, the aforesaid constraints are
partially offset by its experienced promoters, and proximity to raw
material sources.

Key Rating Sensitivities

Positive Factors

* Sizeable increase in scale of operations from present level
(Total Operating Income above INR25.00 crore) of the entity
on a sustainable basis.

* Improvement in operating profit and net profit with the same
turning positive on a sustainable basis.

Negative Factors

* Any sizeable de-growth in scale of operations from present level
(total operating income below INR5.00 crore) on a sustained basis.

* Any further decline in profitability margins on a sustainable
basis.

* Deterioration in overall gearing ratio beyond 2.50x on a
sustained basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Short track record with small scale of operation and net as well
as cash loss from operation in FY20 albeit improvement in 8MFY21:
The company has started commercial operation from December, 2017
and thus has short track record of operations and operation is at
nascent stage. GTCPL is a relatively small player in tea industry
with a total operating income of INR3.18 crore in FY20 as compared
to INR8.20 crore in FY19.However, the company has made net loss of
INR2.14 crore in FY20 as against net loss of INR0.94 crore in FY19
due to increase in operating expenses (Repair & maintenance,
selling expense etc.).  Further, the company reported a negative
net worth as on March 31, 2020 due to previous year losses. There
was a cash loss of INR1.10 crore in FY20 vis-à-vis cash profit of
INR0.01 crore in FY19. However, the company witnessed improvement
in financial as well as operational performance after acquisition
by current promoters and the company able to generate a turnover of
INR1.47 crore with PAT of INR0.36 crore in 8MFY21.The small size
restricts the financial flexibility of the company in times of
stress and it suffers on account of economies of scale.

The COVID -19 pandemic is rapidly spreading throughout the world.
The Company's plants and offices were under nationwide lockdown
since March 25, 2020. As a result of the lockdown, the production
for the month of March 2020 had been impacted. Moreover, the plant
was shut down for two months from April, 2020 to May, 2020 and the
company has resumed its operation from July, 2020 as per the
direction of the government and the company has reported total
operating income of INR1.47 crore as on November 30, 2020. However,
the company has not availed any moratorium.

* Susceptibility to vagaries of nature: Tea production, besides
being cyclical, is susceptible to vagaries of nature. GTCPL's tea
processing unit is located in Jalpaiguri district of West Bengal,
one of the largest tea producing state in India. However, the
region has sometimes witnessed erratic weather conditions in the
past. Though demand for tea is expected to have a stable growth
rate, supply can vary depending on climatic conditions in the major
tea growing areas. Therefore adverse natural events have negative
bearing on the productivity of tea gardens in the region and
accordingly GTCPL is exposed to vagaries of nature.

* Volatility associated with tea prices: The prices of tea are
linked to the auctioned prices, which in turn, are linked to prices
of tea in the international market. Hence, significant adverse
price movement in the international tea market can affect GTCPL's
profitability margins. Further, tea prices fluctuate widely with
demand-supply imbalances arising out of both domestic and
international scenarios. Tea is a perishable product and demand is
relatively price inelastic, as it caters to all segments of the
society. While demand has a strong growth rate, supply can vary
depending on climatic conditions in the major tea growing
countries. Unlike other commodities, tea price cycles have no
linkage with the general economic cycles, but with agro-climatic
conditions.

* High competition: While the tea industry is an organised
agro-industry, it is highly fragmented in India with presence of
many small, mid-sized and large players. There are about 1000 of
tea brands in India, of which 90% of the brands are represented by
regional players while the balance of the 10% is dominated by big
corporate houses. Since, GTCPL is expected to sells all its produce
through auctions and doesn't have any brand. This, coupled with the
growing shift from loose to branded tea among consumers, would
further intense the competition for GTCPL. Lack of backward
integration for its raw material GTCPL is expected to purchase
green leaves from the small and local gardens in nearby area and
has its own manufacturing unit having a tea producing capacity of
about 9.5 lakh kg per annum enabling the company to supply black
CTC tea, as per demand scenario. As the green leaves are procured
fully from nearby gardens in the area, GTCPL depend on external raw
material suppliers which, in turn, results in pressure on margins
due to higher raw material cost.

* Working capital intensive nature of operation: GTCPL's business,
being manufacturing and processing of tea, is working capital
intensive nature. Different types of processes involved in tea
manufacturing like withering, fixing, oxidation, rolling, drying
and ageing. These apart, higher numbers of employees are required
for tea processing. Accordingly, tea manufacturing and processing
business is working capital intensive in nature. Accordingly, the
average working capital utilisation remained moderately high at
around 72% during the last 12 months ended May 31, 2018.

* Leveraged capital structure: The capital structure of the company
remained leveraged on account of high debt equity and overall
gearing ratio as on March 31, 2020 due negative networth and losses
made in FY20. Moreover, the debt coverage indicators marked by
total debt to GCA is weak as on March 31, 2020 and the interest
coverage ratio is also adverse in FY20 due to operating loss
reported in FY20.

Key Rating Strengths

* Experienced promoters: Mr. Swapan Das (aged 49 years), one of the
directors, has over two decades of experience in the tea industry,
and Mr. Ashok Kumar Agarwal (aged 54 years), the other director,
Mr. Prasant R Khimkaa and Mr. Harsh Vardhan Khemka also has
experience of almost two decades in similar line of business. Mr.
Prasant R Khimkaa and Mr. Harsh Vardhan Khemka mutually look after
the overall management of the company, with adequate support from a
team of experienced personnel.

* Proximity to raw material sources: GTCPL processing unit is
located in Jalpaiguri, West Bengal which is one of the largest tea
producing state in India and has close proximity to raw material
sources. The entire raw material requirement is met locally which
helps the company to save substantial amount of transportation cost
and also procure raw materials at effective prices.

* Liquidity analysis-Adequate: The Gross cash accruals of the
company are negative as on March 31, 2020. As on balance sheet,
Company has cash balance of INR0.34 crore as on March 31, 2020.The
average utilization of cash credit limit is around 75% during last
8 month and up to December 23, 2020.Further, the operating cycle
deteriorated to 51 days due to higher collection period in FY20.
As per banker interaction, the company has not availed moratorium
of its bank facilities and they are paying interest on time.

Gatik Tea Co Private Limited (GTCPL) was set up as a private
limited company in 2013, by Mr. Swapan Das and Mr. Ashok Kumar
Agarwal of Siliguri, West Bengal. The company is engaged in the
business of processing of black CTC tea in Siliguri, West Bengal.
The company is setting up a manufacturing unit in Jalpaiguri, West
Bengal. The company is planning to sell its tea in auction and
through brokers. The company have started its operation from
December, 2017 with FY18 being the first year of operation. This
apart, the company has two associate companies namely Mahamaya Agro
Industries Ltd and Sovarani Tea Company Private Ltd. Further the
Company was acquired by Mr. Prasant R Khimkaa, chairman and Mr.
Harsh Vardhan Khemka, Managing Director on February, 2020 along
with the previous directors.


GOVINDAM PROJECTS: CARE Lowers Rating on INR11cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Govindam Projects Private Limited (GPPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.00      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved
                                   to ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from GPPL to monitor the rating
vide e-mail communications/letters dated July 9, 2020, August 19,
2020, October 9, 2020, October 19, 2020, November 4, 2020, November
26, 2020, December 11, 2020 and numerous phone calls. However,
despite repeated requests, the entity has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the publicly available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating. The rating on
GPPL's bank facilities will now be denoted as CARE B+; Stable;
ISSUER NOT COOPERATING. Further, due diligence could not be
conducted.

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 has been revised on account of non-availability of
requisite information due to non-cooperation by GPPL 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 in December 30, 2019, the following were
the rating strengths and weaknesses

Key Rating Weaknesses:

* Relatively small scale of operation with low profitability
margins: The overall scale of operations of the company remained
relatively small marked by total operating income of INR94.30 crore
(FY18: INR78.80 crore) with a PAT of INR0.94 crore (FY18: INR4.18
crore) in FY19. Apart from this, the total capital employed also
remained moderate at INR25.35 crore as on March 31, 2019. The
company has reported PBILDT, PAT and GCA levels of INR3.58 crore,
INR0.94 crore and INR1.87 crore respectively during FY19. The
profitability margins deteriorated marked by deterioration in
PBILDT margin to 3.80% and PAT margin to 0.99% respectively in FY19
on account of aforesaid reason.

* Lack of backward integration vis-a-vis volatility in raw material
prices: GPPL does not have any backward integration for its basic
raw material (like iron ore, non-coking coal, dolomite etc.) and is
required to purchase the same from open market. Furthermore, the
company does not have any long term contracts for procurement of
raw materials. Since, the raw material is the major cost driver
(92.88% of total costs during FY19) and its prices are volatile in
nature, the profitability margin of the company is susceptible to
fluctuation in raw material prices.

* Highly competitive and fragmented industry: The spectrum of the
steel industry in which the company operates is highly fragmented
and competitive marked by the presence of numerous players in
northern and eastern India. Hence the players in the industry do
not have pricing power and are exposed to competition induced
pressures on profitability. This apart, GPPL's products being steel
related, it is subjected to the risks associated with the industry
like cyclicality and price volatility.

Key Rating Strengths

* Experienced promoters: The company is managed by Mr. Pradeep Kr.
Khemka, Managing Director, with the help of other three directors.
All the promoters are having around three decades of experience in
iron and steel industry.

* Proximity to raw material sources: GPPL plant is located at
Rourkela in Odisha, which is also in proximity to the steel and
mining areas of West Bengal and Jharkhand. Hence, its presence in
the steel and mining region results in benefits derived from a
lower logistic expenditure (both on transportation and storage),
easy availability and procurement of raw materials at effective
prices.

* Comfortable capital structure with satisfactory debt coverage
indicators: The capital structure of the company remained
comfortable marked by overall gearing ratio of 0.97x as on March
31, 2019 as against 0.56x as on March 31, 2018. The interest
coverage deteriorated but the same stood satisfactory at 2.34x in
FY19. Furthermore, the total debt to GCA also deteriorated during
FY19 and the same stood at 6.67x in FY19.

Govindam Projects Private Limited (GPPL) was incorporated in
February 2003 to initiate a sponge iron manufacturing business. The
company has set up its manufacturing unit at Kuarmunda, Rourkela in
Odisha with an installed capacity of 60,000 metric tons per annum
(MTPA). Since its inception, the company has been engaged in
manufacturing of sponge iron and from FY16 the company has also
started iron ore crushing unit in its existing plant.


INDIA: Proposes Pre-Packaged Insolvency Resolution Option
---------------------------------------------------------
BloombergQuint reports that India has proposed a pre-packaged
insolvency option that will allow creditors and debtors to work on
an informal plan and then submit it for approval even as the nation
braces for a spike in bankruptcies once the freeze on filings is
lifted.

The Ministry of Corporate Affairs has invited comments on the
proposal that, if accepted, will become part of the Insolvency and
Bankruptcy Code, 2016, according to a statement, BloombergQuint
relays. A sub-committee that suggested the option has recommended
to quickly amend the code, preferably by an ordinance, to implement
it.

BloombergQuint relates that the aim, the proposal said, is to aid
the existing insolvency framework and cut the cost and time of the
resolution process. While there is no specific statutory
definition, a pre-packaged will allow the creditor and the debtor
to informally work on a resolution without the involvement of a
court or a tribunal. The plan, if the parties agree, can be
presented to the adjudicating authority for approval. It's a hybrid
of the informal and formal insolvency process and can be applied
even before a default.

BloombergQuint says experts in the past have batted for such a
process citing a high caseload at tribunals and time taken to
complete insolvency resolution. The proposal comes when fresh
bankruptcy filings remain suspended during the pandemic protect
firms facing distress because of Covid-19.

According to BloombergQuint, the sub-committee of the Insolvency
Law Committee, set up in June 2020 to recommend a detailed scheme
for its implementation, has, among other things, suggested:

   * The IBC Code may make a skeletal provision enabling pre-pack,
     while the informal part could be left to market practice or
     guided by self-regulation, guidelines, best practices, etc.

   * Pre-pack should be available for all corporate debtors and
     for any stress—pre and post default.

   * It may begin by being allowed for defaults from INR1 lakh
     to INR1 crore and Covid-19 defaults. This can be followed
     by defaults above INR1 crore, and then defaults from Re 1
     to INR1 lakh

   * A corporate debtor (the company that has defaulted on debt)
     shall initiate pre-pack with the consent of a simple
     majority of unrelated financial creditors and shareholders.

   * The moratorium shall be available from the pre-pack
     commencement date till the closure of the process,
     whether by approval of the resolution plan or otherwise.
123456789012345678901234567890123456789012345678901234567890123456
   * The corporate debtor shall remain under the control and
     possession of the current promoters and management during the
     pre-pack process.

   * There shall be no dilution of provisions of section 29A
     (defining the eligibility of a resolution applicant) in
     respect of resolution applicants for submission of the
     resolution plan.

   * Pre-pack shall not end up with liquidation, except when
     the committee of creditors decides to liquidate the
     corporate debtor with a 75% voting share.

   * Regulatory benefits available to insolvency process shall
     be available to pre-pack.

   * Pre-pack should allow 90 days for market participants to
     submit the resolution plan to the adjudicating authority,
     which shall have 30 days to approve the plan.

The last date for the online submission of comments and suggestions
is Jan. 22, BloombergQuint adds.


JAI BHOLE: Ind-Ra Assigns 'BB+' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Jai Bhole Steel
Tubes Private Limited (JBSTPL) a Long-Term Issuer Rating of 'IND
BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR120 mil. Fund-based working capital limit assigned with
     IND BB+/Stable/IND A4+ rating; and

-- INR30 mil. Proposed fund-based working capital limit* assigned

     with IND BB+/Stable/IND A4+ rating.

*Unallocated

KEY RATING DRIVERS

The ratings reflect JBSTPL's medium scale of operations, as
indicated by the revenue of INR1,852.17 million in FY20 (FY19:
INR1,421.10 million). The increase in the revenue in FY20 was
driven by improved volume sales on the back of the capacity
expansion undertaken by the company. JBSTPL recorded a revenue of
INR1,605 million in 9MFY21, due to improved demand and an increase
in steel prices. Consequently, Ind-Ra expects the company's revenue
to increase on a year-on-year basis during FY21.

The ratings also factor in JBSTPL's average operating profitability
even though its EBITDA margin improved to 3.30% in FY20 (FY19:
2.23%), on the back of reduced administrative as well as employee
expenses. The company's profitability is susceptible to volatility
in steel prices. The return on capital employed was 13.7% in FY20
(FY19: 8%).

The company's credit metrics are moderate with the net leverage
(adjusted net debt/operating EBITDAR) of 3.99x in FY20 (FY19:
6.41x) and the interest coverage (operating EBITDA/gross interest
expense) of 2.77x (2.00x). The credit metrics improved in FY20 due
to an increase in the EBITDA levels to INR61.06 million (FY19:
INR31.75 million). Ind-Ra expects the credit metrics to deteriorate
in FY21 on the back of the additional debt availed by the company
during the year to fund its working capital requirements.

Liquidity Indicator- Stretched: The average maximum utilization of
JBSTPL's working capital facilities was 91.63% during the 12 months
ended October 2020. The net working capital cycle remained
elongated at 49 days in FY20 (FY19: 50 days) on account of high
year-end inventory. The cash flow from operations continued to be
negative at around INR33.74 million in FY20 (FY19: negative INR0.05
million) mainly due to the increase in working capital
requirements. In FY21, the company availed a COVID-19 emergency
credit facility of INR12 million and a loan of INR18.2 million
under the Guaranteed Emergency Credit Line scheme from its primary
bank to support the working capital requirements.

The ratings are, however, supported by the promoters' long-standing
experience in the steel industry.

RATING SENSITIVITIES

Positive: A sustained improvement in the scale of operations,
EBITDA margins, along with an improvement in the overall credit
metrics and liquidity position, could be positive for the ratings.


Negative: Lower-than-expected revenue or profitability and/or a
further elongation of the working capital cycle leading to
deterioration in the liquidity position and the interest coverage
below 2.0x will be negative for the ratings.

COMPANY PROFILE

Established in 2003, JBSTPL manufactures electric resistance welded
tubes and cold rolled strips at its manufacturing facility in
Ludhiana, Punjab. JBSTPL has an installed capacity of 54,000mtpa
for cold-rolled strips and 30,000mtpa for cold rolled precision
tubes.

The company is promoted by Sushil Kumar Maini and Kuldeep Kumar.

JAI KRISHNA: CARE Lowers Rating on INR8cr LT Loan to B+
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Jai
Krishna Steel Private Limited (JKSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.00      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE BB-; Stable and moved
                                   to ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from JKSPL to monitor the rating
vide e-mail communications/letters dated July 10, 2020, August 19,
2020, October 19, 2020, November 4, 2020, November 26, 2020,
December 7, 2020 and numerous phone calls. However, despite
repeated requests, the entity has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. Further, Jai Krishna
Steel Private Limited has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The rating on
JKSPL's bank facilities will now be denoted as CARE B+; Stable;
ISSUER NOT COOPERATING. Further, due diligence could not be
conducted.

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 has been revised on account of non-availability of
requisite information due to non-cooperation by JKSPL 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 in December 4, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses:

* Small Scale of operations with low profit margin: The overall
scale of operation of the company remained small marked by total
operating income of INR85.53 crore (FY18: INR57.48 crore) and PAT
of INR0.79 crore (FY18: INR0.66 crore) in FY19. The total capital
employed was also moderate at INR12.63 crore as on March 31, 2019.
The profitability margins deteriorated due to relatively higher
cost of operations and the same remained low marked by PBILDT
margin of 3.22% (FY18: 4.38%) and PAT margin of 0.92% (FY18:1.16%)
in FY19.

* Exposed to volatility in prices of raw materials: JSPL does not
have any backward integration for its major raw material i.e. MS
ingots, coal etc. and has to purchase the same from open market at
prevailing market rates and raw material is the major cost driver
for JSPL accounting for about 88% of the total cost of sales in
FY19. Therefore any sudden upward movement in raw material prices
and the company inability to pass on the entire increase costs to
its customers in an intensely competitive industry, the
profitability will be negatively impacted.

* Moderate capital structure and debt coverage indicators: The
capital structure of the company improved and remained moderate
with overall gearing ratio of 1.85x (FY18: 2.37x) as on March 31,
2019. Furthermore, the debt coverage indicators also remained
moderate marked by interest coverage of 2.73x (FY18: 2.94x) and
total debt to GCA of 5.85x (FY18:6.29x) in FY19 (A).

* Stiff competition and cyclicality associated with the Iron &
steel industry: The spectrum of the Iron & steel industry in which
the company operates is highly fragmented and competitive marked by
the presence of numerous players in northern and eastern India.
Hence the players in the industry do not have pricing power and are
exposed to competition induced pressures on profitability. This
apart, JSPL's products being Iron & steel related, it is subjected
to the risks associated with the industry like cyclicality and
price volatility. The iron & steel industry is sensitive to the
shifting business cycles, including changes in the general economy,
interest rates and seasonal changes in the demand and supply
conditions in the market. Apart from the demand side fluctuations,
the highly capital intensive nature of iron & steel projects
along-with the inordinate delays in the completion impact the
responsiveness of supply side to demand movements. This results in
several steel projects bunching-up and coming on stream
simultaneously leading to demand supply mismatch.

Key Rating Strength:

* Experienced promoters with satisfactory track record of
operations: JSPL is into manufacturing and trading of iron and
steel product such as MS structure, MS TMT bars etc. since 2012 and
accordingly has established track record of operations in the
industry. The promoters have more than two decades of experience in
the same line of business and established long term relationships
with the customers and suppliers. Mr. Sumit Agrawal has around 10
years of experience and Mr. Rajesh kumar Gupta has around 27 years
of experience in the same line of business and both the directors
are involved in the strategic planning and running the day to day
operations of the company.

* Strategic location of the plant: JSPL's plant is located in
Patna, district of Bihar where the raw materials are available in
abundance. Furthermore, the MS ingot and coal rich Ranchi, Koderma,
Tatanagar, Rourkela, Durgapur are also located nearby. The
proximity to the raw material sources reduces the transportation
cost to the company. Besides, the region has a large number of
steel manufacturers as well as end users. Hence, the company has a
large ready market to sell its products.

Jaikrishna Steels Private Limited (JSPL) was incorporated in
September, 2010 and started its commercial operations from 2012.
The registered office of the company is situated at Patna, Bihar.
JSPL has been engaged in manufacturing and trading of MS structure
and MS TMT bars at its plant located at Patna district of Bihar
with an installed capacity of 46,500 metric tons per annum (MTPA).
The company derives major revenue from manufacturing activities and
very minor revenue from trading activities.


JAIN IRRIGATION: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Jain Irrigation
Systems Limited's (JISL) Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR15.5 mil. Fund-based working capital limits (Long-
     term/Short-term) affirmed with IND D rating;

-- INR17.35 mil. Non-fund-based working capital limits (Long-
     term/Short-term) affirmed with IND D rating;

-- INR3.46 mil. Term loan (Long-term) due on November 1, 2024
     affirmed with IND D rating; and

-- INR1.5 mil. Proposed term loan withdrawn (the company did not
     proceed with the instrument as envisaged).

Analytical Approach: Ind-Ra continues to take a consolidated view
of JISL and its subsidiaries while arriving at the ratings, due to
the similar nature of operations and moderate strategic linkages
among them.

KEY RATING DRIVERS

The affirmation reflects continued delays in debt servicing by JISL
since October 2019, due to a stretched liquidity position,
resulting from delays in realization of receivables from its
micro-irrigation segment.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in a positive rating action.

COMPANY PROFILE

JISL is an agri-business company, operating in diverse segments of
the agribusiness value chain.

JAIPUR TUFFEN: CARE Reaffirms B- Rating on INR13.02cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Jaipur Tuffen Glass Industries Private Limited (JTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.02       CARE B-; Stable Rating removed
   Facilities                      from ISSUER NOT COOPERATING
                                   category and Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of JTPL continue to
remain constrained on account of its weak financial risk profile
marked by small scale of operations with net loss in FY20 (FY
refers to the period April 1 to March 31), weak solvency position
and stretched liquidity position. The rating, further, continues
to
remain constrained on account of its presence in the highly
competitive and fragmented glass industry. The rating, however,
continue to derives strength from experienced management in the
glass industry.

Rating Sensitivities

Positive Factor- Factors that could lead to positive rating
action/upgrade:

* Increase in the scale of operations with Total Operating Income
(TOI) exceeding INR25.00 crore on sustained basis.

* Improvement in capital structure marked by overall gearing below
4.00 times.

* Improvement in liquidity position with collection period below 60
days.

Negative Factor- Factors that could lead to negative rating
action/downgrade:

* Deterioration in capital structure marked by overall gearing of
more than 5.50 times

* Continuous net loss

* Deterioration of liquidity position with collection period more
than 180 days.

Detailed description of the key rating drivers

Key Rating Weakness

* Small scale of operations with net loss in FY20: The overall
scale of operations of the company remained small with TOI of
INR16.61 crore as per provisional result of FY20. During FY20, TOI
of the company has declined by 19.34% over FY19 mainly on account
of low orders and further imposition of lockdown due to COVID-19.
Further, the tangible net-worth of the company has also remained
small at INR3.19 crore as on March 31, 2020 due to small scale of
operations along with limited accruals earned during past three
financial years ended FY20. Further, the plant of the company
remained closed from March 22, 2020 to May 21, 2020. Till December
22, 2020, it has registered TOI of INR10.58 crore.  PBILDT margin
of the company stood moderate at 14.03% during FY20, declined by
417 bps over FY19 due to increase in power and fuel expenses,
employee cost and other manufacturing expenses. With decline in
PBILDT margin, the company has registered net loss in FY20 as
against net profit in FY20. Further, the gross cash accruals of the
company also stood low at INR1.06 crore in FY20 declined by 50.27%
over FY19.

* Weak solvency position: The capital structure of the company
remained highly leveraged with an overall gearing stood at 4.84
times as on March 31, 2020, deteriorated from 4.36 times as on
March 31, 2019 due to low tangible net-worth base of the company
due to net loss incurred in FY20. On account of the same, the debt
coverage indicators of the company have also remained weak marked
by total debt to GCA stood at 14.52 times in as on March 31, 2020,
deteriorated from 7.60 times as on March 31, 2019 on account of
proportionately higher decline in GCA level than total debt level
and interest coverage ratio stood at 1.84 times in FY20, declined
from 2.33 times in FY19 mainly due to higher decline in PBILDT
level than interest expense in FY20.

* Presence in the highly competitive and fragmented industry: The
company operates in the highly competitive industry with presence
of many small and mid-size players in the industry lead to high
level fragmentation in the industry. The intense competition in the
industry leads to competitive pricing strategy adopted by the
company resulted in low profit margins. The same has further leads
to liberal credit policies adopted by the company due to low
bargaining power of the company against its customers.

Key rating Strength

* Experienced management in the glass industry: Overall affairs of
the company are looked after by the directors, Mr. Satish Shah and
Mr. Shailesh Shah who have around two decade of experience in the
glass industry. Further, the promoters of JTPL have been engaged in
the glass industry since 1974 through its group concerns, M/s
Jaipur Glass House (JGH) and M/s Glass Art Palace (GAP).

Liquidity: Stretched

The liquidity position of the company stood stretched marked by
tightly matched accruals against its debt repayment obligations and
low free cash & bank balance of INR0.08 crore as on March 31, 2020
as against INR0.11 crore as on March 31, 2019. The operating cycle
of the company stood elongated at 137 days in FY20, deteriorated
from 72 days in FY19 owing to delay in payment from customers. Due
to it, as on balance sheet date, the utilization of working capital
bank borrowing stood high. Consequently, current ratio and quick
ratio stood weak at 1.03 times and 0.86 times respectively as on
March 31, 2020. However, it has utilized 50% of its working capital
limits during past 12 months ended November 30, 2020. The cash flow
from operating activities stood positive at INR2.38 crore in FY20
against positive of INR0.57 crore in FY19. Further, the company has
availed moratorium from the banks for the period  April 1, 2020 to
May 31, 2020 and the same is approved by the banker. Further, it
has also term loan of INR2.61 crore under COVID-19 relief
measures.

Jaipur-based (Rajasthan) Jaipur Tuffen Glass Industries Private
Limited (JTPL) was incorporated in November, 2013 by Mr. Shailesh
Shah, Mr. Bal Kishan Shah, Mr. Satish Shah and Mrs. Vimla Shah. The
company has commenced its commercial operations from July, 2017.
JTPL is engaged in manufacturing of toughened glass,
heat-strengthened glass, laminated glass and insulated glass.
Toughened glass finds its applications in automobiles, buildings &
structures, food service & restaurants, etc. whereas insulated
glass finds its applications in commercial & residential fixed &
operable windows, curtain walls, storefronts, sloped/overhead
glazing etc. The products manufactured by the company are sold
across India.


JAYA POULTRY: Ind-Ra Keeps 'D' LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Jaya Poultry
Farm's Long-Term Issuer Rating in the non-cooperating category and
has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR85.1 mil. Long-term loans (Long-term)* due on September
     2027 maintained in the non-cooperating category and
     withdrawn; and

-- INR40 mil. Fund-based working capital limits (Long-term/Short-
     term)* maintained in the non-cooperating category and
     withdrawn.

*Maintained at 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn.

KEY RATING DRIVERS

Jaya Poultry Farm did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received a no objection certificate from the lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Established in November 2017, Jaya Poultry Farm is a partnership
firm engaged in layer poultry farming.

KANNELITE FACILITY: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Kannelite Facility Management Services Private Limited
        226 Indira Nagar
        P.O. New Forest
        Dehradun UR 248006

Insolvency Commencement Date: January 6, 2021

Court: National Company Law Tribunal, Allahabad Bench

Estimated date of closure of
insolvency resolution process: July 4, 2021

Insolvency professional: Anurag Nirbhaya

Interim Resolution
Professional:            Anurag Nirbhaya
                         204, Sagar Plaza
                         Plot No. 19, District Centre
                         Laxmi Nagar, New Delhi
                         National Capital Territory of Delhi
                         110092
                         E-mail: anurag@canirbhaya.com
                                 cirp.kannelite@gmail.com

Last date for
submission of claims:    January 20, 2021


KSK MAHANADI: Insolvency Process in Limbo as 4 Bidders Back Out
---------------------------------------------------------------
The Economic Times (India) reports that Adani, Tata, Brookfield and
JSPL have said they won't submit financial bids for KSK Mahanadi
Power's ultra-mega power plant unless its water and railway
infrastructure are included in the sale, according to people aware
of the matter, creating a hurdle in the company's insolvency
process.

The four bidders were among seven applicants that had expressed
interest in acquiring the power company that owns a 3,600 MW
thermal power plant in Chhattisgarh, ET says.

The power producer was pushed into insolvency proceedings last year
after its creditors failed to agree on a proposal from the Adani
Group offering INR11,000 crore to acquire the company, ET recalls.


According to ET, KSK Mahanadi Power has associated water pipeline
and storage infrastructure as well as railway sidings that connect
the power plant to the main railway line, which are housed in two
special purpose vehicles. The potential bidders want these assets
to be clubbed with the power plant.

The issue is similar to the once-bankrupt Essar Steel, which had
critical infrastructure like captive ports, slurry pipeline and
power plants housed in separate corporate entities that made a
smooth transition to ArcelorMittal difficult, the report notes.

The bidders for KSK Mahanadi are said to have expressed their
concerns to the committee of creditors informally, ET states.

Power Finance Corporation leads the group of banks and financial
institutions that have lent INR21,000 crore to the power company.
The lenders expect to recover at least 50% of their dues, ET
discloses.

The resolution professional of the company has to wrap up the
insolvency proceedings by February 2, 2021, ET discloses citing an
order by the tribunal.

KSK Mahanadi Power generated INR4,000 crore in revenue in the year
ended March 31, 2019, as per filings with the Registrar of
Companies, ET discloses.

According to ET, Tata submitted an expression of interest for the
company through Resurgent Power, its joint venture with ICICI Bank
NSE 0.49 %, while Brookfield’s EOI came through its debt
investment arm Oaktree Capital.

KSK Mahanadi project has 25-year power purchase agreements with
electricity boards in Uttar Pradesh, Andhra Pradesh, Tamil Nadu and
Gujarat.


KTC THREADS: CARE Reaffirms B Rating on INR0.45cr LT Loan
---------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of KTC
Threads LLP (KTC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            0.45      CARE B; Stable Reaffirmed

   Long Term/Short      11.00      CARE B; Stable/CARE A4
   Term Bank                       Reaffirmed
   Facilities           
                                   
Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of KTC continue to
remain constrain on account of its modest scale of operations and
profitability coupled with leveraged capital structure and weak
debt coverage indicators as well as stretched liquidity with
elongated operating cycle during FY20 (Audited, refers to period
from April 1 to March 31). The ratings further remain constrained
owing to susceptibility of its profitability to volatility in raw
material prices and foreign exchange fluctuations along with its
presence in highly fragmented and competitive textile industry. The
ratings, however, continue to derive comfort from the vast
experience of partners in textile industry and its strategic
location within the cotton-producing belt of Gujarat.

Rating Sensitivities

Positive Factors

* Significant growth in KTC's total operating income (TOI) by more
than 40% with a reported increase in gross cash accruals (GCA)
level by around 30% on sustained basis

* Improvement in capital structure marked by overall gearing below
2 times on sustained basis

* Improvement in debt coverage indicators with total debt to GCA
(TDGCA) of less than 8 times and interest coverage of more than 3
times on sustained basis

* Improvement in operating cycle of less than 120 days on sustained
basis

Negative Factors

* Further dip in TOI by more than 15% along with further
deterioration in cash accruals by more than 20% leading to
inadequate cushion against debt repayments

* Deterioration in the gearing ratio of over 8 times

* Elongation in its effective operating cycle for more than 320
days leading to high reliance on working capital borrowings
resulted into further stress on liquidity position of KTC.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Declining scale of operations with dip in profitability: During
FY20, KTC's total operating income declined by 18.981% y-o-y and
remained modest at INR24.20 crore as compared to INR29.81 crore
during FY19 owing to lower demand from customers during FY20 along
with COVID-19 induced lockdown effect during FY20 end. Operating
margin of KTC remained stable at 8.56% during FY20 as compared to
9.20% during FY19. Consequently, PAT margin of KTC also remained in
line with previous year at 0.70% during FY20.

* Leveraged capital structure and weak debt coverage indicators
along with elongation in working capital cycle: Capital structure
of KTC continued to remain leveraged marked by an overall gearing
ratio of 5.98 times as on March 31, 2020 similar to previous year
on account of KTC's comparatively high debt level as against modest
net worth base as on March 31, 2020. The debt coverage indicators
of KTC continued to remain weak owing to low GCA level during FY20
as against comparatively high debt level as on March 31, 2020.
Total debt to GCA remained weak at 28.40 years as on March 31, 2020
[25.55 years as on March 31, 2019]. Interest coverage ratio of KTC
continued to remain modest at 1.52 times during FY20 [1.45 times in
FY19].  Operating cycle of KTC further elongated to 280 days during
FY20 as against 212 days during FY19 on account of increase in
collection as well as inventory period during FY20.

* Susceptibility of profit margins to volatility in raw material
prices and foreign exchange fluctuations along with presence in
highly fragmented and competitive textile industry: KTC is engaged
in the business of trading and processing of viscose yarn, for
which it imports some of the raw materials and it does not involved
in active foreign currency hedging, hence, KTC is exposed to
foreign currency volatility risk. Also, the prices of the raw
material for manufacturing yarn is market-driven and keep
fluctuating in nature affecting the operating profit margin of KTC.
Further, KTC operates in highly fragmented industry marked by
presence of large number of organized and unorganized players, thus
intensifying competition.

Key Rating Strengths

* Experienced partners in the textile industry: KTC is promoted by
four partners namely Mr. Vinod Khurana, Mr. Aditya Khurana, Ms.
Alpi Khurana and Mr. Dayaprakash Khurana. All the partners are
having vast experience in textile industry and all the partners are
actively involved in day to day business operations of the firm.

* Location advantage resulting in easy access of raw material:
KTC's manufacturing facilities are located in Surat district of
Gujarat. This place enjoys good road & rail connectivity leading
to better lead time and facilitating delivery of finished products
in a timely manner. The manufacturing unit is located near the raw
material producing region, which ensures easy raw material access
and smooth supply of raw materials at competitive prices and lower
logistic expenditure.

Liquidity: Stretched

Liquidity position of KTC continued to remain stretched marked by
modest GCA of 0.63 crore during FY20, however, it remained
sufficient as compared to gross debt repayment of INR0.28 crore
during FY21. Average utilization of its working capital limit
remained at around 80% during past twelve months ended November,
2020. Unencumbered cash and bank balance remained at INR0.25 crore
as on March 31, 2020 [Rs.0.31 crore as on March 31, 2019].

KTC has availed moratorium for its bank facilities during six
months period from March, 2020 to August, 2020 as a COVID-19 relief
measures. Furthermore, KTC has also availed working capital demand
loan to the tune of INR2.25 crore having tenure of 48 months
including 12 months of moratorium period as a COVID-19 relief
measure which is expected to provide cushion in
near term for working capital management.

