/raid1/www/Hosts/bankrupt/TCRAP_Public/210119.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 19, 2021, Vol. 24, No. 8

                           Headlines



A U S T R A L I A

INTO APP: First Creditors' Meeting Set for Jan. 27
WEILIN TRADE: 20c Payout Offer Banked by Cotton Creditors
XINJA: Investors Told Shares Worth 'Close to, or Actually, Zero'


C H I N A

BEIJING CAPITAL: Fitch Withdraws BB+ Rating on Proposed USD Notes
HILONG HOLDING: Moody's Completes Review, Retains Caa3 CFR
JIAYUAN INTERNATIONAL: S&P Alters Outlook to Stable, Affirms B ICR


I N D I A

AKL INFRACON: CARE Lowers Rating on INR4.50cr LT Loan to B
ANNAPOORANI YARNS: CARE Keeps D Rating in Not Cooperating Category
ASM SPUN: CARE Lowers Rating on INR6.97cr LT Loan to B+
BALAJI HOSPITAL: CARE Lowers Rating on INR10cr LT Loan to B-
BALAJI WIRE: CARE Moves B+ Rating to Not Cooperating Category

BHARAT CARRIERS: CARE Reaffirms D Rating on INR12.79cr Loan
BHAWANI LUMBERS: CARE Lowers Rating on INR3.0cr LT Loan to B
BISUI POULTRY: CARE Moves D Debt Rating to Not Cooperating
BLUE CROSS: CARE Keeps D Debt Ratings in Not Cooperating Category
BNAZRUM AGRO: CARE Moves D Ratings to Not Cooperating Category

CHHAJED FOODS: CARE Reaffirms Then Withdraws D Ratings
DEEN DAYAL: CARE Keeps D Debt Ratings in Not Cooperating Category
FUTURE ENTERPRISES: CARE Lowers Rating on INR750cr NCD to D
GANESWARA RICE: CARE Keeps D Debt Rating in Not Cooperating
GOUR ROAD: Ind-Ra Keeps 'BB+' LT Issuer Rating in Non-Cooperating

GTN ENTERPRISES: CARE Lowers Rating on INR12.99cr Loan to B
HARIHAR ALLOYS: CARE Keeps B Debt Rating in Not Cooperating
INTEGRATED INDUCTION: CARE Assigns B+ Rating to INR13cr Loan
JAIN SARVODAYA: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
KAMAKSHI STEELS: CARE Lowers Rating on INR13cr LT Loan to D

LAKSHMI TRANSPORT: CARE Lowers Rating on INR11cr LT Loan to B-
LAXMI OIL: CARE Keeps D Debt Rating in Not Cooperating Category
MAHAVEER GINNING: CARE Downgrades Rating on INR6.93cr Loan to C
MANGALAYATAN UNIVERSITY: Ind-Ra Keeps B+ Rating in Non-Cooperating
MEGHRAJ INTERNATIONAL: CARE Lowers Rating on INR6.15cr Loan to B-

MOSAVI ENTERPRISES: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
NIKKA MAL: CARE Lowers Rating on INR11.00cr LT Loan to B-
RADHADAMODAR MULTIPURPOSE: CARE Reaffirms B+ INR8.15cr Loan Rating
RAM NIWAS: CARE Lowers Rating on INR2.0cr LT Loan to B+
S N JEE BUILD: Insolvency Resolution Process Case Summary

S. R. EDUCATION: CARE Lowers Rating on INR6.12cr LT Loan to B+
SANGAM FORGINGS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
SARE FACILITY: Insolvency Resolution Process Case Summary
SEAWAYS SHIPPING: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
SIDDHI LAXMI: CARE Lowers Rating on INR8.80cr LT Loan to B

SOUTHCO UTILITY: Ind-Ra Puts 'BB-' LT Issuer Rating on Watch Neg.
STEEL AND METAL: Ind-Ra Affirms 'BB+' LongTerm Issuer Rating
VASANTDADA NAGARI: India Central Bank Cancels Bank's License
VIJAYA LAKSHMI: CARE Lowers Rating on INR15cr LT Loan to B-
YOGESH POULTRY: CARE Lowers Rating on INR8.04cr LT Loan to B



I N D O N E S I A

SAKA ENERGI: S&P Downgrades ICR to 'B' on Dwindling Production


J A P A N

CENTRAL JAPAN: 9,500 Staff to Take Leave Amid Lower Travel Demand


M O N G O L I A

MONGOLIAN MORTGAGE: S&P Affirms 'B' LT ICR, Outlook Stable


N E W   Z E A L A N D

H&J SMITH: To Close Dunedin Store on January 30


S O U T H   K O R E A

EASTAR JET: Files for Court Receivership
SSANGYONG MOTOR: Talks With Acquirer, Lender in Stalemate


T H A I L A N D

[*] Maythawee Sarathai Joins Hunton Andrews Kurth as Partner


V I E T N A M

ASIA COMMERCIAL: Fitch Affirms B+ LongTerm IDR
MILITARY COMMERCIAL: Fitch Affirms B+ LT IDR, Outlook Stable
VIETCOMBANK: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
VIETINBANK: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable


X X X X X X X X

[*] BOND PRICING: For the Week Jan. 11, 2021 to Jan. 15, 2021

                           - - - - -


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

INTO APP: First Creditors' Meeting Set for Jan. 27
--------------------------------------------------
A first meeting of the creditors in the proceedings of INTO APP Pty
Ltd will be held on Jan. 27, 2021, at 10:00 a.m. via
teleconference.

Dane Skinner and John Morgan of BCR Advisory were appointed as
administrators of INTO APP on
Jan. 15, 2021.

WEILIN TRADE: 20c Payout Offer Banked by Cotton Creditors
---------------------------------------------------------
Andrew Marshall at Farm Online reports that agribusinesses and
farmer creditors left out of pocket after the crash of failed
Chinese-owned cotton marketer Weilin Trade have been paid 20 cents
for every dollar they were owed.

According to Farm Online, Weilin's administrators suggest there is
a chance a further small dividend of maybe one cent more could
follow after the receivership process winds up.

However, its parent or related company has retained irrigated
property assets in southern NSW, despite having only contributed
enough to cover about a fifth of its trading arm's debts to growers
and service providers, the report notes.

Weilin Trade went into receivership in early July after it was
caught by a AUD100 a bale market slump in February-March last year
leaving it unable to pay growers for cotton it had contracted to
buy for between AUD550 and AUD600 a bale, or more, Farm Online
recalls.

The ginned cotton crop was forward sold to be processed in China by
business interests connected to the southern NSW-based trading
company and its parent WL Agriculture.

In reality however, about AUD22.5 million was left unpaid to
growers, traders and brokers - the gap between Weilin's promised
price and the eventual value of their cotton when it did sell, Farm
Online says.

About 200 growers had forward contracts covering the 2019-20 crop
and a 145 forward sales extended to the 2021 season.

A six month liquidation process effectively concluded for most
unsecured creditors just before Christmas when funds were deposited
in their bank accounts, ahead of earlier predictions of payments by
February 2, according to Farm Online.

Aware that the creditors also had outstanding payments of their own
to make, administration firm Vincents was keen to disperse the
funds as early as possible, Farm Online says.

However, the portioning up of about AUD5.5 million in funds made
available through a deed of company arrangement payment has been
challenged by one creditor, who has not been paid.

According to Farm Online, the non-grower service provider to Weilin
will challenge the payout arrangement in the Supreme Court of NSW
in early February, with the hope of receiving what administrator
Steven Straatz, described as a "relatively substantial" sum.

If the challenge for payment is not successful, a pool of
contingency funds withheld in December for the court hearing will
be allocated as an additional dividend to those already approved by
the administrator.

However, that final dividend may only be a matter of another 0.5
cents for each dollar owed, the report notes.

The supreme court is expected to make a decision by the end
February, Farm Online says.

                         About Weilin Trade

Weilin Trade Pty Ltd. was set up by China's Weilin Group in 2012.
Weilin Trade owned and operated cotton farm in Coleambally, in the
Riverina region of New South Wales.

Steven Staatz & Henry McKenna of Vincents were appointed as
administrators of Weilin Trade on
July 2, 2020.

XINJA: Investors Told Shares Worth 'Close to, or Actually, Zero'
----------------------------------------------------------------
Charlotte Grieve at The Sydney Morning Herald reports that
shareholders in fallen neobank Xinja are bracing for the company to
be placed into liquidation after a memo sent on New Year's Eve
warned their shares could be worthless.

In an update sent to investors on December 31, Xinja said it had
enlisted an external party to explore options to recoup value after
the company made the shock decision to exit banking only 15 months
after receiving its licence, the report relates.

"This is without doubt the toughest letter that any member of the
board has had to write in our professional career," the email,
obtained by The Age and Sydney Morning Herald, said. "At this stage
we do not know what the exact remaining capital at hand will be
once the banking licence handback is completed. This will depend on
many factors outside of our control."

According to the Herald, customers were separately told on Jan. 11
that Xinja's mobile app would be discontinued and they should move
to withdraw any funds remaining in their accounts.

Xinja surprised shareholders and customers when it announced in
mid-December it would close all bank accounts and terminate its
banking license, the report says.  The neobank had promised to
shake-up the banking industry and blamed COVID-19 and a tough
capital raising environment for the decision.

However, The Age and Herald revealed the bank had pinned all hopes
on a AUD433 million lifeline payment that ultimately never came
through.

The Herald relates that the New Year's Eve email said Xinja staff
had been made redundant and the return of deposits was on track but
directors struggled to provide clear answers to frequently asked
questions such as, "Will Xinja continue as a non-bank?" and "Will
Xinja shares be worth anything?"

The Herald relates that Xinja said it had not been successful in
"securing a pathway" to launch its US share trading platform,
Dabble, adding the size of remaining capital and ability to expand
into other services would determine its ability to stay afloat.

"If the business is able to do those things, then it may be
possible to retain some value and slowly rebuild the business
outside of banking. Otherwise, the likely value of our shares will
be close to, or actually, zero."

According to the report, Xinja's latest filings with the prudential
regulator showed it had around AUD25 million in top tier capital as
of September 2019 but a spokesman declined to comment on how much
of this remained. The spokesman said Mr. Wilson remained as Xinja
chief executive and declined to specify the number of staff made
redundant or which third party firms were helping with the
restructure.



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

BEIJING CAPITAL: Fitch Withdraws BB+ Rating on Proposed USD Notes
-----------------------------------------------------------------
Fitch Ratings has withdrawn the 'BB+' rating on China-based Beijing
Capital Land Ltd.'s (BB/Stable) proposed US dollar subordinated
perpetual securities to be issued by Central Plaza Development Ltd.
and guaranteed by BCG Chinastar International Investment Ltd.
(BBB/Stable).

The rating was withdrawn with the following reason: the proposed
issuance of subordinated perpetual securities was cancelled.

KEY RATING DRIVERS

Key rating drivers do not apply as the rating has been withdrawn.

RATING SENSITIVITIES

Not applicable.

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.

HILONG HOLDING: Moody's Completes Review, Retains Caa3 CFR
----------------------------------------------------------
Moody's Investors Service has completed a periodic review of the
ratings of Hilong Holding Limited and other ratings that are
associated with the same analytical unit. The review was conducted
through a portfolio review discussion held on January 12, 2021 in
which Moody's reassessed the appropriateness of the ratings in the
context of the relevant principal methodology(ies), recent
developments, and a comparison of the financial and operating
profile to similarly rated peers. The review did not involve a
rating committee. Since January 1, 2019, Moody's practice has been
to issue a press release following each periodic review to announce
its completion.

This publication does not announce a credit rating action and is
not an indication of whether or not a credit rating action is
likely in the near future. Credit ratings and outlook/review status
cannot be changed in a portfolio review and hence are not impacted
by this announcement.

Key rating considerations.

Hilong Holding Limited's Caa3 corporate family rating reflects
Moody's view of a low recovery on Hilong's debt, given the likely
lower asset valuation amid low oil prices. The rating also reflects
Hilong's weak financial management, given its potential debt
restructuring and inability to complete its refinancing of its
USD165 million senior notes maturing on June 22, 2020.

Hilong's rating takes into consideration its relatively small size
with high customer concentration and its exposure to the cyclical
nature of the drill pipe and oilfield services businesses
associated with oil price volatility.

On the other hand, these risks are partly offset by its strong
global market positions in the drill pipe and oil country tubular
goods coating materials and services industries; and its operations
with a good product, service and geographic diversification.

The principal methodology used for this review was Global Oilfield
Services Industry Rating Methodology published in May 2017.

JIAYUAN INTERNATIONAL: S&P Alters Outlook to Stable, Affirms B ICR
------------------------------------------------------------------
On Jan. 15, 2021, S&P Global Ratings revised its outlook on Jiayuan
International Group Ltd. to stable from negative. At the same time,
S&P affirmed its 'B' long-term issuer credit rating on the company
and the 'B-' long-term issue rating on its outstanding U.S. dollar
senior unsecured notes.

S&P said, "The stable outlook reflects our expectation that Jiayuan
will continue to improve its capital structure with more bank
borrowings and longer-term financing. We also expect it to utilize
its local knowledge in the Yangtze River Delta to deliver stable
sales despite its exposure to lower tier cities.

"We revised the outlook to stable because of Jiayuan's diminished
refinancing risks over the next 12 months. We anticipate that
Jiayuan will progressively improve its capital structure by
refinancing its U.S. dollar senior notes with longer tenors and
increase its bank borrowings, supported by improving operating
performance. Indeed, we expect contracted sales to grow and for the
company to maintain sound cash collection in the next 12-18 months.
This is supported by its enlarged asset base from a recent asset
injection and will also serve to maintain its enhanced liquidity.

"We expect Jiayuan's sufficient low-cost land bank to underpin its
steady sales, especially under the current tightening funding
conditions for the sector. The company has maintained
above-industry average gross profit margins, with land cost at
about 21% of its estimated average selling price and one-third of
land acquired before 2017.

"We estimate the company had total saleable resources of Chinese
renminbi (RMB) 200 billion-RMB250 billion at the end of 2020,
enough for at least five years of development needs. Despite our
estimate that 40%-50% of its land reserves by gross floor area
(GFA) is in lower tier cities, the company's sales execution
performed reasonably well with 70%-75% sell-through rates in
2019-2020.

"We expect Jiayuan's contracted sales to grow further by 27%-34% to
RMB39 billion-RMB41 billion in 2021. The robust growth forecasted
for 2021 includes an estimated RMB6 billion-RMB7 billion of sales
contribution from the proposed Shandong asset portfolio estimated
at RMB37 billion of saleable resources. Jiayuan's sales grew by
around 7% to RMB30.8 billion in 2020, in line with our previous
forecast.

"In our view, the improving operating performance provides the
basis for the company's recent offshore bond issuances, which have
alleviated its near-term offshore repayment pressure due to its
concentrated maturities in 2021. The company has refinanced around
50% of its offshore maturities (including puttable notes) in 2021
since October 2020.

"We expect the company's debt capital structure to improve with
better capital market and bank access. The company has increased
its bank loans to 34% of total debt as of end-2020, compared with
13% a year earlier. At the same time, its trust loan exposure
decreased to 23% of total debt from 45% in 2019.

"In our view, the company's leverage will moderately pick up from a
2019 trough over 2020-2022 due to increased land spending and asset
injections. We estimate its cash land premium to be 35%-40% of cash
from sales during 2020-2022, compared with 16% in 2019. This will
result in leverage, as measured by debt-to-EBITDA ratio, increasing
to 3.5x-4.0x in 2020, and to 4.0x-4.5x in 2021-2022, from 2.9x in
2019."

That said, Jiayuan's land acquisition from its Chairman could help
further diversify its asset portfolio while conserving cash for
other land purchases. On Jan. 13, 2021, the company announced a
proposal to acquire a portfolio of projects in Shandong from
Jiayuan Chuangsheng Group Co. Ltd., a private company owned by its
chairman, for a consideration of RMB6.1 billion.

S&P said, "Forty-five percent of the transaction will be paid
through the issuance of a convertible bond, 40% by new share
issuance, while only 15% will be paid in cash. As we estimate the
portfolio has a net cash position, we expect the transaction will
result in a net cash inflow in the short term, while the company's
debt level will increase primarily due to the convertible bond.

"We expect Jiayuan will face sales execution risk when expanding
outside of its home region in the Yangtze River Delta area. As of
end-2020, its land reserve (as measured by GFA) in Yangtze River
Delta as a percentage of its land reserve has decreased to 73% from
48% in 2019, whereas its land reserve in the Xinjiang region
increased to 25% from 2% over the same period, and in the Greater
Bay Area (mostly in lower-tier cities such as Huizhou and Zhuhai)
to 12% from 10%. We believe the increased contribution of projects
in less developed regions may expose the company to more volatile
demand. However, it typically forms joint ventures with local
partners that are more knowledgeable and well-connected."

When compared with 'B+' rated peers, Jiayuan's operating scale is
relatively small with a higher funding cost at around 11%. It also
needs a longer track record in accessing onshore banking facilities
and longer-tenor capital market issuances. This is reflected in
S&P's one-notch downward adjustment in comparable rating analysis
score.

S&P said, "The stable outlook reflects our expectation that Jiayuan
will continue to execute its sales and diversify its geographic
coverage outside Jiangsu province while controlling its leverage
for the next 12 months. We also expect the company will manage to
diversify its funding channels further with more onshore bank
borrowings and gradually extend its maturity profile, helping to
sustain its adequate liquidity.

"We could lower the rating if the company's liquidity weakens over
the next 12 months, including a lack of viable plans to refinance
its offshore bonds. This could be indicated by liquidity sources
falling to less than 1.2x of liquidity uses.

"We could lower the rating if Jiayuan's revenue recognition is
delayed and weaker than we expect, its profitability weakens due to
swelling land cost, or its debt-funded expansion is more aggressive
than we anticipate, such that the debt-to-EBITDA ratio rises above
5x or its EBITDA interest coverage falls below 2x.

"Although the upside in the next 12 months is remote, we may raise
the rating if: (1) the company's capital structure substantially
improves including a lower share of nonbank borrowings and a
weighted average debt maturity profile of sustainably over two
years, and (2) its leverage further improves such that its
debt-to-EBITDA ratio falls below 4x on a sustainable basis while
EBITDA interest coverage remains above 2x."




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

AKL INFRACON: CARE Lowers Rating on INR4.50cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of AKL
Infracon Private Limited (AKL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.50      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Revised from
                                   CARE B+; Stable and moved to
                                   ISSUER NOT COOPERATING category

   Short Term Bank       6.50      CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from AKL to monitor the rating
vide e-mail communications/letters dated July 27, 2020, October 19,
2020, November 5, 2020 and November 26, 2020 and December 16, 2020
and numerous phone calls. However, despite repeated requests, the
company has not provided the requisite information for monitoring
the ratings. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the publicly available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. Further, AKL Infracon Private Limited has
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. The rating on AKL's bank facilities will
now be denoted as CARE B; Stable; ISSUER NOT COOPERATING/CARE A4;
ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating in November 29, 2019 the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

* Small scale of operations with low profit margins: AKL is a small
player vis-à-vis other players in the domestic construction
industry marked by its total operating income of INR26.13 crore
(Rs.14.65 crore in FY18) with a PAT of INR0.19 crore (Rs.0.40 crore
in FY18) in FY19. However, the total operating income witnessed
year on year growth of 78.36% in FY19 vis-à-vis FY18 on account of
higher execution of orders in hand. The company has reported a
turnover of INR14.00 crore during H1FY20. The profitability margins
of the company remained low marked by PBILDT margin of 3.33% (5.78%
in FY18) and PAT margin of 0.73% (2.73% in FY18) in FY19. The
PBILDT margin deteriorated in FY19 due to higher increase in cost
of operations. The PAT margin also deteriorated in line with the
PBILDT margin during FY19.

* Exposed to volatility in prices of input materials: Since its
inception, the company has been engaged in civil construction
activities in the segment like construction of buildings, road,
bridge, water supply system etc. So, the major inputs required by
the company are bitumen, asphalt, murram, stone chips, metals,
concrete, iron, steel etc. the prices of which are volatile.
However, the company does not contain any escalation clause to safe
guard against volatile input material price. This apart, it does
not enter into any agreement with contractees to safeguard its
margins against any increase in labour prices and being present in
a highly labour intensive industry, it remains susceptible to the
same.

* Moderately weak debt coverage indicators: The debt coverage
indicators remained moderately weak marked by interest coverage
ratio of 1.50x (FY18: 2.90x) and total debt to GCA of 19.16x (FY18:
7.19x) in FY19. Deterioration in interest coverage ratio was on
account of higher interest expenses during FY19. Furthermore, the
total debt to GCA also deteriorated in FY19 due to higher debt
level and lower cash accruals during the year.

* Geographical concentration, vulnerability of changes in budget
allocation policies and intense competition: The project portfolio
of AKL is concentrated in the state of West Bengal. Any change in
geo political environment would affect all the projects at large.
Furthermore, any changes in current policies of the state
government with regard to change in budget allocation would impact
AKL's revenue considerably. AKL operates in an industry
characterized by the presence of many small and mid-sized players
resulting into a fragmented and competitive nature of industry.
Furthermore, the awards of contracts are tender-driven and lowest
bidder gets the work. Increase in competition on the back of
bid-driven nature of the business and relaxation in the
pre-qualification criteria by some of the nodal agencies has
resulted in aggressive bidding by many construction companies
during the last couple of years.

Key Rating Strengths

* Long operational track record and extensive experience of the
promoters in construction industry: AKL is into civil construction
business since 1982 and thus has long track record of operations.
Being long in the industry, the promoters  have established
relationship with customers and suppliers. The key promoter; Mr.
Arup Kr. Som has around four decades of experience in the same line
of the business; looks after the day to day operation of the
company. He is support by the other promoter Mr. Sayantan Som, who
also has around four years of experience in construction industry.

* Satisfactory capital structure and order book position: The
capital structure of the company though deteriorated as on March
31, 2019 owing to higher utilization of working capital but the
same remained satisfactory as marked by overall gearing ratio of
1.04x (0.79x as on March 31, 2017) as on March 31, 2019. The
company has an unexecuted order book position of INR46.03crore
(1.76x of TOI of FY19) as on November 10, 2019 which is to be
executed by April 30 2021. The revenue visibility seems to be
satisfactory in near to medium term as revealed from its
satisfactory order book position.

Liquidity: Adequate - Adequate liquidity characterized by
sufficient cushion in accruals vis-à-vis nil fixed repayment
obligations and moderate cash balance of INR1.34 crore as on March
31, 2019. Its bank limits are utilized almost full during last 12
months ended on December 31, 2020. The company has generated cash
accrual of INR0.22 crore during FY19. The company has availed
moratorium over interest on working capital from March 2020 to
August 2020 as per the recent RBI circular.

AKL Infracon Private Limited (AKL) was initially set up as a
proprietorship entity in the name of 'AK Engineers' in the year
1982. Later in June 2013, it was incorporated as a private limited
company and the name of the company was changed to the current one.
Currently; the company is managed by the three promoters Mr. Arup
Kr Som, Mrs Lila Som and Mr. Sayantan Som. Since its inception, the
company has been engaged in civil construction activities in the
segment like construction of buildings, road, bridge, water supply
system etc.


ANNAPOORANI YARNS: CARE Keeps D Rating in Not Cooperating Category
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Annapoorani
Yarns (AY) continues to remain in the 'Issuer Not Cooperating'
category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 12, 2020 placed the
rating(s) of AY under the 'issuer noncooperating' category as AY
had failed to provide information for monitoring of the rating. AY
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 12, 2020 the following were
the rating strengths and weaknesses:

Key rating driver

* Ongoing delays in meeting of debt obligations: Annapoorani Yarns
has been facing liquidity issues due to which there are
irregularities and delays in repayment of debt obligations.

