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

                     A S I A   P A C I F I C

          Tuesday, March 23, 2021, Vol. 24, No. 53

                           Headlines



A U S T R A L I A

CGB LABOUR: Second Creditors' Meeting Set for March 29
CROWN RESORTS: Receives AUD8-BB Takeover Bid From Blackstone
DOUBLE C: Second Creditors' Meeting Set for March 29
FIRSTMAC MORTGAGE 3-2017: S&P Raises E Notes Rating to BB+
FORTESCUE METALS: S&P Rates US$1.5-BB Sr. Unsecured Notes 'BB+'

FP TURBO 2021-1: Moody's Assigns B1 Rating to AUD3.9M Cl. F Notes
NICKEL MINES: Fitch Assigns 'B+' LongTerm Issuer Default Rating
NICKEL MINES: Moody's Assigns First Time B1 Corp. Family Rating
PEPPER I-PRIME 2017-3: S&P Affirms B Rating on Class F Notes
PRABHAT GROUP: Second Creditors' Meeting Set for March 29

PRECISION MINING: Second Creditors' Meeting Set for March 26
WINDHOIST AUSTRALIA: Second Creditors' Meeting Set for March 31
XCLUSIVE SERVICES: Second Creditors' Meeting Set for March 29


C H I N A

HELENBERGH CHINA: Moody's Assigns B3 Rating to New USD Bonds
LUCKIN COFFEE: Enters Restructuring Deal With Noteholders
SUNAC CHINA: Moody's Affirms Ba3 CFR & Alters Outlook to Positive
XINHU ZHONGBAO: Moody's Affirms B3 CFR on High Debt Leverage
YANLORD LAND: S&P Alters Outlook on 'BB-' ICR to Stable



I N D I A

AAA ROLLER: CRISIL Lowers Rating on INR19cr Cash Loan to B
AARTI EXTRACTIONS: CRISIL Lowers Ratings on INR12cr Loans to B
ABLOOM INFOTECH: Insolvency Resolution Process Case Summary
AMRUTVA FINE: CRISIL Keeps B Debt Ratings in Not Cooperating
AMZEN MACHINES: Insolvency Resolution Process Case Summary

ANGEL PAPERS: CRISIL Keeps B Debt Ratings in Not Cooperating
ANNAI JEWELLERS: CRISIL Lowers Rating on INR10cr Cash Loan to B
ANNAPURNA UDYOG: CRISIL Keeps B+ Debt Ratings in Not Cooperating
ARDHENDU MONDAL: ICRA Keeps D Debt Ratings in Not Cooperating
ARUPPUKOTTAI SHRI: CRISIL Keeps B+ Debt Rating in Not Cooperating

AVENTURA COMPONENTS: Insolvency Resolution Process Case Summary
AZIMUTH SOFTWARE: Insolvency Resolution Process Case Summary
BAJRANG COTGIN: Insolvency Resolution Process Case Summary
BRAHMANAND HIMGHAR: CRISIL Keeps B+ Rating in Not Cooperating
C&C CONSTRUCTIONS: Bankruptcy Delays Key India-Myanmar Project

CALTECH POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
CRIUS LIFE: CRISIL Raises Rating on INR16cr Loans to B+
CRYPTOGRAPH TECHNOLOGIES: Insolvency Resolution Case Summary
DASVE RETAIL: Insolvency Resolution Process Case Summary
DECON INDIA: CRISIL Keeps B+ Debt Rating in Not Cooperating

DK INFRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
EPARIS JEWELLERS: CRISIL Keeps B Debt Rating in Not Cooperating
FORCE-1 GUARDING: Insolvency Resolution Process Case Summary
FREE WORLD: Insolvency Resolution Process Case Summary
G AND G INTERNATIONAL: CRISIL Keeps B+ Ratings in Not Cooperating

GK-AUTOPAL LIGHTING: CRISIL Maintains B Ratings in Not Cooperating
GREEN POLYTUBES: ICRA Keeps B Debt Ratings in Not Cooperating
GURJANGJHORA TEA: ICRA Assigns B Rating to INR3.50cr Cash Loan
GVR NUTRIES: CRISIL Withdraws B Rating on INR13cr Loans
HAZARILAL COLD: CRISIL Reaffirms B+ Rating on INR4.91cr Loan

HIMGHAR UDYOG: CRISIL Reaffirms B+ Rating on INR4.97cr Loan
INDIA BREWERY: Insolvency Resolution Process Case Summary
IRB INFRASTRUCTURE: Fitch Affirms 'BB' LT IDR, Outlook Stable
JHARKHAND INFRA: ICRA Cuts Rating on INR443.20cr Loan to D
KALON BEAUTY: Insolvency Resolution Process Case Summary

KINGSTON PAPTECH: Insolvency Resolution Process Case Summary
KRISHNAN FOOD: ICRA Lowers Rating on INR1.84cr LT Loan to B
KUMARARAJA PAPER: Insolvency Resolution Process Case Summary
MADHAV AGENCIES: ICRA Keeps B Debt Ratings in Not Cooperating
MARUTI GLAZE: Insolvency Resolution Process Case Summary

MATESHWARI PAPER: CRISIL Moves B+ Ratings to Not Cooperating
NIDHI IMPOTRADE: Insolvency Resolution Process Case Summary
PEEL WORKS: ICRA Lowers Rating on INR6cr LT Loan to D
SVK SHIPPING SERVICES: Insolvency Resolution Process Case Summary
T R SAWHNEY: CRISIL Withdraws B+ Rating on INR20cr Debt

TATA CHEMICALS: Fitch Affirms 'BB+' LT Foreign Currency IDR
WOBILLAHI: CRISIL Keeps B Debt Ratings in Not Cooperating


I N D O N E S I A

BANK NEGARA: Fitch Gives 'BB(EXP)' Rating to New USD500MM Bonds
MEDCO ENERGI: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
PT TUNAS BARU: Fitch Affirms 'B+' LT IDR, Outlook Negative


M O N G O L I A

MONGOLIAN MORTGAGE: Moody's Affirms 'B3' Issuer Rating
[*] Moody's Affirms Ratings on 9 Mongolian Banks, Outlook Stable


N E W   Z E A L A N D

PINNACLE LIFE: A.M. Best Affirms B(Fair) Financial Strength Rating
SIKA HOMES: Master Builders Pays Up to Help Customer Finish Build
TAMARIND TARANAKI: EPA Ordered to Pay Oil and Gas Company NZD110K


S I N G A P O R E

ACTIVE MARKETING: Court to Hear Wind-Up Petition on April 9
BEAT X PTE: Court to Hear Wind-Up Petition on April 9
GLOBAL-TEK (SINGAPORE): Court to Hear Wind-Up Petition on April 9
WORLDWIDE BULK: Court to Hear Wind-Up Petition on March 26


S O U T H   K O R E A

SSANGYONG MOTOR: Prepackaged Bankruptcy Plan Shows No Progress


V I E T N A M

VIETNAM: Moody's Affirms Ba3 Issuer Rating & Alters Outlook to Pos.
[*] Moody's Takes on Actions on 15 Vietnamese Banks


X X X X X X X X

[*] BOND PRICING: For the Week March 15, 2021 to March 19, 2021

                           - - - - -


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

CGB LABOUR: Second Creditors' Meeting Set for March 29
------------------------------------------------------
A second meeting of creditors in the proceedings of CGB Labour Hire
Pty Ltd has been set for March 29, 2021, at 2:00 p.m. at the
offices of O'Brien Palmer, Level 9, 66 Clarence Street, in Sydney,
NSW.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 26, 2021, at 4:00 p.m.

Daniel Frisken of O'Brien Palmer was appointed as administrator of
CGB Labour on Feb. 22, 2021.


CROWN RESORTS: Receives AUD8-BB Takeover Bid From Blackstone
------------------------------------------------------------
Patrick Hatch at The Sydney Morning Herald reports that troubled
casino giant Crown Resorts has received a takeover bid from the
private equity group Blackstone.

According to the report, the James Packer-backed group said on
March 22 that it received the unsolicited, non-binding and
indicative proposal from Blackstone on Sunday worth AUD11.85 per
share, valuing Crown at AUD8 billion.

"The Crown board has not yet formed a view on the merits of the
proposal," the company said in an ASX statement, SMH relays.  "It
will now commence a process to assess the proposal, having regard
to the value and terms of the Proposal and other considerations."

SMH says the takeover offer - which is a 19 per cent premium to
Crown's average share price since February 18 - comes as the
company continues to reel in the fallout from the NSW Bergin
Inquiry.

That 18-month probe, conducted by former Supreme Court judge
Patricia Bergin, ruled Crown unfit to hold the licence for its new
AUD2.2 billion casino at Sydney's Barangaroo after confirming
reports in The Age and The Sydney Morning Herald that it had
facilitated money laundering and allowed criminals to infiltrate
its Melbourne and Perth casinos.

SMH relates that Victoria and Western Australia have subsequently
launched royal commissions to examine whether Crown should keep its
casino licences in those states.

The gaming floors at Crown Sydney were set to open in late December
but remain shut while the company tries to satisfy the NSW gambling
regulator it is implementing reforms to make itself a suitable
casino licence holder, SMH relays.

Commissioner Bergin's damning final report also triggered a mass
exodus from the company, with five directors and Crown's chief
executive resigning since February 9, according to SMH.

Blackstone - which manages US$619 billion of assets globally - came
onto the Crown share register in April 2020 when it bought a 9.99
per cent stake in the company from Hong Kong casino group Melco
Resorts for a bargain price of AUD8.15 a share.

A spokeswoman for Blackstone confirmed it had made the takeover
offer and that it was subject to a number of conditions. They
include Crown's directors unanimously supporting the sale and
Blackstone receiving clearance as a "suitable person" to operate
Crown's Sydney, Melbourne and Perth casinos, SMH notes.

Headquartered in Melbourne, Australia, Crown Resorts Limited
(ASX:CWN) -- https://www.crownresorts.com.au/ -- wholly owns and
operates two of Australia's leading gambling and entertainment
complexes, Crown Melbourne and Crown Perth.


DOUBLE C: Second Creditors' Meeting Set for March 29
----------------------------------------------------
A second meeting of creditors in the proceedings of Double C
Holdings Pty. Ltd has been set for March 29, 2021, at 2:30 p.m.
using virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 28, 2021, at 5:00 p.m.

Clifford John Sanderson of Restructuring Works was appointed as
administrator of Double C on Feb. 22, 2021.


FIRSTMAC MORTGAGE 3-2017: S&P Raises E Notes Rating to BB+
----------------------------------------------------------
S&P Global Ratings raised its ratings on eight classes of notes
issued by Firstmac Fiduciary Services Pty Ltd. as trustee of
Firstmac Mortgage Funding Trust No. 4 Series 4PP-2016 and Firstmac
Mortgage Funding Trust No. 4 Series 3-2017. At the same time, S&P
affirmed its ratings on six classes of notes.

The rating actions reflect S&P's view of the credit risk of the
underlying collateral portfolios, which have been amortizing in
line with its expectations. Current loan-to-value (LTV) ratios for
both pools have decreased as principal has been repaid. As of Feb.
28, 2021, the Series 4PP-2016 pool has a current weighted-average
LTV ratio of 60.1%, weighted-average seasoning of 81.8 months, and
pool factor of about 40%, and the Series 3-2017 pool has a current
weighted-average LTV ratio of 59.4%, weighted-average seasoning of
45.6 months, and pool factor of about 41%.

As of Feb. 28, 2021, 0.96% of the Series 4PP-2016 pool is more than
30 days in arrears, of which 0.28% is more than 90 days in arrears.
Losses have been low for this portfolio, with no charge-off to
notes. For Series 3-2017, 0.41% of the pool is more than 30 days in
arrears, of which 0.19% is more than 90 days in arrears. There have
been no losses to date for this portfolio.

As of Feb. 28, 2021, the COVID-19 hardship level of 0.49% for
Series 4PP-2016 is in line with other prime transactions and has
declined steadily since the middle of 2020. Although these
borrowers are not currently included in the arrears reporting for
this transaction, S&P believes the rated notes can withstand an
increase in arrears because of any hardships moving into long-term
arrears. The Series 3-2017 portfolio did not have any borrowers
under COVID-19 hardship.

S&P said, "We believe that the credit support provided to each
class of notes is sufficient to withstand the stresses we apply at
each respective rating level. For both Series 4PP-2016 and Series
3-2017, credit support comprises subordination from junior notes.
For Series 4PP-2016, credit support also includes lenders' mortgage
insurance for a portion of the loans in the portfolio.

"We expect that the various mechanisms to support liquidity within
the transactions, including principal draws and an amortizing
liquidity reserve, are sufficient to ensure timely payment of
interest. Series 4PP-2016 also benefits from timely payment cover
on a portion of the loans in the portfolio. Series 4PP-2016 feature
an excess spread reserve, which builds when excess spread is
available and certain conditions are met. As of Feb. 28, 2021, this
reserve has zero balance. These mechanisms combined are sufficient
under our cash-flow stress assumptions to ensure timely payment of
interest for each class of notes at its respective rating level."

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

  Ratings Raised

  Firstmac Mortgage Funding Trust No. 4 Series 4PP-2016
  Class B: to AAA (sf) from AA+ (sf)
  Class C: to AA+ (sf) from A+ (sf)
  Class D: to A+ (sf) from BBB+ (sf)
  Class E: to BBB+ (sf) from BB+ (sf)

  Firstmac Mortgage Funding Trust No. 4 Series 3-2017
  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BB+ (sf) from BB (sf)

  Ratings Affirmed

  Firstmac Mortgage Funding Trust No.4 Series 4PP-2016
  Class A-1a: AAA (sf)
  Class A-1b: AAA (sf)
  Class A-2: AAA (sf)

  Firstmac Mortgage Funding Trust No.4 Series 3-2017
  Class A-1: AAA (sf)
  Class A-2: AAA (sf)
  Class A-3: AAA (sf)


FORTESCUE METALS: S&P Rates US$1.5-BB Sr. Unsecured Notes 'BB+'
---------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' issue rating and '4' recovery
rating to FMG Resources (August 2006) Pty Ltd.'s new 10-year senior
unsecured US$1.5 billion notes. FMG Resources (August 2006) Pty
Ltd. is a wholly owned financing vehicle of Fortescue Metals Group
Ltd. (BB+/Stable/--). Note proceeds will redeem the company's
US$750 million 2022 notes and fund general corporate purposes,
which may include debt repayment. The 'BB+' long-term issuer credit
rating on the company remains unchanged.

S&P said, "The '4' recovery rating reflects our expectations of
average recovery prospects (30%-50%; rounded estimate: 40%) under
our hypothetical default scenario. Our simulated default occurs in
2026. In our view, Fortescue's creditors would realize greater
value through reorganizing the company as a going concern than
liquidating its assets."


FP TURBO 2021-1: Moody's Assigns B1 Rating to AUD3.9M Cl. F Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Trustee Company Limited in its capacity as
trustee of the FP Turbo Series 2021-1 Trust.

Issuer: FP Turbo Series 2021-1 Trust

AUD240.0 million Class A Notes, Assigned Aaa (sf);

AUD14.1 million Class B Notes, Assigned Aa2 (sf);

AUD10.5 million Class C Notes, Assigned A2 (sf);

AUD4.8 million Class D Notes, Assigned Baa2 (sf);

AUD11.7 million Class E Notes, Assigned Ba2 (sf);

AUD3.9 million Class F Notes, Assigned B1 (sf).

The AUD15.0 million Seller Notes are not rated by Moody's.

The transaction is a securitisation of operating, novated and
finance leases extended to Australian government and statutory
corporations, corporates, small and medium-sized businesses and
their employees. The leases are secured by passenger cars and
commercial vehicles. The collateral pool composition is static and
no pre-funding or substitution of receivables will take place
during the life of the transaction.

The securitised portfolio comprises lease instalment cash flows and
residual value cash flows. The present value of the outstanding
lease receivables balance is approximately AUD300.0 million and the
nominal value of estimated operating lease residual value (RV) cash
flows amounts to around AUD95.1 million. Due to the right of the
lessees to return the vehicle at contract maturity in order to
cover the final lease balance outstanding under an operating lease,
the notes are exposed to both default and market or residual value
risk of the related vehicles.

RATINGS RATIONALE

The definitive ratings take into account, among other factors: (i)
the evaluation of the underlying portfolio of lease obligors; (ii)
an evaluation of the underlying RV exposure; (iii) back-up
maintenance and servicer solutions; (iv) the credit enhancement
provided by subordination; (v) the liquidity support available in
the transaction by way of principal draw and the liquidity
facility.

The notes will be repaid on a sequential basis in the initial
stages, until the subordination percentage increases from the
initial 20.0% to 35.0% for the Class A Notes, at which point Class
A to Class F Notes will be repaid on a pro-rata basis (but senior
to the Seller Notes). When the outstanding balance of the pool
falls below 20% of the initial pool balance at closing the notes
will once again be repaid on a sequential basis. There are other
portfolio performance triggers which must be met for the notes to
be paid pro-rata.

MODELLING APPROACH

Moody's applies a two-stage approach to modelling transactions with
RV risk. In the first step, Moody's models the expected loss on the
notes due to defaults. In the second step, additional losses
resulting from RV risk are modelled based on the RV haircuts
applied at contract maturity.

For the assessment of lessee default risk Moody's has determined
the lessee default distribution of the portfolio using CDOROM,
which simulates lessee defaults based on asset correlations and
default probabilities assumptions. Moody's assumed a mean lessee
default rate of 2.74%. For cash flow modeling Moody's assumed a
recovery rate following lessee default of 45.0%. To account for RV
risk in the portfolio Moody's assumes a Aaa haircut of 38.5%, a Aa2
haircut of 29.4%, a A2 haircut of 24.5%, a Baa2 haircut of 21.2%, a
Ba2 haircut of 15.4% and a B1 haircut of 10.6% on RV cash flows.

The coronavirus pandemic has had a significant impact on economic
activity. Although global economies have shown a remarkable degree
of resilience to date and are returning to growth, the uneven
effects on individual businesses, sectors and regions will continue
throughout 2021 and will endure as a challenge to the world's
economies well beyond the end of the year. While persistent virus
fears remain the main risk for a recovery in demand, the economy
will recover faster if vaccines and further fiscal and monetary
policy responses bring forward a normalization of activity. As a
result, there is a heightened degree of uncertainty around Moody's
forecasts. Moody's analysis has considered the effect on the
performance of small businesses from a gradual and unbalanced
recovery in Australian economic activity.

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

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
December 2020.

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

Factors that could lead to an upgrade or downgrade of the note
ratings include (1) an improvement or deterioration in the credit
quality and performance of the collateral pool, and (2) higher or
lower than expected recoveries on defaulted loans. The Australian
economy and the market for used vehicles are primary drivers of
performance.

Other reasons for worse performance than what Moody's expects
include poor servicing, error on the part of transaction parties, a
deterioration in credit quality of transaction counterparties, lack
of transactional governance and fraud.


NICKEL MINES: Fitch Assigns 'B+' LongTerm Issuer Default Rating
---------------------------------------------------------------
Fitch Ratings has assigned a Long-Term Issuer Default Rating (IDR)
of 'B+' to Nickel Mines Limited (NIC), a nickel pig iron (NPI)
producer. The Outlook is Stable. At the same time, Fitch has also
assigned a rating of 'B+' with Recovery Rating of 'RR4' to the
company's proposed US dollar senior unsecured notes.

The proposed notes will be issued by NIC. They are rated at the
same level as the IDR as they constitute unconditional, unsecured
and unsubordinated obligations of NIC.

NIC's rating reflects its solid financial profile, with strong
EBITDA margin above 35% and positive free cash flows. Both of the
company's rotary kiln electric furnace (RKEF) processing facilities
at PT Hengjaya Nickel Industry (HNI) and PT Ranger Nickel Industry
(RNI) are in Indonesia, and they sit in the first quartile of the
cost curve and drive strong profitability. Both assets have
consistently exceeded their name plate capacities by 35%-45% since
their commissioning in 2019.

NIC's financial strength is weighed down by its asset
concentration, with the two RKEFs in PT Indonesia Morowali
Industrial Park (IMIP). NIC's asset diversification will improve
with its investment in PT Angel Nickel Industry (ANI), another RKEF
facility at PT Indonesia Weda Bay Industrial Park, which is being
developed by Tsingshan Group and expected to start production in
2022. The Tsingshan Group, a China-based group focused on stainless
steel production that owns 18% of NIC, has a record of delivering
RKEF facilities on time and within budget.

KEY RATING DRIVERS

Proven Commissioning and Production Record: NIC's credit profile is
supported by its robust RKEF operations in Indonesia. It first
produced NPI in January 2019, less than 12 months after breaking
ground at HNI and RNI, and now has attributable nameplate capacity
of 24,000 tonnes per annum (tpa). Fitch expects these operations to
account for more than 95% of NIC's EBITDA in 2021, and more than
80% in 2022 after ANI starts operation. NIC has transformed from
being exclusively an upstream miner of nickel ore from its PT
Hengjaya Mine (HM) operation, to a significant producer of NPI.

Low-Cost Position: NIC's NPI production benefits from low-cash cost
positions. HNI and RNI are strategically located in IMIP, the
world's largest integrated stainless-steel production facility.
Indonesia is the largest nickel producer globally and Morowali
regency has some of the largest nickel ore deposits in the country.
A ban on raw ore exports and close proximity to ore supply give NIC
the advantages of cheaper raw material prices and lower logistic
costs.

Accordingly, the company's operations are located within the first
quartile of global nickel producers' cost curves, based on data
from Wood Mackenzie. NIC's actual cash costs were around
USD7,300/tonne in 2020, against the average nickel price of
USD13,200. In addition, the vertical integration of operations
within the IMIP provides numerous cost and efficiency benefits to
NIC.

Improving Asset Diversification: NIC now operates only four RKEF
lines at HNI and RNI with total nameplate capacity of 30,000 tpa.
The start of production at ANI, due in late 2022, will add 38,000
tpa of nameplate capacity and improve asset diversification. ANI
will also provide structural cost advantages, as it has a 380MW
captive power plant that will reduce power costs relative to
current operations and offer more margin advantage over other
producers.

Bonds to Finance Acquisition: NIC plans to issue USD300 million of
bonds to fund part of its acquisition of 50% of ANI for USD350
million. NIC already owns 30% of ANI and the additional stake will
give it 80% ownership for a total consideration of USD560 million.

Minimal Risk of Overruns: Fitch views the risks of cost-overruns
and delays from the ANI acquisition to be manageable for NIC. In
accordance with the agreement between NIC and Shanghai Decent (a
Tsinghan group company that owns 18% of NIC), the latter will be in
charge in designing and constructing facilities at ANI. In
addition, ANI will be indemnified for any construction cost
exceeding USD700 million. Shanghai Decent has a record of building
and ramping up NIC's RKEF lines at HNI and RNI on time and within
budget.

NIC's leverage profile will not be materially altered by any delay
in the start of ANI's operations, as the additional debt of USD300
million is manageable relative to the company's annual EBITDA of
around USD200 million from RKEF production. Fitch also expects the
free cash flow at HNI and RNI to provide an additional cash
cushion.

Positive Free Cash Flows: Fitch estimates NIC's free cash flow will
remain positive due to its solid cost position, assuming there are
no major capex and significant increase in shareholder returns.
NIC's EBITDA margin will remain solid above 35% in 2021 and 2022
under Fitch's assumptions of stable cash cost per tonne at around
USD7,300. Positive free cash flow will be supported by minimal
capex from its young-age RKEF lines. However, a material increase
in dividends can reduce free cash flows and erode its current
strong cash buffer.

Solid Credit Metrics: NIC's leverage, as measured by funds from
operations to gross leverage (FFO leverage), will remain strong
below 2.0x in 2021-22, including debt funding of the ANI
acquisition. Deleveraging from 2023 will be supported by the start
of production at ANI. FFO interest coverage will also remain high
at above 5.0x during those years.

DERIVATION SUMMARY

Fitch believes that NIC has a better credit profile than Guangyang
Antai Holdings Limited (GYAT, B/Stable). The latter's larger
operational scale and revenue generation, as the third-largest
stainless-steel producer in China, is offset by NIC's solid cash
cost position and credit metrics. GYAT's business profile and
margin are weighed down by its increasing exposure towards the
lower-margin trading business. NIC's cash flow generation is
significantly better with EBITDA margin of above 35%, supported by
its strong cash cost position. In comparison, GYAT's EBITDA margin
is far thinner at less than 5%. Fitch expects NIC's FFO leverage to
remain conservative below 2.0x, lower than GYAT's above 2.0x.

KEY ASSUMPTIONS

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

-- Stable production at HNI and RNI at a level similar to that in
    2020. Production at ANI will commence in late 2022.

-- Nickel price of USD15,000/tonne in 2021 and USD14,000/tonne
    thereafter, in line with Fitch's price deck.

-- Stable cash cost at HNI and RNI of around USD7,300/tonne. Cash
    cost at HM to improve to USD26 per wet metric tonne from 2021
    following the full mining at central pit.

-- Minimal capex at HNI, RNI and HM as major investment projects
    were recently completed.

RECOVERY RATING ASSUMPTIONS

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

Going-Concern (GC) Approach

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

Our GC EBITDA estimate of USD170 million reflects the mid-cycle
nickel price and stable RKEF operations at HNI and RNI.

An enterprise value multiple of 5x EBITDA is applied to the GC
EBITDA to calculate a post-reorganisation enterprise value. Fitch
uses a multiple of 5x to estimate a value for NIC because of its
asset concentration in Indonesia and its smaller operational scale
compared to peers, despite its stronger growth prospects following
the ANI acquisition.

The going-concern enterprise value covers 100% of NIC's unsecured
debt, corresponding to a 'RR1' Recovery Rating for the senior
unsecured notes after adjusting for administrative claims.
Nevertheless, Fitch has rated the senior unsecured bonds 'B+' and
'RR4' because NIC's operating assets are located in Indonesia.
Under Fitch's Country-Specific Treatment of Recovery Ratings
criteria, Indonesia is classified under the Group D of countries in
terms of creditor friendliness and Recovery Ratings are subject to
a cap at 'RR4'.

RATING SENSITIVITIES

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

-- Successful ramp-up of ANI in line with Fitch's expectation,
    While maintaining FFO leverage below 2.0x.

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

-- Sustained increase in FFO leverage above 3.0x.

-- Material disruption in its smelter operations at HNI and RNI.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Adequate Liquidity: NIC had USD351 million of cash at end December
2020 against USD45 million debt from related parties. Fitch expects
NIC to generate free cash flow of around USD70 million in 2021 and
finance the USD524 million payment for ANI shares through bond
issuance. Fitch believes funding risk to be manageable given NIC's
solid credit profile and relationship with Tsingshan Group.

ESG CONSIDERATIONS

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.


NICKEL MINES: Moody's Assigns First Time B1 Corp. Family Rating
---------------------------------------------------------------
Moody's Investors Service has assigned a first-time B1 corporate
family rating to Nickel Mines Limited (NIC). At the same time,
Moody's has assigned a B1 rating to NIC's proposed senior unsecured
notes issuance. The rating outlook is stable.

The proceeds from the proposed notes issuance will be used to
finance the company's acquisition of an additional 50% equity
interest in the Angel Nickel Project (ANI), taking its equity
interest in ANI to 80%. Proceeds will also be used for general
corporate purposes.

RATINGS RATIONALE

"NIC's rating benefits from the solid operating profile of its key
assets, the Hengjaya (HNI) and Ranger (RNI) rotary kiln electric
furnaces (RKEF) located in the integrated nickel and
stainless-steel producing Indonesia Morowali Industrial Park
(IMIP)", says Matthew Moore, a Moody's Vice President and Senior
Credit Office. "Over its brief operating history, HNI and RNI have
demonstrated consistently above nameplate production levels and
very competitive unit costs amongst the lowest cost global
producers," Moore adds.

The rating also recognises the company's relatively conservative
financial position. Pro forma for the proposed notes issuance,
Moody's estimates adjusted gross debt/EBITDA of around 1.5x. Also,
Moody's expects NIC to generate solid cash flow before dividends
under its base case assumptions, which is supported by NIC's low
unit cost, minimal sustaining capex requirements, and tax
concessions from the Indonesian Government. Moody's base case price
sensitivity for Chinese nickel pig iron (NPI) is around
$11,000-12,000 per tonne over the next 12-18 months, which is well
below current spot levels.

"NIC's rating is constrained by the company's currently limited
scale, diversity and track record of ownership and operation of its
RKEF assets, which increases the company's exposure to any
operational disruption at its key HNI and RNI operations" Moore
adds.

The rating also reflects the company's position as a single
commodity producer highly exposed to Chinese NPI price movements.

While scale and diversity are currently rating constraints, the
soon to be majority owned ANI project, once complete, would
approximately double NIC's current overall NPI output and improve
the company's operating scale and diversity. ANI is currently
estimated to be commissioned by October 2022.

Moody's expects that NIC's execution risks for the ANI project to
be limited, as ANI's minority shareholder and NIC's key business
partner, Shanghai Decent (part of the Tsingshan Group), is
responsible for building the asset and has successfully developed
36 RKEF assets at IMIP, including NIC's HNI and RNI facilities. The
Tsingshan Group has also provided NIC with a capex guarantee, which
equates to no more than the acquisition cost.

While Moody's views Shanghai Decent and the broader Tsingshan
Group's operational and development track record as supportive,
another constraining factor on NIC's rating is the company's
reliance and overall exposure to Tsingshan Group, which is a
privately owned Chinese company with limited financial information
available publicly. Moody's understands that Tsingshan is the
world's largest stainless-steel producer, estimated to produce
around 11 million tonnes per annum of stainless steel.

Currently, all NIC's revenue comes from Tsingshan under a perpetual
commitment to purchase all of the NPI produced by NIC's facilities.
Further increasing the linkage to Tsingshan is its ownership of a
20% stake in both HNI and RNI. Tsingshan will also retain a 20%
stake in ANI once NIC completes its acquisition payment. Tsingshan
also provides technical oversight to the operations of NIC's RKEF
assets, and other RKEF assets within the IMIP, and is NIC's largest
shareholder with a 18% stake.

The B1 senior unsecured notes rating, at the same level as the CFR,
reflects Moody's expectation that the notes will continue to
represent the vast majority of debt in the NIC's capital structure.
The notes will be general senior unsecured obligations of NIC and
do not benefit from subsidiary guarantees, however, the rating at
the same level as the CFR reflects Moody's expectation that there
will not be any material indebtedness at the subsidiary level.

RATIONALE FOR THE OUTLOOK

The stable outlook reflects Moody's expectation that NIC's ANI
project faces minimal execution and budget risks and that its
current operations have so far shown solid operating performance
while maintaining low unit costs, which will allow the company to
continue to generate solid earnings and margins even at lower NPI
prices. The outlook also reflects the rating agency's expectation
that NIC's credit metrics will remain consistent with the
parameters expected for a B1 rating.

LIQUIDITY

Moody's expects NIC to maintain a good liquidity profile with
internal sources more than sufficient to cover expected liquidity
uses. Pro forma for the proposed note issuance and payment for the
ANI acquisition, NIC is expected to have around $50-60 million of
cash on hand and under Moody's base case assumptions, the rating
agency expects NIC to generate funds from operations of around $120
million over the next 12 months. This compares to primary liquidity
uses over the next 12 months largely reflecting Moody's
expectations for dividend payments of around $75 million, and
capital expenditures of around $20 million.

NIC's proposed notes issuance will have a bullet maturity with no
maintenance financial covenants.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) CONSIDERATIONS

NIC's rating also reflects its elevated exposure to environmental
risk with its RKEF production process a carbon and energy intensive
process that relies on thermal coal power stations. However,
Moody's notes the benefits relative to other NPI producers from
NIC's location, which is close to abundant nickel ore feedstock and
the transportation and operating efficiencies from being located
within an integrated stainless steel facility, including the
ability to deliver molten ore to its key customers facilities.

The rating also reflects the potential impact on NIC's operations
from the coronavirus outbreak, which Moody's regards as a social
risk under its ESG framework, given the substantial implications
for public health and safety. However, to date NIC has experienced
limited impact from the pandemic on its operations, benefiting from
strict prevention measures that itself and Tsingshan have
implemented.

Governance considerations for the rating include the benefits from
NIC's status as an ASX listed public company, which requires it to
abide by Australia's prevailing laws and regulations. However,
there is a degree of concentrated ownership with members of the
Tsingshan Group as NIC's largest shareholder with an 18% stake and
governance risk also reflects a somewhat complex organisational
structure with Tsingshan having direct minority ownership of NIC's
operations. This risk is exacerbated by the limited information
publicly available on Tsingshan. NIC also has not publicly
formalised its financial policies around dividends. The above
governance risks are balanced by NIC's demonstrated conservative
financial policies since the company's IPO in 2018, highlighted by
low debt levels and funding key acquisitions largely with
considerable equity raisings.

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

The ratings could be upgraded if NIC is able to achieve a longer
track record of consistent operating performance and maintenance of
its low-cost position across its key currently producing RKEF
facilities. In addition, a potential upgrade would also be
contingent on the improved scale and diversity from a successful
completion and ramp up of ANI in line with management's current
expectations. Moody's would also expect NIC to continue to maintain
its strong financial profile with credit metrics consistent with
the agency's current expectations.

The ratings could be downgraded if realised NPI prices fall well
below Moody's base sensitivity assumptions on a sustained basis,
and/or the company's cost and operating performance deteriorates
meaningfully. Ratings could also be downgraded if the company
embarked on large debt funded growth and/or shareholder friendly
initiatives, which materially weakened credit metrics.

Specifically, financial metrics that Moody's would consider for a
downgrade include EBIT/Interest expense below 3.0x and/or
debt/EBITDA above 4.0x on a consistent basis. The rating could also
be downgraded if NIC's free cash flow generation turns negative for
a protracted period and/or liquidity deteriorates meaningfully.

Methodology

The principal methodology used in these ratings was Steel Industry
published in September 2017.

Nickel Mines Limited (NIC) is an ASX listed nickel pig iron
producer with assets in Indonesia. The company operates in
partnership with the world's largest stainless-steel producer,
Tsingshan, who is also the largest shareholder in NIC with an
around 18% stake. NIC's primary assets are its 80% owned Hengjaya
(HNI) and Ranger (RNI) rotary kiln electric furnaces (RKEF) located
in the integrated Indonesia Morowali Industrial Park (IMIP). NIC
has recently agreed to purchase an 80% stake in the Angel Nickel
Project (ANI), an RKEF development project located in Indonesia
Weda Bay Industrial Park (IWIP). In addition, NIC produces nickel
ore from its 80% owned Hengjaya Mine which supplies feedstock to
the IMIP. Moody's expects the mining operations to be a relatively
small contributor to NIC's overall earnings and for the company to
sell down to a minority stake by 2024, as required by Indonesian
regulation.


PEPPER I-PRIME 2017-3: S&P Affirms B Rating on Class F Notes
------------------------------------------------------------
S&P Global Ratings raised its ratings on eight classes of RMBS
notes issued by Permanent Custodians Ltd. as trustee of Pepper
I-Prime 2017-3 Trust and Pepper I-Prime 2018-1 Trust. At the same
time, S&P affirmed its ratings on six classes of notes issued out
of the same trusts.

The rating actions reflect:

-- S&P's view of the credit support available, which is sufficient
to withstand the stresses it applies. Credit support comprises note
subordination for the rated notes.