Surat-based (Gujarat), KTC is a limited liability partnership firm
established in 2011 by Mr. Vinod Khurana, Mr. Aditya Khurana, Ms.
Alpi Khurana and Mr. Dayaprakash Khurana. The firm is engaged into
the business of trading and processing of viscose yarn and
manufacturing of knitted fabric. The firm procures viscose yarn
from China which is subsequently dyed and sized at its processing
plant into various commercial sizes as per the requirement of its
customers. The firm also manufactures knitted fabrics, while the
facility is located at Surat which is a textile hub of India with
an installed capacity of 4800 meter per day as on March 31, 2020.
The products processed and manufactured by the firm are used in the
textile industry.


LKP INFRA: CARE Hikes Rating on INR3.93cr LT Loan to B+
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of LKP
Infra Projects (LKPIP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.93      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B; Stable and moved
                                   to ISSUER NOT COOPERATING
                                   category

   Short Term Bank
   Facilities            2.50      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of
LKPIP takes into account increase in scale of operations during
FY20 (Prov.) albeit remained small, improved and comfortable
capital structure and debt coverage indicators during review
period. The rating continues to be tempered by Working capital
intensive operations, Short term revenue visibility from order book
position and Constitution of entity as a partnership firm with
inherent risk of withdrawal of capital. However, the rating
continues to be derive its strengths from experienced promoters for
over a decade in construction industry and stable outlook of
construction industry.

Rating Sensitivities

Positive Factors

* Increase in scale of operations marked by total operating income
increasing beyond INR20.00 crores while improving its
profitability margins leads to substantial increase in GCA.

* Timely execution of orders in hand without cost overrun.

* Diversification of geographical reach.

* Timely collection of payment from its debtors.

Negative Factors

* Any delay in the completion of the projects.

* Deterioration in capital structure as marked by overall gearing
ratio beyond 1.50x

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations albeit increasing total operating
during FY20 (Prov.,): The scale of operations of the firm stood
small marked by the total operating income has increased from
INR5.70 crore in FY19 to INR9.36 crore in FY20 (Prov.,) at the back
of increase in receipts and execution of orders in timely manner.
Furthermore, the firm has achieved total operating income of
INR4.00 crore in the 8MFY21 (Prov.,).

* Working capital intensive operations: The operating cycle of the
firm is working capital intensive nature of operations stood at 372
days in FY20 (Prov.,) although improving from 598 days in FY19 at
the back of increase in collection period from 243 days in FY19 to
119 days in FY20 (Prov.,) at the back of realization from
Government of Telangana. The firm makes the payment to its
suppliers within 40 days due to low bargaining power. However, the
inventory period stood high at 288 days in FY20 (Prov.,) however
decreasing from 367 days in FY19 as the firm has executed most of
the orders in FY20. The average utilization of working capital bank
facility stood at 85% per cent in the last twelve months ended with
November 30, 2020.

* Short term revenue visibility from order book position: The firm
has order book position of INR15.50 crore as on November 30, 2020
and all the orders are likely to be executed by December 2021 and
the firm is yet to receive the bills from government of INR14.66
crore as of November 30, 2020.

* Highly fragmented industry with intense competition from large
number of players: The firm is engaged in the execution of civil
contracts which highly fragmented industry due to the existence of
large number of organized and un-organized players operating in the
industry.

* Constitution of entity as a partnership firm with inherent risk
of withdrawal of capital: With the entity being a partnership firm,
there is an inherent risk of instances of capital withdrawal by the
partners resulting in deterioration of the entity's net worth.
Further the partnership firms are attributed to limited access to
funding.

Key Rating Strengths

* Experienced promoters for over a decade in construction industry:
Mr. S Rajendra Prasad, Mr. M Ramulu and Mrs. S Jayalakshmi are the
partners in the firm. These partners look after the day to day
activities of the firm and have experience of over a decade in
civil construction industry. Furthermore, the firm is benefitted in
terms of bagging new orders in competitive environment through
their experience in the civil construction
business.

* Comfortable profitability margins albeit declined in FY20
(Prov.,): The PBILDT margin has declined from 26.86% in FY19 to
16.53% in FY20 (Prov.,) due to increase in sub-contract expenses.
The PAT margin of the firm has declined from 3.11% in FY19 to 2.74%
in FY20 (Prov.,) The PAT margin of the firm has declined
marginally from 5.02% in FY19 to 4.98% in FY20 (Prov.,) in line
with the PBILDT margin.

* Comfortable capital structure and debt coverage indicators: The
capital structure of the firm marked by overall gearing ratio
improved from 1.12x as on March 31, 2019 to 0.70x as on March 31,
2020 (Prov.,) at the back of lower outstanding working capital bank
borrowings as on closing balance sheet date coupled with increase
in tangible networth. The debt coverage indicators of the firm
stood comfortable marked by total debt/GCA marginally improved from
8.87x in FY19 to 6.63x in FY20 (Prov.,) due to decrease in total
debt levels. The PBILDT/Interest coverage ratio has also seen
improvement from 1.91x in FY19 to 2.21x in FY20 (Prov.,) at the
back of decrease in financial expenses and the total debt/CFO stood
at 9.94x in FY20 (Prov.,).

* Stable outlook of 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. The sector was marred by varied challenges during the last
few years on account of economic slowdown, regulatory changes and
policy paralysis which had adversely impacted the financial and
liquidity profile of players in the industry. The Government of
India has undertaken several steps for boosting the infrastructure
development and revives the investment cycle. The same has
gradually resulted in increased order inflow and movement of
passive orders in existing order book. 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
transportation and urban development sector are expected to
dominate the overall business for construction companies. The
implementation of Goods and Service Tax might result in short run
operational issues and pressure on working capital until the
process is streamlined. Going forward, companies with better
financial flexibility would be able to grow at a faster rate by
leveraging upon potential opportunities.

Liquidity: Stretched

The liquidity position of the firm stood stretched during the
review period. The company has low cash and bank balance of INR30
crore as liquid assets as on March 31, 2020 (Prov.,). The current
ratio of the company stood at 6.39x as on March 31, 2020
(Prov.,).The average utilization of working capital borrowings for
the last 12 months ended November 30, 2020 is 85% as confirmed by
the banker. The firm has availed moratorium period from March to
August 2020.

LKP Infra Projects (LKPIP) was established in the year 2012 as a
partnership firm. The firm is a certified Class I civil contractor
and has its registered office located in Hyderabad. LKP commenced
its operation in the year 2014 and is engaged in construction of
roads. The firm is primarily a contractor for Government of
Telangana (GoT) where the firm receives the work  orders from roads
and building (R&B) for various districts of Telangana through
participating in tenders. At present, the firm has order book
position of INR15.50 crore as on November 30, 2020 and all the
orders are likely to be completed by December 2021. The said order
book provides revenue visibility for the short term.


MAILAM SUBRAMANIYA: CARE Reaffirms B+ Rating on INR0.35cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Mailam Subramaniya Swamy Educational Trust (MSSET), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           0.35       CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of MSSET is constrained
by the continuous decline in income and surplus margin, lower
student intake in engineering courses, elongation in collection
period and inherent cash flow mismatches in the sector, exposure to
group entity and presence in highly regulated industry.  The
rating, however, draws strength from the long-standing experience
of the trustees and long operational track record of the trust and
comfortable capital structure.

Rating Sensitivities

Positive Factors

* Increase in income with improvement in enrollment ratio above 60%
on a consistent basis

* Improvement in SBID margins above 20% on a consistent basis

Negative Factors

* Any large debt funded capex leading to moderation in capital
structure

* Elongation in collection period above 200 days

Detailed description of the key rating drivers

Key Rating Weaknesses

* Continuous decline income and surplus margin: The trust continued
to report drop in total revenue over the last three years and it
has reported a drop of 8.40% in total income in FY20 (refers to the
period April 1 to March 31) due to lower student intake. Further,
surplus margin witnessed continuous fall over the past few years
mainly due to fixed nature of costs despite drop in the income
levels.

* Lower student intake in engineering courses: The overall
enrolment ratio of the Mailam Engineering College (MEC) has been
declining for the past few years and stood at 33% in AY21 as
against 40% in AY20 and 42% in AY19.

* Elongation in collection period and inherent cash flow mismatch:
Fee payment by majority of students is done during JulyAugust every
year. However, the trust provides additional time for fee payments
to students belonging to lower economic strata resulting in
stretching of collection period. The collection period of the trust
was 186 days in FY20. Further, the trust encounters mismatch in
cash flows on account of annual cash inflow in the form of fee
receipts while it incurs regular operational expenditure by way of
salary payments, lab expenses, admin expenses, etc.

* Exposure to group entity: The Trustees of MSSET manage another
educational trust which operates six colleges in Puducherry. MSSET
has advanced INR3.56 crore to SMVET as of March 31, 2020 (PY:
INR7.55 crore). Gearing adjusted for the exposure stand at 0.06x as
on March 31, 2020 (PY: 0.14x).

* Presence in highly regulated industry: The education sector is
highly regulated in India. In addition to AICTE, the engineering
colleges are regulated by respective state governments in various
aspects which have significant impact on the revenues and
profitability of educational institutions and limit their financial
flexibility.

Key rating Strengths

* Established track record of the trust with experienced trustees:
The trust has been operational for more than two decades with
experienced trustees at the helm. The Chairman of the Trust, Mr.
Dhanasekaran, has around two decades of experience in the academic
sector and is ably supported by Mr. Sugumaran, Vice Chairman who
also has 20 years of experience in the sector. The day-to-day
operations of the institute are managed by the Administrative
Officer, Mr. Sivanandam who is supported by administrative staff.
The trust has started offering new courses under Mailam Nursing
College, Mailam Paramedical College, Mailam Institute of Hotel
Management from AY20. The enrolment in nursing college has improved
to 100% in AY21 as compared to 80% in AY20. The trust has commenced
operations of these colleges under the existing infrastructure
without incurring any additional capital expenditure. The trust has
capitalised CWIP of INR25 crore to buildings in FY20 which is being
used for nursing college and hostel for students. With admission of
AY21, only two batches are enrolled under these courses. The new
courses are expected to aid in increase in the total operating
income with addition of students year-on-year.

* Comfortable capital structure: The capital structure of the trust
is comfortable with a net worth base of INR37.33 crore and an
overall gearing of 0.05x as on March 31, 2020. The trust has not
availed any working capital facilities.

* COVID impact: The colleges were closed following the lock-down
guidelines extended by the government to contain the COVID- 19
virus outbreak. The trust has availed Covid relief moratorium for
the term-loan due to lower receipts amidst pandemic situation.
Further, receipt of loans extended to SMVET has also aided the
company in terms of liquidity. Post relaxations, the trust has
started online classes for its existing students. First year
engineering admissions have been completed and online classes for
first year students commenced from November 18, 2020. The enrolment
was 33% in AY21 and the trust had collected INR4.83 crore till
December 2020.

Liquidity – Stretched

The trust's cash flow are lumpy in nature where major portion of
fee receipts occurs in July- August every year and expenses occurs
throughout the year. The debt obligation servicing is scheduled
around August of every year. The trust had a repayment obligation
of about INR1.5 crore in FY21. The trust has availed moratorium for
the period March 2020 to August 2020 for principal and interest
portion of the term-loan due to lower fee receipts amidst COVID-19.
However, the trust has re-paid the accumulated interest and
principal portion post moratorium. Since the trust does not have
any working capital limits and relies entirely on its fee receipts
for working capital needs, elongating collection period might put
pressure on the liquidity. Receipt of loans extended to SMVET aided
the trust in terms of liquidity. The collection period has
elongated over the years on account of late receipt of fees from
government for students benefited by scholarship schemes. As of
March 31, 2020, MSSET had unencumbered cash balance of INR0.70
crore.

MSSET was founded by Mr. N Kesavan in 1996. The trust established
Mailam Engineering College (MEC) in Villupuram district, Tamil Nadu
in 1998. MEC is approved by the AICTE, New Delhi and is affiliated
to Anna University, Chennai. The college offers six undergraduate
and six post graduate engineering and management courses and has
total student strength of around 3,000. The trust has started
offering new courses under Mailam Nursing College, Mailam
Paramedical College, Mailam Institute of Hotel Management from
AY20.


NAIKNAVARE BUILDCON: CARE Reaffirms D Rating on INR80cr Debentures
------------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Naiknavare Buildcon Private Limited (NBPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible
   Debentures           80.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of the rating assigned to the instruments of NBPL
takes into account weak credit profile of the company and delays in
servicing of debt obligation by its group entities. The projects of
the company are currently in the initial stage of execution
(transferred to NBPL from other group entities) and are less likely
to generate enough cash surplus from its operations in immediate
future, considering, pending approvals and moderate sales
momentum.

CARE also observes that there are ongoing delays in servicing of
debt obligations towards term loans availed by its group entities
against various projects. The same projects are transferred to
NBPL.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: There are ongoing delays in repayment
of restructured facilities/settlement amount of past term loans
availed by its group entities against various projects. The same
projects were transferred to NBPL. The company's ability to service
its principal and interest obligations is low.

Naiknavare Group (group) is engaged in construction business since
the past 28 years in Pune, and has transferred its three projects
namely Neelaya - Talegaon, Eagle's Nest- Talegaon, and Seven
Business Square – Shivajinagar under a newly formed Special
Purpose Vehicle (SPV) Naiknavare Buildcon Private Limited (NBPL).
The business was transferred on March 31, 2019.


NANDHANA HOTELS: CARE Withdraws B+ Rating on Outstanding Debts
--------------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
B+; Stable; Issuer Not Cooperating' assigned to the bank facilities
of 'Nandhana Hotels (India) Private limited' with immediate effect.
The above action has been taken at the request of Nandhana Hotels
(India) Private limited and 'No Objection Certificate' received
from the bank that have extended the facilities rated by CARE.

Detailed description of the key rating drivers:

Key Rating Weaknesses:

* Small scale of operations: NHPL operates 6 hotels with 200+ keys
in Bangalore. In FY19, 65% of the revenue came from the top 2
hotels. The company added 1 hotel each in in FY18 and FY19
respectively and sales from both have started seeing traction. As
on FY19, the ARR (Average Room Rate) stood at INR1937 and RevPar
(Revenue Per Available Room) at INR1262 which are below average
when compared to average rates in Bengaluru since the hotels under
NHPL belongs to 2-star and 3-star category.

* Capital intensive operation model: The business model of NHPL is
such that the land owner rents the property to the operator (here,
NHPL) for a fixed rent as agreed upon and the company invests in
room decor and other infrastructure requirements as per the hotel
standards. The company also assumes all operating responsibilities
along with financial burden and there is no risk for the property
owner as he is paid a fixed rent as per agreement.  The company has
been availing term loans for the aforesaid capex. As on March 31,
2019, the company has long term debt of INR13.43 crore on a net
worth of INR3.72 crore.

* Presence in a segment with intense competition: NHPL caters to
the price conscious segment which has both organized and
unorganized players. Even though the competition from standalone
hotels and other hotel chains cannot be neglected, the biggest
competition in the budget segment comes from hotel aggregators and
franchisers like ova, Treebo, etc. The aforementioned players are
better off in terms of brand recognition, use of technology and
financial position and NHPL should look at alternatives like
switching to a more asset-light model to reduce the financial
burden and to maintain sustainability in the long run.

Key Rating Strengths

* Long-standing experience of the promoter in the hospitality
industry: Nandhana group is present in the hospitality business for
more than 2 decades with its first restaurant started in 1997. The
group entered into the hotel business in 2004. The group presently
has 14 restaurants and 6 hotels spread across Bangalore. Mr.
Ravichandar is the Chairman and Managing Director of the Group and
closely monitors the operations of the Group. He is assisted by a
qualified management team consisting of the group CEO and CFO.
Furthermore, the management is supported by a team of 150
employees.

* Favorable location of the hotels: The hotels under NHPL are
spread across prime locations of Bangalore, a major business
destination and the location advantage helps to mitigate the
seasonality of revenue to an extent which is otherwise visible at
leisure destinations. As a result of which, the occupancy level of
the hotels do not see much variation quarter-on-quarter. Due to
addition of a new hotel in FY19, the occupancy levels moderately
reduced to 66% in FY19 as against 70% in FY18.

* Diversified revenue profile with majority of income from
corporate clientele: NHPL has diversified revenue profile including
room rentals, F&B income and income from banquet halls. The
corporate clients of NHPL which include Titan, WI PRO, Accenture,
Volvo, HAL, Ujjivan, HCL, IBM, etc and many others contribute to
about 75% of the revenue of the company. Since the company's major
revenue contributors are corporate clients, the revenue per quarter
for the past 4 years has not seen much variation or does not show
seasonality in revenue in quarters.

Nandhana Hotels (India) Private Limited (NHPL) promoted by Mr.
Ravichandar in 2004 to carry on business and management of hotels.
The company belongs to Nandhana Group which is in the hospitality
business for more than 3 decades and presently has 14 multi-cuisine
restaurants in and around Bangalore under its associate company
Nandhana Foods Private Ltd. In addition to restaurants and hotels,
the group provides services through Nandhana Banquets, Nandhana
Catering and Nandhana Mitai Sweets. The group has two Central
kitchens located in Bangalore supplying food and sweets to its
restaurants and hotels. Mr. Ravichandar is the Chairman and
Managing Director of the group and looks after the day-to-day
operations of the group.


ODISHA POWER: Ind-Ra Keeps BB LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Odisha Power
Transmission Corporation Limited's (OPTCL) Long-Term Issuer Rating
of 'IND BB (ISSUER NOT COOPERATING)' in the non-cooperating
category and simultaneously withdrawn it.

The instrument-wise rating action is:

-- INR5,600.0 bil. Long-term loans* due on September 2032
     maintained in the non-cooperating category and withdrawn.

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

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category
because the issuer did not participate in the rating exercise
despite continuous requests and follow-ups by Ind-Ra.

Ind-Ra is no longer required to maintain the ratings, as it has
received a no-objection certificate 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

OPTCL was incorporated in March 2004 to undertake the business of
transmission and wheeling of electricity in Odisha. The company
became fully operational with effect from June 9, 2005 upon the
issue of Odisha Electricity Reform (Transfer of Transmission and
Related Activities) Scheme, 2005, under the provisions of
Electricity Act, 2003 and the Odisha Reforms Act, 1995 by the state
government for the transfer and vesting of transmission-related
activities of Grid Corporation of Odisha Limited (GRIDCO)with
OPTCL. The company has been designated as the state transmission
utility in terms of Section 39 of the Electricity Act, 2003.

PC JEWELLER: CARE Moves D on INR300cr Deposit to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of PC
Jeweller Limited (PJL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fixed Deposit        300.00     CARE D (FD); ISSUER NOT
                                   COOPERATING; Rating moved
                                   to ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

PC Jeweller Limited has not paid the surveillance fees for the
rating exercise agreed to in its Rating Agreement. In line with the
extant SEBI guidelines, CARE's rating on PC Jeweller Limited's
instrument will now be denoted as CARE D (FD); ISSUER NOT
COOPERATING.

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

The ratings take into account continued stretched liquidity
position and deterioration in the financial flexibility of the
company which has led to overutilization in its working capital
limits for more than 30 days. The rating further factors in
deterioration in scale of operations of the company in FY20 (refers
to the period from April 1 to March 31), and H1FY21 (refers to the
period from April 1 to September 30). Further, the rating continues
to remain constrained by the regional concentration of revenue,
working capital intensive nature of operations and highly regulated
& competitive nature of the Gems & Jewellery (G&J) industry. The
rating, however, continues to derive strength from experienced
promoters of the company having long track record of operations in
the G&J industry.

Detailed description of the key rating drivers

At the time of last rating on December 10, 2019 the following were
the rating strengths and weaknesses (updated for the information
available from stock exchange):

Key Rating Weaknesses

* Stretched liquidity position: Liquidity of the company continues
to remain stressed as reflected by overutilization of the fund
based limits for more than 30 days. Average fund based and non
-fund based limits of the company have remained almost fully
utilized and average of month end utilization for the past 12
months ending May, 2019 stood at 91.13%. Further, significant
erosion in its market capitalization since the beginning 2018 had a
weakening effect on PCJ's financial flexibility and its liquidity.
The market capitalization of the company reduced significantly from
INR12,606 crore as on March 31, 2018 to INR3,256 crore as on March
31, 2019 and further to INR989.48 crore as on December 09, 2019.
The same stands at INR1,015.34 crore as on December 31, 2020. There
is also a decline in cash and bank Balance of the company from
INR318.88 crore as on March 31, 2019 to INR226.91 crore as on March
31, 2020 and further to INR126.51 crore as on September 30, 2020,
reflecting moderation in the liquidity position of the company.

* Deterioration in scale of operations: The financial risk profile
of the company is characterized by de-growth in the scale of
operations. PCJ's total revenue has declined from INR8,456.20 crore
in FY19 to INR5,010.18 crore in FY20, on account of Indian economy
registering its lowest GDP growth of the last one decade during
FY20 and rise in gold prices during July-August (2019) which led to
muted consumer demand and sales even during festive season
vis-à-vis the previous year. The company reported a total
operating income of INR449.35 crore during H1FY21 due to subdued
demand scenario on account of covid-19.

* Working capital intensive nature of business: The operations of
PCJ are working capital intensive. Being in the retail business,
the company has to maintain high levels of inventory, both in the
form of raw gold and also as stock at each of its outlets of
various designs to cater the taste and requirement of various
customers. The inventory level of the company stood at INR5,360.93
crore as on September 30, 2020 as against inventory of INR5,258.54
crore as on March 31, 2020. Increase in inventory as on Sept. 30,
2020 is on account of festive season. Trade receivables of the
company have reduced from INR1,780.55 crore as on March 31, 2020 to
INR1,653.38 crore as on September 30, 2020. The operating cycle of
the company stood at 453 days for FY20 (PY: 196 days).

* Geographical concentration of revenue:  PCJ has been a regional
player so far, with Delhi-NCR being the major strong-hold of the
company through its well established brand-name among the local
customers. The company is Delhi based and the maximum concentration
of its stores is in Delhi NCR & rest of Northern States like
Rajasthan, UP, Haryana & Bihar. Also all the sales to its
franchisees are from its HO, so almost 92% of the company's sales
are from North. Such concentration of operations exposes the
company to any adverse developments related to competition, as well
as economic, demographic and other changes in that region, which
may adversely affect its business prospects and financial
conditions and results of operations.

* Highly regulated industry:  G&J sector has been one of most
regulated, given the fact gold alone makes India's second largest
import bill only after petroleum. Thereby, to reduce Current
Account Deficit (CAD), RBI announces various regulations on
domestic consumption of gold. The measures include raising of
import duty on gold purchases to 10% (from 4%) and 15% (from 10%)
on gold jewellery, introducing 80%-20% import-export rule and
prohibiting any credit purchase of gold. Albeit, RBI (towards the
end of FY15) relaxed many of the restriction easing the domestic
supply of gold on the back of the CAD remaining below 2% (as on Feb
28, 2015) supported by suppressed brent crude prices. Further, it
has allowed direct gold import to authorized dealers and star
trading houses on DP (Document on Payment) basis as per entitlement
with no end use restriction. However, towards the end of FY16,
there were a slew of measures introduced by the government to curb
circulation of black money and ensure greater transparency in the
system which included: (i) Mandatory hallmarking of gold, and (ii)
PAN on all transactions exceeding INR2 lacs and above per
transaction.

The sector continues to be vulnerable to regulatory risk and any
adverse movement of the CAD or consequent measures taken by the
government/RBI would pose the risk to the gold demand and viability
of the companies in this industry.

Key Rating Strengths

* Experienced promoter coupled with long track record of
operations: Mr. Balram Garg, promoter and director of PCJ has an
experience of more than two decades in the manufacturing and retail
sales of hand crafted gold jewellery. Prior to joining PCJ, he had
worked for his family owned jewellery firm. PCJ commenced its
operations in year 2005 with one showroom located at Karol Bagh
(Delhi). Till year 2007 company was mainly engaged in wholesale and
retail sales of gold and diamond studded jewellery in domestic
market after which company started its export operations with
manufacturing unit located at Noida Special Economic Zone (NSEZ).
PCJ has setup a strong manufacturing set-up through backward
integration comprising of a dedicated in-house designing and
manufacturing unit. PCJ's wide range of product offerings caters to
diverse customer segments, from the value market to high-end
customized jewellery. Its product profile includes traditional,
contemporary and combination designs across jewellery lines, usages
and price points. During FY19, the company launched 5 sub-brands
within its overall jewellery segment to cater a wider range of
customers. The sub-brands were namely- Mirosa, Inayat, Azwa, Love
Gold, Swarna Dharohar.

PCJ is one of the leading players in the G&J segment in India. PCJ,
with its headquarters in Delhi, is engaged in the manufacture,
retail and export of gold, diamond and studded Jewellery. PCJ
commenced its operations in year 2005 with one showroom located at
Karol Bagh (Delhi). Till year 2007 company was mainly engaged in
wholesale and retail sales of gold and diamond studded Jewellery in
domestic market after which company started its export operations
with manufacturing unit located at Noida Special Economic Zone
(NSEZ). The company exports gold and diamond Jewellery on a
wholesale basis to international distributers in Dubai. The share
of domestic sales and export sales in the revenue from operations
on standalone basis is INR4281 crores (87%) and INR658 crores (13%)
respectively in FY20. Export business of the company is B2B and
company exports handmade Jewellery to international distributors in
Dubai.


RADHAKANTA HIMGHAR: CARE Reaffirms B Rating on INR7cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Radhakanta Himghar Private Limited (RHPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.00       CARE B; Stable Reaffirmed
   Facilities           

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RHPL continues to
remain constrained by its short track record and small scale of
operations, leveraged capital structure with moderate debt coverage
indicators, regulated nature of business, seasonality of business
with susceptibility to vagaries of nature and competition from
other local players. However, the rating continues to drive
strength from the extensive experience of the promoters in the
industry, satisfactory profitability margins and strategic location
of the unit.

Key Rating Sensitivities

Positives factors

* Sizeable improvement in scale of operations (turnover beyond
INR10 crore) while sustaining current operating margin on a
sustained basis.

* Improvement in capital structure (overall gearing ratio below
1.50x) and its reduced reliance on external borrowing for funding
its working capital requirement on a sustained basis.

Negatives factors

* Any sizeable capex and its increase reliance on external
borrowing for funding its working capital requirement which will
result in further deterioration in capital structure from current
level on a sustained basis.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Short track record and small size of operations: RHPL has started
its commercial operations since March 2017 and thus has short
operational track record. Furthermore, the total operating income
has witnessed decline trend during last three years (FY18-FY20) due
to decrease in revenue from cooling charges received. Moreover, the
overall scale of operations of the company remained small marked by
total operating income of INR2.98 crore (FY19: INR3.11 crore), PAT
of INR0.36 crore (FY19: INR0.35 crore), and cash accruals of
INR1.02 crore (FY19: INR1.09 crore) in FY20. Furthermore, the
tangible networth also remained low at INR4.01 crore as on March
31, 2020. The company has booked net revenue of INR2.24 crore
during the period from April 01, 2020 to December 28, 2020. The
small size restricts the financial flexibility of the company and
hinders it's economies of scale. There was no restriction on the
local movement of goods even though lockdown was imposed in the
country as the company is dealing with the essential commodity for
general consumption. Accordingly, the operation of the company was
not impacted owing to COVID 19 and is running smoothly. Moreover,
the company has booked revenue of INR2.24 crore during the period
from April 01, 2020 to December 28, 2020.

* Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the company has deteriorated
on account of higher utilisation of working capital limit and the
same remained leveraged marked by overall gearing ratio of 2.02x
(FY19:1.79x) as on March 31, 2020. Furthermore, the debt coverage
indicators also deteriorated and the same remained moderate marked
by interest coverage ratio of 3.11x (3.61x in FY19) and total debt
to GCA of 7.94x (FY19: 6.00x) during FY20. Deterioration in
interest coverage ratio was due to high interest expenses during
FY20. Moreover, the total debt to GCA has also deteriorated on
account of lower generation of gross cash accrual and increase in
debt level as on account closing date.

* Regulated nature of business: In West Bengal, the basic rental
rate for cold storage operations is regulated by the state
government through West Bengal State Marketing Board. The rent of
these cold storages is decided by taking into account political
considerations, not economic viability. Due to severe government
intervention, the cold storage facility providers cannot enhance
rental charge commensurate with increased power tariff and labour
charge.

* Seasonality of business with susceptibility to vagaries of
nature: RHPL's operation is seasonal in nature as potato is a
winter season crop with its harvesting period commencing in March.
The loading of potatoes in cold storages begins by the end of
February and lasts till March. Additionally, with potatoes having a
perceivable life of around eight months in  the cold storage,
farmers liquidate their stock from the cold storage by end of
season i.e., generally in the month of November. The unit remains
non-operational during the period from December to January.
Furthermore, lower agricultural output may have an adverse impact
on the rental collections as the cold storage units collect rent on
the basis of quantity stored and the production of potato is highly
dependent on vagaries of nature.

* Competition from other local players: In spite of being capital
intensive, the entry barrier for new cold storage is low, backed by
capital subsidy schemes of the government. As a result, the potato
storage business in the region has become competitive, forcing cold
storage owners to lure farmers by providing them interest bearing
advances against stored potatoes which augments the business risk
profile of the companies involved in the trade.

Key Rating Strengths

* Experienced promoters: RHPL is managed by Goutam Kumar Pal who
has around decades of experience in the same industry through his
family business, looks after the day to day operations of the
company. He is being duly supported by the other director Mrs.
Sutapa Pal.

* Satisfactory profitability margins: The profit margins remained
satisfactory marked by operating margin of 56.45% (FY19:53.85%) and
PAT margin of 12.04% (FY19:11.19%) in FY20. The operating margin
has improved during FY20 due to better management of cost of
operations. Moreover, the PAT margin has also improved in line with
operating margin during FY20.

* Strategic location of the unit: RHPL's storage facility is
situated at Hooghly, West Bengal which is one of the major potato
growing regions of the state. The favourable location of the
storage unit, in close proximity to the leading potato growing
areas provides it with a wide catchment and making it suitable for
the farmers in terms of transportation and connectivity.

Liquidity: Adequate - Liquidity is marked by sufficient cushion in
accruals vis-a-vis repayment obligation, modest cash and cash
equivalents and modest utilised bank limits. The average
utilization of working capital limit was around 70% during last 12
month ended on November 30, 2020. The unencumbered cash and cash
equivalent stood at INR0.31 crore as on March 31, 2020. The company
has reported cash accruals of INR1.02 crore during FY20. Moreover,
the company not availed moratorium on repayment of term loan and
interest on working capital that could be availed under the terms
of recent RBI circular. Further, the company has not availed COVID
relief loan of from its lender.

Incorporated in December 2015, Radhakanta Himghar Private Limited
(RHPL) was promoted by Mr. Dilip Kumar Pal and his family member to
set up a cold storage facility in the state of West Bengal with an
aggregate storing capacity of 200000 quintal. The company provides
cold storage services to the farmers and traders for potatoes.


RAIGARH CHAMPA: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Raigarh Champa Rail Infrastructure Private Limited
        Registered and Corporate address:
        8-2-293/82/A/431/A
        Road No. 22, Jubilee Hills
        Hyderabad, Telangana 500033

Insolvency Commencement Date: January 1, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: June 29, 2021

Insolvency professional: Mr. Sumit Binani

Interim Resolution
Professional:            Mr. Sumit Binani
                         4th Floor, Room No. 6
                         Commerce House 2A
                         Ganesh Chandra Avenue
                         Kolkata 700013
                         E-mail: sumit_binani@hotmail.com

                            - and -

                         Pricewaterhouse Coopers Pvt Ltd
                         Plot # Y-14, Block EP
                         Sector V, Salt Lake
                         Kolkata 700091
                         E-mail: claims.rcripl@in.pwc.com

Last date for
submission of claims:    January 21, 2021


RAIPUR DEVELOPMENT: Ind-Ra Keeps 'D' Bank Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Raipur
Development Authority's bank facilities 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 D (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating action is:

-- INR4,863 bil. Bank loans (Long-term) maintained in the non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 4, 2019. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Raipur Development Authority is a statutory body constituted by the
state government for the integrated development of Raipur under the
Town and Country Planning Act 1973 of the Chhattisgarh state. It
functions under the provisions of Section 38 (1) of the CG Nagar
Tatha Gram Nivesh Adhiniyam 1973.

S. RAJENDRAN: CARE Lowers Rating on INR2cr LT Loan to B
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S.
Rajendran (S.R), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        2.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable and moved
                                   to ISSUER NOT COOPERATING
                                   category

   Short Term Bank       3.50      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 17, 2020 placed the
rating(s) of S.R under the 'issuer noncooperating' category as S.R
had failed to provide information for monitoring of the rating. S.R
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated December 28, 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 February 17, 2020 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations: The scale of operations of the firm
remains small marked by its total operating income, ranging between
INR8.75 crores to INR17.47 Crores between FY16-18, however at
increasing trend. Further the firm has low networth base at INR2.20
Crores as on March 31, 2018. The small scale of operations limits
the firm's financial flexibility in times of stress and deprives it
from scale benefits. Fluctuations in PBILDT and PAT margins albeit
improvement in Total operating income.  Though the TOI has shown
improvement year on year, the PBILDT margins fluctuating in the
range 5.12% to 5.63%, since FY16 to FY18, however improved in FY18
at 5.26% from previous year. The major operating expenses are being
absorbed by labour charges and material purchases for execution of
work orders. Moreover it is tender based business, in order to bid
the orders the firm has to be lenient in fixing price margins. PAT
margin also fluctuating since FY16-18, however, improved in FY18 at
3.44% from 3.37% in FY17. This accounts interest costs charges upon
the utilization of working capital facility and fresh loans availed
during the years, as well as increase in the depreciation costs.

* Constitutional risk, being a proprietorship firm: SR, being a
proprietorship firm, is exposed to inherent risk of the
proprietor's capital being withdrawn at time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of the proprietor. Furthermore,
proprietorship firms have restricted access to external borrowing
as credit worthiness of proprietor would be the key factors
affecting credit decision for the lenders.

* Tender driven nature of business with high competitive intensity:
The business prospects of SR are highly dependent on the government
tenders and the business volume remains volatile
depending upon the extent of government tenders floated during the
year. Further, the civil construction industry is highly fragmented
in nature with presence of large number of unorganized players at
regional level and thereby creating intense competition within the
players.

* Susceptibility of profit margins due to Volatility in input
prices: The major input materials for the firm are steel, sand,
blue metals, cement and bricks, the prices of which are volatile.
Further the orders executed by the firm does not contain price
escalation clause and thus the firm remains exposed to the price
volatility of the input materials. This apart, any increase in
labour prices will also impact its profitability being present in a
highly labour intensive industry.

Key Rating Strengths

* Extensive experience of the proprietor in this business, and long
track record of operations: S. Rajendran is operating since 1990
and hence recording a significant track history of operations with
more than two decades. Mr. S Rajendran, proprietor of the concern
having more than two decades of experience in this industry. He is
in this field since his father Mr. Sengodan's proprietary concern
which engaged in same line of activity.