Annapoorani Yarns (AY) was established as a partnership concern in
2000 by Mr. R Jayachandran and Ms. J Thavamani with equal profit
sharing ratio. AY is engaged in trading of blended yarns like poly
cotton, poly viscose etc. and grey and finished fabric. The yarn is
purchased from suppliers located in New Delhi, Punjab and Tamil
Nadu. The firm deals with 20s-40s counts of yarn. The yarn
purchased is fabricated into grey cloth and finished fabric on job
work basis and sold to customers located in Tamil Nadu. The
registered office of the firm is located in Tirupur, Tamil Nadu.

ASM SPUN: CARE Lowers Rating on INR6.97cr LT Loan to B+
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of ASM
Spun Tex (AST), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.97       CARE B+; Stable, ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short-term Bank      0.70       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 October 24, 2019, placed the
rating of AST under the 'issuer noncooperating' category as AST had
failed to provide information for monitoring of the rating. AST
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 28, 2020, December 22, 2020, and
December 21, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The long term rating has been revised on account of susceptibility
of margins to cotton price fluctuation & seasonality associated
with cotton industry, susceptibility of operations to Government
regulations, highly competitive and fragmented industry and
proprietorship nature of its constitution.

Key rating Weaknesses

* Susceptibility of margins to cotton price fluctuation and
seasonality associated with cotton industry: Raw material prices
are volatile in nature owing to seasonality associated coupled with
dependence on other factors like area under production, yield for
the year, international demand supply scenario, export policy
decided by the government and inventory carried forward of last
year. Thus, aggregate effect of these factors results in exposure
of ASM to price volatility risk.

* Susceptibility of operations to Government regulations: ASM is
primarily engaged in processing of cotton and cotton waste into
cotton yarn. Cotton and cotton waste being agricultural produces,
their prices are subject to intervention by the government through
MSP (Minimum Support Price) fixed by the government.

* Highly competitive and fragmented industry: Cotton yarn business
in India is highly fragmented with presence of a large number of
small and medium scale units. Due to high degree of fragmentation,
small players hold very low bargaining power against both its
customers as well as its suppliers resulting in such companies
operating at low profit margins.  The yarn prices are regulated by
demand-supply market position, which in turn limits the bargaining
power of the yarn manufactures.

* Proprietorship nature of its constitution: ASM's constitution as
a proprietorship firm has the inherent risk of possibility of
withdrawal of the proprietors' capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover,
proprietorship firms have restricted access to external
borrowings.

Haryana-based, ASM Spuntex (ASM) was established as a
proprietorship firm in April 2014 by Mr. Sanjay Garg. ASM is
primarily engaged in the manufacturing of cotton yarn with an
installed capacity of 32 lakh kg of yarn per annum as on May 31,
2018. The manufacturing facility is located at Gohana Road,
Panipat, Haryana. The firm sells its finished product domestically
to various wholesalers, traders and fabric manufacturing companies.
The firm procures the key raw materials i.e. cotton and cotton
waste from various traders located in Haryana region. Akshay Spin
Mills and Deepak Spin Mills are group associates and are engaged in
manufacturing of cotton yarn.

BALAJI HOSPITAL: CARE Lowers Rating on INR10cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Balaji Hospital (SBH), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE B-; Stable, ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 31, 2020 placed the
rating(s) of SBH under the 'issuer noncooperating' category as SBH
had failed to provide information for monitoring of the rating. SBH
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and email
dated January 5, 2021. 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 31, 2020 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations: Despite long track record of
operations, the scale of SBH stood small at INR1.43 Crore in FY18
with low networth base of INR1 crore as on March 31, 2-018 as
compared to other peers in the industry. The small scale of
operations limits the company's financial flexibility in times of
stress and deprives it from scale benefits.

* Moderately leveraged capital structure along with weak debt
coverage indicators: The capital structure of the firm stood
leveraged marked by its overall gearing ratio at 1.69x as on
March 31, 2018, however improved from previous year (2.05x as on
March 31, 2017) on account of infusion of partners' capital to the
tune of INR0.20 Crores in FY18 as against repayments made against
long term debts. Apart, the total debt of the firm increased due to
increase in interest free unsecured loans from the related parties.
With the above said fact, the debt equity ratio also improved in
the FY18, and stood comfortable at 0.68x as on March 31, 2018 from
1.10x as on March 31, 2017. Further, the debt coverage indicators
has reported deterioration and stood moderately weak marked by
TD/GCA at 9.45x as on March 31, 2018, as against 8.25x as on March
31, 2017. This was on the back of low cash accruals earned compare
to previous year with increase debt component. However increase in
debt component is mainly because of unsecured loans from friends
and relatives. Further, interest service coverage ratio stood
comfortable at 2.42x as on March 31, 2018.

* Partnership nature of constitution: SBH being a partnership firm
is exposed to inherent risk of the partners' capital being
withdrawn at the time of contingency and also limits the ability to
raise the capital.

* Project implementation risk: The firm has proposed a plan to
construct a new branch for the hospital within the city, the
proposed total project cost of INR20.00 Crores which is proposed to
be funded through promoter's contribution of INR5.00 Crores and
term loan of INR15.00 Crores. The firm is likely to approach HDFC
bank for funding. The project is expected to start during FY20.
Hence, SBH remains exposed to post implementation risk mainly
comprising of stabilization of operations. The firm's ability to
complete the project without any time and cost overrun will remain
critical from credit perspective.  Further, the Success of a new
hospital project or expansion of existing facilities requires
availability of adequate trained doctors and medical personnel. Due
to the scarcity of trained medical persons, including doctors,
owing to intense competition in the healthcare sector, it becomes
relatively difficult to attract and retain a skilled pool of
medical personnel. Further, the ability of the company to retain
its current medical fraternity would be a key differentiator.

* Well-qualified and experienced promoters with long track record
of operations: The hospital is promoted by two partners. Dr. Jyothi
Basu, MBBS is the managing partner of the hospital, is a
well-qualified medical practitioner having almost two decades of
experience in the medical field. Mr. Gunasekaran aged about 48
years is another partner, having experience in Pharma field for
more than a decade .Further, the hospital is operating since 2005,
and hence registering a good track record of operations.
Year-on-year growth in total operating income (TOI) and
satisfactory profitability margins albeit declining SBH has
recorded consistent growth since FY16-18 with CAGR at 15.42%, and
in FY18 it has been increased marginally by 1.94% on account of
increase in number of footfalls. It is marked by TOI of INR1.43
Crore in FY18 as against INR1.35 Crore in FY17. Though the total
operating income of the hospital recorded consistent increase, the
profitability margins remains fluctuating. The PBILDT margin shown
continuous degrowth since FY16-18, from 36.12% to 22.63% on account
of increase in overhead expenses, particularly in purchase of
medical equipments and employee cost. Further, PAT margin also
reported continuous decline between FY16-18, from 8.41% to 4.19%
due to decrease in PBILDT levels, despite increase in the revenue,
with increased interest costs associated with existing term loan,
utilization of overdraft facility and a fresh business loan availed
in FY17. Positive long-term outlook for healthcare sector in India
Hospital services industry is the largest component of the Indian
health care sector. The growth drivers of health care sector care
such as rise in per capita spending on healthcare, changing
demography, transition in disease profiles, increase in health
insurance penetration and fast growing medical tourism market.
Further, the ongoing COVID-19 pandemic outbreak has also led to
positive industry outlook of healthcare sector.

Chennai Based, Sri Balaji Hospital (SBH) is a partnership firm
engaged in healthcare services since 2005. Dr. N Jothibasu and Mr.
R Gunasekaran are the promoters of SBH. SBH has set up Multi
Specialty Hospital of 18 beds, 2 operation theatres, with
cumulative area of 27,000 sq. ft. with modern equipment and
infrastructure. The hospital provides 24 hours pharmacy,
Laboratory, Canteen and other services. SBH provides services
including, Cardiology, Gastrology, Nephrology, Oncology,
Gynecology, Urology, Radiology, Dermatology and Pediatrics among
others.


BALAJI WIRE: CARE Moves B+ Rating to Not Cooperating Category
-------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shri
Balaji Wire (SBW) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.50      CARE B+; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

SBW has not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. In line with the extant SEBI
guidelines, CARE's ratings on SBW's 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.

The ratings take into account SBW's modest scale of operations
along with moderate profitability, leveraged capital structure and
weak debt coverage. The ratings are also constrained on account of
the firm's constitution as a partnership firm, susceptibility of
profitability to fluctuations in raw material prices and its
presence in a highly competitive and fragmented industry.  The
ratings however, continue to derive strength from its experienced
management.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Modest scale of operations and moderate profitability: SBW
reported increase of 93% in scale of operations marked by total
operating income (TOI) of INR45.86 crore in FY20 (Rs. 23.87 crore
in FY19); albeit it continue to remains modest. The increase in TOI
was on the back of higher sales of M.S. Wire as well as additional
revenue from sales of new products such as H. B. Wire and Wire Rod.
Despite this, the firm's profitability remained moderate at 2.72%
(3.32% in FY19). Gross cash accruals stood at INR0.90 crore in FY20
(Rs. 0.51 crore in FY19).

* Leveraged capital structure and weak debt coverage indicators:
SBW's capital structure remained leveraged indicated overall
gearing of 3.30 times as on March 31, 2020 (3.37 times as on March
31, 2019). The debt coverage indicators improved during FY20 but
continue to remain weak as indicated by a total debt to GCA of
around 9.49 years and PBILDT Interest coverage of 2.12 times as on
March 31, 2020. As per banker interaction, firm has opted for
moratorium benefit for its bank facilities from March 2020 for six
months.

* Constitution as partnership firm: SBW's constitution as a
partnership firm restricts its overall financial flexibility. There
is the inherent risk of withdrawal of capital and dissolution of
the firm in case of death/ insolvency of partner. Any withdrawals
from the capital account may affect the firm's financial risk
profile.

* Profitability susceptible to fluctuations in raw material prices:
The major raw materials of SBW are wire rod and H. B. Wire, the
prices of which are highly volatile. Moreover, the firm does not
have any long term contracts with the suppliers for the purchase of
the aforesaid raw materials. Raw materials comprise close to 90% of
total cost incurred in FY20. Hence, any adverse movement in raw
material price without any corresponding movement in finished goods
price is may affect the profitability of the company.

* Presence in highly competitive and fragmented industry: The steel
wire manufacturing/trading segments are highly fragmented and
competitive marked by presence of numerous players across India.
This restricts the pricing capabilities of firms such as SBW and
thus puts pressure its profitability.

Key Rating Strengths

* Experienced management: The promoters are engaged into wire
product industry since 2008 and hence, it has long track record of
operation of more than a decade in the industry. Over the period of
time, the promoters have established relationship with its
customers and suppliers. Overall affairs of the firm are managed by
Mr. Manoj Kumar Tanwani and Mr. Raj Kumar Tanwani and both has more
a decade of experience in the industry.

Katni (Rajasthan) based SBW was formed in April 2015 by Mr. Manoj
Kumar Tanwani and Mr. Raj Kumar Tanwani and agreed to share profit
and loss in the ratio of 51:49 by converting into proprietorship
firm of Mr. Manoj Kumar Tanwani which is engaged into manufacturing
of wire products since 2008. The major products of the firm include
Barbed Wire, Wired Nails, M.S. Wire and Chain Jali. SBW purchases
raw material from Raipur and Bhilai and sells its finished products
to dealers located majorly in Uttar Pradesh and Madhya Pradesh. The
firm uses brand name of Tiger Super and ShaktiMaan for barbed wire
and wired nails respectively.

BHARAT CARRIERS: CARE Reaffirms D Rating on INR12.79cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Bharat Carriers Limited (BCL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities           12.79      CARE D Reaffirmed

   Short term Bank
   Facilities            0.50      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings of BCL are constrained due to delay in debt servicing,
weak capital structure and debt protection metrics and
deterioration in financial performance in FY20 (refers to the
period April 1 to March 31) and H1FY21.

Rating Sensitivities

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

* Default free track record of 90 days
* Fund infusion to support the repayments
* Maintaining relationship with existing OEMs

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in debt servicing: There were delays in debt servicing and
overdrawals in the CC account on few occasions which were
regularized within next two days.

* Weak capital structure and debt protection metrics: Although
overall gearing of BCL has improved from 2.29x as on March 31, 2019
to 2.02x as on March 31, 2020, it is still on the higher side.
Total debt/GCA deteriorated from 4.90x as on March 31, 2019 to
7.96x as on March 31, 2020 due to lower level of GCA. As on
September 30, 2020, the overall gearing and TD/GCA stood at 2.09x
and 10.48x respectively.

* Deterioration in financial performance in FY20 & H1FY21: The
total operating income of BCL registered a y-o-y decline of 11.72%
to INR83.20 crore in FY20. PBILDT margin deteriorated from 14.77%
in FY19 to 10.40% in FY20. Interest coverage ratio moderated from
3.04x in FY19 to 2.47x in FY20 on the back of lower PBILDT level.
In FY20, the company reported GCA of INR5.35 crore vis-à-vis debt
repayment of INR19.23 crore. The company has taken loan from its
group companies to service its debt obligations.  In H1FY21, the
company reported PBT of INR0.11 crore on total operating income of
INR21.03 crore.

Liquidity: Poor

Liquidity is tight with occasional overdrawals in the CC account
and there were delays in the debt servicing of a term loan. The
company has availed deferment of interest on its fund based
facilities and moratorium on term loan.

Bharat Carriers Limited (BCL) is involved in providing
transportation/logistics services of two wheelers and four wheelers
for major OEM in India like Maruti, Hyundai, Nissan, Tata Motors,
etc. It has branches at Delhi, Pune, Kolkata, Bangalore, Hosur,
Vishakhapatnam, Raipur, Patna, Chennai, Jharkhand and in major
towns of Odisha. The company provides logistic services to reputed
OEMs with a fleet of more than 375 trailers as on Mar 31, 2019.


BHAWANI LUMBERS: CARE Lowers Rating on INR3.0cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Bhawani Lumbers (SBL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE B; Stable, ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short-term Bank     13.50       CARE A4; ISSUER NOT
   Facilities                      COOPERATING; Rating moved to
                                   ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SBL to monitor the ratings
vide e-mail communications/letters dated August 19, 2020, November
19, 2020, December 1, 2020, December 11, 2020, December 16, 2020
and numerous phone calls. However, despite repeated requests, the
firm has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the ratings on the basis of the publicly available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The ratings on SBL's bank facilities will now be
denoted as CARE B; Stable/CARE A4; ISSUER NOT COOPERATING.

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

The ratings have been revised on account of non-availability of
requisite information. The rating further take into account its
modest scale of operations coupled with thin profitability as well
as leveraged capital structure and weak debt coverage indicators
along with stretched liquidity position during FY19 (refers to the
period April 1 to March 31). The ratings are also constrained on
account of SBL's presence in the highly fragmented and competitive
wood processing industry with limited value addition,
susceptibility of its profitability to volatile raw material prices
and foreign exchange fluctuations risk along with partnership
nature of constitution restricting its financial flexibility. The
ratings, however, continue to derive strength from the experience
of the partners into the wood processing business along with
established track record of operations in the industry.

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Modest scale of operations coupled with thin profitability during
FY19: During FY19, owing to subdued demand from recession hit real
estate industry, total operating income (TOI) of SBL
decreased over the previous year and continued to remain modest at
INR34.71 crore as against INR43.50 crore during FY18. Though,
PBILDT margin of the firm improved by 204 bps over the previous
year to 4.83% during FY19 as against 2.79% during FY18 owing to
decrease in procurement cost of raw materials. However, PAT margin
continued to remain thin and stable at 0.14% during FY19 as against
0.09% during FY18 on account of increase in finance charges during
FY19.

* Leveraged capital structure and weak debt coverage indicators: As
on March 31, 2019, capital structure of SBL improved over the
previous year, but continued to remain leveraged marked by an
overall gearing ratio (Including Acceptances / Creditors on LC) of
3.73x as against 4.05x as on March 31, 2018 on account of reduction
in total debt on the back of lower LC backed acceptance as on
balance sheet date coupled with increase in tangible net worth due
to infusion of capital in the tune to INR0.74 crore from partners
as on March 31, 2019. The debt coverage indicators of SBL continued
to remain weak during FY19. The interest coverage ratio has
marginally deteriorated and remained at 1.09x during FY19 as
against 1.15x during FY18 due to increase in finance charge during
the year. Further the total debt to GCA ratio of the firm also
remained weak on account of higher total debt as on March 31, 2019
as against lower cash profits during FY19.

* Susceptibility of profit margins to volatility in raw material
price and foreign exchange fluctuations: SBL is engaged in the
business of timber processing and trading and major raw material
used by the firm is the imported timber logs whose prices are
volatile in nature. Hence, the profitability of the firm is
susceptible to the fluctuations in timber prices and any adverse
fluctuation in the raw material price will have direct impact on
the operating margins of the firm. Furthermore, SBL imports timber
logs and hence profitability is exposed to foreign exchange
fluctuation risk in absence of any hedging policy.

* Partnership nature of constitution: The constitution as a
partnership firm restricts SBL's overall financial flexibility as
there is inherent risk of withdrawal of capital and dissolution of
the firm in case of death/retirement/insolvency/personal
contingency of any of the partners.

* Presence in highly fragmented and competitive wood processing
industry: SBL operates in highly fragmented and unorganized market
of wood processing industry marked by large number of small sized
players. The industry is characterized by low entry barrier due to
minimal capital requirement and easy access to customers and
supplier.

Key Rating Strengths

* Experienced partners in the wood processing business and
established operations track record of the firm:  Partners of the
SBL hold vast experience in wood trading industry. SBL has been
into the wood processing business for more than one and a half
decade. Due to the established presence in wood processing business
for long time, the partners have developed good relationship with
customers. Over the years, firm has developed good relationship
with its suppliers as well.

Liquidity analysis: Stretched

Liquidity position of SBL has remained stretched. Net cash flow
from operating activities of SBL remain negative at INR1.34 crore
during FY19 with meagre cash and bank balance of INR0.06 lakh as on
March 31, 2019. Further during FY19, working capital cycle of SBL
elongated to 48 days from 34 days during FY18, on account of
increase in the collection period. As a result, average utilization
of its working capital facilities remained high at around 95%
during past 12 months period ended November 2019.

Current ratio of SBL remained at 1.62x as on March 31, 2019 as
against 1.37x as on March 31, 2018 on account of decrease in
creditors as on balance sheet date. SBL has nil repayment
obligations during FY20.

Gandhidham-based (Gujarat), Shree Bhawani Lumbers (SBL) is a
partnership firm established in 2003 by Mr. Satish Goyal. The firm
imports round timber logs from overseas countries which is
subsequently sawn and sized at its saw mill into various commercial
sizes as per the requirement of its customers. The facility is
located at Gandhidham in Kutch district of Gujarat with a total
sawing capacity of 3800 cubic feet per day as on March 31, 2017.
The timber processed by SBL finds its application in packaging of
various products apart from use in infrastructure, building
construction, interior designing, woodwork, transportation and
furniture.


BISUI POULTRY: CARE Moves D Debt Rating to Not Cooperating
----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Bisui
Poultry Private Limited (BPPL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            7.70      CARE D; ISSUER NOT COOPERATING
                                   Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BPPL to monitor the ratings
vide e-mail communications/letters dated July 27, 2020, October 19,
2020 and November 5, 2020, November 17, 2020 and numerous phone
calls. However, despite repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the publicly available information which however,
in CARE's opinion is not sufficient to arrive at a fair rating. The
rating on BPPL's bank facilities will now be denoted as CARE D;
ISSUER NOT COOPERATING.

Users of these ratings (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 weaknesses and strengths

Key Rating Weaknesses

* Delay in debt servicing: There was a delay in debt servicing of
the company owing to inadequate cash accruals from operations.
There were delays in repayment of interest on term loan.

Incorporated in January 2012, Bisui Poultry Private Limited (BPPL)
was promoted by the Bisui family based out of Paschim Medinipur
West Bengal. BPPL is engaged in the business of layer poultry
farming and involved in sales of eggs and birds. The poultry farm
has a total capacity of layer birds is improved from 70,000 to
1,50,000 after completion of expansion project with facilities
located at Bankura, West Bengal.


BLUE CROSS: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Blue Cross
Commodities Private Limited (BCCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       32.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

Detailed Rationale and Key Rating Drivers

CARE had, vide its press release dated December 13, 2019, placed
the rating(s) of BCCPL under the 'issuer non-cooperating' category
as BCCPL had failed to provide information for monitoring of the
rating. BCCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated December 1, 2020, December 7, 2020 and
December 10, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The ratings take into account the ongoing delays in debt servicing
by the company.

Detailed description of the key rating drivers

At the time of last rating on December 13, 2019 the following was
the rating weaknesses:

Key Rating Weaknesses

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

Incorporated in November 2009, Blue Cross Commodities Private
Limited (BCCPL), promoted by Mr. Prakash Bihani and his son Mr.
Siddharth Bihani (MD), is engaged in the manufacturing & trading of
bitumen & bitumen related products like cold bitumen, emulsion,
etc.

BNAZRUM AGRO: CARE Moves D Ratings to Not Cooperating Category
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Bnazrum
Agro Exports Private Limited (BAEPL) to Issuer Not Cooperating
category.

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      22.92       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank      9.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BAEPL to monitor the rating
vide e-mail communications dated January 4, 2021 and numerous phone
calls. However, despite repeated requests, the company
has not provided the requisite information for monitoring the
rating. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of best available information which
however, in CARE's opinion is not sufficient to arrive at fair
rating. The rating on Bnazrum Agro Exports Private Limited bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on November 5, 2019 the following were
the rating strengths and weaknesses

Key Rating Weaknesses

* Delay in debt repayment: There were delays observed in servicing
the principal and interest instalments in the term loan.

Dindigul (Tamil Nadu) based Bnazrum Agro Exports Private Limited
(BAEPL) was incorporated in August, 1998 by Mr. K S M Mohammed
Saleem, Mrs. M Zakira Saleem and Mr. N Dawood Mariyam Shehnaz.
BAEPL is engaged in processing of Gherkins. The company purchases
its 60% raw material i.e. gherkins from local farmers located in
Dindigul region, Tamil Nadu and remaining 40% from agents located
in Andhra Pradesh and Karnataka. BAEPL is Export Oriented Unit
(EOU) i.e., 100% of the exports mainly to Middle East countries
like Iran, Iraq, United Arab Emirates (UAE) and European countries.
The lender informed that the company has availed moratorium for
COVID-19 for its rated facilities.

CHHAJED FOODS: CARE Reaffirms Then Withdraws D Ratings
------------------------------------------------------
CARE has reaffirmed and simultaneously withdrawn the outstanding
ratings of 'CARE D/ CARE D; Issuer Not Cooperating' assigned to the
bank facilities of Chhajed Foods Private Limited (CFPL) with
immediate effect. The action has been taken at the request of CFPL
along with 'No Objection Certificate (NOC)' received from the bank
that have extended the facilities rated by CARE.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       -          Reaffirmed at CARE D; ISSUER
   Facilities                      NOT COOPERATING; based on best
                                   Available information and
                                   subsequently withdrawn

   Short Term Bank
   Facilities           -          Reaffirmed at CARE D; ISSUER
                                   NOT COOPERATING; based on best
                                   Available information and
                                   subsequently withdrawn

   Long term/Short
   Term Bank
   Facilities           -          Reaffirmed at CARE D/CARE D;
                                   Issuer Not Cooperating; based
                                   on best available information
                                   and subsequently withdrawn

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

CARE had, vide its press release dated September 17, 2019, placed
the ratings of CFPL under the 'issuer non-cooperating' category as
CFPL had failed to provide information for monitoring of the
rating. CARE had further reviewed the ratings on the above bank
facilities of CFPL under the 'issuer non-cooperating' category vide
its press release dated July 16, 2020. CFPL continues to be
non-cooperative despite repeated requests for submission of
information. 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.

Detailed description of the key rating drivers

At the time of last rating on July 16, 2020, the following were the
rating weakness (updated based on the best available information
i.e. banker feedback).