-- That the transaction's cash flows support the timely payment of
interest and ultimate payment of principal to the noteholders under
S&P's rating stress assumptions.

-- That for the eight classes of notes with raised ratings there
has been a buildup in the percentage of credit support, which is
now commensurate with the revised rating levels.

-- That S&P has factored into its analysis the arrears performance
of these transactions. For the 2017-3 transaction, the arrears
performance generally has been higher relative to the Standard &
Poor's Performance Index (SPIN) for prime loans in the past 12
months. For the 2018-1 transaction, notwithstanding an uptick in
May 2020, arrears performance has generally tracked equal to or
below the SPIN for prime loans in the past 12 months. As of Jan.
31, 2021, loans greater than 90 days in arrears represent 1.31% for
2017-3 and 0.09% for 2018-1. However, losses to date have been
minimal and all have been covered by excess spread. There have been
no charge-offs to any of the notes.

-- That both transactions have relatively high levels of
investment loans and interest-only loans, which could create a
payment shock for borrowers when they convert to amortizing loans.

-- That the notes for both transactions are currently paying on a
pro-rata basis and will continue to do so until step-down
conditions are no longer met. These include performance triggers
and a call-option trigger.

-- The availability of a yield-enhancement reserve, amortization
reserve, and overcollateralization amount, which will all be funded
by excess spread to cover potential yield shortfalls and loss
reimbursements and to repay principal on the notes at various
stages of the transaction's term.

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly."

  Ratings Raised

  Pepper I-Prime 2017-3 Trust

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A- (sf) from BBB (sf)

  Pepper I-Prime 2018-1 Trust

  Class B: to AAA (sf) from AA (sf)
  Class C: to AA (sf) from A (sf)
  Class D: to A (sf) from BBB (sf)
  Class E: to BBB (sf) from BB (sf)
  Class F: to BB- (sf) from B (sf)

  Ratings Affirmed

  Pepper I-Prime 2017-3 Trust

  Class A1-L: AAA (sf)
  Class A2: AAA (sf)
  Class E: BB (sf)
  Class F: B (sf)

  Pepper I-Prime 2018-1 Trust

  Class A1-L: AAA (sf)
  Class A2: AAA (sf)


PRABHAT GROUP: Second Creditors' Meeting Set for March 29
---------------------------------------------------------
A second meeting of creditors in the proceedings of Prabhat Group
Holdings Pty Ltd has been set for March 29, 2021, at 10:00 a.m. via
telephone or Zoom video conferencing.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 25, 2021, at 5:00 p.m.

Shane Justin Cremin of Rodgers Reidy was appointed as administrator
of Prabhat Group on Feb. 19, 2021.


PRECISION MINING: Second Creditors' Meeting Set for March 26
------------------------------------------------------------
A second meeting of creditors in the proceedings of Precision
Mining and Drilling Holdings Pty Ltd has been set for March 26,
2021, at 11:00 a.m. via Zoom meeting.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 25, 2021, at 4:00 p.m.

Robert Allan Jacobs of Auxilium Partners was appointed as
administrator of Precision Mining on Dec. 23, 2020.


WINDHOIST AUSTRALIA: Second Creditors' Meeting Set for March 31
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Windhoist
Australia Pty Ltd has been set for March 31, 2021, at 10:00 a.m.
via teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 30, 2021, at 4:00 p.m.

John Ross Lindholm and Ryan Reginald Eagle of KPMG were appointed
as administrators of Windhoist Australia on Feb. 23, 2021.


XCLUSIVE SERVICES: Second Creditors' Meeting Set for March 29
-------------------------------------------------------------
A second meeting of creditors in the proceedings of Xclusive
Services Pty Ltd has been set for March 29, 2021, at 11:00 a.m. at
the offices of Cor Cordis, One Wharf Lane, Level 20, 171 Sussex
Street, in Sydney, NSW.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 26, 2021, at 4:00 p.m.

Jason Tang and Ozem Kassem of Cor Cordis were appointed as
administrators of Xclusive Services on Feb. 22, 2021.




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

HELENBERGH CHINA: Moody's Assigns B3 Rating to New USD Bonds
------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to the proposed USD bonds to be issued by Helenbergh China Holdings
Limited (B2 stable).

Helenbergh China will use the proceeds from the proposed bonds
mainly to repay its offshore debt.

RATINGS RATIONALE

"Helenbergh China's B2 corporate family rating (CFR) mainly
reflects the company's strong sales execution, established track
record of developing properties in its key markets, growing
geographic coverage and improving debt leverage," says Danny Chan,
a Moody's Assistant Vice President and Analyst.

"However, the B2 CFR is also constrained by the company's moderate
interest coverage amid weakening profitability and limited funding
access with heavy exposure to nonstandard funding sources. The B2
CFR also considered Helenbergh China's status as a private company,
with lower corporate transparency and a less-developed corporate
governance structure compared with listed companies," adds Chan.

The proposed issuance will improve the company's liquidity profile
and not materially affect its credit metrics because it will use
the proceeds mainly to refinance existing debt.

Helenbergh China's total contracted sales grew 32% to RMB60.6
billion in 2020 from the previous year despite the coronavirus
outbreak. Moody's expects the company's contracted sales growth
will slow down but remain healthy in the next 1-2 years, given its
strong sales execution abilities, diversified land bank and sizable
salable resources across major cities in China, such as Dongguan,
Huizhou, Nanjing, Nantong, Suzhou and Kunming.

Moody's expects Helenbergh China will grow its business with
financial discipline, such that its revenue will grow about 20%
annually in 2021 and 2022 while its annual debt growth will remain
at around 10%. Consequently, the company's revenue/adjusted debt
will improve to 65%-70% over the next 1-2 years from 58% for the 12
months ended June 2020.

However, the company's EBIT/interest coverage will likely weaken to
around 1.8x over the next 1-2 years from 2.0x for the 12 months
ended June 2020, as the benefit of its improved debt leverage is
counterbalanced by the expected decline in gross margins and
increase in interest cost, in light of the increasingly challenging
operating environment for small-to-mid-sized developers in China.
Such financial metrics, nevertheless, support the company's B2
CFR.

Helenbergh China's liquidity is good. Moody's expects its cash
holdings, together with its cash flow from operating activities,
will be enough to cover its maturing debt (including onshore
puttable bonds) and committed land payments over the next 12-18
months.

Moody's has also considered the following environmental, social and
governance (ESG) factors in its assessment.

From a governance perspective, Moody's has considered Helenbergh
China's private company status, with its key shareholders, Huang
Chiheng and his spouse, holding 100% of the company's shares as of
December 2020. Its private company status has also resulted in
lower corporate transparency and a less-developed corporate
governance structure compared with listed companies.

The B3 senior unsecured bond rating is one notch lower than
Helenbergh China's CFR because of structural subordination risk.
Most of the company's claims are at the subsidiary level and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination.

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

The stable outlook reflects Moody's expectation that Helenbergh
China will maintain sufficient balance sheet liquidity and grow its
sales while maintaining stable credit metrics.

Moody's could upgrade Helenbergh China's CFR if it (1) achieves its
planned contracted sales and revenue growth; (2) improves its
financial metrics, with revenue/adjusted debt consistently above
60%-65% and EBIT/interest coverage consistently above 2.5x; and (3)
strengthens its liquidity by diversifying its funding channels and
extending its debt maturity profile.

On the other hand, Moody's could downgrade the company's CFR if its
liquidity weakens, or if its credit metrics deteriorate because of
weaker contracted sales or a more aggressive approach to land
acquisitions.

Financial metrics indicative of a downgrade include (1)
EBIT/interest coverage below 1.5x-2.0x; or (2) cash/short-term debt
below 1.0x.

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

Helenbergh China Holdings Limited is a property developer in China.
At the end of June 2020, the company had land reserves of 29.6
million square meters in gross floor area (GFA). As of the same
date, Helenbergh China was 100% owned by its founder and chairman,
Huang Chiheng and his spouse.


LUCKIN COFFEE: Enters Restructuring Deal With Noteholders
---------------------------------------------------------
Luckin Coffee Inc. (in Provisional Liquidation) (OTC: LKNCY) on
March 16, 2021, announced that it has entered into a restructuring
support agreement (the "RSA") with holders of a majority of Luckin
Coffee's $460 million1 0.75% Convertible Senior Notes due 2025 (the
"Existing Notes").  The holders of Existing Notes who are party to
the RSA (the "Restricted Group") collectively hold or control
approximately 59% in aggregate principal amount of the Existing
Notes.  Now that the terms of the RSA are public, Luckin Coffee can
and will seek support for the RSA from additional holders of the
Existing Notes.

Pursuant to the restructuring contemplated in the RSA (the
"Restructuring"), which the Restricted Group has agreed to support
and vote in favor of, Luckin Coffee expects to restructure the
Existing Notes in a manner designed to allow the Company to
comprehensively address its capital structure and better position
it for long-term success.  The Restructuring is expected to provide
recovery to the holders of the Existing Notes in the amount of
approximately 91-96% of par value.

"We are pleased to reach this agreement with our noteholders, which
represents an important milestone for Luckin Coffee," said Dr.
Jinyi Guo, Chairman and Chief Executive Officer of Luckin Coffee.
"Today, we have a new leadership team and a viable plan to return
Luckin Coffee to growth and value creation. The Board of Directors
and management team believe that the Restructuring is in the best
interests of the Company and its stakeholders. We will continue to
take action to strengthen our capital structure while delivering
outstanding products and services for our customers."

All Luckin Coffee stores remain open for business, continuing to
offer high quality products, affordability and convenience to
customers in the People's Republic of China (the "PRC").  The
transactions contemplated in the RSA are expected to strengthen
Luckin Coffee's financial stability and enhance its continuing
ability to serve its customers.  The Company continues to meet its
trade obligations in the ordinary course of business, including
paying suppliers, vendors and employees.

Transactions Contemplated in the RSA

As described in more detail and subject to the terms therein, the
RSA contemplates, among other things, that the holders of the
Existing Notes shall receive, on or after the effective date of the
Restructuring, for each $1,000 principal amount and accrued and
unpaid interest of the Existing Notes:

   * Cash in an amount of $320, representing a recovery of 32% of
     par (the "Cash Consideration");

   * $230 principal amount of 9.00% One-Year Senior Secured Notes
     (the "New Notes A"), representing a recovery of 23% of par;

   * $300 principal amount of 9.00% Five-Year Senior Secured Notes
     (the "New Notes B"), representing a recovery of 30% of par;

   * A number of American Depository Shares of Luckin Coffee
     ("ADSs") valued at $60, representing 6% of par; and

   * if Luckin Coffee is able to raise equity in the amount of
     $50 million or more prior to the effective date of the
     Restructuring, then each holder of Existing Notes will have
     the option (the "Equity Conversion Option") to elect to
     replace up to $100 principal amount of New Notes A per $230
     principal amount of New Notes A (such principal amount
     elected, the "Equity Conversion Amount") with ADSs, or if
     ADSs are not available, New Notes B and/or cash, subject
     to a top-up mechanism that guarantees a recovery of 150%
     on the Equity Conversion Amount, representing an
     additional recovery of up to 5% of par.

Luckin Coffee expects to implement the Restructuring through a
scheme of arrangement in respect of the Existing Notes (the
"Scheme") pursuant to section 86 of the Companies Act (2021
Revision) (the "Companies Act") of the Cayman Islands. The RSA
provides that the Scheme must be approved in the Cayman Court and
then enforced in the United States under chapter 15 of the U.S.
Bankruptcy Code.

RSA Timeline

As further detailed in the RSA, the RSA will be effective and
binding upon the Company and the Restricted Group until the earlier
of: (i) the implementation of the Restructuring following its
approval in the Cayman Court and enforcement in the U.S. Bankruptcy
Court and (ii) December 31, 2021 (the RSA Long-Stop Date); provided
that the Company and the JPLs may extend the RSA Long-Stop Date (i)
for a period of up to 30 days, unless the Majority Ad Hoc Group (as
defined in the RSA) objects to such extension and provides 5
business days prior written notice of such objection to the Company
and the JPLs and (ii) until such later time as agreed in writing
between the Company, the JPLs and the Majority Ad Hoc Group.

Prior to the RSA Long-Stop Date, the Company is required to
complete certain milestones to ensure the Restricted Group's
continued support for the Restructuring. These milestones include
obtaining reasonable assurance of offshore7 funding in an amount
equal to or greater than the Cash Consideration by June 14, 2021.
In addition, the milestones require Luckin Coffee to file (i) a
petition with the Cayman Court under section 86 of the Companies
Act for an order approving the Scheme; and (ii) a summons with the
Cayman Court for directions to convene the relevant meeting of
creditors in respect of the Scheme, in each case no later than
September 1, 2021.

As required under the RSA, the Company shortly will commence the
formal PRC regulatory approval process to transfer funds offshore
through a planned capital reduction, in an amount sufficient to
satisfy the Cash Consideration. The Company's unaudited
consolidated cash balance, excluding restricted cash and illiquid
investments, amounts to approximately $775 million as of February
28, 2021. The capital reduction process is subject to approval from
the relevant regulators in the PRC. Importantly, this remittance of
PRC funds is not expected to have any impact on the Company's
ability to continue to meet its trade obligations in the ordinary
course of business, including paying suppliers, vendors and
employees.

While there is no certainty that the above-described PRC regulatory
approvals will be obtained, the Company is also pursuing
alternative funding solutions from external investment sources. The
Company is presently engaged in exclusive discussions for a period
of 30 days9 with a credible investor, with a view to raise at least
$250 million of equity funding through a private placement. This
contemplated transaction is subject to ongoing negotiations and
could be conditioned upon a number of factors, such as the market
conditions and the filing of the Company's 2019 annual report.
Accordingly, there is no assurance with respect to the terms or the
completion of this transaction.

Instructions to Become Party to the RSA

In connection with the Restructuring, Luckin Coffee is advised by
Davis Polk & Wardwell LLP as legal counsel and Houlihan Lokey as
financial advisor.

Holders of Existing Notes may contact Houlihan Lokey at
HL_Lake@HL.com with any questions regarding the RSA or the
Restructuring. A copy of the RSA and instructions for holders of
Existing Notes who would like to accede to the RSA are available on
the Joint Provisional Liquidators' website at
https://dm.epiq11.com/case/luckin/documents.

                       About Luckin Coffee

Luckin Coffee (OTC: LKNCY) -- http://www.luckincoffee.com/-- has
pioneered a technology-driven retail network to provide coffee and
other products of high quality, high affordability, and high
convenience to customers. Empowered by big data analytics, AI, and
proprietary technologies, Luckin Coffee pursues its mission to be
part of everyone's everyday life, starting with coffee. Luckin
Coffee was founded in 2017 and is based in China.

In July 2020, Luckin Coffee called in liquidators in the Cayman
Islands to oversee a corporate restructuring and negotiate with
creditors to salvage its business, less than four months after
shocking the market with a US$300 million accounting fraud.

The Company hired Houlihan Lokey as financial advisers to implement
a workout with creditors. The start-up company also named Alexander
Lawson of Alvarez & Marsal Cayman Islands and Tiffany Wong Wing Sze
of Alvarez & Marsal Asia to act as "light-touch" joint provisional
liquidators (JPLs) under a Cayman Islands court order.

The Joint Provisional Liquidators of Luckin Coffee, Alexander
Lawson of Alvarez & Marsal Cayman Islands Limited and Wing Sze
Tiffany Wong of Alvarez & Marsal Asia Limited, on Feb. 5, 2021,
filed a verified petition under chapter 15 of the United States
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 21-10228).  The Chapter
15 Petition seeks, among other things, recognition in the United
States of the Company's provisional liquidation pending before the
Grand Court of the Cayman Islands.

DLA Piper LLP (US), led by Thomas R. Califano and Robert Craig
Martin, is the U.S. counsel.


SUNAC CHINA: Moody's Affirms Ba3 CFR & Alters Outlook to Positive
-----------------------------------------------------------------
Moody's Investors Service has changed the rating outlook on Sunac
China Holdings Limited to positive from stable.

At the same time, Moody's has affirmed Sunac's Ba3 corporate family
rating and B1 senior unsecured debt rating.

"The change in outlook to positive reflects our expectation that
Sunac's debt leverage will improve over the next 12-18 months,
driven by strong revenue growth, controlled land acquisitions and
other investments," says Danny Chan, a Moody's Assistant Vice
President and Analyst.

"We also expect Sunac will continue to exercise prudent financial
discipline, maintain good liquidity and expand its funding access
in the next 12-18 months while pursuing balanced growth in its
property development and non-property development businesses," adds
Chan.

RATINGS RATIONALE

Sunac's Ba3 CFR reflects the company's large scale and good sales
execution, leading brand and market position and good quality of
its land bank. The rating also considers Sunac's improving debt
leverage and good liquidity profile.

These strengths are counterbalanced by the company's modest
interest coverage, substantial exposure to non-standard borrowings,
and high reliance on sales from its joint ventures (JVs) and
associates.

Moody's expects that Sunac's debt leverage, as measured by
revenue/adjusted debt, will improve to 70%-75% in the next 1-2
years from 66.5% in 2020, on the back of robust revenue recognition
from strong contracted sales over the past 2-3 years, and its
disciplined approach to pursuing growth and controlling debt
increase.

Moody's believes that Suanc's sizable salable resources, strong
sales execution and solid housing demand in its core markets in
China's Tier 1 and Tier 2 cities will enable the company to
maintain stable yearly contracted sales growth of 5%-10% in
2021-2022.

Its contracted sales grew 3% from the previous year to RMB575.3
billion in 2020 despite the coronavirus outbreak, after recording a
robust annual growth of 21% in 2019 and 27% in 2018. This growth
notably outperformed the national sales growth of 10% and 15% in
2019 and 2018, respectively.

Moreover, over the past 18 months, Sunac has improved its financial
management with controlled land acquisition expenses and
investments, as well as its capital structures, debt maturity
profile and balance sheet liquidity.

Specifically, Sunac kept its share of annual land acquisitions to
20% of attributable contracted sales in 2020 from 32% a year ago.
It has also accelerated the disposal of some of its non-core assets
to enhance its liquidity and capital structure, such as disposing
its shares in Jinke Property Group Co., Ltd. (B1 stable) for RMB11
billion in 2020.

Moody's expects Sunac's adjusted EBIT/interest will improve
moderately to 2.7x-2.8x from 2.5x over the next 1-2 years, as the
effect of growing revenue and declining interest costs more than
offset an expected decline in gross profit margin. The company's
reported gross profit margin will continue to moderate to around
20% in the next 12-18 months from 21% in 2020 and 24% in 2019, due
to rising land costs and regulatory measures on property prices in
its core markets, such as Hangzhou, Chongqing, Shanghai and
Suzhou.

Sunac plans to continue to expand its onshore bond financing and
bank credit facilities to lower its reliance on high-cost
non-standard funding sources. Nevertheless, because of the time the
company needs to improve its financing structure, Moody's expects
its non-standard borrowings will continue to account for a
significant portion of its total debt in the next 6-12 months.

Sunac's liquidity is good. The company's cash balance of RMB133
billion (including restricted cash of RMB34 billion) covered 1.44x
of its short-term debt as of December 2020. Moody's expects the
company's cash holdings, together with expected operating cash
flow, will be able to cover its maturing short-term debt, committed
land purchases, dividend payments, and capital spending and
payables for its previous acquisitions over the next 12-18 months.

Sunac's CFR also considers the company's concentrated ownership and
its significant investments in JVs, as well as its elevated
leverage stemming from its aggressive debt-funded expansion in
2016-2019 and high exposure to non-standard borrowings.
Nevertheless, Moody's has noted the company's disciplined financial
policy over the past 12 months, with its (1) prudent land
acquisition strategy and controlled debt growth, (2) improved
liquidity management and maturity profiles, and (3) enhanced
capital structure and access to funding.

The B1 senior unsecured debt rating is one notch lower than the CFR
because of structural subordination risk. Most of Sunac's claims
are at the operating subsidiary level and have priority over claims
at the holding company in a liquidation scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. Consequently, the expected recovery rate for claims
at the holding company is lower.

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

The ratings could be upgraded if Sunac establishes a track record
of maintaining good liquidity and a prudent investment strategy,
and continues to reduce its exposure to non-standard borrowings
while pursuing stable growth in its property development and
non-property development businesses. Credit metrics indicative of
an upgrade include adjusted revenue/debt above 70%-75% and adjusted
EBIT/interest above 3.0x-3.5x, both on a sustained basis.

A significant reduction in the contingent liabilities associated
with its JVs or a lower likelihood of providing funding support to
its JVs could also be positive to the ratings.

On the other hand, Moody's could change the outlook to stable if it
is unlikely the company's performance and credit metrics will fall
within the parameters required for an upgrade over the next 12-18
months.

Downward rating pressure could also increase if the contingent
liabilities associated with its JVs or the likelihood of providing
funding support to its JVs increases significantly.

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

Sunac China Holdings Limited, which was listed on the Hong Kong
Stock Exchange in 2010, is an integrated residential and commercial
property developer with projects in China's main economic regions.
The company develops a diverse range of properties, including
high-rise and mid-rise residences, detached villas, townhouses,
retail properties, offices and car parks.

As of the end of December 2020, Sunac's land bank by attributable
gross floor area in China, including those of its joint ventures
and associates, was 161 million square meters. Its revenue was
RMB230.6 billion ($35.5 billion) in 2020.


XINHU ZHONGBAO: Moody's Affirms B3 CFR on High Debt Leverage
------------------------------------------------------------
Moody's Investors Service has revised the outlooks on Xinhu
Zhongbao Co., Ltd. and Xinhu (BVI) 2018 Holding Company Limited, a
subsidiary of Xinhu Zhongbao, to stable from negative.

At the same time, Moody's has affirmed Xinhu Zhongbao's B3
corporate family rating and the Caa1 backed senior unsecured rating
on the notes issued by Xinhu (BVI) 2018 Holding Company Limited and
guaranteed by Xinhu Zhongbao.

"The outlook change to stable reflects our expectation that Xinhu
Zhongbao can maintain its access to various sources of funding and
will scale back its investments and land acquisitions to preserve
liquidity and meet its refinancing needs in the next 12-18 months,"
says Celine Yang, a Moody's Assistant Vice President and Analyst.

"However, Xinhu Zhongbao's B3 CFR continues to be constrained by
its weak liquidity and high debt leverage, a result of its
debt-funded investments in the past 1-2 years, " adds Yang.

RATINGS RATIONALE

Xinhu Zhongbao's B3 CFR reflects the company's good property sales
track record and high-quality land bank in the Yangtze River
Delta.

At the same time, these strengths are counterbalanced by the
company's high debt leverage and weak liquidity. Moody's estimates
that Xinhu Zhongbao had RMB15 billion -- RMB17 billion of cash on
hand at the end of 2020. It will need to raise new debt to cover
its maturing debt of RMB30 billion -- RMB34 billion (including its
onshore and offshore bonds becoming puttable), committed land
payments and other payments over the next 12-18 months.

Moody's expects Xinhu Zhongbao will maintain its access to
different types of funding to meet its operating and refinancing
needs, despite the tightened credit environment in China. This
expectation is based on the company's track record of successful
offshore and onshore bond issuance over the past 12-18 months,
notwithstanding a volatile capital market environment amid the
COVID-19 outbreak.

Xinhu Zhongbao also has some flexibility to monetize its quality
land banks or raise new funds by pledging its investment portfolio
in times of need, having sold a total of around RMB19 billion of
property assets in 2019-20 to replenish its liquidity. Moody's
estimates that around RMB20 billion -- RMB23 billion of its
investment assets were unpledged as of December 2020.

Moody's expects Xinhu Zhongbao's debt leverage, as measured by
revenue/adjusted debt, will improve to 21%-23% over the next 12-18
months from the weak level of 15% for the 12 months ended June
2020. Its interest coverage, as measured by adjusted EBIT/interest,
will rise to 1.5x from 1.1x over the same period. These
improvements are supported by the company's ability to control debt
and an expected revenue increase. And although there are
improvements, these credit metrics remain weak compared with many
of Xinhu Zhongbao's rated industry peers, and position the company
at the lower end of the B-rating category.

As for environmental, social and governance (ESG) considerations,
Xinhu Zhongbao's B3 CFR has considered the company's aggressive
investment appetite and financial policy. It has also considered
its concentrated ownership, with its main shareholder Huang Wei and
persons acting in concert holding a combined 57.1% stake as of
February 2021. About 70% of Huang's holdings are currently pledged.
The presence of three independent nonexecutive directors (INEDs) on
the company's seven-member board of directors (as of December
2020), and the fact that two-thirds of members on each of the
company's special committees (Audit Committee, Remuneration
Committee, Nomination Committee and Strategic Committee) are INEDs,
partly mitigate the governance concerns. In addition, the company
had a stable dividend payout ratio of less than 25% in the past
three years.

The company's Caa1 backed senior unsecured rating is one notch
lower than the CFR because of structural subordination risk. This
risk reflects Moody's expectation that most of the company's claims
are at the operating subsidiary level and have priority over claims
at the holding company in a bankruptcy scenario. In addition, the
holding company lacks significant mitigating factors for structural
subordination. As a result, the expected recovery rate for claims
at the holding company will be lower.

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

Moody's could upgrade Xinhu Zhongbao's ratings if the company (1)
improves its liquidity, with its cash/short-term debt rising above
1x on a sustained basis; and (2) improves its credit metrics, with
EBIT/interest coverage above 1.5x and revenue/adjusted debt above
40% on a sustained basis.

Downgrade rating pressure could arise if the company's (1)
liquidity deteriorates, with signs of weakening in its access to
funding; (2) contracted sales or operating cash flow declines
materially; or (3) EBIT/Interest coverage dropping under 1.0x on a
sustained basis.

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

Headquartered in Hangzhou, Xinhu Zhongbao Co., Ltd. commenced its
first residential property project in Wenzhou, Zhejiang province,
in 1990 and listed on the Shanghai Stock Exchange in 1999.


YANLORD LAND: S&P Alters Outlook on 'BB-' ICR to Stable
-------------------------------------------------------
S&P Global Ratings, on March 18, 2021, revised its outlook on
Yanlord Land Group Ltd. to stable from negative. At the same time,
S&P affirmed its 'BB-' long-term issuer credit rating on Yanlord
and its 'B+' long-term issue rating on the company's guaranteed
senior unsecured notes.

S&P said, "The stable outlook reflects our view that Yanlord will
moderately grow its contracted sales and accelerate project
delivery, while better managing its debt-funded land replenishments
over the next 12-24 months.

"We revised our outlook on Yanlord because we believe the company's
moderate investment appetite and solid execution in higher-tier
cities will help it reduce its leverage over the next one to two
years." These positive developments should temper the impact of
Yanlord's compressed profitability, which remains a key risk in our
view. Swelling land costs and restrictive selling prices in cities
the company operates in have limited its profits.

Yanlord is likely to slow down its pace of expansion over the next
one to two years. The management intends to maintain moderate
growth in contracted sales in the period. The company has caught up
on scale with peers with similar ratings. This follows two years of
strong growth in 2018-2020. Yanlord rose to be among the top-50
property developers in China in 2020, from the 80th position two
years ago. Its contracted sales grew at a compounded annual rate of
75% in the period.

S&P forecasts Yanlord's contracted sales will be Chinese renminbi
(RMB) 75 billion-RMB80 billion in 2021, compared with RMB78 billion
in 2020. This is based on our assumption of a lower sell-through
rate due to the company's increasing saleable resources in
lower-tier cities. Yanlord faces greater uncertainty in these
cities over the cycle because the company may not be very
accustomed to development there. Yanlord has maintained an
above-average sell-through rate of more than 85% in the past three
years, mainly due to the prime location of the company's properties
in higher-tier cities in Yangtze River Delta and Greater Bay Area.

Yanlord will likely continue to control land replenishment to
stabilize its leverage. The company reduced its adjusted debt to
RMB42.3 billion at the end of 2020, from RMB57.9 billion a year
ago. This was aided by satisfactory cash collection from contracted
sales and a reduction in guarantees to joint ventures (JVs) and
associates. The debt-to-EBITDA ratio also improved to 5.1x in 2020,
from 7.5x in 2019.

S&P estimates Yanlord's land spending will only moderately pick up
to 35%-40% of contracted sales in 2021-2022, compared with 30% in
2020. The company's unsold land reserve of approximately 6.8
million square meters should be enough for nearly three years of
development.

Yanlord's profitability will be under pressure because the company
has been dependent to a certain extent on land replenishment
through public auctions. S&P projects the company's gross profit
margin from the property development segment will be 25%-27% over
the next two to three years, significantly lower than the 36% in
2020. This is because of some low-margin projects acquired in
2017-2018 in top-tier cities (such as Suzhou, Nanjing, and
Shenzhen) had higher land costs and lower selling prices than
Yanlord expected because of government-imposed price caps. The
company is likely to gradually digest the impact of such projects
in the next two to three years. Management has increased land
purchases through urban renewal projects and project acquisitions.
This should also enhance Yanlord's profitability.

S&P said, "One key risk to the improvement in profitability is that
competition to acquire land through less costly means may
intensify, while price caps imposed in higher-tier cities do not
loosen.

"We expect Yanlord's revenue recognition to remain strong in 2021.
This is on the back of strong growth in contracted sales in
previous years. The company's total sold but unrecognized revenue
increased by 40.5% to RMB106 billion as of end-2020. We estimate
about RMB80 billion of this was from JVs. Yanlord set up most of
these JVs in 2017 and 2018, and they will start revenue
contribution in the next two years. However, sales growth will
gradually decrease to single-digit levels owing to a high base.

"We expect Yanlord's improved revenue to reduce its leverage on a
look-through basis as long as execution risks at JVs are well
managed. The company's ratio of consolidated debt to EBITDA will
likely fall to 4.5x-4.7x by 2022, from 5.1x in 2020, while its
look-through (after proportionally consolidating JVs)
debt-to-EBITDA ratio will decline to 4.3x-4.5x from 5.7x-5.9x.

"In our view, the acquisition of United Engineers Ltd. (UEL) in
February 2020 will slightly enhance Yanlord's cash flow diversity.
We don't expect Yanlord to incur high capital expenditure on UEL
assets in the next two years. Yanlord's revenue from its
non-property segment has increased to 12% in 2020, from 5% before
the acquisition in 2018. We expect this ratio to be stable over the
next two to three years.

"The stable outlook reflects our expectation that Yanlord will
better control land spending and debt owing to its reduced
aspirations for growth in contracted sales. This should help the
company sustain the improvement in both consolidated and
look-through leverage over the next 12-24 months. Yanlord's
compressed profitability due to regulatory restrictions on sale
prices in higher-tier cities will temper the improvement."

S&P could downgrade Yanlord if its consolidated or look-through
debt-to-EBITDA ratio weakens to above 5x. This could happen if:

-- the company's debt-funded land replenishment needs are greater
or more aggressive than we anticipate;

-- its revenue recognition is weaker than our expectation due to
delay in project completion; or

-- its profitability weakens significantly more than our
forecast.

S&P said, "We could upgrade Yanlord if the company's consolidated
and look-through debt-to-EBITDA ratios are sustainably below 4x.
This could happen if Yanlord can significantly improve its
profitability via less expensive means of land bank replenishment,
expedite project delivery for stronger revenue growth, and strike a
good balance between debt growth and land acquisitions."




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

AAA ROLLER: CRISIL Lowers Rating on INR19cr Cash Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of AAA
Roller Flour Mills Private Limited (ARFMPL; part of 'Gupta Group')
to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL BB+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            19        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with ARFMPL for
obtaining information through letters and emails dated January 30,
2021 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

The group was incorporated in 1995, with Mr. Vijay Shankar Gupta
and his family members as the promoters. The company is engaged in
the processing of wheat into flour, with units in Navi Mumbai and
Pune (Maharashtra) and combined capacity of 720 metric tonnes per
day.


AARTI EXTRACTIONS: CRISIL Lowers Ratings on INR12cr Loans to B
--------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Aarti
Extractions Private Limited (AEL) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           11.5       CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

   Standby Line           0.5       CRISIL B/Stable (ISSUER NOT  
   of Credit                        COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with AEL for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Established in 1992, AEL, promoted by Mr. Dinesh Garg and his
family, extracts and refines rice bran oil at its facility in
Chandauli (Uttar Pradesh). It sells rice bran oil and de-oiled cake
(a by-product), extracts other oils such as sunflower and neem, and
trades in palm oil.


ABLOOM INFOTECH: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Abloom Infotech Private Limited
        Kh.No. 300, Gopi Ram Building
        Sultanpur Village
        New Delhi South Delhi 110030
        India

Insolvency Commencement Date: March 11, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: September 7, 2021

Insolvency professional: Parveen Bansal

Interim Resolution
Professional:            Parveen Bansal
                         J-347, Block J
                         Sarita Vihar, New Delhi
                         National Capital Territory of Delhi
                         110076
                         E-mail: pkbansal00@gmail.com

                            - and -

                         E-44/3, Pocket D
                         Okhla Industrial Area
                         Phase II, New Delhi 110020
                         E-mail: abloom.infotech@pbinsolvency.com

Last date for
submission of claims:    March 26, 2021


AMRUTVA FINE: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Amrutva Fine
Foods LLP (AFFL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         1         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Working       2         CRISIL B/Stable (Issuer Not  
   Capital Facility                 Cooperating)

CRISIL Ratings has been consistently following up with AFFL for
btaining information through letters and emails dated August 22,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AFFL is a Mumbai based firm, involved in manufacture and export of
various edible products extracted from processing of Sesame Seeds.
The firm has manufacturing facility based in Nagpur (Maharashtra).


AMZEN MACHINES: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Amzen Machines Private Limited
        DSC 245, First Floor
        The South Court
        DLF Saket, Saket
        New Delhi 110017

Insolvency Commencement Date: March 11, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: September 7, 2021
                               (180 days from commencement)

Insolvency professional: Anurag Goel

Interim Resolution
Professional:            Anurag Goel
                         10/349, First Floor
                         Sunder Vihar
                         Paschim Vihar
                         New Delhi 110087
                         E-mail: agoel@caanurag.com
                                 cirp.amzen@caanurag.com

Last date for
submission of claims:    March 29, 2021


ANGEL PAPERS: CRISIL Keeps B Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Angel Papers
Private Limited (APPL) continue to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan         6         CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with APPL for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

APPL is a Bettiah, Bihar, based company incorporated in 2012.
However, the commercial operation started in October 2014. The
company is engaged in manufacturing of kraft paper of 14-18bf and
100-180gsm specification, which is used in the packaging industry.
The operation of the company is managed by Mr. Rajesh Todi and Mr.
Ramesh Todi. The company has a manufacturing capacity of 50 tonnes
per day, currently operating at 50% capacity levels.


ANNAI JEWELLERS: CRISIL Lowers Rating on INR10cr Cash Loan to B
---------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Annai
Jewellers (AJ) to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING*')

CRISIL Ratings has been consistently following up with AJ for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AJ was set up as a partnership firm at Tuticorin (Tamil Nadu) in
1991. The firm is engaged in retailing of gold jewellery through
its showrooms under the name 'Annai Jewellers'. Daily operations
are managed by second-generation businessmen, and partners, Mr. P
Vinayakamoorthy, Mr. P Muruganantham and Mr. P Selvaraj.