* Consistent improvement in the Total operating income (TOI): SR
has registered consistent improvement in the total operating income
since FY16 -18 in account of increase in the execution of orders.
It is marked by CAGR of 25.92% between FY16-18. TOI of the firm has
improved by 45.58%, from INR12.00 Crores in FY17 to INR17.47 Crores
in FY18. Further, has achieved ~Rs. 18.00 crores as on February 18,
2019, and therefore registering 103% of previous year turnover.

* Comfortable capital structure and satisfactory debt coverage
indicators: SR' s capital structure, stood comfortable marked by
its overall gearing level and debt equity ratios, at 0.92x and
0.19x as on March 31, 2018, however deteriorating from previous
year. This accounts, increase in working capital utilization,
vehicle loans and interest free unsecured loans from friends and
relatives. However, tangible networth of the firm increasing
simultaneously and stands more than the debt level, and thereby
keeping the capital structure comfortable.

S. Rajendran (SR), is a proprietorship concern, was established in
the year 1990. Mr. S. Rajendran is the proprietor of the firm. The
firm engaged in execution of civil construction works for Indian
Railways. Day to day operations are managed by Mr. S. Rajendran.
The firm receives the work order from Indian Railways by
participating in the tenders. SR purchases raw materials like sand,
cement, iron and bricks from the local suppliers, where the works
are being executed.


SAI EDUCATIONAL: CARE Lowers Rating on INR4.68cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Sai Educational Trust (SSET), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.68       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B; Stable and moved
                                   to ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking no default statement from SSET to monitor the
ratings vide e-mail communications dated September 30, 2020 to
December 24, 2020 and numerous phone calls. However, despite
repeated requests, the trust has not provided no default statement
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. The ratings on SSET bank
facilities will now be denoted as CARE B-; Stable ISSUER NOT
COOPERATING.

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


SAPAN CHEMICALS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Suryadeep Salt Refinery and Chemicals World Limited
        (now known as)
        Sapan Chemicals Limited
        B-1 Sadguru Complex
        Near Rupal Park Gorti Road
        Village Vadorada
        Vadorada
        GJ 390021
        IN

Insolvency Commencement Date: December 28, 2020

Court: National Company Law Tribunal

Estimated date of closure of
insolvency resolution process: June 26, 2021

Insolvency professional: Ms. Dipti Mehta

Interim Resolution
Professional:            Ms. Dipti Mehta
                         201-206, Shiv Smriti
                         2nd Floor, 49A
                         Dr. Annie Besant Road
                         Above Corporation Bank
                         Worli, Mumbai 400018
                         E-mail: dipti@mehta-mehta.com
                                 sapanIBC@mehta-mehta.in

Last date for
submission of claims:    January 11, 2021


STEELCO GUJARAT: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Steelco Gujarat Limited
        Plot No. 2 G.I.D.C. Estate
        Palej Dist.
        Bharuch Gujarat 392220

Insolvency Commencement Date: December 31, 2020

Court: National Company Law Tribunal, Vadodara Bench

Estimated date of closure of
insolvency resolution process: June 30, 2021

Insolvency professional: Nirav Anupam Tarkas

Interim Resolution
Professional:            Nirav Anupam Tarkas
                         #209 B.N. Chambers
                         Opp. Welcom Hotel
                         R.C. Dutt Road
                         Alkapuri
                         Vadodara 390007
                         Gujarat
                         E-mail: steelcocirp@gmail.com

Classes of creditors:    Non Convertible Preference Share

Insolvency
Professionals
Representative of
Creditors in a class:    Only 1 Creditor Holding

Last date for
submission of claims:    January 31, 2021


TAGOOR CHEMICALS: Ind-Ra Assigns BB Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Tagoor Chemicals
Private Limited (TCPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR89.60 mil. Term loan due on November 2025 assigned with
     IND BB/Stable rating;

-- INR31.70 mil. Working capital term loan assigned with
     IND BB/Stable rating;

-- INR70.00 mil. Fund-based limits assigned with IND BB/Stable
     /IND A4+ rating; and

-- INR30.00 mil. Non-fund-based limits assigned with IND A4+
     rating.

KEY RATING DRIVERS

The ratings reflect TCPL's small scale of operations, as indicated
by revenue of INR772 million in FY20 (FY19: INR299 million). The
revenue grew due to an increase in the number of orders received by
the company. TCPL commenced operations from November 2018; thus,
FY20 was the first full year of operations. During April-November
2020, TCPL reported revenue of INR440 million. The management
expects to achieve revenue of INR1,000 million in FY21. TCPL
manufactures anti-ulcer drugs that have been available in the
market for 30 years and that can also be used in combination with
other drugs. These drugs are in demand throughout the year and are
available over-the-counter.

The ratings also reflect the average credit metrics due to the high
debt levels (FY20: INR260.16 million; FY19: INR212.13 million). The
gross interest coverage deteriorated to 2.7x in FY20 (FY19: 3.7x)
due to an increase in interest expenses. The net leverage improved
to 3.6x in FY20 (FY19: 10.7x) due to increase in the absolute
EBITDA to INR69.34 million (INR19.60 million). Although the
absolute EBITDA is likely to increase in FY21, the credit metrics
are likely to remain at FY20 levels in FY21 due to the addition of
a working capital term loan of INR31.7 million to the total debt.

Liquidity Indicator - Stretched: The average peak utilization of
fund-based limits was 100.2% over the 12 months ended November 2020
due to the interest debited on the last day of each month. The
account was regularized in one day during August 2020, October 2020
and November 2020. The average peak utilization of the
non-fund-based limits was 41.9% for the 12 months ended November
2020. The cash flow from operations turned positive at INR67
million in FY20 (FY19: negative INR3 million) owing to the increase
in the EBITDA and favorable changes in the working capital. The
free cash flow turned positive at INR23 million in FY20 (FY19:
negative INR258 million) as the company did not incur any major
capex during the year. The working capital days improved to 32 days
in FY20 (FY19: 58 days) due to decrease in debtor days to 83 days
(184) and a fall in the inventory days to 69 days (134 days). The
cash and cash equivalents stood at INR9 million at end-FY20
(end-FY19: INR3 million) against a scheduled debt repayment of
INR26.6 million in FY21.

The ratings, however, are supported by TCPL's healthy EBITDA
margins. The margin increased to 9% in FY20 (FY19: 6.6%) owing to a
decrease in operating expenses. The return on capital employed was
16% in FY20 (FY19: 9%). In FY21, the margins are likely to remain
at FY20 levels, as the overall operating expenses are likely to
either remain at the same levels or witness minimal changes.

The ratings are also supported by the promoters' experience of more
than a decade in the pharmaceutical industry.

RATING SENSITIVITIES

Negative: A decline in the revenue and deterioration in the EBITDA
margins, leading to the net leverage exceeding 4.5x, on a sustained
basis, along with further deterioration in the liquidity position,
would lead to a rating downgrade.

Positive: Significant growth in the revenue and improvement in
margins, leading to the net leverage falling below 3x, on a
sustained basis, along with an improvement in the liquidity
position, would lead to a positive rating action.

COMPANY PROFILE

Incorporated in 2009, TCPL manufactures intermediates related to
anti-ulcer and anti-emetic drugs. TCPL is headed by Kasi Viswanadha
Raju.

UNIQUE MERCANTILE: Ind-Ra Withdraws 'BB+' Long-Term Issuer Rating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Unique Mercantile
India Limited's Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT
COOPERATING).'

The instrument-wise rating action is:

-- INR1.50 bil. Proposed term loan* is withdrawn.

*The provisional rating for the proposed instrument has been
withdrawn since it was outstanding for over 180 days and is no
longer expected to proceed as previously envisaged.

KEY RATING DRIVERS

The provisional rating has been withdrawn since it was outstanding
for over 180 days and is no longer expected to proceed as
previously envisaged.

COMPANY PROFILE

Unique Mercantile India Limited has business in real estate,
insurance, hotel and hospitality industries.


VARAD EXTRUSIONS: CARE Withdraws B+ Rating on Bank Facilities
-------------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of 'CARE
B+; Stable; issuer not cooperating; and CARE A4: issuer not
cooperating assigned to the bank facilities Varad Extrusions
Private Limited with immediate effect. The action has been taken at
the request of Varad Extrusions Private Limited and 'No Objection
Certificate' received from the banker that have extended the
facilities rated by CARE.  The company has taken moratorium
interest on working capital loan from March 2020 to August 2020.

Incorporated in the year 2008 as a private limited company, Varad
Extrusions Private Limited (VEPL) was promoted by Mr. Ravi Kiran
Patha. VEPL commenced its business operation from May 6, 2011. VEPL
is engaged in the business of manufacturing of aluminum
profiles/sections of different shapes and sizes through extrusion
process at its manufacturing facility located at Medak, Telangana
with a total installed capacity of 1500 Metric Tonnes Per Annum
(MTPA). VEPL is an ISO 9001:2008 certified company registered by
International Registrar "QA TECHNIC" and accredited by "TGA" German
Association for Accreditation GMBH. The products developed by the
company are used in various industrial and construction segments
such as solar systems applications, air flow & air condition,
ladder, infrastructure applications and other related areas. The
company's major raw material is aluminum scrap and ingots. Around
40% of raw material is imported from Singapore, Saudi Arabia, New
Zealand, Israel, Thailand and UAE and remaining 60% of raw
materials are sourced locally.




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

PAN BROTHERS: Fitch Lowers LT Issuer Default Rating to 'CC'
-----------------------------------------------------------
Fitch Ratings has downgraded Indonesia-based garment manufacturer
PT Pan Brothers Tbk's (PB) Long-Term Issuer Default Rating (IDR) to
'CC' from 'CCC-'. Fitch has also downgraded PB's USD171 million
unsecured notes due January 2022, issued by PB International B.V.,
to 'CC' from 'CCC-' with the Recovery Rating remaining at 'RR4'. At
the same time, Fitch Ratings Indonesia has downgraded PB's National
Long-Term Rating to 'CC(idn)' from 'CCC-(idn)'.

The downgrade reflects the imminent refinancing risks of the
company's USD138.5 million loan facility due 27 January 2021. PB is
still in negotiations with the banks to finalise the new terms and
extend the loan facility. A USD350 million bond issuance plan,
which is key to its refinancing strategy, may face a delay after
the Indonesian Financial Services Authority (OJK) ordered PB to
postpone an extraordinary general meeting (EGM) that was initially
scheduled on 6 January 2021 to seek shareholders' approval. Fitch
believes these events have led to a higher level of credit risk,
raising the probability of an event of default or some form of debt
exchange.

'CC' National Ratings denote the level of default risk is among the
highest relative to other issuers or obligations in the same
country or monetary union.

KEY RATING DRIVERS

Imminent Significant Maturity: PB has been working on several
refinancing plans, including seeking the extension of its credit
facility from financial institutions in combination with raising
additional funds in the capital markets. There has been no progress
on extension of the bank facilities with negotiations on-going, but
the facility maturity is nonetheless nearing on 27 January 2021.
Fitch understands however, that the company has made some progress
for the facilities to continue to be available past the current
maturity.

PB proposed a "one-plus-one" extension to the syndication lenders
last month to extend the maturity of the syndication loan by two
years to end-January 2023, whereby the extension of the second year
from end-January 2022 to end-January 2023 will be subject to the
refinancing or restructuring of its USD171 million bond due January
2022 into a longer tenor.

Delayed EGM for Bond Approval: PB plans to issue the USD350 million
bond in 1Q21 and use the proceeds to repay the USD138.5 million
syndication loan and the USD171 million bond. However, PB has to
postpone the EGM under the OJK's orders until it receives the
consent of the syndication banks and letter-of-credit bank
providers for the issuance. Fitch believes there may be delays in
its refinancing plan as obtaining consent from several banks would
take time. However, Fitch understands that the EGM can be quickly
reconvened after fulfilling OJK's requirements.

PB plans to issue a five-year secured bond with a maximum coupon of
12%. PB said it would prioritise the refinancing of its USD171
million bond if the proceeds were lower than its expectations. A
successful bond issuance, achieving the targeted USD350 million,
would significantly improve PB's debt maturity profile. However,
the company has to first address the impending maturity on its
loans and assuage investors' negative sentiments on the textile
sector, which Fitch believes will persist.

Negative Cash Flow: PB's cash flow from operations is continuously
negative because its business requires heavy working capital. New
customer acquisitions have stretched the working-capital cycle. PB
plans to shorten the working-capital cycle with technology and
automation, and is reviewing its raw-material supply with a
preference for local suppliers. However, the revamp of its
working-capital process will take time and, therefore, PB remains
reliant on external funding.

ESG - Governance: Fitch has revised PB's ESG Relevance Score for
Management Strategy under Fitch’s environmental, social, and
governance (ESG) framework to '4' from '3', as management's
inability to complete the syndication loan extension and the change
of the refinancing plan near the loan maturity have resulted in
higher refinancing risk.

DERIVATION SUMMARY

PB's 'CC'/'CC(idn)' ratings reflect the high refinancing risks over
its ability to repay or extend the USD138.5 million syndication
loan ahead of maturity on 27 January 2021. The timing of the
completion of its refinancing is uncertain and a default of some
kind appears probable, in line with the definition of a 'CC'
rating.

KEY ASSUMPTIONS

Fitch's key assumptions within its rating case for the issuer
include:

-- Net sales growth of 5% in 2020, 2% in 2021 and between 9% and
    10% in 2022-2023 (2019: 9%)

-- EBITDA margin of between 9% and 10% in 2020-2023 (2019: 9%)

-- Capex of around 2% of revenue in 2020-2023 (2019: 2%)

Key Recovery Rating Assumptions

The recovery analysis assumes that PB would be reorganised as a
going-concern in bankruptcy rather than liquidated. Fitch assumes a
10% administrative claim.

Going-Concern Approach

The going-concern EBITDA estimate reflects Fitch's view of a
sustainable, post-reorganisation EBITDA upon which Fitch bases the
enterprise valuation.

We estimate EBITDA at USD64 million, 5% lower than the last 12
months' end-3Q20 EBITDA to reflect the industry's mid-cycle
conditions and competitive dynamics.

An enterprise value multiple of 5x EBITDA is applied to the
going-concern EBITDA to calculate a post-reorganisation enterprise
value. The multiple reflects a discount from the median global
multiple of 9x for completed M&A in the textile industry over the
past decade, based on Bloomberg data. The 5x multiple also reflects
PB's smaller size compared with global manufacturers.

We also assume fully drawn syndicated and short-term loan
facilities - which have priority over senior unsecured debt - to
the extent allowed by the bond indenture.

The going-concern enterprise value covers 71%-90% of PB's unsecured
debt, corresponding to a 'RR2' Recovery Rating for the senior
unsecured notes after adjusting for administrative claims.
Nevertheless, Fitch has rated the senior unsecured bonds 'CC'/'RR4'
because Indonesia, under Fitch’s Country-Specific Treatment of
Recovery Ratings Rating Criteria, is classified in Group D of
countries, in terms of creditor friendliness and the instrument
ratings of issuers. Assets in this group are subject to a soft cap
at the issuer's IDR.

RATING SENSITIVITIES

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

-- Successfully extending the USD138.5 million syndication loan
    and meaningful improvement in liquidity to support the
    refinancing of its USD171 million bond that matures in January
    2022.

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

-- An event of default, or if a default-like process begins
    entering into a grace period, or the issuer is at a
    standstill.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Non-Financial Corporate
issuers have a best-case rating upgrade scenario (defined as the
99th percentile of rating transitions, measured in a positive
direction) of three notches over a three-year rating horizon; and a
worst-case rating downgrade scenario (defined as the 99th
percentile of rating transitions, measured in a negative direction)
of four notches over three years. The complete span of best- and
worst-case scenario credit ratings for all rating categories ranges
from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are
based on historical performance.

LIQUIDITY AND DEBT STRUCTURE

Imminent Maturity: The delay in extending PB's USD138.5 million
syndication loan has resulted in elevated execution risks as the
deadline draws nearer. The refinancing of its USD171 million bond
with the planned new bond issuance of USD350 million in 1Q21 is
also uncertain, while its liquidity remains tight with cash of
USD52 million at end-September 2020.

SUMMARY OF FINANCIAL ADJUSTMENTS

-- Fitch includes advance payments, which are mostly for raw
    materials, as part of the working-capital calculation.

-- Fitch assumes USD25 million of year-end cash will be
    restricted, reflecting cash set aside for seasonal working
    capital purposes.

ESG CONSIDERATIONS

PT Pan Brothers Tbk: Management Strategy: 4

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance 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 the way in which they are being
managed by the entity.

SAKA ENERGI: Moody's Lowers CFR to B2, On Review for Downgrade
--------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and the senior unsecured rating of Saka Energi Indonesia
(P.T.) to B2 from B1. At the same time, Moody's has placed the CFR
and the rating on the senior unsecured notes on review for
downgrade.

The outlook on all ratings has been changed to rating under review
from negative.

"The downgrade reflects our expectation of a lower likelihood of
financial support from its parent, Perusahaan Gas Negara (P.T.)
(PGN, Baa2 stable), following Saka's partial repayment of its
shareholder loan," says Hui Ting Sim, a Moody's Analyst. "We view
the repayment as effectively a cash extraction by PGN that will
weaken Saka's liquidity at a time of subdued oil prices and while
Saka still likely has to pay a significant $127.7 million tax
penalty."

"The review for downgrade reflects the heightened liquidity risk at
Saka after its payment to PGN, especially if the company is also
required to pay the full tax penalty to the Indonesian tax
authorities over the next 12 months," adds Sim.

Moody's review will focus on Saka's liquidity profile. More
specifically, the review will focus on the outcome of Saka's
discussions with tax authorities to seek affordable payment terms;
its access to financing, and the management of its operating and
investing cash flows. Moody's expects to conclude the review within
90 days.

RATINGS RATIONALE

On January 5, PGN announced that Saka will repay $77.6 million of
the $155.2 million shareholder loan owed to PGN on January 6, 2021.
Meanwhile, the maturity of the balance $77.6 million will be
extended by one year to January 6, 2022. Saka had cash and cash
equivalents of $268 million as of September 30, 2020, and will use
internal cash for the partial repayment.

The partial repayment deviates from Moody's earlier expectation
that the maturity of the shareholder loans will be extended without
any repayment. This development also diverges from PGN's original
intention expressed in August 2020 that it will extend the
shareholder loan by two years.

Saka's partial repayment of the shareholder loan will reduce its
liquidity buffers to weather lower oil prices and service its tax
penalty. The tax penalty relates to the 2014 purchase of a 65%
stake in Pangkah block by Saka from Hess Corporation (Ba1 stable).
It already paid $127.7 million to the tax authorities in April
2020, and the company is liable to pay another $127.7 million of
penalty. Saka's liquidity will be strained if it has to pay the
full $127.7 million over the next 12 months. The company is
currently discussing the potential for affordable payment terms
with the tax authorities.

Saka currently has limited bank lines available, and its access to
financing will likely be constrained by the uncertainty around its
role and relevance within PGN and Pertamina (Persero) (P.T.) (Baa2
stable) corporate structure. Its liquidity will also be weak if the
company is unable to secure an extension from PGN on the maturity
of its $361 million in shareholder loans due January 2022.

Oil and gas production at Saka fell to 25.7 thousand barrels of oil
equivalent per day (kboepd) in the first nine months of 2020 from
34.4 kboepd in 2019. Moody's estimates Saka will produce around
23-27 kboepd of oil and gas over the next two years. Moody's also
expects Saka will maintain capital spending at low levels around
$100 million per annum to preserve liquidity.

The one-notch uplift from parental support incorporated in Saka's
B2 ratings takes into account the cross-default clauses between PGN
and Saka, and the reputational and funding risks to PGN and its
ultimate shareholder, Pertamina, should Saka default.

ESG CONSIDERATIONS

Saka's ratings consider the high environmental risk it faces
through its oil and gas operations. Specifically, oil and gas
exploration and production companies such as Saka are exposed to
very high carbon transition risk. However, this risk is mitigated
by the very high proportion of natural gas in Saka's production
mix, which accounts for about 83% of total production.

Saka is also exposed to social risks, especially in terms of
responsible production and health and safety issues. However, this
risk is mitigated by the company's long track record of operating
its businesses without any major incidents.

In terms of governance considerations, the rating incorporates
Saka's concentrated 100% ownership by PGN and its status as a
private company. Despite being unlisted, Saka publishes quarterly
financial statements and maintains a reasonable degree of
transparency of its operating performance. The rating action
considers the governance risk stemming from PGN's request for Saka
to partially repay its shareholder loan, and its implications on
Saka's financial profile.

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

Moody's will downgrade Saka's rating by at least one notch if the
company's liquidity profile continues to deteriorate. This could
arise from, among others, Saka being unsuccessful in seeking
affordable payment terms from the authorities to pay its tax
penalty. Moody's could also downgrade Saka's rating if the company
continues to repay the shareholder loans; PGN does not extend the
maturity of the outstanding shareholder loans; Saka's financial
profile is materially hurt by amendments to the terms of the
shareholder loans; or there is a material change in Saka's
ownership structure.

On the other hand, the ratings could be confirmed at current levels
if Moody's assesses that Saka is able to improve its liquidity and
credit quality to a level consistent with its current standalone
profile.

The principal methodology used in these ratings was Independent
Exploration and Production Industry published in May 2017.

Saka Energi Indonesia (P.T.) is an independent oil & gas
exploration and production company in Indonesia. The company holds
working interests in eleven oil and gas blocks, six of which are
producing. In the first nine months of 2020, Saka reported net
production of 25.7 thousand barrels of oil equivalent per day.

Saka is wholly-owned by natural gas distribution and transmission
company, Perusahaan Gas Negara (P.T.) (PGN). In turn, PGN is 56.96%
owned by Indonesia's 100% state-owned national oil company,
Pertamina (Persero) (P.T.).



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

FLOATEL: Inks Deal with Lenders for Full Discharge of Some Assets
-----------------------------------------------------------------
Claudia Chong at The Business Times reports that Keppel Corporation
said that offshore vessel player Floatel has reached an agreement
with lenders of its revolving credit facilities and bank vessel
facility, which will deliver a full discharge of security over the
assets owned by some of the Floatel group entities.

BT relates that the agreement is conditional upon securing and
satisfying all conditions precedent to a new revolving credit
facility, which will be drawn in part to fund a settlement payment
of US$46 million to the lenders.

Upon completion of the agreement, which is expected to occur in
February, the vessel Floatel Endurance will remain with the Floatel
group, the report relays.

Cash in the blocked accounts and other assets retained by the
relevant company in the group, and any and all claims of the
lenders against the group - including the US$115 million owed under
the bank vessel facility and the revolving credit facilities - will
be fully and unconditionally released, according to BT.

BT relates that the agreement was approved by a significant
majority of Floatel's shareholders and the first-lien (1L) and
second-lien (2L) bondholders that are party to the lock-up
agreement.

Floatel is 49.92 per cent-owned by FELS Offshore, a wholly owned
unit of Keppel Corp. FELS Offshore on Dec. 5, 2020 entered into a
lock-up agreement for a proposed restructuring of Floatel.

BT says the agreement includes an ad hoc group (AHG) of holders of
US$400 million worth of Floatel's 9 per cent senior secured 1L
bonds, as well as other consenting 1L bondholders.

The lock-up agreement will commit Floatel, Keppel, the AHG and any
acceding 1L bondholders or holders of the US$75 million worth of
Floatel's 12.75 per cent 2L bonds to attempt a financial and
corporate restructuring of Floatel.

The restructuring is expected to involve a new entity acquiring
certain subsidiaries of Floatel that own and operate vessels, the
report adds.

Floatel International Ltd. owns and operates a fleet of oil
production platform vessels. The Company charters mobile oil
platform drilling vessels for the production of crude oil. Floatel
International offers their vessels to oil production companies
internationally.


OCEAN TANKERS: To Be Wound Up Voluntarily Due to Liabilities
------------------------------------------------------------
Manifold Times reports that a notice was published in the
Government Gazette on January 8 regarding the outcome of a recent
creditors meeting of the defunct Ocean Tankers Tuas Terminal that
was held on Dec. 30, 2020.

It has been satisfactorily proven that the company cannot continue
its business due to its liabilities and the company will be wound
up voluntarily, according to Manifold Times.

Abuthahir Abdul Gafoor and Yessica Budiman of AAG Corporate
Advisory Pte Ltd have been appointed as joint liquidators for the
company's winding up process, Manifold Times discloses.

The liquidators can be reached at:

         AAG Corporate Advisory Pte Ltd
         105 Cecil Street
         #22-00 The Octagon
         Singapore 069534

                          About Hin Leong

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

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

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

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

On April 27, the Company was granted interim judicial management by
the the Singapore High Court.  Goh Thien Phong and Chan Kheng Tek
of PricewaterhouseCoopers Advisory Services (PwC) have been
appointed as interim judicial managers.


VALLIANZ HOLDINGS: Sells Off Loss-Making Unit for Nominal US$1
--------------------------------------------------------------
Annabeth Leow at The Business Times reports that Vallianz Holdings
has sold off a wholly-owned subsidiary for US$1 on Dec. 31.

Loss-making crew management unit Offshore Engineering Resources was
sold on a willing buyer, willing seller basis - without a valuation
exercise - to an unrelated third party, the Vallianz board said in
a bourse filing on Jan. 11, BT relates.

The unit and its two 99 per cent-owned subsidiaries had together
rung up an interim net loss of US$324,000 for the nine months to
Dec. 31, 2020, with unaudited net tangible liabilities of some
US$20,000 as at the same date, Vallianz noted in its statement, BT
relays.

BT adds that the disposal of the entities - which Vallianz said
counted as a non-discloseable transaction under Catalist rules - is
not expected to materially affect the group's net tangible assets
or earnings per share for its financial year to March 31, 2021.

Vallianz Holdings Limited is Singapore-based investment holding
company. The Company is a provider of offshore support vessels and
integrated offshore marine solutions to the oil and gas industry.
Its segments include Vessel chartering and brokerage, which is
engaged in chartering of owned vessels and brokering of vessels;
Vessel management and services, which is engaged in the provision
of crew, consultancy and logistics, and marine yard services and
construction services, and Investment holding, which is engaged in
holding available-for-sale investments for long-term purposes. The
Company's offshore marine services include vessel ownership,
chartering, brokering, vessel management services and marine
marketing services in Asia Pacific, the Middle East and Latin
America. It provides a range of vessel management services for both
owned vessels and third party vessels. It owns and operates a fleet
of approximately 70 offshore support vessels.




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

[*] BOND PRICING: For the Week Jan. 4, 2021 to Jan. 8, 2021
-----------------------------------------------------------
Issuer                 Coupon     Maturity    Currency    Price
------                 ------     --------    --------    -----

  AUSTRALIA
  ---------

ACN 113 874 712 PTY LTD    13.25    02/15/18      USD      0.15
ACN 113 874 712 PTY LTD    13.25    02/15/18      USD      0.15
BOART LONGYEAR MANAGEME    10.00    12/31/22      USD     72.23
CLEAN SEAS SEAFOOD LTD      8.00    11/18/22      AUD      1.07
CLIME CAPITAL LTD/FUND      6.25    11/30/21      AUD      0.98
GLENNON SMALL COS LTD       5.60    09/30/30      AUD     10.30
PALADIN ENERGY LTD         10.00    02/01/23      USD     58.19
PALADIN ENERGY LTD         10.00    02/01/23      USD     58.19
VIRGIN AUSTRALIA HOLDIN     8.00    11/26/24      AUD      5.02
VIRGIN AUSTRALIA HOLDIN     8.13    11/15/24      USD      7.93
VIRGIN AUSTRALIA HOLDIN     8.13    11/15/24      USD      8.00
VIRGIN AUSTRALIA HOLDIN     8.08    03/05/24      AUD      9.01
VIRGIN AUSTRALIA HOLDIN     8.25    05/30/23      AUD      8.08
VIRGIN AUSTRALIA HOLDIN     7.88    10/15/21      USD      7.98
VIRGIN AUSTRALIA HOLDIN     7.88    10/15/21      USD      8.25