Key Rating Weakness

* Past instances of delay/ defaults in debt servicing: The
affirmation of ratings prior to withdrawal takes into account past
delay/ defaults in debt servicing in terms of devolvement of letter
of credit which remained unpaid for more than 30 days from the due
date. However, as per the recent interaction with the lender, the
conducts of CFPL's account is regular and there are no delay/
defaults, though CARE, does not have the written feedback from
lender, neither in possession of any bank statement. The company
had availed moratorium as permitted by the RBI as a Covid relief
measure for the period of March-August 2020. Subsequent to
completion of moratorium period, the company has serviced its debt
repayment obligation on time.

Incorporated in 1996, CFPL is promoted by Ahmedabad based Chhajed
family and is engaged in manufacturing and sales of cereal and
potato based snack pallets. Presently, the company has presence
mainly in the wholesale business segment for 'ready-to-fry'
products; however, it has recently launched its retail business
segment for 'ready-to-eat' snacks. The company markets its products
under the brands 'Frylo' and 'Pumpum'. The existing manufacturing
unit of the company is in Vatva, Ahmedabad with production capacity
of 8,800 MTPA and has another unit under construction phase in
Giramtha District, Ahmedabad with proposed capacity of 5,500 MTPA.

DEEN DAYAL: CARE Keeps D Debt Ratings in Not Cooperating Category
-----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Deen Dayal
Foods Private Limited (DDFPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        9.49      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       2.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale and Key Rating Drivers

CARE had, vide its press release dated January 27, 2020, placed the
rating(s) of DDFPL under the 'issuer non-cooperating' category as
DDFPL had failed to provide information for monitoring of the
rating. DDFPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated December 22, 2020, January 4, 2021 and
January 5, 2021. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The rating takes into account on-going delays in debt servicing by
company.

Detailed description of the key rating drivers

At the time of last rating on January 27, 2020, the following was
the rating weaknesses:

Key Rating Weaknesses

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

Deen Dayal Foods Private Limited (DDFPL) was incorporated in 2010
by Mr. Dileep Kumar Singhal, Mrs Aradhna Singhal and Mr. Vijay Pal.
The company is engaged in the business of manufacturing milk and
milk products. It purchases milk from local farmers with the help
of agents. Its products include loose milk, skimmed milk powder,
butter, Ghee, etc. It has a good customer base all over India. The
company supplies its products mainly to Parle Products Private
Limited and Virat Crane Industries Limited.

FUTURE ENTERPRISES: CARE Lowers Rating on INR750cr NCD to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Future Enterprises Limited (FEL), as:

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-convertible     750.00      CARE D Revised from CARE C
   Debenture Issue                 rating removed from credit
                                   watch with developing
                                   implications

   Long-term-Term      550.00      CARE C (Credit Watch with
   Loan                            Developing implications)

   Long-term fund      625.00      CARE C (Credit Watch with
   based bank                      Developing implications)
   facilities–CC       
                                   
   Short-term non-     602.00      CARE A4 (Credit Watch with
   fund based bank                 developing implications)
   facilities–LC/BG       
                                   

   Non-Convertible    1,074.00     CARE D
   Debenture Issue     

   Non-Convertible      900.00     CARE C (Credit Watch with
   Debenture Issue                 Developing implications)

   Fixed Deposit        700.00     CARE C (FD) (Fixed Deposit)
   Programme                       (Credit Watch with developing
                                   implications)

Detailed Rationale & Key Rating Drivers

The revision of ratings assigned to the instruments of FEL is on
account of default in servicing of interest due on January 4, 2021
on its Non-convertible Debentures bearing ISIN INE623B07735 and
INE623B07743. The other issues raised by CARE in its press release
dated December 24, 2020, viz. weakened credit profile of its key
customer – Future Retail Limited (FRL), delays in release of
sanctioned bank limits and default in servicing of its interest on
its Non-convertible Debentures bearing ISIN and INE623S07628,
INE623S07636, INE623B07529, INE623B07537, INE623B07503,
INE623B07511, INE623B07487 and INE623B07495 continue to constrain
the ratings. The ratings also factor in high promoter pledge and
falling market capitalisation significantly impacting financial
flexibility, dependence on group companies for revenue and high
working capital cycle. FEL is in discussion to monetise its
investments in insurance business to improve its liquidity
position.

The timeliness of monetisation remains key rating monitorable. FEL
had announced on August 29, 2020 that Reliance Retail Ventures
Limited, a subsidiary of Reliance Industries Limited shall be
acquiring the Retail & Wholesale Business and the Logistics &
Warehousing Business from the Future Group as going concerns on a
slump sale basis for lumpsum aggregate consideration of INR24,713
crore. The scheme is subject to various approvals and the execution
of the same remains critical from credit perspective.

FEL has sought a moratorium on payments from its lenders as part of
the COVID-19 - Regulatory Package announced by the RBI.
Subsequently, FEL has applied for the One Time Restructuring (OTR)
facility vide its letter dated September 27, 2020 to all its
lenders, under RBI guidelines issued on August 6, 2020.There are
instances of delays in servicing of debt, however, CARE has not
treated the same as default in line with the criteria issued on
'Analytical treatment for one-time restructuring due to COVID-19
related stress', issued on September 29, 2020. The resolution plan
is under consideration and the lenders have signed the
inter-creditor agreement.

Key Rating Sensitivities

Positive Factors

* Improvement in company's liquidity profile resulting from equity
infusion/divestment of investments/improved credit profile of its
key customer, FRL

Negative Factors

* NCDs amounting to INR1,250 crore have accelerated prepayment
clause in case of rating falling below 'AA-'. Exercising the option
to recall bonds may result in severe liquidity issues.

* Delays in divestment of stake in subsidiaries/JVs/Associate
companies and/or higher debt resulting in a leveraged capital
structure over 1.00x (FY21)

* Inability of the company to scale up new verticals of business
leading to deterioration of Total Debt/PBILDT over 3.25x

Detailed description of the key rating drivers (As per PR dated
December 24, 2020)

Key Rating Weaknesses

* Stretched financial flexibility; considerable promoters' stake
pledged: The promoters FEL as of Mar 2018 had pledged 11.64 crore
shares (56.56% of promoter stake). During the past year, the
company's market capitalisation has declined significantly from
INR1,760 crore to INR719 crore as on July 29, 2020. Falling market
capitalisation coupled with rising debt has led to significant
deterioration of debt to market-capitalisation from 3.73x as on
March 31, 2018 to 3.86x as on March 31, 2019 to current level of
~8.55x.  However, in lieu of significant fall in share price, the
promoters had to pledge additional shares taking the total to
87.40% of promoters' stake (as on Jun 30, 2020). Considerable
reduction in market capitalisation and significant proportion of
promoter's stake pledged hampers the company's flexibility to raise
funds.

* Significant dependence on group companies: FEL provides
infrastructure support to group companies, logistical support
through its subsidiary Future Supply Chain Solutions Limited and
also designs, manufactures garments for in-house brands and engages
in trading for various group companies. Sale of goods and services
to its group companies has shown an increasing trend.

FEL is reliant on FRL for a significant portion of its income (Rs.
3,838 crore in FY19). FEL's step-down subsidiary, Future Supply
Chain Solutions Limited also provides warehousing and logistic
requirements to FRL (FY19: INR557.88 crore).

Going ahead, with the proposed acquisition of retail assets from
FEL, lease rentals from FRL are expected to come down by INR550-650
crore. However, apart from the infrastructure support, FEL will
continue to provide other services to FRL.  Furthermore, FEL and
FRL have also provided cross guarantees on behalf of each other for
various borrowings to the tune of INR5750 crore and INR3583 crore
respectively as on March 31, 2019. These guarantees between both
the companies will eventually be withdrawn post the sale of assets
and subsequent debt repayment.

* High Working Capital Cycle: FEL has high gross working capital
cycle of 176 days in FY19, which has deteriorated from 157 days in
FY18. The reason for high operating cycle is on account of high
inventory days. The company buys on behalf of group companies and
goods are kept at various retail outlets across the country thereby
leading to high inventory period of 16-18 weeks. The company
receives payment after 6-7 weeks from sale of goods. Increase in
inventory days and growth in operations led to an increase in
company's fund based average working capital utilisation (including
CP) for the past 12 months ending Feb 2020 to 71% as against 63%
during the same period last year.

* Intensifying competition in retail industry: Heightened
competition from both brick and mortar and online players could
impact overall SSSG of FEL's customers. Competition from e-commerce
players, remains a key threat. Also, change in FDI norms can lead
to further competition. Currently, the government has allowed FDI
in food processing sector. Apart from this, the government is also
contemplating liberalising rules relating to multi‐brand retail.
This will open up foreign investments which may pose a threat to
existing retail players.

Key Rating Strengths

* Experienced Promoters & Management: The promoters of FEL have
been closely involved in the management of business and in defining
& monitoring the business strategy for the company. Mr. Kishore
Biyani, the founder and Group CEO of the Future group, is widely
recognised as a pioneer of modern retail in India. Furthermore the
promoters are supported by a strong management team having
significant experience in retail industry.  The company hold stake
in various other future group companies with main being in Future
Supply Chain Solutions Limited and insurance JV with Future
Generali. The company is looking to divest its holdings in various
group companies in order to reduce debt.

* Sale of assets to improve capital structure; albeit reduction in
rental income: Sale of lease assets to FRL at a fair value of INR
3,952 crore and subsequent debt repayment will help the company to
improve its capital structure. The company's debt level has already
come down from INR6,730 crore (excl. acceptances on LC) as on Dec
31, 2019 to INR5,681 crore as on Feb 29, 2020. However, post the
outbreak of COVID19, the company hasn't prepaid the balance debt
which has led to leverage remaining high. Furthermore, reduced cash
flows and significant dependence on banks for working capital
requirements will keep the capital structure under pressure. The
company has plans to divest stake in its insurance business as well
as logistic business which will lead to further improvement in
capital structure upon materialisation.  Consequently, with the
sale of assets to FRL, FEL lease rental income from FRL is expected
to significantly decline by INR550-650 crore p.a. The ability of
the company to successfully improve capital structure remains
critical from credit perspective.

* New verticals to drive growth: FEL is almost fully dependant on
group companies to drive its growth. The company received 92% of
total sales from group companies. Post the sale of assets to FRL,
FEL's income is expected to decline by INR550-650 crore and
subsequently PBILDT and PBILDT margins are also expected to
shrink.

Going ahead, even as group companies continue to remain depended on
FEL for their designing, manufacturing and trading requirements,
the latter is looking to develop incumbent business and reduce
dependence on group companies. The company is looking leverage on
data collected through its 'Future Pay' app which has over 16mn
members. It will also provide a market place to group companies
such as FRL and Future Lifestyle Fashions. FEL is also looking to
offer financial services & payments solutions through the app.  The
ability of the company to scale the businesses and achieve
envisaged results within stipulated timelines remain critical for
company's credit profile.

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

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

Liquidity Position: Poor

The company's liquidity profile has been severely impacted on
account of lockdown measures and weakened credit profile of its key
customer, FRL. The company has applied to the lenders for
moratorium as per RBI package.The company has also applied for One
Time Restructuring (OTR) facility vide its letter dated September
27, 2020 to all its lenders, under RBI guidelines issued on August
6, 2020.

Erstwhile Future Retail Ltd. has now been renamed as Future
Enterprises Ltd. (FEL) and houses the physical assets (store
formats of erstwhile FRL and Bharti Retail Limited including all
the infrastructure assets situated in the stores) apart from
strategic investments in various companies. The company is also in
the business of manufacturing and trading of men's wear, women's
wear and kid's wear in denim segment. FEL is also the holding
company for future group's various other businesses.


GANESWARA RICE: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Sri
Ganeswara Rice Tech (SGRT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       36.17      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SGRT to monitor the rating
vide e-mail communications dated from November 2020 to December
2020 and numerous phone calls. However, despite repeated requests,
the firm has not provided the requisite information for monitoring
the rating. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating. The rating(s) on Sri Ganeswara Rice Tech bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating dated February 26, 2020 the following
were the Strengths and Weaknesses:

Key Rating Weaknesses

* Ongoing delays in meeting of debt obligations: Sri Ganeswara Rice
Tech (SGRT) has been facing liquidity issues due to which there are
ongoing delays in their bank facilities.

Key Rating Strengths

* Experience of the partner for three decade in rice industry: Mr.
Manukonda Sathi Redy (Managing partner) has 32 years of experience
in rice milling and trading business through various rice mills
located in the East Godavari belt. The other partner also has three
decades of experience in rice mill industry.

Andhra Pradesh based, Sri Ganeswara Rice Tech (SGRT) is a
partnership firm started in June, 2007 by Mr. Manukonda Sathi Reddy
along with his wife Mrs. Manukonada Padmavathi. The firm is engaged
in milling and processing of rice and trading of paddy. The rice
mill is situated at Biccavolu village in East Godavari District of
Andhra Pradesh. Currently, SGRT has as installed capacity of boiled
rice of 12 tons per hour and raw rice of 14 tons per hour. The firm
is mainly supplying rice in Kerala, Andhra Pradesh and Dubai. Mr.
Manukonda Sathi Reddy is the Managing Partner of the firm and has
experience of around 30 years in same line of business. During
FY19, 60% of the revenue comprise of sales from domestic market and
remaining 40% comprised from exports. The firm has also entered a
14 months agreement with Civil Supply, Andhra Pradesh for which it
has availed the BG facility.

GOUR ROAD: Ind-Ra Keeps 'BB+' LT Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Gour Road Tar
Coat Private Limited's Long-Term Issuer Rating at 'IND BB+ (ISSUER
NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR50 mil. Fund-based limits* maintained in the non-
     cooperating category and withdrawn;

-- INR430 mil. Non-fund-based limits** maintained in the non-
     cooperating category and withdrawn; and

-- INR350 mil. Proposed non-fund based limits# maintained in the
     non-cooperating category and withdrawn.

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

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

#Maintained at 'Provisional IND A4+ (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 lender. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

COMPANY PROFILE

Incorporated in 1991, Gour Road Tar Coat is engaged in civil
construction work, mainly in the construction of roads. The company
undertakes government projects only and is registered as a Class-1
contractor.


GTN ENTERPRISES: CARE Lowers Rating on INR12.99cr Loan to B
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of GTN
Enterprises Limited (GEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      12.99       CARE B; Stable, ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

   Short-term Bank     89.00       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 December 24, 2019 placed the
rating of GEL under the issuer non cooperating category as it had
failed to provide information for monitoring of the rating. GEL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated November 19, 2020. In line with the extant SEBI guidelines,
CARE has reviewed the rating on the basis of the best available
information which, however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

The ratings are revised on account of absence of adequate
information to carry out review of rating.

Detailed description of the key rating drivers

At the time of last rating on December 24, 2019 the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Inherent volatility associated with the raw material and its
impact on profitability: The profitability of spinning mills
depends largely on the prices of cotton and cotton yarn which are
governed by various factors such as area under cultivation,
monsoon, and domestic & international demand-supply scenario.
Cotton being the major raw material of spinning mills, volatility
in the prices of cotton impacts the profitability of the company.
In the past few years, profitability margins of GEL have been
volatile.

* Weak Financial profile and moderate debt coverage indicators: The
overall gearing of the company stood weak at 1.30 times as on March
31, 2019 (PY: 1.39 times). The interest coverage declined from
1.38x in FY18 to 1.02x in FY19. The debt coverage indicators also
moderated with Total Debt/GCA of 274.04 times as on March 31, 2019
(PY: 18.06 times).

* Moderation in financial performance in FY19: During FY19, the
total operating income has moderated to INR162.88 crore from
INR180.37 crore in FY18. Also the, PBILDT margin declined to 5.65%
in FY19 from 7.25% in FY18. The company reported net loss of INR3
crore in FY19 as against net profit of INR2.61 crore in FY18.

Key Rating Strengths

* Established track record of promoters and management: GEL is part
of the GTN-BKP group, the group is operating three textile mills
with total spinning capacity of around 215,000 spindles as on March
31, 2018. The promoters have an established track record for nearly
five decades. The promoters are assisted by a well experienced and
professional management team.

* Synergy of operations among the group companies: Major activities
of the group companies such as procurement, marketing and
allocation of orders to different units are done at group level.
The group is operating three textile mills in the states of Tamil
Nadu and Kerala. The companies are likely to benefit from this
synergy of operations.

Liquidity: Stretched

Liquidity is marked by tightly matched accruals and highly utilized
bank limits and modest cash balance of INR5.78 crore as on March
31, 2019. The average working capital utilization stood at 95% for
the past 12 months ended November 2019. The current ratio stood low
at 0.88x as on March 31, 2019.

GTN Enterprises Limited (GEL) is a part of the Kerala-based
GTN-B.K. Patodia (GTN-BKP) group. GEL's origin dates back to 1981
when the group established Packworth Udyog Limited (PUL) to operate
in the yarn doubling business. Another group firm, GTN Enterprises
Limited commenced merchant trading operations in 2003 and became a
100% subsidiary of PUL. These two firms were amalgamated in April
2004 and the combined entity was named GEL from April 2005. In the
same year (2005), GEL acquired a spinning mill in Udumalpet, Tamil
Nadu, with 8,304 spindles and thereon through regular expansion,
the capacity was increased.

HARIHAR ALLOYS: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Harihar
Alloys Private Limited (HAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.22      CARE B; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 7, 2017, placed the
rating of HAPL under the 'issuer non-cooperating' category as HAPL
had failed to provide information for monitoring of the rating.
Further, vide press release dated December 23, 2019, CARE has
continued the ratings in issuer non-cooperation category.

HAPL continues to be non-cooperative despite repeated requests for
submission of information through phone calls and an email dated
October 1, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on December 23, 2019, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Decline in income, consecutive losses reported: HAPL's income
from operations dropped by 12% in FY18 (refers to the period April
1 to March 31) to INR65.89 crore compared to INR75.04 crore in
FY17. HAPL reported net losses of INR7.33 crore, INR16.28 crore and
INR10 crore for the years FY16, FY17 and FY18 respectively.

* Decline in Net worth: Due to losses reported for the three
consecutive years HAPL's net worth declined from INR28.00 crore in
FY16 to INR4.27 crore in FY18 despite equity infusion of INR0.96
crore in the year FY17.

* Working capital intensive operations: The inventory period of the
company elongated from 42 days in FY15 to 100 days in FY18. This
resulted in a longer operating cycle of 135 days in FY18 as against
81 days in FY15.

* Industry concentration and forex fluctuation risk: HAPL's clients
are predominantly from oil industry serving oil field explorations.
This exposes the company to risks associated
with slowdown in the industry and crude oil price fluctuations. The
company derives significant portion of its revenue from exports.
However, HAPL does not hedge its forex transactions and the profit
margin remains susceptible to any adverse movement in exchange
rates.

Key Rating Strength

* Experienced promoters and long operational track record: The
Company was incorporated in 1995 by Mr. R. Thirunavukkarasu and Mr.
S. Srinivasaragavan. The promoters have around four decades of
experience in engineering industry and the company has been
operational over two decades.

Liquidity - Poor

The company's liquidity is poor with higher level of working
capital borrowings and with elongated operating cycle of 135 days
in FY18. The company's debt coverage ratios were weak with interest
coverage ratio of 0.45x during FY18. The company has availed COVID
relief moratorium permitted by RBI for its bank facilities.

Harihar Alloys Private Limited (HAPL) is primarily engaged in
manufacture of carbon steel castings, low alloy steel castings and
forged components. The castings and forging components manufactured
by HAPL include valve components, oil field equipment components,
etc. HAPL mainly caters to oil & gas, earth moving and engineering
industries in domestic and international market.

INTEGRATED INDUCTION: CARE Assigns B+ Rating to INR13cr Loan
------------------------------------------------------------
CARE Ratings has assigned rating to the bank facilities of
Integrated Induction Power Limited (IIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank
   Facilities          13.00       CARE B+; Stable Assigned

   Long-term/Short-     2.00       CARE B+; Stable/ CARE A4
   term Bank                       Assigned
   Facilities           

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of IIPL are primarily
constrained on account of modest scale of operations with moderate
profit margins during FY20 (refers to the period April 1 to March
31) and project implementation and stabilization risk associated
with upcoming debt-funded expansion project. The ratings are
further constrained on account of susceptibility of profit margins
to volatility in raw material prices and presence in highly
fragmented and competitive business segment due to presence of
numerous players. The ratings, however, derive strength from its
experienced promoters along with comfortable capital structure and
debt coverage indicators.

Key Rating Sensitivities

Positive Factors

* Growth in total operating income (TOI) by more than 50% on a
sustainable basis while maintaining PBILDT margin at
current levels

* Improvement in operating cycle to 100 days or fewer

Negative Factors

* Time or cost overrun in the upcoming expansion project leading to
lower than envisaged scale of operations and profitability

* Further decline in scale of operations by more than 15%
* Deterioration in capital structure led by overall gearing ratio
of 2.25 times or higher led by higher than envisaged borrowings
* Deterioration in debt coverage indicators marked by interest
coverage ratio of lower than 3 times

Detailed description of the key rating drivers

Key Rating Weaknesses

* Modest scale of operations and moderate profit margins: The scale
of operation of IIPL marked by total operating (TOI) remained
modest at INR25.76 crore during FY20, however declined from
INR41.30 crore during FY19. The reason for decline in TOI is
attributed to lower sales of trading products which have low-value
addition. Furthermore during Q4FY20, owing to outbreak of COVID 19
pandemic globally, the end user industry (i.e. steel industry)
witnessed a recession due to which the TOI got negatively impacted
negatively towards the end of the financial year. Despite decline
in the TOI, operating profitability of the company improved and
remained moderate as marked by PBILDT margin of 9.05% during FY20
as against 5.57% during FY19 due to proportionate increase in sales
from manufactured products significantly as compared to low value
added traded goods during FY20. Consequently, PAT margin also
improved and stood at 4.47% during FY20 as against 2.92% during
FY19. Furthermore, as on December 10, 2020 IIPL has outstanding
order book amounting to INR10.00 crore which are expected to get
dispatched by April, 2021.

* Project Implementation and stabilization risk associated with
upcoming debt-funded expansion project: IIPL is planning expansion
of its current manufacturing unit to accommodate new
products-capacitors & other engineering goods, with an installed
capacity of 5520 units per annum. The total project cost envisaged
at INR17.61 crore is proposed to be financed through term loan from
bank of INR12.33 crore and balance in the form of infusion of
equity share capital through directors and relatives. Financial
closure of project is not achieved till date. The project is
expected to commence from April, 2021 and is expected to complete
by the end of March 2022.

* Susceptibility of profit margins to volatility in raw material
prices: The major raw materials for manufacturing castings and
furnace are Steel scrap and Ferro alloys, the prices of which have
shown fluctuations during the past few years due to volatility in
the global commodity markets. The profit margins of IIPL remain
susceptible to these prices.

* Highly fragmented and competitive business segment due to
presence of numerous players: IIPL is engaged into a fragmented
business segment and competitive industry. The market consists of
several small to medium-sized firms that compete with each other
along with several large enterprises. There are several small sized
firms in and around Ahmedabad, which compete with IIPL.

Key Rating Strengths

* Experienced promoters: IIPL was promoted in 2012 by Mr. Harish
Mukati, Mr. Jayachandrababu Sadanandan and Mr. Sunil Kulkarni. Mr.
Sunil Kulkarni holds an experience of more than three decades in
same line of business, Mr. Jayachandrababu Sadanandan also holds an
experience of more than three decades through his association with
Inductotherm (India) Private Limited (CARE AA; Stable/CARE A1+) and
Electrotherm (I) Limited, while Mr. Harish Mukati holds an
experience of more than two decades in engineering and iron & steel
industry.

* Comfortable capital structure and debt coverage indicators:
Capital structure of IIPL stood comfortable marked by an overall
gearing ratio of 0.08 times as on March 31, 2020 as against 0.12
times as on March 31, 2019. Minimal amount of external borrowings
has led to comfortable capital structure during both these years.
Resultantly, the debt coverage indicators also stood comfortable as
marked by total debt to Gross Cash Accruals (TDGCA) of 0.48 years
as on March 31, 2020 as against 0.62 years as on March 31, 2019.
Interest coverage ratio during FY20 improved and remained
comfortable at 10.43 times during FY20 as against 6.85 times during
FY19 owing to lower interest costs backed by lower debt level.