ANNAPURNA UDYOG: CRISIL Keeps B+ Debt Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Annapurna
Udyog (AU) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            12        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit-            3        CRISIL B+/Stable (Issuer Not
   Stock                            Cooperating)

CRISIL Ratings has been consistently following up with AU for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AU is a partnership firm set up by Mr. Mithlesh Gupta and his
brother, Mr. Sant Kumar Gupta in 1994. It processes pulses such as
masoor, matar, and chana dal. It has a milling capacity of 70
quintal per hour for masoor and 25-30 quintal per hour for chana,
and a sorting capacity of 50 quintal per hour, at its plant in
Kanpur, Uttar Pradesh.


ARDHENDU MONDAL: ICRA Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of M/s.
Ardhendu Mondal in the 'Issuer Not Cooperating' category. The
rating is denoted as [ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Fund-based-        5.50      [ICRA]D ISSUER NOT COOPERATING;
   Cash credit                  Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Unallocated        2.48      [ICRA]D ISSUER NOT COOPERATING;
   Limit                        Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

   Non-Fund based–    2.02      [ICRA]D ISSUER NOT COOPERATING;
   Bank Guarantee               Rating continues to remain under
                                'Issuer Not Cooperating'
                                Category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.

Incorporated in 2004 as a partnership firm, M/s. Ardhendu Mondal is
involved primarily in the business of civil construction in West
Bengal. The registered office of the firm is in Burdwan, West
Bengal. The activities of the firm include earth work, river bank
protection, bridge construction and maintenance work, road and
building construction work etc.

ARUPPUKOTTAI SHRI: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Aruppukottai
Shri Vijayalakshmi Textile MillsPrivate Limited (AVTPL) continues
to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5.75       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with AVTPL for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

AVTPL was established in 1987 to manufacture cotton yarn. The
company has 3533 rotors in its manufacturing unit at Aruppukottai
in Tamil Nadu. It was managed by Mr. Dinakaran, one of the
promoters, from 1987 to 2005, after which, his sister Ms
Renugadhevi, took over the management.


AVENTURA COMPONENTS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Aventura Components Private Limited
        A1/152 Main Ignou Road
        Neb Sarai
        New Delhi 110068

Insolvency Commencement Date: March 12, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: September 8, 2021
                               (180 days from commencement)

Insolvency professional: Satya Prakash

Interim Resolution
Professional:            Satya Prakash
                         B-277, Gali No. 14
                         Tomar Colony, Burari
                         Delhi 110084
                         E-mail: cs.satyaprakash@gmail.com

                         A-1/52, 3rd Floor
                         Paschim Vihar
                         New Delhi 110063
                         E-mail: cirp.aventura@gmail.com

                         Insolvency and Bankruptcy Board of India
                         7th Floor, Mayur Bhawan
                         Shankar Market, Connaught Circus
                         New Delhi 110001

                            - and -

                         2nd Floor, Jeevan Vihar Building
                         Parliament Street
                         New Delhi 110001

Last date for
submission of claims:    March 29, 2021


AZIMUTH SOFTWARE: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Azimuth Software India Private Limited
        67 & 68, Sringeri Madam Street
        Sivaganga Nagar
        Anna Nagar Extension
        Pondicherry
        Pincode 605005

Insolvency Commencement Date: March 3, 2021

Court: National Company Law Tribunal, Division Bench-II, Chennai

Estimated date of closure of
insolvency resolution process: August 31, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Suresh K

Interim Resolution
Professional:            Mr. Suresh K
                         Second Floor, No. 14
                         Muthu Street, Santhome
                         Chennai 600004
                         E-mail: suresh@lawdharma.com
                                 sureshlawdharma@gmail.com

Last date for
submission of claims:    March 22, 2021


BAJRANG COTGIN: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Bajrang Cotgin Private Limited
        Nakshatra Heights-708
        Opp. Telephone Exchange 150 Ft
        Rajkot, Gujarat 360005

Insolvency Commencement Date: March 15, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: September 11, 2021

Insolvency professional: Premraj Ramratan Laddha

Interim Resolution
Professional:            Premraj Ramratan Laddha
                         304, Abhijit-3
                         Above Pantaloon
                         Mithakhali-Law Garden Road
                         Ellis Bridge
                         Ahmedabad (Guj.) 380006
                         E-mail: premladdha@yahoo.com
                                 cirp.bajrang@gmail.com

Last date for
submission of claims:    March 30, 2021


BRAHMANAND HIMGHAR: CRISIL Keeps B+ Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Brahmanand
Himghar Limited (BHL) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                          Amount
   Facilities          (INR Crore)     Ratings
   ----------          -----------     -------
   Proposed Long Term        10        CRISIL B+/Stable (Issuer
   Bank Loan Facility                  Not Cooperating)

CRISIL Ratings has been consistently following up with BHL for
obtaining information through letters and emails dated September
28, 2020 and February 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

BHL, incorporated in June 1990, provides cold storage services to
potato famers and traders. The company has two cold storages'one
each in Paschim Medinipore (West Bengal) and Seraikella-Kharsawan
(Jharkhand). Mr. Rajendra Kumar Agrawal is the managing director.

C&C CONSTRUCTIONS: Bankruptcy Delays Key India-Myanmar Project
--------------------------------------------------------------
The Economic Times reports that a key transit project on the
India-Myanmar border, Kaladan Multimodal Transit Transport (KMTT),
has been delayed due to bankruptcy and ongoing insolvency
proceedings against one of the contractors before the National
Company Law Tribunal (NCLT), the Union home ministry informed a
parliamentary panel.  The project is considered crucial for
improving connectivity.

In its reply to the standing committee on home affairs, the
ministry said, "The execution of the KMTT project, especially the
road component, has faced many challenges due to security problems,
ongoing insurgency and remoteness of the site." The report was
tabled in Parliament on March 15, ET notes.

ET relates that the ministry further said, "Construction of a road
from Paletwa in Chin State to Zorinpui in Mizoram has been impeded
by the precarious security situation in the region. The initial
plan of the project was to develop a 225 km long waterway from
Sittwe Port till Kaletwa (transhipment point) and a road component
of 62 km from Kaletwa up to Zorinpui in Mizoram at the Indo-Myanmar
border."

The plan was to be changed due to the actual geographical
conditions on the site to 158 km of waterways and 109 km of the
surface route after shifting the transhipment point on the Kaladan
River from Kaletwato Paletwa and the specifications of the road
component were also changed from intermediate to double lane as
well, according to the home ministry.

Moreover, one of the joint venture partners of the appointed
contractor (Ms C&C constructions) has gone bankrupt and an
insolvency proceeding was initiated in the NCLT in March 2019 due
to the acute financial crisis of the contractor, said the report.
The KMTT project, conceptualised by the MEA, has two components -
waterways and roadways.

According to ET, the waterways component of KMTT is almost complete
and a port operator has been appointed jointly by the Centre and
Myanmar. "Efforts are being made to operationalize the port and IWT
(Inland Waterways Transport) terminals. A project oversight
committee has been constituted with members from the MEA, IWAI and
Kolkata Port Trust to oversee the day-to-day activities involved in
the early operationalization of Sittwe Port," said the report.


CALTECH POLYMERS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Caltech
Polymers Private Limited (CPPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            4         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Term Loan         2         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with CPPL for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

The VKC group (constituting 21 entities) was set up in 1984 by Mr.
VKC Mammed Koya. The group manufactures footwear under the brand,
VKC. The group's Division I, consisting of eight entities is headed
by Mr. Noushad, while Division II with 13 entities, and is headed
by Mr. Abdul Razzak.

Set up in 1994, CPPL is part of Division II, and manufactures
footwear for sale under VKC brands, such as VKC Pride and VKC
Skalino. The manufacturing facility is in Malappuram and the
products are sold primarily in Kerala, Tamil Nadu and Karnataka.


CRIUS LIFE: CRISIL Raises Rating on INR16cr Loans to B+
-------------------------------------------------------
CRISIL Ratings has upgraded its rating on the long-term bank
facilities of Crius Life Sciences Private Limited (CLSPL) to
'CRISIL B+/Stable', from 'CRISIL D'

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit           5.9       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL D ')

   Proposed Long Term    0.1       CRISIL B+/Stable (Upgraded
   Bank Loan Facility              from 'CRISIL D ')

   Term Loan            10.0       CRISIL B+/Stable (Upgraded
                                   from 'CRISIL D ')

The upgrade reflects sufficient track record of timely servicing of
debt and stable business risk profile, which despite expected
revenue decline of 5% in fiscal 2021 (on year basis; amid Covid-19
demand slowdown) shall remain comfortable.

The rating reflects continues to reflect the company's average
financial risk profile and large working capital requirement. These
weaknesses are partially offset by the extensive experience of the
promoters in the pharmaceuticals industry.

Analytical Approach

Unsecured loans from promoters and related parties of INR12.36
crores as on 31st March 2020 are treated as neither debt nor equity
(NDNE) as they will be maintained in the business over medium
term.

Key Rating Drivers & Detailed Description

Strengths:

* Extensive experience of the promoters: Benefits derived from the
promoters' experience of over 25 years, their strong understanding
of local market dynamics, and healthy relations with suppliers and
customers should continue to support the business. Thus, revenue
was comfortable at INR53.30 crore in fiscal 2020.

Weakness:

* Average financial risk profile: Networth was low at INR1.59
crore, with adjusted gearing extensively high at 8.35 times as on
March 31, 2020. Debt protection metrics are also average with
interest coverage and net cash accrual to total debt ratios of 2.8
times and 0.16 time, respectively, for fiscal 2020.

* Large working capital requirement: The operations are working
capital intensive marked by GCA of 149 days as on 31st March 2020.
The same is driven by high debtor days of 77 days and inventory of
58 days as on 31st March 2020. The working capital cycle is
supported by high creditors of 130 days and external borrowings.

Liquidity: Stretched

Bank limit utilization is moderate at around 71.7% for the past
twelve months ended February 2021.  Cash accruals are expected to
be around INR3.5-3.9 crores against repayment of INR2 crores for
fiscal 2021. Current ratio are moderate at 1.05 times on  March 31,
2020.  Liquidity is greatly supported by unsecured loans from
promoters and related parties at INR12.36 crores as on 31st March
2020.

Outlook Stable

CLSPL continues to benefit from extensive experience of promoters.

Rating Sensitivity factors

Upward factors

* Improvement in revenue by around than 30% along with stable
margins
* Improvement in liquidity profile

Downward factors

* Decline in operating margins below 7% leading to stretch in
liquidity
* Stretch in working capital cycle

CLSPL, incorporated in 2016, is a Baddi (Solan, Himachal
Pradesh)-based company that operates a nutraceutical specialties
manufacturing unit. Products comprise soft gelatin capsules
(vegetable source), innovative technology tablets, hard gelatin
capsules, and ready-to-use powders.

CRYPTOGRAPH TECHNOLOGIES: Insolvency Resolution Case Summary
------------------------------------------------------------
Debtor: M/s. Cryptograph Technologies Private Limited
        No. 87, 3rd Floor
        Sector 1 27th Main
        H.S.R. Layout
        Bangalore 560102 (KA)

Insolvency Commencement Date: March 4, 2021

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: August 31, 2021

Insolvency professional: Surender Devasani

Interim Resolution
Professional:            Surender Devasani
                         1436, Anasuya Nilaya
                         2nd Floor, 8th Cross
                         10th Main, BTM 2nd Stage
                         Bengaluru 560076
                         E-mail: surenderdevasani@gmail.com
                         Mobile: 9972635711

                            - and -

                         #50, Ground Floor
                         Millennium Towers, Queens Road
                         Bengaluru 560051
                         E-mail: ip.cryptograph@gmail.com

Last date for
submission of claims:    March 30, 2021


DASVE RETAIL: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Dasve Retail Limited
        Hincon House, Lal Bahadur
        Shastri Marg, Vikhroli (West)
        Mumbai 400083

Insolvency Commencement Date: February 8, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: August 7, 2021

Insolvency professional: Mr. Shailesh Verma

Interim Resolution
Professional:            Mr. Shailesh Verma
                         E1004, Vijaya Apartments
                         Mall Road, Ahinsa Khand 2
                         Near Shanti Gopal Hospital
                         Indirapuram, Ghaziabad
                         Uttar Pradesh 201014
                         E-mail: shailesh3108@gmail.com

                            - and -

                         Deloitte Touche Tohmatsu India LLP
                         27th Floor, Tower 3
                         One International Center
                         Elphinstone (W)
                         Mumbai 400013
                         E-mail: inlavasaip@deloitte.com
                                 shaiverma@deloitte.com

Last date for
submission of claims:    March 15, 2021


DECON INDIA: CRISIL Keeps B+ Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Decon India
Plastics Private Limited (DIPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Proposed Cash         15         CRISIL B+/Stable (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with DIPL for
obtaining information through letters and emails dated August 22,
2020 and February 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

Incorporated in June 2011, DIPL is a wholly-owned subsidiary of
Decon GmbH and manufactures and supplies injection-molded plastic
components and chrome-plated parts primarily to the VW group in the
domestic and global markets.


DK INFRA: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of DK Infra
continue to be 'CRISIL B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee         47        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Cash Credit             9        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Bank          19        CRISIL B+/Stable (Issuer Not
   Guarantee                        Cooperating)

CRISIL Ratings has been consistently following up with DK Infra for
obtaining information through letters and emails dated August 22,
2020 and February 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

DK Infra was set up as a proprietorship concern in 1956, by Mr.
Dolchand Kallaji, reconstituted as a partnership firm in the early
1970s, and as a private limited company in 2008. The company
undertakes infrastructure development projects, primarily
pertaining to road, water, sewerage pipelines, power sector, and
building repairs, mostly in Mumbai.


EPARIS JEWELLERS: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of with Eparis
Jewellers (EJ) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            10        CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with EJ for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

EJ, set up in 1992, is a gold retailer, operating one showroom in
Cuttack (Odisha). Mr. Epari Madhav Rao and Mr. Epari Arvind Rao are
the promoters.


FORCE-1 GUARDING: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Force-1 Guarding Services Private Limtied
        No. 3/1, Lake View Road
        Kottur, Chennai 600085

Insolvency Commencement Date: February 25, 2021

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: K.K. Balasubramanian

Interim Resolution
Professional:            K.K. Balasubramanian
                         B-401 Ramaniyam Samarpann
                         20th East Street
                         Kamaraj Nagar, Thiruvanmiyur
                         Chennai 600041
                         E-mail: kkbala2015@gmail.com

                            - and -

                         Flat 6/4, 6th Floor
                         Rams Swathi Towers
                         5 & 7 Dr. Durgabai Deshmukh Road
                         Raja Annamalaipuram
                         Chennai 600028
                         E-mail: cirp.force1@gmail.com

Last date for
submission of claims:    March 23, 2021


FREE WORLD: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: M/s Free World Exports Private Limited
        No. 45, 2nd Floor
        1st Main Road
        Gandhi Nagar, Adyar
        Chennai 600001

Insolvency Commencement Date: March 8, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: August 2, 2021

Insolvency professional: Vijayakumari Natarajan

Interim Resolution
Professional:            Vijayakumari Natarajan
                         1186, 16th Street
                         Annanagar West End Colony
                         Mogappair, Chennai 600050
                         E-mail: natarajviji@gmail.com
                                 freeworldcirp@gmail.com

Last date for
submission of claims:    March 22, 2021


G AND G INTERNATIONAL: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G and G
International Private Limited (GGIPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           6.85       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Proposed Long         3.59       CRISIL B+/Stable (Issuer Not
   Term Bank                        Cooperating)
   Loan Facility         
                                    
   Term Loan             2.06       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GGIPL for
obtaining information through letters and emails dated August 22,
2020 and February 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

GGIPL was incorporated in April 2012, promoted by Mr. Yogesh Gupta,
Mr. Rajnish Gupta, and Mr. Rajesh Kumar. The company manufactures
polar blankets at its unit in Karnal, Haryana, which has a capacity
of 10 tpd.

GK-AUTOPAL LIGHTING: CRISIL Maintains B Ratings in Not Cooperating
------------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of GK-Autopal
Lighting Solutions LLP (GKALS) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            5         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Rupee Term Loan        1.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with GKALS for
obtaining information through letters and emails dated August 22,
2020 and February 27, 2021 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

GKALS was registered as a partnership firm with limited liability
(LLP) on December 29, 2014. The firm is currently engaged in
trading of compact fluorescent lamps (CFLs) and is in the process
of setting up a plant for manufacturing light-emitting diode (LED)
luminaries.

GREEN POLYTUBES: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Green
Polytubes Pvt Ltd in the 'Issuer Not Cooperating' category. The
ratings are denoted as "[ICRA]B(Stable)/A4 ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Fund based-        1.80      [ICRA]B (stable); ISSUER NOT
   Term Loan                    COOPERATING; Rating continues to
                                remain under the 'Issuer Not
                                Cooperating' category

   Fund based-        4.00      [ICRA]B (stable); ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues to
                                remain under the 'Issuer Not
                                Cooperating' category

   Fund based–        0.60      [ICRA]B (stable); ISSUER NOT
   Standby Line                 COOPERATING; Rating continues to
   of Credit                    remain under the 'Issuer Not
                                Cooperating' category

   Non-Fund based–
   Bank Guarantee     0.40      [ICRA]A4 ISSUER NOT
                                COOPERATING; Ratings Continues to
                                remain under 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.

Incorporated in 1998, Green Polytubes Pvt Ltd is engaged in the
manufacturing of PVC & UPVC Pipes with present installed capacity
of 3,000 MTPA. GPPL's production facility is set-up in Haripur,
Bihar. GPPL sells its product under the registered brand name of
'Green'.

GURJANGJHORA TEA: ICRA Assigns B Rating to INR3.50cr Cash Loan
--------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Gurjangjhora Tea
and Industries Limited (GTIL), as:

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Fund-based–         2.98     [ICRA]B (Stable); assigned
   Term Loans          

   Fund-based–         3.50     [ICRA]B (Stable); assigned
   Cash Credit         

   Unallocated         3.52     [ICRA]B (Stable)/[ICRA]A4;
   Limit                        assigned

Rationale

The assigned ratings consider the modest scale of operations of
GTIL and a relatively moderate quality of CTC tea produced by the
company, having a bearing on its average realizations. The ratings
also factor in the competitive nature of the industry and risks
associated with tea for being an agricultural commodity as its
quality and production volume depend on agro-climatic conditions.
Besides, the business remains vulnerable to regulatory changes,
wage rate hike etc. The company also remains exposed to high
geographical concentration risks as it has a single garden located
in Jalpaiguri, West Bengal. Moreover, domestic tea prices are
impacted by the demand-supply situation and prices in the
international market, which would continue to have a bearing on the
profitability of Indian tea players, including GTIL. The ratings
are also constrained by GTIL's stretched financial profile due to
losses or low profits over the last few consecutive years,
adversely impacting the net worth and debt coverage metrics and its
high working capital utilization, exerting pressure on the
liquidity position. The ratings, however, factor in the extensive
experience of the promoters in the tea industry and favorable age
profile of the bushes, which positively impacts productivity.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that GTIL will continue to benefit from the extensive experience of
its promoters in the tea business. The company's production volume
in the current fiscal is likely to decline mainly due to the
operational disruptions caused by the Covid-19 pandemic. However, a
sharp increase in average realizations is likely to positively
impact GTIL's financial performance in the current fiscal.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in the tea industry along with
a prominent position of the Group as a producer of green Tea: The
company is managed by the Jalpaiguri (West Bengal) based Kalyani
family, associated with the tea business for more than 100 years.
The Kalyani Group owns four tea estates, spread over around 1,200
hectares in West Bengal and Assam, which are operational under four
Group companies, including GTIL. In addition to the crush-tear-curl
(CTC) variety of tea, GTIL also produces green tea. The Group has
an established position as a producer of green tea, which fetches
higher realization and has witnessed an increasing demand in the
recent years.

* Favourable age profile of the bushes supports productivity –
The company has a favorable age profile of tea bushes with 90% of
the bushes in the age group of 5-50 years, resulting in high
productivity. This mitigates the risks associated with the fixed
cost-intensive nature of the bulk tea industry, to an extent. In
FY2020, its productivity from own garden stood at 2,050 kg/hectare
(considering area under cultivation; excluding around 6 hectare
under rehabilitation). Nevertheless, the company's production
volume in Q1 FY2021 was significantly affected by the lockdown on
account of the pandemic and the production from its own garden is
likely to remain lower by around 15% in the current fiscal compared
to FY2020.

Credit challenges

* Modest scale of operations and relatively moderate quality of CTC
tea produced: The company's scale of operations remains at a modest
level, with total production (including tea made from bought
leaves) of around 0.62 million kg in FY2020 vis-a-vis around 0.60
million kg in FY2019. GTIL sold 0.63 million kg tea in FY2020,
translating into an operating income of INR8.95 crore compared to
INR8.70 crore in FY2019. Despite higher realization of green tea,
which contributed 22% to sales volume in FY2020, a relatively
moderate quality of CTC tea produced by the company affects its
average realizations.

* High geographical concentration risks: The company has a single
garden located in Jalpaiguri, West Bengal. This makes GTIL
vulnerable to high geographical concentration risks.

* Exposed to agro-climatic risks, regulatory changes, wage rate
hike etc. as tea is an agricultural commodity: The quality and
production volume of tea depend on agro-climatic conditions, pest
attacks etc. The sector also remains vulnerable to other factors
like regulatory changes, wage rate hike by the Government etc. ICRA
notes the hike in the basic wage rate for the tea garden workers in
West Bengal by around 15% from January 2021, which is likely to
result in an increase in GTIL's cost of production.

* Prices of Indian tea, despite its better quality, would remain
vulnerable to price fluctuation in the international market;
notwithstanding a sharp increase in average realizations in the
current fiscal: The average tea realizations have increased sharply
in the current fiscal. However, prices of domestic tea, despite its
better quality, are impacted by international prices to some
extent. Hence, the demand-supply situation in the global tea
market, in ICRA's opinion, would continue to have a bearing on the
profitability of Indian players, including GTIL.

* Stretched financial profile, reflected by erosion of net worth
and depressed debt coverage metrics in recent years: The company
suffered net losses for a few consecutive years till FY2018 and
reported low net profits in FY2019 and FY2020 due to an adverse
cost structure. In FY2020, GTIL's net profit (INR0.67 crore) was
mainly supported by a non-operating profit of INR0.62 crore from
the sale of a property. The prolonged losses/low profits resulted
in a negative tangible net worth and subdued debt coverage metrics,
as reflected in an interest coverage of 1.21 times, total debt
relative to OPBDITA of 9.14 times and net cash accrual relative to
total debt of 10% in FY2020.

* High utilization of working capital limit negatively impacts
liquidity position: The company's average fund-based working
capital limit utilization during September 2019 to December 2020
stood at a high level of 100.59% of the sanctioned limit. This
exerted pressure on GTIL's liquidity position.

Liquidity position: Stretched

The company's liquidity position is stretched. Its cash flow from
operations stood at a low level of INR0.59 crore in FY2020.
Besides, debt repayments (INR0.75 crore in FY2020) and normal capex
(INR0.70 crore in FY2020) resulted in a negative free cash flow
(after debt repayment). The company's working capital limit
remained fully utilized in most of the months during September 2019
to December 2020. It availed moratorium on debt servicing of bank
facilities for three months till June 2020 and availed term loans
of INR1.05 crore from bank as a funding support on account of the
pandemic. The fresh loans led to an increase in its debt service
obligation. Nevertheless, GTIL's cash flows are likely to improve
in the current fiscal on account of a significant increase in
realizations.

Rating sensitivities

Positive factors – ICRA may upgrade GTIL's ratings if the company
demonstrates a substantial increase in its scale of operations,
profits and net worth on a sustained basis.

Negative factors – Pressure on GTIL's ratings may arise if there
is a significant decline in realizations and profitability or if
any adverse government regulations affect the company's credit
profile.

The company's tea estate was earlier under Gurjangjhora Tea Company
Limited (incorporated in 1882), which was renamed and incorporated
as Gurjangjhora Tea And Industries Limited (GTIL) in 1980. Its tea
garden is located in Jalpaiguri, West Bengal spread over 326.19
hectares, out of which 272.66 hectares are currently under
cultivation. The company produces both CTC and green tea, which are
sold in the domestic market through a mix of auction and private
sales. GTIL is a part of the Kalyani Group based in West Bengal.
The Group operates four tea estates spread over around 1,200
hectares in West Bengal and Assam under four different companies
namely GTIL, Saraswatipur Tea & Industries Limited (rated at
[ICRA]BB/Stable/[ICRA]A4+), Gour Nitye Tea & Industries Limited
(rated at [ICRA]B+/Stable/[ICRA]A4) and SRK Tea Processing
Industries Limited.

GVR NUTRIES: CRISIL Withdraws B Rating on INR13cr Loans
-------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
GVR Nutries Private Limited (GVR) on the request of the company and
receipt of a no objection certificate from its bank. The rating
action is in line with CRISIL Ratings' policy on withdrawal of its
ratings on bank loans.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Cash Credit           8        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

   Term Loan             5        CRISIL B/Stable (ISSUER NOT
                                  COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with GVR for
obtaining information through letters and emails dated June 29,
2020 and December 18, 2020, among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

CRISIL Ratings has withdrawn its ratings on the bank facilities of
GVR on the request of the company and receipt of a no objection
certificate from its bank. The rating action is in line with CRISIL
Ratings' policy on withdrawal of its ratings on bank loans.

Incorporated in 2012, GVR processes dal and pulses. The company is
based in Wardha (Maharashtra). It has a capacity for processing 100
tonnes per day of dal. The company mainly processes pigeon peas
(tur dal) and sells to wholesalers and institutional buyers.


HAZARILAL COLD: CRISIL Reaffirms B+ Rating on INR4.91cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Shree Hazarilal Cold Storage Pvt Ltd (SHCSPL; part of Somnath
group) at 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.91       CRISIL B+/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility    3.13       CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Loan                  0.96       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect weak financial risk profile and
exposure to risks relating to unfavorable regulations and intense
competition in the cold storage industry in West Bengal (WB). These
weaknesses are partially offset by the promoters' extensive
experience.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Chinsurah Cold Storage-
Prop Bansidhar Agarwalla & Company Pvt Ltd (CCS); SHCSPL; Somnath
Cold Storage Private Limited (SCSPL) and Himghar Udyog Pvt Ltd
(HUPL). This is because these entities, collectively referred to as
the Somnath group, have a common management and line of business,
with operational linkages.

Also, CRISIL Ratings has treated unsecured loans from the promoters
and their relatives as neither debt nor equity as these loans will
remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to highly regulated and intensely competitive nature of
cold storage industry: The potato cold storage industry in WB is
regulated by the West Bengal Cold Storage Association, with rental
rates are fixed by the Department of Agricultural Marketing, WB.
The fixed rental will continue to limit players' ability to earn
profits based on their respective strengths and geographical
advantages. Pressure to offer discounts to ensure healthy
utilization of storage capacity, especially given the intense
competition, will also constrain profitability.

* Weak financial risk profile: Networth remains modest estimated at
3.2 crores as on 31st March, 2021 on account of modest accretion to
reserve. Gearing is estimated to remain high at 10.11 times on
account of loans extended to farmers and on account of term loan
availed. Debt protection metrics are likely to remain moderate:
interest coverage and net cash accrual to total debt ratios is
estimated to be at 1.39 times and 0.04 time in fiscal 2021.

Strengths:

* Promoters' extensive experience: Benefits from the promoters'
experience of over five decades, and strong relationships with
potato farmers should continue to support business risk profile.
They continue to help maintain healthy utilization of storage
capacity (90% on average in 10M fiscal 2021).

Liquidity: Poor

Liquidity is marked by cash accrual of around INR1.2-1.3 crore was
just sufficient to meet debt obligation of around INR1 crore over
medium term. Accrual is expected to remain stable over the medium
term, backed by healthy profitability. However, bank limit remained
almost fully utilized.

Outlook: Stable

CRISIL Ratings believes Somnath group will continue to benefit over
the medium term from the promoters' extensive experience in the
cold storage business.

Rating Sensitivity factors

Upward factors:

* Increase in revenues and sustenance of healthy profitability
leading to cash accruals of above INR2 crores.

* Improvement in liquidity, supported by better cash accrual


Downward factors:

* Decline in rental rates and lower capacity utilization adversely
affecting business risk profile
* Delays in payment by farmers

* Deterioration in interest coverage ratio to less than 1 time

The Somnath Group is promoted by the Kolkata-based Agarwal family,
which has been engaged in providing cold storage facilities to
potato farmers and traders since 1963. The group comprises has four
cold storage companies, across West Bengal - SCPL; CCS; HUPL and
SHCSPL. CCS (incorporated in 1963), SCPL (1984), HUPL (1986), and
SHCSPL, (2003), have their cold storage facilities at Hooghly,
Burdwan, Bankura and Jalpaiguri districts of West Bengal.


HIMGHAR UDYOG: CRISIL Reaffirms B+ Rating on INR4.97cr Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Himghar Udyog Pvt Ltd (HUPL; part of Somnath group) at 'CRISIL
B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           4.97       CRISIL B+/Stable (Reaffirmed)


   Proposed Long Term
   Bank Loan Facility    2.14       CRISIL B+/Stable (Reaffirmed)


   Term Loan             3.75       CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Loan                  0.92       CRISIL B+/Stable (Reaffirmed)

The ratings continue to reflect weak financial risk profile and
exposure to risks relating to unfavorable regulations and intense
competition in the cold storage industry in West Bengal (WB). These
weaknesses are partially offset by the promoters' extensive
experience.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of Chinsurah Cold Storage-
Prop Bansidhar Agarwalla & Company Pvt Ltd (CCS); Shree Hazarilal
Cold Storage Pvt Ltd (SHCSPL); Somnath Cold Storage Private Limited
(SCSPL) and HUPL. This is because these entities, collectively
referred to as the Somnath group, have a common management and line
of business, with operational linkages.

Also, CRISIL Ratings has treated unsecured loans from the promoters
and their relatives as neither debt nor equity as these loans will
remain in the business over the medium term.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to highly regulated and intensely competitive nature of
cold storage industry: The potato cold storage industry in WB is
regulated by the West Bengal Cold Storage Association, with rental
rates are fixed by the Department of Agricultural Marketing, WB.
The fixed rental will continue to limit players' ability to earn
profits based on their respective strengths and geographical
advantages. Pressure to offer discounts to ensure healthy
utilization of storage capacity, especially given the intense
competition, will also constrain profitability.

* Weak financial risk profile: Networth remains modest estimated at
3.2 crores as on 31st March, 2021 on account of modest accretion to
reserve. Gearing is estimated to remain high at 10.11 times on
account of loans extended to farmers and on account of term loan
availed. Debt protection metrics are likely to remain moderate:
interest coverage and net cash accrual to total debt ratios is
estimated to be at 1.39 times and 0.04 time in fiscal 2021.

Strengths:

* Promoters' extensive experience: Benefits from the promoters'
experience of over five decades, and strong relationships with
potato farmers should continue to support business risk profile.
They continue to help maintain healthy utilization of storage
capacity (90% on average in 10M fiscal 2021).

Liquidity: Poor

Liquidity is marked by cash accrual of around INR1.2-1.3 crore was
just sufficient to meet debt obligation of around INR1 crore over
medium term. Accrual is expected to remain stable over the medium
term, backed by healthy profitability. However, bank limit remained
almost fully utilized.

Outlook: Stable

CRISIL Ratings believes Somnath group will continue to benefit over
the medium term from the promoters' extensive experience in the
cold storage business.

Rating Sensitivity factors

Upward factors:

* Increase in revenues and sustenance of healthy profitability
leading to cash accruals of above INR2 crores.

* Improvement in liquidity, supported by better cash accrual

Downward factors:

* Decline in rental rates and lower capacity utilization adversely
affecting business risk profile
* Delays in payment by farmers

* Deterioration in interest coverage ratio to less than 1 time

The Somnath Group is promoted by the Kolkata-based Agarwal family,
which has been engaged in providing cold storage facilities to
potato farmers and traders since 1963. The group comprises has four
cold storage companies, across West Bengal - SCPL; CCS; HUPL and
SHCSPL. CCS (incorporated in 1963), SCPL (1984), HUPL (1986), and
SHCSPL, (2003), have their cold storage facilities at Hooghly,
Burdwan, Bankura and Jalpaiguri districts of West Bengal.

INDIA BREWERY: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: India Brewery & Distillery Private Limited
        No. 23 1st Floor Rest House Crescent
        Bangalore Karnataka 560001

Insolvency Commencement Date: February 25, 2021

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: August 24, 2021

Insolvency professional: Mr. Kondisetty Kumar Dushyantha

Interim Resolution
Professional:            Mr. Kondisetty Kumar Dushyantha
                         No. 404/2, 7th Main, 9th Cross
                         2nd Block, Jayanagar
                         Bengaluru 560011
                         E-mail: dushyanthk@gmail.com
                                 indiabreweryip@gmail.com

Last date for
submission of claims:    March 24, 2021


IRB INFRASTRUCTURE: Fitch Affirms 'BB' LT IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has assigned India Toll Roads' USD300 million 5.5%
secured notes due 2024 a final rating of 'BB' with a Stable
Outlook. Fitch has also affirmed the Long-Term Issuer Default
Rating (IDR) on IRB Infrastructure Developers Ltd (IRB) at 'BB'
with a Stable Outlook. India Toll Roads is an orphan financing
vehicle with no linkage to IRB. Issue proceeds are to be used by
the issuer to subscribe to IRB-issued non-convertible debentures.

Noteholders are senior ranking, in line with other secured
creditors at the holding company, leading Fitch to rate the notes
at the same level as IRB's IDR of 'BB'. IRB is using the majority
of the net proceeds from the non-convertible debentures to repay
some term loans and an overdraft facility, extend sub-debt to
certain SPVs and for general corporate purposes, including issuance
expenses.

The final rating follows the receipt of documents conforming to
information already received and is in line with the expected
rating assigned on 3 February 2021.

RATING RATIONALE

IRB's ratings reflect Fitch's expectation of robust traffic
performance across a diverse and strategically located portfolio of
toll roads, supported by a concession framework that provides
visibility on upcoming tariff increases. The ratings also take into
account the company's record in operating and maintaining the
group's asset base to a high standard, with expertise provided by
its in-house engineering, procurement and construction (EPC)
business. Fitch's rating case forecasts the group's consolidated
debt service coverage ratio (DSCR) at an average of 1.4x in the
financial year ending March 2021 (FY21) to FY29, with a profile
DSCR of 1.3x between FY22-FY25. This is consistent with a 'BB'
rating.

Fitch fully consolidates IRB's wholly owned contracting and
concession activities, and include dividend cash flow contributions
from its infrastructure investment trust (InVIT), under Fitch's
view of moderate parent and subsidiary linkages.

KEY RATING DRIVERS

Risk Assessment: Fitch assesses IRB's revenue risk (volume) as
'Stronger', revenue risk (price) as 'Midrange', infrastructure
development and renewal as 'Stronger' and debt structure as
'Midrange'.

PEER GROUP

The main peer for IRB's business model is Vinci S.A. (A-/Stable), a
French concessions and contracting group. The Fitch rating case
projects net leverage to average 3.6x between 2020 and 2024,
somewhat lower than IRB's consolidated average net leverage. Vinci
has a global footprint and a more diversified portfolio of toll
roads and airports. It also has a higher level of liquidity
compared with upcoming debt maturities, with cash on hand in excess
of debt maturities due in 2021 and 2022. These factors, in
combination with Vinci's demonstrated superior access to loan and
bond markets, account for the rating differential with IRB.