   CHINA
   -----

AKESU DISTRICT GREEN IN     4.09    03/11/23      CNY     59.44
AKESU DISTRICT GREEN IN     4.09    03/11/23      CNY     59.47
AKESU XINCHENG ASSET IN     6.40    04/20/22      CNY     40.14
AKESU XINCHENG ASSET IN     6.40    04/20/22      CNY     40.24
ALTAY PREFECTURE STATE-     4.85    01/22/23      CNY     59.22
AN SHUN YU KUN REAL EST     5.48    11/10/21      CNY     39.67
ANHUI FOREIGN ECONOMIC      7.30    07/13/21      CNY     70.01
ANHUI JIANGNAN INDUSTRI     4.76    07/08/23      CNY     58.97
ANHUI JIANGNAN INDUSTRI     4.76    07/08/23      CNY     58.98
ANJI COUNTY STATE-OWNED     8.30    04/24/21      CNY     20.32
ANJI COUNTY STATE-OWNED     8.30    04/24/21      CNY     24.57
ANJI NORTHWEST DEVELOPM     5.90    07/18/23      CNY     59.61
ANJI NORTHWEST DEVELOPM     5.90    07/18/23      CNY     60.00
ANLU CONSTRUCTION DEVEL     5.45    06/15/23      CNY     60.24
ANLU CONSTRUCTION DEVEL     5.45    06/15/23      CNY     60.25
ANQING ECONOMIC&TECHNOL     4.09    03/09/23      CNY     59.66
ANQING ECONOMIC&TECHNOL     4.09    03/09/23      CNY     59.83
ANQING URBAN CONSTRUCTI     6.01    04/27/22      CNY     40.00
ANQING URBAN CONSTRUCTI     6.01    04/27/22      CNY     40.63
ANSHUN CITY CONSTRUCTIO     7.30    09/15/24      CNY     65.00
ANSHUN STATE-RUN ASSETS     4.48    07/18/23      CNY     55.51
ANSHUN STATE-RUN ASSETS     4.48    07/18/23      CNY     57.40
ANSHUN TRANSPORTATION D     7.50    10/31/24      CNY     65.00
ANSHUN XIXIU CITY INVES     4.70    11/22/23      CNY     57.01
ANSHUN XIXIU CITY INVES     4.70    11/22/23      CNY     58.65
BAOJI HI-TECH INDUSTRIA     8.25    04/21/21      CNY     20.00
BAOJI HI-TECH INDUSTRIA     8.25    04/21/21      CNY     20.15
BAOTOU CITY SCIENCE EDU     6.48    03/25/22      CNY     40.10
BAOTOU CITY SCIENCE EDU     6.48    03/25/22      CNY     45.50
BAOYING CITY CONSTRUCTI     4.50    03/24/23      CNY     59.64
BAOYING CITY CONSTRUCTI     4.50    03/24/23      CNY     60.06
BAYAN ZHUOER HETAO WATE     8.54    03/31/22      CNY     30.56
BAZHONG STATE-OWNED ASS     5.13    12/02/22      CNY     38.57
BAZHONG STATE-OWNED ASS     5.13    12/02/22      CNY     40.00
BAZHONG STATE-OWNED ASS     8.50    04/25/21      CNY     20.10
BAZHONG STATE-OWNED ASS     8.50    04/25/21      CNY     20.35
BEIJING CAPITAL DEVELOP     6.50    02/27/21      CNY     20.09
BEIJING CAPITAL DEVELOP     7.19    01/15/21      CNY     20.00
BEIJING CAPITAL DEVELOP     7.19    01/15/21      CNY     20.04
BEIJING CHANGXIN CONSTR     6.74    04/22/21      CNY     20.21
BEIJING CHANGXIN CONSTR     6.74    04/22/21      CNY     20.37
BEIJING FUTURE SCIENCE      4.20    08/13/22      CNY     40.04
BEIJING FUTURE SCIENCE      4.20    08/13/22      CNY     40.10
BEIJING HAIDIAN STATE-O     5.20    03/25/22      CNY     55.00
BEIJING SHIJINGSHAN STA     6.08    08/18/21      CNY     20.24
BEIJING SHIJINGSHAN STA     6.08    08/18/21      CNY     23.87
BEIJING XINCHENG INFRAS     7.50    04/21/21      CNY     20.24
BEIJING XINGZHAN INVEST     6.66    04/24/21      CNY     20.22
BEIPIAO CITY CONSTRUCTI     6.70    03/25/23      CNY     59.78
BEIPIAO CITY CONSTRUCTI     6.70    03/25/23      CNY     61.19
BENGBU GAOXIN INVESTMEN     8.70    04/17/21      CNY     20.00
BENGBU GAOXIN INVESTMEN     8.70    04/17/21      CNY     20.23
BENXI URBAN CONSTRUCTIO     6.24    01/22/22      CNY     40.00
BENXI URBAN CONSTRUCTIO     6.24    01/22/22      CNY     40.05
BIJIE CONSTRUCTION INVE     6.50    01/28/22      CNY     40.19
BIJIE CONSTRUCTION INVE     6.50    01/28/22      CNY     45.65
BIJIE DEXI CONSTRUCTION     5.10    12/05/23      CNY     56.75
BIJIE DEXI CONSTRUCTION     5.10    12/05/23      CNY     59.20
BIJIE DEXI CONSTRUCTION     4.60    11/17/23      CNY     56.41
BIJIE DEXI CONSTRUCTION     4.60    11/17/23      CNY     58.66
BIJIE KAIYUAN CONSTRUCT     7.78    02/25/21      CNY     20.06
BIJIE KAIYUAN CONSTRUCT     7.78    02/25/21      CNY     30.00
BIJIE QIXINGGUAN DISTRI     7.60    09/08/24      CNY     74.38
BINZHOU HI-TECH DEVELOP     8.60    01/10/21      CNY     20.03
BINZHOU HI-TECH DEVELOP     8.60    01/10/21      CNY     23.40
BINZHOU ZHANHUA DISTRIC     4.93    11/29/23      CNY     57.75
BINZHOU ZHANHUA DISTRIC     4.93    11/29/23      CNY     57.91
BINZHOU ZHONGHAI VENTUR     6.65    04/13/22      CNY     40.00
BINZHOU ZHONGHAI VENTUR     6.65    04/13/22      CNY     40.32
BOHAI LEASING CO LTD        7.00    06/20/21      CNY     30.00
BORALA MONGOL AUTONOMOU     5.77    08/26/22      CNY     39.00
BORALA MONGOL AUTONOMOU     5.77    08/26/22      CNY     40.06
BOZHOU URBAN CONSTRUCTI     4.78    04/14/23      CNY     59.40
BOZHOU URBAN CONSTRUCTI     4.78    04/14/23      CNY     60.30
BOZHOU YIJU REAL ESTATE     4.82    10/27/21      CNY     49.17
BOZHOU YIJU REAL ESTATE     4.82    10/27/21      CNY     49.60
BRILLIANCE AUTO GROUP H     5.80    06/17/24      CNY     60.78
BRILLIANCE AUTO GROUP H     5.80    03/20/24      CNY     54.80
BRILLIANCE AUTO GROUP H     5.80    11/05/23      CNY     44.72
BRILLIANCE AUTO GROUP H     5.80    11/05/23      CNY     59.80
BRILLIANCE AUTO GROUP H     6.30    09/14/23      CNY     44.75
BRILLIANCE AUTO GROUP H     5.40    09/14/23      CNY     55.80
BRILLIANCE AUTO GROUP H     6.30    09/14/23      CNY     56.93
BRILLIANCE AUTO GROUP H     6.50    06/03/22      CNY     44.75
BRILLIANCE AUTO GROUP H     6.50    04/18/22      CNY     44.75
BRILLIANCE AUTO GROUP H     6.50    03/13/22      CNY     44.75
BRILLIANCE AUTO GROUP H     6.50    01/22/22      CNY     44.75
BRILLIANCE AUTO GROUP H     5.30    10/23/20      CNY     44.75
CANGNAN COUNTY STATE OW     5.58    11/11/22      CNY     40.40
CEFC SHANGHAI INTERNATI     4.08    09/09/21      CNY     60.00
CEFC SHANGHAI INTERNATI     4.98    12/10/20      CNY     61.29
CHANG DE DING LI INDUST     4.30    03/10/23      CNY     59.78
CHANG DE DING LI INDUST     4.30    03/10/23      CNY     59.88
CHANGCHUN MODERN AGRICU     7.00    07/25/21      CNY     19.36
CHANGCHUN MODERN AGRICU     7.00    07/25/21      CNY     19.50
CHANGDE DE YUAN SHANTY      5.33    09/13/23      CNY     67.02
CHANGDE ECONOMIC CONSTR     7.00    03/24/21      CNY     20.14
CHANGDE ECONOMIC CONSTR     7.00    03/24/21      CNY     20.30
CHANGDE URBAN CONSTRUCT     3.59    01/12/23      CNY     59.57
CHANGDE URBAN CONSTRUCT     3.59    01/12/23      CNY     60.00
CHANGJI URBAN CONSTRUCT     4.24    11/18/23      CNY     58.20
CHANGJI URBAN CONSTRUCT     4.24    11/18/23      CNY     58.34
CHANGLE COUNTY NEWTOWN      5.18    12/16/22      CNY     59.95
CHANGLE COUNTY NEWTOWN      5.18    12/16/22      CNY     60.41
CHANGSHA COUNTY XINGCHE     7.90    03/25/22      CNY     41.16
CHANGSHA COUNTY XINGCHE     7.90    03/25/22      CNY     41.16
CHANGSHA ECONOMIC & TEC     8.45    04/13/22      CNY     30.57
CHANGSHA FURONG CITY DE     3.88    01/26/23      CNY     59.85
CHANGSHA FURONG CITY DE     3.88    01/26/23      CNY     60.67
CHANGSHA METRO GROUP CO     5.40    07/14/25      CNY     70.00
CHANGSHA METRO GROUP CO     5.97    04/03/25      CNY     72.31
CHANGSHA METRO GROUP CO     5.97    04/03/25      CNY     72.80
CHANGSHA METRO GROUP CO     6.20    04/23/23      CNY     45.87
CHANGSHA METRO GROUP CO     6.20    04/23/23      CNY     48.35
CHANGSHA TIANXIN CITY C     3.43    08/08/23      CNY     58.99
CHANGSHA TIANXIN CITY C     3.43    08/08/23      CNY     59.83
CHANGSHA TIANXIN CITY C     4.20    11/06/22      CNY     39.79
CHANGSHA TIANXIN CITY C     4.20    11/06/22      CNY     40.10
CHANGSHA YUHUA JINGKAI      4.17    09/06/23      CNY     58.93
CHANGSHA YUHUA JINGKAI      4.17    09/06/23      CNY     58.98
CHANGSHA YUHUA URBAN CO     3.80    01/28/23      CNY     59.62
CHANGSHA YUHUA URBAN CO     3.80    01/28/23      CNY     59.98
CHANGSHA YUHUA URBAN CO     7.17    04/18/21      CNY     20.19
CHANGSHA YUHUA URBAN CO     7.17    04/18/21      CNY     24.00
CHANGSHU BINJIANG URBAN     6.39    09/11/21      CNY     20.00
CHANGSHU BINJIANG URBAN     6.39    09/11/21      CNY     20.20
CHANGSHU DONGNAN ASSET      6.53    03/26/22      CNY     40.67
CHANGSHU DONGNAN ASSET      6.53    03/26/22      CNY     47.32
CHANGSHU TRANSPORTATION     7.00    04/29/21      CNY     20.23
CHANGSHU TRANSPORTATION     7.00    04/29/21      CNY     27.00
CHANGXING COMMUNICATION     6.75    06/16/21      CNY     20.03
CHANGXING COMMUNICATION     6.75    06/16/21      CNY     20.20
CHANGXING COMMUNICATION     7.88    04/30/21      CNY     20.24
CHANGXING COMMUNICATION     7.88    04/30/21      CNY     30.30
CHANGXING URBAN CONSTRU     6.00    12/03/21      CNY     19.00
CHANGXING URBAN CONSTRU     6.00    12/03/21      CNY     20.30
CHANGZHOU PUBLIC HOUSIN     6.64    07/02/21      CNY     20.07
CHANGZHOU PUBLIC HOUSIN     6.64    07/02/21      CNY     20.08
CHANGZHOU TIANNING CONS     6.48    02/12/22      CNY     40.00
CHANGZHOU TIANNING CONS     6.48    02/12/22      CNY     40.56
CHANGZHOU XINGANG ECONO     3.42    10/20/23      CNY     58.86
CHANGZHOU XINGANG ECONO     3.42    10/20/23      CNY     59.01
CHANGZHOU ZHONGLOU ECON     3.64    10/26/23      CNY     59.24
CHANGZHOU ZHONGLOU ECON     3.64    10/26/23      CNY     59.29
CHAOHU URBAN TOWN CONST     6.50    04/30/22      CNY     40.87
CHAOHU URBAN TOWN CONST     6.50    04/30/22      CNY     42.10
CHENGDU ECONOMIC & TECH     6.90    05/30/21      CNY     20.15
CHENGDU ECONOMIC & TECH     6.90    05/30/21      CNY     26.00
CHENGDU GARDEN WATER CI     6.15    05/03/23      CNY     59.40
CHENGDU GARDEN WATER CI     6.15    05/03/23      CNY     60.18
CHENGDU LONGBO INVESTME     8.10    04/24/21      CNY     20.16
CHENGDU PIDU DISTRICT S     6.95    04/01/22      CNY     40.00
CHENGDU PIDU DISTRICT S     6.95    04/01/22      CNY     48.83
CHENGDU SHUZHOU CITY CO     6.58    05/26/22      CNY     40.02
CHENGDU SHUZHOU CITY CO     6.58    05/26/22      CNY     40.50
CHENGDU XINGCHENGJIAN I     6.00    03/20/22      CNY     40.00
CHENGDU XINGCHENGJIAN I     6.00    03/20/22      CNY     40.55
CHENGDU XINGJIN ECOLOGI     3.65    10/13/23      CNY     58.47
CHENGDU XINGJIN ECOLOGI     3.65    10/13/23      CNY     59.22
CHENGDU XINKAIYUAN URBA     5.29    04/27/23      CNY     59.53
CHENGDU XINKAIYUAN URBA     5.29    04/27/23      CNY     59.53
CHENGDU XINKAIYUAN URBA     7.43    08/12/21      CNY     20.17
CHENGDU XINKAIYUAN URBA     7.43    08/12/21      CNY     21.00
CHENGFA INVESTMENT GROU     6.87    04/30/21      CNY     20.14
CHENGFA INVESTMENT GROU     6.87    04/30/21      CNY     21.37
CHENZHOU BAIFU INVESTME     4.96    03/22/26      CNY     73.02
CHENZHOU BAIFU INVESTME     4.96    03/22/26      CNY     73.63
CHENZHOU BAIFU INVESTME     6.54    08/28/21      CNY     19.47
CHENZHOU BAIFU INVESTME     6.54    08/28/21      CNY     20.00
CHENZHOU FUCHENG HIGH T     4.73    01/22/23      CNY     59.49
CHENZHOU FUCHENG HIGH T     4.73    01/22/23      CNY     59.55
CHENZHOU INDUSTRY INVES     6.45    01/23/22      CNY     39.96
CHENZHOU INDUSTRY INVES     6.45    01/23/22      CNY     48.60
CHENZHOU WENLV INDUSTRY     5.34    11/28/23      CNY     58.05
CHENZHOU XINTIAN INVEST     5.38    03/08/26      CNY     73.07
CHENZHOU XINTIAN INVEST     5.38    03/08/26      CNY     75.96
CHIBI LANTIAN URBAN CON     4.38    08/10/23      CNY     59.20
CHIBI LANTIAN URBAN CON     4.38    08/10/23      CNY     59.25
CHINA MINSHENG INVESTME     7.00    12/26/20      CNY     36.65
CHINA OCEANWIDE HOLDING     8.90    12/13/21      CNY     60.00
CHINA OCEANWIDE HOLDING     8.60    09/21/21      CNY     62.00
CHINA SECURITY CO LTD       4.45    11/11/19      CNY     31.00
CHINA YIXING ENVIRONMEN     4.08    09/14/23      CNY     59.20
CHINA YIXING ENVIRONMEN     4.08    09/14/23      CNY     59.20
CHONGQIN BAIYAN INVESTM     5.75    05/03/23      CNY     60.00
CHONGQIN BAIYAN INVESTM     5.75    05/03/23      CNY     60.52
CHONGQIN XINLIANG INVES     4.76    08/26/23      CNY     51.44
CHONGQIN XINLIANG INVES     4.76    08/26/23      CNY     56.86
CHONGQING BANAN ECONOMI     6.17    03/13/22      CNY     39.20
CHONGQING BANAN ECONOMI     6.17    03/13/22      CNY     40.29
CHONGQING BANAN ECONOMI     7.00    08/20/21      CNY     20.00
CHONGQING BANAN ECONOMI     7.00    08/20/21      CNY     20.24
CHONGQING BAYUAN CONSTR     4.99    08/16/23      CNY     58.20
CHONGQING BISHAN DISTRI     4.93    03/29/23      CNY     59.79
CHONGQING BISHAN DISTRI     4.93    03/29/23      CNY     59.88
CHONGQING CHANGSHOU ECO     7.20    07/15/21      CNY     20.15
CHONGQING CHANGSHOU ECO     7.20    07/15/21      CNY     20.40
CHONGQING CHANGSHOU ECO     7.10    06/19/21      CNY     20.00
CHONGQING CHANGSHOU ECO     7.10    06/19/21      CNY     20.02
CHONGQING DAZU INDUSTRI     6.30    04/28/22      CNY     39.22
CHONGQING DAZU INDUSTRI     6.30    04/28/22      CNY     40.00
CHONGQING ECO&TECH DEVE     3.95    04/13/23      CNY     59.84
CHONGQING FULING DISTRI     7.89    03/20/21      CNY     20.13
CHONGQING FULING DISTRI     7.89    03/20/21      CNY     27.33
CHONGQING FULING TRAFFI     6.68    02/03/22      CNY     40.00
CHONGQING FULING TRAFFI     6.68    02/03/22      CNY     40.36
CHONGQING GAOXIN ZONE D     7.80    04/25/21      CNY     20.25
CHONGQING GAOXIN ZONE D     7.80    04/25/21      CNY     30.80
CHONGQING GARDENING IND     8.45    06/03/21      CNY     20.00
CHONGQING GARDENING IND     8.45    06/03/21      CNY     20.36
CHONGQING HAOJIANG CONS     8.05    03/06/21      CNY     20.00
CHONGQING HAOJIANG CONS     8.05    03/06/21      CNY     20.13
CHONGQING HECHUAN CITY      3.95    09/06/23      CNY     59.43
CHONGQING HECHUAN CITY      3.95    09/06/23      CNY     59.49
CHONGQING HECHUAN CITY      7.30    07/07/21      CNY     20.33
CHONGQING HECHUAN CITY      7.30    07/07/21      CNY     21.00
CHONGQING JIANGBEIZUI C     6.50    07/21/21      CNY     20.34
CHONGQING JIN TONG INDU     4.44    11/16/23      CNY     55.97
CHONGQING JIN TONG INDU     4.44    11/16/23      CNY     57.13
CHONGQING JINYUN ASSET      4.50    12/31/22      CNY     59.73
CHONGQING JINYUN ASSET      4.50    12/31/22      CNY     59.89
CHONGQING JIULONG HI-TE     6.60    08/19/21      CNY     20.25
CHONGQING JIULONG HI-TE     6.60    08/19/21      CNY     20.26
CHONGQING KAIQIAN INVES     4.64    03/21/23      CNY     59.06
CHONGQING KAIQIAN INVES     4.64    03/21/23      CNY     59.31
CHONGQING LAND PROPERTI     3.36    03/21/23      CNY     59.67
CHONGQING LAND PROPERTI     3.36    03/21/23      CNY     60.10
CHONGQING LIANGJIANG NE     5.88    09/16/21      CNY     20.27
CHONGQING LIANGJIANG NE     3.10    08/05/21      CNY     39.70
CHONGQING LIANGJIANG NE     3.10    08/05/21      CNY     39.83
CHONGQING LIANGJIANG NE     6.70    04/25/21      CNY     20.19
CHONGQING LIANGJIANG NE     6.70    04/25/21      CNY     22.72
CHONGQING LIANGJIANG NE     3.60    04/19/21      CNY     40.00
CHONGQING LIANGJIANG NE     3.60    04/19/21      CNY     40.60
CHONGQING LIANGJIANG NE     3.17    01/13/21      CNY     39.97
CHONGQING MAIRUI URBAN      4.95    04/21/23      CNY     60.29
CHONGQING MAIRUI URBAN      4.95    04/21/23      CNY     60.34
CHONGQING NANCHUAN CITY     4.20    07/11/23      CNY     58.96
CHONGQING NANCHUAN CITY     4.20    07/11/23      CNY     59.62
CHONGQING QIANJIANG CIT     8.00    03/21/21      CNY     20.00
CHONGQING QIANJIANG CIT     8.00    03/21/21      CNY     20.07
CHONGQING QIJIANG EAST      4.00    09/05/23      CNY     57.97
CHONGQING QIJIANG EAST      4.00    09/05/23      CNY     58.13
CHONGQING SHUANGQIAO EC     5.99    11/19/21      CNY     20.02
CHONGQING SHUANGQIAO EC     5.99    11/19/21      CNY     26.25
CHONGQING TAX FREE PORT     7.50    04/24/21      CNY     20.17
CHONGQING TAX FREE PORT     7.50    04/24/21      CNY     21.70
CHONGQING TEA GARDEN IN     7.70    05/20/21      CNY     20.12
CHONGQING TONGLIANG JIN     6.59    04/08/22      CNY     40.00
CHONGQING TONGLIANG JIN     6.59    04/08/22      CNY     40.45
CHONGQING TONGNAN DISTR     4.99    12/31/22      CNY     59.24
CHONGQING TONGNAN DISTR     4.99    12/31/22      CNY     60.00
CHONGQING WANSHENG ECO      6.95    08/25/21      CNY     20.13
CHONGQING WANSHENG ECO      6.95    08/25/21      CNY     25.00
CHONGQING WANSHENG ECO      8.19    04/08/21      CNY     20.13
CHONGQING WANSHENG ECO      8.19    04/08/21      CNY     23.90
CHONGQING WANSHENG ECO      5.40    11/18/21      CNY     37.44
CHONGQING WANZHOU SANXI     4.95    08/25/22      CNY     40.21
CHONGQING WANZHOU SANXI     4.95    08/25/22      CNY     40.80
CHONGQING XINGRONG HOLD     4.86    03/31/23      CNY     58.50
CHONGQING XINGRONG HOLD     4.86    03/31/23      CNY     58.59
CHONGQING XIYONG MICRO-     6.58    07/25/21      CNY     20.27
CHONGQING XIYONG MICRO-     6.58    07/25/21      CNY     22.33
CHONGQING YONGCHUAN HUI     7.28    05/30/21      CNY     20.27
CHONGQING YONGCHUAN HUI     7.28    05/30/21      CNY     21.60
CHONGQING YUELAI INVEST     6.09    04/29/22      CNY     40.00
CHONGQING YUELAI INVEST     6.09    04/29/22      CNY     40.45
CHONGQING YUNAN ASSET M     7.05    06/17/21      CNY     20.25
CHONGQING YUZHONG STATE     7.25    02/26/21      CNY     20.13
CHUN'AN XINANJIANG DEVE     3.84    11/04/23      CNY     58.62
CHUN'AN XINANJIANG DEVE     3.84    11/04/23      CNY     58.92
CHUN'AN XINANJIANG DEVE     6.10    03/11/22      CNY     40.31
CHUN'AN XINANJIANG DEVE     6.10    03/11/22      CNY     44.55
CHUZHOU CITY CONSTRUCTI     6.30    11/30/21      CNY     30.58
CHUZHOU CITY CONSTRUCTI     6.40    08/22/21      CNY     20.30
CHUZHOU CITY CONSTRUCTI     6.40    08/22/21      CNY     20.31
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     20.25
CIXI CITY CONSTRUCTION      6.18    08/18/21      CNY     28.80
DAFANG COUNTY CONSTRUCT     6.00    09/26/23      CNY     57.77
DAFANG COUNTY CONSTRUCT     6.00    09/26/23      CNY     58.85
DALI ECONOMIC DEVELOPME     7.90    03/04/21      CNY     20.00
DALI ECONOMIC DEVELOPME     7.90    03/04/21      CNY     20.08
DALI HAIDONG DEVELOPMEN     6.01    01/25/23      CNY     59.82
DALI HAIDONG DEVELOPMEN     6.01    01/25/23      CNY     60.05
DALIAN PULANDIAN CONSTR     3.80    01/25/23      CNY     57.34
DALIAN RONGDA INVESTMEN     5.69    12/05/21      CNY     20.26
DALIAN RONGQIANG INVEST     7.92    04/14/21      CNY     20.12
DALIAN RONGQIANG INVEST     7.92    04/14/21      CNY     20.13
DALIAN RONGQIANG INVEST     8.60    01/20/21      CNY     20.05
DALIAN RONGQIANG INVEST     8.60    01/20/21      CNY     20.05
DALIAN SHITAI CITY CONS     4.50    02/01/23      CNY     55.10
DALIAN SHITAI CITY CONS     4.50    02/01/23      CNY     55.61
DALIAN SHITAI CITY CONS     7.09    02/20/21      CNY     19.76
DANDONG PORT GROUP CO L     5.50    01/27/21      CNY     59.00
DANGTU COUNTY CONSTRUCT     5.38    08/10/22      CNY     40.30
DANGYANG XINYUAN INVEST     4.97    03/29/23      CNY     60.19
DANGYANG XINYUAN INVEST     4.97    03/29/23      CNY     60.21
DANGYANG XINYUAN INVEST     7.99    05/23/21      CNY     20.00
DANGYANG XINYUAN INVEST     7.99    05/23/21      CNY     20.27
DANYANG HI-TECH INDUSTR     6.40    04/24/22      CNY     39.59
DANYANG HI-TECH INDUSTR     6.40    04/24/22      CNY     40.00
DANYANG INVESTMENT GROU     3.99    01/25/23      CNY     58.15
DANYANG INVESTMENT GROU     3.99    01/25/23      CNY     59.29
DATONG ECONOMIC CONSTRU     4.49    10/22/22      CNY     40.03
DAWA COUNTY CITY CONSTR     6.29    06/12/22      CNY     39.13
DAWA COUNTY CITY CONSTR     6.29    06/12/22      CNY     39.30
DAWA COUNTY LINGANG ECO     5.99    10/19/24      CNY     69.92
DAWA COUNTY LINGANG ECO     5.99    10/19/24      CNY     70.12
DAYE ZHENHENG CITY DEVE     4.05    08/31/23      CNY     57.90
DAYE ZHENHENG CITY DEVE     4.05    08/31/23      CNY     58.29
DAYE ZHENHENG CITY DEVE     4.50    03/28/23      CNY     58.68
DAYE ZHENHENG CITY DEVE     4.50    03/28/23      CNY     59.02
DAYE ZHENHENG CITY DEVE     7.30    03/03/21      CNY     20.04
DAYE ZHENHENG CITY DEVE     7.30    03/03/21      CNY     23.53
DAZHOU DEVELOPMENT HOLD     5.10    11/27/22      CNY     40.00
DAZHOU DEVELOPMENT HOLD     5.10    11/27/22      CNY     40.14
DAZHOU DEVELOPMENT HOLD     6.55    01/14/22      CNY     40.00
DAZHOU DEVELOPMENT HOLD     6.55    01/14/22      CNY     40.30
DEHONGZHOU HONGKANG INV     6.68    01/23/22      CNY     40.15
DEHONGZHOU HONGKANG INV     6.68    01/23/22      CNY     40.17
DEQING CONSTRUCTION INV     3.60    11/11/23      CNY     58.39
DEQING CONSTRUCTION INV     3.60    11/11/23      CNY     59.04
DEXING INVESTMENT HOLDI     5.99    03/21/23      CNY     59.94
DEXING INVESTMENT HOLDI     5.99    03/21/23      CNY     60.58
DEYANG ECONOMIC DEVELOP     7.90    04/28/21      CNY     20.14
DEYANG ECONOMIC DEVELOP     7.90    04/28/21      CNY     28.26
DONGLING GROUP INC CO       8.00    07/14/22      CNY     40.00
DONGLING GROUP INC CO       8.00    07/14/22      CNY     40.86
DONGTAI STATE-OWNED ASS     3.04    11/16/23      CNY     58.39
DONGTAI UBAN CONSTRUCTI     7.58    04/23/21      CNY     20.18
DONGTAI UBAN CONSTRUCTI     7.58    04/23/21      CNY     28.48
DONGTAI UBAN CONSTRUCTI     8.65    01/13/21      CNY     20.04
DONGTAI UBAN CONSTRUCTI     8.65    01/13/21      CNY     20.50
DONGYING CITY URBAN ASS     5.57    03/31/22      CNY     40.30
DONGYING CITY URBAN ASS     5.57    03/31/22      CNY     41.58
DONGZHI COUNTY CITY OPE     4.88    06/20/23      CNY     59.73
DONGZHI COUNTY CITY OPE     4.88    06/20/23      CNY     60.07
DUJIANGYAN XINGYAN INVE     6.10    03/12/22      CNY     37.30
DUJIANGYAN XINGYAN INVE     6.10    03/12/22      CNY     38.93
DUNYUN STATE-OWNED ASSE     6.60    12/28/22      CNY     59.50
ENSHI URBAN CONSTRUCTIO     3.84    11/01/23      CNY     58.34
ENSHI URBAN CONSTRUCTIO     3.84    11/01/23      CNY     58.52
ENSHI URBAN CONSTRUCTIO     7.50    06/03/21      CNY     20.25
ENSHI URBAN CONSTRUCTIO     7.50    06/03/21      CNY     27.54
EZHOU CITY CONSTRUCTION     6.68    09/19/21      CNY     20.30
EZHOU CITY CONSTRUCTION     7.76    05/15/21      CNY     20.20
EZHOU CITY CONSTRUCTION     7.76    05/15/21      CNY     26.50
FANGCHENGGANG GANGFA HO     8.09    04/16/21      CNY     20.24
FEICHENG CITY ASSETS MA     4.04    03/23/23      CNY     59.20
FEICHENG CITY ASSETS MA     4.04    03/23/23      CNY     59.41
FEIXI COUNTY URBAN & RU     4.45    06/03/23      CNY     60.19
FEIXI COUNTY URBAN & RU     4.45    06/03/23      CNY     61.24
FENG COUNTY ECONOMIC DE     5.18    06/21/23      CNY     59.12
FENG COUNTY ECONOMIC DE     5.18    06/21/23      CNY     59.36
FENGCHENG CITY CONSTRUC     6.49    02/10/22      CNY     40.23
FENGCHENG CITY CONSTRUC     6.49    02/10/22      CNY     44.49
FENGCHENG CITY MODERN I     5.76    12/17/22      CNY     59.72
FENGCHENG CITY MODERN I     5.76    12/17/22      CNY     60.00
FENGXIAN URBAN INVESTME     6.48    03/20/22      CNY     40.00
FENGXIAN URBAN INVESTME     6.48    03/20/22      CNY     40.16
FENGXIAN URBAN INVESTME     4.23    07/13/21      CNY     19.81
FENGXIAN URBAN INVESTME     4.23    07/13/21      CNY     19.83
FENYI CITY CONSTRUCTION     4.54    08/22/23      CNY     58.17
FENYI CITY CONSTRUCTION     4.54    08/22/23      CNY     58.71
FUGU COUNTY STATE-OWNED     8.69    12/16/20      CNY     20.00
FUGU COUNTY STATE-OWNED     8.69    12/16/20      CNY     20.00
FUGUINIAO CO LTD            6.30    04/22/20      CNY     13.00
FUJIAN FUSHENG GROUP CO     7.90    12/17/21      CNY     70.99
FUJIAN FUSHENG GROUP CO     7.90    11/19/21      CNY     60.00
FUJIAN JINJIANG INDUSTR     7.08    06/27/21      CNY     20.19
FUJIAN JINJIANG INDUSTR     7.08    06/27/21      CNY     20.65
FUJIAN JINJIANG URBAN C     3.35    08/24/23      CNY     59.46
FUJIAN PROVINCE LIANJIA     6.29    04/30/22      CNY     40.00
FUJIAN PROVINCE LIANJIA     6.29    04/30/22      CNY     40.53
FUJIAN ZHANGLONG GROUP      4.99    08/07/22      CNY     40.00
FUJIAN ZHANGLONG GROUP      4.99    08/07/22      CNY     40.22
FUNING URBAN INVESTMENT     7.19    08/15/21      CNY     20.36
FUNING URBAN INVESTMENT     7.19    08/15/21      CNY     21.15
FUQING CITY STATE-OWNED     5.94    11/26/22      CNY     40.82
FUQING CITY STATE-OWNED     6.66    03/01/21      CNY     25.03
FUXIN INFRASTRUCTURE CO     6.18    03/18/22      CNY     39.95
FUZHOU CHANGLE DISTRICT     4.50    04/11/23      CNY     58.94
FUZHOU CHANGLE DISTRICT     4.50    04/11/23      CNY     59.87
FUZHOU DEVELOPMENT ZONE     3.53    08/25/23      CNY     59.24
FUZHOU DEVELOPMENT ZONE     3.53    08/25/23      CNY     59.35
FUZHOU LINCHUAN URBAN C     5.68    07/05/23      CNY     59.61
FUZHOU LINCHUAN URBAN C     5.68    07/05/23      CNY     59.72
FUZHOU URBAN AND RURAL      4.89    07/08/22      CNY     40.29
FUZHOU URBAN AND RURAL      4.89    07/08/22      CNY     40.55
FUZHOU URBAN AND RURAL      5.48    01/26/22      CNY     40.00
FUZHOU URBAN AND RURAL      5.48    01/26/22      CNY     40.37
GANSU PROVINCIAL HIGHWA     6.58    09/24/22      CNY     72.16
GANZHOU CITY DEVELOPMEN     5.50    06/16/22      CNY     40.00
GANZHOU CITY DEVELOPMEN     5.50    06/16/22      CNY     40.43
GANZHOU DEVELOPMENT INV     8.10    12/11/23      CNY     84.42
GANZHOU DEVELOPMENT ZON     7.43    02/19/21      CNY     19.00
GANZHOU DEVELOPMENT ZON     7.43    02/19/21      CNY     20.09
GAOMI STATE-OWNED ASSET     4.69    01/26/23      CNY     59.73
GAOMI STATE-OWNED ASSET     4.69    01/26/23      CNY     60.44
GAOYOU CITY CONSTRUCTIO     5.48    09/15/22      CNY     40.00
GAOYOU CITY CONSTRUCTIO     5.48    09/15/22      CNY     40.43
GAOYOU CITY ECONOMY DEV     3.65    09/02/23      CNY     59.35
GAOYOU CITY ECONOMY DEV     3.65    09/02/23      CNY     60.00
GOLMUD INVESTMENT HOLDI     8.70    12/30/20      CNY     20.00
GOLMUD INVESTMENT HOLDI     8.70    12/30/20      CNY     20.01
GONG'AN COUNTY CITY CON     4.30    08/30/23      CNY     58.83
GONG'AN COUNTY CITY CON     4.30    08/30/23      CNY     59.13
GONGQINGCHENG FINANCIAL     5.85    03/25/23      CNY     59.14
GONGQINGCHENG FINANCIAL     5.85    03/25/23      CNY     59.96
GOOCOO INVESTMENT CO LT     8.00    02/01/21      CNY     50.00
GUANGAN DEVELOPMENT AND     6.39    03/24/22      CNY     40.36
GUANGAN DEVELOPMENT AND     6.39    03/24/22      CNY     44.00
GUANGAN ECONOMIC & TECH     5.16    04/14/23      CNY     58.80
GUANGAN ECONOMIC & TECH     5.16    04/14/23      CNY     59.41
GUANGAN ECONOMIC & TECH     7.10    09/22/21      CNY     20.18
GUANGAN ECONOMIC & TECH     7.10    09/22/21      CNY     20.18
GUANGAN TRANSPORTATION      5.39    12/01/23      CNY     59.19
GUANGDONG HUIZHOU COMMU     4.16    05/17/23      CNY     59.89
GUANGDONG HUIZHOU COMMU     4.16    05/17/23      CNY     60.15
GUANGRAO COUNTY ECONOMI     3.61    09/08/23      CNY     59.54
GUANGRAO COUNTY ECONOMI     3.61    09/08/23      CNY     60.00
GUANGXI BAISE DEVELOPME     7.27    06/20/21      CNY     20.00
GUANGXI BAISE DEVELOPME     7.27    06/20/21      CNY     20.11
GUANGXI LAIBIN INDUSTRI     5.97    11/26/21      CNY     20.00
GUANGXI LAIBIN INDUSTRI     5.97    11/26/21      CNY     20.12
GUANGXI QINZHOU LINHAI      7.68    02/20/21      CNY     20.04
GUANGXI QINZHOU LINHAI      7.68    02/20/21      CNY     24.77
GUANGXI URBAN CONSTRUCT     7.59    04/14/21      CNY     20.12
GUANGXI URBAN CONSTRUCT     7.59    04/14/21      CNY     23.00
GUANGYUAN INVESTMENT HO     7.30    04/22/21      CNY     20.18
GUANGYUAN INVESTMENT HO     7.30    04/22/21      CNY     21.15
GUANGYUAN YUANQU CONSTR     4.48    03/10/23      CNY     58.40
GUANGYUAN YUANQU CONSTR     4.48    03/10/23      CNY     58.41
GUANGYUAN YUANQU CONSTR     8.35    08/26/21      CNY     20.30
GUANGYUAN YUANQU CONSTR     8.35    08/26/21      CNY     27.00
GUANGZHOU HUANTOU NANSH     6.38    11/18/24      CNY     60.55
GUANGZHOU HUANTOU NANSH     6.38    11/18/24      CNY     60.71
GUANGZHOU METRO GROUP C     6.05    06/03/24      CNY     62.30
GUANGZHOU METRO GROUP C     6.05    06/03/24      CNY     62.51
GUANGZHOU METRO GROUP C     6.45    04/02/24      CNY     60.00
GUANGZHOU METRO GROUP C     6.45    04/02/24      CNY     62.69
GUILIN CITY INVESTMENT      6.90    06/13/21      CNY     20.00
GUILIN CITY INVESTMENT      6.90    06/13/21      CNY     20.13
GUILIN ECONOMIC CONSTRU     5.60    04/22/22      CNY     40.00
GUILIN ECONOMIC CONSTRU     5.60    04/22/22      CNY     40.40
GUIRENNIAO CO LTD           7.00    12/03/19      CNY     49.50
GUIXI CITY CONSTRUCTION     4.18    08/18/23      CNY     58.93
GUIXI CITY CONSTRUCTION     4.18    08/18/23      CNY     58.95
GUIYANG BAIYUN CITY CON     4.75    09/13/26      CNY     72.16
GUIYANG BAIYUN CITY CON     4.75    09/13/26      CNY     73.92
GUIYANG BAIYUN INDUSTRY     7.30    03/27/22      CNY     40.01
GUIYANG BAIYUN INDUSTRY     7.30    03/27/22      CNY     45.00
GUIYANG CITY CONSTRUCTI     4.00    11/14/26      CNY     74.66
GUIYANG CITY CONSTRUCTI     4.00    11/14/26      CNY     74.81
GUIYANG GUANSHANHU DIST     4.48    03/09/23      CNY     58.60
GUIYANG GUANSHANHU DIST     4.48    03/09/23      CNY     58.63
GUIYANG GUANSHANHU DIST     4.87    01/28/23      CNY     58.98
GUIYANG GUANSHANHU DIST     4.87    01/28/23      CNY     58.99
GUIYANG URBAN CONSTRUCT     5.23    12/02/22      CNY     39.65
GUIYANG URBAN CONSTRUCT     5.23    12/02/22      CNY     40.00
GUIZHOU EAST LAKE CITY      5.18    01/06/23      CNY     58.60
GUIZHOU EAST LAKE CITY      5.18    01/06/23      CNY     60.32