* Impact of COVID 19 on business operations of IIPL: IIPL mainly
manufactures Power Packs & Hydraulic Cylinders which are generally
used for manufacturing capital equipment i.e. Induction Furnace and
other engineering products. The COVID-19 pandemic and its
disruption to industrial production has adversely impacted capital
market industry into metals production, especially steel. Due to
nationwide lockdown declared by the Government on account of
COVID-19 pandemic, the business operations of IIPL had been halted
from March 24, 2020 to May 15, 2020. After resumption of operations
from May 16, 2020, it has been working with 75% of labour capacity.
However, it has started operating with full labour capacity from
August, 2020 onwards. It also receives orders from its customers on
a regular basis.

Liquidity Analysis: Stretched

The liquidity position of the company remained stretched marked by
highly elongated operating cycle of 241 days during FY20 as against
74 days during FY19. The deterioration in operating cycle was
mainly due to increase in the average collection period from 377
days during FY19 to 525 days during FY20. Out of the total
outstanding amount of trade receivables as on March 31, 2020, ~82%
of the trade receivables were from one of the export customers of
Iran. Current ratio stood at 1.08 times as on March 31, 2020 as
against 1.03 times as on March 31, 2019. The cash flow from
operating activity improved to INR0.41 crore during FY20 as against
negative cash flow from operations of INR5.64 crore during FY19, on
account of realization from trade receivables of the previous year.
The cash and bank balance remained modest at INR0.57 crore as on
March 31, 2020. GCA level remained moderate at INR1.49 crore during
FY20 as against INR0.22 crore gross loan repayments during FY21.

Integrated Induction Power Limited (IIPL) was established in
September 2012 as a closely held public limited company and
promoted by Mr. Harish Mukati, Mr. Jayachandrababu Sadanandan and
Mr. Sunil Kulkarni. IIPL is engaged in the manufacturing of
engineering goods like hydraulic system, rolling mill, coal based
Direct Reduce Iron (DRI) & Captive power plant, Air pollution
control system, ladle refining furnace, continuous casting machine,
Ladle Refining Furnace (LRF), Metal Refining Konverter (MRK),
Induction melting furnace etc. The final product finds its
application majorly in the steel manufacturing plants. The
company's manufacturing facility is located at Vatva (Ahmedabad)
which is an industrial hub.


JAIN SARVODAYA: Ind-Ra Keeps 'D' Loan Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Jain Sarvodaya
Vidhya Gyanpith Samiti's term loans' rating in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR1.041 bil. Term loans (Long-term) due on June 30, 2026
     maintained in the non-cooperating category with IND D (ISSUER

     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 17, 2018. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the rating.

COMPANY PROFILE

Registered under Madhya Pradesh Societies Registration Adhiniyam,
1973, Jain Sarvodaya Vidhya Gyanpith Samiti manages and operates a
300-bed hospital in Bhopal, Madhya Pradesh.


KAMAKSHI STEELS: CARE Lowers Rating on INR13cr LT Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Kamakshi Steels Private Limited (KSPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          13.00       CARE D Revised from CARE B+;
                                   Stable

   Short Term Bank
   Facilities           2.00       CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The revision in ratings assigned to the bank facilities of KSPL
factors in stretched liquidity on account of slowdown of business
operations on account of Covid-19 pandemic resulting in delays in
debt servicing. The key rating sensitivities are as follows:

Rating Sensitivities

Positive Factor

* Improvement in cash flow with subsequent regularization of debt
servicing.

Key Rating Weaknesses

* Stretched liquidity with delays in debt servicing: Due to the
onset of Covid-19 in March 2020 and resultant slowdown in the
economy, KSPL was unable to resume operations post lifting of
lockdown by the Government in May 2020. As a result of ongoing
labour issues and inability to mobilize the labour from Uttar
Pradesh and Bihar, the company has not operated its plant during
9MFY21. Consequently the liquidity has been stretched resulting in
delays in debt servicing.

Key Rating Strengths

* Experience promoters and management team: The company has been
promoted by Mr. P. Seetharamaiyya and presently, Mr. P. Krishna
Reddy is the Managing Director of the company. He is an engineering
graduate and has been associated with the company for the past 5
years. Apart from KSPL, he holds directorial designation in other
group entities viz. SDV Energy Private Limited which is engaged in
power generation and Sameera Paper Industry Private Limited which
is into manufacturing of paper and paper products.

Kamakshi Steels Private Limited (KSPL) was incorporated in December
16, 2003 and is engaged in manufacturing of TMT Rebars and Billets
with installed capacity of 36,000 MTPA (for TMT Rebars) at its
facilities located at Krishna District, Andhra Pradesh. The TMT
Rebar forms major sales component (around 95%) with majority of
billets utilized for captive consumption and balance sold in the
market. The company produces TMT bars of various sizes viz. 8mm,
10mm, 16mm, 20 mm and 25mm, as per requirements of client. The
company usually caters to coastal regions of Andhra Pradesh viz
Krishna District, West Godavari, Guntur, Nellore, Chittoor and
Prakasham District.

LAKSHMI TRANSPORT: CARE Lowers Rating on INR11cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Lakshmi Transport Company (SLTC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.00      CARE B-; Stable, ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 9, 2019 placed the
rating(s) of SLTC, under the 'issuer non-cooperating' category as
SLTC had failed to provide information for monitoring of the
ratings. SLTC continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and emails dated January 2020 to December 18, 2020. In line with
the extant SEBI guidelines, CARE has reviewed the rating on the
basis of the best available information which however, in CARE's
opinion is not sufficient to arrive at a fair rating.

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

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

Detailed description of the key rating drivers

At the time of last rating on December 9, 2019 and April 8, 2019
the following were the rating strengths and weaknesses:

Key Rating Weakness

* Modest scale of operations with low net worth base and short
track record of operations: The firm has operational track record
of four years. Furthermore, the total operating income stood
moderate at INR66.99 crore in FY18 with low net worth base of
INR2.62 crore as on March 31, 2018. The scale of operations was
moderate in nature, when compared to other peers in the industry.

* Declining and low profitability margins during the review period:
The PBILDT margin of the firm declined from 6.38% in FY16 to 4.58%
in FY18 due to increase in route expenses. The PAT margin of the
firm has decreased from 0.98% in FY16 to 0.18% in FY18 due to
decrease in operating profit resulting in absorption of financial
expenses.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm marked by overall gearing ratio
remained leveraged and deteriorated from 4.16x as on March 31, 2016
to 5.31x as on March 31, 2018 on account of higher utilization of
working capital bank borrowings to meet day to day operations with
low net worth base. SLTC has weak debt coverage indicators during
the review period. The total debt/ GCA of the firm deteriorated
from 8.84x in FY16 to 15.25x in FY18 due to decrease in cash
accruals. Interest coverage has deteriorated from 1.72x in FY 2016
to 1.45x in FY 2018.

* Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: The firm being a partnership firm is
exposed to inherent risk of capital withdrawal by the partners, due
to its nature of constitution. Further, any substantial withdrawals
from capital account would impact the net worth and thereby the
financial profile of the firm. The firm has withdrawn total capital
of INR59 lakhs during the review period from FY16 to FY18.

* Highly fragmented industry with intense competition from large
number of players: The firm is engaged in providing transportation
services which is highly fragmented industry due to presence of
large number of organized and unorganized players in the industry
the firm faces huge competition.

Key Rating Strengths

* Experienced partners in transportation industry: SLTC was
established in 2013 by Mr. Chinta Venkata Naga Janardhana Rao along
with his family members. Mr. Ch. V.N. Janardhana Rao and Mr.
Sreeram Dhanumjaya are Managing Partners of the firm who takes care
of day to day operations. Mr. Ch. V.N. Janardhana Rao has more than
four decades of experience in the transportation industry. Some of
the partners also have an experience of around three decades in the
transportation industry. And few other partners have experience of
around a decade in transportation industry. Due to long term
presence in the transportation business, the partners have
established good relationship with suppliers and customers.

* Increasing trend in total operating income during review period:
The total operating income (TOI) of the firm increased at a CAGR of
7.6% from INR53.77 crore in FY16 to INR66.99 crore in FY18 due to
increase in business operations. Furthermore, the firm has achieved
total operating income of INR49.27 crore in 11M FY19 (Prov.).

* Satisfactory operating cycle: The firm has comfortable operating
cycle during the review period and stood at 53 days in FY18. The
firm receives payment from its customers within 45-60 days from the
date of raising the bill and makes the payment to its creditors
within 10 days. The firm does not maintain inventory since it is
engaged in providing transportation services.

* Reputed clientele: The customer base of the firm is well
established, as the partners have been in this line of business for
more than four decades, as a result of which, it has developed good
contacts with the customers. The price is based on the tonnage of
material transported and the destinations covered. The major
customers are Ultratech Cement, KCP Cement, Ramco Cement.

* Stable demand for transportation and logistics: In the wake of
globalization, the importance of logistics is increasing as more
and more, both national and multi-national companies are sourcing,
manufacturing and distributing their products and services on a
global scale. Thus, the recognition of performance of logistics
industry would become prime importance of economic development for
India in long term. The Indian logistic industry has been gaining
traction, with e-commerce penetration, economy revival, proposed
GST implementation and government initiatives like “Make in
India”, National Integrated Logistic Policy, 100% FDI in
warehouses and food storage facilities, etc. Some of the
aforementioned initiatives during FY14-FY18 (refers to the
period April 1 to March 31) have led to significant improvement in
functioning and operations of logistics companies in India which is
reflected in multiple notching up of India's logistic performance
index (LPI) rank by 19 places to 35th position from 54th position
as per LPI 2016 report by World Bank. Furthermore, with respect to
India's GDP growth the logistics industry is expected to grow at
1-1.5x as logistics business is directly correlated with economic
activity. Considering the aforementioned aspect the Indian logistic
industry is projected to grow at a CAGR of 15-20% during
FY18~FY22.

Jaggayapet based, Sri Lakshmi Transport Company (SLTC) was
established as a transport service provider in 2013 by Mr. Chinta
Venkata Naga Janardhana Rao along with his family members. SLTC is
primarily engaged in providing transport of cement from Cement
manufacturing companies like Ultra tech, Kcp, Ramco. And also
transporting of raw materials like Coal, gypsum, Iron ore etc., to
these Cement Manufacturing companies.

LAXMI OIL: CARE Keeps D Debt Rating in Not Cooperating Category
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Laxmi Oil
and Vanaspati Private Limited (LOVPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       50.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 4, 2020, placed the
ratings of LOVPL under the 'issuer non-cooperating' category as
LOVPL had failed to provide information for monitoring of the
rating. LOVPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter dated January 6, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings have been reaffirmed on account of non-receipt of
requisite information and hence CARE is not able to conduct
appropriate analysis.

Detailed description of the key rating drivers

At the time of last rating on February 4, 2020 the following were
the rating weaknesses:

Key Rating Weaknesses

* Stretched liquidity position and resultant delays in debt
servicing: The liquidity profile of the company is stretched marked
by an elongated operating cycle and higher utilization of working
capital limits and resultant delays in debt servicing. The
operating cycle of the company elongated to 94 days as on March 31,
2018 (PY: 79 days) on account of increase in average inventory
holding period. The working capital utilization remained fully
utilized during the trailing twelve months ending January 2019.

* Intense competition in fragmented edible oil industry: LOVPL is
in the Rice Bran Oil (RBO) segment which is a niche market as is a
relatively new form of edible oil, still to find a foothold in
domestic edible oil industry. The company faces stiff competition
in edible oil space from large number of organized and unorganized
players. Majority of the edible oil demand of the country is met by
the regional and unorganized players which are into manufacturing
of crude palm oil, groundnut oil, coconut oil etc. and are consumed
at large levels.

* Low profitability margins: With decrease in the material cost,
the profitability margins marked by PBILDT margin improved to 4.74%
(PY: 3.89). The same also resulted in the improvement in the PAT
margin to 1.64% during FY18 (PY:1.42%), however, the improvement in
PAT margins was constrained due to higher interest cost during FY18
pertaining to higher utilisation of working capital limits and
additional term loans taken.

Laxmi Oil & Vanaspati Pvt Ltd (LOVPL) was incorporated in April
2003 as a private limited company. The company is engaged in
business of manufacturing of refined oil with an installed capacity
of 200 tons per day (TPD) as on March 31, 2017. The company also
has a packaging unit for the packaging the oil into pouch, tin, jar
and bottle for supply to distributors. The company primarily caters
to the wholesalers and suppliers of packaged refined oil. It holds
the FSSAI compliance certificates. The company also sells refined
and blended rice bran oil under the brand name of 'Parv' which is
sold by a distribution network in the rural markets of eastern
Uttar Pradesh, Madhya Pradesh and Bihar.

MAHAVEER GINNING: CARE Downgrades Rating on INR6.93cr Loan to C
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahaveer Ginning Pressing Factory (MGPF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.93      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B

   Short Term Bank       0.90      CARE A4; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

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

CARE had, vide its press release dated October 25, 2019, placed the
rating of MGPF under the 'issuer non-cooperating' category as MGPF
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. MGPF continues to be
non-cooperative despite repeated requests for submission of
information through numerous phone calls and emails dated June 22,
2020, June 24, 2020, June 29, 2020, July 24, 2020, August 31, 2020,
October 7, 2020, October 20, 2020, October 27, 2020, December 3,
2020. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The revision in the rating assigned to the bank facilities of MGPF
takes into account no due-diligence conducted and nonavailability
of information due to non-cooperation by MGPF with CARE'S efforts
to undertake a review of the rating outstanding. CARE views
information availability risk as a key factor in its assessment of
credit risk.

Detailed description of the key rating drivers

At the time of last rating on October 25, 2019 the following were
the rating strengths and weaknesses

Key Rating Weakness

* Moderate scale of operations with low profitability margins: The
scale of operations of the firm are modest with income from
operations of INR21.48 crore and tangible net worth of INR4.02
crore as on March 31, 2015. The nature of operations of MGPF
involves limited value addition, owing to which its profit margins
remained low, as reflected by PBILDT margin in the range of
5.36%-4.81% and PAT margin in the range of 0.50%-0.65% for the past
three years ended FY15 (Audited).

* Weak solvency position: Due to low capitalization the entity has
to rely on external debt resulting in leveraged capital structure.
Furthermore, owing to low profitability and high gearing levels,
debt coverage indicators remained weak. Working capital intensive
nature of operations: Operations of the firm are working capital
intensive due to high inventory held by the firm due to seasonal
nature of operations. This led to higher utilization of working
capital borrowings and results in moderately low financial
flexibility to shield against any adverse situation during this
period (November - May).

* Proprietorship nature of constitution: Being a proprietorship
firm, it has an inherent risk of capital withdrawal and restricted
avenues of raising external borrowing.

* Susceptibility of margins to fluctuation in raw material prices
and seasonality associated with availability of cotton: Prices of
raw material that is raw cotton are highly volatile in nature and
depend upon factors like, area under production, yield for the
year, international demand-supply scenario, export quota decided by
government and inventory carry forward of last year.

* Presence in highly fragmented and regulated cotton industry with
limited value addition: The cotton ginning industry is classified
as fragmented on account of the large number of units operating in
the business resulting in intense competition within the players.
Moreover, the cotton prices in India are highly regulated by the
government through MSP (Minimum Support Price) fixed by the
government.

Key Rating Strengths

* Experienced proprietor along with long track record of the firm:
Established in 2008, MGPF was set up by Mr. Devendra Chhallani who
has around 19 years of experience in the cotton ginning and
pressing business. Mr. Chhallani has established strong
relationships with the customers and suppliers on the account of
longstanding experience in relevant industry.

* Geographically diversified customer base: MGPF sells its products
across states like Madhya Pradesh, Maharashtra, Rajasthan and
Gujarat. This results in diversification of client and mitigates
the risk related to significant reduction in the revenue in case of
lower demand from any particular state.

* Location advantage emanating from proximity to raw material: The
manufacturing facility of MGPF is located at Jalna (Maharashtra).
Maharashtra is the second-largest producer of cotton in India;
hence, MGPF's presence in cotton producing region results in the
benefit derived from lower logistics expenditure (both on
transportation and storage), easy procurement of raw materials at
effective prices.

Jalna (Maharashtra) based, MGPF was set up by Mr.DevendraChhallani
as a proprietorship firm in the year 2008. The firm was set up to
undertake the business of cotton ginning and cotton seeds
extraction. MGPF operates from its sole manufacturing plant at
Wadgaon (Jalna) with an installed capacity of 13,651 Metric Tonnes
Per Annum (MTPA) of cotton bales as on March 31, 2015.

MANGALAYATAN UNIVERSITY: Ind-Ra Keeps B+ Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Mangalayatan
University's bank facilities' ratings in the non-cooperating
category. The issuer did not participate in the rating exercise
despite continuous requests and follow-ups by the agency.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND B+ (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating action is:

-- INR315.25 mil. Term loan I due on March 2020 – July 2024
     maintained in non-cooperating category with IND B+ (ISSUER
     NOT COOPERATING) rating.

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

COMPANY PROFILE

Mangalayatan University offers undergraduate and postgraduate
courses in engineering, management, architecture, law, humanities
and others.



MEGHRAJ INTERNATIONAL: CARE Lowers Rating on INR6.15cr Loan to B-
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Meghraj International (MRI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.15       CARE B-; Stable, ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 23, 2019, placed the
rating of MRI under the 'issuer non-cooperating' category as MRI
had failed to provide information for monitoring of the rating. MRI
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 28, 2020, December 22, 2020, and
December 21, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The long term rating has been revised on account of vulnerability
of profit margins to fluctuation in the prices of commodities,
firm's presence in a competitive nature of industry and partnership
nature of constitution.

Key rating Weaknesses

* Vulnerability of profit margins to fluctuation in the prices of
commodities: The prices of agricultural commodities are volatile in
nature and are linked to production in the domestic market and
global demand-supply situation. The prices of agri-commodities are
also affected by the changes in government regulations and vagaries
of weather. Thus, the profitability of MGI is vulnerable to
fluctuation in prices of the commodities in which it
operates.

* Presence in a competitive nature of industry: MGI operates in a
highly competitive and unorganized market for agrocommodities with
the presence of large number of small players. The industry is
characterized by low entry barriers due to minimal capital required
and easy access to clients and suppliers. The prices are driven
primarily by the existing demand and supply conditions with strong
linkage to the global market. Players in the industry face high
competition on largely due to the presence of small job/contract
manufacturer and fragmented nature of the industry.

* Constitution of the entity being a partnership firm: MGI's
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partners' capital at the time of
personal contingency and the firm being dissolved upon the
death/retirement/insolvency of partners.

Meghraj International (MGI) is a partnership firm established in
June, 2009 by Mr. Ramesh Jindal and Mr. Ashish Jindal, sharing
profit and loss equally. The firm is engaged in manufacturing of
guar gum and guar meal at its manufacturing facility located at
Hisar, Haryana having an installed capacity of 180,000 metric ton
per annum (MTPA) as on March 31, 2016.


MOSAVI ENTERPRISES: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Mosavi
Enterprises Private Limited's (Mosavi) Long-Term Issuer Rating to
'IND D' from 'IND BB' while resolving the Rating Watch Negative
(RWN).

The instrument-wise rating action is:

-- INR960 mil. Non-convertible debentures (NCDs) (Long-term) ISIN

     INE280Y07017 issued on August 10, 2017 coupon rate 1% due on
     August 9, 2022 downgraded; Off RWN with IND D rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of Mosavi, Seaways Shipping and Logistics Limited (Seaways; 'IND
D'), and the subsidiaries of Seaways to arrive at the ratings, on
account of the operational, management, legal and financial
linkages among the entities. Mosavi is wholly owned by the
promoters of Seaways.

KEY RATING DRIVERS

The rating action reflects Mosavi's missed payments on the NCDs,
scheduled on January 9, 2021. The downgrade also reflects a similar
rating action on Seaways, with which Mosavi has strong legal
linkages; a cross-default clause is applicable to the debt raised
by way of NCDs by Mosavi. The NCDs have been secured by an 87.8%
share pledge of Seaways.

Mosavi's INR960 million NCDs have to be repaid in three
installments, the first of which was scheduled for payment on
January 9, 2021. Seaways had planned a stake sale in its key
subsidiary - Maxicon Container Line Pte Ltd, the proceeds of which
were to be utilized for debt repayment. Seaways' and consequently
Mosavi's ratings were hence placed on RWN. However, the divestment
plan has been adversely affected due to COVID-19-led business
disruptions as a result of which the Seaways was unable to raise
funds to repay its debt. Besides, the other fund-raising
initiatives to pay off such debt have also been impacted.

Seaways and Mosavi have invoked a one-time restructuring facility
vide a letter dated December 30, 2020 under the Reserve Bank of
India's guidelines of August 6, 2020 – Resolution Framework for
Covid-19 related Stress. The companies have submitted debt
restructuring proposals to the NCD investors. However, Ind-Ra does
not have adequate clarity on the acceptance of and implementation
of debt restructuring proposal by the NCD investors. Also, on
January 13, 2021, the trustee confirmed that the company had missed
making scheduled repayments. The rating action is in line with
Ind-Ra's Treatment of Restructurings due to Covid-19 related
Business Disruptions.

Mosavi does not have any other debts except these NCDs.

RATING SENSITIVITIES

Timely debt servicing for at least three months will lead to a
rating upgrade.

COMPANY PROFILE

Incorporated in May 2017, Mosavi is engaged in material handling
operations, transportation and storage across ports. The company
commenced commercial operations in September 2017.

Mosavi also leases equipment used for lifting cargo onto ships and
unloading cargo from ships, transport vehicles that move
goods/cargo between ships and warehouses, and others.


NIKKA MAL: CARE Lowers Rating on INR11.00cr LT Loan to B-
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Nikka Mal Pyare Lal Jain (NMP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.00      CARE B-; Stable, ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short term Bank       3.00      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 October 24, 2019, placed the
rating of NMP under the 'issuer non-cooperating' category as NMP
had failed to provide information for monitoring of the rating. NMP
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 28, 2020, December 22, 2020, and
December 21, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The long term rating has been revised on account of highly
fragmented and competitive industry and proprietorship nature of
its constitution.

Key rating Weaknesses

* Highly fragmented and competitive industry: The Indian gems and
jewellery industry is highly fragmented as majority of the market
share is spread across a large number of unorganized players.
Increasing prices of gold and aggressive strategy of the modern
retail players to increase their market share would further
intensify the competition in the industry. Thus, increasing
competition might have an additional downside pressure on the
profitability margins of jewellery entities.

* Partnership nature of constitution: NMP's constitution as a
partnership firm has the inherent risk of possibility of withdrawal
of the partner's capital at the time of personal contingency and
firm being dissolved upon the death/retirement/insolvency of
partners.

Key Rating Strengths

* Experienced partners: NMP got established in 2010 and is
currently being managed by Mr. Ashok Jain, Mr. Ashwani Jain, Mr.
Akshmat Jain, Mr. Arihant Jain, Mr. Abhishek Jain and Ms. Vaneeta
Jain. The partners have an experience of around three decades in
the gems and jewellery business. The partners have adequate acumen
about various aspects of business which is likely to benefit NMP in
the long run.

Nikka Mal Pyare Lal Jain (NMP), a partnership concern, was
established in April 2010. However, the firm commenced its
operations from June 2011. NMP is engaged in bullion trading and
manufacturing of gold and diamond jewellery at its retail
outlet/showroom located at Ludhiana, Punjab. The firm procures pure
gold bars from Bank of Nova Scotia while diamond gems and studs are
purchased from wholesalers based in Mumbai, Delhi and Surat. The
customer profile of the firm mainly comprises of retailers and
individual customers located in Punjab and nearby regions.