RATING SENSITIVITIES

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

-- Consolidated DSCR profile forecast to be consistently in
    excess of 1.35x under Fitch's rating case.

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

-- Sustained deterioration in consolidated DSCR to below 1.25x
    due to higher costs, traffic underperformance or a change in
    IRB's financial and dividend policy.

BEST/WORST CASE RATING SCENARIO

International scale credit ratings of Sovereigns, Public Finance
and Infrastructure 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 three 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.

FINANCIAL ANALYSIS

Fitch's base case is aligned with the sponsor case, which assumes,
among other things, a blended traffic growth average of 5.3% on the
Mumbai-Pune toll road, the consultant's "most likely" case for the
private InvIT and a 25% EBITDA margin for the EPC business. Fitch's
rating case incorporates further stress, including the consultant's
"conservative" case for the private InvIT, a lower EBITDA margin
for the EPC business and a stressed interest-rate assumption.

The Fitch rating case forecasts consolidated DSCR to average 1.4x
between FY21 and FY29, with a profile DSCR that averages at 1.3x
between FY22 and FY25, reflecting the group's scheduled debt
repayments.

Fitch assumes the notes are partially refinanced at maturity and
fully amortised over the remaining life of the Mumbai-Pune
concession. The coverage profile also considers a prudent financial
policy and strengthening liquidity position, which should mitigate
refinancing risk. The weaker near-term profile constrains the
rating to 'BB', despite Fitch's expectation for improved coverage
beyond FY25. The Fitch rating case leverage profile declines from a
peak of 5.5x in FY21 to 3.6x in FY25.

Fitch has developed a stress case that assumes a 1pp reduction in
traffic growth rates across all toll-road assets and a reduction in
the EPC EBITDA margin from 25% to 15%. The DSCR profile is most
sensitive to the EPC margin, with Fitch's stress case average
coverage of 1.2x from FY22 to FY30. This risk is mitigated by IRB's
prudent selection process for new projects and record of
maintaining healthy EBITDA margins for the EPC business to date.

The US dollar note coupon and principal is fully hedged, but the
issuer may also need to pay a redemption premium, which will be
determined by the Determination Agent at the time of maturity,
depending on the difference between the then-prevailing
foreign-exchange rate and the agreed spot rate according to the
hedging arrangements. Fitch forecasts a long-term INR/USD annual
average rate of INR75, which would reduce significantly the
foreign-exchange risk at debt maturity.

ESG CONSIDERATIONS

Unless otherwise disclosed in the section, the highest level of ESG
credit relevance is a score of '3'. This means that the other 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.


JHARKHAND INFRA: ICRA Cuts Rating on INR443.20cr Loan to D
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Jharkhand Infrastructure Implementation Company Limited (JIICL),
as:

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Fund based        443.20     [ICRA]D; Rating downgraded from
   term loan                    [ICRA]B (Stable)

Rationale

The rating downgrade factors in the delay in the interest
obligation of INR3.55 crore that was due on Feb 28, 2021 on the
term loan of INR434 crore and FITL loan of INR24.26 crore. The
delay is because of stretched liquidity position of the company due
to delay in annuity receipts.

The company's cash flows have been constrained on account of
significant delays in annuity payments from the Government of
Jharkhand (GoJ). The first and second semi-annuities were received
with a delay of 63 days and 36 days respectively, whereas the third
and fourth semi-annuities, due in May 2020 and November 2020
respectively, are yet to be received. Given the delay in annuity
payments from the authority, the lenders had dipped into the DSRA
to meet debt servicing obligations for the month of September 2020
and October 2020 and had also approved the non-maintenance of major
maintenance reserve (MMR).

Timely receipt of annuities on a sustained basis remains critical
and would remain key from a debt servicing perspective. Owing to
prevailing delays in receipt of the annuities, the company was
unable to maintain debt service reserve account (DSRA) and MMR as
per the sanctioned terms. Consequently, JIICL's ability to ensure
satisfactory maintenance of the road remains to be seen. The first
major maintenance cycle, falling due in FY2024-25, at an estimated
cost of INR34.3 crore is also exposed to funding risk. Timely
build-up of the MMR would remain important from a credit
perspective. The profitability and cash flows of the project
remains exposed to interest rate risk owing to the floating nature
of interest rate.

Key rating drivers

Credit strengths - Not Applicable

Credit Challenges

* Delay in debt servicing: The company has not been able to service
its interest obligations on time for the month of February 2021 due
to its stretched liquidity position due to delays in annuity
receipts.

* Significant delays in annuity payments by GoJ: JIICL has
witnessed significant delays in the receipt of its annuities from
GoJ. The first and second semi-annuities were received with a delay
of 63 days and 36 days respectively, whereas the third and fourth
semi-annuities, due in May 2020 and November 2020 respectively, are
yet to be received. Given the delay in annuity payments from the
authority, the lenders had dipped into the DSRA to meet debt
servicing obligations for the month of September 2020 and October
2020 and had also approved the non-maintenance of major maintenance
reserve (MMR). Timely receipt of annuities on a sustained basis
remains critical and would remain key from a debt servicing
perspective.

* Non-maintenance of debt service reserve account and major
maintenance reserve account: Owing to prevailing delays in receipt
of the annuities, the company was unable to maintain debt service
reserve account (DSRA) and MMR as per the sanctioned terms.
Consequently, JIICL's ability to ensure satisfactory maintenance of
the road remains to be seen. The first major maintenance cycle,
falling due in FY2024-25, at an estimated cost of INR34.3 crore is
also exposed to funding risk. Timely build-up of the MMR would
remain important from a credit perspective.

* Exposed to interest rate risk: The project's cash flows and
profitability remain exposed to interest rate risk given the
floating nature of the interest rate.

Liquidity: Poor

JIICL's liquidity profile is poor as reflected by delays in debt
servicing. The company had an unencumbered cash balance of INR1
crore as on February 28, 2021. The company has a debt repayment
obligation of INR9.3 crore in the month of March 2021, which cannot
be met from cash flow from operations.

Rating sensitivities

Positive factors – ICRA could upgrade the rating on successful
demonstration of timely debt repayment on a sustained basis,
following improvement in the liquidity profile of the company which
critically hinges on the release of pending annuities by the
Government of Jharkhand.

Negative factors – Not Applicable.

Jharkhand Infrastructure Implementation Company Limited (JIICL), a
wholly-owned subsidiary of IL&FS Transportation Networks Limited
(ITNL), was incorporated in 2015 to implement the project for
improvement of balance works of Ranchi Ring Road (section VII) on
Build, Operate and Transfer (BOT) annuity basis. The project
stretch starts from design chainage Km 0.000 near Kathitar Junction
with NH-75 via Sukurhuttu Pithora to design chainage Km. 23.575 at
Vikas with NH-33 in the State of Jharkhand having a length of
23.575 kms, to be developed into a 6-lane divided carriageway with
paved shoulders. The total project cost of INR636 crore was funded
by way of equity infusion of INR80 crore, promoter sub-debt of
INR80 crore and INR 476 crore of bank debt. The project achieved
provisional completion certificate on November 21, 2018 and final
completion certificate on May 16, 2019. JIICL is expected to be
divested as part of the IL&FS debt resolution process.

KALON BEAUTY: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: M/s. Kalon Beauty and Healthcare Services L.L.P.
        3-F.F. Indraprasth Corporate SP-23/1 TP-21
        Opp. Venus Atlantis Beside Safal Pag
        Prahaladnagar Ahmedabad GJ 380015
        IN

Insolvency Commencement Date: March 1, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Lokesh Khadaria

Interim Resolution
Professional:            Mr. Lokesh Khadaria
                         607 Ajanta Shopping Center
                         Ring Road
                         Opposite Fire Station
                         Surat 395002
                         E-mail: khadaria@gmail.com

Last date for
submission of claims:    March 22, 2021


KINGSTON PAPTECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Kingston Paptech Private Limited
        A/904 9th Floor
        Solitaire Corporate Park
        Near YMCA Club
        S G Highway, Ahmedabad
        Gujarat 380054
        India

Insolvency Commencement Date: March 15, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: September 11, 2021

Insolvency professional: Tejas K Shah

Interim Resolution
Professional:            Tejas K Shah
                         B-201, Narayan Krupa Avenue
                         Opp. Prernatirth Derasar
                         Jodhpur, Satellite
                         Ahmedabad, Gujarat 380015
                         E-mail: tejasshah44@yahoo.com

                            - and -

                         9/B, Vardan Complex
                         Nr. Vimal House
                         Lakhudi Circle, Navrangpura
                         Ahmedabad 380014
                         E-mail: iptejaskshah@gmail.com

Last date for
submission of claims:    April 1, 2021


KRISHNAN FOOD: ICRA Lowers Rating on INR1.84cr LT Loan to B
-----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Krishnan
Food Processor's (KFP), as:

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long-term Fund-     1.84     [ICRA]B(Stable); downgraded from
   based TL                     [ICRA]BB- (Negative)

   Long-term         (33.00)    [ICRA]B(Stable); downgraded from
   Interchangeable              [ICRA]BB- (Negative)

   Long-term           4.86     [ICRA]B(Stable); downgraded from
   Unallocated                  [ICRA]BB- (Negative)

   Short-term
   Fund-based         50.30     [ICRA]A4; Reaffirmed

   Short-term
   Non-Fund Based      3.00     [ICRA]A4; Reaffirmed

   Short-term
   Interchangeable   (44.00)    [ICRA]A4; Reaffirmed

Rationale

The rating revision is because of the decline in KFP revenues and
profitability in recent years, owing to subdued cashew kernels
prices and intense competition in the cashew processing industry
amidst slowdown in demand. The weakening in the company's operating
margin was further aggravated by operational disruption caused by
the pandemic and the high-interest cost (due to high debt levels),
resulting in net losses in FY2020 and in the current year. ICRA
also notes the erosion of the net worth owing to the continuous net
losses, resulting in weakened capital structure.  

Going forward, KFP's revenues and margins remain vulnerable to
volatility in the cashew kernel and RCN prices, given the intense
competition and the low product differentiation, both of which
constrain the firm's pricing flexibility. ICRA also notes the delay
in fund infusion or asset monetization by promoters to reduce the
debt levels, and the consequent increase in borrowing and interest
costs. The company is also in the process of restructuring its
working capital loan to long-term loan, which is expected to keep
debt protection metrics under stress.  The ratings, however,
positively take into account the extensive experience of the
promoters in the cashew processing industry
and the established relationship with its customer base spread
across Japan and Europe, from whom it has been obtaining repeat
orders.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in cashew industry: KFP is
involved in processing cashew kernels and trading RCN for more than
three decades. Over the years, the entity has been able to
establish a strong relationship with its suppliers, both in the
international and domestic market, ensuring timely receipt of
materials at favorable costs.

* Established relationship with customer base: The firm caters to
customers in export market comprising of traders and food
processors. The company has a strong long-term association with its
customers in Japan, the US, the Netherlands and South Korea, from
whom it gets repeat orders. In the domestic market the company
primarily sells through consignment agents.

Credit challenges

* Decline in revenues and profitability in FY2020, likely in FY2021
also: The firm's operating income witnessed a significant decline
to INR44.3 crore in FY2020 from INR77.3 crore in FY2019. This
translates to a 43% decline in the operating income in FY2020. This
can be attributed to the uncertainty and decline in prices of
processed kernels in H2FY2020. The parity between prices of RCNs
and processed kernels declined notably in H2FY2020 and hence the
company avoided any sale, thereby reaping only marginal profit.
With the onset of pandemic, the company remained shut and post
resumption of operations in June 2020, the company faced
significant inventory write-off and devaluation due to infestation
of raw nuts and cashew kernels. The worker turnout in the current
fiscal is also less because of containment zone restrictions. Hence
the production and sales in FY2021 are also likely to get impacted
along with the profit margins.

* Deterioration in capital structure and debt protection metrics:
The company has faced continuous losses for the past five years
(since FY2016). These losses have eroded the company's tangible net
worth, which was INR0.48 crore in FY2020 (Rs.5.09 crore in FY2019).
The coverage metrics such as the interest cover and DSCR have also
been impacted by low profitability and high-interest costs. The
additional term loans (the proposed WCTL loan – restructured and
GECL loan of INR8 crores) will impact the coverage and
capitalization metrics further. Also, the significant usage of bank
lines and weak profitability will deteriorate the capital structure
and the coverage indicators in FY2021. However, the company is
likely to gain some capital from property sale (of the promoter)
and the same is expected to occur in FY2022. The capital infusion
will provide some form of relief in terms of capital structure and
liquidity of the company.

* Intense competition in the export and domestic industry: The
domestic cashew industry is highly fragmented, with the presence of
numerous unorganized players, owing to low entry barriers. These
apart, Indian exporters face intense competition from Vietnamese
processors, who enjoy cost advantage because of cheaper labor and
mechanized processing. The intense price competition, along with
low product differentiation, limits the firm's pricing flexibility.
Also, the margins are exposed to volatility in kernels and RCN
prices. The decline in parity between the two has already
deteriorated revenues and margins in the past.

Liquidity position: Stretched

The company's liquidity is expected to be stretched as funds flow
from operations is likely to be negative because of weak
profitability and higher interest cost. Continuous erosion of net
worth has also resulted in high reliance on bank borrowing and
going forward a part of the working capital loan is expected to be
carved out as long-term working capital loan as per the proposed
restructuring plan. In addition to this, the company will have
significant repayment obligations in the coming years (from FY2022)
on the new term loans borrowed, while its working capital limits
are likely to be reduced. These would restrict any unused limits,
providing short-term comfort. However, the liquidity may improve
after the fund infusion by promoter from property sale proceeds.

Rating sensitivities

Positive factors – The rating could be upgraded if the company is
able to demonstrate healthy growth in revenues and profitability,
with requisite timely funds infusion from promoters.

Negative factors – Negative pressure on the rating could arise if
the margins and coverage indicators continue to be weak. The
ratings could be downgraded if the proposed restructuring does not
pass through or if there is any delay in the promoter funds
infusion. Further weakening of net worth base can also lead to a
downgrade.

Established in 1983, Krishnan Food Processors is engaged in the
processing of plain cashew kernels from RCNs. The entity imports
RCNs mainly from Africa, processes them, primarily in its seven
manufacturing facilities in Kerala and Tamil Nadu having an
aggregate installed capacity to process 30 MT /day. It sells the
processed cashew kernels in domestic and overseas markets. The
entity also trades RCNs high seas and in local markets and sells
other by-products such as cashew husk, cashew nutshell, etc. in
Kerala. KFP is currently run by Mr. G. Krishnan Nair and employs
about 900, a majority of who are unskilled workers.

Established in 1983, Krishnan Food Processors is involved in the
processing of plain cashew kernels from RCNs. The entity imports
RCNs mainly from Africa and process them in its seven manufacturing
facilities in Kerala and Tamil Nadu, having an aggregate installed
capacity to process 500 MT of RCNs per month. It sells the
processed cashew kernels in domestic and overseas markets. The
entity also trades RCNs in high seas and in local markets and sells
other by-products such as cashew husk, and cashew nutshell in
Kerala. KFP is currently run by Mr. G. Krishnan Nair and employs
mostly unskilled
workers.

In FY2020, the company reported an operating income of INR44.3
crore and a net loss of INR3.9 crore as against an operating income
of INR77.3 crore and net loss of INR4.4 crore in FY2019.

KUMARARAJA PAPER: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Kumararaja Paper Mill Private Limited
        146, Main Road Srikumar Complex
        Tiruchengode Tamil Nadu 637211

Insolvency Commencement Date: March 4, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: August 31, 2021

Insolvency professional: Chitra Perinkulam Ragavan

Interim Resolution
Professional:            Chitra Perinkulam Ragavan
                         Old 16 New 7 Appadurai Street
                         Seethamma Colony Teynampet
                         Chennai 600018
                         E-mail: chitraprc@yahoo.com
                                 ipchitra19@gmail.com

Last date for
submission of claims:    March 25, 2021


MADHAV AGENCIES: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Madhav Agencies Pvt Ltd in the 'Issuer Not Cooperating' category.
The ratings are denoted as "[ICRA]B(Stable)/A4 ISSUER NOT
COOPERATING".

                     Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Fund based-         3.75     [ICRA]B (stable); ISSUER NOT
   Cash Credit                  COOPERATING; Rating continues to
                                remain under the 'Issuer Not
                                Cooperating' category

   Fund based-         0.65     [ICRA]B (stable); ISSUER NOT
   Stand by line                COOPERATING; Rating continues to
   Of Credit                    remain under the 'Issuer Not
                                Cooperating' category

   Non-Fund based      0.12     [ICRA]A4 ISSUER NOT
   Bank Guarantee               COOPERATING; Ratings Continues to
                                remain under 'Issuer Not
                                Cooperating' category

   Non-Fund based      1.66     [ICRA]A4 ISSUER NOT
   Letter of Credit             COOPERATING; Ratings Continues to
                                remain under 'Issuer Not
                                Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
information on the issuers' performance. Accordingly, the lenders,
investors and other market participants are advised to exercise
appropriate caution while using this rating as the rating may not
adequately reflect the credit risk profile of the entity. The
rating action has been taken in accordance with ICRA's policy in
respect of non-cooperation by a rated entity available at
www.icra.in.

Incorporated in the year 2008 as a private limited company, SMAPL
is primarily engaged in manufacturing (drawing) of super enameled
copper winding wires, which are marketed under the brand name of
"SMA". The company started its commercial production in 2011-12.
The company is managed by its promoters Mr. Brij Ratan Bhatter and
Mr. Madhav Bhatter. The manufacturing facilities of the company are
located at Dhulagiri, Howrah. SMAPL has recently started the
manufacturing of lead pipes/ solder wires and is also in the
process of commencement of manufacturing aluminum wires in the
current financial year.


MARUTI GLAZE: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Maruti Glaze Tiles Private Ltd
        Opp. ONGC Colony
        Vijapur Road, Mehsana
        Gujarat 384002

Insolvency Commencement Date: March 9, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Ravindra Kumar Goyal

Interim Resolution
Professional:            Ravindra Kumar Goyal
                         Eden I-807
                         Godrej Garden City
                         S G Highway
                         Ahmedabad 382470
                         Gujarat
                         E-mail: ravindra1960_goyal@yahoo.co.in

                            - and -

                         1, Sattar Taluka Apartment
                         Nr. Navjeeven Press Road
                         Opp. Old High Court
                         Income Tax
                         Ahmedabad 380014
                         Gujarat
                         E-mail: cirp.mgtpl@gmail.com

Last date for
submission of claims:    March 29, 2021


MATESHWARI PAPER: CRISIL Moves B+ Ratings to Not Cooperating
------------------------------------------------------------
Due to inadequate information and in line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
rating on the bank facilities of Mateshwari Paper Mill Pvt Ltd
(MPMPL) to 'CRISIL B+/Stable; Issuer not cooperating.' However, the
management subsequently started sharing the information required
for a comprehensive rating review. Consequently, CRISIL Ratings is
migrating the rating to 'CRISIL B+/Stable'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           2.45       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

   Term Loan             4.80       CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

The rating continues to reflect MPMPL's modest financial risk
profile and modest scale of operations. These rating weaknesses are
partially offset by the extensive industry experience of the
company's promoters.

Analytical Approach

Unsecured loans (Rs 0.94 crore as on 31st March 2020) extended by
the promoters and their associates have been treated as neither
debt nor equity. This is because these loans are expected to be
retained in the business over the medium term.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest financial risk profile: The financial risk profiles is
plagued by small networth of INR4.37 crore and high total outside
liabilities to tangible networth (TOLTNW) ratio of 2.62 times as on
March 31, 2020.

* Modest scale of operations: The company's scale of operations is
modest, with revenue of INR4-23 crore over the last two fiscals
through 2019. Revenue decreased marginally to INR22.02 crore in
fiscal 2020 as against INR23.23 crore in fiscal 2019. CRISIL
believes ramp up in scale of operations over the medium term is a
key rating sensitivity factor.

Strength

* Extensive experience of the promoters: The decade-long experience
of the promoters in kraft paper business and their strong
relationships with customers and suppliers should continue to
support the business.

Liquidity: Stretched

Expected low annual cash accrual of INR1.2-1.7 crore would just be
sufficient against repayment obligation of INR0.50-1.10 crore per
annum over the medium term. Bank lines were moderately utilized at
around 82%, averaged over the past 12 months through December 2020.
Current ratio stood modest at 1.19 times as on March 31, 2020.
However, promoters have continued to support the company in the
form of unsecured loan.

Outlook: Stable

CRISIL Ratings believes MPMPL will continue to benefit from the
extensive industry experience of its promoters and established
relationships with customers and suppliers.

Rating Sensitivity factors

Upward factors

* Revenue registering a compound annual growth rate (CAGR) of 18%
over the medium term
* Improvement in financial risk profile and liquidity position
Prudent working capital management

Downward factors

* Decline in net cash accruals to below INR1.2 crore, thereby,
putting pressure on debt repayment ability
* Substantial decline in revenue because of the impact of the
COVID-19 pandemic
* Large, debt-funded capex worsening the financial risk profile

MPMPL incorporated in December 2012 is engaged in manufacturing of
kraft paper and the company now proposes to set up a 100 TPD waste
paper-based duplex paper board manufacturing facility. The duplex
board unit is expected to commence commercial operations from
December 2016 onwards.

NIDHI IMPOTRADE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Nidhi Impotrade Private Limited
        Office No. 2, 11th Flr
        Icon Business Center
        Opp Central Mall
        Piplod, Surat
        GJ 395007
        IN

Insolvency Commencement Date: March 12, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: September 8, 2021

Insolvency professional: Saaurabh Jhaveri

Interim Resolution
Professional:            Saaurabh Jhaveri
                         6th Floor, 620 Jolly Plaza
                         Opp. Athwagate Circle
                         Athwagate, Surat 395001
                         E-mail: sjhaveri333@gmail.com

Last date for
submission of claims:    March 31, 2021


PEEL WORKS: ICRA Lowers Rating on INR6cr LT Loan to D
-----------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Peel –
Works Pvt. Ltd. (PWPL), as:

                      Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term–          6.00        [ICRA]D; Downgraded from
   Compulsorily                    [ICRA]BB-(Stable)
   Convertible
   Debentures         
                                
Rationale

The rating downgrade takes into account the recent instances of
delay in debt servicing by PWPL in its working capital limit and
Non-Convertible Debentures owing to the company's weak liquidity
position. The liquidity was strained due to the recent high debt
funded capital expenditure including the launch of inventory-led
new B2B product Taikee.

The rating also continues to remain constrained by the company's
weak financial profile characterised by significant operational
losses and negative cash accruals resulting in weak coverage ratios
and accumulated losses over the period. The company is yet to
achieve breakeven in most of its products owing to high employee
expenses and marketing discounts. The rating is further constrained
by the company's weak competitive position led by its modest scale
of operations over the years. While PWPL is yet to establish its
brand and its geographical reach in the domestic B2B marketplace,
ICRA notes that competitive intensity remains low for the firm due
to the presence of a few players. Furthermore, the rating takes
into account the high customer concentration risk in its products,
1SF and Athena, where a single customer, Hindustan Unilever Limited
(HUL), drives most of its revenues.

The ratings, however, draw comfort from the extensive experience of
the promoters of PWPL in the consumer-packaged goods (CPG)
industry. The rating notes the company's ability to attract
substantial investments from reputed venture capital funds.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoters in IT and CPG industries:
Incorporated in 2009, PWPL's operations are managed by Mr. Sachin
Chhabra, a postgraduate from Xavier Labour Relations Institute
(XLRI), Jamshedpur with a corporate stint of 14 years in HUL. Other
key personnel of the company includes members with MBA degrees from
reputed institutions with experience of more than a decade in the
IT sector and/or CPG industry.

* Substantial investments made by reputed venture capital funds:
PWPL has demonstrated its ability to raise substantial investments
from reputed venture capital investors such as CESC Ventures,
Indian Angel Network, Chiratae Ventures, International Data Group
Ventures India, Unilever Holdings, Equanimity Investments and HDFC
Bank, in the form of compulsorily convertible cumulative preference
shares (CCCPS) and compulsorily convertible debentures (CCDs). The
company witnessed an equity infusion of INR43.29 crore in FY2020,
of which INR21.00 crore was infused by CESC Ventures Limited and
the rest by existing investors. ICRA believes that the company's
ability to receive regular capital infusion will remain critical to
support its loss-making operations over the near term.

Credit Challenges

* Delays in debt servicing due to liquidity issues: Tight liquidity
position due to inadequate cash accruals and high debt-funded capex
led to delay in debt servicing obligations (for more than 30 days)
for the company's working capital facilities and NCDs. The
liquidity was strained due to the recent high debt-funded capital
expenditure including launch of inventory-led new B2B product
Taikee.

* Operating losses and negative cash accruals leads to weak
coverage ratios and accumulated losses: Due to high employee
expenses and heavy discounts offered to its customers, PWPL has not
been able to achieve breakeven for most of its products and has
reported losses over the years. The accumulated losses have led to
weak coverage ratios and erosion of net worth despite regular
equity infusion. Further, the company no longer remains debt-free
and has availed debt in the form of compulsorily convertible
debentures (CCDs) of INR6.00 crore and non-convertible debentures
(NCDs) of INR5.00 crore in FY2020.

* Modest scale of operations till FY2020; Unestablished brand in
B2B marketplace: Despite healthy growth in revenues in FY2020,
PWPL's scale of operations continues to remain modest with the firm
registering an operating income (OI) of INR39.96 crore and INR80.56
crore in FY2019 and FY2020, respectively. PWPL is still in its
nascent stages and is yet to establish its brand and its
geographical reach across the B2B marketplace in India. However,
ICRA notes that due to the presence of a few players in this field,
the competitive intensity remains low.

Liquidity position: Poor

PWPL's liquidity is poor due to negative cash flows from operations
which led to accumulated losses over the years. This has resulted
in delay in debt servicing obligations in the working capital and
NCD facilities. The liquidity is expected to remain tight going
forward. Hence, infusion of capital or unsecured loans by the
promoters in the near to medium term will remain crucial to support
the liquidity.

Rating sensitivities

Positive factors – ICRA could upgrade the rating in case of
regularisation in debt servicing on a sustained basis for more than
three months.

Negative factors – Not applicable.

Peel-Works Pvt. Ltd. was set up in September 2010 by Mr. Sachin
Chhabra as a 'Software as a Service' (SaaS) and big data analytics
company focused on the general trade (mom-and-pop retail) channel.
It is headquartered in Gurugram (Haryana), with offices across
India, including Mumbai, Pune and Bengaluru. The company provides
software products to retailers, distributors and CPG companies.

As per FY2020 (provisional), the company registered a net loss of
INR30.98 crore on an OI of INR80.56 crore, against a net loss of
INR19.18 crore on an OI of INR39.96 crore in FY2019.


SVK SHIPPING SERVICES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: M/s S V K Shipping Services Private Limited
        9-7-40/7/2
        Lakshminagar, Shivajipalem
        Visakhapatnam AP 530017

Insolvency Commencement Date: September 1, 2020

Court: National Company Law Tribunal

Estimated date of closure of
insolvency resolution process: March 2, 2021

Insolvency professional: Habibullah Mohammed

Interim Resolution
Professional:            Habibullah Mohammed
                         Flat No. 407 and 602
                         Door No. 6-1-1059
                         Taj Enclave, Khairatabad
                         Hyderabad 500004
                         E-mail: habibullah.lawyer@gmail.com

Last date for
submission of claims:    September 18, 2020


T R SAWHNEY: CRISIL Withdraws B+ Rating on INR20cr Debt
-------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of T R Sawhney Motors Private
Limited (TRSMPL) to 'CRISIL B+/Stable Issuer not cooperating'.
CRISIL Ratings has withdrawn its rating on bank facility of TRSMPL
following a request from the company and on receipt of a 'no dues
certificate' from the banker. Consequently, CRISIL Ratings is
migrating the ratings on bank facilities of TRSMPL from 'CRISIL
B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'. The rating
action is due to limited client cooperation and in line with CRISIL
Rating's policy on withdrawal of bank loan ratings.

                     Amount
   Facilities      (INR Crore)    Ratings
   ----------      -----------    -------
   Inventory             20       CRISIL B+/Stable (Migrated from
   Funding                        'CRISIL B+/Stable ISSUER NOT
   Facility                       COOPERATING'; Rating Withdrawn)

The TR group, established in 1993, is based in Delhi and managed by
Mr. Rajeev Sawhney, Mr. Sanjeev Sawhney, and their sons. TRSMPL and
TRSAPL are authorised dealers of MSIL for NCR. The group commenced
operations from a single workshop in Delhi in 1993. Over the years,
it has expanded operations to 12 showrooms and 8 workshops.

TATA CHEMICALS: Fitch Affirms 'BB+' LT Foreign Currency IDR
-----------------------------------------------------------
Fitch Ratings has affirmed Tata Chemicals Limited's (TCL) Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'BB+'. The Outlook
is Stable.

The rating reflects TCL's leading position as the world's
third-largest soda ash producer, its cost-competitive operations
and geographical diversification, a healthy financial profile
despite pandemic-related disruptions, and the soda-ash sector's
adequate exposure to non-discretionary end-markets. The rating is
constrained by TCL's small scale relative to global peers, and
limited product diversification.

The Stable Outlook reflects Fitch's expectations that TCL's credit
metrics would remain adequate for the rating over the medium term.
However, downside risks could arise from higher-than-expected
capex, shareholder payouts and acquisitions, or a prolonged
weakness in industry conditions.

KEY RATING DRIVERS

Gradual Volume Recovery Underway: Fitch expects TCL's soda ash
sales (excluding salt) to rise by 10% yoy in the financial year
ending March 2022 (FY22), driven by a gradual improvement in
industry conditions, but remain 5% below the FY20 level. For FY21,
Fitch estimates sales will fall by 13% due to pandemic-related
disruptions, reflecting mid-to-high single digit declines in TCL's
Indian, African and UK businesses, and an 18% fall in its US
business led by lower exports, in Fitch's view.

However, Fitch expects salt sales to increase by 17% in FY21 and 5%
in FY22, led by strong consumer demand and capacity expansion. In
addition, Fitch estimates combined soda ash and salt volumes in
FY22 will return to FY20 levels, after falling by 13% yoy in
1QFY21, 8% in 2QFY21 and 2% in 3QFY21.

Price Recovery to Follow: Fitch expects TCL's soda ash prices in
India and Africa to rise by mid-single digits in FY22 following a
6%-9% fall in FY21. Prices in these geographies move in line with
demand with minimal lag, as the spot or short-term nature of
customer contracts allows adjustments. However, TCL's prices in the
US and UK are generally negotiated annually or multi-annually, with
limited pressure in FY21. Fitch expects prices in these regions to
decline by mid-single digits in FY22, given TCL customers'
challenging business environment in FY21, before recovering in
FY23.

Strong Growth at Rallis: Fitch expects the EBITDA of TCL's
agri-chemical subsidiary Rallis to rise by 15% in FY21. The growth
is broad-based across both its crop care and seeds segments,
supported by the launch of new products, better sales mix and
higher realisations in certain products. Fitch expects Rallis'
share of TCL's EBITDA to increase to 18% in FY21 from 13% in FY20,
before stabilising at around 15% from FY23, as TCL's soda ash
capacity expansion at Mithapur (Gujarat) is completed and starts
contributing to earnings.

Healthy Financial Profile: Fitch expects TCL's EBITDA margin to
improve to 18% in FY23 (same as FY20) from 16% in FY21, driven by a
gradual recovery in soda ash demand and prices, and growth at
Rallis. As a result, TCL's net leverage - defined as net
debt/EBITDA - will improve to below 2.0x in FY23 from 2.5x in FY21.
This also reflects annual capex of INR9 billion-10 billion over
FY21-FY24, which will be largely funded from free cash flow.

Strong Market Position: TCL's soda ash capacity in the US and Kenya
(jointly 68% of the total capacity of 4.3 million tonnes) benefits
from natural trona deposits, that require low conversion costs.
TCL's soda ash capacity in Gujarat, India (22% of total), is one of
the lowest-cost producers of synthetic soda ash, aided by proximity
to limestone quarries and economies of scale. It also has an
integrated cement plant, which uses by-products from soda ash
manufacturing. These underpin TCL's cost competitiveness relative
to peers.

Small Scale; Reasonable Diversification: Fitch expects TCL's EBITDA
(average about USD270 million over FY21-FY24E) to be among the
lowest in its coverage of chemical companies in APAC, and 83% of
overall EBITDA to be concentrated in products related to soda ash,
including salt manufacturing. This exposes TCL to higher risks
associated with the commodity nature of soda ash than peers that
are larger or sell multiple products.

However, the risk is mitigated by its favourable geographical
diversification, including 45% of soda ash EBITDA from developed
markets in the US and Europe, and a satisfactory mix of
discretionary (flat glass) and non-discretionary (salt, detergents,
glassware and chemical products) end-markets.

Global Demand-Supply to Tighten: Fitch expects the global soda ash
demand-supply balance to tighten in FY22, supported by a demand
recovery in key end-markets and the supply constraining measures
taken by industry players during FY21. The follows some inventory
build-up in 1HFY21 due to weak demand, mainly from the glass
segment, which led industry players to idle capacity and delay new
projects that were announced pre-pandemic.

No Uplift from Tata Group Linkage: Fitch does not apply any uplift
to TCL's IDR due to Fitch's assessment of the company's 'Moderate'
strategic linkages to the Tata group, and 'Weaker' operational and
legal linkages in light of limited operational overlap and no
explicit debt guarantees.

DERIVATION SUMMARY

Both TCL and lower-rated peer H.B. Fuller Company (FUL, BB/Stable)
have EBITDA of less than USD500 million and strong geographical
diversification. TCL's EBITDA margin is typically in the
mid-to-high teens because of the strong market position and
low-cost operations in the commoditised soda ash market. This is
somewhat better than FUL's margin, which is in the early-to-mid
teens, despite higher exposure to specialised products. TCL's
credit metrics are better than FUL's which justifies the one notch
difference in their ratings.

TCL's competitive and geographically diversified presence in soda
ash compares well with Switzerland's Ineos Group Holdings S.A.'s
(BB+/Negative) business profile as a large commodity chemical
producer of olefins and polymers and leading market positions in
the US and Europe. Ineos has a much larger operating scale than
TCL. However, Ineos' materially higher financial leverage justifies
the similar rating, and its Negative Outlook reflects risks to
Fitch's forecast on deleveraging.

KEY ASSUMPTIONS

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

-- North American soda ash revenue to fall by 18% in FY21 and
    rise by 7% in FY22 and 14% in FY23, reflecting lower export
    demand in FY21 followed by a gradual recovery, and a mid
    single digit fall in realisations in FY22;

-- Indian soda ash and salt revenue to fall by 2% in FY21 and
    then increase by 11% in FY22 and 13% in FY23, despite a 9%
    fall in realisations in FY21, driven by strong demand from
    non-discretionary end-user industries and capacity expansion;

-- Limited impact on demand and realisations in the UK due to a
    favourable sales mix;

-- African revenue to fall by 14% in FY21 and rise by 11% in FY22
    due to weak exports, followed by a gradual recovery;

-- 9% CAGR in Rallis EBITDA over FY20-FY24, supported by new
    product launches, better mix and better realisations;

-- Capex of INR9 billion-10 billion a year over FY21-FY24.