GUIZHOU FANJINGSHAN INV     6.95    01/28/22      CNY     40.00
GUIZHOU FANJINGSHAN INV     6.95    01/28/22      CNY     40.17
GUIZHOU GUIAN CONSTRUCT     4.17    10/28/22      CNY     40.08
GUIZHOU GUIAN CONSTRUCT     4.17    10/28/22      CNY     41.00
GUIZHOU GUILONG INDUSTR     7.80    04/28/22      CNY     24.73
GUIZHOU GUILONG INDUSTR     7.80    04/28/22      CNY     50.79
GUIZHOU HONGCAI INVESTM     6.00    06/07/23      CNY     48.45
GUIZHOU HONGCAI INVESTM     6.00    06/07/23      CNY     48.73
GUIZHOU LIUPANSHUI PAND     7.30    07/24/24      CNY     53.80
GUIZHOU RAILWAY INVESTM     7.50    04/23/24      CNY     62.47
GUIZHOU RAILWAY INVESTM     7.20    03/27/22      CNY     40.10
GUIZHOU RAILWAY INVESTM     7.20    03/27/22      CNY     40.73
GUIZHOU SHUICHENG CITY      4.98    11/22/23      CNY     54.37
GUIZHOU SHUICHENG CITY      4.98    11/22/23      CNY     54.44
GUIZHOU XINDONGGUAN CIV     7.70    09/05/24      CNY     70.05
GULIN STATE-OWNED ASSET     4.18    08/04/23      CNY     58.38
GULIN STATE-OWNED ASSET     4.18    08/04/23      CNY     59.58
HAIAN COUNTY DEVELOPMEN     5.45    04/13/23      CNY     59.33
HAIAN COUNTY DEVELOPMEN     5.45    04/13/23      CNY     59.55
HAIAN DEVELOPMENT ZONE      4.47    11/16/23      CNY     57.91
HAIAN DEVELOPMENT ZONE      4.47    11/16/23      CNY     58.36
HAIAN URBAN DEMOLITION      5.08    11/27/22      CNY     40.60
HAIAN URBAN DEMOLITION      5.08    11/27/22      CNY     40.88
HAICHENG URBAN JINCAI L     5.37    08/10/23      CNY     59.82
HAICHENG URBAN JINCAI L     8.17    04/16/21      CNY     20.12
HAICHENG URBAN JINCAI L     8.56    12/19/20      CNY     20.01
HAIFENG MARINE INFRASTR     6.84    04/29/22      CNY     40.37
HAIKOU MEILAN INTERNATI     5.25    09/06/19      USD     52.86
HAIMEN CITY DEVELOPMENT     6.22    04/03/22      CNY     40.66
HAIMEN CITY DEVELOPMENT     6.22    04/03/22      CNY     42.20
HAINAN AIRLINES HOLDING     6.20    05/24/21      CNY     54.01
HAINING CITY DEVELOPMEN     5.58    10/22/21      CNY     20.29
HAINING CITY DEVELOPMEN     5.58    10/22/21      CNY     20.70
HAIXI STATE-OWNED CAPIT     8.60    01/02/21      CNY     20.03
HAIXI STATE-OWNED CAPIT     8.60    01/02/21      CNY     20.20
HAMI JIANHUI STATE-OWNE     3.90    09/21/23      CNY     58.03
HAMI JIANHUI STATE-OWNE     3.90    09/21/23      CNY     58.55
HANCHENG CITY INVESTMEN     4.69    12/05/23      CNY     56.88
HANCHENG CITY INVESTMEN     4.69    12/05/23      CNY     57.09
HANCHUAN CITY HANRONG I     4.25    07/18/23      CNY     58.73
HANCHUAN CITY HANRONG I     4.25    07/18/23      CNY     59.17
HANDAN CONSTRUCTION & I     5.48    05/27/22      CNY     40.53
HANDAN CONSTRUCTION & I     5.48    05/27/22      CNY     47.20
HANGZHOU CANAL COMPREHE     3.40    10/17/23      CNY     58.89
HANGZHOU CANAL COMPREHE     3.40    10/17/23      CNY     59.13
HANGZHOU CITY CONSTRUCT     3.80    03/14/23      CNY     59.84
HANGZHOU CITY CONSTRUCT     3.80    03/14/23      CNY     60.00
HANGZHOU FUYANG CITY CO     7.20    03/19/21      CNY     20.14
HANGZHOU FUYANG CITY CO     7.20    03/19/21      CNY     20.15
HANGZHOU FUYANG DEVELOP     4.76    01/27/23      CNY     60.09
HANGZHOU FUYANG DEVELOP     4.76    01/27/23      CNY     60.16
HANGZHOU FUYANG DEVELOP     7.70    04/28/21      CNY     20.26
HANGZHOU FUYANG DEVELOP     7.70    04/28/21      CNY     29.00
HANGZHOU GONGSHU DISTRI     6.90    07/21/21      CNY     20.25
HANGZHOU GONGSHU DISTRI     6.90    07/21/21      CNY     20.40
HANGZHOU METRO GROUP CO     5.97    09/17/24      CNY     62.28
HANGZHOU METRO GROUP CO     5.97    09/17/24      CNY     62.51
HANGZHOU WEST LAKE INVE     4.30    04/25/23      CNY     60.19
HANGZHOU WEST LAKE INVE     4.30    04/25/23      CNY     60.38
HANGZHOU XIAOSHAN ECO&T     6.90    05/13/21      CNY     20.14
HANGZHOU XIAOSHAN QIANJ     4.00    03/22/23      CNY     59.86
HANGZHOU XIAOSHAN QIANJ     4.00    03/22/23      CNY     59.92
HANGZHOU YUHANG CITY CO     7.00    03/03/21      CNY     20.10
HANGZHOU YUHANG ECONOMI     7.45    03/03/21      CNY     20.14
HANGZHOU YUHANG ECONOMI     7.45    03/03/21      CNY     20.75
HANGZHOU YUHANG TRANSPO     7.19    04/18/21      CNY     20.15
HANGZHOU YUHANG TRANSPO     7.19    04/18/21      CNY     21.85
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     19.83
HEBEI ZHONGYUE CITY CON     4.10    11/16/21      CNY     19.85
HEBI INVESTMENTS GROUP      7.88    08/01/21      CNY     20.29
HEBI INVESTMENTS GROUP      7.88    08/01/21      CNY     20.99
HECHI CITY CONSTRUCTION     5.58    11/13/22      CNY     39.73
HECHI CITY CONSTRUCTION     5.58    11/13/22      CNY     42.42
HECHI STATE-OWNED ASSET     4.37    11/04/23      CNY     57.63
HECHI STATE-OWNED ASSET     4.37    11/04/23      CNY     58.37
HEFEI CONSTRUCTION INVE     7.20    04/29/24      CNY     62.71
HEFEI XINCHENG STATE-OW     4.13    07/15/23      CNY     59.15
HEFEI XINCHENG STATE-OW     4.13    07/15/23      CNY     59.52
HEILONGJIANG HECHENG CO     7.05    06/21/22      CNY     30.36
HEILONGJIANG HECHENG CO     5.60    11/11/21      CNY     20.00
HEISHAN TONGHE ASSET MA     6.79    09/18/22      CNY     39.28
HEISHAN TONGHE ASSET MA     6.79    09/18/22      CNY     39.31
HENAN ENERGY & CHEMICAL     6.98    10/31/23      CNY     28.74
HENAN ENERGY & CHEMICAL     6.98    11/02/21      CNY     29.07
HENGYANG BAISHAZHOU DEV     6.87    08/22/21      CNY     20.12
HENGYANG BAISHAZHOU DEV     6.87    08/22/21      CNY     24.50
HENGYANG COMMUNICATION      4.28    01/21/23      CNY     59.60
HENGYANG COMMUNICATION      4.28    01/21/23      CNY     60.00
HENGYANG XIANGJIANG WAT     7.40    04/23/21      CNY     20.19
HENGYANG XIANGJIANG WAT     7.40    04/23/21      CNY     21.10
HESHAN PUBLIC ASSET MAN     5.08    12/07/23      CNY     60.28
HESHAN PUBLIC ASSET MAN     5.08    12/07/23      CNY     80.15
HESHAN PUBLIC ASSET MAN     4.08    09/28/23      CNY     58.15
HESHAN PUBLIC ASSET MAN     4.08    09/28/23      CNY     58.63
HETIAN YUXIN STATE-OWNE     4.65    03/28/23      CNY     59.03
HETIAN YUXIN STATE-OWNE     4.65    03/28/23      CNY     59.36
HEYUAN CITY RUNYE INVES     6.20    12/03/21      CNY     20.17
HEYUAN CITY RUNYE INVES     6.20    12/03/21      CNY     25.88
HEZE INVESTMENT DEVELOP     7.14    03/24/21      CNY     20.12
HEZE INVESTMENT DEVELOP     7.14    03/24/21      CNY     20.95
HEZHOU URBAN CONSTRUCTI     8.16    05/16/21      CNY     20.19
HEZHOU URBAN CONSTRUCTI     8.16    05/16/21      CNY     21.00
HNA GROUP CO LTD            5.99    11/27/22      CNY     29.10
HNA GROUP CO LTD            7.10    04/15/20      CNY     70.00
HUACHEN ENERGY CO LTD       6.63    05/18/20      USD     34.83
HUAIAN CITY HUAIAN DIST     4.63    05/03/23      CNY     59.71
HUAIAN CITY URBAN ASSET     5.70    04/23/22      CNY     40.55
HUAIAN CITY URBAN ASSET     5.70    04/23/22      CNY     41.54
HUAIAN CITY XUYI URBAN      5.10    04/15/23      CNY     59.34
HUAIAN CITY XUYI URBAN      5.10    04/15/23      CNY     59.78
HUAI'AN DEVELOPMENT HOL     7.30    03/10/21      CNY     20.15
HUAI'AN DEVELOPMENT HOL     7.30    03/10/21      CNY     27.84
HUAIAN HONGRI TRANSPORT     5.09    04/20/23      CNY     58.01
HUAIAN HONGRI TRANSPORT     5.09    04/20/23      CNY     58.79
HUAIAN HONGZE DISTRICT      4.37    07/18/23      CNY     58.56
HUAIAN HONGZE DISTRICT      4.37    07/18/23      CNY     58.61
HUAI'AN NEW CITY INVEST     6.95    07/28/21      CNY     20.25
HUAI'AN NEW CITY INVEST     6.95    07/28/21      CNY     27.50
HUAI'AN NEW CITY INVEST     7.45    03/04/21      CNY     20.00
HUAI'AN NEW CITY INVEST     7.45    03/04/21      CNY     20.09
HUAIHUA CITY CONSTRUCTI     4.18    08/31/23      CNY     58.41
HUAIHUA CITY CONSTRUCTI     4.18    08/31/23      CNY     58.64
HUAIHUA ECONOMIC DEVELO     6.80    03/26/22      CNY     40.00
HUAIHUA ECONOMIC DEVELO     6.80    03/26/22      CNY     40.21
HUAIHUA TRANSPORTATION      4.96    04/12/23      CNY     59.29
HUAIHUA TRANSPORTATION      4.96    04/12/23      CNY     59.32
HUAINAN URBAN CONSTRUCT     6.79    07/09/21      CNY     20.26
HUAINAN URBAN CONSTRUCT     6.79    07/09/21      CNY     20.26
HUANGGANG CITY CONSTRUC     4.08    01/18/23      CNY     59.88
HUANGGANG CITY CONSTRUC     7.45    03/04/21      CNY     20.11
HUANGGANG CITY CONSTRUC     7.45    03/04/21      CNY     20.30
HUANGGANG CITY CONSTRUC     8.60    12/25/20      CNY     20.03
HUANGSHAN CHENGTOU GROU     5.95    05/06/22      CNY     40.54
HUANGSHAN CHENGTOU GROU     5.95    05/06/22      CNY     40.65
HUANGSHI CIHU HIGH-TECH     4.97    06/08/23      CNY     59.66
HUANGSHI CIHU HIGH-TECH     4.97    06/08/23      CNY     59.90
HUANGSHI CIHU HIGH-TECH     4.50    06/08/23      CNY     59.92
HUANGSHI CIHU HIGH-TECH     4.50    06/08/23      CNY     63.00
HUANGSHI CIHU HIGH-TECH     9.30    01/21/21      CNY     20.07
HUANGSHI URBAN CONSTRUC     5.99    04/29/22      CNY     40.00
HUANGSHI URBAN CONSTRUC     5.99    04/29/22      CNY     40.51
HUAWEN MEDIA GROUP          6.00    04/04/23      CNY     68.70
HUAWEN MEDIA GROUP          5.45    11/08/22      CNY     63.41
HUBEI PROVINCE CHANGJIA     6.15    04/03/22      CNY     40.56
HUBEI PROVINCE CHANGJIA     6.15    04/03/22      CNY     42.40
HUBEI SUPPLY AND MARKET     6.70    08/23/24      CNY     74.78
HULUDAO INVESTMENT GROU     7.50    10/18/23      CNY     46.27
HULUNBEIER INVESTMENT C     6.31    04/30/22      CNY     40.05
HULUNBEIER INVESTMENT C     6.31    04/30/22      CNY     40.36
HUNAN CHANGDE DEYUAN IN     6.50    06/16/21      CNY     20.16
HUNAN CHANGDE DEYUAN IN     6.50    06/16/21      CNY     22.25
HUNAN CHUZHISHENG HOLDI     5.60    12/18/22      CNY     60.49
HUNAN CHUZHISHENG HOLDI     5.60    12/18/22      CNY     60.58
HUNAN JINYANG INVESTMEN     4.39    04/06/23      CNY     59.18
HUNAN JINYANG INVESTMEN     4.39    04/06/23      CNY     59.30
HUNAN JINYANG INVESTMEN     4.37    01/19/23      CNY     59.56
HUNAN JINYANG INVESTMEN     4.37    01/19/23      CNY     59.59
HUNAN JINYANG INVESTMEN     5.70    11/27/21      CNY     18.60
HUNAN JINYANG INVESTMEN     5.70    11/27/21      CNY     20.07
HUNAN JINYANG NEW CITY      4.43    10/23/22      CNY     39.87
HUNAN JINYANG NEW CITY      4.43    10/23/22      CNY     39.92
HUNAN LINGANG DEVELOPME     3.94    10/26/23      CNY     57.14
HUNAN LINGANG DEVELOPME     3.94    10/26/23      CNY     57.14
HUNAN LINGANG DEVELOPME     4.24    07/21/23      CNY     58.70
HUNAN LINGANG DEVELOPME     4.24    07/21/23      CNY     59.15
HUNAN LOUDI ECONOMIC &      4.89    03/30/23      CNY     56.63
HUNAN LOUDI ECONOMIC &      4.89    03/30/23      CNY     57.73
HUNAN LOUDI ECONOMIC &      6.36    03/13/22      CNY     38.96
HUNAN LOUDI ECONOMIC &      6.36    03/13/22      CNY     47.00
HUNAN PROVINCIAL RAILWA     6.09    04/30/25      CNY     70.00
HUNAN PROVINCIAL RAILWA     6.09    04/30/25      CNY     72.95
HUNAN SENTE INDUSTRIAL      6.90    11/28/24      CNY     40.00
HUNAN SHAODONG ECO-INDU     6.58    12/13/23      CNY     61.64
HUNAN SHAODONG ECO-INDU     6.50    01/11/23      CNY     59.24
HUNAN SHAODONG ECO-INDU     6.50    01/11/23      CNY     59.31
HUNAN TIER GROUP CO LTD     4.20    03/17/23      CNY     57.66
HUNAN TIER GROUP CO LTD     4.20    03/17/23      CNY     58.71
HUNAN TIER GROUP CO LTD     7.10    03/03/21      CNY     20.14
HUNAN TIER GROUP CO LTD     7.10    03/03/21      CNY     20.30
HUNAN TIER GROUP CO LTD     8.00    12/23/20      CNY     20.05
HUNAN TIER GROUP CO LTD     8.00    12/23/20      CNY     22.72
HUNAN XIANGJIANG NEW AR     7.36    03/17/21      CNY     20.00
HUNAN XIANGJIANG NEW AR     7.36    03/17/21      CNY     20.18
HUNAN YOUZHOU INVESTMEN     4.80    07/07/23      CNY     59.74
HUNAN YOUZHOU INVESTMEN     4.80    07/07/23      CNY     59.75
HUZHOU URBAN CONSTRUCTI     6.48    08/28/21      CNY     20.25
HUZHOU URBAN CONSTRUCTI     6.48    08/28/21      CNY     22.38
HUZHOU WUXING NANTAIHU      8.79    01/16/21      CNY     20.00
HUZHOU WUXING NANTAIHU      8.79    01/16/21      CNY     20.06
HUZHOU XISAISHAN DEVELO     7.80    04/29/21      CNY     20.00
HUZHOU XISAISHAN DEVELO     7.80    04/29/21      CNY     20.26
INNER MONGOLIA JINLONG      7.30    11/19/22      CNY     39.50
INNER MONGOLIA JINLONG      7.30    11/19/22      CNY     39.92
INNER MONGOLIA KE'ERQIN     6.45    04/30/22      CNY     38.92
INNER MONGOLIA KE'ERQIN     6.45    04/30/22      CNY     40.00
INNER MONGOLIA KE'ERQIN     6.50    03/11/22      CNY     39.09
INNER MONGOLIA KE'ERQIN     6.50    03/11/22      CNY     40.00
INNER MONGOLIA SHENGXIA     8.18    08/21/21      CNY     20.04
INNER MONGOLIA SHENGXIA     8.18    08/21/21      CNY     24.00
INNER MONGOLIA ZHUNGEER     6.54    12/31/21      CNY     40.53
INNER MONGOLIA ZHUNGEER     6.54    12/31/21      CNY     42.10
JIAN CITY JINGANGSHAN D     4.87    01/27/23      CNY     59.26
JIAN CITY JINGANGSHAN D     4.87    01/27/23      CNY     59.79
JIAN CITY JINGANGSHAN D     7.99    06/03/21      CNY     20.15
JIAN CITY JINGANGSHAN D     7.99    06/03/21      CNY     20.87
JIANAN INVESTMENT HOLDI     3.85    09/05/23      CNY     59.24
JIANAN INVESTMENT HOLDI     3.50    09/05/23      CNY     59.28
JIANAN INVESTMENT HOLDI     3.85    09/05/23      CNY     59.46
JIANAN INVESTMENT HOLDI     3.50    09/05/23      CNY     61.00
JIANAN INVESTMENT HOLDI     4.30    03/08/23      CNY     59.86
JIANAN INVESTMENT HOLDI     4.30    03/08/23      CNY     59.91
JIANAN INVESTMENT HOLDI     6.85    05/23/21      CNY     20.17
JIANAN INVESTMENT HOLDI     6.85    05/23/21      CNY     26.50
JIANGDONG HOLDING GROUP     7.14    04/24/21      CNY     20.17
JIANGMEN NEW HI-TECH IN     6.03    04/22/22      CNY     40.56
JIANGMEN NEW HI-TECH IN     6.03    04/22/22      CNY     41.10
JIANGSU BEIGU INDUSTRIA     5.80    06/20/23      CNY     60.11
JIANGSU BEIGU INDUSTRIA     5.80    06/20/23      CNY     60.63
JIANGSU DAHANG LINGANG      5.18    09/22/23      CNY     58.64
JIANGSU DAHANG LINGANG      5.18    09/22/23      CNY     58.82
JIANGSU GAOCHUN ECONOMI     3.92    11/23/23      CNY     59.29
JIANGSU GAOCHUN ECONOMI     3.92    11/23/23      CNY     59.29
JIANGSU GAOCHUN ECONOMI     3.67    09/23/23      CNY     59.13
JIANGSU GAOCHUN ECONOMI     3.67    09/23/23      CNY     59.22
JIANGSU HAIZHOU DEVELOP     4.67    06/06/23      CNY     60.00
JIANGSU HAIZHOU DEVELOP     4.67    06/06/23      CNY     61.51
JIANGSU HAIZHOUWAN DEVE     5.37    03/29/23      CNY     44.20
JIANGSU HANRUI INVESTME     5.00    08/31/23      CNY     57.62
JIANGSU HANRUI INVESTME     5.00    08/31/23      CNY     58.76
JIANGSU HANRUI INVESTME     4.63    04/15/23      CNY     59.95
JIANGSU HANRUI INVESTME     4.63    04/15/23      CNY     60.51
JIANGSU JINGUAN INVESTM     7.90    04/08/21      CNY     20.18
JIANGSU JINGUAN INVESTM     7.90    04/08/21      CNY     20.80
JIANGSU JINTAN GUOFA IN     4.60    08/22/23      CNY     58.75
JIANGSU JINTAN GUOFA IN     4.60    08/22/23      CNY     59.22
JIANGSU JINTAN GUOFA IN     6.85    05/30/21      CNY     20.00
JIANGSU JINTAN GUOFA IN     6.85    05/30/21      CNY     20.19
JIANGSU JURONG FUDI BIO     7.70    03/21/21      CNY     40.25
JIANGSU JURONG FUDI BIO     7.70    03/21/21      CNY     40.28
JIANGSU NANTONG NO2 CON     8.10    07/10/21      CNY     20.16
JIANGSU RUNCHENG ASSET      7.88    04/16/21      CNY     20.19
JIANGSU RUNCHENG ASSET      7.88    04/16/21      CNY     28.80
JIANGSU RUNQI WANGUO IN     4.14    10/21/21      CNY     29.34
JIANGSU RUNQI WANGUO IN     4.14    10/21/21      CNY     29.92
JIANGSU SUHAI INVESTMEN     7.28    05/29/21      CNY     20.12
JIANGSU SUHAI INVESTMEN     7.28    05/29/21      CNY     25.00
JIANGSU TAICANG PORT DE     7.40    04/28/21      CNY     20.00
JIANGSU TAICANG PORT DE     7.40    04/28/21      CNY     20.16
JIANGSU WUZHONG ECONOMI     5.49    11/19/21      CNY     20.28
JIANGSU WUZHONG ECONOMI     5.49    11/19/21      CNY     20.32
JIANGSU XISHAN ECONOMIC     5.78    07/20/22      CNY     40.00
JIANGSU XISHAN ECONOMIC     5.78    07/20/22      CNY     40.57
JIANGSU YANGKOU PORT CO     6.23    04/10/22      CNY     40.44
JIANGSU YANGKOU PORT CO     6.23    04/10/22      CNY     47.50
JIANGSU YINGZHOU DEVELO     4.33    09/21/23      CNY     57.66
JIANGSU YINGZHOU DEVELO     4.33    09/21/23      CNY     57.99
JIANGSU YIXING ECONOMIC     7.69    04/18/21      CNY     20.21
JIANGSU YIXING ECONOMIC     7.69    04/18/21      CNY     30.19
JIANGSU ZHANGJIAGANG EC     3.95    03/22/23      CNY     59.92
JIANGSU ZHANGJIAGANG EC     3.95    03/22/23      CNY     60.00
JIANGSU ZHUFU INDUSTRIA     4.47    07/20/23      CNY     56.30
JIANGSU ZHUFU INDUSTRIA     4.47    07/20/23      CNY     58.53
JIANGSU ZHUFU INDUSTRIA     4.93    12/29/20      CNY     40.02
JIANGXI HEJI INVESTMENT     5.09    12/17/22      CNY     59.94
JIANGXI HEJI INVESTMENT     5.09    12/17/22      CNY     60.00
JIANGXI HUIHENG PROPERT     4.43    08/30/21      CNY     39.31
JIANGXI HUIHENG PROPERT     4.43    08/30/21      CNY     39.99
JIANGXI LONGHU MOUNTAIN     4.35    03/16/23      CNY     59.44
JIANGXI LONGHU MOUNTAIN     4.35    03/16/23      CNY     59.45
JIANGXI PINGXIANG CHANG     8.18    05/22/21      CNY     20.30
JIANGXI PINGXIANG CHANG     8.18    05/22/21      CNY     29.34
JIANGXI PROVINCE SITONG     8.20    04/18/21      CNY     20.31
JIANGXI PROVINCE SITONG     8.20    04/18/21      CNY     20.37
JIANGYOU HONGFEI INVEST     6.55    09/02/22      CNY     40.31
JIANGYOU HONGFEI INVEST     6.55    09/02/22      CNY     40.53
JIANHU COUNTY DEVELOPME     7.29    09/25/21      CNY     20.18
JIANHU COUNTY DEVELOPME     7.29    09/25/21      CNY     22.75
JIANHU URBAN CONSTRUCTI     6.30    06/01/22      CNY     39.67
JIANHU URBAN CONSTRUCTI     6.30    06/01/22      CNY     42.86
JIANHU URBAN CONSTRUCTI     3.28    10/13/21      CNY     39.29
JIANHU URBAN CONSTRUCTI     3.28    10/13/21      CNY     41.00
JIANYANG DEVELOPMENT HO     3.93    11/10/23      CNY     56.96
JIANYANG DEVELOPMENT HO     3.93    11/10/23      CNY     57.70
JIAXING ECONOMIC&TECHNO     7.89    03/05/21      CNY     20.10
JIAXING ECONOMIC&TECHNO     7.89    03/05/21      CNY     21.13
JIAXING NANHU INVESTMEN     7.45    02/26/21      CNY     20.08
JIAXING NANHU INVESTMEN     7.45    02/26/21      CNY     21.80
JIAXING XIANGJIADANG DE     3.87    09/21/23      CNY     57.98
JIAXING XIANGJIADANG DE     3.87    09/21/23      CNY     59.36
JIAXING XIANGJIADANG DE     4.13    07/20/23      CNY     59.58
JIAXING XIANGJIADANG DE     4.13    07/20/23      CNY     59.61
JIAYU COUNTY URBAN TOWN     5.70    01/19/23      CNY     60.35
JIAYU COUNTY URBAN TOWN     5.70    01/19/23      CNY     60.35
JIAYUGUAN CITY INFRASTR     7.83    09/23/21      CNY     20.00
JIAYUGUAN CITY INFRASTR     7.83    09/23/21      CNY     20.13
JIEYANG CITY INVESTMENT     6.55    08/27/21      CNY     20.18
JIEYANG CITY INVESTMENT     6.55    08/27/21      CNY     20.40
JILIN CITY CONSTRUCTION     3.80    01/27/23      CNY     59.39
JILIN CITY CONSTRUCTION     3.80    01/27/23      CNY     59.90
JILIN ECONOMIC AND TECH     6.20    04/29/23      CNY     59.68
JILIN ECONOMIC AND TECH     6.20    04/29/23      CNY     60.20
JILIN NORTHEAST SOCK IN     7.50    05/19/22      CNY     71.10
JILIN NORTHEAST SOCK IN     6.80    12/19/21      CNY     70.00
JILIN RAILWAY INVESTMEN     7.18    03/04/21      CNY     20.09
JINAN CITY CONSTRUCTION     6.80    03/20/21      CNY     20.12
JINAN CITY CONSTRUCTION     6.80    03/20/21      CNY     20.26
JINAN CITY LICHENG DIST     5.00    06/23/22      CNY     39.63
JINAN CITY LICHENG DIST     5.00    06/23/22      CNY     40.26
JINAN HI-TECH HOLDING G     6.38    06/19/21      CNY     20.14
JINCHANG CONSTRUCTION I     6.79    12/21/22      CNY     60.00
JINCHANG CONSTRUCTION I     6.79    12/21/22      CNY     60.44
JINCHENG STATE-OWNED CA     4.99    11/11/21      CNY     20.09
JINGDEZHEN CERAMIC CULT     5.38    11/27/22      CNY     39.83
JINGDEZHEN CERAMIC CULT     5.38    11/27/22      CNY     40.00
JINGHONG STATE-OWNED AS     8.08    05/23/21      CNY     19.94
JINGHONG STATE-OWNED AS     8.08    05/23/21      CNY     20.00
JINGJIANG CITY INVESTME     4.55    03/30/23      CNY     59.67
JINGJIANG CITY INVESTME     4.55    03/30/23      CNY     59.71
JINGJIANG HARBOUR GROUP     7.30    08/05/21      CNY     20.18
JINGJIANG HARBOUR GROUP     7.30    08/05/21      CNY     28.68
JINGMEN CITY CONSTRUCTI     6.85    07/09/22      CNY     30.00
JINGMEN CITY CONSTRUCTI     6.85    07/09/22      CNY     30.63
JINGMEN HIGH-TECH DEVEL     4.15    07/28/23      CNY     58.70
JINGMEN HIGH-TECH DEVEL     4.15    07/28/23      CNY     59.09
JINGMEN HIGH-TECH DEVEL     5.48    08/11/22      CNY     39.80
JINGMEN HIGH-TECH DEVEL     5.48    08/11/22      CNY     39.98
JINGSHAN JINGCHENG INVE     4.38    08/29/23      CNY     58.69
JINGSHAN JINGCHENG INVE     4.38    08/29/23      CNY     59.75
JINGZHOU URBAN CONSTRUC     3.97    03/10/23      CNY     59.58
JINGZHOU URBAN CONSTRUC     3.97    03/10/23      CNY     59.68
JINHU COUNTY STATE-OWNE     4.00    07/26/22      CNY     49.68
JINHU COUNTY STATE-OWNE     4.00    07/26/22      CNY     49.83
JINHU COUNTY STATE-OWNE     7.75    08/25/21      CNY     20.35
JINHU COUNTY STATE-OWNE     7.75    08/25/21      CNY     21.33
JINING CITY SHIZHONG DI     3.52    09/14/23      CNY     58.92
JINING CITY SHIZHONG DI     6.39    01/29/22      CNY     40.30
JINING CITY SHIZHONG DI     6.39    01/29/22      CNY     44.44
JINING HIGH TECH URBAN      6.09    04/30/22      CNY     40.53
JINING HIGH TECH URBAN      6.09    04/30/22      CNY     41.50
JINSHA COUNTY CONSTRUCT     6.01    09/05/23      CNY     58.66
JINSHA COUNTY CONSTRUCT     6.01    09/05/23      CNY     58.80
JINTANG MODERN AGRICULT     5.49    07/14/23      CNY     58.51
JINTANG MODERN AGRICULT     5.49    07/14/23      CNY     59.25
JINZHAI URBAN DEVELOPME     5.90    04/25/23      CNY     60.86
JINZHAI URBAN DEVELOPME     5.90    04/25/23      CNY     60.97
JINZHOU CITY INVESTMENT     6.44    08/18/21      CNY     20.02
JINZHOU CITY INVESTMENT     6.44    08/18/21      CNY     24.91
JINZHOU CITY INVESTMENT     8.50    12/27/20      CNY     20.00
JINZHOU CITY INVESTMENT     8.50    12/27/20      CNY     20.02
JINZHOU HUAXING INVESTM     8.38    02/25/21      CNY     20.09
JINZHOU HUAXING INVESTM     8.38    02/25/21      CNY     25.00
JINZHOU HUAXING INVESTM     9.10    01/21/21      CNY     20.06
JINZHOU HUAXING INVESTM     9.10    01/21/21      CNY     20.90
JISHOU HUATAI STATE OWN     7.18    02/09/22      CNY     40.15
JISHOU HUATAI STATE OWN     7.18    02/09/22      CNY     42.82
JIUJIANG CITY CONSTRUCT     5.50    05/22/22      CNY     39.55
JIUJIANG CITY CONSTRUCT     5.50    05/22/22      CNY     40.57
JIUJIANG LAND INVESTMEN     6.20    03/23/22      CNY     40.36
JIUJIANG LAND INVESTMEN     6.20    03/23/22      CNY     40.51
JIUJIANG LIANXI DISTRIC     4.58    03/30/23      CNY     59.26
JIUJIANG LIANXI DISTRIC     4.58    03/30/23      CNY     59.30
JIUQUAN ECONOMIC DEVELO     7.40    02/26/21      CNY     20.07
JIUQUAN ECONOMIC DEVELO     7.40    02/26/21      CNY     20.60
JIXI STATE OWN ASSET MA     6.87    01/19/22      CNY     40.00
JIXI STATE OWN ASSET MA     6.87    01/19/22      CNY     40.85
JIZHONG ENERGY FENGFENG     6.43    05/08/22      CNY     92.33
JIZHONG ENERGY GROUP CO     6.05    08/13/22      CNY     59.79
JIZHONG ENERGY GROUP CO     6.50    01/19/21      CNY     75.20
KAIFENG URBAN OPERATION     6.35    03/23/22      CNY     40.09
KAIFENG URBAN OPERATION     6.35    03/23/22      CNY     40.09
KAIFU CITY DEVELOPMENT      3.73    08/22/23      CNY     59.00
KAIFU CITY DEVELOPMENT      3.73    08/22/23      CNY     59.15
KAIFU CITY DEVELOPMENT      4.20    01/21/23      CNY     58.50
KAIFU CITY DEVELOPMENT      4.20    01/21/23      CNY     59.79
KAILI GUIZHOU TOWN CONS     4.20    10/13/23      CNY     55.61
KAILI GUIZHOU TOWN CONS     4.20    10/13/23      CNY     56.22
KAILI GUIZHOU TOWN CONS     5.29    12/17/22      CNY     58.35
KAILI GUIZHOU TOWN CONS     5.29    12/17/22      CNY     60.00
KANGMEI PHARMACEUTICAL      5.47    09/15/22      CNY     31.88
KANGMEI PHARMACEUTICAL      5.29    08/16/22      CNY     31.91
KANGMEI PHARMACEUTICAL      5.20    07/17/22      CNY     31.88
KANGMEI PHARMACEUTICAL      6.33    01/27/22      CNY     36.69
KANGMEI PHARMACEUTICAL      6.80    06/28/21      CNY     31.88
KANGMEI PHARMACEUTICAL      7.00    06/21/21      CNY     31.88
KANGMEI PHARMACEUTICAL      5.50    04/20/21      CNY     20.09
KANGMEI PHARMACEUTICAL      6.10    03/28/21      CNY     31.88
KANGMEI PHARMACEUTICAL      6.28    03/20/21      CNY     31.88
KASHI URBAN CONSTRUCTIO     5.80    07/20/22      CNY     40.00
KASHI URBAN CONSTRUCTIO     5.80    07/20/22      CNY     40.27
KUNMING DONGJUN REAL ES     4.50    11/02/21      CNY     24.65
KUNSHAN COMMUNICATION D     6.95    05/22/21      CNY     20.27
KUNSHAN COMMUNICATION D     6.95    05/22/21      CNY     25.45
KUNSHAN HIGH TECHNOLOGY     7.10    03/26/21      CNY     19.80
KUNSHAN HIGH TECHNOLOGY     7.10    03/26/21      CNY     20.14
LAIWU CITY ECONOMIC DEV     7.08    02/28/21      CNY     20.12
LAIWU CITY ECONOMIC DEV     7.08    02/28/21      CNY     20.60
LANZHOU STATE OWNED ASS     6.32    09/10/21      CNY     14.90
LANZHOU STATE OWNED ASS     6.32    09/10/21      CNY     19.99
LAOHEKOU CITY CONSTRUCT     6.75    08/12/22      CNY     40.24
LAOHEKOU CITY CONSTRUCT     6.75    08/12/22      CNY     40.34
LEIYANG CITY AND RURAL      7.80    04/10/22      CNY     40.99
LEIYANG CITY AND RURAL      7.80    04/10/22      CNY     40.99
LEPING STATE-OWNED ASSE     3.70    10/20/23      CNY     58.62
LEPING STATE-OWNED ASSE     3.70    10/20/23      CNY     59.13
LEQING CITY STATE OWNED     5.99    10/20/21      CNY     20.35
LEQING CITY STATE OWNED     5.99    10/20/21      CNY     20.85
LESHAN STATE-OWNED ASSE     5.68    10/22/21      CNY     20.00
LESHAN STATE-OWNED ASSE     5.68    10/22/21      CNY     20.26
LIANYUNGANG TRANSPORT G     5.47    11/17/21      CNY     20.19
LIANYUNGANG TRANSPORT G     5.47    11/17/21      CNY     25.00
LIAOCHENG ANTAI URBAN R     5.16    04/11/23      CNY     59.10
LIAOCHENG ANTAI URBAN R     4.58    04/11/23      CNY     59.57
LIAOCHENG ANTAI URBAN R     5.16    04/11/23      CNY     59.97
LIAOCHENG ANTAI URBAN R     4.58    04/11/23      CNY     60.03
LIAOCHENG XINGYE ECONOM     5.20    04/13/23      CNY     58.78
LIAOCHENG XINGYE ECONOM     5.20    04/13/23      CNY     60.41
LIAONING COASTAL ECONOM     8.90    04/01/21      CNY      3.63
LIAONING COASTAL ECONOM     8.90    04/01/21      CNY     11.03
LIAONING GUANLONG CONST     4.70    11/10/23      CNY     58.53
LIAONING GUANLONG CONST     4.70    11/10/23      CNY     58.75
LIAONING YAODU DEVELOPM     6.50    04/29/23      CNY     60.60
LILING HIGH-TECH INDUST     4.93    01/19/23      CNY     59.17
LILING HIGH-TECH INDUST     4.93    01/19/23      CNY     59.86
LINFEN YAODU DISTRICT I     7.19    03/13/22      CNY     40.45
LINFEN YAODU DISTRICT I     7.19    03/13/22      CNY     40.49
LINYI CITY DEVELOPMENT      3.85    11/22/23      CNY     59.08
LINYI CITY DEVELOPMENT      3.85    11/22/23      CNY     59.39
LISHUI CITY CULTURAL TO     5.67    08/13/22      CNY     40.36
LIUPANSHUI DEVELOPMENT      3.74    01/20/23      CNY     59.65
LIUPANSHUI MINSHENG INV     5.08    01/29/23      CNY     58.74
LIUPANSHUI MINSHENG INV     5.08    01/29/23      CNY     59.46
LIUYANG MODERN MANUFACT     4.72    01/19/23      CNY     59.04
LIUYANG MODERN MANUFACT     4.72    01/19/23      CNY     59.23
LIUYANG URBAN CONSTRUCT     4.45    05/24/23      CNY     60.05
LIUYANG URBAN CONSTRUCT     4.45    05/24/23      CNY     60.08
LIUYANG URBAN CONSTRUCT     6.98    08/22/21      CNY     20.37
LIUZHOU CITY INVESTMENT     7.18    12/31/22      CNY     45.35
LIUZHOU DONGTONG INVEST     4.45    07/22/23      CNY     57.36
LIUZHOU DONGTONG INVEST     4.45    07/22/23      CNY     57.87
LIUZHOU INVESTMENT HOLD     4.28    03/08/23      CNY     58.61
LIUZHOU INVESTMENT HOLD     4.28    03/08/23      CNY     58.99
LIUZHOU LONGJIAN INVEST     8.28    04/30/24      CNY     62.19
LIYANG KUNLUN URBAN CON     5.90    10/24/21      CNY     18.00
LIYANG KUNLUN URBAN CON     5.90    10/24/21      CNY     20.16
LONGHAI STATE-OWNED ASS     6.58    08/15/21      CNY     20.20
LONGYAN RAILWAY CONSTRU     4.98    04/13/23      CNY     59.38
LONGYAN RAILWAY CONSTRU     4.98    04/13/23      CNY     59.68
LOUDI CITY CONSTRUCTION     7.95    04/15/21      CNY     20.20
LOUDI CITY CONSTRUCTION     7.95    04/15/21      CNY     30.31
LOUDI TIDU INVESTMENT D     4.83    01/20/23      CNY     59.55
LOUDI TIDU INVESTMENT D     4.83    01/20/23      CNY     59.71
LOUDI TIDU INVESTMENT D     7.18    08/27/21      CNY     19.91
LOUDI TIDU INVESTMENT D     7.18    08/27/21      CNY     20.00
LOUDI WANBAO NEW DISTRI     4.42    08/01/23      CNY     58.44
LOUDI WANBAO NEW DISTRI     4.42    08/01/23      CNY     58.61
LOUDI WANBAO NEW DISTRI     5.13    02/01/23      CNY     59.41
LOUDI WANBAO NEW DISTRI     5.13    02/01/23      CNY     59.51
LU'AN CITY CONSTRUCTION     5.05    04/26/21      CNY     50.16
LU'AN CITY CONSTRUCTION     3.97    02/22/21      CNY     50.00
LUJIANG CITY CONSTRUCTI     6.70    04/16/22      CNY     40.00
LUJIANG CITY CONSTRUCTI     6.70    04/16/22      CNY     40.53
LUOYANG CITY COUNTRY CO     4.28    04/26/23      CNY     58.85