RADHADAMODAR MULTIPURPOSE: CARE Reaffirms B+ INR8.15cr Loan Rating
------------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Radhadamodar Multipurpose Cold Storage Private Limited (RMCSPL),
as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities            8.15      CARE B+; Stable Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RMCSPL continues to
remain constrained by its small scale of operation along with
moderate profit margins, seasonality of business with
susceptibility to vagaries of nature, risk of delinquency in loans
extended to farmers, moderate capital structure and debt coverage
indicators and competition from other local players. However, the
rating continues to drive strength from the experienced promoters
and proximity to potato growing area.

Key Rating Sensitivities

Positives factors

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

* Improvement in capital structure (overall gearing ratio below
1.00x) 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 leads
to further deterioration in capital structure on a sustained
basis.

Detailed description of the key rating drivers

Key Rating Weakness

* Small scale of operation along with moderate profit margins:
RMCSPL is a relatively small player in the cold storage business
having total operating income and net profit of INR3.36 crore and
INR0.38 crore, respectively, in FY20. The TOI of the company has
continuously improved during last three years (FY18-FY20) with a
CARG of 1.22%. Moreover, the tangible networth of the company
remained low at 5.18 crore during FY20. Further the profitability
margin remained moderate marked by PBILDT margin of 41.64% and PAT
margin of 11.30% in FY20. The small size restricts the financial
flexibility of the company and hinders it's economies of scale.
There is 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 is running after maintaining proper safety
arrangements in its business premises adherence to government
guidelines. Moreover, the company has booked revenue of INR2.94
crore during the period from April 01, 2020 to December 28, 2020.

* Seasonality of business with susceptibility to vagaries of
nature: RMCSPL'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.

* Risk of delinquency in loans extended to farmers: Against the
pledge of cold storage receipts, RMCSPL provides interest bearing
advances to the farmers & traders. Before the closure of the season
in November, the farmers & traders are required to clear their
outstanding dues with the interest. In view of this, there exists a
risk of delinquency in loans extended, in case of downward
correction in potato or other stored goods prices, as all such
goods are agro commodities.

* Moderate capital structure and debt coverage indicators: The
capital structure of the company has deteriorated mainly due to
higher utilisation of working capital limits and the same remained
moderate marked by overall gearing ratio at 1.44x as on March 31,
2020. Further the debt coverage indicators remained moderate marked
by interest coverage at 3.77x and total debt to GCA at 8.18x in
FY20. Improvement in interest coverage was on account low interest
expenses during FY20. However the total debt to GCA has
deteriorated on account of higher increase in debt level vis-à-vis
increase in cash accruals during FY20.

* 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: The key promoter, Mr. Goutam Kumar has
experience of more two decades in cold storage industry, looks
after the overall management of the company. He is supported by
other director Mrs. Sutapa Pal who also has more than a decade of
experience in this line of business. The promoters are supported by
a team of experienced professionals.

* Proximity to potato growing area: RMCSPL's storage facility is
located at Hooghly, 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 nil repayment obligation, modest cash and cash
equivalents and moderately utilised bank limits. The average
utilization of working capital limit was around 75% during last 12
month ended on November 30, 2020. The unencumbered cash and cash
equivalent stood at INR2.03 crore as on March 31, 2020. The company
has reported cash accruals of INR0.92 crore during FY20. Moreover,
the company has not availed moratorium on 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.

Radhadamodar Multipurpose Cold Storage Private Limited (RMCSPL) was
incorporated as a Private Limited Company in 2011. RMCSPL is owned
by the Hooghly (West Bengal) based family having experience of more
than a decade in cold storage industry. Since its inception, the
company provides cold storage services for potatoes. The cold
storage unit of the company is located at Hooghly, West Bengal with
aggregated storage capacity of 235000 Quintal Per Annum (QPA).

RAM NIWAS: CARE Lowers Rating on INR2.0cr LT Loan to B+
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Ram
Niwas & Company (RNC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.00       CARE B+; Stable, ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable

   Short-term Bank     13.00       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 3, 2020, placed the
rating of RNC under the 'issuer non-cooperating' category as RNC
had failed to provide information for monitoring of the rating for
the rating exercise as agreed to in its Rating Agreement. RNC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a letter
dated December 17, 2020, December 18, 2020, December 28, 2020 and
January 4, 2021. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

The ratings have been revised on account of non-availability of
requisite information.

The ratings, further, continue to remain constrained on account of
its constitution as a partnership concern and tender driven nature
of business with presence in highly competitive civil construction
industry.  The ratings, however, continue to derive benefit from
its experienced partners, increasing scale of operations, moderate
profit margins, moderate liquidity position and capital structure.

Detailed description of the key rating drivers

At the time of last rating on February 3, 2020, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Tender driven nature of business with high competitive intensity:
RNC participates in the tenders passed by the state government
bodies for civil construction work mainly pertaining to roads and
sewage treatment plants. Hence, the entire business prospects are
highly dependent on the government tenders. Also, the construction
industry is highly fragmented in nature with presence of large
number of unorganized players and a few large organized players.
Further, the profitability also varies among the projects.

* Partnership Nature of constitution: RNC being a partnership firm
is exposed to inherent risk of the partners' capital being
withdrawn at the time of contingency and also limits the ability to
raise the capital.

Key Rating Strengths

* Experienced partners: RNC is managed by five active partners
namely Shri Ram Niwas Tard, Shri Sahab Ram Jangu, Shri Ram Swaroop
Tard, Shri Om Prakash Jangu and Shri Shankar Lal Jangu. All the
partners have more than two decades experience in the civil
construction industry. Collectively all the partners manage the day
to day operations of the firm and taking strategic decisions.

* Increasing scale of operations with moderate profit margins:
During FY19, Total Operating Income (TOI) of RNC has increased by
47.46% over FY18 and registered INR89.17 crore in FY19 as against
INR60.48 crore in FY18. The profitability margins of the firm stood
moderate marked by PBILDT and PAT margin of 7.65% and 3.22%
respectively in FY19 as against 4.74% and 3.26% respectively in
FY18.

* Comfortable Solvency Position: The capital structure of the firm
stood comfortable marked by overall gearing of 0.91 times as on
March 31, 2019 as against 0.72 times as on March 31, 2018. Further,
the debt coverage indicators stood comfortable 2.19 times as on
March 31, 2018. The interest coverage ratio stood comfortable at
5.08 times in FY19 as against 5.49 times in FY18.

Liquidity: Stretched

The liquidity position of the firm stood stretched marked by
current ratio of 2.05 times and quick ratio stood at 2.00 times as
on March 31, 2019. The Operating cycle of the firm stood at
negative during FY19. The cash and bank balance stood at INR0.25
crore as on March 31, 2019.  However, as per banker interaction,
the account of the firm is closed.

Bikaner-based (Rajasthan), RNC was established as partnership firm
in 1989. Currently it is been managed by Shri Ram Niwas Tard, Shri
Sahab Ram Jangu, Shri Ram Swaroop Tard, Shri Om Prakash Jangu and
Shri Shankar Lal Jangu. The firm is engaged into construction and
maintenance of roads and sewage treatment plants for government
entities specifically in the state of Rajasthan. RNC is registered
"AA" class contractor for civil works.

S N JEE BUILD: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: S N Jee Build Well Private Limited
        FF-112 Indra Parkash
        Barakhamba Road
        New Delhi 110001

Insolvency Commencement Date: January 7, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 5, 2021

Insolvency professional: Rakesh Kumar Jain

Interim Resolution
Professional:            Rakesh Kumar Jain
                         1203/81, 1st Floor
                         Shanti Nagar, Tri-Nagar
                         New Delhi 110035
                         E-mail: rakeshjainca@rediffmail.com

                            - and -

                         1670/120, Shanti Nagar
                         Tri-Nagar, Delhi 110035

Classes of creditors:    Real Estate Allottees

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Kamlesh Kumar Gupta
                         305, DR, Chambers
                         12/56, DB Gupta Road
                         Karol Bagh, New Delhi

                         Mr. Pradeep Upadhyay
                         I-4/6, Sector-16
                         Rohini, Delhi

                         Ms. Maya Gupta
                         3685/7, Narang Colony
                         TriNagar, Delhi

Last date for
submission of claims:    January 25, 2021


S. R. EDUCATION: CARE Lowers Rating on INR6.12cr LT Loan to B+
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of S.
R. Education Trust (SRET), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.12       CARE B+; Stable, ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE BB-; Stable
                                   and moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from of SRET to monitor the
rating(s) vide e-mail communications dated September 10, 2020 to
December 30, 2020 and numerous phone calls. However, despite
repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of best
available information which however, in CARE's opinion is not
sufficient to arrive at fair rating. The rating on S. R. Education
Trust bank facilities will now be denoted as CARE B+; Stable;
ISSUER NOT COOPERATING.

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

The rating has been revised on account of non-availability of
requisite information due to non-cooperation by S. R. Education
Trust, with CARE'S efforts to undertake a review of the rating
outstanding, as CARE views information availability risk as key
factor in its assessment of credit risk profile. However, the
ratings continuous to be tempered by small scale of operations in
highly competitive and regulated industry and uneven cash flow
associated with educational institutes. However, the ratings derive
comfort from established track record of the trust and experienced
members, satisfactory infrastructure facilities and resources,
increasing total operating income (TOI) during the review period,
comfortable capital structure, satisfactory SBID and surplus
margins although declining during the review period, and
satisfactory debt coverage indicators.

Detailed description of the key rating drivers

At the time of last press release dated November 7, 2019 the
following were the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations: Despite the long track record of the
trust, SRET's scale of operations remained small marked by total
operating income of INR7.78 crore during FY19 and a net-worth base
of INR7.96 crore as on March 31, 2019.

* Presence in a highly competitive Industry: The education sector
offers immense potential as there is a growing demand for the
services offered, driven by increasing propensity of the middle
class to spend on education and India's increasing population. New
Schools being added every year along with already established
schools result in high competition level in the state and adjoining
areas of SRET. Also, the fees for various courses are presently
fixed by regulatory authority, which confines the revenue growth to
a certain extent.

* Highly regulated industry: SRET is operating in a highly
regulated industry. In addition to AICTE, the educational
institutions are regulated by respective State Governments with
reference to matters such as determining the number of management
quota seats, amount of tuition fee charged for government quota and
management quota giving limited flexibility to the institutions.
The technical education sector also requires regular approvals from
variousgovernment bodies for addition of new courses/seats as well
as continuation of the existing courses which exposes it to high
regulatory risk. These factors have significant bearing on the
revenues and surplus levels of the institutions and resultantly on
SRET financial risk profile.

Uneven cash flows associated with educational Institutes: The
revenue stream of the trust is skewed towards the beginning of the
academic year (normally between June-August) when the bulk of the
tuition fees, hostel fees and other related income is collected
whereas the societyincurs regular stream of payments for meeting
staff salary, maintenance activities, interest expenses amongst
others.

Key Rating Strengths

* Established track record of the trust and experience of the
members: The trust has a track record of over a decade and the
President, Mr. Nagaraj, and other members have an experience of
over two decades in the education industry.

* Satisfactory infrastructure facilities and resources: SRET's
colleges are located in and around Hebri spread across a vast area
of 4 acres with separate buildings and places for each school and
college. It has well maintained laboratories, a library with vast
and comprehensive collections on various topics and subjects, a
computer lab with adequate computer systems and seminar hall at
each block and a separate ground area for various sports
activities.

* Increasing total operating income (TOI) during the review period:
SRET's total operating income has been increasing during the review
period at a CAGR of 25.75%. The gross receipts increased from
INR4.92 crore in FY17 to INR7.78 crore in FY19 backed by higher
enrollment ratio along with increase in the fees collected.Further,
SRET has achieved revenue of INR3.90 crore in H1FY20.

* Comfortable capital structure: The capital structure of the trust
marked by debt equity ratio and overall gearing ratio remained
below unity throughout the review period i.e. from FY17 to FY19.
Despite the increase in debt levels, the debt equity ratio and
overall gearing ratio has improved over the review period on
account of increase in corpus funds. The overall gearing stood
comfortable at 0.48x as on March 31, 2019 (as against 0.69x, as on
March 31, 2017) owing to Y-o-Y increase in tangible net worth on
account of accretion of surplus.

* Satisfactory SBID and surplus margins although declining during
the review period: The surplus margin of the trust has remained
satisfactory during the review period. However, the SBID margin has
declined from 51.75% during FY17 to 39.91% in FY19 on account of
y-o-y increase in staff maintenance, student recreation (relating
to student welfare and seminar expenses) and also maintenance
expenses. Further, the surplus margin stood comfortable at 25.16%
in FY19 although it decreased from 37.54% in FY17 due to an
increase in the depreciation and interest cost.

* Satisfactory debt coverage indicators: The debt coverage
indicators of trust have been satisfactory during the review period
FY17-19. The SBID interest coverage ratio of the trust improved
from 7.63x during FY17 to 8.15x during FY19 owing to increase in
SBID levels in absolute terms. Furthermore, due to increase in the
cash accruals, TD/GCA improved from 1.37x as on March 31, 2017 to
1.49x as on March 31, 2018. However, during FY19, owing to increase
in debt levels, TD/GCA marginally deteriorated to 1.40x.

Moratorium: The firm has not availed moratorium.

Hebri, Karnataka based, S R Education Trust (SRET) was established
in the year 1998 to provide education in the field of commerce and
science under the S R Group. SRET has 3 unites under CBSE Board,
State Board and Pre-University College. The school and college of
SRET is located Hebri, Udupi in Karnataka.

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

The instrument-wise rating actions are:

-- INR30 mil. Fund-based limits migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING) rating; and

-- INR15 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 15, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1976, Sangam Forgings manufactures forging
products. It produces open die and close die forgings. The company
is managed by Mr. Shailesh Kumar Shah. The company has a facility
in Bhilai, which has an annual production capacity of 3000 metric
tons per annum.



SARE FACILITY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Sare Facility (OMR) Services Private Limited
        815-816, 8th floor
        International Trade Tower
        Nehru Place
        New Delhi 110019
        India

Insolvency Commencement Date: December 31, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 29, 2021
                               (180 days from commencement)

Insolvency professional: Minni Katariya

Interim Resolution
Professional:            Minni Katariya
                         D-101, Bahawalpur Apartments
                         Plot-30, Sector-6
                         Dwarka, New Delhi 110075
                         E-mail: minnik1943@hotmail.com

Last date for
submission of claims:    January 20, 2021


SEAWAYS SHIPPING: Ind-Ra Lowers LongTerm Issuer Rating to 'D'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Seaways Shipping
and Logistics Limited's (Seaways) Long-Term Issuer Rating to 'IND
D' from 'IND BB' while resolving the Rating Watch Negative (RWN).

The instrument-wise rating actions are:

-- INR640 mil. Non-convertible debentures (NCDs) (Long-term) ISIN

     INE286U07012 coupon rate 13.5% issued on August 11, 2017 due
     on August 10, 2022 downgraded; Off RWN with IND D rating;

-- INR250 mil. NCDs (Long-term) ISIN INE286U07020 issued on
     September 8, 2017 coupon rate 6% due on August 10, 2021
     downgraded; Off RWN with IND D rating;

-- INR250 mil. Fund-based limits (Long-/short-term) downgraded;
     Off RWN with IND D rating; and

-- INR50 mil. Non-fund-based limits (Short-term) downgraded; Off
     RWN with IND D rating.

Analytical Approach: Ind-Ra continues to take a consolidated view
of Seaways, its subsidiaries and Mosavi Enterprises Private Limited
(Mosavi; 'IND D'), which is wholly owned by the promoters of
Seaways, to arrive at the ratings, on account of the operational,
management and financial linkages among the entities.

KEY RATING DRIVERS

The rating action reflects Seaways' missed payments on the NCDs,
scheduled on 10 January 2021. Seaways' INR640 million NCDs have to
be repaid in three installments while the INR250 million NCDs have
to be repaid in two installments. The first of such scheduled
installment for both the NCDs was on January 10, 2021. Seaways had
planned a stake sale in its key subsidiary - Maxicon Container Line
Pte Ltd, the proceeds of which were to be utilized for debt
repayment. The ratings were hence placed on RWN. However, the
divestment plan has been adversely affected due to COVID-19-led
business disruptions as a result of which, the company was unable
to repay the debt. Besides, the other fund-raising initiatives to
pay off such debt have also been impacted.

Seaways has invoked a one-time restructuring facility vide its
letter dated 30 December 2020 under the Reserve Bank of India's
guidelines of August 6, 2020 – 'Resolution Framework for
Covid-19-related Stress'. It has submitted its debt restructuring
proposal to the NCD investors. However, Ind-Ra does not have
adequate clarity on the acceptance of and implementation of debt
restructuring proposal by the NCD investors. Also, on January 13,
2021, the trustee confirmed that the company had missed making
scheduled repayments. The rating action is in line with Ind-Ra's
Treatment of Restructurings due to Covid-19 related Business
Disruptions.

RATING SENSITIVITIES

Timely debt servicing for at least three months will lead to a
rating upgrade.

COMPANY PROFILE

Seaways, a Hyderabad-based logistics group, offers integrated
logistics solutions with multi-modal capabilities across 100
countries through its own offices and/or strategic partners. The
company has an experience of over 30 years in providing integrated
ocean logistics services in India. Its wholly-owned subsidiary in
Singapore, Maxicon is intra-Asia non-vessel operating common
carrier.

Maxicon operates over 16,000 containers, around 60% of which are
owned by its Singapore subsidiary and the group.


SIDDHI LAXMI: CARE Lowers Rating on INR8.80cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Siddhi Laxmi Motors (SLM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.80       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 information from SLM to monitor the rating
vide e-mail communications/letters dated July 27, 2020, October 19,
2020, November 5, 2020 and November 26, 2020, December 18, 2020 and
January 5, 2021 and numerous phone calls. However, despite repeated
requests, the company has not provided the requisite information
for monitoring the ratings. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the
publicly available information which however, in CARE's opinion is
not sufficient to arrive at a fair rating. Further, Siddhi Laxmi
Motors has not paid the surveillance fees for the rating exercise
as agreed to in its Rating Agreement. The rating on SLM's 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.

Detailed description of the key rating drivers

At the time of last rating in December 3, 2019 the following were
the rating weaknesses and strengths:

Key Rating Weaknesses

* Small size of operations: The scale of operations of SLM remained
small marked by total operating income of INR42.95 crore (FY18:
INR54.51 crore) with a PAT of INR0.48 (FY18: INR0.44 crore) crore
in FY19. Furthermore, the total operating income declined during
FY19 mainly due to decline in sales volume. The total capital
employed was also low at INR12.34 crore as on March 31, 2019.

* Limited profitability associated with dealership business: SLM's
business model is purely in the nature of trading, wherein profit
margins are very thin and bargaining power over the Original
Equipment Manufacturer (OEM) is also low. As SLM's margin on
products is pre-decided at a particular level by the principal
manufacturers, it has a limited scope to enhance its profitability
margins. Accordingly, the profitability margins of the firm
remained low marked by PBILDT margin of 3.58% (3.03% in FY18) and
PAT margin of 1.12% (0.80% in FY18) in FY19. Hence, the firm's
growth prospects depend on the ability to increase its sales
volume.

* Linkage to the fortunes of Mahindra and Mahindra Limited: SLM,
being an authorised dealer of M&M for its passenger cars in Angul,
Odisha and its fortunes are linked to the performance of SLM's
products. Being an authorized dealer of M&M, it deals exclusively
with M&M vehicles, spares parts and accessories. Accordingly, its
fortune is linked to the performance of M&M's products. As such,
any shift in customer preference and brand equity will negatively
impact SLM.

* Risk of non-renewal of dealership agreement from Mahindra and
Mahindra Limited (M&M): The dealership agreement with M&M is valid
for 5 years, which is expiring in Mar. 31, 2021. Though the
non-renewability of the same would pose a risk to the business
sustenance of the company, the satisfactory performance of the
company mitigates the risk related to renewability to an extent.

* Leveraged capital structure with moderate debt coverage
indicators: The capital structure of the company remained leveraged
owing to its working capital intensive nature of operations
resulting in higher dependence on bank borrowings. Further, the
overall gearing ratio has deteriorated due to higher utilization of
working capital and the same remained leveraged at 5.40x (3.79x as
on March 31, 2018) as on March 31, 2019. The debt coverage
indicators also remained moderate marked by interest coverage of
1.76x (1.63x in FY18) and total debt to GCA of 15.71x (14.11x in
FY18) in FY19.

* Constitution as a partnership firm: SLM, being a partnership
firm, is exposed to inherent risk of the partner's capital being
withdrawn at time of personal contingency and firm being dissolved
upon the death/insolvency of the partners. Furthermore, partnership
entities have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.

* Intensely competitive industry: The dealership business of
automobiles is very competitive on the back of the presence of a
large number of players dealing with similar products. Moreover, in
order to capture the market share, the distributors offer better
buying terms like providing credit period or allowing discounts on
the purchase. Such discounts offered to the customers create a
margin pressure and negatively impact the earning capacity of the
company. Hence,  the players in the industry do not have any
pricing power and are exposed to competition induced pressures on
profitability.

Key Rating Strengths

* Experienced partners: SLM is managed by Mr. Bikram Agarwal who
has more than a decade of experience in automobile dealership
industry, looks after the overall management of the firm supported
by other partners who are also having an experience in similar line
of business.

* Authorized dealer of Mahindra and Mahindra Limited: SLM is an
authorized dealer of Mahindra and Mahindra Limited (M&M) for its
commercial vehicles (Including 3 wheelers and 4 wheeler light
vehicles) and spares & accessories. SLM enjoys the leverage of
being an authorized dealer of M&M. M&M has around 10% market share
in Indian market at the end of December 2017.

Liquidity Indicator

Liquidity: Adequate - Adequate liquidity characterized by
sufficient cushion in accruals vis-à-vis repayment obligations and
low cash balance of INR0.04 crore. Its bank limits are utilized to
the extent of 95%, supported by above unity current ratio. During
FY19 the firm has reported gross cash accruals of INR0.66 crore as
against repayment obligation of INR0.08 crore in FY20. Further the
firm has not availed any moratorium that could be availed as per
the RBI circular.

Siddhi Laxmi Motors (SLM) was established as a partnership firm in
October 2014 by Mr. Bikram Agarwal and Mr. Sujit Kr. Agarwalla. The
firm is as an authorized dealer of Mahindra and Mahindra Limited
(M&M) for its passenger cars, commercial vehicles (Including 3
wheelers and 4 wheeler light vehicles) and spares & accessories.
The showroom of the firm is located at Angul, Dhenkanal, Boinda,
Kamakhya Nagar, Talcher, Khajuriakatta, Palalahada where it also
provides repair and refurbishment services for its full range of
vehicles.

SOUTHCO UTILITY: Ind-Ra Puts 'BB-' LT Issuer Rating on Watch Neg.
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed SOUTHCO Utility's
(SOUTHCO) Long-Term Issuer Rating of 'IND BB-' on Rating Watch
Negative (RWN). The Outlook was Stable. Simultaneously, the agency
has placed SOUTHCO's bank facilities on Rating Watch Positive (RWP)
as follows:

-- INR720 mil. Fund-based/non-fund-based limits placed on RWP
     with IND BB-/RWP/IND A4+/RWP rating.

KEY RATING DRIVERS

The RWN on the issuer rating reflects pending clarity on SOUTHCO's
business profile post transfer of its distribution license to TP
Southern Odisha Distribution Limited (TPSODL), a Tata Power
Corporation Limited's (TPCL; 'IND AA'/Stable) 51% owned subsidiary.


Ind-Ra has simultaneously placed SOUTHCO's working capital
facilities on RWP to reflect the potential improvement in the
credit profile, following their transfer to TPSODL, according to
Orissa Electricity Regulatory Commission's (OERC) directive.

GRIDCO Limited (debt rated at 'IND BBB-'/Negative) will hold the
remaining 49% stake in TPSODL. The license transfer would be
effective from 1 January 2021, according to a vesting order issued
by OERC.