-- Dividend payout of around INR3 billion a year over FY21-24.

RATING SENSITIVITIES

Fitch has revised TCL's rating sensitivities to be based on net
leverage from gross leverage earlier. Fitch believes this is a
better reflection of TCL's financial structure, as it maintained
high cash levels of 2.2x EBITDA, on average, over FY18-FY20,
against net leverage of only 1.4x. Fitch expects cash to be used
gradually for ongoing domestic capex. The risk of significant cash
outflow, which arose in FY18 after the increase in cash from the
sale of its Urea business, has not materialised. The revised
sensitivities are 0.5x lower than before, which Fitch regards as a
fair difference between gross and net leverage.

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

-- A meaningful improvement in TCL's scale, such that EBITDA
    increases to greater than USD500 million with net leverage (as
    measured by net debt/operating EBITDA) sustained below 2.0x;

-- TCL generating positive free cash flow for a sustained period.

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

-- Net leverage exceeding 3.0x for a sustained period;

-- EBITDA margin deteriorating to below 15% for a sustained
    period;

-- TCL trending towards negative free cash flow for a sustained
    period.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: TCL's liquidity is strong, supported by a cash
balance of INR31 billion as of end-2020 and undrawn credit lines
and revolving credit facilities of INR9.6 billion. TCL also had
investments of around INR19 billion (including unquoted ones, for
instance a 2.5% stake in Tata Sons Ltd) as of FY20. This boosts its
liquidity options. TCL has comfortably refinanced a USD225 million
term loan and a USD175 million bridge loan at its North American
business so far in FY21. TCL has easy access to credit markets
being part of the Tata group, and its financial flexibility remains
strong. Fitch expects capex to be funded largely through free cash
flow over FY21-FY24.

ESG CONSIDERATIONS

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.


WOBILLAHI: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Wobillahi
(WO) continue to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            3         CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Rupee Term Loan        4         CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with WO for
obtaining information through letters and emails dated August 22,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non-cooperative.

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

Detailed Rationale

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

Registered in 1998, WO is a Karnataka-based distributor and
transporter of fresh fish. The firm procures fresh sea water fishes
from 12 fish centers in India which is then sold to the producers
of fish meal which is used in poultry feed and fish oil which is
used for a variety of usage such as preparing medicines and leather
finishing. The firm is managed by Mr. Mohammed Ali, Mr. K P Hussain
and Mr. K P Ibrahim.




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

BANK NEGARA: Fitch Gives 'BB(EXP)' Rating to New USD500MM Bonds
----------------------------------------------------------------
Fitch Ratings has assigned an expected long-term rating of
'BB(EXP)' to PT Bank Negara Indonesia (Persero) Tbk's (BNI,
BBB-/Stable/bb+) proposed Basel III-compliant subordinated notes.
The issuance will be up to USD500 million in size with a tenor of
up to 10 years. Proceeds from the issuance will be used for funding
and general corporate purposes.

The final rating is contingent upon the receipt of final documents
conforming to information already received and the final pricing
and financial close on the notes.

KEY RATING DRIVERS

BNI's Basel III-compliant subordinated bonds are rated two notches
below its support-driven Long-Term Issuer Default Rating (IDR). The
rating on the subordinated bonds is anchored from the IDR as Fitch
believes that sovereign extraordinary support is likely to be
extended for these instruments.

Both notches are for loss severity to reflect their subordination
and Fitch's view of the bonds' poor recovery prospects compared
with senior unsecured obligations. These Tier 2 debt instruments
have an embedded permanent write-down feature (both principal
and/or interest in full or in part) that can be triggered when the
bank approaches its point of non-viability.

There is no additional notching for non-performance risk as Fitch
believes that non-performance is neutralised by potential support
from the sovereign. This approach is different for banks in
Indonesia that do not benefit from parental or sovereign support.
For a typical Indonesian bank, Fitch's standard notching for
non-performance risk for similar subordinated bonds is one notch,
to account for the risk of going-concern losses from the deferral
of coupon and/or principal. The bonds incorporate features that
allow coupons to be deferred and accumulated if the bank's capital
position falls below its minimum requirements.

BNI's Long-Term IDR reflects Fitch's belief that the Indonesian
sovereign (BBB/Stable) has high propensity to provide the bank with
extraordinary support in times of need.

RATING SENSITIVITIES

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

-- A downgrade of BNI's Long-Term IDR would lead to a
    corresponding downgrade of the bank's issue rating.

-- A reassessment of loss severity or non-performance risk
    leading to a widening of notching would also result in a
    downgrade of the rating. A reassessment of non-performance
    risk would likely arise from Fitch's belief of reduced support
    prospects for these instruments, which would likely result in
    a change to the anchor rating for these obligations to the
    bank's Viability Rating and a two-notch downgrade of the issue
    rating.

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

-- An upgrade of the issue rating would result from an upgrade of
    BNI's Long-Term IDR.

-- An upgrade would also be possible in the event that we
    narrowed the notching for loss severity on these instruments
    from Fitch's base case of two notches, however, Fitch believes
    this is unlikely in the near to medium term.

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

BNI's ratings are linked with those of the Indonesian sovereign
(BBB/Stable) based on Fitch's view of potential extraordinary
support.


MEDCO ENERGI: Fitch Affirms 'B+' LongTerm Foreign Currency IDR
--------------------------------------------------------------
Fitch has affirmed PT Medco Energi Internasional Tbk's Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B+' with a Stable
Outlook. Fitch has also affirmed the ratings of Medco's senior
unsecured US dollar notes at 'B+' with a Recovery Rating of 'RR4'.

The affirmation and Outlook reflect Fitch's expectation that
Medco's financial profile will remain commensurate with its ratings
from 2021, after leverage in 2020 likely exceeded the level at
which Fitch would take negative rating action due to weak energy
prices and demand.

Medco's rating factors in its larger scale, low-cost position, and
favourable earnings mix via fixed-price contracts relative to most
'B' category upstream oil and gas (O&G) producers. Medco also
benefits from its ability to defer capex given a high proportion of
developed reserves.

KEY RATING DRIVERS

Financial Profile to Improve: Fitch expects Medco's leverage, as
measured by net debt/ EBITDA, to improve to around 2.3x in 2021,
and remain at or less than 2.5x, from Fitch's expectation of 3.9x
in 2020. The improvement factors Fitch's assumptions of improving
crude prices as the sales of around two-thirds of its volumes were
linked to crude prices in 2020. Its ratings could be upgraded if
Medco manages to maintain a lower leverage. Fitch excludes Medco's
fully owned subsidiary, PT Medco Power Indonesia (MPI), when
calculating leverage.

Steps to Aid Deleveraging: The company has taken steps to manage
leverage, including raising around USD440 million since 2019 from
the disposal of non-core assets and over USD300 million of equity
since 2017. Medco also expects to receive USD192 million in 2021
from the sale of a stake in an associate.

Contracted Earnings: Medco's earnings are less sensitive to oil
price changes than most 'B' category upstream O&G peers. Fitch
estimates Medco's EBITDA at USD670 million-750 million a year in
2021-2025, of which at least USD220 million would be via
fixed-price minimum take-or-pay volumes. Fitch expects the earnings
from these contracts to cover Medco's interest expenses by more
than 1x from 2021. EBITDA from take-or-pay contracts fell to USD193
million in 2020, as its off-takers cut volumes due to weak demand.
However, Medco received USD27.5 million of contractual payments as
off-takers' volumes fell below minimum agreed amounts. Around a
third of Medco's production is gas sold via long-term fixed-price
take-or-pay contracts.

Capex Flexibility: Fitch also thinks that Medco's financial
flexibility is boosted by its relatively high proportion of
developed reserves, which enabled the company to cut its oil and
gas capex by around 40% to USD155 million from its expectations
prior to the plunge in oil prices. Fitch assumes annual capex will
range between USD200 million and USD250 million, which is 20%
higher than the company's estimates over the forecast horizon until
2025.

Strong Reserve Profile: Medco's rating reflects its proved reserves
(1P) of 216 million barrels of oil equivalent (mmboe) at
end-September 2020 resulting in a reserve life of seven years on
2020 production. Fitch expects the company to maintain its 1P
reserve life due to its expected investments in exploration and
development, and moderate record of a three-year organic reserve
replacement of 0.5x.

Medco's moderate 1P reserve life is supported by its proved
developed reserves, which would allow around five to six years of
production with minimal capex, and proved and probable reserves,
which should allow nine years of production.

Strong Operating Profile: Medco's operating profile benefits from
low lifting costs of USD9-10 per barrel of oil equivalent (boe) and
a production base that is largely located in Indonesia with some
international presence. Its production is derived from 16 oil and
gas fields, none of which contribute more than 20% to output,
lowering its operating risks. Fitch expects Medco's production to
have declined to around 91 thousand barrels of oil equivalent per
day (mboepd) in 2020 and remain at 90-95 mboepd till 2022, from
100mboepd in 2019 due to weaker expected demand.

Acquisitions Treated as Event Risk: Fitch expects Medco's growth to
stem primarily from acquisitions and will consider these event
risks. Fitch considers Medco's track record of oil and gas
acquisitions over the past five years, including its USD550 million
acquisition of Ophir Energy in 2019, to have been credit accretive,
in terms of improving its long-term financial profile and operating
profile. Fitch also thinks further equity inflows are possible if
any large acquisitions are considered, given its track record.

Power Investment Neutral: Fitch considers the risk dynamics of MPI
to be neutral to Medco's credit profile, as its investment in the
power company falls outside the restricted group structure defined
in Medco's bond documentation. The documents limit Medco's
investments outside the restricted group to USD300million, most of
which has been utilised. The structure limits cash outflow from
Medco to MPI and other investments outside the restricted group.
There are no cross-default clauses linking MPI's debt to Medco.

DERIVATION SUMMARY

Medco's ratings reflect its operating profile, which compares well
against 'B' rated exploration and production peers in terms of
scale and the earnings mix generated through fixed-price
take-or-pay contracts.

Canacol Energy Ltd.'s (BB-/Positive) rating reflects the long-term,
fixed-price take-or-pay gas sales contracts, which account for
around 75% of its sales volumes. In addition, Fitch expects it to
turn to a net cash position by 2024. As a result, its ratings are
higher than most 'B' rated oil and gas producers, including Medco,
despite Canacol's smaller production scale and moderate P1 reserve
life of six years. The Positive Outlook on the rating reflects
Fitch's expectation that Canacol's production scale would increase
to around 40mboepd by 2022.

Fitch expects Medco's credit profile to be comparable to that of
GeoPark Limited (B+/Stable), as they have comparable forecast
leverage and reserve life. GeoPark's ratings are constrained by its
scale of production of 40mboepd, reserve life and limited
operational diversification. Frontera Energy Corporation's
(B/Stable) ratings reflect, its smaller production scale of around
45mboepd, comparable reserve life of 6.6 years and higher
production costs than Medco. Medco's higher ratings reflect its
stronger operating profile.

KEY ASSUMPTIONS

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

-- Brent prices to average USD58 a barrel in 2021, and USD53 a
    barrel thereafter, as per Fitch's oil and gas price deck. Gas
    prices in line with the fixed price contracts where
    applicable;

-- Total production volume in 2021 and 2022 to increase
    marginally to 93mboepd from 91mboepd in 2020;

-- Cash production costs of less than USD10 per boe;

-- Annual capex between USD200 million and USD250 million over
    the next five years.

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Medco would be reorganized
    as a going concern in bankruptcy rather than liquidated.

-- Fitch assumes a 10% administrative claim.

-- Medco's going-concern EBITDA, excluding MPI, is based on the
    average EBITDA Fitch expects over 2020 to 2023, which is
    stressed by 30% to reflect the risks associated with oil-price
    volatility, potential challenges in maintaining output from
    its maturing fields and other factors.

-- An enterprise value multiple of 5x is used to calculate a
    post-reorganisation valuation and reflects a mid-cycle
    multiple for oil and gas, metals and mining companies
    globally, which is higher than the observed lowest multiple of
    4.5x. The higher multiple reflects that a sizeable proportion
    of Medco's production volume stems from long-term fixed-price
    and indexed take-or-pay gas contracts, which provide more cash
    flow visibility across economic cycles than the average global
    upstream oil and gas production company.

-- Fitch assumes prior-ranking debt of USD205 million will be
    repaid before Medco's senior unsecured creditors, including
    investors in its US dollar bonds. Prior-ranking debt includes
    project-finance debt at non-guarantor subsidiaries, PT Medco
    E&P Tomori Sulawesi and PT Medco E&P Malaka.

-- The payment waterfall results in a recovery rate corresponding
    to a 'RR2' Recovery Rating for the unsecured notes. However,
    Fitch rates the senior unsecured bonds at 'B+'/'RR4' because
    Indonesia falls into Group D of creditor friendliness under
    Fitch's Country-Specific Treatment of Recovery Ratings
    Criteria, and the Recovery Rating on instruments of issuers
    with assets in this group are subject to a cap of 'RR4'.

RATING SENSITIVITIES

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

-- Leverage (net debt/EBITDA excluding MPI) sustained below 2.5x,
    provided Medco is able to maintain production of around
    100mboepd and a proved developed reserve life of 6 years.

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

-- Leverage above 3.5x for a sustained period.

-- Significant weakening in Medco's operating-risk profile,
    including a material fall in production and weakening of its
    proved reserve life to less than seven years or significant
    weakening in the mix of earnings from fixed-price gas sales.

-- Any significantly adverse regulatory developments.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Strong Liquidity: At end-September 2020, Medco, excluding MPI, had
unrestricted cash of over USD500 million compared with debt
maturities of USD253 million due by end-2021, and debt maturities
of between USD50 million and USD170 million per year until 2024.
Medco also has a recent history of refinancing bond maturities well
ahead of schedule. Fitch expects Medco to broadly generate positive
free cash flows, and have the flexibility to curtail capex
meaningfully if needed, which would help its liquidity profile.

ESG CONSIDERATIONS

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.


PT TUNAS BARU: Fitch Affirms 'B+' LT IDR, Outlook Negative
----------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based palm oil and sugar
producer PT Tunas Baru Lampung Tbk's (TBLA) Long-Term Issuer
Default Rating at 'B+' with a Negative Outlook. The rating on the
USD250 million 7% senior unsecured notes due 2023, issued by wholly
owned subsidiary, TBLA International Pte. Ltd. and guaranteed by
TBLA and all its majority-owned operating subsidiaries, has also
been affirmed at 'B+' with a Recovery Rating of 'RR4'. At the same
time, Fitch Ratings Indonesia has affirmed TBLA's National
Long-Term Rating at 'A(idn)' with a Negative Outlook and the rating
on IDR1.5 trillion of senior unsecured bonds at 'A(idn)'.

TBLA's net debt/EBITDA leverage ratio stood at 3.7x in 2020,
slightly above Fitch's sensitivity for negative rating action, as a
higher EBITDA due to better prices was largely negated by a large
jump in net debt. Fitch expects leverage will decline to around
3.5x in 2021, supported by gains from higher yields and sales
volume, then to stay steady thereafter. However, working capital
outflow and capex that was above Fitch's expectations, leading to
high negative free cash flow in 2020, remain key risks to TBLA's
financial profile. This is reflected in the Negative Outlook.

TBLA's rating also incorporates benefits from its diversification
into the sugar business as well as vertical integration from its
substantial downstream refining and processing capacity for palm
oil and presence across the sugar value chain, from plantations to
refining.

A' National Ratings denote expectations of low default risk
relative to other issuers or obligations in the same country.
However, changes in circumstances or economic conditions may affect
the capacity for timely repayment to a greater degree than is the
case for financial commitments denoted by a higher- rated
category.

KEY RATING DRIVERS

Low Yield to Recover: Fitch expects TBLA's yield to rebound in
2021-2022 on higher rainfall since late 2019; there are already
some indications of a recovery, with a 4Q20 yield of around 5
tonnes, against a 9M20 yield of 8 tonnes. The EBITDA margin fell by
80bp in 2020, despite higher product prices, following a 25% fall
in the yield of fresh fruit bunches. This hit crude palm oil (CPO)
output, forcing TBLA to make higher external purchases for
refining. The lower yield in 2020 followed an almost 20% drop in
2019 stemming from dry weather conditions, according to TBLA.

Lower Sugar Prices to Offset Increased Sales: Indonesia relies on
raw sugar imports, as domestic output is significantly lower than
demand. However, the government's limited import quotas allotted to
refiners, such as TBLA, often result in high domestic prices. Fitch
expects the government to take steps to lower prices in 2021 and
increase sugar import quotas. The price impact is likely to more
than offset the benefit to TBLA's 2021 sugar revenue from higher
sales volume.

TBLA's realised sugar price jumped by 14% in 2020, after an 11%
increase in 2019, due to quota constraints and higher international
sugar prices. TBLA imported 180 kilotonnes of raw sugar in 2020 and
can import a further 98 kilotonnes until May 2021.

Higher Output to Hurt CPO Prices: Palm oil prices in 1H21 should be
supported by a foreign-labour shortage in Malaysia and high prices
for substitute soybean oil. However, Fitch expects industry output
to increase over the year, with the impact on prices to be more
pronounced in 2022; this will affect TBLA's EBITDA. Fitch has
raised Fitch's assumption for the average 2021 Malaysian benchmark
CPO price to USD700/tonne (t), from USD560/t earlier, while cutting
Fitch's assumption for 2022 to USD550/t, from USD600/t. Fitch's
long-term assumption remains unchanged at USD600/t.

Financial Profile Supported by Lower Dividends, Buybacks: TBLA has
halved its dividend pay-out since 2019 to support its financial
profile. Fitch forecasts the reduced pay-out to continue in
2021-2022. TBLA's outflow for share buybacks in 2020, at IDR36
billion, was also significantly lower than its initial plan of
IDR300 billion.

ESG - Management Strategy: TBLA has an ESG Relevance Score of '4'
for Management Strategy. The company's working capital flows have
been volatile while capex has often been higher than Fitch's
expectations. While the large working capital outflow in 2020 can
be attributed to a jump in revenues and cost of goods sold as net
working capital days remained flat, individual components remained
volatile. The benefit of lower inventory days was offset by higher
receivable days and lower payable days. TBLA's inventory is partly
affected by the import of raw sugar, which depends on when the
government issues quotas and international price trends. TBLA's
2020 capex was also higher than Fitch's expectations due to
sustained spending for new planting and processing capacity
addition. Fitch has assumed that TBLA's working capital days will
remain largely stable. Fitch also assumes that capex will sustain
at around the 2020 level over the next three years. TBLA intends to
spend on expansion of its biodiesel and downstream palm oil
products capacities in 2021, apart from basic infrastructure, oil
palm and sugarcane planting. Fitch expects TBLA to undertake more
projects in 2022 and thereafter, based on the company's track
record.

DERIVATION SUMMARY

TBLA is rated significantly lower than Sime Darby Plantation Berhad
(SDP, BBB/Negative), whose credit profile is underpinned by its
position as the world's largest palm-oil producer by planted area,
and largest sustainable-oil producer. SDP planted acreage is more
than 10x that of TBLA's and spread across Malaysia, Indonesia and
Papua New Guinea. This lowers risks related to weather and
regulatory changes. SDP's rating also benefits from a sizeable land
bank located near Malaysian urban areas, which the company can
monetise at high valuations to support liquidity.

TBLA's national rating is higher than that of the subsidiaries of
Golden Agri-Resources (GAR) - PT Ivo Mas Tunggal (IMT) and PT Sawit
Mas Sejahtera (SMS) - which are rated at 'A-(idn)'/Stable based on
GAR's consolidated profile. TBLA's leverage is around 2x lower,
which drives its higher rating despite a smaller scale; GAR's
planted acreage is more than 8x and its 2020 EBITDA more than 3x
that of TBLA. The rating differential also incorporates TBLA's
diversification into sugar and better upstream cost position.

Fitch can also compare TBLA with PT Japfa Comfeed Indonesia Tbk
(BB-/A+(idn)/Stable), a key competitor in Indonesia's poultry feed
and poultry breeding industry. Japfa's rating is supported by the
earning stability provided by its animal-feed segment, which
contributes around 30%-40% of overall revenue. This is comparable
with TBLA's sugar segment, which contributed 32% to 2020 revenue
and significantly offsets the volatile palm-oil segment. However,
TBLA's 2020 leverage was more than 1x higher, resulting in a lower
rating for TBLA.

KEY ASSUMPTIONS

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

-- CPO output CAGR of 15% over 2021-2023;

-- Sugar sales volume CAGR of 3% over 2021-2023;

-- Average sugar price realisation of around IDR10,600/kg over
    2021-2023;

-- Average annual capex of around IDR1.4 trillion over 2021-2023;

-- Total dividend outflow of around IDR560 billion over 2021
    2023;

-- The recovery analysis for the US-dollar notes assumes that
    TBLA would be considered a going-concern in bankruptcy and
    that the company would be reorganised rather than liquidated.
    Fitch assumes a 10% administrative claim.

Going-Concern Approach

-- Going concern EBITDA is assumed to be IDR2.0 trillion, at
    around a 20% discount to TBLA's 2020 EBITDA. This assumption
    factors in weak CPO and sugar prices and is slightly higher
    from Fitch's previous analysis of IDR1.9 trillion to account
    for subsequent capacity enhancement.

-- A multiple of 5.0x is applied to the going-concern EBITDA to
    calculate a post-reorganisation enterprise value. This
    multiple is unchanged from Fitch's previous analysis.

-- Fitch has assigned priority to IDR4.3 trillion of secured debt
    and the long-term portion of customer advances as of end-2020
    over IDR5.6 trillion of unsecured debt, which includes the
    existing US-dollar and Indonesian-rupiah bonds.

-- The Recovery Rating of the senior unsecured US-dollar bonds is
    capped at 'RR4', even though Fitch's analysis suggests a
    better rating. This is because, under Fitch's Country-Specific
    Treatment of Recovery Ratings criteria, Indonesia is
    classified under the Group D of countries in terms of creditor
    friendliness, and the instrument ratings of issuers with
    assets located in this group of countries are subject to a cap
    of 'RR4', or effectively, the issuer's Issuer Default Rating.

RATING SENSITIVITIES

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

-- Net debt/EBITDA leverage not on track to reach around 3.5x or
    lower by 2022. Fitch has extended the timeframe from 2021 in
    light of sustained risks to TBLA's financial structure. We
    believe TBLA's ability to keep leverage in check until 2022, a
    year when CPO prices are likely to be weaker, should provide
    better visibility into the company's longer-term financial
    profile.

-- Coverage, measured by EBITDA/interest paid, below 3.0x for a
    prolonged period (2020: 3.1x).

-- A weakening of its liquidity position.

-- A material worsening in Indonesia's regulatory regime for the
    sugar industry that results in weaker volume or EBITDA margin
    for TBLA.

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

-- Fitch may revise the Outlook to Stable if performance is
    better than the sensitivities for negative rating action.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: TBLA had total debt of IDR9.7 trillion as of
end-2020, excluding the long-term portion of customer advances, of
which IDR1.9 trillion was in the form of short-term loans and
IDR0.8 trillion the current portion of long-term debt. TBLA also
had cash, including an interest reserve account for the US-dollar
bonds, of IDR0.6 trillion and undrawn short-term credit facilities
of IDR2.0 trillion.

Fitch thinks TBLA will rely on refinancing to meet its long-term
debt maturities, based on Fitch's estimate of negative free cash
flow, while its short-term loans, which are mainly for working
capital, are likely to be rolled over, as has been the case in 2020
and earlier. Fitch believes liquidity risk is mitigated by TBLA's
flexibility in reducing growth capex, which would improve the
availability of cash for debt repayment, and its extensive banking
relationships. Fitch also expects TBLA to refinance its large bond
maturities in 2023 within the next 12 months.

SUMMARY OF FINANCIAL ADJUSTMENTS

Material financial adjustments include:

-- Non-current portion of advances from customers (2020: IDR277
    billion) has been treated as debt, as Fitch believes there is
    an implicit interest cost in the form of discounts that makes
    it similar to debt and a substitute for bank funding.
    Unamortised transaction and issuance costs (2020: IDR65
    billion) have also been added back to debt.

-- Cash amounts reported as restricted cash, mainly related to
    the interest reserve account for the US-dollar bond, have been
    treated as readily available (2020: IDR123 billion).

-- Prepaid expenses, advances for purchases, biological assets
    (plant produce not yet harvested), accrued expenses and
    advances received from customers (including non-current
    portion) have been included in working capital.

-- Net profit attributable to minority interests (2020: IDR2.7
    billion) has been deducted from EBITDA.

ESG CONSIDERATIONS

TBLA has an ESG Relevance Score of '4' for Management Strategy. The
company's working-capital flows have been volatile, while capex has
often been higher than Fitch's expectations. This indicates some
weakness in management control over operations and remains a risk
to TBLA's financial and overall credit profile, in conjunction with
other factors. 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.




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

MONGOLIAN MORTGAGE: Moody's Affirms 'B3' Issuer Rating
------------------------------------------------------
Moody's Investors Service has affirmed Mongolian Mortgage
Corporation HFC LLC's B3 foreign currency issuer rating. At the
same time, Moody's has also affirmed Mongolian Mortgage
Corporation's B3 long-term corporate family rating and foreign
currency backed senior unsecured rating.

The outlook on Mongolian Mortgage Corporation has been changed to
stable from negative.

The rating action follows the outlook change to stable from
negative on nine Mongolian banks' ratings on March 17, 2021 and the
Mongolian government's ratings on March 16, 2021.

RATINGS RATIONALE

The outlook change to stable from negative reflects Moody's view of
the high correlation between the creditworthiness of Mongolian
Mortgage Corporation with that of the sovereign and the Mongolian
commercial banks, given (1) the concentration of Mongolian Mortgage
Corporation's operations in Mongolia; and (2) Mongolian Mortgage
Corporation's significant direct and indirect counterparty risk
exposures to domestic banks and the central bank.

The stable outlook also reflects lower refinancing risk on the
company's foreign currency debt after the issuance of $250 million
in February 2021, ahead of its $300 million bond maturing in
January 2022. In addition, the company has stable cash flows,
supported by its business model that takes minimal direct credit
risk.

Moody's affirmation of Mongolian Mortgage Corporation's B3 ratings
reflects the company's financial strength, underpinned by solid
asset quality, moderate capitalization, and stable cash flows owing
to its policy role of providing mortgage servicing for the
government's affordable housing finance program.

The company's key credit weaknesses are counterparty risks from its
exposure to commercial banks in Mongolia and the Bank of Mongolia,
its credit concentration within the Mongolian residential property
sector, and its weak liquidity.

Mongolian Mortgage Corporation's B3 rating currently does not
incorporate any uplift for government support because the company's
standalone assessment of b3 is at the same level as the Mongolian
government's B3 issuer rating. Nevertheless, Moody's expects a high
level of support from the Government of Mongolia in times of
stress, based on the company's (1) unique policy role in Mongolia;
(2) close linkages with the central bank and the government; (3)
19.3% direct and indirect government ownership as of the end of
2019; and (4) high systemic importance to Mongolia's financial
sector, given its prominent role in the domestic residential
mortgage-backed securities market.

Mongolian Mortgage Corporation's long-term issuer rating and backed
senior unsecured ratings are at the same level as its CFR. While
Mongolian Mortgage Corporation's senior unsecured debt is
structurally subordinated to the company's special purpose
companies (SPCs), Moody's has also considered the fact that the SPC
holders do not have claims against the operating entity's assets,
as well as the availability of assets to the senior unsecured debt
holders at the operating entity's level. SPCs are established to
securitize mortgages purchased without recourse under Mongolia's
affordable housing program. Holders of RMBS issued by the
individual SPCs are the Bank of Mongolia and the originating
banks.

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

WHAT COULD CHANGE THE RATING UP

Mongolian Mortgage Corporation's B3 ratings are at the same level
as the sovereign rating, and a positive rating action is unlikely
in the absence of an upgrade of the sovereign rating.

WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade Mongolian Mortgage Corporation's ratings if
its standalone assessment is lowered, Mongolian banking system's
risks rise materially or the sovereign rating is downgraded, or
all. The standalone assessment could be lowered if the company's
liquidity weakens substantially with regard to its foreign-currency
debt servicing or if the asset quality of Mongolia's mortgages
deteriorates materially, or both.

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

Mongolian Mortgage Corporation HFC LLC is a wholly-owned subsidiary
of MIK Holding JSC which is headquartered in Ulaanbaatar. MIK
Holding JSC's consolidated assets totaled MNT4.18 trillion ($1.5
billion) as of December 31, 2019.


[*] Moody's Affirms Ratings on 9 Mongolian Banks, Outlook Stable
----------------------------------------------------------------
Moody's Investors Service has affirmed all ratings and assessments
of nine banks it rates in Mongolia. At the same time, the outlook
on all banks were changed to stable from negative.

The rating actions follow the outlook change to stable from
negative on the Mongolian government's B3 issuer rating on Mar 16,
2021.

The nine affected banks are: (1) Bogd Bank LLC, (2) Capitron Bank
LLC, (3) Development Bank of Mongolia LLC, (4) Golomt Bank LLC, (5)
Khan Bank LLC, (6) State Bank LLC, (7) Trade and Development Bank
of Mongolia LLC, (8) Transport and Development Bank LLC, and (9)
XacBank LLC.

RATINGS RATIONALE

The outlook change to stable for the nine Mongolian banks reflects
the high correlation between the creditworthiness of the Mongolian
banking system with that of the sovereign, given (1) the
concentration of their operations in Mongolia; and (2) their
significant direct and indirect exposures to domestic sovereign
debt relative to their capital bases.

Moody's expects the operating environment of the Mongolian banks to
improve in the next 12 to 18 months, supported by rising commodity
demand driven by China's economic recovery. This will stabilize the
performance of Mongolia's mining sector -- to which the Mongolian
banking sector is heavily exposed -- supporting the banks' asset
quality.

Moody's expectation of stable asset quality also reflects the
banks' higher provisioning coverage in 2020 compared with that a
year earlier. The higher provisions mitigate downside risks to
asset quality once forbearance measures, such as maturity
extensions and interest waivers, expire on July 1, 2021.

Capitalization will remain stable given loan growth in 2021 will be
modest for most of the banks. While Moody's expects smaller banks
to register above-system loan growth, this will be supported by
their very high level of capitalization. Furthermore, regulatory
reforms will require the banks to strengthen their capitalization.
By the end of 2021, the banks are required to have minimum paid-in
capital of MNT100 billion, and by 1 July 2022, regulatory tier 1
capital ratio of 11%, which includes a general buffer of 2%. The
five largest banks that are designated as domestic systematically
important banks will also be required to maintain a ratio of at
least 13%, including an additional 2% of specific buffers by July
1, 2022.

The banks' profitability will remain stable at weak levels because
their net interest margins will stay low due to low policy rates.
The Bank of Mongolia reduced the policy rate cumulatively by 5
percentage points to a historical low level of 6% throughout 2020.

The banks' funding and liquidity will remain stable following the
Bank of Mongolia's cut in the reserve requirement ratio on domestic
currency liabilities by 4.5 percentage points to 6% in 2020. The
Mongolian banking system's loans-to-deposits ratio decreased to
75.9% as of year-end 2020 from 96% as of year-end 2019.

OUTLOOK

The banks' stable outlook reflects Moody's expectation that rising
commodity demand will support an economic recovery in Mongolia,
which underpins the stable outlook on Mongolia's sovereign rating.
The economic recovery will improve the operating environment of
Mongolian banks. This will help offset the risk stemming from
forbearance measures, such as maturity extensions and interest
waivers, which will expire on July 1, 2021.

BANK SPECIFIC RATING DRIVERS

In addition to the drivers that affect all nine banks, below are
bank-specific rating drivers.

For the banks affected by this rating action, the affirmation of
their B3 long-term ratings reflects the affirmation of the banks'
b3 baseline credit assessments (BCA).

For Bogd Bank LLC and Transport and Development Bank LLC, the b3
BCAs reflect their strong capitalization that is partly tempered by
their limited domestic deposit franchises.

For Capitron Bank LLC, the b3 BCA reflects its moderate
capitalization supported by the bank's shareholders.

For Development Bank of Mongolia LLC, the b3 BCA reflects its
strong capitalization and policy role to provide funds to
strategically important sectors and large projects.

For Golomt Bank LLC, the b3 BCA reflects its strong funding and
liquidity, offset by its high exposures to the corporate sector.

For Khan Bank LLC, the b3 BCA reflects its robust franchise as one
of the largest banks in Mongolia, relatively higher profitability
compared to its domestic bank peers and stable asset quality.

For State Bank LLC, the b3 BCA reflects its granular loan book and
stable capitalization supported by the government given it is
indirectly owned by the government.

For Trade and Development Bank of Mongolia LLC, the b3 BCA reflects
its strong franchise as one of the largest banks in Mongolia,
tempered by its high exposure to the corporate sector.

For XacBank LLC, the b3 BCA reflects its balanced asset portfolio
and modest capitalization supported by diversified shareholders.

Moody's has not incorporated affiliate support for the nine
Mongolian banks, and therefore, the adjusted BCAs are in line with
the banks' BCAs of b3.

No government support uplift is reflected in the nine Mongolian
banks' ratings because the banks' BCAs are at the same level as the
Mongolian government's issuer rating of B3. Nevertheless, Moody's
assumes government-backed level of support for Development Bank of
Mongolia given its important policy role in supporting
strategically important sectors. Moody's assumes a high level of
government support for systemically important banks, including Khan
Bank LLC, Trade and Development Bank of Mongolia LLC, Golomt Bank
LLC, XacBank LLC and State Bank LLC. Moody's assumes a low level of
government support for smaller banks, including Bogd Bank LLC,
Capitron Bank LLC, and Transport and Development Bank LLC.

For all nine Mongolian banks, the long-term CR Assessment of B2(cr)
and local-currency long-term CRRs of B2 take into consideration the
b3 adjusted BCA and Moody's Basic Loss Given Default analysis,
which positions the Preliminary Rating Assessment of the CR
Assessment and local-currency CRRs one notch above the bank's
adjusted BCA, prior to the incorporation of government support.

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

WHAT COULD CHANGE THE RATING UP

The banks' b3 BCAs are at the same level as the sovereign rating,
and a positive rating action is unlikely in the absence of an
upgrade of the sovereign rating.

WHAT COULD CHANGE THE RATING DOWN

Moody's could downgrade the ratings of the nine banks if their BCAs
are downgraded, and/or the sovereign rating is downgraded. The
banks' BCAs could be downgraded if their problem loans rise
significantly without stronger capitalization. Material
deterioration of the banks' funding and/or liquidity strength could
also result in a downgrade of the banks' BCAs.

In addition, for Development Bank of Mongolia LLC, Moody's could
downgrade the bank's BCA if the bank's asset quality deteriorates
substantially with the problem loans/gross loans ratio exceeding
20%, and capitalization weakens with the tangible common
equity/risk weighted assets ratio falling to below 12% on a
sustained basis.

For Golomt Bank LLC, Moody's could downgrade the bank's BCA if the
bank's profitability deteriorates substantially with the bank
reporting annual net losses on a sustained basis.

For Capitron Bank LLC and Transport and Development Bank LLC,
Moody's could downgrade their BCAs if there are signs of asset
quality deterioration in their mining and construction loan book
given their credit concentration risks to these two sectors.