LUOYANG CITY COUNTRY CO     4.28    04/26/23      CNY     60.15
LUOYANG CITY DEVELOPMEN     4.47    12/02/22      CNY     40.00
LUOYANG CITY DEVELOPMEN     4.47    12/02/22      CNY     40.20
LUZHOU FUYANG INVESTMEN     5.00    08/11/23      CNY     59.70
LUZHOU FUYANG INVESTMEN     5.00    08/11/23      CNY     59.85
LUZHOU XINGLU INVESTMEN     6.41    04/23/25      CNY     70.00
LUZHOU XINGLU INVESTMEN     6.41    04/23/25      CNY     73.40
LUZHOU XINGYANG INVESTM     4.87    01/28/23      CNY     59.28
LUZHOU XINGYANG INVESTM     4.87    01/28/23      CNY     59.33
MA'ANSHAN CIHU HIGH TEC     3.90    11/28/23      CNY     59.05
MA'ANSHAN CIHU HIGH TEC     3.90    11/28/23      CNY     60.40
MA'ANSHAN CIHU HIGH TEC     6.85    09/09/21      CNY     20.26
MA'ANSHAN CIHU HIGH TEC     6.85    09/09/21      CNY     23.00
MAANSHAN ECONOMIC TECHN     6.49    03/06/22      CNY     40.24
MAANSHAN ECONOMIC TECHN     6.49    03/06/22      CNY     44.99
MAANSHAN HUASHAN DISTRI     6.07    04/20/22      CNY     40.57
MAANSHAN HUASHAN DISTRI     6.07    04/20/22      CNY     40.60
MAANSHAN SOUTHERN INDUS     4.43    09/02/23      CNY     58.60
MAANSHAN SOUTHERN INDUS     4.43    09/02/23      CNY     58.86
MAANSHAN SOUTHERN INDUS     4.53    07/25/23      CNY     58.41
MAANSHAN SOUTHERN INDUS     4.53    07/25/23      CNY     59.19
MEISHAN ASSET MANAGEMEN     7.84    02/26/21      CNY     20.10
MEISHAN CITY DONGPO DEV     5.90    06/30/23      CNY     58.46
MEISHAN CITY DONGPO DEV     5.90    06/30/23      CNY     59.15
MEISHAN HONGDA CONSTRUC     4.18    03/28/23      CNY     58.99
MEISHAN HONGDA CONSTRUC     4.18    03/28/23      CNY     59.00
MEIZHOU CITY XIN JIN YE     6.02    04/22/22      CNY     40.45
MEIZHOU CITY XIN JIN YE     6.02    04/22/22      CNY     45.32
MEIZHOU MEI COUNTY DIST     5.00    12/30/22      CNY     59.93
MEIZHOU MEI COUNTY DIST     5.00    12/30/22      CNY     60.00
MUDANJIANG AREA URBAN D     6.48    06/30/22      CNY     40.09
MUDANJIANG AREA URBAN D     6.48    06/30/22      CNY     45.00
MUDANJIANG STATE-OWNED      7.70    04/14/21      CNY     20.11
MUDANJIANG STATE-OWNED      7.70    04/14/21      CNY     20.11
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     59.19
NANCHANG ECONOMY TECHNO     3.83    09/22/23      CNY     59.30
NANCHONG AIRPORT INVEST     6.80    01/26/22      CNY     40.08
NANCHONG AIRPORT INVEST     6.80    01/26/22      CNY     40.18
NANCHONG ECONOMIC DEVEL     8.28    04/21/21      CNY     20.17
NANCHONG ECONOMIC DEVEL     8.28    04/21/21      CNY     31.20
NANJING BAIXIA STATE-OW     3.98    03/29/23      CNY     59.72
NANJING BAIXIA STATE-OW     3.98    03/29/23      CNY     59.75
NANJING JIANGNING ECONO     7.94    04/14/24      CNY     63.50
NANJING JIANGNING ECONO     7.94    04/14/24      CNY     63.52
NANJING JIANGNING URBAN     3.48    11/11/23      CNY     58.42
NANJING JIANGNING URBAN     3.48    11/11/23      CNY     59.32
NANJING JIANYE SCIENCE      4.37    06/24/23      CNY     59.80
NANJING JIANYE SCIENCE      4.37    06/24/23      CNY     59.95
NANJING LISHUI ECONOMIC     3.41    11/09/23      CNY     59.15
NANJING LISHUI ECONOMIC     6.27    09/22/21      CNY     20.27
NANJING LISHUI ECONOMIC     6.27    09/22/21      CNY     21.29
NANJING LISHUI URBAN CO     4.97    04/28/23      CNY     60.12
NANJING LISHUI URBAN CO     4.97    04/28/23      CNY     60.29
NANJING METRO GROUP CO      3.29    08/29/23      CNY     59.48
NANJING QIXIA STATE-OWN     4.10    06/24/23      CNY     59.63
NANJING QIXIA STATE-OWN     4.10    06/24/23      CNY     60.08
NANJING STATE OWNED ASS     5.60    03/06/23      CNY     45.73
NANJING TANGSHAN CONSTR     6.80    06/30/21      CNY     20.26
NANJING TANGSHAN CONSTR     6.80    06/30/21      CNY     26.80
NANNING HI-TECH INDUSTR     3.82    10/20/23      CNY     57.87
NANNING HI-TECH INDUSTR     3.82    10/20/23      CNY     58.30
NANNING HI-TECH INDUSTR     4.28    03/25/23      CNY     55.20
NANNING HI-TECH INDUSTR     4.28    03/25/23      CNY     59.10
NANNING LVGANG CONSTRUC     7.30    06/27/21      CNY     20.05
NANNING LVGANG CONSTRUC     7.30    06/27/21      CNY     24.80
NANPING CITY WUYI NEW D     4.96    09/28/22      CNY     40.18
NANPING CITY WUYI NEW D     4.96    09/28/22      CNY     40.60
NANTONG CHONGCHUAN URBA     5.70    07/21/22      CNY     70.00
NANTONG CHONGCHUAN URBA     5.70    07/21/22      CNY     71.00
NANTONG CHONGCHUAN URBA     7.15    04/18/21      CNY     20.26
NANTONG CHONGCHUAN URBA     7.15    04/18/21      CNY     25.40
NANTONG CITY GANGZHA DI     3.80    09/06/21      CNY     39.68
NANTONG CITY GANGZHA DI     3.80    09/06/21      CNY     39.78
NANTONG CITY TONGZHOU D     3.75    07/07/23      CNY     59.51
NANTONG HIGH TECHNOLOGY     5.00    10/19/22      CNY     40.36
NANTONG HIGH TECHNOLOGY     5.00    10/19/22      CNY     41.52
NANTONG SUTONG SCIENCE      6.20    03/18/22      CNY     40.00
NANTONG SUTONG SCIENCE      6.20    03/18/22      CNY     40.50
NANYANG HIGH-TECH DISTR     6.45    04/29/23      CNY     60.26
NANYANG HIGH-TECH DISTR     6.45    04/29/23      CNY     61.08
NEIJIANG CITY XINGYUAN      4.28    08/16/23      CNY     57.85
NEIJIANG CITY XINGYUAN      4.28    08/16/23      CNY     58.03
NEIJIANG INVESTMENT HOL     7.99    04/24/21      CNY     20.18
NEIJIANG INVESTMENT HOL     7.99    04/24/21      CNY     28.53
NEIJIANG STATE-OWNED AS     6.20    04/12/23      CNY     59.33
NEIJIANG STATE-OWNED AS     6.20    04/12/23      CNY     59.41
NEIJINAG CONSTRUCTION E     5.03    12/25/22      CNY     56.36
NEIJINAG CONSTRUCTION E     5.03    12/25/22      CNY     59.86
NEOGLORY HOLDING GROUP      8.00    10/22/20      CNY     56.00
NEOGLORY HOLDING GROUP      8.00    09/25/20      CNY     60.00
NEOGLORY HOLDING GROUP      8.10    11/23/18      CNY     72.00
NINGBO CITY HAISHU GUAN     7.75    03/06/21      CNY     20.13
NINGBO CITY HAISHU GUAN     7.75    03/06/21      CNY     26.30
NINGBO CITY ZHENHAI INV     5.85    12/04/21      CNY     20.24
NINGBO CITY ZHENHAI INV     5.85    12/04/21      CNY     20.30
NINGBO ECONOMIC & TECHN     7.09    04/21/21      CNY     20.18
NINGBO ECONOMIC & TECHN     7.09    04/21/21      CNY     29.00
NINGBO MEISHAN ISLAND D     6.27    03/23/22      CNY     40.38
NINGBO MEISHAN ISLAND D     6.27    03/23/22      CNY     48.29
NINGGUO CITY STATE OWNE     8.70    04/28/21      CNY     20.20
NINGHAI CITY INVESTMENT     7.99    04/16/21      CNY     20.19
NINGHAI CITY INVESTMENT     7.99    04/16/21      CNY     20.70
NINGHAI CITY INVESTMENT     8.00    01/02/21      CNY     20.02
NINGHAI CITY INVESTMENT     8.00    01/02/21      CNY     25.00
NINGXIANG CITY CONSTRUC     6.70    01/20/22      CNY     40.20
NINGXIANG CITY CONSTRUC     6.70    01/20/22      CNY     40.58
NINGXIANG ECONOMIC TECH     3.87    01/27/23      CNY     59.50
NINGXIANG ECONOMIC TECH     3.87    01/27/23      CNY     59.58
NINGXIANG ECONOMIC TECH     8.20    04/16/21      CNY     20.20
NINGXIANG STATE-OWNED A     3.88    11/02/23      CNY     58.46
NINGXIANG STATE-OWNED A     3.88    11/02/23      CNY     59.38
NINGXIANG STATE-OWNED A     4.89    06/03/23      CNY     59.10
NINGXIANG STATE-OWNED A     4.89    06/03/23      CNY     59.58
ONE BELT ONE ROAD JIANG     4.70    07/15/23      CNY     59.78
ONE BELT ONE ROAD JIANG     4.70    07/15/23      CNY     59.93
PANJIN CITY SHUANGTAIZI     7.25    01/22/22      CNY     40.02
PANJIN CITY SHUANGTAIZI     7.25    01/22/22      CNY     40.76
PANJIN WATER GROUP CO L     5.18    10/28/23      CNY     57.01
PANJIN WATER GROUP CO L     5.18    10/28/23      CNY     59.28
PANSHAN COUNTY STATE-OW     7.48    01/21/22      CNY     40.34
PANSHAN COUNTY STATE-OW     7.48    01/21/22      CNY     40.35
PANZHIHUA STATE OWNED A     8.18    03/13/22      CNY     40.00
PANZHIHUA STATE OWNED A     8.18    03/13/22      CNY     40.89
PANZHIHUA STATE OWNED A     7.60    03/05/21      CNY     20.07
PANZHIHUA STATE OWNED A     7.60    03/05/21      CNY     20.32
PEIXIAN CITY INVESTMENT     5.20    11/10/22      CNY     40.00
PEIXIAN CITY INVESTMENT     5.20    11/10/22      CNY     40.12
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
PENGZHOU STATE-PENGZHOU     3.95    10/20/23      CNY     56.57
PENGZHOU STATE-PENGZHOU     3.95    10/20/23      CNY     57.97
PINGDINGSHAN TIANAN COA     5.07    04/17/23      CNY     74.09
PINGHU CITY INVESTMENT      5.13    04/29/23      CNY     60.36
PINGHU CITY INVESTMENT      5.13    04/29/23      CNY     60.39
PINGHU ECONOMIC DEVELOP     7.99    04/17/21      CNY     20.13
PINGLIANG CULTURAL & TO     6.85    11/30/22      CNY     36.00
PINGLIANG CULTURAL & TO     6.85    11/30/22      CNY     40.52
PINGTAN COMPREHENSIVE P     3.92    01/29/23      CNY     59.86
PINGTAN COMPREHENSIVE P     3.92    01/29/23      CNY     59.90
PINGXIANG CHANGXING INV     5.26    04/11/23      CNY     59.47
PINGXIANG CHANGXING INV     5.26    04/11/23      CNY     59.79
PINGXIANG HUIFENG INVES     6.60    01/26/22      CNY     39.98
PINGXIANG HUIFENG INVES     6.60    01/26/22      CNY     40.54
PINGYANG STATE-OWNED AS     4.97    01/08/23      CNY     59.98
PINGYANG STATE-OWNED AS     4.97    01/08/23      CNY     60.00
PIZHOU CITY HENGRUN INV     6.46    12/05/21      CNY     20.19
PIZHOU CITY HENGRUN INV     6.46    12/05/21      CNY     22.46
PIZHOU ECONOMIC DEVELOP     5.00    10/29/22      CNY     39.31
PIZHOU ECONOMIC DEVELOP     5.00    10/29/22      CNY     40.00
PIZHOU RUNCAI ASSET MAN     5.90    12/18/20      CNY     50.00
PUTIAN HIGH TECHNOLOGY      5.90    05/03/22      CNY     49.55
PUTIAN HIGH TECHNOLOGY      5.90    05/03/22      CNY     49.66
QIANAN URBAN CONSTRUCTI     7.19    08/11/21      CNY     20.00
QIANAN URBAN CONSTRUCTI     7.19    08/11/21      CNY     20.18
QIANAN URBAN CONSTRUCTI     8.88    01/23/21      CNY     20.00
QIANAN URBAN CONSTRUCTI     8.88    01/23/21      CNY     20.07
QIANAN XINGYUAN WATER I     6.25    04/22/22      CNY     40.32
QIANAN XINGYUAN WATER I     6.25    04/22/22      CNY     46.90
QIANDONGNAN TRANSPORTAT     5.79    12/21/22      CNY     57.20
QIANDONGNAN TRANSPORTAT     5.79    12/21/22      CNY     57.48
QIANDONGNANZHOU KAIHONG     5.30    09/22/26      CNY     64.79
QIANDONGNANZHOU KAIHONG     5.30    09/22/26      CNY     65.38
QIANJIANG URBAN CONSTRU     5.19    12/21/22      CNY     60.00
QIANJIANG URBAN CONSTRU     5.19    12/21/22      CNY     60.08
QIANJIANG URBAN CONSTRU     8.38    04/22/21      CNY     20.17
QIANJIANG URBAN CONSTRU     8.38    04/22/21      CNY     20.35
QIANNANZHOU INVESTMENT      6.43    03/09/22      CNY     38.90
QIANXINAN AUTONOMOUS RE     5.90    06/22/23      CNY     59.60
QIANXINAN AUTONOMOUS RE     5.90    06/22/23      CNY     59.73
QICHUN COUNTY CONSTRUCT     4.96    10/18/23      CNY     57.47
QICHUN COUNTY CONSTRUCT     4.96    10/18/23      CNY     57.78
QIDONG COMMUNICATIONS I     4.00    03/18/23      CNY     59.61
QIDONG COMMUNICATIONS I     4.00    03/18/23      CNY     60.00
QIDONG STATE-OWNED ASSE     4.00    03/09/23      CNY     59.30
QIDONG STATE-OWNED ASSE     4.00    03/09/23      CNY     59.92
QIDONG STATE-OWNED ASSE     7.30    11/20/22      CNY     31.00
QIDONG STATE-OWNED ASSE     7.30    11/20/22      CNY     31.32
QIDONG URBAN CONSTRUCTI     7.90    04/28/21      CNY     20.17
QIDONG URBAN CONSTRUCTI     8.20    04/04/21      CNY     20.27
QIHE CITY OPERATION CON     5.10    03/07/23      CNY     59.43
QIHE CITY OPERATION CON     5.10    03/07/23      CNY     59.82
QINGDAO CHANGYANG INVES     3.73    09/12/23      CNY     58.89
QINGDAO CHANGYANG INVES     3.73    09/12/23      CNY     59.27
QINGDAO CONSON DEVELOPM     6.40    12/12/22      CNY     46.11
QINGDAO HICREAT DEVELOP     6.88    04/25/21      CNY     20.12
QINGDAO HICREAT DEVELOP     6.88    04/25/21      CNY     21.13
QINGDAO JIAOZHOU BAY DE     6.33    09/18/21      CNY     20.28
QINGDAO JIAOZHOU BAY DE     6.33    09/18/21      CNY     21.30
QINGDAO JIMO CITY TOURI     5.47    11/17/21      CNY     20.25
QINGDAO JIMO CITY TOURI     5.47    11/17/21      CNY     21.00
QINGDAO LAIXI CITY ASSE     7.50    03/06/21      CNY     20.11
QINGDAO LAIXI CITY ASSE     7.50    03/06/21      CNY     28.79
QINGDAO OCEAN INVESTMEN     4.36    05/12/23      CNY     59.39
QINGDAO OCEAN INVESTMEN     4.36    05/12/23      CNY     59.99
QINGDAO WEST COAST DEVE     4.26    06/06/23      CNY     59.64
QINGDAO WEST COAST DEVE     4.26    06/06/23      CNY     59.93
QINGHAI PROVINCIAL INVE     6.40    07/10/21      USD     35.76
QINGHAI PROVINCIAL INVE     7.88    03/22/21      USD     34.49
QINGHAI STATE-OWNED ASS     6.70    10/10/29      CNY     33.50
QINGHAI STATE-OWNED ASS     7.20    11/25/28      CNY     33.50
QINGHAI STATE-OWNED ASS     6.38    08/14/28      CNY     33.50
QINGHAI STATE-OWNED ASS     5.40    05/21/23      CNY     11.30
QINGHAI STATE-OWNED ASS     5.90    12/17/22      CNY     33.55
QINGYANG CITY ECONOMIC      7.98    04/16/21      CNY     20.12
QINGYANG CITY ECONOMIC      7.98    04/16/21      CNY     20.13
QINGYUAN TRANSPORTATION     8.20    12/19/20      CNY     20.00
QINGYUAN TRANSPORTATION     8.20    12/19/20      CNY     20.00
QINGZHOU HONGYUAN PUBLI     7.59    05/29/21      CNY     20.13
QINHUANGDAO CITY DEVELO     4.69    04/14/23      CNY     59.09
QINHUANGDAO CITY DEVELO     4.69    04/14/23      CNY     60.12
QINHUANGDAO DEVELOPMENT     4.07    08/26/23      CNY     57.63
QINHUANGDAO DEVELOPMENT     4.07    08/26/23      CNY     58.27
QINHUANGDAO DEVELOPMENT     8.45    04/18/21      CNY     20.23
QINHUANGDAO DEVELOPMENT     8.45    04/18/21      CNY     21.28
QINHUANGDAO DEVELOPMENT     8.00    12/17/20      CNY     19.99
QINHUANGDAO DEVELOPMENT     8.00    12/17/20      CNY     20.00
QINZHOU BINHAI NEW CITY     6.99    07/07/21      CNY     20.00
QINZHOU BINHAI NEW CITY     6.99    07/07/21      CNY     20.03
QIONGLAI CITY CONSTRUCT     6.98    03/25/22      CNY     40.29
QIONGLAI CITY CONSTRUCT     6.98    03/25/22      CNY     40.80
QUANJIAO URBAN INFRASTR     5.10    05/18/23      CNY     59.96
QUANJIAO URBAN INFRASTR     5.10    05/18/23      CNY     59.97
QUJING CITY QILIN DISTR     5.37    11/26/22      CNY     39.59
QUJING CITY QILIN DISTR     5.37    11/26/22      CNY     41.95
QUJING DEVELOPMENT INVE     7.48    04/28/21      CNY     20.10
QUJING DEVELOPMENT INVE     7.48    04/28/21      CNY     22.55
QUJING ECO TECH DEVELOP     5.75    06/01/23      CNY     59.31
QUJING ECO TECH DEVELOP     5.75    06/01/23      CNY     59.88
QUJING ECO TECH DEVELOP     7.48    07/21/21      CNY     20.23
QUZHOU STATE OWNED ASSE     7.20    04/21/21      CNY     20.24
QUZHOU STATE OWNED ASSE     7.20    04/21/21      CNY     23.42
RENHUAI CITY DEVELOPMEN     5.12    04/14/23      CNY     58.41
RENHUAI CITY DEVELOPMEN     5.12    04/14/23      CNY     58.44
RENHUAI CITY DEVELOPMEN     8.09    05/16/21      CNY     20.29
RENHUAI CITY DEVELOPMEN     8.09    05/16/21      CNY     20.30
RENQIU CONSTRUCTION INV     5.68    11/18/22      CNY     40.66
RENQIU CONSTRUCTION INV     5.68    11/18/22      CNY     41.09
RENSHOU DEVELOPMENT OF      6.42    12/22/22      CNY     60.00
RENSHOU DEVELOPMENT OF      6.42    12/22/22      CNY     60.40
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     39.50
RIZHAO CITY CONSTRUCTIO     3.98    12/07/22      CNY     39.54
RUDONG COUNTY DONGTAI S     6.99    06/20/21      CNY     20.20
RUDONG COUNTY DONGTAI S     6.99    06/20/21      CNY     25.90
RUDONG COUNTY JINXIN TR     3.80    07/26/23      CNY     59.27
RUDONG COUNTY JINXIN TR     3.80    07/26/23      CNY     59.47
RUDONG COUNTY JINXIN TR     4.57    07/26/23      CNY     59.55
RUDONG COUNTY JINXIN TR     4.57    07/26/23      CNY     59.79
RUDONG COUNTY JINXIN TR     8.08    03/03/21      CNY     20.11
RUDONG COUNTY JINXIN TR     8.08    03/03/21      CNY     24.03
RUDONG COUNTY KAITAI CI     4.57    01/08/23      CNY     60.02
RUDONG NEW WORLD INVEST     4.37    07/18/23      CNY     59.28
RUDONG NEW WORLD INVEST     4.37    07/18/23      CNY     59.64
RUGAO COMMUNICATIONS CO     3.74    03/23/23      CNY     59.10
RUGAO COMMUNICATIONS CO     3.74    03/23/23      CNY     59.53
RUGAO ECONOMIC & TRADE      3.95    03/24/23      CNY     59.59
RUGAO ECONOMIC & TRADE      3.95    03/24/23      CNY     59.76
RUGAO ECONOMIC & TRADE      8.30    01/22/21      CNY     20.07
RUGAO ECONOMIC & TRADE      8.30    01/22/21      CNY     29.00
RUGAO YANJIANG DEVELOPM     8.60    01/24/21      CNY     20.05
RUGAO YANJIANG DEVELOPM     8.60    01/24/21      CNY     20.09
RUIAN STATE OWNED ASSET     4.56    01/27/23      CNY     59.63
RUIAN STATE OWNED ASSET     4.56    01/27/23      CNY     59.89
RUICHANG CITY INVESTMEN     5.50    06/17/23      CNY     59.42
RUICHANG CITY INVESTMEN     5.50    06/17/23      CNY     60.73
RUICHANG CITY INVESTMEN     5.68    03/25/23      CNY     59.88
RUICHANG CITY INVESTMEN     5.68    03/25/23      CNY     60.74
RUIJIN URBAN DEVELOPMEN     4.13    09/06/23      CNY     58.36
RUIJIN URBAN DEVELOPMEN     4.13    09/06/23      CNY     58.57
RUZHOU CITY XINYUAN INV     4.43    09/26/23      CNY     56.01
RUZHOU CITY XINYUAN INV     4.43    09/26/23      CNY     56.13
RUZHOU CITY XINYUAN INV     6.30    09/16/21      CNY     24.99
SANMEN COUNTY STATE-OWN     6.80    03/18/22      CNY     40.00
SANMEN COUNTY STATE-OWN     6.80    03/18/22      CNY     40.75
SANMEN COUNTY STATE-OWN     6.85    10/29/21      CNY     20.00
SANMEN COUNTY STATE-OWN     6.85    10/29/21      CNY     20.35
SANMING TRANSPORTATION      3.68    03/29/23      CNY     59.50
SANMING TRANSPORTATION      3.68    03/29/23      CNY     59.52
SHAANXI ANKANG HIGH TEC     8.78    09/17/21      CNY     20.62
SHAANXI ANKANG HIGH TEC     8.78    09/17/21      CNY     27.00
SHAANXI XIXIAN NEW AREA     6.85    08/15/21      CNY     20.21
SHAANXI XIXIAN NEW AREA     6.89    01/05/22      CNY     40.35
SHAANXI XIXIAN NEW AREA     6.89    01/05/22      CNY     43.10
SHAANXI XIXIAN NEW AREA     5.15    11/27/22      CNY     39.81
SHAANXI XIXIAN NEW AREA     5.15    11/27/22      CNY     41.01
SHANDONG BORUN INDUSTRI     6.50    11/02/21      CNY     32.93
SHANDONG BOXING COUNTY      8.00    12/22/21      CNY     40.69
SHANDONG BOXING COUNTY      8.00    12/22/21      CNY     41.95
SHANDONG CENTURY SUNSHI     8.19    07/21/21      CNY     20.43
SHANDONG CENTURY SUNSHI     8.19    07/21/21      CNY     20.43
SHANDONG FUYU CHEMICAL      7.70    09/18/22      CNY     70.00
SHANDONG GAOCHUANG CONS     6.05    06/18/22      CNY     40.62
SHANDONG GAOCHUANG CONS     6.05    06/18/22      CNY     42.45
SHANDONG HONGHE HOLDING     8.50    06/23/21      CNY     20.40
SHANDONG HONGHE HOLDING     8.50    06/23/21      CNY     24.00
SHANDONG JINMAO TEXTILE     6.97    04/01/21      CNY     20.70
SHANDONG RUYI TECHNOLOG     7.90    09/18/23      CNY     52.10
SHANDONG SNTON GROUP CO     5.18    09/08/21      CNY      8.52
SHANDONG SNTON GROUP CO     6.20    05/30/21      CNY      9.50
SHANDONG TAIYANG INDUST     5.97    03/02/21      CNY     42.72
SHANDONG TENGJIAN INVES     6.00    06/08/22      CNY     40.00
SHANDONG TENGJIAN INVES     6.00    06/08/22      CNY     40.07
SHANDONG WANTONG PETROL     7.97    11/29/21      CNY      0.20
SHANGHAI CAOHEJING HI-T     7.24    04/09/21      CNY     20.17
SHANGHAI CAOHEJING HI-T     7.24    04/09/21      CNY     20.17
SHANGHAI JIADING ROAD C     6.80    04/23/21      CNY     20.20
SHANGHAI JIADING ROAD C     6.80    04/23/21      CNY     20.75
SHANGHAI LAKE DIANSHAN      5.95    01/30/21      CNY     25.04
SHANGHAI LAKE DIANSHAN      5.95    01/30/21      CNY     25.75
SHANGHAI MINHANG URBAN      5.63    04/20/22      CNY     40.64
SHANGHAI MINHANG URBAN      5.63    04/20/22      CNY     40.79
SHANGHAI MUNICIPAL INVE     4.80    11/05/24      CNY     60.80
SHANGHAI MUNICIPAL INVE     4.80    11/05/24      CNY     61.30
SHANGHAI NANHUI URBAN C     6.04    08/20/21      CNY     20.27
SHANGHAI PUTAILAI NEW E     5.50    03/19/21      CNY     66.67
SHANGHAI URBAN CONSTRUC     3.50    01/06/23      CNY     59.80
SHANGHAI URBAN CONSTRUC     3.50    01/06/23      CNY     59.90
SHANGRAO CITY STATE-OWN     4.65    01/29/23      CNY     60.01
SHANGRAO CITY STATE-OWN     4.65    01/29/23      CNY     60.24
SHANTOU CITY CONSTRUCTI     8.57    03/23/22      CNY     30.90
SHANTOU CITY CONSTRUCTI     8.57    03/23/22      CNY     31.01
SHANTOU INVESTMENT HOLD     7.99    03/04/24      CNY     64.33
SHANXI INTERNATIONAL EL     5.88    05/24/22      CNY     62.60
SHANXI XIANG KUANG GROU     8.80    02/11/22      CNY     54.50
SHANXI XIANG KUANG GROU     8.80    02/11/22      CNY     68.88
SHAOGUAN URBAN INVESTME     3.67    10/25/24      CNY     68.30
SHAOGUAN URBAN INVESTME     3.67    10/25/24      CNY     68.45
SHAOWU URBAN CONSTRUCTI     5.88    09/11/22      CNY     40.23
SHAOWU URBAN CONSTRUCTI     5.88    09/11/22      CNY     43.39
SHAOXING CHENGZHONGCUN      6.09    04/27/22      CNY     40.41
SHAOXING CITY INVESTMEN     5.75    04/17/22      CNY     40.68
SHAOXING CITY INVESTMEN     5.75    04/17/22      CNY     48.00
SHAOXING CITY KEQIAO DI     6.40    08/20/21      CNY     20.08
SHAOXING JINGHU NEW DIS     6.13    04/30/22      CNY     40.56
SHAOXING KEQIAO CITY CO     3.64    09/19/23      CNY     58.73
SHAOXING KEQIAO CITY CO     3.64    09/19/23      CNY     58.85
SHAOXING KEQIAO ECONOMI     7.00    12/10/21      CNY     20.00
SHAOXING KEQIAO ECONOMI     7.00    12/10/21      CNY     20.47
SHAOXING KEYAN CONSTRUC     6.28    03/24/22      CNY     40.00
SHAOXING KEYAN CONSTRUC     6.28    03/24/22      CNY     40.68
SHAOXING PAOJIANG INDUS     6.98    05/29/21      CNY     20.08
SHAOXING PAOJIANG INDUS     6.98    05/29/21      CNY     23.90
SHAOXING SHANGYU ECONOM     4.76    04/11/23      CNY     59.96
SHAOXING SHANGYU ECONOM     4.76    04/11/23      CNY     60.31
SHAOXING SHANGYU URBAN      6.80    08/07/21      CNY     20.34
SHAOXING SHANGYU URBAN      6.80    08/07/21      CNY     21.15
SHAOYANG CITY CONSTRUCT     8.58    01/17/21      CNY     20.10
SHAOYANG CITY CONSTRUCT     8.58    01/17/21      CNY     20.17
SHAOYANG DULIANG INVEST     5.50    04/13/23      CNY     58.65
SHAOYANG DULIANG INVEST     5.50    04/13/23      CNY     59.68
SHENGZHOU INVESTMENT HO     7.60    07/17/21      CNY     20.40
SHENGZHOU INVESTMENT HO     7.60    07/17/21      CNY     20.59
SHENMU CITY STATE-OWNED     7.28    06/23/21      CNY     20.27
SHENMU CITY STATE-OWNED     7.28    06/23/21      CNY     20.60
SHENYANG DADONG STATE-O     6.05    03/20/22      CNY     40.00
SHENYANG DADONG STATE-O     6.05    03/20/22      CNY     40.24
SHENYANG ECONOMIC AFFOR     7.17    04/29/22      CNY     37.50
SHENYANG ECONOMIC AFFOR     7.17    04/29/22      CNY     39.63
SHENYANG TIEXI STATE-OW     6.00    01/14/22      CNY     40.13
SHENYANG TIEXI STATE-OW     6.00    01/14/22      CNY     47.50
SHENZHEN METRO GROUP CO     6.75    01/24/24      CNY     64.34
SHENZHEN METRO GROUP CO     5.40    03/25/23      CNY     46.81
SHIJIAZHUANG HUTUO NEW      5.28    12/24/25      CNY     62.50
SHIJIAZHUANG HUTUO NEW      5.28    12/24/25      CNY     62.97
SHIJIAZHUANG STATE-OWNE     5.75    04/09/22      CNY     40.51
SHIJIAZHUANG STATE-OWNE     5.75    04/09/22      CNY     47.20
SHIJIAZHUANG URBAN CONS     6.55    03/09/21      CNY     40.26
SHISHI CITY CONSTRUCTIO     6.10    05/04/22      CNY     40.59
SHIYAN ECO DEVELOPMENT      3.98    08/05/23      CNY     58.89
SHIYAN ECO DEVELOPMENT      3.98    08/05/23      CNY     59.03
SHIYAN STATE-OWNED CAPI     6.58    08/20/21      CNY     20.00
SHIYAN STATE-OWNED CAPI     6.58    08/20/21      CNY     20.32
SHIZHU TUJIA HONGSHENG      7.00    11/13/24      CNY     64.00
SHUCHENG COUNTY URBAN C     5.50    04/29/23      CNY     60.71
SHUCHENG COUNTY URBAN C     5.50    04/29/23      CNY     60.71
SHUYANG JINGYUAN ASSET      5.49    09/11/22      CNY     40.46
SHUYANG JINGYUAN ASSET      5.49    09/11/22      CNY     46.00
SHUYANG JINGYUAN ASSET      7.39    04/14/21      CNY     20.00
SHUYANG JINGYUAN ASSET      7.39    04/14/21      CNY     20.16
SICHUAN COAL GASIFICATI     7.00    12/14/23      CNY     61.35
SICHUAN COAL GASIFICATI     7.00    04/18/23      CNY     59.15
SICHUAN COAL INDUSTRY G     7.70    01/09/18      CNY     45.00
SICHUAN LANGZHONG FAMOU     5.60    04/19/23      CNY     59.33
SICHUAN LANGZHONG FAMOU     5.60    04/19/23      CNY     59.76
SICHUAN LONGYANG TIANFU     5.45    05/27/23      CNY     60.16
SICHUAN LONGYANG TIANFU     5.45    05/27/23      CNY     60.40
SICHUAN NAXING INDUSTRI     4.68    03/31/23      CNY     58.92
SICHUAN NAXING INDUSTRI     4.68    03/31/23      CNY     59.55
SICHUAN NAXING INDUSTRI     6.80    08/18/22      CNY     50.14
SICHUAN NAXING INDUSTRI     6.80    08/18/22      CNY     50.51
SICHUAN NAXING INDUSTRI     7.17    09/11/21      CNY     20.06
SICHUAN NAXING INDUSTRI     7.17    09/11/21      CNY     20.44
SICHUAN TIANYIN INDUSTR     6.79    03/25/22      CNY     40.47
SICHUAN TIANYIN INDUSTR     6.79    03/25/22      CNY     48.00
SIHONG COUNTY HONG YUAN     6.15    03/16/22      CNY     40.00
SIHONG COUNTY HONG YUAN     6.15    03/16/22      CNY     40.25
SIHUI STATE OWNED ASSET     4.59    01/14/23      CNY     58.98
SIHUI STATE OWNED ASSET     4.59    01/14/23      CNY     59.73
SIYANG COUNTY MINKANG R     4.94    01/21/23      CNY     60.53
SIYANG COUNTY MINKANG R     4.94    01/21/23      CNY     60.56
SLENDER WEST LAKE TOURI     6.80    06/25/21      CNY     20.00
SLENDER WEST LAKE TOURI     6.80    06/25/21      CNY     20.31
SONGYUAN URBAN DEVELOPM     5.79    12/04/21      CNY     19.85
SONGYUAN URBAN DEVELOPM     5.79    12/04/21      CNY     20.78
SUINING CITY HEDONG DEV     8.36    04/17/21      CNY     20.15
SUINING CITY HEDONG DEV     8.36    04/17/21      CNY     27.82
SUINING COUNTY RUNQI IN     5.42    11/20/22      CNY     40.00
SUINING COUNTY RUNQI IN     5.42    11/20/22      CNY     40.01
SUINING COUNTY RUNQI IN     7.10    06/25/21      CNY     20.13
SUINING COUNTY RUNQI IN     7.10    06/25/21      CNY     20.25
SUINING FUYUAN INDUSTRY     5.34    12/02/23      CNY     57.69
SUINING FUYUAN INDUSTRY     5.34    12/02/23      CNY     59.00
SUINING FUYUAN INDUSTRY     6.39    03/17/22      CNY     39.56
SUINING FUYUAN INDUSTRY     6.39    03/17/22      CNY     44.18
SUINING KAIDA INVESTMEN     4.89    04/08/23      CNY     57.82
SUINING KAIDA INVESTMEN     4.89    04/08/23      CNY     57.82
SUINING KAIDA INVESTMEN     8.69    04/21/21      CNY     20.00
SUINING KAIDA INVESTMEN     8.69    04/21/21      CNY     20.24
SUIZHOU DEVELOPMENT INV     8.40    04/30/21      CNY     20.21
SUIZHOU DEVELOPMENT INV     8.50    12/20/20      CNY     20.04
SUIZHOU DEVELOPMENT INV     8.50    12/20/20      CNY     21.83
SUIZHOU HIGH-TECH INDUS     4.47    03/25/23      CNY     58.94
SUIZHOU HIGH-TECH INDUS     4.47    03/25/23      CNY     58.95
SUIZHOU URBAN CONSTRUCT     7.18    09/02/21      CNY     20.34
SUIZHOU URBAN CONSTRUCT     7.18    09/02/21      CNY     21.20
SUIZHOU YULONG WATER SU     6.10    03/28/23      CNY     59.96
SUZHOU CITY CONSTRUCTIO     3.89    03/24/23      CNY     59.83
SUZHOU CITY CONSTRUCTIO     3.89    03/24/23      CNY     59.84
SUZHOU CITY HENGCHENG C     4.40    03/01/23      CNY     59.73
SUZHOU CITY HENGCHENG C     4.40    03/01/23      CNY     59.89
SUZHOU FENHU INVESTMENT     7.49    02/28/21      CNY     20.08
SUZHOU NEW & HIGH-TECH      4.18    03/23/23      CNY     59.45
SUZHOU NEW & HIGH-TECH      4.18    03/23/23      CNY     59.65
SUZHOU SND GROUP CO LTD     6.20    07/22/21      CNY     20.17
SUZHOU SND GROUP CO LTD     6.20    07/22/21      CNY     20.45
SUZHOU WUJIANG DISTRICT     5.25    07/08/22      CNY     40.50
SUZHOU WUJIANG DISTRICT     5.25    07/08/22      CNY     40.57
SUZHOU XIANGCHENG URBAN     6.95    03/19/21      CNY     20.14
SUZHOU XIANGCHENG URBAN     6.95    03/19/21      CNY     22.60
TAIAN TAISHAN HOLDINGS      5.50    04/26/23      CNY     59.67
TAIAN TAISHAN HOLDINGS      5.50    04/26/23      CNY     60.15
TAIANTANG GROUP CO LTD      8.00    01/28/21      CNY     71.00
TAICANG ASSETS MANAGEME     7.00    02/27/21      CNY     20.07
TAICANG ASSETS MANAGEME     7.00    02/27/21      CNY     20.20
TAICANG SCIENCE EDUCATI     5.54    08/28/22      CNY     40.40
TAICANG SCIENCE EDUCATI     5.54    08/28/22      CNY     44.65
TAIXING CITY HONGQIAO Y     5.03    10/29/22      CNY     39.63
TAIXING CITY HONGQIAO Y     5.03    10/29/22      CNY     43.87
TAIYUAN ECONOMIC TECHNO     7.43    04/24/21      CNY     20.00
TAIYUAN ECONOMIC TECHNO     7.43    04/24/21      CNY     20.15
TAIYUAN STATE-OWNED INV     7.20    03/19/21      CNY     20.18
TAIYUAN STATE-OWNED INV     7.20    03/19/21      CNY     26.50
TAIZHOU CITY CONSTRUCTI     6.92    10/16/23      CNY     47.03
TAIZHOU CITY CONSTRUCTI     6.92    10/16/23      CNY     47.10
TAIZHOU HAILING CITY DE     4.60    12/14/22      CNY     39.00
TAIZHOU HAILING CITY DE     4.60    12/14/22      CNY     39.80
TAIZHOU JIAOJIANG STATE     6.18    07/06/22      CNY     40.75
TAIZHOU JIAOJIANG STATE     6.18    07/06/22      CNY     44.00
TAIZHOU JINDONG URBAN C     5.10    06/02/23      CNY     59.63
TAIZHOU JINDONG URBAN C     5.10    06/02/23      CNY     59.66
TAIZHOU XINBINJIANG DEV     7.60    03/05/21      CNY     20.13
TAIZHOU XINBINJIANG DEV     7.60    03/05/21      CNY     21.00
TAIZHOU XINTAI GROUP CO     4.07    03/23/23      CNY     59.59
TAIZHOU XINTAI GROUP CO     4.07    03/23/23      CNY     59.71