OERC had invited bids for the stake sale of SOUTHCO in April 2020,
and after a successful bid, a letter of intent was issued in favor
of TPCL in December 2020. During January 2021, the vesting order
was issued by OERC for the transfer to take place. Post the
transfer, SOUTHCO's balance sheet would largely comprise an
interest-free long-term debt from the government of Odisha (GoO)
and trade creditors on the liability side and receivables up to 31
March 2020 on the asset side. Long-term interest-free loans from
the GoO of INR732.5 million (FY19: INR670 million) are likely to be
repaid from the proceeds of collection of balance arrears of
receivables. The management expects the financials post the
transfer of the license to be available by June 2021. The working
capital outstanding on March 31, 2020 of INR1,390 million (FY19:
INR1,549 million) is transferred to TPSODL. The transfer of the
facilities is likely to be completed within FY21. Furthermore,
TPSODL may refinance the entire limits, based on its negotiation
with the banks for the terms and conditions.

As part of the sale process, TPCL has made a commitment to incur
capital expenditure of INR11,670 million over a period of five
years ending FY26 on safety, technology, network and reduction of
losses to 14.8% from 36% in the next 10 years. The company can also
collect partial arrears of INR1,000 million in the first five
years.

SOUTHCO's aggregate technical and commercial (AT&C) loss levels
remained high, though improved, at 36% at FYE20 (FY19: 39%). The
AT&C losses were higher than the normative AT&C losses of 26.25%,
resulting in a significant under-recovery of its cost.
Additionally, SOUTHCO continued to report EBITDA losses of INR3,335
million in FY20 (FY19: INR2,020 million; FY18: INR1,714 million).
However, its transmission and distribution losses improved to 24.5%
in FY20 (FY19: 30%, FY18: 33%), which for the first time turned
lower than the normative levels of 25.5%.  

SOUTHCO's customer profile is characterized by a large customer
base; though low-tension voltage connections which account for
around 73% of the customer mix have higher transmission and
distribution loss levels, coupled with lower ability to pay.
Moreover, the company provided connections under the SAUBHAGYA
scheme and the payment against the bills raised has been low,
resulting in significant debtor provisions (FY20:INR2,332 million,
FY19: INR1,455 million). Given the weak operational cash flow
generation, SOUTHCO relies on support from the GoO, and the payment
flexibility on the power purchased from GRIDCO, which is the sole
power supplier to SOUTHCO. At FYE20, the company had outstanding
interest-free loans from the GoO of INR732.5 million, which would
be convertible to grant on pro-rata basis subject to the
achievement of average AT&C loss reduction of 3% over a period of
three years; and the payable to GRIDCO stood at INR7,503 million
(FYE19: INR7,174 million).

Liquidity Indicator - Poor: The liquidity position of SOUTHCO post
the sale of license to TPSODL would be poor, given the shift of the
bank balances, according to the OERC directive. Additionally,
SOUTHCO would have a combined liability of INR21 billion towards
trade payables and employee liabilities with visible inflows only
from realization of past debtors.  Pre-transfer of license,
SOUTHCO's use of working capital limits of INR720 million was
around 100% during the 12 months ended November 2020. The company
has additionally availed bank limits of INR668 million (FY19:
INR829 million) against 100% cash margin. It had a cash balance of
INR1,503 million (FYE19: INR2,113 million) and employee related
liabilities of INR11,229 million at FYE20 (FYE19: INR10,707
million), resulting in underfunded employee liabilities and high
payables of INR9,874 million (INR7,174 million). The company had
cash flow from operations of INR909 million in FY20 (FY19: INR790
million), despite the weak EBITDA, on account of i) an increase in
trade payables which offset the increase in the trade receivables
and ii) higher accretion to employee liabilities. The net interest
expense  (gross interest expense – interest income) stood at
INR49 million (FY19: INR73 million). The company does not have any
debt repayments.

RATING SENSITIVITIES

Ind-Ra will resolve the RWP on the rated debt instruments post the
completion of transfer of the bank limits to the new entity TPSODL.


The agency will resolve the RWN on the issuer rating after
receiving clarity on the business profile of SOUTHCO.

COMPANY PROFILE

SOUTHCO was formed in March 2015, post the revocation of license of
Southern Electricity Supply Company of Odisha Limited. SOUTHCO
operates in 47,000 sq km geographical area and provides electricity
to about 1.6 million consumers in its licensed area. According to
FY20 financials, the company's revenue was INR13,049 million and
total debt outstanding was INR2,121 million.


STEEL AND METAL: Ind-Ra Affirms 'BB+' LongTerm Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised Steel and Metal
Tubes (India) Private Limited's (SMT) Outlook to Stable from
Negative while affirming its Long-Term Issuer Rating at 'IND BB+'.


The instrument-wise rating actions are:

-- INR110.00 mil. Fund-based limit affirmed; Outlook revised to
     Stable from Negative with IND BB+/Stable/IND A4+ rating; and

-- INR180.00 mil. Non-fund-based limit affirmed with IND A4+
     rating.

The Outlook revision reflects an increase in SMT's receivables and
cash flow from operations, leading to an improvement in its
liquidity.

KEY RATING DRIVERS

Liquidity Indicator - Stretched: SMT's average use of its
fund-based limits stood at 44.11% for the 12 months ended November
2020. Its cash flow from operations turned positive to INR52.17
million in FY20 (FY19: negative INR28.62 million) on account of an
improvement in receivables to INR139.64 million (INR203.43
million). Cash and cash equivalents increased to INR7.06 million at
FYE20 (FYE19: INR0.01 million). The company did not avail the
Reserve Bank of India-prescribed moratorium for the existing
facility. However, it availed a working capital term loan of
INR13.10 million under the guaranteed emergency credit line and a
working capital demand loan of INR13 million. The working capital
cycle stood at 38 days in FY20 (FY19: 32 days). The company
maintains low inventory, owing to volatility in hot-rolled coil
prices. In the normal course of business, SMT provides a credit
period of around one month to its customers and receives the same
from its suppliers.

The affirmation reflects SMT's continued medium scale of
operations, despite a decline in the revenue to INR1,118.11 million
in FY20 (FY19: INR1,610.64 million). The decline in revenue was due
to a shift in the company's focus towards the sale of high-margin
products, as well as the COVID-19 led economic disruptions. The
company achieved net sales of INR655.45 million till November 2020.
Ind-Ra expects the revenue to remain at a similar level in FY21,
mainly due to muted demand from customers owing to the COVID-19
pandemic.

The ratings also factor in SMT's continued modest EBITDA margin of
3.01% in FY20 (FY19: 1.84%) with a return on capital employed of
9.7% (7.9%). The margin improvement was driven by favorable price
movements, cost reduction measures adopted by the company as well
as increased focus on the sale of high-margin lighting poles.
Ind-Ra expects the EBITDA margin to remain modest in FY21.

The ratings also continue to reflect SMT's moderate credit metrics
as indicated by interest coverage (operating EBITDA/gross interest
expense) of 2.26x in FY20 (FY19: 2.12x) and net leverage (total
adjusted net debt/operating EBITDAR) of 3.04x (6.34x). The
improvement in the credit metrics was on account of a decrease in
the total debt to INR109.56 million (INR187.99 million) and an
improvement in the absolute EBITDA to INR33.67 million (INR29.65
million). Ind-Ra expects the credit metrics to deteriorate
marginally in FY21, due to an increase in the debt levels.

The ratings also remain supported by the promoters'
three-decade-long experience in the iron and steel industry.

RATING SENSITIVITIES

Negative: A significant decline in the scale of operations, leading
to a further deterioration in the credit metrics, resulting in the
interest coverage declining below 2.0x on a sustained basis, will
be negative for the ratings.

Positive: A substantial growth in the revenue along with an
improvement in the operating EBITDA margin, leading to a sustained
improvement in the credit metrics will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 1971 as a private limited company, SMT was
reconstituted as a deemed limited company in July 1984. The company
manufactures electric resistance welded pipes and tubes. It has a
50,000-tonne per annum manufacturing plant in Ghaziabad, Uttar
Pradesh.



VASANTDADA NAGARI: India Central Bank Cancels Bank's License
------------------------------------------------------------
The Reserve Bank of India (RBI) has, vide order dated January 8,
2021 cancelled the licence of Vasantdada Nagari Sahakari Bank Ltd.,
Osmanabad, Maharashtra to carry on banking business, with effect
from the close of business on January 11, 2021. The Commissioner
for Cooperation and Registrar of Cooperative Societies (RCS),
Maharashtra has also been requested to issue an order for winding
up the bank and appoint a liquidator for the bank.

The Reserve Bank cancelled the licence of the bank as:

   * the bank has failed to comply with the requirements of Section
11(1) read with Section 56 of BR Act;

   * the bank has become disentitled to carry on the business of
banking in India, by reason of the cancellation of its licence
issued to it by the Reserve Bank of India, under Section 22(1) read
with Section 56 of BR Act as it has failed to comply with the
requirements of Section 22(3) (a), 22(3) (b), 22(3) (c), 22(3) (d)
and 22(3) (e) of BR Act;

   * continuance of the bank is prejudicial to the interests of its
depositors;

   * the bank with its present financial position would be unable
to pay its present depositors in full; and

   * it is necessary in public interest and for preventing the
affairs of the bank being conducted in a manner detrimental to the
interests of its depositors to wind up the affairs of the bank;

Consequent to the cancellation of its licence, Vasantdada Nagari
Sahakari Bank Ltd., Osmanabad, Maharashtra is prohibited from
conducting the business of ‘banking’ which includes acceptance
of deposits and repayment of deposits as defined in Section 5(b)
read with Section 56 of the Banking Regulation Act, 1949 with
immediate effect.

With the cancellation of licence and commencement of liquidation
proceedings, the process of paying the depositors of Vasantdada
Nagari Sahakari Bank Ltd., Osmanabad, Maharashtra as per the DICGC
Act, 1961 will be set in motion. On liquidation, every depositor is
entitled to repayment of his/her deposits up to a monetary ceiling
of INR5,00,000/- (Rupees Five lakh only) from the Deposit Insurance
and Credit Guarantee Corporation (DICGC) as per usual terms and
conditions. More than 99% of the depositors of the bank will get
full repayment of their deposits from DICGC.

VIJAYA LAKSHMI: CARE Lowers Rating on INR15cr LT Loan to B-
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vijaya Lakshmi Enterprises (VLE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       15.00      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 9, 2019, placed the
rating(s) of VLE under the 'issuer non-cooperating' category as VLE
had failed to provide information for monitoring of the rating. VLE
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and an
e-mail communications/letters dated from January 2020 to December
31, 2020. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on December 9, 2019 and March 1, 2019
the following were the rating strengths and weaknesses:

Key Rating Weakness

* Small scale of operations and fluctuating total operating income
during the review period: The firm has a track record of five
years, however, the total operating income (TOI) of the firm
remained low at INR20.78 crore in FY18 with a low net worth base of
INR3.63 crore as on March 31, 2018 as compared to other peers in
the industry. The total operating income of the firm is seen
fluctuating during the review period. The total operating income
has decreased from INR41.14 crore in FY16 to INR15.97 crore in FY17
since the firm has started doing processes like threshing etc.
through outsourcing and then trading. However the total operating
income increased to INR20.78 crore in FY18 due to increase in sales
volume at the back of repetitive orders from existing customers.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure of the firm marked by overall gearing stood
leveraged during the review period. The overall gearing of the firm
deteriorated from 1.48x as on March 31, 2016 to 3.97x as on March
31, 2018 due to increase in debt levels at the back of increase in
utilization of working capital limits. The debt coverage indicators
marked by interest coverage and TD/GCA remained weak during the
review period. The PBILDT interest coverage ratio has deteriorated
from 1.38x in FY16 to 1.06x in FY17 due increase in interest cost
at the back of high utilization of working capital. The TD/GCA has
deteriorated from 16.35x in FY 16 to 152.77x in FY18 due to due to
increase in debt levels at the back of increase in utilization of
working capital limits.

* Fluctuating PBILDT margins during the review period: PBILDT
margins of the firm are seen fluctuating during the review period.
The PBILDT margin of the firm has increased from 3.65% in FY16 to
11.70% in FY17 on account of firm started doing processes like
threshing etc. through outsourcing and then trading. However the
PBILDT margin decreased to 10.11% in FY18 due to increase in prices
of raw material (tobacco) cost in FY18. The PAT margins of the firm
are seen declining during review period. The PAT margin has
decreased from 0.77% in FY16 to 0.31% in FY18 on account of
increase in interest cost at back of increase in utilization of
working capital bank facilities as the operations of the firm are
working capital intensive owing to trading nature of business.

* Vulnerability of the tobacco business to government regulations
and to climatic risks affecting tobacco availability: Tobacco
products form a major source of revenue in the form of taxes to
both central as well as state government and hence there are
regular modifications in taxation laws/tax rates with respect to
the same. Due to the harmful nature of the product, the various
state governments have banned Manufacture and sale of various
tobacco products under the Food Safety and Standards (Prohibition
and Restrictions on Sales) Regulations, 2011 and availability of
tobacco is highly susceptible to the factors like area under
cultivation, Climatic risk, crop yield. Hence, the profitability
margins of the firm are vulnerable to government regulations on
tobacco products and availability of tobacco.

* Working capital intensive nature of operations due to high
inventory holding period: The firm has working capital intensive
nature of operations due to high inventory holding period. Owing to
trading nature of business and availability of tobacco is seasonal
in nature (susceptible to climatic risks), the firm has to buy the
tobacco depending on availability. Due to market demand
fluctuations, the firm holds the inventory till it gets better
pricing. Hence the firm has elongated inventory holding period of
357 days in FY18. As the firm is purchasing Virginia tobacco on
auction platforms, the average creditor's payment period is 1-15
days. The firm receives the payment from its customers within 1-30
days from the date of invoice depending on the relationship. The
operating cycle of the firm is stood at 352 days in FY18. Average
working capital utilization of the firm during the last 12 months
period ended December 31, 2018 is 95%.

* Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: VLE, being a partnership firm, is
exposed to inherent risk of the partner's capital being withdrawn
at time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover, partnership
firm business has restricted avenues to raise capital which could
prove a hindrance to its growth. The partners have withdrawn
capital to the tune of INR0.04 crore in FY17 and FY18.

Key Rating Strengths

* Moderate track record and experience of the promoters in tobacco
business: Andhra Pradesh based, Vijaya Lakshmi Enterprises (VLE)
was established in October 2013 as a partnership firm, by
Mr.D.Satyanarayana and Mr.D.Jaya Lakshmi. Mr.D.Satyanarayana is a
graduate (M.B.A.) by qualification and has 20 years of experience
in tobacco business. The firm is also supported by Mr.Poorna
Chandra Rao (Father of Mr.D.Satyanarayana) who is a qualified
graduate and has around 30 years of experience in tobacco business.
The above factors helped the firm in approaching tobacco boards for
purchasing tobacco in auction platforms and to establish
relationship with customers.

* Reputed Clientele base and favorable location for doing tobacco
business: The firm has reputed client base like ITC Limited,
Alliance One Industries Private Limited, Premier Tobacco Packers
who are into the business of selling cigarettes and exporting
tobacco related products. The firm has ease of approaching the
suppliers of tobacco as the firm is having its administrative
office cum godown at Tangutur (Andhra Pradesh) which is located in
the major tobacco growing area in Andhra Pradesh.

* Stable outlook of tobacco industry: Cigarettes currently
represent one of the most popular forms of tobacco, accounting for
nearly 90% of the global tobacco sales value. The global cigarette
market today represents a multi-billion dollar market and according
to IMARC group, its total revenues reached values worth US$ 816
Billion in 2017, representing a CAGR of around 7% during 2009-2017.
Despite falling volumes in developed markets as a result of an
increasing awareness on the harmful effects of cigarette smoking,
manufacturers have been able to increase value growth. Factors
driving the cigarette market include a continuous increase in the
prices of cigarettes and an increasing popularity of premium
products. Another major factor driving the growth is the rising
consumption of cigarettes in developing countries. Owing to the
aforementioned reasons, the outlook for tobacco industry looks
stable for the medium term.

Andhra Pradesh based, Vijaya Lakshmi Enterprises (VLE) was
established in October 2013 as a partnership firm, by
Mr.D.Satyanarayana and Mr.D.Jaya Lakshmi. Vijaya Lakshmi
Enterprises (VLE) is an authorized licensed dealer in tobacco
registered with Tobacco Board for trading of Virginia tobacco. VLE
is mainly engaged in trading of Virginia tobacco. The firm
purchases the raw material i.e., Wet Virginia tobacco through the
competitive bidding process conducted by Tobacco Board (TB) at
Andhra Pradesh location. The TB collects the tobaccos from farmers,
who are licensed holder to grow any particular tobacco. Further,
these tobaccos are put in tender process. After successfully
winning the tender, the firm processes the Virginia tobacco
manually by separating the tobacco leaves, with the help of local
contractual workers. After separation of tobacco leaves, the firm
outsources the process like threshing. Threshing process involves
conditioning of tobacco with heat and moisture, and finally
re-drying the Virginia tobacco. The processing unit for separation
of tobacco leaves is located at Tangutur which is 20 km away from
Ongole, where tobacco is one of the major crops. Till FY16, the
firm was into trading of tobacco directly without processing.
However, from FY17 the firm has started doing processes like
threshing etc. through outsourcing and then trading.

YOGESH POULTRY: CARE Lowers Rating on INR8.04cr LT Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Yogesh Poultry and Breeding Farm (YPB), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.04       CARE B; Stable, ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 23, 2019, placed the
rating of YPB under the 'issuer non-cooperating' category as YPB
had failed to provide information for monitoring of the rating. YPB
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated December 28, 2020, December 22, 2020, and
December 21, 2020. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating.

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

Detailed description of the key rating drivers

The long term rating has been revised on account of Inherent risk
associated with poultry industry coupled with high competition from
local players and partnership nature of its constitution.

Key rating Weaknesses

* Inherent risk associated with poultry industry coupled with high
competition from local players: Poultry industry is driven by
regional demand and supply because of transportation constraints
and perishable nature of the products. Low capital intensity and
low entry barriers facilitate easy entry of players leading to a
large unorganized sector. Poultry industry is also vulnerable to
outbreaks of diseases, which could lead to decline in the sales
volume and selling price. Diseases can also impact production of
healthy chicks. The inherent industry risk will, however, continue
to be a constraint for players in the poultry industry. The
spectrum of the poultry industry in which the firm operates is
highly competitive marked by the presence of numerous players in
India. Given the fact that the entry barriers to the industry are
low, the players in the industry do not have pricing power and are
exposed to competition induced pressures on profitability.

* Partnership nature of constitution: Yogesh Poultry and Breeding
Farm (YPBF) constitution as a partnership firm has the inherent
risk of possibility of withdrawal of the partner's capital at the
time of personal contingency and firm being dissolved upon the
death/retirement/insolvency of partner.

Key rating strengths

* Experienced partners in poultry: Mr. Rajesh Kumar has experience
of around two decades in the poultry business through his
association with YPBF whereas Mrs. Savita Devi has an experience of
around a decade in poultry business through her association with
this entity along with her association with group concern i.e.,
Atul Poultry Farm (APF, engaged in similar business operations).
Both the partners look after the overall operations of the firm.

Haryana-based, Yogesh Poultry and Breeding Farm (YPBF) was
established in February 2014 as a partnership firm by Mr. Rajesh
Kumar and Mrs. Savita Devi, sharing profit and losses equally, the
firm has succeeded an erstwhile proprietorship firm, Yogesh Poultry
Farm established in 1997. YPBF is engaged in poultry business which
includes broiler farming, layer farming, and broiler hatchery which
involves growing of one day chick into egg laying birds.
Subsequently the eggs laid by them are artificially incubated into
chicks (incubation time is 21 days). The processing facility of the
firm is located at Bhiwani, Haryana with a breeding capacity of
195,000 chicks in broiler facility, 108,000 chicks for its layer
farming facility, 25,000 parent birds for its hatchery facility as
on December 30, 2018.



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

SAKA ENERGI: S&P Downgrades ICR to 'B' on Dwindling Production
--------------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on PT
Saka Energi Indonesia's (Saka Energi) and the issue rating on its
US$625 million senior unsecured notes to 'B' from 'B+'.

The negative outlook reflects the risk of a liquidity crunch at
Saka Energi if Saka Energi's parent PT Perusahaan Gas Negara Tbk.
(PGN) fails to extend the maturity of outstanding shareholder loans
or provide other forms of liquidity support within the next six to
nine months.

Saka Energi's underinvestment over the past three years will limit
its future earnings potential. S&P said, "We now expect Saka
Energi's production in 2021 and 2022 to be between 27 thousand
barrels of oil equivalent per day (kboe/d) and 30 kboe/d due to a
scale-back in production from weaker hydrocarbon demand and
continued operational delays in production accretion from its
Pangkah block. That's about 25% less than we had earlier
anticipated. We project the West Pangkah oil field to yield an
additional 5 kboe/d starting in February 2021 and the Sidayu gas
field to yield an additional 4 kboe/d starting June 2021." However,
failure to execute and bring the additional production online in a
timely manner will further weigh on Saka Energi's production and
earnings potential over the next 12-18 months.

S&P said, "Our base case currently assumes an EBITDA of US$180
million–US$200 million under our revised production assumption,
with Brent crude oil averaging US$50 per barrel (bbl) for 2021 and
2022, and Henry Hub averaging US$2.75 per million British thermal
units (mmBtu) for 2021 and US$2.5/mmBtu for 2022. This compares
with our previous expectations for Saka Energi to achieve an EBITDA
of US$250 million in 2021. We estimate that a US$5/bbl change in
Brent prices will translate into an incremental EBITDA of about
US$25 million. This implies that Saka Energi's EBITDA generation
will likely not recover to the US$250 million level observed in
2018, as we currently do not envisage oil prices to quickly recover
above US$60/bbl over the next 12-18 months.

"In our view, Saka Energi has limited upside to its production
profile beyond the additional output from its Pangkah block in
2021, thereby constraining its future cash flow generation."

This stems from its underinvestment in its business. Over the past
three years, Saka Energi's production declined by half as the
company reduced its capital expenditure in 2018-2020 to an
estimated total of US$375 million from a total of US$900 million in
2015-2017.

S&P said, "Saka Energi's reduced earnings are likely to weigh on
its cash flow adequacy. We now project Saka Energi's ratio of funds
from operations (FFO) to debt will be below 12% over 2021-2022,
assuming a maximum EBITDA of US$200 million. That level is more
commensurate with a 'b-' stand-alone credit profile, given the
company's increasingly narrow earnings streams and diversity. We
had earlier anticipated an FFO-to-debt ratio of about 15%.

"At the same time, we forecast that Saka Energi will generate
negative free operating cash flow of less than US$25 million
annually, given our assumption that the company will spend a
minimum of US$125 million a year to maintain its production profile
between 25 kboe/d and 30 kboe/d. This underpins our view that Saka
Energi's adjusted debt will remain broadly stable at US$1.1
billion-US$1.2 billion over 2021-2022, in the absence of a cash
burn that is larger than we expect."

Reduced earnings, the need to stabilize production, and the
unexpected repayment of part of Saka Energi's shareholder loan will
weaken its liquidity.

The company's liquidity position is likely to further erode into
2022 because of PGN's unexpected decision to extend just half of a
US$155 million shareholder loan by only a year to January 2022.
Additional uncertainty could arise, given PGN has also postponed
its decision on the maturity of a US$283 million shareholder loan
to later this year, potentially resulting in a looming US$360
million maturity in January 2022. S&P said, "We had previously
assumed that PGN would continue to extend meaningfully all
outstanding shareholder loans and allow Saka Energi to bolster its
liquidity amid reduced earnings and high reinvestment needs when we
lowered the ratings on Saka Energi in June 2020."

S&P said, "In our opinion, the unexpected US$77 million repayment
to PGN will further erode Saka Energi's liquidity amid tax disputes
and low hydrocarbon prices, and hinder the company's efforts in
securing further external financing.