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

All entities are headquartered in Ulaanbaatar. The banks reported
the following assets as of December 31, 2019:

Bogd Bank LLC: MNT249 billion (USD91 million)

Capitron Bank LLC: MNT1.0 trillion (USD369 million)

Development Bank of Mongolia LLC: MNT4.27 trillion (USD1.56
billion)

Golomt Bank LLC: MNT6.64 trillion (USD2.43 billion)

Khan Bank LLC: MNT10.19 trillion (USD3.72 billion)

State Bank LLC: MNT3.30 trillion (USD1.20 billion)

Trade and Development Bank of Mongolia LLC: MNT7.80 trillion
(USD2.85 billion)

Transport and Development Bank LLC: MNT524 billion (USD191
million)

XacBank LLC: MNT3.45 trillion (USD1.26 billion)

LIST OF AFFECTED RATINGS

Issuer: Bogd Bank LLC (Analyst: Se Hoon Sean Roh)

Baseline Credit Assessment (BCA) of b3 affirmed

Adjusted BCA of b3 affirmed

Long-term Counterparty Risk Assessment of B2(cr) affirmed

Short-term Counterparty Risk Assessment affirmed at NP(cr)

Local currency long-term Counterparty Risk Rating of B2 affirmed

Foreign currency long-term Counterparty Risk Rating of B3
affirmed

Local currency and foreign currency short-term Counterparty Risk
Ratings of NP affirmed

Local currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Foreign currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Local currency and foreign currency short-term deposit ratings of
NP affirmed

Outlook changed to stable from negative

Issuer: Capitron Bank LLC (Analyst: Se Hoon Sean Roh)

Baseline Credit Assessment (BCA) of b3 affirmed

Adjusted BCA of b3 affirmed

Long-term Counterparty Risk Assessment of B2(cr) affirmed

Short-term Counterparty Risk Assessment affirmed at NP(cr)

Local currency long-term Counterparty Risk Rating of B2 affirmed

Foreign currency long-term Counterparty Risk Rating of B3
affirmed

Local currency and foreign currency short-term Counterparty Risk
Ratings of NP affirmed

Local currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Foreign currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Local currency and foreign currency short-term deposit ratings of
NP affirmed

Local currency and foreign currency long-term issuer ratings of B3
affirmed, outlook changed to stable from negative

Local currency and foreign currency short-term issuer ratings of
NP affirmed

Outlook changed to stable from negative

Issuer: Development Bank of Mongolia LLC (Analyst: Tae Jong Ok)

Baseline Credit Assessment (BCA) of b3 affirmed

Adjusted BCA of b3 affirmed

Long-term Counterparty Risk Assessment of B2(cr) affirmed

Short-term Counterparty Risk Assessment affirmed at NP(cr)

Local currency long-term Counterparty Risk Rating of B2 affirmed

Foreign currency long-term Counterparty Risk Rating of B3
affirmed

Local currency and foreign currency short-term Counterparty Risk
Ratings of NP affirmed

Foreign currency long-term issuer rating of B3 affirmed, outlook
changed to stable from negative

Outlook changed to stable from negative

Issuer: Golomt Bank LLC (Analyst: Tae Jong Ok)

Baseline Credit Assessment (BCA) of b3 affirmed

Adjusted BCA of b3 affirmed

Long-term Counterparty Risk Assessment of B2(cr) affirmed

Short-term Counterparty Risk Assessment affirmed at NP(cr)

Local currency long-term Counterparty Risk Rating of B2 affirmed

Foreign currency long-term Counterparty Risk Rating of B3
affirmed

Local currency and foreign currency short-term Counterparty Risk
Ratings of NP affirmed

Local currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Foreign currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Local currency and foreign currency long-term issuer ratings of B3
affirmed, outlook changed to stable from negative

Outlook changed to stable from negative

Issuer: Khan Bank LLC (Analyst: Tae Jong Ok)

Baseline Credit Assessment (BCA) of b3 affirmed

Adjusted BCA of b3 affirmed

Long-term Counterparty Risk Assessment of B2(cr) affirmed

Short-term Counterparty Risk Assessment affirmed at NP(cr)

Local currency long-term Counterparty Risk Rating of B2 affirmed

Foreign currency long-term Counterparty Risk Rating of B3
affirmed

Local currency and foreign currency short-term Counterparty Risk
Ratings of NP affirmed

Local currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Foreign currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Local currency and foreign currency short-term deposit ratings of
NP affirmed

Local currency and foreign currency long-term issuer ratings of B3
affirmed, outlook changed to stable from negative

Outlook changed to stable from negative

Issuer: State Bank LLC (Analyst: Se Hoon Sean Roh)

Baseline Credit Assessment (BCA) of b3 affirmed

Adjusted BCA of b3 affirmed

Long-term Counterparty Risk Assessment of B2(cr) affirmed

Short-term Counterparty Risk Assessment affirmed at NP(cr)

Local currency long-term Counterparty Risk Rating of B2 affirmed

Foreign currency long-term Counterparty Risk Rating of B3
affirmed

Local currency and foreign currency short-term Counterparty Risk
Ratings of NP affirmed

Local currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Foreign currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Outlook changed to stable from negative

Issuer: Trade and Development Bank of Mongolia LLC (Analyst: Tae
Jong Ok)

Baseline Credit Assessment (BCA) of b3 affirmed

Adjusted BCA of b3 affirmed

Long-term Counterparty Risk Assessment of B2(cr) affirmed

Short-term Counterparty Risk Assessment affirmed at NP(cr)

Local currency long-term Counterparty Risk Rating of B2 affirmed

Foreign currency long-term Counterparty Risk Rating of B3
affirmed

Local currency and foreign currency short-term Counterparty Risk
Ratings of NP affirmed

Local currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Foreign currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Local currency and foreign currency short-term deposit ratings of
NP affirmed

Local currency and foreign currency long-term issuer ratings of B3
affirmed, outlook changed to stable from negative

Local currency and foreign currency short-term issuer ratings of
NP affirmed

Foreign currency senior unsecured MTN rating of (P)B3 affirmed

Outlook changed to stable from negative

Issuer: Transport and Development Bank LLC (Analyst: Se Hoon Sean
Roh)

Baseline Credit Assessment (BCA) of b3 affirmed

Adjusted BCA of b3 affirmed

Long-term Counterparty Risk Assessment of B2(cr) affirmed

Short-term Counterparty Risk Assessment affirmed at NP(cr)

Local currency long-term Counterparty Risk Rating of B2 affirmed

Foreign currency long-term Counterparty Risk Rating of B3
affirmed

Local currency and foreign currency short-term Counterparty Risk
Ratings of NP affirmed

Local currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Foreign currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Local currency and foreign currency short-term deposit ratings of
NP affirmed

Local currency and foreign currency long-term issuer ratings of B3
affirmed, outlook changed to stable from negative

Local currency and foreign currency short-term issuer ratings of
NP affirmed

Outlook changed to stable from negative

Issuer: XacBank LLC (Analyst: Se Hoon Sean Roh)

Baseline Credit Assessment (BCA) of b3 affirmed

Adjusted BCA of b3 affirmed

Long-term Counterparty Risk Assessment of B2(cr) affirmed

Short-term Counterparty Risk Assessment affirmed at NP(cr)

Local currency long-term Counterparty Risk Rating of B2 affirmed

Foreign currency long-term Counterparty Risk Rating of B3
affirmed

Local currency and foreign currency short-term Counterparty Risk
Ratings of NP affirmed

Local currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Foreign currency long-term deposit rating of B3 affirmed, outlook
changed to stable from negative

Local currency and foreign currency short-term deposit ratings of
NP affirmed

Local currency and foreign currency long-term issuer ratings of B3
affirmed, outlook changed to stable from negative

Local currency and foreign currency short-term issuer ratings of
NP affirmed

Foreign currency senior unsecured MTN rating of (P)B3 affirmed

Foreign currency other short-term rating of (P)NP affirmed

Outlook changed to stable from negative




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

PINNACLE LIFE: A.M. Best Affirms B(Fair) Financial Strength Rating
------------------------------------------------------------------
A.M. Best has affirmed the Financial Strength Rating of B (Fair)
and the Long-Term Issuer Credit Rating of "bb+" of Pinnacle Life
Limited (New Zealand). The outlook of these Credit Ratings
(ratings) is stable.

The ratings reflect Pinnacle Life's balance sheet strength, which
AM Best assesses as adequate, as well as its adequate operating
performance, limited business profile and appropriate enterprise
risk management (ERM).

Pinnacle Life's balance sheet strength is underpinned by its
risk-adjusted capitalization, as measured by Best's Capital
Adequacy Ratio (BCAR), which AM Best expects to remain at the
strongest level over the medium term, albeit with a declining trend
driven by increased underwriting risk as the company executes its
strategic growth plan. The company has a highly liquid investment
portfolio focused on cash and term deposits. Since fiscal-year
2020, the company has increased the diversification by asset class
within its portfolio, through investing in high-quality fixed
income securities to strengthen its asset-liability management.
Pinnacle Life has experienced some volatility in its regulatory
solvency ratio over recent years. Nonetheless, AM Best expects
prospective regulatory solvency to be managed to an adequate level
over the medium term. However, AM Best notes that given the
company's small absolute capital base, capital adequacy remains
sensitive to the rate of new business growth, changes in the
interest rate environment and shock events. In addition, AM Best
views the company as having a high reliance on third-party
reinsurance.

AM Best views Pinnacle Life's operating performance as adequate,
with the company having generated a five-year average
return-on-equity ratio of 9.9% (fiscal-years 2016-2020). The
company's operating results have been driven by the robust
underwriting performance of its in-force life business, coupled
with solid investment returns. Overall earnings during this period
have exhibited moderate volatility, driven mainly by discount rate
movements impacting reported technical results. Prospectively, AM
Best expects Pinnacle Life's operating performance to remain
adequate whilst the company executes its significant growth plan,
underpinned by a robust pricing strategy and support from a
strategic distribution partner.

AM Best considers Pinnacle Life's business profile as limited,
largely reflecting the company's small-scale of operations, as well
as its low product and geographical diversification in New Zealand.
The company is focused mainly on term life and funeral insurance
and has a domestic life insurance market share of less than 1%,
based on 2020 gross premium written. Despite challenging market
conditions, the company's in-force book of business has grown
rapidly in recent years, with prospective growth to be supported by
development of a wider product offering and new distribution
agreements with a strategic partner.

AM Best views Pinnacle Life's ERM as appropriate given the size and
complexity of the company's current operations. While AM Best
considers Pinnacle Life's risk management capabilities as
appropriate for its key risks, it expects continual development as
the company increases its scope of operations over the near term.


SIKA HOMES: Master Builders Pays Up to Help Customer Finish Build
-----------------------------------------------------------------
Stuff.co.nz reports that Master Builders has agreed to pay Mark
Gumbrell for the extra costs he faced to finish his Auckland home
after his builder went bust.

According to Stuff, building work on Mr. Gumbrell's home stopped
when his builder Sika was put into liquidation in June, but Mr.
Gumbrell initially didn't worry as he had paid the builder for a
Master Builders' guarantee, which would pay the extra costs to
complete a build.

But Mr. Gumbrell found Sika had not applied for a guarantee, and he
was left facing losses he believed to be around NZD200,000 for work
he had paid for, but was not completed, Stuff says.

Mr. Gumbrell asked Master Builders to honour the guarantee he had
paid Sika for, and after his story featured in Stuff, Master
Builders agreed to do so.

"They have come to the party," Stuff quotes Mr. Gumbrell, who was
prevented from saying how much the settlement was for, as saying.
"I'm very happy."

Mr. Gumbrell had feared he would have to sell the house in Wai O
Taiki Bay in Auckland's eastern suburbs once it was completed to
recoup his losses.

He went public after he believed Master Builders had declined his
claim.

Master Builders denied it had turned him down and promised to
contact him to re-start the claims process.

Master Builders confirmed it had now agreed a settlement with Mr.
Gumbrell, Stuff relays.

"The original builder, Sika Homes which went into liquidation, had
not completed the paperwork for the Master Build Guarantee even
though Mr. Gumbrell had requested and paid for the Guarantee in
good faith," said its chief executive David Kelly.

"In these circumstances, Master Builders will honour the terms of
the guarantee," Mr. Kelly said.

"We believe it is the right thing to do and that it is important
for the construction sector that people can rely on us."

Auckland housebuilder Sika Homes was put into liquidation on June
18, 2020.


TAMARIND TARANAKI: EPA Ordered to Pay Oil and Gas Company NZD110K
-----------------------------------------------------------------
Radio New Zealand reports that in a scathing Environment Court
decision, the Environmental Protection Authority has been ordered
to pay NZD110,000 to an oil and gas company it prevented from
disconnecting a floating production station from the Tui Oil Field
off the coast of Taranaki.

The EPA issued abatement notices to stop BW Offshore removing the
Umuroa from the field early last year, saying the company could not
rely on a 2017 EPA ruling allowing them to do so, RNZ recalls.

RNZ says the regulator was concerned unplugging flowlines
connecting the vessel to Tui risked spilling oil into the ocean.

The Umuroa was contracted to Tui operator Tamarind Taranaki which
collapsed in December 2019, leaving the government with an
estimated NZD155 million bill to decommission the field, RNZ says.

Initial legal wrangling failed to overturn the abatement notices
and eventually, a two-day appeal was heard in the Environment Court
which cancelled them in October, RNZ notes.

In the same month, the Umuroa went into voluntary liquidation.

According to RNZ, BW Offshore said it had cost NZD31 million to
have the vessel at Tui in 2020 while it missed out on NZD46 million
in potential earnings elsewhere.

In November, the company made an application for court costs
against the EPA of almost NZD300,000, RNZ recalls.

It argued the basis for the EPA abatement notices was without merit
or substance.

"The EPA did not file any expert evidence to support its arguments,
in circumstances where it would reasonably have been expected to do
so if there had been a proper basis for the abatement notices," BW
Offshore, as cited by RNZ, said.

RNZ relates that the EPA submitted that no order for costs against
it should be made against it.

"As a regulatory consent authority the EPA has performed it duties
properly and acted reasonably, and the appeal arose out of a
genuine dispute about legal rights - the effect of the 2017 Ruling
- which was in the interests of the parties to resolve," it argued,
RNZ relays.

In his decision, Judge Smith noted that it was unusual to award
costs against a regulatory body, but that the EPA's actions
displayed a level of blame that met the threshold for this.

"The EPA's case demonstrated a narrow focus, the EPA did not adapt
to the changes that occurred between issuing of the abatement
notices and the hearing," RNZ quotes Judge Smith as saying.  "In
particular detailed evidence as to the security of the field was
provided to the EPA well before this hearing."

RNZ adds that Judge Smith said that the EPA did not fulfil its role
properly.

"No experts were called by the EPA, and the Profac report relied on
by the EPA had not been reviewed in light of expert evidence from
BW Offshore.

"As noted in the Court's decision there was no evidence advanced,
either in the abatement notices or any time prior or since, that
there are [environmental] effects from the disconnection that are
more than minor."

RNZ adds that New Plymouth mayor Neil Holdom, whose district's
coastline would potentially have been affected by any oil spill,
however, backed the EPA stance.

"There was widespread support for the EPA move because we all
understood that they were exercising caution and looking to
mitigate perceived environmental risk.

"We would rather they overreached and protected our environment and
were very conservative than going with what companies are asking
them to do to protect their own future profits."

According to RNZ, Taranaki Chamber of Commerce chief executive Arun
Chaudhari took a more dim view of the EPA's actions.

"The EPA didn't do it's due diligence properly and had a report
that was not really reliable and BW Offshore shouldn't have had to
sink in so much money when it was actually another company that
went bankrupt.

"BW Offshore has been punished for no real fault of theirs
really."

In November, the Ministry of Innovation Business and Employment,
which is now overseeing the decommissioning of the Tui, signed an
agreement with BW Offshore to remove the Umuroa from the field. The
vessel is expected to leave mid-winter this year, RNZ notes.

Tamarind Taranaki went into receivership on Dec. 19, 2019, after
its NZD300 million offshore drilling campaign at the Tui oil field
failed. It owes creditors about NZD484 million.

Borrelli Walsh were also appointed as liquidators in December
2019.




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

ACTIVE MARKETING: Court to Hear Wind-Up Petition on April 9
-----------------------------------------------------------
A petition to wind up the operations of Active Marketing & Events
Pte Ltd will be heard before the High Court of Singapore on April
9, 2021, at 10:00 a.m.

Astro Productions Sdn. Bhd filed the petition against the company
on March 9, 2021.

The Petitioner's solicitors are:

        Bih Li & Lee LLP
        1 Coleman Street #10-07
        The Adelphi, Singapore 179803


BEAT X PTE: Court to Hear Wind-Up Petition on April 9
-----------------------------------------------------
A petition to wind up the operations of BEAT X Pte Ltd will be
heard before the High Court of Singapore on April 9, 2021, at 10:00
a.m.

Plaza Ventures Pte Ltd filed the petition against the company on
March 10, 2021.

The Petitioner's solicitors are:

         Shook Lin & Bok LLP
         1 Robinson Road
         #18-00 AIA Tower
         Singapore 048542


GLOBAL-TEK (SINGAPORE): Court to Hear Wind-Up Petition on April 9
-----------------------------------------------------------------
A petition to wind up the operations of Global-Tek (Singapore) Pte
Ltd will be heard before the High Court of Singapore on April 9,
2021, at 10:00 a.m.

Wong Wing Wah filed the petition against the company on March 15,
2021.

The Petitioner's solicitors are:

         Legis Point LLC
         16 Collyer Quay #11-01
         Singapore 049318


WORLDWIDE BULK: Court to Hear Wind-Up Petition on March 26
----------------------------------------------------------
A petition to wind up the operations of Worldwide Bulk Shipping Pte
Ltd will be heard before the High Court of Singapore on March 26,
2021, at 10:00 a.m.

CLDN Cobelfret SA filed the petition against the company on March
1, 2021.

The Petitioner's solicitors are:

         Clasis LLC
         12 Marina Boulevard
         #30-03, Marina
         Bay Financial Centre Tower 3
         Singapore 018982




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

SSANGYONG MOTOR: Prepackaged Bankruptcy Plan Shows No Progress
--------------------------------------------------------------
Korea Times reports that SsangYong Motor's bid to file for a
prepackaged bankruptcy is showing no progress, as its negotiation
with new investor HAAH Automotive Holdings is being stalled amid
the looming deadline to submit a restructuring plan to a local
bankruptcy court.

According to the report, industry officials said on March 21 that
SsangYong Motor and HAAH have not reached an agreement over the
latter's investment into the former, despite SsangYong's request
for HAAH to express its intention to invest by March 20.

Korea Times relates that SsangYong has promised to submit documents
regarding HAAH's investment to the Seoul Bankruptcy Court by the
end of this month, as part of its prepackaged bankruptcy.
Prepackaged bankruptcy is a procedure in which a restructuring plan
is agreed with creditors before a company declares its bankruptcy
and goes into court receivership. SsangYong needs agreements from
half of its creditors.

After announcing its plan to file for a prepackaged bankruptcy in
February, SsangYong Motor and its largest shareholder Mahindra &
Mahindra have been going through necessary processes, the report
says.

Recently, the Reserve Bank of India approved Mahindra to reduce its
stake in SsangYong Motor to 25 percent from 75 percent through
capital reduction, which will allow HAAH to become the owner of
SsangYong Motor by purchasing new shares at a cheaper price.
Through this, the restructuring plan seeks to draw $250 million
from HAAH in return for giving the U.S. car distributor a 51
percent stake in SsangYong, Korea Times relates.

However, HAAH has yet to announce its clear intention to join this
program, apparently because of SsangYong's KRW370 billion ($327.4
million) of bonds and a potential dispute with its union over
payroll and employee headcount.

SsangYong's outstanding debts total KRW1.86 trillion, some of which
will be written off when the company goes into receivership, Korea
Times discloses. However, the KRW370 billion worth of bonds are not
subject to the remission because they were issued for the purpose
of SsangYong's rehabilitation, meaning HAAH has to shoulder this
cost.

Due to the additional costs, HAAH is demanding SsangYong's main
creditor, Korea Development Bank (KDB), extend financial aid worth
$250 million to SsangYong, Korea Times relays. The state-run KDB is
refusing to do so, saying stakeholders' agreement and SsangYong's
serious restructuring should come first. KDB does not have a stake
in SsangYong.

According to Korea Times, labor issues are also a setback for HAAH.
Unlike other carmakers in Korea, SsangYong Motor's union has not
been staging strikes or other union-wide actions against management
since 2009. The union also agreed to freeze employees' wages last
year to assist the company's efforts to get over its financial
difficulties.

Against this backdrop, a restructuring plan involving changes in
payroll and other working conditions may trigger a large-scale
dispute. The union has already expressed its opposition to KDB's
demand for the union to have collective bargaining negotiations
once in three years.

"Given SsangYong's sales trajectory and current market
competitiveness, there is no reason for KDB to extend new loans or
other aid," Korea Times quotes a car company official as saying.
"With Mahindra and HAAH both remaining reluctant to spend more
money on SsangYong, the company seems to have no choice but to
improve its cost structure through restructuring and then request
HAAH or KDB spend some more."

                       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 company received a three-month suspension of its obligation to
pay its debts, as it aims to find a new investor during the period
before the court-led restructuring begins on Feb. 28, Yonhap said.




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

VIETNAM: Moody's Affirms Ba3 Issuer Rating & Alters Outlook to Pos.
-------------------------------------------------------------------
Moody's Investors Service has affirmed the Government of Vietnam's
long-term issuer and senior unsecured ratings at Ba3 and changed
the outlook to positive from negative.

The drivers of the positive outlook include signs of improvements
in fiscal strength and potential improvements in economic strength
that may strengthen Vietnam's credit profile over time. Sustained
fiscal consolidation has led to improvements in fiscal and debt
metrics, which Moody's expects to be only briefly interrupted by
the pandemic. Moreover, Vietnam's economic strength may benefit
from global shifts in production, trade and consumption following
the coronavirus pandemic and support Vietnam's economy. Over time,
indications of higher fiscal and economic strength may point to
improving policy effectiveness, also putting upward pressure on
Vietnam's credit profile.

Meanwhile, Moody's has determined that the drivers of the previous
negative outlook assigned in December 2019 have receded. The
negative outlook, which followed a review for downgrade, related to
the risks posed to Vietnam's credit profile from administrative
failures leading to payment delays on government guaranteed debt.
In Moody's assessment, the government has enhanced administrative
scrutiny on forthcoming payments. Moody's will continue to monitor
the practices and systems that the government is putting in place
to ensure timely payment of direct and indirect obligations.

The affirmation of the Ba3 rating is underpinned by ongoing credit
strengths and weaknesses, including a large, diversified economy
with high growth potential offering resilience to shocks, and
increasing capacity in the domestic financial system to finance
government borrowing at low costs. At the same time, ongoing risks
stem from persistent governance weaknesses related to the lack of
transparency of the management of state-owned enterprises (SOEs)
and lingering risks in the banking system.

Vietnam's local- and foreign-currency ceilings are unchanged at
Baa3 and Ba2, respectively. The Baa3 local currency ceiling, three
notches above the sovereign rating, reflects relatively opaque
government decision-making and the significant - albeit shrinking -
government footprint in the economy, balanced by moderate political
risks and low external imbalances. The foreign currency ceiling at
Ba2, two notches below the local-currency ceiling, reflects
constraints to capital flows that point to possible transfer and
convertibility restrictions being imposed at times of perceived
need.

RATINGS RATIONALE

RATIONALE FOR THE POSITIVE OUTLOOK

IMPROVED GOVERNMENT MONITORING OF GUARANTEES REDUCES RISK OF FUTURE
INDIRECT DEBT PAYMENT DELAYS

In December 2019, Moody's changed the outlook on Vietnam's credit
rating to negative, reflecting concerns around administrative
deficiencies that had led to the delayed payment of an indirect
debt obligation.

Moody's now assesses that guaranteed debt payment management
practices have been strengthened within the administration, with
greater scrutiny to the range of guaranteed debt payments coming
due. The government monitors a full list of direct and indirect
debt obligations and has instituted an administrative process
whereby relevant ministries set aside funding in advance to fulfill
these obligations. With a coordinated focus on ensuring that the
payments are planned for and processed promptly, Moody's assesses
that the risk of renewed delays has diminished.

Moody's will continue to assess the practices and systems the
government has instituted or is instituting, for timely payment of
guaranteed obligations.

GRADUAL FISCAL CONSOLIDATION TO CONTINUE

Fiscal consolidation in effect before the pandemic is likely to
continue supporting fiscal strength, especially if fiscal policy
becomes more effective and growth is increasingly less reliant on
fiscal incentives.

Moody's expects public debt to rise slightly to 39% of GDP in 2020,
as the pandemic hit revenue and raised expenditure albeit
materially less than for most other sovereigns, before declining
steadily in the next few years.

Effective management of the pandemic supports a rapid resumption of
domestic economic activity and cross-border trade, supporting tax
revenue. Over the longer term, the government aims to improve tax
compliance with increased attention to tax arrears, taxation of
digital businesses, and greater inclusion of informal sector
businesses in the revenue base, although the effectiveness of these
measures has yet to be seen.

Fiscal strength will be supported by stable debt affordability,
thanks to a lengthened debt maturity profile. Low domestic
borrowing costs have allowed the government to increasingly source
budget financing from local sources and increase the average
maturity of new government borrowings to nearly 14 years, bringing
the average term to maturity on all outstanding domestic government
debt to 7.5 years. The government also implements a rolling
three-year debt management plan, although regular bond auction
schedules are not yet the norm.

ECONOMIC STRENGTH MAY BE SUPPORTED BY STRUCTURAL SHIFTS IN
PRODUCTION, TRADE AND CONSUMPTION

Cyclical and structural features may raise economic strength,
driven by Vietnam's integration in Asian supply chains as well as
its ability to capitalize on the rise in demand for electronics,
smartphones, furniture and other manufactured goods that is likely
to endure beyond the pandemic.

Vietnam's share of global exports has risen rapidly since 2010 and
has now caught up to peers in southeast Asia. Vietnam stands to
continue to benefit from shifts in production and trade, including
as a party to major trade agreements for the region, including the
recently concluded Regional Comprehensive Economic Partnership, the
Comprehensive and Progressive Agreement for Trans-Pacific
Partnership, and a bilateral free trade agreement with the EU, one
of its largest export markets. As companies aim to diversify their
production locations in Asia, Vietnam will continue to attract
foreign direct investment (FDI) due to competitive labor costs,
political stability, and preferential incentives favoring trade and
investment.

Moody's expects these agreements to firm up Vietnam's competitive
position in lower value products such as footwear and garments
vis-a-vis other major producers, while placing it at the center of
higher-value-added regional tech supply chains for smartphones,
semiconductors and other electronic products. Trade integration
will also drive continued investment in Vietnam's transport and
logistics infrastructure, which remains less developed than in
other southeast Asian economies but is catching up in terms of
efficiency.

Greater spillovers from foreign manufacturing operations to
domestic value chains would further support economic strength.

Over time, indications of higher fiscal and economic strength may
point to improving policy effectiveness, also putting upward
pressure on Vietnam's credit profile.

RATIONALE FOR THE AFFIRMATION OF THE Ba3 RATING

The Ba3 rating balances Vietnam's robust economic strength, low
liquidity and external risks, and relatively weak institutional and
governance strength and ongoing risks of crystallization of
contingent liabilities.

In particular, an improved debt financing and maturity strategy,
which increasingly draws on domestic borrowing but still includes
concessional external borrowing from official creditors, drives low
government liquidity risk.

Meanwhile, a robust export sector and investment inflows support
external buffers. The central bank, the State Bank of Vietnam
(SBV), has accumulated a record high $89 billion in foreign
exchange reserves through September 2020 while maintaining a stable
exchange rate around the 3% trading band for the dong, a key
ingredient of Vietnam's foreign direct investment-driven export
sector. Policies to attract investment have resulted in high levels
of FDI and trade integration within Asia and other major economic
blocs, supporting increased export dynamism, robust external
balances and the buildup of foreign exchange reserves. Geopolitical
tensions related to trade protectionism or tensions in the South
China Sea may pose challenges for Vietnam's trade-reliant economy.

These strengths are balanced against constraints in institutional
capacity and the ongoing risks of the crystallization of contingent
liabilities on the government's balance sheet, given the limited
visibility into the state-owned enterprises. Though evolving,
policy effectiveness remains below that of peers. Fiscal planning
remains opaque and susceptible to a narrow revenue base.
Furthermore, the SBV also continues to manage monetary aggregates
through quantity-based targets and rigid controls on lending and
deposit interest rates. Opacity in the large, state-owned sector
drives contingent liability risks.

Banking system oversight also remains weaker than peers, driving
Moody's assessment of susceptibility to event risk. Despite recent
improvements in profitability, capitalization and asset quality,
overall capitalization remains at relatively weak levels and
constrained by the government's limited fiscal capacity to inject
capital, particularly given the scale of banking credit to GDP
(163% in 2019). In particular, several state-owned banks remain
undercapitalized and represent a contingent liability to the
government. These strains could also result in a re-emergence of
financial instability, leading to higher inflation, a rise in
debt-servicing costs or a worsening of the country's external
payments position.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Vietnam's ESG Credit Impact Score is highly negative (CIS-4),
primarily reflecting exposure to physical climate risks and
weaknesses related to institutions and governance strength.

The environmental issuer profile score is moderately negative (E-3)
and largely reflects physical climate risks due to the potentially
adverse exposure to coastal flooding. Over time, rising sea levels
and increasing frequency of severe climate change-related weather
shocks pose risks of significant adaptation and reconstruction
costs, while potentially requiring resettlement of some urban
populations. The reliance of a substantial albeit diminishing share
of the population on agriculture exacerbates the potential economic
and fiscal impact of weather-related shocks, such as flooding and
storm surges, as well as spillovers from the country's large and
fast-growing manufacturing sector, such as pollution. Partially
mitigating these risks is the relative insulation of major
manufacturing operations from sea level rise and coastal flooding,
and nascent government plans to invest in climate-related
infrastructure.

Vietnam's social issuer profile score of moderately negative (S-3)
balances Vietnam's favorable demographics relative to peers with
risks to longer-term social stability from the young workforce's
rising expectations of continued improvement in living standards.
Relative to peers in terms of level of economic development,
Vietnam's government has prioritized provision of housing, health
care and education and demonstrated firm control of the coronavirus
pandemic domestically. However, rising levels of economic and
social inequality reflect generally weak provision of social
services, with high levels of undernourishment and access to clean
drinking water.

Vietnam's governance issuer profile score is highly negative (G-4),
reflecting ongoing concerns related to the quality of institutions
despite some evidence of improved policy effectiveness. The
predictability and transparency of policymaking, including the
incomplete adoption of more robust international standards for data
collation and reporting, continue to be weaker as compared to
emerging market peers. Previously, insufficient coordination and
planning among various arms of the government resulted in delayed
debt payments in 2019, although debt management practices have
since strengthened.

GDP per capita (PPP basis, US$): 10,755 (2020 Estimate) (also known
as Per Capita Income)

Real GDP growth (% change): 2.9% (2020 Actual) (also known as GDP
Growth)

Inflation Rate (CPI, % change Dec/Dec): 0.2% (2020 Actual)

Gen. Gov. Financial Balance/GDP: -3.5% (2020 Estimate) (also known
as Fiscal Balance)

Current Account Balance/GDP: 5.0% (2020 Estimate) (also known as
External Balance)

External debt/GDP: 34.9% (2020 Estimate)

Economic resiliency: baa3

Default history: No default events (on bonds or loans) have been
recorded since 1983.

On March 15, 2021, a rating committee was called to discuss the
rating of the Vietnam, Government of. The main points raised during
the discussion were: The issuer's economic fundamentals, including
its economic strength, have not materially changed. The issuer's
institutions and governance strength, has materially increased. The
issuer's fiscal or financial strength, including its debt profile,
has materially increased. The issuer has become increasingly
susceptible to event risks.

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

FACTORS THAT COULD LEAD TO AN UPGRADE

Increasing signs that Vietnam's economic strength is rising, for
instance its sustained ability to continue to attract foreign
direct investment and benefit from global supply chain
restructuring, would likely lead to an upgrade.

Signs that fiscal and/or monetary policy effectiveness is
strengthening would also likely lead to an upgrade.

FACTORS THAT COULD LEAD TO A DOWNGRADE

The positive outlook signals that a rating downgrade is unlikely
over the near term. Moody's would consider downgrading Vietnam's
rating as a result of a re-emergence of financial instability,
leading to higher inflation, a rise in debt-servicing costs or a
worsening of the country's external payments position. Such signs
of stress could be related to the reversal of the current
stabilization in the debt and deficit trajectory, potentially as a
result of a sizable crystallization of contingent risks from either
the banking system or state-owned enterprises.

Evidence of renewed delayed payments on the government's direct or
indirect debt obligations, indicative of a more systemic weaknesses
in government coordination, would also put downward pressure on the
rating.

The principal methodology used in these ratings was Sovereign
Ratings Methodology published in November 2019.


[*] Moody's Takes on Actions on 15 Vietnamese Banks
---------------------------------------------------
Moody's Investors Service has affirmed the long-term local and
foreign currency deposit ratings, and where applicable, the issuer
and senior unsecured ratings of 15 banks in Vietnam (Ba3
positive).

At the same time, Moody's revised the outlook for the long-term
local and foreign currency deposit and issuer ratings of 5 banks to
positive from negative, 4 banks to positive from stable and 6 banks
to stable from negative.

The rating actions follow Moody's affirmation of Vietnam's Ba3
issuer rating and the change in the outlook to positive from
negative on March 18, 2021.

The affected 15 banks are: (1) An Binh Commercial Joint Stock Bank
(ABB), (2) Asia Commercial Bank (ACB), (3) Ho Chi Minh City
Development JSC Bank (HDBank), (4) JSC Bank for Foreign Trade of
Vietnam (Vietcombank), (5) JSC Bank for Investment & Development of
Vietnam (BIDV), (6) Lien Viet Post Joint Stock Commercial Bank
(Lien Viet), (7) Military Commercial Joint Stock Bank (MB), (8)
Orient Commercial Joint Stock Bank (OCB), (9) Southeast Asia
Commercial Joint Stock Bank (SeABank), (10) Tien Phong Commercial
Joint Stock Bank (TPBank), (11) Vietnam Bank for Agriculture &
Rural Development (Agribank), (12) Vietnam International Bank
(VIB), (13) Vietnam JSC Bank for Industry and Trade (Vietinbank),
(14) Vietnam Prosperity Jt. Stk. Commercial Bank (VPBank) and (15)
Vietnam Technological and Commercial JSB (Techcombank).

With the exception of ABB, the Baseline Credit Assessments (BCAs),
adjusted BCAs, Counterparty Risk Assessments (CRA) and counterparty
risk ratings (CRR) assigned to the banks stated above are
unaffected by the rating actions. Moody's has downgraded ABB's BCA
and adjusted BCA to b2 from b1, while the long-term CRA and CRR
have been downgraded to B1(cr) and B1 from Ba3(cr) and Ba3,
respectively.

A List of Affected Credit Ratings is available at
https://bit.ly/3122iEH

RATINGS RATIONALE

Today's rating actions on 15 Vietnamese banks are driven by Moody's
affirmation on March 18, 2021 of Vietnam's Ba3 issuer rating, and
the change in the country's rating outlook to positive from
negative.