TIANCHANG CITY CONSTRUC     4.99    12/05/23      CNY     55.51
TIANCHANG CITY CONSTRUC     4.99    12/05/23      CNY     59.09
TIANJIN BEICHEN DISTRIC     7.00    04/21/21      CNY     19.97
TIANJIN BEICHEN DISTRIC     7.00    04/21/21      CNY     27.15
TIANJIN BEICHEN TECHNOL     6.87    08/20/21      CNY     19.84
TIANJIN BEICHEN TECHNOL     6.87    08/20/21      CNY     27.00
TIANJIN BINHAI NEW AREA     6.10    11/23/21      CNY     24.36
TIANJIN BOHAI STATE-OWN     3.82    04/18/23      CNY     59.01
TIANJIN DONGFANG CAIXIN     5.19    01/29/22      CNY     39.59
TIANJIN DONGFANG CAIXIN     5.19    01/29/22      CNY     39.83
TIANJIN DONGLI CITY INF     4.28    12/02/22      CNY     39.90
TIANJIN ECONOMIC TECHNO     6.50    12/03/22      CNY     30.44
TIANJIN ECONOMIC TECHNO     6.50    12/03/22      CNY     31.30
TIANJIN GUANGCHENG INVE     5.40    04/20/23      CNY     58.37
TIANJIN GUANGCHENG INVE     5.40    04/20/23      CNY     58.45
TIANJIN GUANGCHENG INVE     6.97    02/22/23      CNY     44.33
TIANJIN GUANGCHENG INVE     7.45    07/24/21      CNY     19.99
TIANJIN GUANGCHENG INVE     7.45    07/24/21      CNY     29.00
TIANJIN HARBOR CONSTRUC     6.29    10/21/21      CNY     39.68
TIANJIN HARBOR CONSTRUC     8.00    04/01/21      CNY     40.06
TIANJIN HARBOR CONSTRUC     8.80    01/24/21      CNY     40.06
TIANJIN HI-TECH INDUSTR     6.65    09/12/21      CNY     19.53
TIANJIN HI-TECH INDUSTR     6.65    09/12/21      CNY     19.98
TIANJIN HUANCHENG URBAN     5.75    04/27/22      CNY     40.23
TIANJIN HUANCHENG URBAN     5.75    04/27/22      CNY     41.70
TIANJIN HUANCHENG URBAN     7.20    03/21/21      CNY     20.09
TIANJIN HUANCHENG URBAN     7.20    03/21/21      CNY     20.35
TIANJIN INFRASTRUCTURE      5.70    02/26/23      CNY     45.69
TIANJIN JINNAN CITY CON     6.50    06/03/21      CNY     19.98
TIANJIN LINGANG INVESTM     7.75    02/26/21      CNY     20.04
TIANJIN LINGANG INVESTM     7.75    02/26/21      CNY     20.21
TIANJIN METRO GROUP CO      4.27    10/16/25      CNY     69.98
TIANJIN METRO GROUP CO      4.27    10/16/25      CNY     74.00
TIANJIN NINGHE DISTRICT     7.00    05/30/21      CNY     20.00
TIANJIN NINGHE DISTRICT     7.00    05/30/21      CNY     27.50
TIANJIN NINGHE INVESTME     5.50    04/22/23      CNY     59.29
TIANJIN NINGHE INVESTME     5.50    04/22/23      CNY     60.33
TIANJIN RAILWAY CONSTRU     5.58    04/13/25      CNY     71.92
TIANJIN RAILWAY CONSTRU     5.58    04/13/25      CNY     73.40
TIANJIN REAL ESTATE TRU     8.59    03/13/21      CNY     19.50
TIANJIN RESIDENTIAL CON     8.00    12/19/20      CNY     20.00
TIANJIN WATER INVESTMEN     6.60    07/28/21      CNY     19.59
TIANJIN WATER INVESTMEN     6.60    07/28/21      CNY     21.80
TIANJIN WATER INVESTMEN     8.40    01/15/21      CNY     25.02
TIANJIN WUQING STATE-OW     4.15    11/17/22      CNY     39.00
TIANJIN WUQING STATE-OW     4.15    11/17/22      CNY     39.88
TIANJIN WUQING STATE-OW     7.18    03/19/21      CNY     20.03
TIANJIN WUQING STATE-OW     8.00    12/17/20      CNY     20.00
TIANJIN WUQING STATE-OW     8.00    12/17/20      CNY     20.76
TIANMEN CITY CONSTRUCTI     3.98    11/15/23      CNY     58.00
TIANMEN CITY CONSTRUCTI     3.98    11/15/23      CNY     58.01
TIANMEN CITY CONSTRUCTI     8.20    08/28/21      CNY     20.47
TIANMEN CITY CONSTRUCTI     8.20    08/28/21      CNY     25.16
TONGLING CONSTRUCTION I     4.12    03/14/23      CNY     59.49
TONGLING CONSTRUCTION I     4.12    03/14/23      CNY     60.00
TONGLU STATE-OWNED ASSE     8.09    04/18/21      CNY     20.24
TONGLU STATE-OWNED ASSE     8.09    04/18/21      CNY     20.98
TSINGHUA HOLDINGS CORP      5.30    03/26/23      CNY     34.90
TSINGHUA HOLDINGS CORP      4.95    08/08/22      CNY     36.40
TSINGHUA HOLDINGS CORP      3.15    10/25/21      CNY     48.64
TSINGHUA HOLDINGS CORP      4.10    08/24/21      CNY     66.77
TSINGHUA UNIGROUP CO LT     5.11    01/25/24      CNY     13.00
TSINGHUA UNIGROUP CO LT     5.20    12/10/23      CNY     11.65
TSINGHUA UNIGROUP CO LT     6.00    08/14/22      CNY     45.75
TSINGHUA UNIGROUP CO LT     5.85    03/27/22      CNY     45.75
TSINGHUA UNIGROUP CO LT     4.94    03/25/22      CNY     16.55
TSINGHUA UNIGROUP CO LT     6.15    12/26/21      CNY     45.75
TSINGHUA UNIGROUP CO LT     6.20    03/16/21      CNY     45.75
TSINGHUA UNIGROUP CO LT     5.60    11/15/20      CNY     45.75
TULUFAN DISTRICT STATE-     6.20    03/19/22      CNY     40.31
TULUFAN DISTRICT STATE-     6.20    03/19/22      CNY     40.39
TUNGHSU GROUP CO LTD        6.55    03/13/22      CNY     45.00
ULANQAB CITY INVESTMENT     8.39    04/25/22      CNY     50.99
ULANQAB JINING DISTRICT     6.16    03/24/23      CNY     58.87
ULANQAB JINING DISTRICT     6.16    03/24/23      CNY     60.19
URUMQI ECO&TECH DEVELOP     6.40    04/13/22      CNY     40.00
URUMQI ECO&TECH DEVELOP     6.40    04/13/22      CNY     40.64
WAFANGDIAN COASTAL PROJ     3.98    02/01/23      CNY     58.70
WAFANGDIAN COASTAL PROJ     3.98    02/01/23      CNY     58.84
WANGCHENG ECONOMIC DEVE     3.75    07/13/23      CNY     59.72
WANGCHENG ECONOMIC DEVE     3.75    07/13/23      CNY     61.05
WANGCHENG ECONOMIC DEVE     6.57    01/22/22      CNY     40.48
WANGCHENG ECONOMIC DEVE     6.57    01/22/22      CNY     48.81
WEICHI HOLDING GROUP CO     5.40    12/21/20      CNY     60.00
WEIFANG BINHAI INVESTME     6.16    04/16/21      CNY     25.04
WEIHAI LANCHUANG CONSTR     4.80    12/17/22      CNY     59.39
WEIHAI LANCHUANG CONSTR     4.80    12/17/22      CNY     59.50
WEIHAI URBAN CONSTRUCTI     3.33    03/02/23      CNY     58.40
WEIHAI URBAN CONSTRUCTI     3.33    03/02/23      CNY     59.34
WEIHAI WENDENG DISTRICT     3.64    10/26/23      CNY     58.48
WEIHAI WENDENG DISTRICT     3.64    10/26/23      CNY     59.10
WEIHAI WENDENG URBAN PR     4.80    05/26/23      CNY     59.08
WEIHAI WENDENG URBAN PR     4.80    05/26/23      CNY     59.39
WEINAN CITY INVESTMENT      6.09    03/11/22      CNY     40.00
WEINAN CITY INVESTMENT      6.09    03/11/22      CNY     40.30
WENDENG GOLDEN BEACH IN     3.97    03/21/23      CNY     58.88
WENDENG GOLDEN BEACH IN     3.97    03/21/23      CNY     59.16
WENSHAN URBAN CONSTRUCT     4.50    09/13/23      CNY     58.66
WENSHAN URBAN CONSTRUCT     4.50    09/13/23      CNY     58.92
WENZHOU CITY CONSTRUCTI     5.00    04/26/23      CNY     60.73
WENZHOU CITY CONSTRUCTI     5.00    04/26/23      CNY     61.35
WENZHOU CITY CONSTRUCTI     4.05    01/25/23      CNY     59.84
WENZHOU CITY CONSTRUCTI     4.05    01/25/23      CNY     60.11
WENZHOU GANGCHENG DEVEL     5.19    03/29/23      CNY     60.05
WENZHOU GANGCHENG DEVEL     5.19    03/29/23      CNY     60.44
WENZHOU HIGH-TECH INDUS     7.30    05/30/21      CNY     20.17
WENZHOU HIGH-TECH INDUS     7.95    03/21/21      CNY     20.15
WENZHOU LUCHENG CITY DE     5.58    11/03/21      CNY     20.26
WENZHOU OUHAI NEW CITY      3.98    10/26/23      CNY     59.18
WENZHOU OUHAI NEW CITY      3.98    10/26/23      CNY     59.18
WINTIME ENERGY CO LTD       4.75    07/07/22      CNY     43.63
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      5.42
WUHAI CITY CONSTRUCTION     8.19    04/21/21      CNY     20.14
WUHAN CHEDU CORP LTD        7.18    02/27/21      CNY     20.13
WUHAN CHEDU CORP LTD        7.18    02/27/21      CNY     20.96
WUHAN CITY HUANPI DISTR     6.43    09/17/21      CNY     20.37
WUHAN CITY HUANPI DISTR     6.43    09/17/21      CNY     23.02
WUHAN JIANGXIA URBAN CO     4.80    06/03/23      CNY     60.03
WUHAN JIANGXIA URBAN CO     4.80    06/03/23      CNY     60.32
WUHAN JIANGXIA URBAN CO     8.99    01/20/21      CNY     20.09
WUHAN METRO GROUP CO LT     5.25    04/14/22      CNY     40.19
WUHAN QIAOKOU STATE OWN     3.48    08/29/23      CNY     58.90
WUHAN QIAOKOU STATE OWN     3.48    08/29/23      CNY     58.93
WUHU COMMUNICATIONS INV     3.58    09/23/23      CNY     59.01
WUHU COMMUNICATIONS INV     3.58    09/23/23      CNY     59.21
WUHU COMMUNICATIONS INV     4.50    04/28/23      CNY     59.56
WUHU COMMUNICATIONS INV     4.50    04/28/23      CNY     59.57
WUHU COUNTY CONSTRUCTIO     6.60    12/08/21      CNY     20.17
WUHU COUNTY CONSTRUCTIO     6.60    12/08/21      CNY     26.35
WUHU JINGHU CONSTRUCTIO     4.37    07/20/23      CNY     59.39
WUHU JINGHU CONSTRUCTIO     4.37    07/20/23      CNY     59.93
WUHU JIUJIANG CONSTRUCT     3.96    03/21/23      CNY     57.60
WUHU JIUJIANG CONSTRUCT     3.96    03/21/23      CNY     59.56
WUHU JIUJIANG CONSTRUCT     8.49    04/14/21      CNY     20.00
WUHU JIUJIANG CONSTRUCT     8.49    04/14/21      CNY     20.28
WUHU XINMA INVESTMENT C     4.87    11/04/22      CNY     39.50
WUHU XINMA INVESTMENT C     4.87    11/04/22      CNY     40.26
WUHU YIJU INVESTMENT GR     6.45    08/11/21      CNY     20.30
WUHU YIJU INVESTMENT GR     6.45    08/11/21      CNY     20.31
WUWEI CITY ECONOMY DEVE     8.20    04/24/21      CNY     20.10
WUWEI CITY ECONOMY DEVE     8.20    04/24/21      CNY     20.10
WUXI HUIKAI ECONOMIC DE     4.16    04/08/23      CNY     59.83
WUXI HUIKAI ECONOMIC DE     4.16    04/08/23      CNY     59.98
WUXI HUNING METRO HUISH     4.38    06/08/21      CNY     39.99
WUXI HUNING METRO HUISH     4.38    06/08/21      CNY     40.45
WUXI TAIHU NEW CITY DEV     3.47    08/29/23      CNY     59.15
WUXI TAIHU NEW CITY DEV     3.47    08/29/23      CNY     59.50
WUXI TAIHU NEW CITY DEV     4.49    05/03/23      CNY     60.00
WUXI TAIHU NEW CITY DEV     4.49    05/03/23      CNY     60.05
WUXI XIDONG NEW TOWN CO     3.92    11/09/23      CNY     59.31
WUXI XIDONG NEW TOWN CO     3.92    11/09/23      CNY     59.33
WUYANG CONSTRUCTION GRO     7.80    09/11/20      CNY     32.48
XIAMEN TORCH GROUP CO L     7.49    04/21/21      CNY     20.19
XIAMEN TORCH GROUP CO L     7.49    04/21/21      CNY     24.88
XIAN FENGDONG DEVELOPME     4.67    01/08/23      CNY     59.92
XIAN FENGDONG DEVELOPME     4.67    01/08/23      CNY     60.10
XI'AN INTERNATIONAL HOR     6.20    10/21/21      CNY     20.10
XI'AN INTERNATIONAL HOR     6.20    10/21/21      CNY     21.46
XI'AN INTERNATIONAL INL     7.90    09/23/21      CNY     22.28
XIANGSHUI GUANJIANG HOL     4.98    12/24/22      CNY     58.98
XIANGTAN CITY CONSTRUCT     7.60    04/02/22      CNY     61.50
XIANGTAN CITY CONSTRUCT     7.80    03/12/22      CNY     53.40
XIANGTAN CITY'S CONSTRU     3.60    08/04/23      CNY     54.60
XIANGTAN CITY'S CONSTRU     3.95    08/04/23      CNY     56.58
XIANGTAN CITY'S CONSTRU     3.95    08/04/23      CNY     57.81
XIANGTAN CITY'S CONSTRU     3.60    08/04/23      CNY     57.86
XIANGTAN HI-TECH GROUP      8.16    02/25/21      CNY     20.07
XIANGTAN HI-TECH GROUP      8.16    02/25/21      CNY     28.99
XIANGTAN JIUHUA ECONOMI     5.00    07/25/26      CNY     69.60
XIANGTAN JIUHUA ECONOMI     6.59    01/21/22      CNY     39.33
XIANGTAN LIANGXING SOCI     7.89    04/23/21      CNY     20.00
XIANGTAN LIANGXING SOCI     7.89    04/23/21      CNY     20.07
XIANGTAN PROPERTY OPERA     7.50    01/30/22      CNY     98.25
XIANGTAN WANLOU XINCHEN     6.90    01/14/22      CNY     35.49
XIANGTAN WANLOU XINCHEN     6.90    01/14/22      CNY     39.63
XIANGXIANG ECONOMIC DIS     5.28    09/09/23      CNY     56.96
XIANGXIANG ECONOMIC DIS     5.28    09/09/23      CNY     57.16
XIANGXIANG URBAN CONSTR     5.84    05/18/23      CNY     59.78
XIANGXIANG URBAN CONSTR     5.84    05/18/23      CNY     60.50
XIANGYANG CITY XIANGZHO     5.18    04/28/23      CNY     60.10
XIANGYANG CITY XIANGZHO     5.18    04/28/23      CNY     60.24
XIANGYANG HIGH TECH STA     7.00    05/29/21      CNY     20.14
XIANGYANG HIGH TECH STA     7.00    05/29/21      CNY     23.38
XIANGYANG STATE-OWNED C     4.62    01/25/23      CNY     59.61
XIANGYANG STATE-OWNED C     4.62    01/25/23      CNY     59.67
XIANNING HIGH-TECH INVE     6.29    02/10/22      CNY     40.39
XIANNING HIGH-TECH INVE     6.29    02/10/22      CNY     40.56
XIANTAO CITY CONSTRUCTI     4.59    04/18/23      CNY     59.58
XIANTAO CITY CONSTRUCTI     4.59    04/18/23      CNY     59.91
XIANTAO CITY CONSTRUCTI     8.15    02/24/21      CNY     20.00
XIANTAO CITY CONSTRUCTI     8.15    02/24/21      CNY     20.13
XIAOCHANG SHUNHE DEVELO     4.15    10/17/23      CNY     57.64
XIAOGAN GAOCHUANG INVES     6.87    09/22/21      CNY     20.23
XIAOGAN GAOCHUANG INVES     6.87    09/22/21      CNY     26.69
XIAOGAN GAOCHUANG INVES     7.43    06/23/21      CNY     20.07
XIAOGAN GAOCHUANG INVES     7.43    06/23/21      CNY     32.72
XIAOGAN URBAN CONSTRUCT     3.94    07/05/21      CNY     62.84
XIAOGAN URBAN CONSTRUCT     6.89    05/29/21      CNY     20.24
XIAOGAN URBAN CONSTRUCT     6.89    05/29/21      CNY     20.40
XIAOXIAN COUNTY DEVELOP     4.85    06/22/23      CNY     60.05
XIAOXIAN COUNTY DEVELOP     4.85    06/22/23      CNY     60.17
XINDONGGANG HOLDING GRO     5.53    04/27/23      CNY     59.53
XINDONGGANG HOLDING GRO     5.53    04/27/23      CNY     59.72
XINGAN COUNTY URBAN CON     5.48    08/03/23      CNY     57.91
XINGAN COUNTY URBAN CON     5.48    08/03/23      CNY     58.44
XINGAN LEAGUE URBAN DEV     6.18    12/21/22      CNY     42.30
XINGAN LEAGUE URBAN DEV     6.18    12/21/22      CNY     42.58
XINGHUA CITY ECONOMIC D     5.28    06/13/22      CNY     49.68
XINGHUA CITY ECONOMIC D     5.28    06/13/22      CNY     50.00
XINGYI XINHENG URBAN CO     5.40    12/16/22      CNY     58.40
XINGYI XINHENG URBAN CO     5.40    12/16/22      CNY     58.70
XINJIANG KAIDI INVESTME     7.80    04/22/21      CNY     20.06
XINJIANG KAIDI INVESTME     7.80    04/22/21      CNY     21.35
XINMI CAIYUAN CITY CONS     4.35    02/28/23      CNY     59.55
XINMI CAIYUAN CITY CONS     4.35    02/28/23      CNY     59.58
XINMIN CITY LUXIN MUNIC     6.41    07/29/21      CNY     13.55
XINMIN CITY LUXIN MUNIC     6.41    07/29/21      CNY     13.87
XINTAI CITY COORDINATIN     6.35    03/23/22      CNY     40.34
XINTAI CITY COORDINATIN     6.35    03/23/22      CNY     40.75
XINYANG HUAXIN INVESTME     7.55    04/15/21      CNY     20.21
XINYANG HUAXIN INVESTME     7.55    04/15/21      CNY     26.30
XINYI CITY INVESTMENT &     4.30    01/19/23      CNY     58.75
XINYI CITY INVESTMENT &     4.30    01/19/23      CNY     60.00
XINYI URBAN TRANSPORTAT     6.14    02/06/22      CNY     40.49
XINYI URBAN TRANSPORTAT     6.14    02/06/22      CNY     41.53
XINYU CHENGDONG CONSTRU     8.48    05/27/21      CNY     20.22
XINYU CITY SHANTYTOWN Z     6.50    11/13/22      CNY     71.50
XINYU CITY YUSHUI DISTR     7.70    06/24/22      CNY     40.99
XINYU CITY YUSHUI DISTR     7.70    06/24/22      CNY     41.39
XINZHENG NEW DISTRICT D     6.40    01/29/21      CNY     25.04
XINZHOU ASSET MANAGEMEN     7.90    02/21/21      CNY     20.08
XINZHOU ASSET MANAGEMEN     7.90    02/21/21      CNY     21.07
XINZHOU ASSET MANAGEMEN     8.50    12/18/20      CNY     20.00
XINZHOU ASSET MANAGEMEN     8.50    12/18/20      CNY     20.08
XIWANG GROUP CO LTD         7.80    12/03/22      CNY     49.94
XUANCHENG CITY ECONOMY      7.95    09/22/21      CNY     20.39
XUANCHENG CITY ECONOMY      7.95    09/22/21      CNY     26.00
XUANCHENG STATE-OWNED A     4.12    04/07/23      CNY     59.77
XUANCHENG STATE-OWNED A     4.12    04/07/23      CNY     59.87
XUANCHENG STATE-OWNED A     7.95    03/27/21      CNY     20.21
XUANCHENG STATE-OWNED A     7.95    03/27/21      CNY     26.00
XUZHOU BOCHANT DEVELOPM     5.69    07/28/21      CNY     32.82
XUZHOU CITY JIAWANG CON     4.00    03/23/23      CNY     59.55
XUZHOU CITY TONGSHAN DI     5.23    09/18/22      CNY     40.00
XUZHOU CITY TONGSHAN DI     5.23    09/18/22      CNY     40.25
XUZHOU ECONOMIC TECHNOL     7.35    04/21/21      CNY     20.22
XUZHOU HI-TECH INDUSTRI     3.78    11/11/23      CNY     58.90
XUZHOU HI-TECH INDUSTRI     3.78    11/11/23      CNY     58.99
XUZHOU HI-TECH INDUSTRI     7.86    04/22/21      CNY     20.25
XUZHOU HI-TECH INDUSTRI     7.86    04/22/21      CNY     31.50
XUZHOU TRANSPORTATION H     7.09    05/15/21      CNY     20.15
XUZHOU TRANSPORTATION H     7.09    05/15/21      CNY     20.20
XUZHOU XINSHENG INVESTM     5.13    08/12/22      CNY     40.47
XUZHOU XINSHENG INVESTM     5.13    08/12/22      CNY     44.46
YANCHENG DAFENG DISTRIC     8.70    01/24/21      CNY     20.09
YANCHENG DAFENG DISTRIC     8.70    01/24/21      CNY     20.97
YANCHENG DAFENG DISTRIC     8.50    12/30/20      CNY     20.03
YANCHENG DAFENG DISTRIC     8.50    12/30/20      CNY     20.60
YANCHENG HIGH-TECH ZONE     3.90    12/14/22      CNY     39.84
YANCHENG ORIENTAL INVES     6.48    09/15/21      CNY     20.05
YANCHENG ORIENTAL INVES     6.48    09/15/21      CNY     20.16
YANCHENG SOUTH DISTRICT     6.70    07/30/21      CNY     20.32
YANCHENG SOUTH DISTRICT     6.70    07/30/21      CNY     20.40
YANCHENG YANDU DISTRICT     3.67    03/17/23      CNY     59.44
YANCHENG YANDU DISTRICT     3.67    03/17/23      CNY     59.46
YANGJIANG HENGCAI CITY      6.24    04/14/22      CNY     40.63
YANGJIANG HENGCAI CITY      6.24    04/14/22      CNY     41.20
YANGZHONG TRANSPORTATIO     4.95    04/07/23      CNY     59.73
YANGZHONG TRANSPORTATIO     4.95    04/07/23      CNY     59.92
YANGZHONG TRANSPORTATIO     4.98    04/07/23      CNY     60.04
YANGZHONG TRANSPORTATIO     4.98    04/07/23      CNY     60.28
YANGZHOU CHEMICAL INDUS     8.58    01/24/21      CNY     20.05
YANGZHOU CHEMICAL INDUS     8.58    01/24/21      CNY     26.00
YANGZHOU ECONOMIC & TEC     7.40    03/05/21      CNY     40.00
YANGZHOU ECONOMIC & TEC     7.40    03/05/21      CNY     40.24
YANGZHOU GUANGLING NEW      3.62    09/07/23      CNY     57.93
YANGZHOU GUANGLING NEW      3.62    09/07/23      CNY     58.70
YANGZHOU HANJIANG CONST     5.88    06/15/22      CNY     40.66
YANGZHOU HANJIANG CONST     5.88    06/15/22      CNY     46.63
YI CHENG CONSTRUCTION I     5.44    04/27/23      CNY     59.89
YI ZHENG CITY DEVELOPME     4.63    01/08/23      CNY     59.83
YI ZHENG CITY DEVELOPME     4.63    01/08/23      CNY     60.00
YI ZHENG CITY DEVELOPME     8.60    01/09/21      CNY     20.03
YI ZHENG CITY DEVELOPME     8.60    01/09/21      CNY     29.30
YICHANG HIGH-TECH INVES     3.74    07/21/23      CNY     59.53
YICHANG HIGH-TECH INVES     3.74    07/21/23      CNY     59.54
YICHANG HIGH-TECH INVES     4.80    12/15/22      CNY     40.34
YICHANG HIGH-TECH INVES     4.80    12/15/22      CNY     60.00
YICHUN URBAN CONSTRUCTI     7.09    05/15/21      CNY     20.15
YICHUN URBAN CONSTRUCTI     7.09    05/15/21      CNY     23.47
YICHUN VENTURE CAPITAL      6.70    03/23/22      CNY     40.50
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 LIFESTYLE TECHNOL     6.88    07/23/20      CNY     35.00
YIHUA LIFESTYLE TECHNOL     6.88    07/16/20      CNY     35.90
YILI KAZAKH AUTONOMOUS      7.68    02/28/21      CNY     20.10
YILI KAZAKH AUTONOMOUS      7.68    02/28/21      CNY     20.20
YINCHUAN URBAN CONSTRUC     6.88    05/12/21      CNY     20.00
YINCHUAN URBAN CONSTRUC     6.88    05/12/21      CNY     20.21
YINGKOU COASTAL DEVELOP     6.45    01/26/22      CNY     38.99
YINGKOU COASTAL DEVELOP     6.45    01/26/22      CNY     40.29
YINGKOU ECO & TECH DEVE     5.20    08/05/23      CNY     57.68
YINGKOU ECO & TECH DEVE     5.20    08/05/23      CNY     57.84
YINGKOU LAOBIAN CITY CO     4.98    03/11/23      CNY     58.58
YINGKOU LAOBIAN CITY CO     4.98    03/11/23      CNY     60.00
YINGKOU LAOBIAN CITY CO     5.63    12/16/22      CNY     59.96
YINGTAN LONGGANG ASSET      6.75    07/31/22      CNY     40.79
YINGTAN LONGGANG ASSET      6.75    07/31/22      CNY     41.18
YINGTAN STATE-OWNED ASS     7.50    12/12/22      CNY     31.02
YINGTAN STATE-OWNED ASS     7.50    12/12/22      CNY     31.02
YINGTAN STATE-OWNED ASS     3.63    08/12/21      CNY     39.77
YINING CITY STATE OWNED     5.37    09/24/22      CNY     39.00
YINING CITY STATE OWNED     5.37    09/24/22      CNY     39.11
YINING CITY STATE OWNED     8.90    01/23/21      CNY     19.92
YINING CITY STATE OWNED     8.90    01/23/21      CNY     20.05
YIWU CITY CONSTRUCTION      4.31    12/07/22      CNY     40.00
YIWU CITY CONSTRUCTION      4.31    12/07/22      CNY     40.40
YIWU URBAN & RURAL NEW      4.25    11/24/21      CNY     24.87
YIXING CITY CONSTRUCTIO     6.16    03/30/22      CNY     40.00
YIXING CITY CONSTRUCTIO     6.16    03/30/22      CNY     40.67
YIXING TUOYE INDUSTRIAL     7.60    05/28/21      CNY     20.19
YIXING TUOYE INDUSTRIAL     7.60    05/28/21      CNY     23.50
YIYANG ADVANCED INDUSTR     7.00    03/30/22      CNY     40.11
YIYANG ADVANCED INDUSTR     7.00    03/30/22      CNY     48.00
YIYANG PROVINCE AREA IN     5.16    11/23/23      CNY     56.12
YIYANG PROVINCE AREA IN     5.16    11/23/23      CNY     56.45
YIYANG PROVINCE AREA IN     4.95    10/13/23      CNY     56.42
YIYANG PROVINCE AREA IN     4.95    10/13/23      CNY     57.68
YIZHANG XINGYI CONSTRUC     5.49    09/02/24      CNY     67.24
YIZHANG XINGYI CONSTRUC     5.49    09/02/24      CNY     69.33
YONGCHENG COAL & ELECTR     6.25    01/20/23      CNY     43.20
YONGCHENG COAL & ELECTR     6.25    11/29/22      CNY     42.70
YONGCHENG COAL & ELECTR     7.50    02/02/21      CNY     40.40
YONGJIA INVESTMENT GROU     6.50    11/12/21      CNY     20.00
YONGJIA INVESTMENT GROU     6.50    11/12/21      CNY     20.31
YONGXING YINDU CONSTRUC     5.60    03/24/23      CNY     59.95
YONGXING YINDU CONSTRUC     5.60    03/24/23      CNY     60.31
YONGZHOU ECONOMIC CONST     3.55    01/14/23      CNY     59.34
YONGZHOU ECONOMIC CONST     3.55    01/14/23      CNY     60.50
YUANAN COUNTY QIFENG CI     5.50    05/27/23      CNY     60.17
YUANAN COUNTY QIFENG CI     5.50    05/27/23      CNY     60.29
YUEYANG CITY DONGTING N     6.15    03/20/22      CNY     40.05
YUEYANG CITY DONGTING N     6.15    03/20/22      CNY     40.08
YUEYANG HUILIN INVESTME     5.50    11/03/21      CNY     19.80
YUEYANG HUILIN INVESTME     5.50    11/03/21      CNY     20.07
YUEYANG YUNXI CITY CONS     5.18    11/21/23      CNY     57.16
YUEYANG YUNXI CITY CONS     6.00    07/08/23      CNY     59.52
YUEYANG YUNXI CITY CONS     6.00    07/08/23      CNY     60.08
YUHUAN CITY COMMUNICATI     6.18    03/20/22      CNY     40.40
YUHUAN CITY COMMUNICATI     6.18    03/20/22      CNY     44.47
YUHUAN CITY COMMUNICATI     5.65    11/03/21      CNY     20.21
YUHUAN CITY COMMUNICATI     5.65    11/03/21      CNY     20.22
YUHUAN CITY CONSTRUCTIO     3.72    10/21/23      CNY     58.51
YUHUAN CITY CONSTRUCTIO     3.72    10/21/23      CNY     59.09
YUHUAN CITY CONSTRUCTIO     5.10    05/03/23      CNY     59.98
YUHUAN CITY CONSTRUCTIO     5.10    05/03/23      CNY     60.43
YUNCHENG SHUIHU CITY CO     4.54    11/21/23      CNY     57.55
YUNCHENG SHUIHU CITY CO     4.54    11/21/23      CNY     58.58
YUNNAN HEALTH & CULTURA     6.77    05/23/21      CNY     19.75
YUNNAN HEALTH & CULTURA     6.77    05/23/21      CNY     19.80
YUYAO CITY CONSTRUCTION     7.09    05/19/21      CNY     20.29
YUZHOU GENERAL INVESTME     4.68    01/19/23      CNY     59.54
YUZHOU GENERAL INVESTME     4.68    01/19/23      CNY     60.00
ZAOYANG CITY CONSTRUCTI     5.50    03/22/23      CNY     59.93
ZAOYANG CITY CONSTRUCTI     5.50    03/22/23      CNY     60.26
ZHANGJIAGANG JINCHENG I     6.88    04/28/21      CNY     20.22
ZHANGJIAJIE ECONOMIC DE     7.80    04/17/21      CNY     20.12
ZHANGQIU STATE OWNED AS     3.69    08/09/23      CNY     59.16
ZHANGQIU STATE OWNED AS     3.69    08/09/23      CNY     59.19
ZHANGSHU STATE-OWNED AS     4.80    06/22/23      CNY     59.43
ZHANGSHU STATE-OWNED AS     4.80    06/22/23      CNY     62.67
ZHANGYE CITY INVESTMENT     6.92    09/22/21      CNY     20.28
ZHANGYE CITY INVESTMENT     6.92    09/22/21      CNY     20.90
ZHANGZHOU ECONOMIC DEVE     6.17    04/27/22      CNY     40.20
ZHANGZHOU ECONOMIC DEVE     6.17    04/27/22      CNY     40.52
ZHANGZHOU JIULONGJIANG      6.48    06/20/21      CNY     20.19
ZHANGZHOU JIULONGJIANG      6.48    06/20/21      CNY     20.30
ZHAOQING GAOYAO DISTRIC     6.68    04/14/22      CNY     40.00
ZHAOQING GAOYAO DISTRIC     6.68    04/14/22      CNY     40.64
ZHAOQING HI-TECH ZONE C     3.97    08/26/23      CNY     58.85
ZHAOQING HI-TECH ZONE C     3.97    08/26/23      CNY     59.01
ZHEJIANG BINHAI NEW CIT     4.65    12/23/22      CNY     59.50
ZHEJIANG BINHAI NEW CIT     4.65    12/23/22      CNY     60.25
ZHEJIANG CHANGXING JING     7.99    03/03/21      CNY     20.08
ZHEJIANG CHANGXING JING     7.99    03/03/21      CNY     30.00
ZHEJIANG GUOXING INVEST     6.94    08/01/21      CNY     20.29
ZHEJIANG GUOXING INVEST     6.94    08/01/21      CNY     28.50
ZHEJIANG HANGZHOU QINGS     7.90    04/23/21      CNY     20.25
ZHEJIANG HANGZHOU QINGS     7.90    04/23/21      CNY     24.00
ZHEJIANG HUISHENG INVES     4.49    03/15/24      CNY     69.71
ZHEJIANG HUISHENG INVES     4.49    03/15/24      CNY     70.00
ZHEJIANG OUHAI CONSTRUC     4.83    01/21/23      CNY     60.25
ZHEJIANG OUHAI CONSTRUC     6.45    04/23/22      CNY     40.59
ZHEJIANG PROVINCE XINCH     6.95    12/31/21      CNY     40.58
ZHEJIANG PROVINCE XINCH     6.95    12/31/21      CNY     41.20
ZHEJIANG PROVINCE XINCH     5.88    10/30/21      CNY     20.30
ZHEJIANG PROVINCE XINCH     5.88    10/30/21      CNY     21.06
ZHEJIANG YATAI PHARMACE     0.50    04/02/25      CNY     69.75
ZHENGZHOU AIRPORT ECONO     4.27    07/20/26      CNY     69.18
ZHENGZHOU AIRPORT ECONO     4.27    07/20/26      CNY     69.29
ZHENGZHOU JINGKAI INVES     5.48    07/31/22      CNY     40.00
ZHENGZHOU JINGKAI INVES     5.48    07/31/22      CNY     40.56
ZHENGZHOU MOUZHONG DEVE     4.59    04/18/23      CNY     59.92
ZHENGZHOU MOUZHONG DEVE     4.59    04/18/23      CNY     59.93
ZHENGZHOU MOUZHONG DEVE     7.48    12/11/21      CNY     20.44
ZHENGZHOU MOUZHONG DEVE     7.48    12/11/21      CNY     26.20
ZHENJIANG CITY CONSTRUC     8.20    01/13/21      CNY     20.04
ZHENJIANG CITY CONSTRUC     8.20    01/13/21      CNY     28.49
ZHENJIANG CITY CONSTRUC     7.90    12/18/20      CNY     20.01
ZHENJIANG CITY CONSTRUC     7.90    12/18/20      CNY     28.50
ZHENJIANG DANTU DISTRIC     5.89    11/03/21      CNY     19.80
ZHENJIANG DANTU DISTRIC     5.89    11/03/21      CNY     20.00
ZHENJIANG NEW AREA URBA     5.31    07/14/23      CNY     58.75
ZHENJIANG NEW AREA URBA     5.31    07/14/23      CNY     60.64
ZHENJIANG NEW AREA URBA     8.35    02/26/21      CNY     20.06
ZHENJIANG NEW AREA URBA     8.99    01/16/21      CNY     20.05
ZHIJIANG STATE-OWNED AS     4.38    03/28/23      CNY     59.24
ZHIJIANG STATE-OWNED AS     4.38    03/28/23      CNY     64.70
ZHIJIANG STATE-OWNED AS     4.78    01/11/23      CNY     59.67
ZHIJIANG STATE-OWNED AS     4.78    01/11/23      CNY     60.00
ZHONGGUANCUN DEVELOPMEN     4.20    08/12/22      CNY     39.85
ZHONGGUANCUN DEVELOPMEN     4.20    08/12/22      CNY     40.15
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     20.00
ZHONGSHAN TRANSPORTATIO     5.25    11/26/21      CNY     20.25
ZHOUKOU INVESTMENT GROU     7.49    04/21/21      CNY     20.10
ZHOUSHAN DINGHAI CITY C     6.67    07/20/22      CNY     40.26
ZHOUSHAN DINGHAI STATE-     7.13    08/04/21      CNY     20.18
ZHOUSHAN DINGHAI STATE-     7.13    08/04/21      CNY     20.33
ZHOUSHAN ISLANDS NEW DI     6.98    10/22/22      CNY     40.80
ZHOUSHAN ISLANDS NEW DI     6.98    10/22/22      CNY     40.98
ZHOUSHAN PUTUO DISTRICT     7.18    06/20/22      CNY     41.07
ZHOUSHAN PUTUO DISTRICT     7.18    06/20/22      CNY     41.90
ZHUHAI HUIHUA INFRASTRU     4.70    06/27/23      CNY     59.60
ZHUHAI HUIHUA INFRASTRU     4.70    06/27/23      CNY     59.78
ZHUJI CITY EAST NEW TOW     3.89    08/26/23      CNY     59.34
ZHUJI CITY YUEDU INVEST     6.38    04/07/22      CNY     40.69
ZHUZHOU CITY CONSTRUCTI     8.36    11/10/21      CNY     23.75
ZHUZHOU GECKOR GROUP CO     3.78    09/28/23      CNY     58.45
ZHUZHOU GECKOR GROUP CO     3.78    09/28/23      CNY     58.99
ZHUZHOU GECKOR GROUP CO     6.38    04/17/22      CNY     40.00
ZHUZHOU GECKOR GROUP CO     6.38    04/17/22      CNY     40.33
ZHUZHOU GECKOR GROUP CO     6.95    08/11/21      CNY     20.24
ZHUZHOU GECKOR GROUP CO     6.95    08/11/21      CNY     20.86
ZHUZHOU HI-TECH AUTO EX     4.47    11/03/23      CNY     73.58
ZHUZHOU RECYCLING ECONO     4.38    03/24/23      CNY     57.28
ZHUZHOU RECYCLING ECONO     4.38    03/24/23      CNY     57.83
ZHUZHOU XIANGJIANG SCEN     5.39    11/25/22      CNY     39.40
ZHUZHOU XIANGJIANG SCEN     5.39    11/25/22      CNY     40.63
ZIBO BANYANG CITY URBAN     5.50    09/09/22      CNY     39.65
ZIBO BANYANG CITY URBAN     5.50    09/09/22      CNY     40.00
ZIYANG WATER INVESTMENT     3.97    03/17/23      CNY     57.71
ZIYANG WATER INVESTMENT     3.97    03/17/23      CNY     57.74
ZIZHONG COUNTY XINGZI I     5.97    01/18/23      CNY     58.38
ZIZHONG COUNTY XINGZI I     5.97    01/18/23      CNY     59.68
ZUNYI ECONOMIC DEVELOPM     4.87    01/22/23      CNY     57.79
ZUNYI ECONOMIC DEVELOPM     4.87    01/22/23      CNY     60.00
ZUNYI HONGHUAGANG CITY      5.05    06/27/23      CNY     56.69
ZUNYI HONGHUAGANG CITY      5.05    06/27/23      CNY     59.20
ZUNYI NEW DISTRICT DEVE     5.99    04/07/26      CNY     67.54
ZUNYI NEW DISTRICT DEVE     5.99    04/07/26      CNY     70.01
ZUNYI ROAD & BRIDGE CON     6.10    04/27/23      CNY     52.42
ZUNYI ROAD & BRIDGE CON     6.10    04/27/23      CNY     57.96
ZUNYI TRAFFIC TRAVEL IN     7.70    09/27/27      CNY     70.05