"We estimate Saka Energi's cash was about US$230 million as of Dec.
31, 2020, with an estimated undrawn facility of US$30 million.
Given our projection of marginally negative discretionary cash
flows, the cash call from PGN in January 2021 and the US$127
million of tax penalty owing to the Indonesian tax authorities
would consume almost all of Saka Energi's cash in 2021. While we do
not anticipate the full amount of tax penalty to be immediately
payable in one lump sum, the reduced cash buffer and limited
available bank facilities coupled with pressing investment needs
will result in limited headroom to withstand any unexpected use of
cash.

"Our 'B' rating on Saka Energi captures our view that PGN has no
economic or reputational incentive to redeem the outstanding
shareholder loans until the company's liquidity stabilizes."

Saka Energi's 'b-' stand-alone credit profile will remain dependent
on PGN's willingness to extend at least US$283 million of the
outstanding shareholder loans maturing in 2022.

S&P said, "The cross-default clauses in PGN's outstanding notes
still provide PGN, in our view, a sufficiently strong incentive to
extend the large majority of shareholder loans due in 2022. This is
despite Saka Energi's diminishing strategic fit within the wider
PGN group, which we had highlighted in June 2020 when we lowered
the ratings to 'B+'. Financial distress at Saka Energi caused by
PGN's unwillingness to extend its shareholder loan is likely to
affect its own reputation with domestic and international capital
providers. It could also complicate PGN's operating and financial
relationship with ultimate parent PT Pertamina (Persero), which
also has cross-default clauses under its own outstanding bonds.

"Our 'B' rating on Saka Energi assumes that PGN will extend the
maturity of the bulk of the remaining shareholder loans well beyond
2022 and calibrate any intermediate repayment to the liquidity
profile of Saka Energi." This support will be increasingly called
into question if an extension is not made in a timely manner and
with certainty. The absence of a formal extension of the maturity
of outstanding shareholder loans by PGN within the next six to nine
months may indicate waning support and could lead to a multiple
notch downgrade of Saka Energi.

The negative outlook reflects the prospect of a downgrade within
the next six to nine months if PGN fails to extend the maturity of
outstanding shareholder loans or provide other forms of liquidity
support, thereby creating a liquidity crunch at Saka Energi.

S&P said, "We may lower the rating on Saka Energi by one or more
notches if we observe a further dilution of the relationship
between Saka Energi and PGN. This would most likely materialize if
PGN does not extend the maturity of outstanding shareholder loans
within the next six to nine months or provide other forms of
liquidity support, leading to mounting refinancing risk at Saka
Energi.

"We may revise the outlook back to stable if PGN shows timely
support by extending all shareholder loans maturity well beyond the
next 24 months, helping Saka Energi to avert a maturity wall in
2022."

An outlook revision back to stable will also be contingent upon a
stabilization of Saka Energi's production at almost 30 kboe/d,
which would support an EBITDA generation of close to US$200 million
annually under our current price assumption.

Saka Energi conducts hydrocarbon exploration and production in
Indonesia. As of June 30, 2020, Saka Energi had proven and probable
reserves of 81.1 million boe. The company holds working interests
in 11 oil and gas blocks, five of which are producing. For the
first nine months of 2020, Saka Energi reported net production of
25.7 kboe/d. Saka Energi is wholly owned by natural gas
distribution and transmission company PGN. In turn, PGN is 56.9%
owned by national oil company, Pertamina.




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

CENTRAL JAPAN: 9,500 Staff to Take Leave Amid Lower Travel Demand
-----------------------------------------------------------------
Japan Today reports that Central Japan Railway Co said on Jan. 15
about 9,500 employees will take several days off in the period
between Jan 25 and the end of February, as travel demand has
declined amid a resurgence of coronavirus infections.

According to Japan Today, the railway company, which operates
shinkansen (bullet train) services connecting Tokyo and Osaka,
decided to introduce such a measure for the first time since its
founding in 1987 following the privatization of the state-owned
Japanese National Railways.

During the period, the railway operator plans to allow about 400
employees per day to take paid leave. The program, which is also
aimed at preventing virus spread among employees, will cover train
drivers, conductors, mechanics and station staff, it said, the
report relays.

Japan Today relates that the Japanese government on Jan. 13
expanded a state of emergency over the virus pandemic to seven
prefectures including Aichi, where the railway operator is
headquartered, after issuing it last week to cover Tokyo, Chiba,
Kanagawa and Saitama.

Following the emergency declaration, the railway company started
reviewing its initial operation plan, expecting the number of train
passengers to further decrease, the report relays.

Japan Today adds that the company said it has decided to cancel
1,546 bullet train services on the Tokaido Shinkansen line between
Jan. 18 and Feb. 28.

Central Japan Railway Company is a Japan-based company mainly
involved in the provision of railway services. The Company operates
in three business segments. The Transportation segment is engaged
in the operation of Tokaido Shinkansen railways and the
conventional railways in the Tokai area, as well as the provision
of bus services. The Distribution segment is engaged in the
operation of department stores in JR central towers, as well as the
merchandising business in train compartments and stations. The Real
Estate segment is engaged in the leasing and sale of station
buildings and other real estate. The Company is also engaged in the
operation of hotels, tourism and advertising businesses, the
manufacture of railway vehicles, as well as the provision of
maintenance, inspection and repair services for various equipment.



===============
M O N G O L I A
===============

MONGOLIAN MORTGAGE: S&P Affirms 'B' LT ICR, Outlook Stable
----------------------------------------------------------
S&P Global Ratings affirmed its 'B' long term issuer credit rating
on Mongolian Mortgage Corp. HFC LLC (MIK). The outlook is stable.
Additionally, S&P affirmed its 'B' short-term issuer credit rating
on the company. S&P also affirmed its 'B' long-term issue rating on
the company's senior unsecured notes due January 2022.

At the same time, S&P assigned its 'B' long-term issue rating to a
proposed issue of U.S.-dollar-denominated senior unsecured notes by
MIK. The rating on the proposed notes is subject to its review of
the final issuance documentation.

MIK is a Mongolia-based issuer of mortgage-backed securities.

S&P said, "We affirmed our ratings on MIK because we expect the
company to continue to earn a satisfactory margin in its
liquidity-provider mortgage loan business over the next 12 months
while managing underlying credit risk. We also expect the recourse
in this business to remain effective.

"We equalize the rating on the proposed notes with the issuer
credit rating on MIK. That's because the proposed notes will
constitute direct, unsecured, and unsubordinated obligations of
MIK. And they shall at all times rank at least equally with all
other unsecured and unsubordinated obligations of the company.

"MIK intends to use the proceeds to fund a tender offer for its
existing notes maturing January 2022. We see this as the company
seeking to proactively manage its financial obligations and
lengthening debt maturities. We note the tender offer can be
cancelled at the sole discretion of MIK. In the event the company
does not proceed with the proposed issuance, we believe it is
likely to fall back on other liquidity sources for the January 2022
notes repayment. These include maturing mortgage loans from its
liquidity-provider mortgage loan business, which have recourse
against underwriting banks.

"The proceeds will also be used to purchase additional mortgages
with recourse under the liquidity-provider business as well as for
general corporate purposes. We expect MIK to fully hedge its
foreign exchange risk arising from the principal of the proposed
notes, as it did with its existing notes.

"MIK Holding JSC's guarantee for the proposed issue by MIK does not
provide incremental credit strength to the proposed issue, in our
view. That's because the guarantor is likely to have the same
creditworthiness as MIK, irrespective of whether the guarantee
meets our criteria for rating substitution.

"In our view, the COVID-19 pandemic has not significantly increased
credit losses for MIK, partly because of the recourses."

That said, the effectiveness of the recourse clauses as well as the
risks attached to the underlying mortgage loans purchased under the
liquidity-provider business could be tested under a stress
situation. Given the regulator's forbearance policies implemented
on pandemic-related stress and mortgage loans, we do not rule out
the possibility that banks take a reluctant response to recourse
should it be activated. So far, the recourse clause under the
liquidity-provider mortgage loan business has been performing.

While recourse arrangements provide MIK with credit risk
mitigation, large mortgage portfolio repurchases by participating
banks could hurt MIK's net interest margins, especially considering
the impact of lower policy rates on re-invested funds. Net interest
margins could also decline if the company does not reinvest the net
new funds raised from the proposed notes in a timely manner, which
may temporarily result in negative interest carry. Such factors
have hurt MIK's earnings in the past.

Lower policy rates could more materially reduce the gross yield on
the liquidity-provider mortgage loan business. This is even though
MIK continues to make a sizable margin if bond refinancing costs
remain broadly where they are or lower. Also, foreign exchange
hedging costs could moderately increase compared to the company's
last issuance.

S&P said, "We expect MIK's risk-adjusted capital ratio, over the
next 12-24 months to trend above 7%, the threshold to maintain our
capital, leverage and earnings (CLE) assessment and rating at the
current level. This is a significant improvement from 5.3% at
end-2019 due to a reduction in risk-weighted assets in the second
half of 2020 as a result of some mortgage portfolio buybacks by
banks. The company's steady earnings accumulation and reduction of
risk-weighted assets following the notes redemption in January 2022
will likely support the improving CLE trend. This is
notwithstanding the risks around the base case net interest margins
we assumed on MIK's liquidity-provider mortgage loan business.

"We expect a temporary increase in MIK's leverage in 2021 from the
new issuance and tender offer. We forecast a 3:2 split between
residential and commercial real estate mortgages in the
liquidity-provider business with some sizable participation of the
tender offer. Our assessment of MIK's CLE also considers the
recurring income from the company's capital-light securitization
business."

Under the securitization business, MIK purchases residential
mortgages disbursed under the government-led subsidized mortgage
program. The purchased mortgage receivables are offloaded to
special-purpose companies as a true sale and securitized under a
pass-through structure. Hence, the holders of the residential
mortgage-backed securities bear the underlying credit risk from the
pooled mortgages.

Under the liquidity-provider mortgage loan business, MIK purchases
non-subsidized mortgage receivables from commercial banks to hold
on its balance sheet. These mortgage receivables have recourse
clauses that require originating banks to replace or buy back
delinquent mortgage receivables.

S&P said, "We expect MIK to maintain its very important role and
very strong link with the Mongolian government. That said, MIK will
likely not benefit from any extraordinary government support given
the sovereign's weak capacity to extend support.

"The stable outlook on MIK mainly reflects our view that MIK's
capitalization will steadily improve to an adequate level with a
RAC ratio of above 7% over the next 12-24 months. The improvement
will be fueled by satisfactory net interest margin, recurring
profit streams, modest asset growth, and reasonably low credit
losses backed by fairly effective recourse arrangements.

"We also expect MIK to maintain its solid market position, and
stable funding and liquidity profiles over the same period.

"At the same time, the outlook on MIK reflects the outlook on the
sovereign credit rating on Mongolia.

"We will downgrade MIK if we lower the rating on Mongolia.

"We will also downgrade MIK if the company's RAC ratio does not
steadily improve to above 7% on a sustained basis. This could
happen if MIK continues to grow its liquidity-provider business,
particularly commercial real estate mortgages. This could also
happen if a significant economic downturn in Mongolia leads to
unexpected losses or profitability pressure, reducing the company's
internal capital generation.

"We could also downgrade MIK if the company faces increasing
liquidity risks, particularly connected to its notes repayment in
January 2022.

"We could also downgrade MIK if its ability to manage underlying
credit risk significantly weakens.

"We believe an upgrade is highly unlikely over the next 12-18
months. This is because: (1) we believe MIK's stand-alone credit
profile is not likely improve during this time; and (2) the ratings
on MIK would be constrained by the sovereign ratings on Mongolia."




=====================
N E W   Z E A L A N D
=====================

H&J SMITH: To Close Dunedin Store on January 30
-----------------------------------------------
Otago Daily Times reports that the Meridian Mall is still searching
for a new tenant to replace the H&J Smith department store, which
is due to close on January 30.

H&J Smith was an anchor tenant in the George St retail complex.

A spokeswoman for mall owner Oyster Property Group said on Jan. 14
a replacement tenant was yet to be confirmed for the prime central
city site, ODT relays.

H&J Smith confirmed in June last year it would close both its
Dunedin and Mosgiel stores, due to rising costs and the effect
Covid-19 had had on trade.

A new operator has since been found for its Mosgiel store, which
will relaunch under a new name in February.

A clearance sale is now on at both stores, the report notes.



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

EASTAR JET: Files for Court Receivership
----------------------------------------
Reuters reports that Eastar Jet filed for court receivership last
week, a Seoul court said on Jan. 15, as the pandemic-hit budget
airline fights for its survival, considering options such as a
merger and acquisition among strategies to stay in business.

Reuters relates that the airline laid off about 700 of roughly
1,600 employees last April due to the coronavirus fallout and has
struggled to find a strategic investor since July, when No.1 budget
carrier Jeju Air Co Ltd scrapped a plan to acquire it.

"The Seoul bankruptcy court plans to find a way for the debtor to
continue to utilize its expertise and know-how related to the
domestic and international air transport industry through M&A," the
court said in a statement, Reuters relays.

It ordered preservation measures to prevent creditors from seizing
or selling Eastar Jet's assets and freeze bonds before its
rehabilitation effort begins, paving the way for the financially
troubled carrier to find an investor, Reuters says.

Eastar Jet flew 35 routes with 19 planes, including two Boeing 737
MAX aircraft as of March, a regulatory filing shows. It has about
550 employees since January, the court said.

SSANGYONG MOTOR: Talks With Acquirer, Lender in Stalemate
---------------------------------------------------------
Business Korea reports that Mahindra & Mahindra, HAAH Automotive
Holdings and the Korea Development Bank (KDB) are failing to reach
an agreement on whether Mahindra & Mahindra has to remain in
SsangYong Motor as a shareholder. HAAH is a potential SsangYong
acquirer and the KDB is the main creditor bank to SsangYong.

The four sides had a meeting on Jan. 12 and reconfirmed their
different views, the report says. The current issue is whether
Mahindra & Mahindra has to maintain its position as a shareholder
after the management rights are transferred to HAAH. At present,
Mahindra & Mahindra owns 74.7 percent of SsangYong and the plan of
the KDB and HAAH is a share issuance for HAAH's 51 percent
ownership. Then, Mahindra & Mahindra’s stake will fall to 37.9
percent.

According to Business Korea, the KDB and HAAH are calling for
Mahindra & Mahindra to remain in SsangYong as the largest
shareholder until its business returns to normal. This is because
SsangYong has to repay overdue loans from foreign banks and
Mahindra & Mahindra’s stake exceeding 51 percent is stipulated as
a requirement in the loans. In other words, the KDB and HAAH are
calling for Mahindra & Mahindra to extend the borrowings on its own
responsibility.

Business Korea says Mahindra & Mahindra wishes to completely leave
SsangYong after selling its shares. The largest shareholder is
adamant and any agreement is unlikely in the near future. SsangYong
is supposed to find a new investor and submit its restructuring
plan to creditors by Feb. 28.

                       About Ssangyong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of rexton sports, korando,
korando sports, korando turismo, tivoli, tivoli air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.

SsangYong Motor Co. on Dec. 21, 2020, filed for court receivership
as it struggles with snowballing debts amid the COVID-19 pandemic,
according to Yonhap News Agency. The decision comes after SsangYong
Motor, the South Korean unit of Indian carmaker Mahindra & Mahindra
Ltd., failed to pay KRW60 billion (US$54.8 million) worth of debts
to its three creditor banks.

The state-run Korea Development Bank, the main creditor of
SsangYong, reportedly was scheduled to decide on whether to roll
over KRW90 billion in loans due Dec. 21, Yonhap said.



===============
T H A I L A N D
===============

[*] Maythawee Sarathai Joins Hunton Andrews Kurth as Partner
------------------------------------------------------------
Hunton Andrews Kurth LLP has expanded its international corporate
practice with the addition of Maythawee Sarathai as a partner in
the firm's Bangkok office. Sarathai brings more than two decades of
experience advising clients on a range of mergers and acquisitions
as well as corporate restructuring matters.

Sarathai has extensive experience in negotiating and documenting
multinational cross-border investments for M&A transactions in
Thailand, and has advised both local and international clients on
distressed-asset sales and purchases.

He advises creditors, liquidators, planners, plan administrators,
special managers and debtors on all aspects of corporate lending,
restructuring and insolvency. His practice also includes advising
clients on distressed debt situations including settlement,
recovery and enforcement strategies, and business and asset
reorganization.

"Maythawee is a highly regarded lawyer with a proven track record
in M&A and corporate restructuring, particularly in the banking,
energy and consumer products sectors," said Stephen Bennett, head
of Hunton Andrews Kurth's Bangkok corporate team. "He will play a
key role in growing our practice in Thailand and beyond."

Sarathai most recently was the partner in charge of Mayer Brown's
Bangkok office. He received both his undergraduate and law degrees
from Chulalongkorn University.

Hunton Andrews Kurth's corporate team advises virtually every form
of corporate entity, from high-tech startups and mid-sized,
privately held companies to publicly traded, multinational
corporations, REITs, private equity entities of all sizes, and
multinational, national and regional banks, credit unions and other
financial institutions. The firm's clients come from the myriad
industries of today's global economy, including financial services,
energy, real estate, retail and consumer products, manufacturing
and health care.

                   About Hunton Andrews Kurth LLP

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=============
V I E T N A M
=============

ASIA COMMERCIAL: Fitch Affirms B+ LongTerm IDR
----------------------------------------------
Fitch Ratings has revised the Outlook on Asia Commercial Joint
Stock Bank's (ACB) Long-Term Issuer Default Rating (IDR) to Stable
from Negative and affirmed the IDR at 'B+'.

Vietnam's economy was an outperformer in the Asia-Pacific in 2020,
avoiding a contraction in GDP in every quarter while many other
countries suffered deep recessions. Still, full-year economic
growth slowed substantially to 2.9% from 7.0% in 2019 and the 6.8%
average over 2014-2018. Unemployment also spiked in 2Q20 but has
shown signs of a gradual recovery even as underemployment remains
high. Fitch expects GDP to rebound by 7% or more in 2021 and 2022.

The recovery in economic momentum, combined with lower volatility
relative to many other markets, raises prospects that a stable
operating environment can be sustained for Vietnam's banks despite
the further - albeit reduced - downside risks to asset quality.
This should be boosted by a gradual recovery in the job market that
underpins a rapidly growing consumer banking segment, and a
burgeoning manufacturing sector, brisk trade and foreign investment
activities fuelling business opportunities in corporate banking and
treasury services. Fitch has therefore affirmed the bank's
operating environment at 'b+' with a stable outlook.

KEY RATING DRIVERS

IDRS, VR

The bank's Long-Term IDR is driven by its standalone credit
profile, as indicated by its Viability Rating (VR) of 'b+'. The
ratings take into consideration the bank's largely secured
retail-centric loan portfolio, which has helped buttress its
above-average profitability and asset quality relative to domestic
peers. It also considers the bank's thin, albeit improving,
capitalisation, the risks associated with its high growth ambitions
and its status as a mid-sized bank in Vietnam, with about 3% market
share in system assets.

The revision in the bank's rating Outlook reflects that the
stabilised operating environment should mitigate deterioration in
borrowers' debt servicing capacity, and also support the bank's
profitability in the near term.

ACB's reported non-performing loan (NPL) rose to 0.8% by
end-September 2020, from 0.5% at end-2019, reflecting the weakened
operating environment. Fitch believes that historically weak loan
classification standards in Vietnam could lead to headline NPL
ratio to understate stress in the balance sheet, and therefore
further analysis is warranted of other asset types which could also
face pressure, such as restructured loans and overall problem
assets. The deterioration in reported metrics has also been
tempered by regulatory forbearance on loan classification. This
allows banks to not classify restructured exposures affected by the
pandemic as non-performing.

ACB's problem loan ratio, which includes special mention loans
(SML) and Vietnam Asset Management Company (VAMC) bonds, of 1.1% at
end-September 2020, nevertheless, remains the lowest among its
rated local peers and the deterioration in loan quality appears to
have steadied, with the proportion of restructured loans benefiting
from the relief modestly declining to around 3.1% of its total
loans at-end September 2020 (June 2020: 3.2%). Fitch expects some
of these restructured loans to migrate to NPLs, albeit at a
manageable proportion given Vietnam's improving economic outlook
which should help support borrowers' cash flow. Against this
backdrop, Fitch has revised the outlook on the bank's asset quality
score to stable from negative.

The global economic uncertainly poses downside risks to the bank's
earnings. However, milder credit provisioning and recovering
business volumes indicate that the challenges to the bank's
profitability are likely to lessen in the near term, leading us to
revise the outlook on the bank's earnings and profitability to
stable from negative.

ACB's risk-adjusted profitability - indicated in its operating
profit/risk-weighted assets (RWA) of 2.7% in 9M20 - is better than
its local rated peers' average, helped by its better asset quality
and larger proportion of higher-yielding retail loans. The
proportion of bancassurance income is likely to increase over time
as the bank ramps up its effort to cross-sell its insurance
products, helped by its recently announced 15-year exclusive
partnership with Sun Life Financial Inc. (A+/Stable).

ACB's Fitch Core Capital (FCC) ratio of 10.1% as of end-September
2020 underpins the bank's modest loss absorption buffers against
credit impairment risks. The bank's capitalisation level is higher
than that of its state-owned peers due to its better internal
capital generation, which has also outpaced its RWA growth over the
past few years. Fitch expects this trend to continue, aiding
capitalisation. Even so, any improvement in its loss absorption
buffer is likely to remain marginal in the near term, taking into
consideration its high loan growth targets and the management's
capital management plan.

The bank has a satisfactory liquidity position, with a loan/deposit
ratio of 88% as of end-September 2020. ACB is also largely funded
by customer deposits, which account for almost 90% of its funding.
The bank has a modest reliance on foreign-currency deposits, and
about 80% of its deposits are sourced from its retail clients,
providing a degree of funding stability.

SUPPORT RATING AND SUPPORT RATING FLOOR

We have upgraded the bank's Support Rating to '4' from '5' and
Support Rating Floor to 'B' from 'B-'. The revised ratings reflect
Fitch’s view of an increased but still limited probability of
extraordinary support from the state to the bank, in times of need.
Fitch’s assessment takes into consideration the bank's status as
a mid-sized private bank in the sector, with market share of around
3% in system assets, offset against the banking system's large
footprint relative to GDP and the state's fiscal flexibility - as
reflected in the sovereign rating of 'BB'/Stable.

RATING SENSITIVITIES

IDRS, VR

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

-- Further structural improvement in the economy, which is not
    driven by credit growth far exceeding nominal GDP growth and
    leading us to reassess the banking system operating
    environment mid-point score to 'bb' range, coupled with
    similar improvements in ACB's capitalisation, such as the
    bank's FCC ratio rising to close to 12% on a sustainable
    basis, may be positive for the bank's Long-Term IDR. This
    assumes that its other financial metrics remain generally
    intact.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

-- The VR and Long-Term IDR could be downgraded if a combination
    of the following were to occur:

-- NPL ratio rising to more than 2%, supplemented by a rise in
    the problem loan ratio (which includes SML and VAMC bonds) to
    around 4% over a prolonged period;

-- Operating profit/RWA ratio falling below 1.25% on a sustained
    basis.

-- This may occur from a prolonged, sharp economic downturn,
    which leads to higher impairment and weaker loan and business
    volumes, but Fitch believes such a scenario is unlikely to
    occur in the near term.

-- Excessive growth into higher risk sectors, such as the
    unsecured loan segment or loans with higher loan/value ratios,
    that is not coupled with commensurate improvement in risk
    controls and loss absorption buffers would also pressure the
    bank's ratings.

SUPPORT RATING AND SUPPORT RATING FLOOR

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

-- ACB's Support Rating Floor is sensitive to perceived changes in
the sovereign's ability and propensity to support the bank. A
sovereign rating upgrade that is not coupled with a large increase
in system leverage may lead us to a similar upgrade in the bank's
Support Rating Floor.

Factor that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

-- A weakened sovereign ability to support the bank, as may be
reflected in a negative revision of the sovereign rating, may also
lead us to downgrade the bank's Support Rating and Support Rating
Floor.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

ESG CONSIDERATIONS

ACB has an ESG Relevance Score of '4' for Governance Structure due
to its still evolving corporate governance framework - as
indicated, for example, by the low number of independent directors
- which has a negative impact on the credit profile and is relevant
to the rating in conjunction with other factors. This is, however,
a common trait of many Vietnamese banks.