Vietnam's sovereign credit strength is a key input in Moody's
assessment of the deposit and issuer ratings of Vietnamese banks,
because the country's credit strength affects the government's
capacity to provide support to the banks in times of stress.

Moody's revision of the outlook on Vietnam's Ba3 issuer rating to
positive from negative signals the government's potentially higher
capacity to provide extraordinary support to the banks. As a
result, a potential upgrade of the sovereign rating -- as indicated
by the positive outlook -- will likely result in upgrades of many
Vietnamese banks, via the widening of the government support
uplift.

The positive outlook on Vietnam's sovereign rating reflects signs
of broad-based improvements in Vietnam's institutional and
governance strength that may strengthen its credit profile over
time, especially as the economy may benefit from the macro changes
accelerated by shifts in production location and demand following
the coronavirus pandemic.

RATING RATIONALE FOR ABB

Moody's has downgraded ABB's BCA to b2 from b1, because the bank's
core capitalization will likely be constrained by higher credit
costs stemming from its increasing problem assets. Moody's had
previously expected the bank's core capital to gradually improve.

Nevertheless, Moody's has affirmed ABB's long-term local and
foreign currency deposit and issuer ratings at B1 and revised the
outlook on the ratings to stable from negative. This is because the
support from a potentially stronger sovereign will offset ABB's
elevated asset risks, modest core capitalization and pressure on
its profitability.

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

WHAT COULD MOVE THE RATING UP/DOWN

Assuming all other factors remain constant, Moody's will likely
upgrade the long-term ratings of the 9 Vietnamese banks whose
ratings are on a positive outlook if the Vietnamese government's
rating is upgraded.

The long-term ratings of ACB and MB will be upgraded if the
Vietnamese government's rating is upgraded and their BCAs are
upgraded. Their BCAs could be upgraded if there are improvements in
their standalone credit strength.

The long-term ratings of the other 4 Vietnamese banks will be
upgraded if their BCAs are upgraded. Their BCAs could be upgraded
if there are improvements in their standalone credit strength.

The long-term ratings of the 15 Vietnamese banks could be
downgraded if there is a severe deterioration in their credit
fundamentals, and/or if Moody's assesses that government support
for the banks has weakened.

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

An Binh Commercial Joint Stock Bank (ABB), headquartered in Ho Chi
Minh City, reported total assets of VND117 trillion as of December
31, 2020.

Asia Commercial Bank (ACB), headquartered in Ho Chi Minh City,
reported total assets of VND445 trillion as of December 31, 2020.

Ho Chi Minh City Development JSC Bank (HDBank), headquartered in Ho
Chi Minh City, reported total assets of VND319 trillion as of
December 31, 2020.

JSC Bank for Foreign Trade of Vietnam (Vietcombank), headquartered
in Hanoi, reported total assets of VND1,328 trillion as of December
31, 2020.

JSC Bank for Investment and Development of Vietnam (BIDV),
headquartered in Hanoi, reported total assets of VND1,517 trillion
as of December 31, 2020.

Lien Viet Post Joint Stock Commercial Bank (Lien Viet),
headquartered in Hanoi, reported total assets of VND242 trillion as
of December 31, 2020.

Military Commercial Joint Stock Bank (Military Bank), headquartered
in Hanoi, reported total assets of VND495 trillion as of December
31, 2020.

Orient Commercial Joint Stock Bank (OCB), headquartered in Ho Chi
Minh City, reported total assets of VND153 trillion as of December
31, 2020.

Southeast Asia Commercial Joint Stock Bank (SeABank), headquartered
in Hanoi, reported total assets of VND180 trillion as of December
31, 2020.

Tien Phong Commercial Joint Stock Bank (TPBank), headquartered in
Hanoi, reported total assets of VND206 trillion as of December 31,
2020.

Vietnam Bank for Agriculture & Rural Development (Agribank),
headquartered in Hanoi, reported total assets of VND1,452 trillion
as of December 31, 2019.

Vietnam International Bank (VIB), headquartered in Ho Chi Minh
City, reported total assets of VND245 trillion as of December 31,
2020.

Vietnam JSC Bank for Industry and Trade (VietinBank), headquartered
in Hanoi, reported total assets of VND1,341 trillion as December
31, 2020.

Vietnam Prosperity Joint Stock Commercial Bank (VP Bank),
headquartered in Hanoi, reported total assets of VND419 trillion as
of December 31, 2020.

Vietnam Technological and Commercial Joint Stock Bank
(Techcombank), headquartered in Hanoi, reported total assets of
VND440 trillion as of December 31, 2020.




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

[*] BOND PRICING: For the Week March 15, 2021 to March 19, 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
CLEAN SEAS SEAFOOD LTD      8.00    11/18/22       AUD       1.06
CLIME CAPITAL LTD/FUND      6.25    11/30/21       AUD       0.98
GLENNON SMALL COS LTD       5.60    09/30/30       AUD      10.43
PALADIN ENERGY LTD         10.00    02/01/23       USD      66.38
PALADIN ENERGY LTD         10.00    02/01/23       USD      66.38
VIRGIN AUSTRALIA HOLDIN     7.88    10/15/21       USD       8.30
VIRGIN AUSTRALIA HOLDIN     7.88    10/15/21       USD       8.50
VIRGIN AUSTRALIA HOLDIN     8.25    05/30/23       AUD       8.39
VIRGIN AUSTRALIA HOLDIN     8.08    03/05/24       AUD       9.39
VIRGIN AUSTRALIA HOLDIN     8.13    11/15/24       USD       8.42
VIRGIN AUSTRALIA HOLDIN     8.13    11/15/24       USD       8.63
VIRGIN AUSTRALIA HOLDIN     8.00    11/26/24       AUD       5.02