   HONG KONG
   ---------

CAIYUN INTERNATIONAL IN     5.50    04/08/22      USD     70.52
DR PENG HOLDING HONGKON     7.55    12/01/21      USD     70.25
HNA GROUP INTERNATIONAL     6.25    10/05/21      USD     56.06


   INDIA
   -----

3I INFOTECH LTD             2.50    03/31/25      USD      9.88
ACME MEDAK SOLAR ENERGY     0.01    08/29/46      INR     12.07
ACME RANGA REDDY SOLAR      0.01    08/31/46      INR     11.94
AMPSOLAR SOLUTION PVT L     0.01    11/03/37      INR     25.89
AMPSOLAR SOLUTION PVT L     0.01    10/27/37      INR     25.94
APG HABITAT PVT LTD         1.00    09/09/28      INR     61.75
APG INTELLI HOMES PVT L     1.25    02/04/35      INR     43.63
APG INTELLI HOMES PVT L     1.25    02/04/35      INR     43.81
AUTOMOTIVE EXCHANGE PVT     4.00    10/11/30      INR     62.58
AUTOMOTIVE EXCHANGE PVT     4.00    06/01/30      INR     62.96
BREEZE CONSTRUCTIONS PV     0.01    06/29/30      INR     45.58
BRITANNIA INDUSTRIES LT     8.00    08/28/22      INR     31.50
CHANDRAJYOTI ESTATE DEV     0.01    07/06/30      INR     47.31
CREIXENT SPECIAL STEELS     0.01    08/28/25      INR     70.88
CUMULUS TRADING CO PVT      0.01    05/21/32      INR     39.37
CUMULUS TRADING CO PVT      0.01    01/23/30      INR     63.32
DEWAN HOUSING FINANCE C     8.50    04/18/23      INR     26.42
DLF EMPORIO RESTAURANTS     0.01    08/12/30      INR     46.63
DLF EMPORIO RESTAURANTS     0.01    06/29/30      INR     47.12
DLF HOME DEVELOPERS LTD     0.01    06/29/30      INR     49.22
DLF HOMES SERVICES PVT      0.01    06/29/30      INR     45.58
DLF REAL ESTATE BUILDER     0.01    06/23/30      INR     47.26
DLF RECREATIONAL FOUNDA     0.01    10/15/30      INR     44.93
DLF RESIDENTIAL BUILDER     0.01    06/23/30      INR     45.59
DLF RESIDENTIAL DEVELOP     0.01    06/28/30      INR     47.28
DLF SOUTHERN TOWNS PVT      0.01    07/09/30      INR     47.39
DOMUS REAL ESTATE PVT L     0.01    07/11/30      INR     47.37
EDELWEISS ASSET RECONST     2.00    07/22/29      INR     64.51
EDELWEISS ASSET RECONST     2.00    03/28/29      INR     65.70
EDELWEISS ASSET RECONST     2.00    01/15/29      INR     66.51
EDELWEISS ASSET RECONST     2.00    10/07/28      INR     67.62
EDELWEISS ASSET RECONST     2.00    11/20/27      INR     71.29
EDELWEISS ASSET RECONST     2.00    03/28/27      INR     73.84
ESSAR POWER TRANSMISSIO     3.00    03/31/43      INR     49.76
ESSAR POWER TRANSMISSIO     3.00    03/31/43      INR     49.76
GREEN URJA PVT LTD          0.01    02/14/30      INR     49.18
GTL INFRASTRUCTURE LTD      6.73    10/26/22      USD      5.65
HINDUSTAN CONSTRUCTION      0.01    01/05/27      INR     64.34
HITODI INFRASTRUCTURE L     0.01    06/30/27      INR     60.48
JAIPRAKASH ASSOCIATES L     5.75    09/08/17      USD     55.13
JAIPRAKASH POWER VENTUR     7.00    05/15/17      USD      4.54
JCT LTD                     2.50    04/08/11      USD     25.75
JSM CORP PVT LTD            0.01    08/31/36      INR     28.04
JTPM ATSALI LTD             0.01    08/29/48      INR     11.25
KANAKADURGA FINANCE LTD     0.01    04/15/36      INR     26.84
KRIBHCO INFRASTRUCTURE      1.00    04/15/26      INR     72.99
MARIS POWER SUPPLY CO P     2.00    04/18/28      INR     69.65
MELOSA BUILDERS & DEVEL     0.01    06/29/30      INR     45.87
MENS BUILDCON PVT LTD       0.01    06/29/30      INR     45.87
MYTRAH AADHYA POWER PVT     0.01    07/05/35      INR     31.56
MYTRAH ADVAITH POWER PV     0.01    07/13/36      INR     28.89
MYTRAH AKSHAYA ENERGY P     0.01    07/13/36      INR     28.89
NEEMUCH SOLAR POWER PVT     0.01    08/29/46      INR     12.07
ORIGAMI CELLULO PVT LTD     0.01    11/14/36      INR     27.63
PRAKASH INDUSTRIES LTD      5.25    04/30/15      USD     22.63
PUNJAB INFRASTRUCTURE D     0.40    10/15/33      INR     44.62
PUNJAB INFRASTRUCTURE D     0.40    10/15/32      INR     47.45
PUNJAB INFRASTRUCTURE D     0.40    10/15/31      INR     50.73
PUNJAB INFRASTRUCTURE D     0.40    10/15/30      INR     54.31
PUNJAB INFRASTRUCTURE D     0.40    10/15/29      INR     58.24
PUNJAB INFRASTRUCTURE D     0.40    10/15/28      INR     62.49
PUNJAB INFRASTRUCTURE D     0.40    10/15/27      INR     67.08
PUNJAB INFRASTRUCTURE D     0.40    10/15/26      INR     71.96
PURVANCHAL SOLAR POWER      0.01    08/29/46      INR     12.07
PYRAMID SAIMIRA THEATRE     1.75    07/04/12      USD      0.26
R L FINE CHEM PVT LTD       0.10    08/19/36      INR     28.53
REDKITE CAPITAL PVT LTD     2.50    03/30/29      INR     68.74
REDKITE CAPITAL PVT LTD     2.50    01/15/28      INR     73.42
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      8.94
REWANCHAL SOLAR POWER P     0.01    08/29/46      INR     12.07
SAKET HOLIDAYS RESORTS      0.01    06/29/30      INR     47.27
SHIVAJI MARG MAINTENANC     0.01    06/28/30      INR     45.70
SINTEX INDUSTRIES LTD       3.50    05/25/22      USD     23.63
SUNWORLD SOLAR POWER PV     0.01    08/31/46      INR     11.94
SURBHI INVESTMENTS & TR     2.50    10/21/28      INR     70.11
SUTARA ROADS & INFRA LT     0.01    08/31/30      INR     55.05
SUZLON ENERGY LTD           5.75    07/16/19      USD     23.42
SUZLON ENERGY LTD           5.75    07/16/19      USD     23.42
SVOGL OIL GAS & ENERGY      5.00    08/17/15      USD      0.61
TATA SMARTFOODZ LTD         0.01    11/23/25      INR     70.16
TATA SMARTFOODZ LTD         0.01    07/15/25      INR     72.38
TN URJA PVT LTD             0.10    02/22/36      INR     29.68
VIDEOCON INDUSTRIES LTD     2.80    12/31/20      USD     28.88
WATSUN INFRABUILD PVT L     4.00    10/16/37      INR     58.55
WS T&D LTD                  0.10    03/24/29      INR     53.61
ZYDUS FOUNDATION            0.10    03/25/25      INR     74.23


   INDONESIA
   ---------

ALAM SUTERA REALTY TBK      6.25    11/02/25      USD     70.84
BERAU COAL ENERGY TBK P     7.25    03/13/17      USD     44.54
BERAU COAL ENERGY TBK P     7.25    03/13/17      USD     44.54
DAVOMAS INTERNATIONAL F    11.00    12/08/14      USD      0.44
DAVOMAS INTERNATIONAL F    11.00    12/08/14      USD      0.44
DAVOMAS INTERNATIONAL F    11.00    05/09/11      USD      0.44
DAVOMAS INTERNATIONAL F    11.00    05/09/11      USD      0.44
DELTA MERLIN DUNIA TEKS     8.63    03/12/24      USD      4.13
DELTA MERLIN DUNIA TEKS     8.63    03/12/24      USD      7.83
MEDIKALOKA HERMINA TBK      8.00    09/08/23      IDR     53.00
MNC INVESTAMA TBK PT        9.00    05/11/21      USD     66.08
WAHANA OTTOMITRA MULTIA     9.15    05/29/21      IDR     60.01


   JAPAN
   -----

AVANSTRATE INC              0.15    10/29/32      JPY      9.75
HIS CO LTD                  0.58    02/19/27      JPY     55.81
HIS CO LTD                  0.44    02/20/24      JPY     73.15
MITSUI E&S HOLDINGS CO      0.70    09/15/23      JPY     68.94
MITSUI E&S HOLDINGS CO      0.62    12/15/22      JPY     73.17
TKJP CORP                   0.58    03/26/21      JPY      2.02
TKJP CORP                   0.85    03/06/19      JPY      2.02
TKJP CORP                   1.02    12/15/17      JPY      0.50
UNIZO HOLDINGS CO LTD       1.50    11/26/27      JPY     39.31
UNIZO HOLDINGS CO LTD       1.20    05/28/27      JPY     39.76
UNIZO HOLDINGS CO LTD       0.99    11/27/26      JPY     40.00
UNIZO HOLDINGS CO LTD       1.10    11/28/24      JPY     49.57
UNIZO HOLDINGS CO LTD       0.89    05/29/24      JPY     52.05
UNIZO HOLDINGS CO LTD       0.80    11/29/23      JPY     53.40
UNIZO HOLDINGS CO LTD       0.85    05/26/23      JPY     58.43
UNIZO HOLDINGS CO LTD       0.75    11/28/22      JPY     61.92
UNIZO HOLDINGS CO LTD       0.52    05/27/22      JPY     66.89
UNIZO HOLDINGS CO LTD       0.43    11/29/21      JPY     72.16


   MALAYSIA
   --------

ASIAN PAC HOLDINGS BHD      3.00    05/25/22      MYR      0.64
BERJAYA CORP BHD            2.00    05/29/26      MYR      0.35
BERJAYA CORP BHD            5.00    04/22/22      MYR      0.23
ELK-DESA RESOURCES BHD      3.25    04/14/22      MYR      1.12
HIAP TECK VENTURE BHD       5.00    06/23/21      MYR      0.47
HUME CEMENT INDUSTRIES      5.00    05/29/24      MYR      1.42
MALAYAN FLOUR MILLS BHD     5.00    01/24/24      MYR      1.33
MEX II SDN BHD              6.40    04/28/34      MYR     74.94
PENGURUSAN AIR SPV BHD      1.00    11/05/35      MYR     67.92
PENGURUSAN AIR SPV BHD      1.00    09/28/35      MYR     68.22
PMB TECHNOLOGY BHD          3.00    07/12/23      MYR      4.20
SENAI-DESARU EXPRESSWAY     1.35    06/30/31      MYR     74.45


   NEW ZEALAND
   -----------

PRECINCT PROPERTIES NEW     4.80    09/27/21      NZD      1.17


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICATION    15.00    07/15/06      USD     22.75



   SINGAPORE
   ---------

ASL MARINE HOLDINGS LTD     3.00    10/01/26      SGD     42.13
ASL MARINE HOLDINGS LTD     3.00    03/28/25      SGD     42.13
BAKRIE TELECOM PTE LTD     11.50    05/07/15      USD      0.60
BAKRIE TELECOM PTE LTD     11.50    05/07/15      USD      0.60
BERAU CAPITAL RESOURCES    12.50    07/08/15      USD     32.08
BERAU CAPITAL RESOURCES    12.50    07/08/15      USD     32.08
BLD INVESTMENTS PTE LTD     8.63    03/23/15      USD      4.88
BLUE OCEAN RESOURCES PT     8.00    12/31/21      USD     28.38
BLUE OCEAN RESOURCES PT     8.00    12/31/21      USD     28.38
BLUE OCEAN RESOURCES PT     8.00    12/31/21      USD     28.38
ENERCOAL RESOURCES PTE      9.25    08/05/14      USD     45.75
ETERNA CAPITAL PTE LTD      8.00    12/11/22      USD     30.64
ETERNA CAPITAL PTE LTD      7.50    12/11/22      USD     65.45
EZRA HOLDINGS LTD           4.88    04/24/18      SGD      5.00
GEO COAL INTERNATIONAL      8.00    10/04/22      USD     72.00
GEO COAL INTERNATIONAL      8.00    10/04/22      USD     72.00
INDO INFRASTRUCTURE GRO     2.00    07/30/10      USD      1.00
INNOVATE CAPITAL PTE LT     6.00    12/11/24      USD     13.00
ITNL OFFSHORE PTE LTD       7.50    01/18/21      CNY     15.00
JGC VENTURES PTE LTD       10.75    08/30/21      USD     40.50
MICLYN EXPRESS OFFSHORE     8.75    11/25/18      USD     19.31
MODERNLAND OVERSEAS PTE     6.95    04/13/24      USD     43.21
MULHACEN PTE LTD            6.50    08/01/23      EUR     57.23
MULHACEN PTE LTD            6.50    08/01/23      EUR     57.53
NT RIG HOLDCO PTE LTD       7.50    12/20/21      USD     58.22
ORO NEGRO DRILLING PTE      7.50    01/24/19      USD     14.26
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     68.23
SOECHI CAPITAL PTE LTD      8.38    01/31/23      USD     69.52
SSMS PLANTATION HOLDING     7.75    01/23/23      USD     66.40
SWIBER CAPITAL PTE LTD      6.50    08/02/18      SGD      4.20
SWIBER CAPITAL PTE LTD      6.25    10/30/17      SGD      4.20
SWIBER HOLDINGS LTD         7.75    09/18/17      CNY      6.12
SWIBER HOLDINGS LTD         7.13    04/18/17      SGD      6.13
SWIBER HOLDINGS LTD         5.55    10/10/16      SGD     12.25


   SOUTH KOREA
   -----------

ECOMAISTER CO LTD           2.00    10/11/22      KRW     29.35
HEUNGKUK FIRE & MARINE      5.70    12/29/46      KRW     44.30
HMM CO LTD                  1.00    04/07/21      KRW     68.41
KIBO ABS SPECIALTY CO L     5.00    02/24/23      KRW     70.77
KIBO ABS SPECIALTY CO L     5.00    02/28/22      KRW     72.03
KIBO ABS SPECIALTY CO L     5.00    02/24/22      KRW     72.87
KIBO ABS SPECIALTY CO L     5.00    08/28/21      KRW     73.58
KIBO ABS SPECIALTY CO L     5.00    02/26/21      KRW     68.10
LOTTE CARD CO LTD           3.95    06/28/49      KRW     38.63
POSCO ENERGY CO LTD         5.21    08/29/43      KRW     62.27
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    02/27/24      KRW     68.95
SINBO SECURITIZATION SP     3.00    01/29/24      KRW     66.01
SINBO SECURITIZATION SP     4.00    01/29/24      KRW     67.97
SINBO SECURITIZATION SP     4.00    01/29/24      KRW     67.97
SINBO SECURITIZATION SP     4.00    12/25/23      KRW     66.90
SINBO SECURITIZATION SP     4.00    12/25/23      KRW     66.90
SINBO SECURITIZATION SP     5.00    12/25/23      KRW     70.15
SINBO SECURITIZATION SP     3.00    11/21/23      KRW     64.02
SINBO SECURITIZATION SP     5.00    11/21/23      KRW     68.30
SINBO SECURITIZATION SP     5.00    10/24/23      KRW     68.62
SINBO SECURITIZATION SP     5.00    10/24/23      KRW     68.62
SINBO SECURITIZATION SP     5.00    09/26/23      KRW     68.99
SINBO SECURITIZATION SP     5.00    09/26/23      KRW     68.99
SINBO SECURITIZATION SP     5.00    09/26/23      KRW     68.99
SINBO SECURITIZATION SP     5.00    08/29/23      KRW     68.04
SINBO SECURITIZATION SP     5.00    08/29/23      KRW     68.04
SINBO SECURITIZATION SP     5.00    07/24/23      KRW     68.40
SINBO SECURITIZATION SP     5.00    06/27/23      KRW     68.71
SINBO SECURITIZATION SP     5.00    03/20/23      KRW     72.26
SINBO SECURITIZATION SP     5.00    02/28/23      KRW     72.41
SINBO SECURITIZATION SP     5.00    01/29/23      KRW     69.52
SINBO SECURITIZATION SP     5.00    01/25/23      KRW     67.11
SINBO SECURITIZATION SP     5.00    12/25/22      KRW     69.77
SINBO SECURITIZATION SP     5.00    09/28/22      KRW     74.41
SINBO SECURITIZATION SP     5.00    09/26/22      KRW     66.85
SINBO SECURITIZATION SP     5.00    08/31/22      KRW     65.93
SINBO SECURITIZATION SP     5.00    08/29/22      KRW     65.92
SINBO SECURITIZATION SP     5.00    07/26/22      KRW     66.24
SINBO SECURITIZATION SP     5.00    07/24/22      KRW     66.26
SINBO SECURITIZATION SP     5.00    06/29/22      KRW     74.33
SINBO SECURITIZATION SP     5.00    06/27/22      KRW     66.62
SINBO SECURITIZATION SP     5.00    02/28/22      KRW     72.02
SINBO SECURITIZATION SP     5.00    02/23/22      KRW     64.54
SINBO SECURITIZATION SP     5.00    01/26/22      KRW     64.12
SINBO SECURITIZATION SP     5.00    01/25/22      KRW     64.10
SINBO SECURITIZATION SP     5.00    12/27/21      KRW     72.71
SINBO SECURITIZATION SP     5.00    08/31/21      KRW     62.58
SINBO SECURITIZATION SP     5.00    07/26/21      KRW     63.11
SINBO SECURITIZATION SP     5.00    06/29/21      KRW     73.79
SINBO SECURITIZATION SP     5.00    03/21/21      KRW     67.61
SINBO SECURITIZATION SP     5.00    12/21/20      KRW     71.34


   SRI LANKA
   ---------

SRI LANKA DEVELOPMENT B     4.91    01/22/25      USD     55.44
SRI LANKA DEVELOPMENT B     5.98    01/22/25      USD     58.06
SRI LANKA DEVELOPMENT B     6.02    01/22/25      USD     58.17
SRI LANKA DEVELOPMENT B     6.50    01/22/25      USD     59.39
SRI LANKA DEVELOPMENT B     6.75    01/22/25      USD     60.03
SRI LANKA DEVELOPMENT B     6.80    01/22/25      USD     60.16
SRI LANKA DEVELOPMENT B     6.82    01/22/25      USD     60.20
SRI LANKA DEVELOPMENT B     6.87    01/22/25      USD     60.33
SRI LANKA DEVELOPMENT B     4.14    05/01/23      USD     64.29
SRI LANKA DEVELOPMENT B     4.18    05/01/23      USD     64.36
SRI LANKA DEVELOPMENT B     5.66    05/01/23      USD     66.91
SRI LANKA DEVELOPMENT B     6.69    05/01/23      USD     68.67
SRI LANKA DEVELOPMENT B     6.70    05/01/23      USD     68.69
SRI LANKA DEVELOPMENT B     6.71    05/01/23      USD     68.71
SRI LANKA DEVELOPMENT B     4.27    03/16/23      USD     65.67
SRI LANKA DEVELOPMENT B     6.62    03/16/23      USD     69.53
SRI LANKA DEVELOPMENT B     4.30    01/22/23      USD     67.16
SRI LANKA DEVELOPMENT B     4.49    01/22/23      USD     67.46
SRI LANKA DEVELOPMENT B     5.94    01/22/23      USD     69.71
SRI LANKA GOVERNMENT IN     7.55    03/28/30      USD     56.49
SRI LANKA GOVERNMENT IN     7.55    03/28/30      USD     56.55
SRI LANKA GOVERNMENT IN     7.85    03/14/29      USD     56.62
SRI LANKA GOVERNMENT IN     7.85    03/14/29      USD     56.68
SRI LANKA GOVERNMENT IN     6.75    04/18/28      USD     56.44
SRI LANKA GOVERNMENT IN     6.75    04/18/28      USD     56.60
SRI LANKA GOVERNMENT IN     6.20    05/11/27      USD     56.44
SRI LANKA GOVERNMENT IN     6.20    05/11/27      USD     56.60
SRI LANKA GOVERNMENT IN     6.83    07/18/26      USD     57.12
SRI LANKA GOVERNMENT IN     6.83    07/18/26      USD     57.61
SRI LANKA GOVERNMENT IN     6.85    11/03/25      USD     59.36
SRI LANKA GOVERNMENT IN     6.85    11/03/25      USD     59.50
SRI LANKA GOVERNMENT IN     6.13    06/03/25      USD     59.90
SRI LANKA GOVERNMENT IN     6.13    06/03/25      USD     59.97
SRI LANKA GOVERNMENT IN     6.35    06/28/24      USD     60.24
SRI LANKA GOVERNMENT IN     6.35    06/28/24      USD     60.30
SRI LANKA GOVERNMENT IN     6.85    03/14/24      USD     60.88
SRI LANKA GOVERNMENT IN     6.85    03/14/24      USD     61.00
SRI LANKA GOVERNMENT IN     5.75    04/18/23      USD     65.21
SRI LANKA GOVERNMENT IN     5.75    04/18/23      USD     65.22
SRI LANKA GOVERNMENT IN     5.88    07/25/22      USD     69.85
SRI LANKA GOVERNMENT IN     5.88    07/25/22      USD     70.20
SRILANKAN AIRLINES LTD      7.00    06/25/24      USD     55.32


   THAILAND
   --------

G STEEL PCL                 3.00    10/04/15      USD      0.55
MDX PCL                     4.75    09/17/03      USD     22.88



                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 2021.  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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