ACB also has an ESG Relevance Score of '4' for Financial
Transparency, due to Fitch’s assessment that Vietnamese banks'
financial disclosures are generally lacking relative to other
higher-rated jurisdictions which has a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors. Notwithstanding improvements in recent years, Fitch
believes that there remains a degree of opaqueness in the bank's
financial reporting, in particular the disclosure of problematic
loans, which can increase uncertainty for investors and weigh on
its rating. This is, however, also a feature that, Fitch believes,
is shared by many of its peers in Vietnam.

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 minimal credit impact on the entity,
either due to their nature or to the way in which they are being
managed by the entity.

MILITARY COMMERCIAL: Fitch Affirms B+ LT IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has revised the Outlook on Military Commercial Joint
Stock Bank's (MB) Long-Term Issuer Default Rating (IDR) to Stable
from Negative and affirmed the IDR at 'B+'.

Vietnam's economy was an outperformer in the Asia-Pacific in 2020,
avoiding a contraction in GDP in every quarter while many other
countries suffered deep recessions. Still, full-year economic
growth slowed substantially to 2.9% from 7.0% in 2019 and the 6.8%
average over 2014-2018. Unemployment also spiked in 2Q20 but has
shown signs of a gradual recovery even as underemployment remains
high. Fitch expects growth to rebound by 7% or more in 2021 and
2022.

The recovery in economic momentum, combined with lower volatility
relative to many other markets, raises prospects that a stable
operating environment can be sustained for Vietnam's banks despite
the further - albeit reduced - downside risks to asset quality.
This should be boosted by a gradual recovery in the job market that
underpins a rapidly growing consumer banking segment, and a
burgeoning manufacturing sector, brisk trade and foreign investment
activities fuelling business opportunities in corporate banking and
treasury services. Fitch has therefore affirmed the bank's
operating environment at 'b+' with a stable outlook.

KEY RATING DRIVERS

IDRS, VR

MB's Long-Term IDR is driven by its standalone credit profile, as
indicated by its Viability Rating (VR). The ratings reflect MB's
moderate franchise and acceptable asset quality metrics, which are
supported by the bank's largely secured loan portfolio and
improving economy in Vietnam following a pandemic-induced economic
slowdown. The ratings also take into consideration the bank's
profitability that is better than the peer average as well as the
adequate funding and liquidity profile. These are counterbalanced
by MB's high-risk tolerance and risks associated with rapid credit
growth in recent years. The revision in the bank's rating Outlook
reflects the stabilised operating environment which should help to
support the bank's asset quality and profitability in the near
term.

The impact of the economic slowdown on the bank's asset quality
metrics has been modest, with its problem loan ratio (which
includes special mention loans) rising to only 3.0% by September
2020 from 2.3% at end-2019, due to the government's effective virus
containment measures and various regulatory relief measures. MB's
non-performing (NPL) ratio was 1.5% as of end-September 2020, but
Fitch believes that historically weak loan classification standards
in Vietnam could lead the headline NPL ratio to understate the risk
in the bank's books, and therefore further analysis is required of
other asset types that could face heightened pressure, such as
special mention loans (SML), Vietnam Asset Management Company
(VAMC) bonds and restructured loans, if any.

We still expect some downward credit risk migration in certain
vulnerable segments, such as tourism and hospitality as well as
certain pockets of consumer and retail lending, but Fitch believes
that any deterioration is likely to be manageable given the
improving economic outlook. Against this, Fitch has revised the
outlook on the bank's asset quality score to stable from negative.

MB's operating profit/risk-weighted assets remained stable at 2.5%
in 9M20, as a rise in provisioning expense was offset by robust
bancassurance growth and better operating cost control. Margins
also remained stable, as funding costs declined in line with asset
yields, although Fitch expects some pressure on margins to persist
into 2021 given the low interest rate environment. Fitch expects
the bank's risk-adjusted returns to remain broadly stable and
outperform the peer average in the near term as loan growth
recovers and credit costs normalise in the face of improving
business conditions. Fitch has therefore revised the outlook on the
earnings and profitability score to stable from negative.

A private placement in 1Q20 together with slower credit growth
helped to improve MB's Fitch Core Capital (FCC) ratio to 10.3% by
end-September 2020 from 9% at end-2019. Nevertheless, the bank's
core capitalisation remains low compared with similarly rated
international peers and given the prevailing risks in Vietnam's
operating environment. That said, internal capital generation has
been outpacing credit growth in recent years and Fitch expects such
a trend to continue in the near term, which should support its
capital levels. Any improvement is likely to be gradual.

MB has a satisfactory liquidity position, with a loan/deposit ratio
of 90% as of end-September 2020. About 85% of the bank's funding
was sourced from customer deposits, with low-cost current and
savings accounts comprising around 34% of its deposits - among the
highest in its peer group. Fitch expects funding and liquidity
conditions to remain accommodative in the near term, with the
central bank providing liquidity backstop during times of
unforeseen need.

SUPPORT RATING AND SUPPORT RATING FLOOR

We have upgraded the bank's Support Rating to '4' from '5' and
Support Rating Floor to 'B' from 'B-'. The revised ratings reflect
Fitch’s view of an increased although still limited probability
of extraordinary support from the state, if required. Fitch’s
assessment takes into consideration the bank's status as a leading
mid-sized private bank in Vietnam, with market share of around 3%
in system loans and deposits, but offset against the outsized
banking system relative to the economy and the potential size of
assistance required given the banking system's relatively thin loss
absorption buffers.

RATING SENSITIVITIES

IDRS, VR

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

-- Sustained economic development that is not fuelled by
    excessive credit growth, leading us to revise the bank's
    operating environment mid-point score to 'bb' range, would be
    positive for the bank's Long-Term IDR and VR provided that we
    see similar improvements in MB's capitalisation, such as the
    FCC ratio rising to, and staying near, 12%. This also assumes
    that its other financial metrics remain broadly unchanged.

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

The VR and Long-Term IDR could be downgraded if a combination of
the following were to occur:

-- A rise in the NPL ratio in excess of 2% coupled with an
    Increase in the problem loan ratio (which includes SML and
    VAMC bonds) closer to 5% over a prolonged period;

-- Operating profit/risk-weighted assets ratio falling below
    1.25% over sustained period.

-- This may result from a prolonged, sharp economic downturn,
    leading to higher credit impairment and weaker loan and
    business volumes, which is not Fitch’s base expectation.

-- Faster growth into higher risk sectors, such as unsecured
    consumer finance or loans with higher loan-to-value rations,
    that is not coupled with similar improvement in loss
    absorption buffers could also be negative for the bank's Long
    Term IDR and VR.

SUPPORT RATING AND SUPPORT RATING FLOOR

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

-- MB's Support Rating Floor is sensitive to Fitch’s assessment
    Of the sovereign's ability and propensity to support the bank.
    a sovereign rating upgrade that is not coupled with an
    increase in system leverage may lead us to a similar revision
    in the bank's Support Rating Floor.

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

-- A downgrade in the sovereign rating may lead a downgrade of
    the bank's Support Rating and Support Rating Floor.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

ESG CONSIDERATIONS

MB has an ESG Relevance Score of '4' for Governance Structure due
to its evolving corporate governance framework, as reflected, for
example, by its low independent director representation, which has
a negative impact on the credit profile and is relevant to the
rating in conjunction with other factors. This is, however, a
common trait of many Vietnamese banks.

MB also has an ESG Relevance Score of '4' for Financial
Transparency due to Fitch’s assessment that Vietnamese banks'
financial disclosures are generally lacking relative to other
higher-rated jurisdictions which has a negative impact on the
credit profile and is relevant to the rating in conjunction with
other factors. Notwithstanding improvements in recent years, Fitch
believes that there remains a degree of opaqueness in the bank's
financial reporting, in particular the disclosure reported
problematic loans, which can increase uncertainty for investors and
weigh on its rating. This is, however, also a feature that, Fitch
believes, is shared by many of its peers in Vietnam.

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 minimal credit impact on the entity,
either due to their nature or to the way in which they are being
managed by the entity.

VIETCOMBANK: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Joint Stock Commercial Bank for Foreign
Trade of Vietnam's (Vietcombank) Long-Term Issuer Default Rating
(IDR) at 'BB-' and Viability Rating (VR) at 'b'. The Outlook on the
IDR is Stable.

Vietnam's economy was an outperformer in the Asia-Pacific in 2020,
avoiding a contraction in GDP in every quarter while most other
major markets suffered deep recessions. Still, full-year economic
growth slowed substantially to 2.9% from the 7.0% growth in 2019
and the 6.8% average over 2014-2018. Unemployment also spiked in
2Q20 but has shown signs of a gradual recovery even as
underemployment remains high. Fitch expects growth to revert to 7%
or more in 2021 and 2022.

The recovery in economic momentum, combined with lower volatility
relative to many other markets, raises prospects that a stable
operating environment can be sustained for Vietnam's banks, despite
the further - albeit reduced - downside risks to asset quality.
This should be boosted by a gradual recovery in the job market that
underpins a rapidly growing consumer banking segment, and a
burgeoning manufacturing sector, brisk trade and foreign investment
activities fuelling business opportunities in corporate banking and
treasury services. Fitch has therefore affirmed the bank's
operating environment at 'b+' with a stable outlook.

KEY RATING DRIVERS

IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

Vietcombank's IDRs are driven by Fitch’s expectation of
extraordinary support from the state, if needed. It is one of the
four largest commercial banks in the country with high systemic
importance, is majority-owned by the State Bank of Vietnam (SBV)
and also plays a quasi-policy role. The bank has a Support Rating
(SR) of '3' and its Support Rating Floor (SRF) is one notch below
the sovereign rating (BB/Stable), as the size of Vietnam's banking
sector is large relative to GDP and the size of potential support
required is also substantial relative to the fiscal resources
available to the authorities.

VR

Fitch has affirmed the VR as Vietcombank's asset quality and
profitability have performed in line with Fitch’s initial
expectations and that has lent support to the capitalisation and
overall financial profile. Significant provisions taken in 2020
have built up the bank's loan loss coverage buffers to reduce the
risks of earnings shocks in 2021.

Vietcombank's non-performing (NPL) ratio increased slightly to 1.0%
by end-September 2020 (2019: 0.8%) as the economy underwent an
abrupt slowdown amid virus containment efforts. This does not
include loans that were restructured due to the coronavirus
pandemic but were permitted to remain classified as performing
under Circular No. 01/2020. Therefore, Fitch sees the reported NPL
ratio understating credit stress in the balance sheet - a feature
common to most Vietnamese banks - and thus Fitch also refers to
overall problem assets in Fitch’s assessment of asset quality.

Vietcombank's problem assets ratio, which includes special
mentioned loans in addition to NPLs, rose moderately to 1.5% by
end-September 2020 (2019: 1.1%). Fitch expects more credit
impairment to surface over the course of 2021 as the effects of the
2020 economic shock filter through to borrowers in some of the more
vulnerable sectors and segments. However, Fitch expects defaults to
be manageable, as an accelerating economic recovery in Vietnam
improves borrowers' financial health. Vietcombank is also better
prepared than its peers to weather such losses, due to credit
allowances amounting to more than 200% of NPLs at end-September.
Fitch has revised the outlook on asset quality to stable from
negative.

Revenues and pre-provision profit held steady in 9M20 as a slightly
lower net interest margin was offset by continued, modest growth in
fee income and trading profits. Vietcombank significantly ramped up
credit provisioning in 9M20 to 79bp of loans (2019: 20bp) -
notwithstanding the relatively benign levels of reported NPLs -
resulting in a lower net profit in the period. However, Fitch
expects loan impairment charges to normalise at lower levels as
provisions were frontloaded in 2020. This should help to keep
risk-adjusted earnings in 2021 steady (9M20: 2.1%; 2019: 2.3%) as
loan growth and volume-related fee incomes increase. Fitch has
revised the outlook on earnings and profitability to stable from
negative.

Vietcombank's rate of internal capital generation continues to
support capital accumulation and plans to raise external capital
via new shares issuance will be supportive to its Fitch Core
Capital ratio (9M20: 9.0%; 2019: 7.7%) and capitalisation score
when completed. This is provided that the bank's appetite for
balance sheet growth amid the economic recovery does not run ahead
of risk-adjusted profitability and its dividend payment policies.
Fitch has revised the factor midpoint to 'b' from 'b-' with a
stable outlook.

Funding and liquidity remained stable as both loan growth and
deposit growth decelerated over 9M20. Vietcombank's loan/deposit
ratio rose marginally to 80% by end-September (2019: 79%), but
remains one of the lowest relative to major domestic peers. Its
current account and savings account ratio to total deposits also
held steady at a relatively high 31% at end-September (2019: 31%).
Fitch expects liquidity conditions to remain stable in 2021 amid
the central bank's accommodative monetary policy and have affirmed
the factor midpoint at 'b+' with an unchanged stable outlook.

RATING SENSITIVITIES

IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

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

-- Vietcombank's SRF and Long-Term IDR are sensitive to perceived
    movements in the state's ability and propensity to support the
    bank. An upgrade in the sovereign rating without an increase
    in system leverage is likely to lead to an upgrade in the
    bank's SRF, and in turn, its Long-Term IDR.

Factor that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

-- A downgrade in the sovereign rating would be likely to lead to
    a similar downgrade of the bank's SR and SRF, and in turn, its
    IDRs. Fitch may also take negative rating action on its IDRs
    if Fitch sees evidence of lower state propensity to support
    the bank, such as if the state reduces its stake in the bank
    to less than 50% or if it becomes much less systemically
    important, although Fitch believes such scenarios are unlikely
    in the near term.

VR

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

-- Fitch may upgrade Vietcombank's VR if Fitch assesses the
    operating environment more positively and Fitch sees continued
    improvements in its key financial profile core metrics. The
    operating environment may be upgraded if Vietnam's average
    income levels and economic performance continue to sustain
    steady advances that are not driven by excessive growth in
    banking system credit.

-- Improved financial performance, as reflected by an improved
    NPL ratio and supplemented by a problem assets ratio that is
    sustained below 2%, in conjunction with its Fitch Core Capital
    ratio rising to and staying at about 10%, may also lead us to
    upgrade the VR.

Factor that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade:

-- Vietcombank's VR could be downgraded to 'b-' if the operating
    environment takes an abrupt turn for the worse with its score
    being downgraded, leading to weakened profitability and asset
    quality ratios, such as the NPL ratio rising above 2% and the
    problem assets ratio approaching 5% for a prolonged period.
    This is not Fitch’s expectation, as Fitch expects Vietnam's
    Economic recovery to continue.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Vietcombank's ratings are linked to Vietnam's sovereign rating.

ESG CONSIDERATIONS

Vietcombank has an ESG Relevance Score of '4' for Governance
Structure due to the significant influence of the state in the
bank's strategic objectives and a potential lack of effective
independent board oversight that could weaken the protection of
credit and stakeholder rights. This has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors. The bank's strong state linkages are also factored
into Fitch’s assessment of the likelihood of state support, which
drives its SRF and Long-Term IDR.

Vietcombank also has an ESG Relevance Score of '4' for Financial
Transparency due to the quality and accuracy of financial reporting
standards in Vietnam, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors. The bank's implementation of all three pillars of the
Basel II framework and regulatory forbearance under Circular No.
01/2020 may cause reported core metrics to refer to differing
definitions and instrument coverage, which renders comparability
with other local banks at other stages of transition and with
regional peers difficult. Notwithstanding improvements in recent
years, a lack of transparency can increase uncertainty and
investment risks for investors and weigh on its rating.

Unless otherwise disclosed in the 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 to the way in which they are being
managed by the entity.

VIETINBANK: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed Vietnam Joint Stock Commercial Bank for
Industry and Trade's (Vietinbank) Long-Term Issuer Default Rating
(IDR) at 'BB-' and the Viability Rating (VR) at 'b-'. The Outlook
on the IDR is Stable.

Vietnam's economy was an outperformer in the Asia-Pacific in 2020,
avoiding a contraction in GDP in every quarter while most other
major markets suffered deep recessions. Still, full-year economic
growth slowed substantially to 2.9% from the 7.0% growth in 2019
and the 6.8% average over 2014-2018. Unemployment also spiked in
2Q20 but has shown signs of a gradual recovery even as
underemployment remains high. Fitch expects GDP to rebound by 7% or
more in 2021 and 2022.

The recovery in economic momentum, combined with lower volatility
relative to many other markets, raises prospects that a stable
operating environment can be sustained for Vietnam's banks despite
the further - albeit reduced - downside risks to asset quality.
This should be boosted by a gradual recovery in the job market that
underpins a rapidly growing consumer banking segment, and a
burgeoning manufacturing sector, brisk trade and foreign investment
activities fuelling business opportunities in corporate banking and
treasury services. Therefore, Fitch has affirmed the bank's
operating environment at 'b+' with a stable outlook.

KEY RATING DRIVERS

IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

Vietinbank's IDRs are driven by Fitch’s expectation of
extraordinary support from the state, if needed. Its systemic
importance is high as one of four largest banks in the country, and
its majority state ownership and quasi-policy role also reinforce
the likelihood of support. The bank has a Support Rating (SR) of
'3' and its Support Rating Floor (SRF) is one notch below the
sovereign rating (BB/Stable) as the size of Vietnam's banking
sector remains large relative to GDP, and the size of potential
support required is also substantial relative to the fiscal
resources available to the authorities.

VR

Fitch has affirmed the VR as Fitch believes the bank's asset
quality, profitability and capitalisation will avoid severe
deterioration, aided by the strengthening economy. Fitch views
Vietinbank as having considerable headroom at the current VR level,
but with continued regulatory relief, the bank is likely to make
further provisions against credit impairment and build up its
capital buffers.

Vietinbank's non-performing loan (NPL) ratio increased to 1.9% by
end-September (2019: 1.2%) as credit impairment from the corporate
and retail household business segments rose amid the more difficult
operating environment. The NPL ratio is Fitch’s core metric in
assessing asset quality, but Fitch believes that historically weak
loan classification standards in Vietnam could lead the NPL ratio
to understate stress in the balance sheet, and therefore further
analysis is warranted of other asset types which could face
heightened pressure, such as overall problem assets.

The problem assets ratio, which includes special mentioned loans
and Vietnam Asset Management Company (VAMC) bonds in addition to
NPLs, rose slightly to 3.2% (2019: 3.1%). However, like other banks
in Vietnam, loans that were restructured due to the coronavirus
pandemic have not been classified as non-performing due to
forbearance under Circular No. 01/2020.

We expect asset quality to continue weakening moderately in 2021 as
relief measures are gradually withdrawn. Nevertheless, Vietnam's
relative economic performance should limit new NPL formation, and
the bank's asset quality factor has sufficient headroom under
Fitch’s baseline forecasts. Therefore, Fitch has revised that
factor's outlook to stable from negative.

Pre-provision profit held steady in 9M20, as improving fee and
trading income offset a mild compression in the net interest margin
and slower loan growth. Credit costs increased only slightly to
94bp in 9M20 (2019: 78bp) because restructured loans were exempt
from specific provisioning. Fitch expects loan impairment charges
to remain at high levels in 2021, as Vietinbank's credit reserves
against NPLs at 84% remain lower than its Fitch-rated peers
(117-215%) as of end-September. Ongoing provisions against legacy
VAMC also continue to weigh. However, Fitch expects risk-adjusted
profitability -as reflected by operating profit/risk-weighted
assets of 1.2% at end-September (2019: 1.0%) - to remain stable in
2021. As such, Fitch has revised the outlook on earnings and
profitability to stable from negative.

Decree 121/2020 in October 2020 enabled Vietinbank to distribute
its 2017, 2018 and most of 2019's profits in scrips rather than
cash, thereby conserving much needed capital within the bank. Fitch
revised the bank's capitalisation and leverage outlook to stable
from negative on the removal of this dividend overhang and
Fitch’s expectation that the bank will finally clear Basel II
regulatory hurdles. Nevertheless, the bank's Fitch Core Capital
ratio remains low at 6.6% as of end-September 2020, and may again
come under pressure should rapid balance sheet growth resume before
organic profitability.

Vietinbank's funding and liquidity remained stable amid the central
bank's accommodative monetary policy and lower credit demand in
2020. Its loan/deposit ratio fell marginally to 102% (2019: 105%)
but remains high compared with domestic peers. Its current account
and savings account ratio to total deposits also improved
marginally to 18% (2019: 17%), but similarly lags those of key
local competitors. Fitch has affirmed the factor midpoint at 'b+'
with an unchanged stable outlook.

RATING SENSITIVITIES

IDRS, SUPPORT RATING AND SUPPORT RATING FLOOR

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

-- Vietinbank's SRF and Long-Term IDR are sensitive to perceived
    movements in the state's ability and propensity to support the
    bank. An upgrade in the sovereign rating without an increase
    in system leverage is likely to lead to an upgrade in the
    bank's SRF, and in turn, its Long-Term IDR.

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

-- A downgrade in the sovereign rating would likely lead to a
    similar downgrade on the bank's SR and SRF, and in turn, its
    Long-Term IDR. Fitch may also take negative rating action on
    Its IDRs if Fitch sees evidence of lower state propensity to
    Support the bank, such as if the state reduces its stake in
    the bank to less than 50% or if it becomes much less
    systemically important, although Fitch believes such scenarios
    are unlikely to occur in the near term.

VR

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

-- Vietinbank's VR could be upgraded to 'b' if the operating
    environment score is upgraded and if Fitch sees meaningful and
    sustained improvements in its key financial profile core
    metrics. Fitch could assess the banking operating environment
    more favourably if Vietnam's economy continues to sustain
    steady per capita income growth, and becomes less-reliant on
    system credit growth outpacing nominal GDP growth.

-- An upgrade to its VR could also be driven by improved
    financial performance, as reflected by its asset quality and
    capital metrics. A stable or improved NPL ratio supplemented
    by a four-year average problem assets ratio that stays below
    3%, in tandem with its Fitch Core Capital ratio rising and
    staying at more than 8%, may lead us to upgrade the VR.

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

-- Vietinbank's VR could be downgraded to 'ccc+' if there is
    renewed and severe deterioration in the operating environment,
    that leads to reduced profitability and a weakening of asset
    quality ratios, such as the NPL ratio rising above 3% or the
    problem assets ratio staying above 5% on a sustained basis.
    Under such a scenario, the bank's total capital ratios are
    also likely to decline, potentially below the central bank's
    Basel II requirements of 8%, and with the Fitch Core Capital
    ratio being lower still. This is not Fitch’s base
expectation,
    as Fitch expects Vietnam's economic recovery to continue.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Financial Institutions and
Covered Bond 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.

PUBLIC RATINGS WITH CREDIT LINKAGE TO OTHER RATINGS

Vietinbank's ratings are linked to Vietnam's sovereign rating.

ESG CONSIDERATIONS

Vietinbank has an ESG Relevance Score of '4' for Governance
Structure due to the significant influence of the state in the
bank's strategic objectives and a potential lack of effective
independent board oversight that could weaken the protection of
creditor and stakeholder rights. This has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors. The bank's strong state linkages are also factored
into Fitch’s assessment of the likelihood of state support, which
drives its SRF and Long-Term IDR.

Vietinbank also has an ESG Relevance Score of '4' for Financial
Transparency due to the quality and accuracy of financial reporting
standards in Vietnam, which has a negative impact on the credit
profile, and is relevant to the ratings in conjunction with other
factors. The bank is transitioning to Basel II and resolving legacy
impaired assets denoted by VAMC bonds, and therefore reported core
metrics referring to differing definitions and instrument coverage
may make comparability with other local banks at other stages of
transition and with regional peers difficult. Notwithstanding
improvements in recent years, a lack of transparency can increase
uncertainty and investment risks for investors and weigh on its
rating.

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.



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

[*] BOND PRICING: For the Week Jan. 11, 2021 to Jan. 15, 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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