   CHINA
   -----

AKESU DISTRICT GREEN IN     4.09    03/11/23       CNY      59.56
AKESU DISTRICT GREEN IN     4.09    03/11/23       CNY      59.63
AKESU XINCHENG ASSET IN     6.40    04/20/22       CNY      40.15
AKESU XINCHENG ASSET IN     6.40    04/20/22       CNY      40.24
ALTAY PREFECTURE STATE-     4.85    01/22/23       CNY      37.70
ALTAY PREFECTURE STATE-     4.85    01/22/23       CNY      39.28
AN SHUN YU KUN REAL EST     5.48    11/10/21       CNY      39.99
ANHUI HUAAN FOREIGN ECO     7.30    07/13/21       CNY      70.01
ANHUI JIANGNAN INDUSTRI     4.76    07/08/23       CNY      59.09
ANHUI JIANGNAN INDUSTRI     4.76    07/08/23       CNY      59.22
ANJI COUNTY STATE-OWNED     8.30    04/24/21       CNY      20.14
ANJI COUNTY STATE-OWNED     8.30    04/24/21       CNY      24.57
ANJI NORTHWEST DEVELOPM     5.90    07/18/23       CNY      59.84
ANJI NORTHWEST DEVELOPM     5.90    07/18/23       CNY      60.03
ANLU CONSTRUCTION DEVEL     5.45    06/15/23       CNY      59.69
ANLU CONSTRUCTION DEVEL     5.45    06/15/23       CNY      59.70
ANQING ECONOMIC&TECHNOL     4.09    03/09/23       CNY      59.50
ANQING ECONOMIC&TECHNOL     4.09    03/09/23       CNY      59.73
ANQING URBAN CONSTRUCTI     6.01    04/27/22       CNY      40.00
ANQING URBAN CONSTRUCTI     6.01    04/27/22       CNY      40.66
ANQIU HUAAN STATE OWNED     7.00    09/14/24       CNY      75.00
ANSHUN CITY CONSTRUCTIO     7.30    09/15/24       CNY      59.18
ANSHUN STATE-RUN ASSETS     4.48    07/18/23       CNY      56.19
ANSHUN STATE-RUN ASSETS     4.48    07/18/23       CNY      56.53
ANSHUN XIXIU CITY INVES     4.70    11/22/23       CNY      57.02
ANSHUN XIXIU CITY INVES     4.70    11/22/23       CNY      58.74
BANK OF CHINA LTD/PARIS     0.95    09/21/23       USD      50.00
BAOJI HI-TECH INDUSTRIA     8.25    04/21/21       CNY      20.00
BAOJI HI-TECH INDUSTRIA     8.25    04/21/21       CNY      20.12
BAOTOU CITY SCIENCE EDU     6.48    03/25/22       CNY      40.08
BAOTOU CITY SCIENCE EDU     6.48    03/25/22       CNY      45.50
BAOYING CITY CONSTRUCTI     4.50    03/24/23       CNY      59.94
BAOYING CITY CONSTRUCTI     4.50    03/24/23       CNY      60.17
BAYAN ZHUOER HETAO WATE     8.54    03/31/22       CNY      30.70
BAZHONG STATE-OWNED ASS     8.50    04/25/21       CNY      20.06
BAZHONG STATE-OWNED ASS     8.50    04/25/21       CNY      20.35
BAZHONG STATE-OWNED ASS     5.13    12/02/22       CNY      38.68
BAZHONG STATE-OWNED ASS     5.13    12/02/22       CNY      40.00
BEIJING CAPITAL DEVELOP     6.50    02/27/21       CNY      20.05
BEIJING CHANGXIN CONSTR     6.74    04/22/21       CNY      20.19
BEIJING CHANGXIN CONSTR     6.74    04/22/21       CNY      20.37
BEIJING CULTURAL INVEST     5.10    04/28/22       CNY      67.00
BEIJING FUTURE SCIENCE      4.20    08/13/22       CNY      40.10
BEIJING FUTURE SCIENCE      4.20    08/13/22       CNY      40.26
BEIJING HAIDIAN STATE-O     5.40    12/26/21       CNY      64.10
BEIJING HAIDIAN STATE-O     5.20    03/08/22       CNY      63.58
BEIJING SHIJINGSHAN STA     6.08    08/18/21       CNY      20.31
BEIJING SHIJINGSHAN STA     6.08    08/18/21       CNY      23.87
BEIJING XINCHENG INFRAS     7.50    04/21/21       CNY      20.18
BEIJING XINCHENG INFRAS     7.50    04/21/21       CNY      20.20
BEIJING XINGZHAN INVEST     6.66    04/24/21       CNY      20.13
BEIJING XINGZHAN INVEST     6.66    04/24/21       CNY      20.20
BEIPIAO CITY CONSTRUCTI     6.70    03/25/23       CNY      60.51
BEIPIAO CITY CONSTRUCTI     6.70    03/25/23       CNY      61.22
BENGBU GAOXIN INVESTMEN     8.70    04/17/21       CNY      20.00
BENGBU GAOXIN INVESTMEN     8.70    04/17/21       CNY      20.11
BENXI URBAN CONSTRUCTIO     6.24    01/22/22       CNY      19.76
BENXI URBAN CONSTRUCTIO     6.24    01/22/22       CNY      20.00
BIJIE CONSTRUCTION INVE     6.50    01/28/22       CNY      40.24
BIJIE CONSTRUCTION INVE     6.50    01/28/22       CNY      45.65
BIJIE DEXI CONSTRUCTION     4.60    11/17/23       CNY      57.22
BIJIE DEXI CONSTRUCTION     4.60    11/17/23       CNY      58.70
BIJIE DEXI CONSTRUCTION     5.10    12/05/23       CNY      54.02
BIJIE DEXI CONSTRUCTION     5.10    12/05/23       CNY      59.21
BIJIE KAIYUAN CONSTRUCT     7.78    02/25/21       CNY      20.01
BIJIE KAIYUAN CONSTRUCT     7.78    02/25/21       CNY      30.00
BINZHOU ZHANHUA DISTRIC     4.93    11/29/23       CNY      57.71
BINZHOU ZHANHUA DISTRIC     4.93    11/29/23       CNY      58.32
BINZHOU ZHONGHAI VENTUR     6.65    04/13/22       CNY      40.00
BINZHOU ZHONGHAI VENTUR     6.65    04/13/22       CNY      40.26
BOHAI LEASING CO LTD        7.00    06/20/21       CNY      50.00
BOHAI LEASING CO LTD        7.00    09/10/21       CNY      56.20
BORALA MONGOL AUTONOMOU     5.77    08/26/22       CNY      39.00
BORALA MONGOL AUTONOMOU     5.77    08/26/22       CNY      40.04
BOZHOU URBAN CONSTRUCTI     4.78    04/14/23       CNY      59.41
BOZHOU URBAN CONSTRUCTI     4.78    04/14/23       CNY      60.27
BOZHOU YIJU REAL ESTATE     4.82    10/27/21       CNY      49.52
BOZHOU YIJU REAL ESTATE     4.82    10/27/21       CNY      49.66
BRILLIANCE AUTO GROUP H     5.30    10/23/20       CNY      68.50
BRILLIANCE AUTO GROUP H     6.50    01/22/22       CNY      68.50
BRILLIANCE AUTO GROUP H     6.50    03/13/22       CNY      68.50
BRILLIANCE AUTO GROUP H     6.50    04/18/22       CNY      68.50
BRILLIANCE AUTO GROUP H     6.50    06/03/22       CNY      68.50
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     6.30    09/14/23       CNY      68.50
BRILLIANCE AUTO GROUP H     5.80    11/05/23       CNY      59.80
BRILLIANCE AUTO GROUP H     5.80    11/05/23       CNY      68.50
BRILLIANCE AUTO GROUP H     5.80    03/20/24       CNY      54.80
BRILLIANCE AUTO GROUP H     5.80    06/17/24       CNY      60.78
CANGNAN COUNTY STATE OW     5.58    11/11/22       CNY      40.00
CANGNAN COUNTY STATE OW     5.58    11/11/22       CNY      40.41
CEFC SHANGHAI INTERNATI     4.98    12/10/20       CNY      61.29
CEFC SHANGHAI INTERNATI     4.08    09/09/21       CNY      60.00
CHANG DE DING LI INDUST     4.30    03/10/23       CNY      59.82
CHANG DE DING LI INDUST     4.30    03/10/23       CNY      59.87
CHANGCHUN MODERN AGRICU     7.00    07/25/21       CNY      19.33
CHANGCHUN MODERN AGRICU     7.00    07/25/21       CNY      19.50
CHANGDE DE YUAN SHANTY      5.33    09/13/23       CNY      66.41
CHANGDE ECONOMIC CONSTR     7.00    03/24/21       CNY      20.08
CHANGDE URBAN CONSTRUCT     3.59    01/12/23       CNY      39.91
CHANGDE URBAN CONSTRUCT     3.59    01/12/23       CNY      40.00
CHANGJI URBAN CONSTRUCT     4.24    11/18/23       CNY      58.21
CHANGJI URBAN CONSTRUCT     4.24    11/18/23       CNY      58.26
CHANGLE COUNTY NEWTOWN      5.18    12/16/22       CNY      39.87
CHANGLE COUNTY NEWTOWN      5.18    12/16/22       CNY      40.41
CHANGSHA COUNTY XINGCHE     7.90    03/25/22       CNY      41.12
CHANGSHA COUNTY XINGCHE     7.90    03/25/22       CNY      41.12
CHANGSHA ECONOMIC & TEC     8.45    04/13/22       CNY      30.52
CHANGSHA FURONG CITY DE     3.88    01/26/23       CNY      60.26
CHANGSHA FURONG CITY DE     3.88    01/26/23       CNY      60.67
CHANGSHA METRO GROUP CO     6.20    04/23/23       CNY      46.35
CHANGSHA METRO GROUP CO     5.97    04/03/25       CNY      73.41
CHANGSHA METRO GROUP CO     5.97    04/03/25       CNY      73.60
CHANGSHA METRO GROUP CO     5.40    07/14/25       CNY      70.00
CHANGSHA METRO GROUP CO     5.40    07/14/25       CNY      72.67
CHANGSHA METRO GROUP CO     4.10    12/21/25       CNY      70.00
CHANGSHA METRO GROUP CO     4.10    12/21/25       CNY      70.56
CHANGSHA TIANXIN CITY C     4.20    11/06/22       CNY      39.82
CHANGSHA TIANXIN CITY C     4.20    11/06/22       CNY      40.10
CHANGSHA TIANXIN CITY C     3.43    08/08/23       CNY      59.03
CHANGSHA TIANXIN CITY C     3.43    08/08/23       CNY      59.13
CHANGSHA YUHUA JINGKAI      4.17    09/06/23       CNY      59.04
CHANGSHA YUHUA JINGKAI      4.17    09/06/23       CNY      59.30
CHANGSHA YUHUA URBAN CO     7.17    04/18/21       CNY      20.12
CHANGSHA YUHUA URBAN CO     7.17    04/18/21       CNY      24.00
CHANGSHA YUHUA URBAN CO     3.80    01/28/23       CNY      59.92
CHANGSHA YUHUA URBAN CO     3.80    01/28/23       CNY      59.98
CHANGSHU BINJIANG URBAN     6.39    09/11/21       CNY      20.00
CHANGSHU BINJIANG URBAN     6.39    09/11/21       CNY      20.16
CHANGSHU DONGNAN ASSET      6.53    03/26/22       CNY      40.49
CHANGSHU DONGNAN ASSET      6.53    03/26/22       CNY      47.32
CHANGSHU TRANSPORTATION     7.00    04/29/21       CNY      20.20
CHANGSHU TRANSPORTATION     7.00    04/29/21       CNY      27.00
CHANGXING URBAN CONSTRU     6.00    12/03/21       CNY      19.00
CHANGXING URBAN CONSTRU     6.00    12/03/21       CNY      20.27
CHANGZHOU PUBLIC HOUSIN     6.64    07/02/21       CNY      20.07
CHANGZHOU PUBLIC HOUSIN     6.64    07/02/21       CNY      20.07
CHANGZHOU TIANNING CONS     6.48    02/12/22       CNY      40.00
CHANGZHOU TIANNING CONS     6.48    02/12/22       CNY      40.49
CHANGZHOU XINGANG ECONO     3.42    10/20/23       CNY      59.39
CHANGZHOU XINGANG ECONO     3.42    10/20/23       CNY      59.40
CHANGZHOU ZHONGLOU ECON     3.64    10/26/23       CNY      59.18
CHANGZHOU ZHONGLOU ECON     3.64    10/26/23       CNY      59.42
CHAOHU URBAN TOWN CONST     6.50    04/30/22       CNY      40.68
CHAOHU URBAN TOWN CONST     6.50    04/30/22       CNY      42.10
CHENGDU ECONOMIC & TECH     6.90    05/30/21       CNY      20.22
CHENGDU ECONOMIC & TECH     6.90    05/30/21       CNY      26.00
CHENGDU GARDEN WATER CI     6.15    05/03/23       CNY      59.76
CHENGDU GARDEN WATER CI     6.15    05/03/23       CNY      60.20
CHENGDU LONGBO INVESTME     8.10    04/24/21       CNY      20.11
CHENGDU LONGBO INVESTME     8.10    04/24/21       CNY      20.45
CHENGDU PIDU DISTRICT S     6.95    04/01/22       CNY      40.44
CHENGDU PIDU DISTRICT S     6.95    04/01/22       CNY      48.83
CHENGDU SHUZHOU CITY CO     6.58    05/26/22       CNY      40.26
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      40.51
CHENGDU XINGJIN ECOLOGI     3.65    10/13/23       CNY      58.72
CHENGDU XINGJIN ECOLOGI     3.65    10/13/23       CNY      59.45
CHENGDU XINKAIYUAN URBA     7.43    08/12/21       CNY      20.11
CHENGDU XINKAIYUAN URBA     7.43    08/12/21       CNY      21.00
CHENGDU XINKAIYUAN URBA     5.29    04/27/23       CNY      59.57
CHENGDU XINKAIYUAN URBA     5.29    04/27/23       CNY      59.60
CHENGFA INVESTMENT GROU     6.87    04/30/21       CNY      20.16
CHENGFA INVESTMENT GROU     6.87    04/30/21       CNY      21.37
CHENZHOU BAIFU INVESTME     6.54    08/28/21       CNY      19.66
CHENZHOU BAIFU INVESTME     6.54    08/28/21       CNY      20.00
CHENZHOU BAIFU INVESTME     4.96    03/22/26       CNY      72.01
CHENZHOU BAIFU INVESTME     4.96    03/22/26       CNY      72.88
CHENZHOU FUCHENG HIGH T     4.73    01/22/23       CNY      39.33
CHENZHOU FUCHENG HIGH T     4.73    01/22/23       CNY      59.76
CHENZHOU INDUSTRY INVES     6.45    01/23/22       CNY      39.82
CHENZHOU INDUSTRY INVES     6.45    01/23/22       CNY      48.60
CHENZHOU WENLV INDUSTRY     5.34    11/28/23       CNY      59.51
CHENZHOU XINTIAN INVEST     5.38    03/08/26       CNY      67.73
CHENZHOU XINTIAN INVEST     5.38    03/08/26       CNY      73.48
CHIBI LANTIAN URBAN CON     4.38    08/10/23       CNY      58.92
CHIBI LANTIAN URBAN CON     4.38    08/10/23       CNY      59.00
CHINA FORTUNE LAND DEVE     5.80    05/23/22       CNY      28.00
CHINA FORTUNE LAND DEVE     5.00    05/30/22       CNY      68.15
CHINA FORTUNE LAND DEVE     5.50    03/23/25       CNY      27.50
CHINA FORTUNE LAND DEVE     5.17    04/20/25       CNY      25.00
CHINA OCEANWIDE HOLDING     8.90    12/13/21       CNY      62.00
CHINA SECURITY CO LTD       4.45    11/11/19       CNY      31.00
CHINA YIXING ENVIRONMEN     4.08    09/14/23       CNY      59.36
CHINA YIXING ENVIRONMEN     4.08    09/14/23       CNY      59.44
CHONGQIN BAIYAN INVESTM     5.75    05/03/23       CNY      60.58
CHONGQIN BAIYAN INVESTM     5.75    05/03/23       CNY      60.67
CHONGQIN XINLIANG INVES     4.76    08/26/23       CNY      56.91
CHONGQIN XINLIANG INVES     4.76    08/26/23       CNY      57.48
CHONGQING BANAN ECONOMI     7.00    08/20/21       CNY      20.00
CHONGQING BANAN ECONOMI     7.00    08/20/21       CNY      20.20
CHONGQING BANAN ECONOMI     6.17    03/13/22       CNY      39.20
CHONGQING BANAN ECONOMI     6.17    03/13/22       CNY      40.21
CHONGQING BAYUAN CONSTR     4.99    08/16/23       CNY      57.76
CHONGQING BISHAN DISTRI     4.93    03/29/23       CNY      59.92
CHONGQING BISHAN DISTRI     4.93    03/29/23       CNY      59.96
CHONGQING CHANGSHOU ECO     7.20    07/15/21       CNY      20.13
CHONGQING CHANGSHOU ECO     7.20    07/15/21       CNY      20.17
CHONGQING CHANGSHOU ECO     7.10    06/19/21       CNY      20.00
CHONGQING CHANGSHOU ECO     7.10    06/19/21       CNY      20.04
CHONGQING DAZU INDUSTRI     6.30    04/28/22       CNY      40.00
CHONGQING DAZU INDUSTRI     6.30    04/28/22       CNY      40.19
CHONGQING ECO&TECH DEVE     3.95    04/13/23       CNY      59.73
CHONGQING ECO&TECH DEVE     3.95    04/13/23       CNY      60.05
CHONGQING FULING DISTRI     7.89    03/20/21       CNY      20.09
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      40.28
CHONGQING GAOXIN ZONE D     7.80    04/25/21       CNY      20.21
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      20.28
CHONGQING HAOJIANG CONS     8.05    03/06/21       CNY      20.00
CHONGQING HAOJIANG CONS     8.05    03/06/21       CNY      20.06
CHONGQING HECHUAN CITY      7.30    07/07/21       CNY      20.30
CHONGQING HECHUAN CITY      7.30    07/07/21       CNY      21.00
CHONGQING HECHUAN CITY      3.95    09/06/23       CNY      59.56
CHONGQING HECHUAN CITY      3.95    09/06/23       CNY      59.67
CHONGQING JIANGBEIZUI C     6.50    07/21/21       CNY      20.18
CHONGQING JIN TONG INDU     4.44    11/16/23       CNY      56.76
CHONGQING JIN TONG INDU     4.44    11/16/23       CNY      57.59
CHONGQING JINYUN ASSET      4.50    12/31/22       CNY      39.85
CHONGQING JINYUN ASSET      4.50    12/31/22       CNY      39.89
CHONGQING JIULONG HI-TE     6.60    08/19/21       CNY      20.10
CHONGQING JIULONG HI-TE     6.60    08/19/21       CNY      20.26
CHONGQING KAIQIAN INVES     4.64    03/21/23       CNY      59.18
CHONGQING KAIQIAN INVES     4.64    03/21/23       CNY      59.29
CHONGQING LAND PROPERTI     3.36    03/21/23       CNY      60.06
CHONGQING LAND PROPERTI     3.36    03/21/23       CNY      60.10
CHONGQING LIANGJIANG NE     3.60    04/19/21       CNY      40.03
CHONGQING LIANGJIANG NE     3.60    04/19/21       CNY      40.60
CHONGQING LIANGJIANG NE     6.70    04/25/21       CNY      20.15
CHONGQING LIANGJIANG NE     6.70    04/25/21       CNY      20.45
CHONGQING LIANGJIANG NE     3.10    08/05/21       CNY      39.70
CHONGQING LIANGJIANG NE     3.10    08/05/21       CNY      39.88
CHONGQING LIANGJIANG NE     5.88    09/16/21       CNY      20.29
CHONGQING MAIRUI URBAN      4.95    04/21/23       CNY      60.44
CHONGQING MAIRUI URBAN      4.95    04/21/23       CNY      60.47
CHONGQING NANCHUAN CITY     4.20    07/11/23       CNY      58.94
CHONGQING NANCHUAN CITY     4.20    07/11/23       CNY      59.04
CHONGQING QIANJIANG CIT     8.00    03/21/21       CNY      20.00
CHONGQING QIANJIANG CIT     8.00    03/21/21       CNY      20.04
CHONGQING QIJIANG EAST      4.00    09/05/23       CNY      58.03
CHONGQING QIJIANG EAST      4.00    09/05/23       CNY      58.28
CHONGQING SHUANGQIAO EC     5.99    11/19/21       CNY      19.90
CHONGQING SHUANGQIAO EC     5.99    11/19/21       CNY      26.25
CHONGQING TAX FREE PORT     7.50    04/24/21       CNY      20.13
CHONGQING TAX FREE PORT     7.50    04/24/21       CNY      21.70
CHONGQING TEA GARDEN IN     7.70    05/20/21       CNY      20.11
CHONGQING TONGLIANG JIN     6.59    04/08/22       CNY      40.00
CHONGQING TONGLIANG JIN     6.59    04/08/22       CNY      40.35
CHONGQING TONGNAN DISTR     4.99    12/31/22       CNY      39.69
CHONGQING TONGNAN DISTR     4.99    12/31/22       CNY      40.00
CHONGQING WANSHENG ECO      8.19    04/08/21       CNY      20.09
CHONGQING WANSHENG ECO      8.19    04/08/21       CNY      23.90
CHONGQING WANSHENG ECO      6.95    08/25/21       CNY      20.12
CHONGQING WANSHENG ECO      6.95    08/25/21       CNY      25.00
CHONGQING WANSHENG ECO      5.40    11/18/21       CNY      39.43
CHONGQING WANZHOU SANXI     4.95    08/25/22       CNY      40.18
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      20.33
CHONGQING XIYONG MICRO-     6.58    07/25/21       CNY      22.33
CHONGQING YONGCHUAN HUI     7.28    05/30/21       CNY      20.18
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      40.54
CHONGQING YUNAN ASSET M     7.05    06/17/21       CNY      20.18
CHONGQING YUNAN ASSET M     7.05    06/17/21       CNY      20.76
CHONGQING YUZHONG STATE     7.25    02/26/21       CNY      20.08
CHUN'AN XINANJIANG DEVE     6.10    03/11/22       CNY      40.35
CHUN'AN XINANJIANG DEVE     6.10    03/11/22       CNY      44.55
CHUN'AN XINANJIANG DEVE     3.84    11/04/23       CNY      58.83
CHUN'AN XINANJIANG DEVE     3.84    11/04/23       CNY      58.94
CHUZHOU CITY CONSTRUCTI     6.40    08/22/21       CNY      20.00
CHUZHOU CITY CONSTRUCTI     6.40    08/22/21       CNY      20.33
CHUZHOU CITY CONSTRUCTI     6.30    11/30/21       CNY      30.58
CITIC GUOAN GROUP CORP      4.90    11/06/19       CNY      18.25
CITIC GUOAN GROUP CORP      5.80    12/15/19       CNY      18.25
CITIC GUOAN GROUP CORP      4.23    12/15/20       CNY      18.25
CITIC GUOAN GROUP CORP      4.49    03/08/21       CNY      89.00
CIXI CITY CONSTRUCTION      6.18    08/18/21       CNY      20.25
CIXI CITY CONSTRUCTION      6.18    08/18/21       CNY      28.80
CULTURAL INVESTMENT HOL     5.45    10/26/22       CNY      55.00
DAFANG COUNTY CONSTRUCT     6.00    09/26/23       CNY      58.31
DAFANG COUNTY CONSTRUCT     6.00    09/26/23       CNY      59.17
DALI ECONOMIC DEVELOPME     7.90    03/04/21       CNY      20.00
DALI ECONOMIC DEVELOPME     7.90    03/04/21       CNY      20.04
DALI HAIDONG DEVELOPMEN     6.01    01/25/23       CNY      40.05
DALI HAIDONG DEVELOPMEN     6.01    01/25/23       CNY      59.82
DALIAN PULANDIAN CONSTR     3.80    01/25/23       CNY      59.61
DALIAN PULANDIAN CONSTR     3.80    01/25/23       CNY      60.00
DALIAN RONGDA INVESTMEN     5.69    12/05/21       CNY      20.28
DALIAN RONGQIANG INVEST     7.92    04/14/21       CNY      20.09
DALIAN RONGQIANG INVEST     7.92    04/14/21       CNY      20.09
DALIAN SHITAI CITY CONS     7.09    02/20/21       CNY      19.93
DALIAN SHITAI CITY CONS     4.50    02/01/23       CNY      56.61
DALIAN SHITAI CITY CONS     4.50    02/01/23       CNY      57.32
DANDONG PORT GROUP CO L     5.50    01/27/21       CNY      59.00
DANGTU COUNTY CONSTRUCT     5.38    08/10/22       CNY      40.38
DANGTU COUNTY CONSTRUCT     5.38    08/10/22       CNY      40.45
DANGYANG XINYUAN INVEST     7.99    05/23/21       CNY      20.00
DANGYANG XINYUAN INVEST     4.97    03/29/23       CNY      59.28
DANGYANG XINYUAN INVEST     4.97    03/29/23       CNY      60.35
DANYANG HI-TECH INDUSTR     6.40    04/24/22       CNY      39.76
DANYANG HI-TECH INDUSTR     6.40    04/24/22       CNY      40.00
DANYANG INVESTMENT GROU     3.99    01/25/23       CNY      39.80
DATONG ECONOMIC CONSTRU     4.49    10/22/22       CNY      40.23
DATONG ECONOMIC CONSTRU     4.49    10/22/22       CNY      40.30
DAWA COUNTY CITY CONSTR     6.29    06/12/22       CNY      39.30
DAWA COUNTY CITY CONSTR     6.29    06/12/22       CNY      39.31
DAWA COUNTY LINGANG ECO     5.99    10/19/24       CNY      70.88
DAWA COUNTY LINGANG ECO     5.99    10/19/24       CNY      74.43
DAYE ZHENHENG CITY DEVE     7.30    03/03/21       CNY      20.03
DAYE ZHENHENG CITY DEVE     7.30    03/03/21       CNY      23.53
DAYE ZHENHENG CITY DEVE     4.50    03/28/23       CNY      58.47
DAYE ZHENHENG CITY DEVE     4.50    03/28/23       CNY      59.12
DAYE ZHENHENG CITY DEVE     4.05    08/31/23       CNY      58.15
DAYE ZHENHENG CITY DEVE     4.05    08/31/23       CNY      58.39
DAZHOU DEVELOPMENT HOLD     6.55    01/14/22       CNY      20.00
DAZHOU DEVELOPMENT HOLD     6.55    01/14/22       CNY      20.37
DAZHOU DEVELOPMENT HOLD     5.10    11/27/22       CNY      40.00
DAZHOU DEVELOPMENT HOLD     5.10    11/27/22       CNY      40.19
DAZHOU INVESTMENT CO LT     3.99    11/04/26       CNY      74.85
DEHONGZHOU HONGKANG INV     6.68    01/23/22       CNY      20.10
DEHONGZHOU HONGKANG INV     6.68    01/23/22       CNY      40.15
DEQING CONSTRUCTION INV     3.60    11/11/23       CNY      58.63
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      59.97
DEYANG ECONOMIC DEVELOP     7.90    04/28/21       CNY      20.11
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      40.78
DONGTAI STATE-OWNED ASS     3.04    11/16/23       CNY      57.13
DONGTAI UBAN CONSTRUCTI     7.58    04/23/21       CNY      20.11
DONGTAI UBAN CONSTRUCTI     7.58    04/23/21       CNY      28.48
DONGYING CITY URBAN ASS     5.57    03/31/22       CNY      40.28
DONGYING CITY URBAN ASS     5.57    03/31/22       CNY      41.58
DONGZHI COUNTY CITY OPE     4.88    06/20/23       CNY      59.94
DONGZHI COUNTY CITY OPE     4.88    06/20/23       CNY      60.05
DUJIANGYAN XINGYAN INVE     6.10    03/12/22       CNY      37.30
DUJIANGYAN XINGYAN INVE     6.10    03/12/22       CNY      39.16
DUNYUN STATE-OWNED ASSE     6.60    12/28/22       CNY      40.26
ENSHI URBAN CONSTRUCTIO     7.50    06/03/21       CNY      20.24
ENSHI URBAN CONSTRUCTIO     7.50    06/03/21       CNY      27.54
ENSHI URBAN CONSTRUCTIO     3.84    11/01/23       CNY      57.94
ENSHI URBAN CONSTRUCTIO     3.84    11/01/23       CNY      58.57
EZHOU CITY CONSTRUCTION     7.76    05/15/21       CNY      20.18
EZHOU CITY CONSTRUCTION     7.76    05/15/21       CNY      26.50
EZHOU CITY CONSTRUCTION     6.68    09/19/21       CNY      20.23
EZHOU CITY CONSTRUCTION     6.68    09/19/21       CNY      20.53
FANGCHENGGANG GANGFA HO     8.09    04/16/21       CNY      20.10
FANGCHENGGANG GANGFA HO     8.09    04/16/21       CNY      20.50
FEICHENG CITY ASSETS MA     4.04    03/23/23       CNY      59.39
FEICHENG CITY ASSETS MA     4.04    03/23/23       CNY      59.61
FEIXI COUNTY URBAN & RU     4.45    06/03/23       CNY      60.07
FEIXI COUNTY URBAN & RU     4.45    06/03/23       CNY      61.24
FENG COUNTY ECONOMIC DE     5.18    06/21/23       CNY      58.53
FENG COUNTY ECONOMIC DE     5.18    06/21/23       CNY      59.44
FENGCHENG CITY CONSTRUC     6.49    02/10/22       CNY      40.34
FENGCHENG CITY CONSTRUC     6.49    02/10/22       CNY      40.34
FENGCHENG CITY MODERN I     5.76    12/17/22       CNY      39.83
FENGCHENG CITY MODERN I     5.76    12/17/22       CNY      40.00
FENGXIAN URBAN INVESTME     4.23    07/13/21       CNY      19.85
FENGXIAN URBAN INVESTME     4.23    07/13/21       CNY      19.85
FENGXIAN URBAN INVESTME     6.48    03/20/22       CNY      40.00
FENGXIAN URBAN INVESTME     6.48    03/20/22       CNY      40.06
FENYI CITY CONSTRUCTION     4.54    08/22/23       CNY      58.83
FENYI CITY CONSTRUCTION     4.54    08/22/23       CNY      59.12
FUGUINIAO CO LTD            6.30    04/22/20       CNY      13.00
FUJIAN FUSHENG GROUP CO     7.90    11/19/21       CNY      60.00
FUJIAN FUSHENG GROUP CO     7.90    12/17/21       CNY      70.99
FUJIAN JINJIANG INDUSTR     7.08    06/27/21       CNY      20.25
FUJIAN JINJIANG INDUSTR     7.08    06/27/21       CNY      20.65
FUJIAN JINJIANG URBAN C     3.35    08/24/23       CNY      59.71
FUJIAN JINJIANG URBAN C     3.35    08/24/23       CNY      59.86
FUJIAN PROVINCE LIANJIA     6.29    04/30/22       CNY      40.00
FUJIAN PROVINCE LIANJIA     6.29    04/30/22       CNY      40.44
FUJIAN ZHANGLONG GROUP      4.99    08/07/22       CNY      40.00
FUJIAN ZHANGLONG GROUP      4.99    08/07/22       CNY      40.48
FUNING URBAN INVESTMENT     7.19    08/15/21       CNY      20.35
FUNING URBAN INVESTMENT     7.19    08/15/21       CNY      21.15
FUQING CITY STATE-OWNED     6.66    03/01/21       CNY      25.02
FUQING CITY STATE-OWNED     5.94    11/26/22       CNY      40.89
FUXIN INFRASTRUCTURE CO     6.18    03/18/22       CNY      39.74
FUZHOU CHANGLE DISTRICT     4.50    04/11/23       CNY      59.06
FUZHOU CHANGLE DISTRICT     4.50    04/11/23       CNY      59.81
FUZHOU DEVELOPMENT ZONE     3.53    08/25/23       CNY      59.18
FUZHOU LINCHUAN URBAN C     5.68    07/05/23       CNY      59.41
FUZHOU LINCHUAN URBAN C     5.68    07/05/23       CNY      59.44
FUZHOU URBAN AND RURAL      5.48    01/26/22       CNY      40.00
FUZHOU URBAN AND RURAL      5.48    01/26/22       CNY      40.50
FUZHOU URBAN AND RURAL      4.89    07/08/22       CNY      40.48
FUZHOU URBAN AND RURAL      4.89    07/08/22       CNY      40.55
GANSU PROVINCIAL HIGHWA     6.58    09/24/22       CNY      72.38
GANZHOU CITY DEVELOPMEN     5.50    06/16/22       CNY      40.00
GANZHOU CITY DEVELOPMEN     5.50    06/16/22       CNY      40.71
GANZHOU DEVELOPMENT INV     8.10    12/11/23       CNY      64.65
GANZHOU DEVELOPMENT ZON     7.43    02/19/21       CNY      19.00
GANZHOU DEVELOPMENT ZON     7.43    02/19/21       CNY      20.02
GAOMI STATE-OWNED ASSET     4.69    01/26/23       CNY      59.89
GAOMI STATE-OWNED ASSET     4.69    01/26/23       CNY      59.96
GAOYOU CITY CONSTRUCTIO     5.48    09/15/22       CNY      40.00
GAOYOU CITY CONSTRUCTIO     5.48    09/15/22       CNY      40.38
GAOYOU CITY ECONOMY DEV     3.65    09/02/23       CNY      59.28
GAOYOU CITY ECONOMY DEV     3.65    09/02/23       CNY      60.00
GONG'AN COUNTY CITY CON     4.30    08/30/23       CNY      59.21
GONG'AN COUNTY CITY CON     4.30    08/30/23       CNY      59.35
GONGQINGCHENG FINANCIAL     5.85    03/25/23       CNY      60.58
GONGQINGCHENG FINANCIAL     5.85    03/25/23       CNY      60.59
GOOCOO INVESTMENT CO LT     8.00    02/01/21       CNY      50.00
GOTION HIGH-TECH CO LTD     6.50    04/13/23       CNY      61.03
GUANGAN DEVELOPMENT AND     6.39    03/24/22       CNY      40.35
GUANGAN DEVELOPMENT AND     6.39    03/24/22       CNY      44.00
GUANGAN ECONOMIC & TECH     7.10    09/22/21       CNY      20.16
GUANGAN ECONOMIC & TECH     7.10    09/22/21       CNY      20.16
GUANGAN ECONOMIC & TECH     5.16    04/14/23       CNY      59.49
GUANGAN ECONOMIC & TECH     5.16    04/14/23       CNY      59.50
GUANGAN TRANSPORTATION      5.39    12/01/23       CNY      60.48
GUANGDONG HUIZHOU COMMU     4.16    05/17/23       CNY      60.25
GUANGDONG HUIZHOU COMMU     4.16    05/17/23       CNY      60.37
GUANGDONG HUIZHOU COMMU     4.95    12/27/23       CNY      61.24
GUANGDONG HUIZHOU COMMU     4.95    12/27/23       CNY      61.24
GUANGRAO COUNTY ECONOMI     3.61    09/08/23       CNY      59.27
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      20.10
GUANGXI LAIBIN INDUSTRI     5.97    11/26/21       CNY      20.00
GUANGXI LAIBIN INDUSTRI     5.97    11/26/21       CNY      20.14
GUANGXI QINZHOU LINHAI      7.68    02/20/21       CNY      20.01
GUANGXI QINZHOU LINHAI      7.68    02/20/21       CNY      24.77
GUANGXI URBAN CONSTRUCT     7.59    04/14/21       CNY      20.11
GUANGXI URBAN CONSTRUCT     7.59    04/14/21       CNY      23.00
GUANGYUAN INVESTMENT HO     7.30    04/22/21       CNY      20.05
GUANGYUAN INVESTMENT HO     7.30    04/22/21       CNY      21.15
GUANGYUAN YUANQU CONSTR     8.35    08/26/21       CNY      20.20
GUANGYUAN YUANQU CONSTR     8.35    08/26/21       CNY      27.00
GUANGYUAN YUANQU CONSTR     4.48    03/10/23       CNY      58.50
GUANGYUAN YUANQU CONSTR     4.48    03/10/23       CNY      58.52
GUANGZHOU HUANTOU NANSH     6.38    11/18/24       CNY      60.54
GUANGZHOU HUANTOU NANSH     6.38    11/18/24       CNY      60.65
GUANGZHOU METRO GROUP C     6.45    04/02/24       CNY      60.00
GUANGZHOU METRO GROUP C     6.45    04/02/24       CNY      62.78
GUANGZHOU METRO GROUP C     6.05    06/03/24       CNY      62.63
GUANGZHOU METRO GROUP C     6.05    06/03/24       CNY      62.70
GUILIN CITY INVESTMENT      6.90    06/13/21       CNY      20.00
GUILIN CITY INVESTMENT      6.90    06/13/21       CNY      20.06
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      58.87
GUIXI CITY CONSTRUCTION     4.18    08/18/23       CNY      58.97
GUIYANG BAIYUN CITY CON     4.75    09/13/26       CNY      74.85
GUIYANG BAIYUN INDUSTRY     7.30    03/27/22       CNY      40.06
GUIYANG BAIYUN INDUSTRY     7.30    03/27/22       CNY      45.00
GUIYANG CITY CONSTRUCTI     4.00    11/14/26       CNY      74.64
GUIYANG CITY CONSTRUCTI     4.00    11/14/26       CNY      74.70
GUIYANG GUANCHENG INDUS     7.50    12/25/22       CNY      70.95
GUIYANG GUANSHANHU DIST     4.87    01/28/23       CNY      59.13
GUIYANG GUANSHANHU DIST     4.87    01/28/23       CNY      59.34
GUIYANG GUANSHANHU DIST     4.48    03/09/23       CNY      58.86
GUIYANG GUANSHANHU DIST     4.48    03/09/23       CNY      59.00
GUIYANG URBAN CONSTRUCT     5.23    12/02/22       CNY      39.85
GUIZHOU EAST LAKE CITY      5.18    01/06/23       CNY      38.47
GUIZHOU EAST LAKE CITY      5.18    01/06/23       CNY      40.31
GUIZHOU FANJINGSHAN INV     6.95    01/28/22       CNY      40.00
GUIZHOU FANJINGSHAN INV     6.95    01/28/22       CNY      40.00
GUIZHOU GUIAN CONSTRUCT     4.17    10/28/22       CNY      40.03
GUIZHOU GUIAN CONSTRUCT     4.17    10/28/22       CNY      41.00
GUIZHOU GUILONG INDUSTR     7.80    04/28/22       CNY      50.44
GUIZHOU GUILONG INDUSTR     7.80    04/28/22       CNY      50.71
GUIZHOU HONGCAI INVESTM     6.00    06/07/23       CNY      48.53
GUIZHOU HONGCAI INVESTM     6.00    06/07/23       CNY      48.57
GUIZHOU LIUPANSHUI PAND     7.30    07/24/24       CNY      60.01
GUIZHOU RAILWAY INVESTM     7.20    03/27/22       CNY      40.73
GUIZHOU RAILWAY INVESTM     7.50    04/23/24       CNY      60.60
GUIZHOU RAILWAY INVESTM     7.50    04/23/24       CNY      62.99
GUIZHOU SHUICHENG CITY      4.98    11/22/23       CNY      54.41
GUIZHOU SHUICHENG CITY      4.98    11/22/23       CNY      56.52
GUIZHOU SHUICHENG WATER     8.00    11/27/25       CNY      61.00
GUIZHOU XINDONGGUAN CIV     7.70    09/05/24       CNY      70.05
GULIN STATE-OWNED ASSET     4.18    08/04/23       CNY      58.43
GULIN STATE-OWNED ASSET     4.18    08/04/23       CNY      59.80
HAIAN COUNTY DEVELOPMEN     5.45    04/13/23       CNY      59.47
HAIAN COUNTY DEVELOPMEN     5.45    04/13/23       CNY      59.65
HAIAN DEVELOPMENT ZONE      4.47    11/16/23       CNY      58.16
HAIAN DEVELOPMENT ZONE      4.47    11/16/23       CNY      58.31
HAIAN URBAN DEMOLITION      5.08    11/27/22       CNY      40.53
HAIAN URBAN DEMOLITION      5.08    11/27/22       CNY      40.88
HAICHENG URBAN JINCAI L     8.17    04/16/21       CNY      20.06
HAICHENG URBAN JINCAI L     5.37    08/10/23       CNY      59.85
HAIFENG MARINE INFRASTR     6.84    04/29/22       CNY      40.35
HAIKOU MEILAN INTERNATI     5.25    09/06/19       USD      46.65
HAIMEN CITY DEVELOPMENT     6.22    04/03/22       CNY      40.67
HAIMEN CITY DEVELOPMENT     6.22    04/03/22       CNY      42.20
HAINAN AIRLINES HOLDING     6.20    05/24/21       CNY      45.00
HAINING CITY DEVELOPMEN     5.58    10/22/21       CNY      20.31
HAMI JIANHUI STATE-OWNE     3.90    09/21/23       CNY      58.17
HAMI JIANHUI STATE-OWNE     3.90    09/21/23       CNY      58.75
HANCHENG CITY INVESTMEN     4.69    12/05/23       CNY      56.93
HANCHENG CITY INVESTMEN     4.69    12/05/23       CNY      57.29
HANCHUAN CITY HANRONG I     4.25    07/18/23       CNY      58.86
HANCHUAN CITY HANRONG I     4.25    07/18/23       CNY      59.38
HANDAN CONSTRUCTION & I     5.48    05/27/22       CNY      40.63
HANDAN CONSTRUCTION & I     5.48    05/27/22       CNY      47.20
HANGZHOU CANAL COMPREHE     3.40    10/17/23       CNY      59.65
HANGZHOU CANAL COMPREHE     3.40    10/17/23       CNY      59.65
HANGZHOU CITY CONSTRUCT     3.80    03/14/23       CNY      60.00
HANGZHOU CITY CONSTRUCT     3.80    03/14/23       CNY      60.19
HANGZHOU FUYANG CITY CO     7.20    03/19/21       CNY      20.10
HANGZHOU FUYANG CITY CO     7.20    03/19/21       CNY      20.10
HANGZHOU FUYANG DEVELOP     7.70    04/28/21       CNY      20.22
HANGZHOU FUYANG DEVELOP     7.70    04/28/21       CNY      29.00
HANGZHOU FUYANG DEVELOP     4.76    01/27/23       CNY      60.02
HANGZHOU FUYANG DEVELOP     4.76    01/27/23       CNY      60.21
HANGZHOU GONGSHU DISTRI     6.90    07/21/21       CNY      20.35
HANGZHOU GONGSHU DISTRI     6.90    07/21/21       CNY      20.40
HANGZHOU METRO GROUP CO     5.97    09/17/24       CNY      62.65
HANGZHOU WEST LAKE INVE     4.30    04/25/23       CNY      59.98
HANGZHOU WEST LAKE INVE     4.30    04/25/23       CNY      60.58
HANGZHOU XIAOSHAN ECO&T     6.90    05/13/21       CNY      20.17
HANGZHOU XIAOSHAN QIANJ     4.00    03/22/23       CNY      60.14
HANGZHOU XIAOSHAN QIANJ     4.00    03/22/23       CNY      60.23
HANGZHOU YUHANG CITY CO     7.00    03/03/21       CNY      20.06
HANGZHOU YUHANG ECONOMI     7.45    03/03/21       CNY      20.06
HANGZHOU YUHANG ECONOMI     7.45    03/03/21       CNY      20.75
HANGZHOU YUHANG TRANSPO     7.19    04/18/21       CNY      20.18
HANGZHOU YUHANG TRANSPO     7.19    04/18/21       CNY      21.85
HAWTAI MOTOR GROUP LTD      7.20    04/14/21       CNY      60.00
HAWTAI MOTOR GROUP LTD      6.10    10/26/21       CNY      74.00
HEBEI ZHONGYUE CITY CON     4.10    11/16/21       CNY      19.84
HEBEI ZHONGYUE CITY CON     4.10    11/16/21       CNY      19.89
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      39.74
HECHI CITY CONSTRUCTION     5.58    11/13/22       CNY      42.42
HECHI STATE-OWNED ASSET     4.37    11/04/23       CNY      58.21
HECHI STATE-OWNED ASSET     4.37    11/04/23       CNY      58.39
HEFEI CONSTRUCTION INVE     7.20    04/29/24       CNY      63.55
HEFEI XINCHENG STATE-OW     4.13    07/15/23       CNY      59.36
HEFEI XINCHENG STATE-OW     4.13    07/15/23       CNY      59.63
HEILONGJIANG HECHENG CO     5.60    11/11/21       CNY      20.01
HEILONGJIANG HECHENG CO     7.05    06/21/22       CNY      30.34
HEISHAN TONGHE ASSET MA     6.79    09/18/22       CNY      39.28
HEISHAN TONGHE ASSET MA     6.79    09/18/22       CNY      39.63
HENAN ENERGY & CHEMICAL     6.98    11/02/21       CNY      37.87
HENGDONG URBAN & RURAL      6.60    12/27/23       CNY      60.40
HENGDONG URBAN & RURAL      6.60    12/27/23       CNY      60.80
HENGYANG BAISHAZHOU DEV     6.87    08/22/21       CNY      19.97
HENGYANG BAISHAZHOU DEV     6.87    08/22/21       CNY      24.50
HENGYANG COMMUNICATION      4.28    01/21/23       CNY      40.00
HENGYANG COMMUNICATION      4.28    01/21/23       CNY      59.78
HENGYANG XIANGJIANG WAT     7.40    04/23/21       CNY      20.13
HENGYANG XIANGJIANG WAT     7.40    04/23/21       CNY      21.10
HESHAN PUBLIC ASSET MAN     4.08    09/28/23       CNY      58.21
HESHAN PUBLIC ASSET MAN     4.08    09/28/23       CNY      58.68
HESHAN PUBLIC ASSET MAN     5.08    12/07/23       CNY      60.65
HESHAN PUBLIC ASSET MAN     5.08    12/07/23       CNY      60.71
HETIAN YUXIN STATE-OWNE     4.65    03/28/23       CNY      59.10
HETIAN YUXIN STATE-OWNE     4.65    03/28/23       CNY      59.38
HEYUAN CITY RUNYE INVES     6.20    12/03/21       CNY      20.28
HEYUAN CITY RUNYE INVES     6.20    12/03/21       CNY      25.88
HEZE INVESTMENT DEVELOP     7.14    03/24/21       CNY      20.10
HEZE INVESTMENT DEVELOP     7.14    03/24/21       CNY      20.95
HEZHOU URBAN CONSTRUCTI     8.16    05/16/21       CNY      20.14
HEZHOU URBAN CONSTRUCTI     8.16    05/16/21       CNY      21.00
HNA GROUP CO LTD            7.10    04/15/20       CNY      70.00
HNA GROUP CO LTD            5.99    11/27/22       CNY      29.10
HONGHEZHOU DEVELOPMENT      5.90    07/12/24       CNY      71.00
HUACHEN ENERGY CO LTD       6.63    05/18/20       USD      34.50
HUAIAN CITY HUAIAN DIST     4.63    05/03/23       CNY      60.00
HUAIAN CITY HUAIAN DIST     4.63    05/03/23       CNY      60.20
HUAIAN CITY URBAN ASSET     5.70    04/23/22       CNY      40.65
HUAIAN CITY URBAN ASSET     5.70    04/23/22       CNY      41.54
HUAIAN CITY XUYI URBAN      5.10    04/15/23       CNY      59.44
HUAIAN CITY XUYI URBAN      5.10    04/15/23       CNY      59.81
HUAI'AN DEVELOPMENT HOL     7.30    03/10/21       CNY      20.07
HUAI'AN DEVELOPMENT HOL     7.30    03/10/21       CNY      27.84
HUAIAN HONGRI TRANSPORT     5.09    04/20/23       CNY      57.84
HUAIAN HONGRI TRANSPORT     5.09    04/20/23       CNY      59.01
HUAIAN HONGZE DISTRICT      4.37    07/18/23       CNY      58.69
HUAIAN HONGZE DISTRICT      4.37    07/18/23       CNY      58.74
HUAI'AN NEW CITY INVEST     7.45    03/04/21       CNY      20.00
HUAI'AN NEW CITY INVEST     7.45    03/04/21       CNY      20.04
HUAI'AN NEW CITY INVEST     6.95    07/28/21       CNY      20.30
HUAI'AN NEW CITY INVEST     6.95    07/28/21       CNY      27.50
HUAIHUA CITY CONSTRUCTI     4.18    08/31/23       CNY      58.49
HUAIHUA CITY CONSTRUCTI     4.18    08/31/23       CNY      58.70
HUAIHUA ECONOMIC DEVELO     6.80    03/26/22       CNY      39.96
HUAIHUA ECONOMIC DEVELO     6.80    03/26/22       CNY      40.00
HUAIHUA TRANSPORTATION      4.96    04/12/23       CNY      59.38
HUAIHUA TRANSPORTATION      4.96    04/12/23       CNY      59.38
HUAINAN URBAN CONSTRUCT     6.79    07/09/21       CNY      20.24
HUAINAN URBAN CONSTRUCT     6.79    07/09/21       CNY      20.26
HUANGGANG CITY CONSTRUC     7.45    03/04/21       CNY      20.12
HUANGGANG CITY CONSTRUC     7.45    03/04/21       CNY      20.12
HUANGGANG CITY CONSTRUC     4.08    01/18/23       CNY      39.95
HUANGGANG CITY CONSTRUC     4.08    01/18/23       CNY      40.10
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      59.85
HUANGSHI CIHU HIGH-TECH     4.50    06/08/23       CNY      59.95
HUANGSHI CIHU HIGH-TECH     4.97    06/08/23       CNY      59.99
HUANGSHI CIHU HIGH-TECH     4.50    06/08/23       CNY      63.00
HUANGSHI URBAN CONSTRUC     5.99    04/29/22       CNY      40.00
HUANGSHI URBAN CONSTRUC     5.99    04/29/22       CNY      40.52
HUAWEN MEDIA GROUP          5.45    11/08/22       CNY      72.07
HUAWEN MEDIA GROUP          6.00    04/04/23       CNY      45.10
HUBEI PROVINCE CHANGJIA     6.15    04/03/22       CNY      40.47
HUBEI PROVINCE CHANGJIA     6.15    04/03/22       CNY      42.40
HULUDAO INVESTMENT GROU     7.50    10/18/23       CNY      46.09
HULUNBEIER INVESTMENT C     6.31    04/30/22       CNY      39.92
HULUNBEIER INVESTMENT C     6.31    04/30/22       CNY      40.36
HUNAN CHANGDE DEYUAN IN     6.50    06/16/21       CNY      20.21
HUNAN CHANGDE DEYUAN IN     6.50    06/16/21       CNY      22.25
HUNAN CHUZHISHENG HOLDI     5.60    12/18/22       CNY      40.50
HUNAN CHUZHISHENG HOLDI     5.60    12/18/22       CNY      40.55
HUNAN JINYANG INVESTMEN     5.70    11/27/21       CNY      18.60
HUNAN JINYANG INVESTMEN     5.70    11/27/21       CNY      20.10
HUNAN JINYANG INVESTMEN     4.37    01/19/23       CNY      39.51
HUNAN JINYANG INVESTMEN     4.37    01/19/23       CNY      39.70
HUNAN JINYANG INVESTMEN     4.39    04/06/23       CNY      59.39
HUNAN JINYANG INVESTMEN     4.39    04/06/23       CNY      59.58
HUNAN JINYANG NEW CITY      4.43    10/23/22       CNY      39.87
HUNAN JINYANG NEW CITY      4.43    10/23/22       CNY      39.94
HUNAN LINGANG DEVELOPME     4.24    07/21/23       CNY      57.90
HUNAN LINGANG DEVELOPME     4.24    07/21/23       CNY      58.64
HUNAN LINGANG DEVELOPME     3.94    10/26/23       CNY      57.14
HUNAN LINGANG DEVELOPME     3.94    10/26/23       CNY      57.18
HUNAN LOUDI ECONOMIC &      6.36    03/13/22       CNY      39.21
HUNAN LOUDI ECONOMIC &      6.36    03/13/22       CNY      47.00
HUNAN LOUDI ECONOMIC &      4.89    03/30/23       CNY      56.56
HUNAN LOUDI ECONOMIC &      4.89    03/30/23       CNY      58.32
HUNAN PROVINCIAL RAILWA     6.09    04/30/25       CNY      70.00
HUNAN PROVINCIAL RAILWA     6.09    04/30/25       CNY      72.85
HUNAN SENTE INDUSTRIAL      6.90    11/28/24       CNY      40.00
HUNAN SHAODONG ECO-INDU     6.50    01/11/23       CNY      39.31
HUNAN SHAODONG ECO-INDU     6.50    01/11/23       CNY      39.45
HUNAN SHAODONG ECO-INDU     6.58    12/13/23       CNY      61.71
HUNAN SHAODONG ECO-INDU     6.58    12/13/23       CNY      61.71
HUNAN TIER GROUP CO LTD     7.10    03/03/21       CNY      20.06
HUNAN TIER GROUP CO LTD     7.10    03/03/21       CNY      20.30
HUNAN TIER GROUP CO LTD     4.20    03/17/23       CNY      57.93
HUNAN TIER GROUP CO LTD     4.20    03/17/23       CNY      58.87
HUNAN XIANGJIANG NEW AR     7.36    03/17/21       CNY      20.00
HUNAN XIANGJIANG NEW AR     7.36    03/17/21       CNY      20.14
HUNAN YOUZHOU INVESTMEN     4.80    07/07/23       CNY      59.90
HUNAN YOUZHOU INVESTMEN     4.80    07/07/23       CNY      59.91
HUZHOU URBAN CONSTRUCTI     6.48    08/28/21       CNY      20.24
HUZHOU URBAN CONSTRUCTI     6.48    08/28/21       CNY      22.38
HUZHOU XISAISHAN DEVELO     7.80    04/29/21       CNY      20.00
HUZHOU XISAISHAN DEVELO     7.80    04/29/21       CNY      20.15
INNER MONGOLIA JINLONG      7.30    11/19/22       CNY      39.50
INNER MONGOLIA JINLONG      7.30    11/19/22       CNY      39.51
INNER MONGOLIA KE'ERQIN     6.50    03/11/22       CNY      39.21
INNER MONGOLIA KE'ERQIN     6.45    04/30/22       CNY      39.04
INNER MONGOLIA KE'ERQIN     6.45    04/30/22       CNY      40.00
INNER MONGOLIA SHENGXIA     8.18    08/21/21       CNY      20.10
INNER MONGOLIA SHENGXIA     8.18    08/21/21       CNY      24.00
INNER MONGOLIA ZHUNGEER     6.54    12/31/21       CNY      20.41
INNER MONGOLIA ZHUNGEER     6.54    12/31/21       CNY      22.10
JIAN CITY JINGANGSHAN D     7.99    06/03/21       CNY      20.21
JIAN CITY JINGANGSHAN D     7.99    06/03/21       CNY      20.87
JIAN CITY JINGANGSHAN D     4.87    01/27/23       CNY      58.90
JIAN CITY JINGANGSHAN D     4.87    01/27/23       CNY      59.93
JIANAN INVESTMENT HOLDI     6.85    05/23/21       CNY      20.21
JIANAN INVESTMENT HOLDI     6.85    05/23/21       CNY      26.50
JIANAN INVESTMENT HOLDI     4.30    03/08/23       CNY      59.89
JIANAN INVESTMENT HOLDI     4.30    03/08/23       CNY      60.08
JIANAN INVESTMENT HOLDI     3.50    09/05/23       CNY      59.45
JIANAN INVESTMENT HOLDI     3.85    09/05/23       CNY      59.47
JIANAN INVESTMENT HOLDI     3.85    09/05/23       CNY      59.47
JIANAN INVESTMENT HOLDI     3.50    09/05/23       CNY      61.00
JIANGDONG HOLDING GROUP     7.14    04/24/21       CNY      20.15
JIANGMEN NEW HI-TECH IN     6.03    04/22/22       CNY      40.55
JIANGMEN NEW HI-TECH IN     6.03    04/22/22       CNY      41.10
JIANGSU BEIGU INDUSTRIA     5.80    06/20/23       CNY      60.47
JIANGSU BEIGU INDUSTRIA     5.80    06/20/23       CNY      60.73
JIANGSU DAHANG LINGANG      5.18    09/22/23       CNY      58.97
JIANGSU DAHANG LINGANG      5.18    09/22/23       CNY      58.99
JIANGSU GAOCHUN ECONOMI     3.67    09/23/23       CNY      59.29
JIANGSU GAOCHUN ECONOMI     3.67    09/23/23       CNY      59.59
JIANGSU GAOCHUN ECONOMI     3.92    11/23/23       CNY      59.44
JIANGSU GAOCHUN ECONOMI     3.92    11/23/23       CNY      59.45
JIANGSU HAIZHOU DEVELOP     4.67    06/06/23       CNY      59.95
JIANGSU HAIZHOU DEVELOP     4.67    06/06/23       CNY      61.51
JIANGSU HANRUI INVESTME     4.63    04/15/23       CNY      60.20
JIANGSU HANRUI INVESTME     4.63    04/15/23       CNY      60.51
JIANGSU HANRUI INVESTME     5.00    08/31/23       CNY      57.69
JIANGSU HANRUI INVESTME     5.00    08/31/23       CNY      57.72
JIANGSU JINGUAN INVESTM     7.90    04/08/21       CNY      20.13
JIANGSU JINGUAN INVESTM     7.90    04/08/21       CNY      20.80
JIANGSU JINTAN GUOFA IN     6.85    05/30/21       CNY      20.00
JIANGSU JINTAN GUOFA IN     6.85    05/30/21       CNY      20.21
JIANGSU JINTAN GUOFA IN     4.60    08/22/23       CNY      58.85
JIANGSU JINTAN GUOFA IN     4.60    08/22/23       CNY      58.86
JIANGSU JURONG FUDI BIO     7.70    03/21/21       CNY      40.18
JIANGSU JURONG FUDI BIO     7.70    03/21/21       CNY      40.25
JIANGSU NANTONG NO2 CON     8.10    07/10/21       CNY      20.00
JIANGSU NANTONG NO2 CON     8.10    07/10/21       CNY      20.16
JIANGSU RUNCHENG ASSET      7.88    04/16/21       CNY      20.12
JIANGSU RUNCHENG ASSET      7.88    04/16/21       CNY      28.80
JIANGSU RUNQI WANGUO IN     4.14    10/21/21       CNY      29.72
JIANGSU RUNQI WANGUO IN     4.14    10/21/21       CNY      30.00
JIANGSU SUHAI INVESTMEN     7.28    05/29/21       CNY      20.10
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      20.14
JIANGSU WUZHONG ECONOMI     5.49    11/19/21       CNY      20.21
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      40.67
JIANGSU YANGKOU PORT CO     6.23    04/10/22       CNY      40.41
JIANGSU YANGKOU PORT CO     6.23    04/10/22       CNY      47.50
JIANGSU YINGZHOU DEVELO     4.33    09/21/23       CNY      57.67
JIANGSU YINGZHOU DEVELO     4.33    09/21/23       CNY      57.69
JIANGSU YIXING ECONOMIC     7.69    04/18/21       CNY      20.15
JIANGSU YIXING ECONOMIC     7.69    04/18/21       CNY      30.19
JIANGSU ZHANGJIAGANG EC     3.95    03/22/23       CNY      60.00
JIANGSU ZHANGJIAGANG EC     3.95    03/22/23       CNY      60.12
JIANGSU ZHUFU INDUSTRIA     4.47    07/20/23       CNY      56.30
JIANGSU ZHUFU INDUSTRIA     4.47    07/20/23       CNY      58.41
JIANGXI HEJI INVESTMENT     5.09    12/17/22       CNY      39.38
JIANGXI HEJI INVESTMENT     5.09    12/17/22       CNY      40.00
JIANGXI HUIHENG PROPERT     4.43    08/30/21       CNY      29.61
JIANGXI HUIHENG PROPERT     4.43    08/30/21       CNY      40.08
JIANGXI LONGHU MOUNTAIN     4.35    03/16/23       CNY      59.12
JIANGXI LONGHU MOUNTAIN     4.35    03/16/23       CNY      59.62
JIANGXI PINGXIANG CHANG     8.18    05/22/21       CNY      20.23
JIANGXI PINGXIANG CHANG     8.18    05/22/21       CNY      29.34
JIANGXI PROVINCE SITONG     8.20    04/18/21       CNY      20.10
JIANGXI PROVINCE SITONG     8.20    04/18/21       CNY      20.37
JIANGYOU HONGFEI INVEST     6.55    09/02/22       CNY      40.05
JIANGYOU HONGFEI INVEST     6.55    09/02/22       CNY      40.31
JIANHU COUNTY DEVELOPME     7.29    09/25/21       CNY      20.17
JIANHU COUNTY DEVELOPME     7.29    09/25/21       CNY      22.75
JIANHU URBAN CONSTRUCTI     3.28    10/13/21       CNY      39.42
JIANHU URBAN CONSTRUCTI     3.28    10/13/21       CNY      41.00
JIANHU URBAN CONSTRUCTI     6.30    06/01/22       CNY      39.91
JIANHU URBAN CONSTRUCTI     6.30    06/01/22       CNY      42.86
JIANYANG DEVELOPMENT HO     3.93    11/10/23       CNY      57.35
JIANYANG DEVELOPMENT HO     3.93    11/10/23       CNY      57.87
JIAXING ECONOMIC&TECHNO     7.89    03/05/21       CNY      20.09
JIAXING ECONOMIC&TECHNO     7.89    03/05/21       CNY      21.13
JIAXING NANHU INVESTMEN     7.45    02/26/21       CNY      20.04
JIAXING NANHU INVESTMEN     7.45    02/26/21       CNY      20.07
JIAXING XIANGJIADANG DE     4.13    07/20/23       CNY      59.53
JIAXING XIANGJIADANG DE     4.13    07/20/23       CNY      59.73
JIAXING XIANGJIADANG DE     3.87    09/21/23       CNY      58.12
JIAXING XIANGJIADANG DE     3.87    09/21/23       CNY      59.53
JIAYU COUNTY URBAN TOWN     5.70    01/19/23       CNY      40.41
JIAYU COUNTY URBAN TOWN     5.70    01/19/23       CNY      60.00
JIAYU COUNTY URBAN TOWN     6.50    01/19/24       CNY      61.67
JIAYU COUNTY URBAN TOWN     6.50    01/19/24       CNY      80.44
JIAYUGUAN CITY INFRASTR     7.83    09/23/21       CNY      20.00
JIAYUGUAN CITY INFRASTR     7.83    09/23/21       CNY      20.05
JIEYANG CITY INVESTMENT     6.55    08/27/21       CNY      20.27
JIEYANG CITY INVESTMENT     6.55    08/27/21       CNY      20.30
JILIN CITY CONSTRUCTION     3.80    01/27/23       CNY      59.06
JILIN ECONOMIC AND TECH     6.20    04/29/23       CNY      59.40
JILIN ECONOMIC AND TECH     6.20    04/29/23       CNY      60.18
JILIN NORTHEAST SOCK IN     7.50    05/19/22       CNY      71.02
JILIN RAILWAY INVESTMEN     7.18    03/04/21       CNY      19.85
JILIN RAILWAY INVESTMEN     7.18    03/04/21       CNY      20.05
JINAN CITY CONSTRUCTION     6.80    03/20/21       CNY      20.08
JINAN CITY CONSTRUCTION     6.80    03/20/21       CNY      20.26
JINAN CITY LICHENG DIST     5.00    06/23/22       CNY      39.69
JINAN CITY LICHENG DIST     5.00    06/23/22       CNY      40.41
JINAN HI-TECH HOLDING G     6.38    06/19/21       CNY      20.20
JINAN HI-TECH HOLDING G     6.38    06/19/21       CNY      20.22
JINCHANG CONSTRUCTION I     6.79    12/21/22       CNY      40.00
JINCHANG CONSTRUCTION I     6.79    12/21/22       CNY      40.46
JINCHENG STATE-OWNED CA     4.99    11/11/21       CNY      20.00
JINCHENG STATE-OWNED CA     4.99    11/11/21       CNY      20.15
JINGDEZHEN CERAMIC CULT     5.38    11/27/22       CNY      39.84
JINGDEZHEN CERAMIC CULT     5.38    11/27/22       CNY      40.00
JINGHONG STATE-OWNED AS     8.08    05/23/21       CNY      20.00
JINGHONG STATE-OWNED AS     8.08    05/23/21       CNY      20.01
JINGJIANG CITY INVESTME     4.55    03/30/23       CNY      59.65
JINGJIANG CITY INVESTME     4.55    03/30/23       CNY      59.77
JINGJIANG HARBOUR GROUP     7.30    08/05/21       CNY      20.16
JINGJIANG HARBOUR GROUP     7.30    08/05/21       CNY      20.16
JINGMEN CITY CONSTRUCTI     6.85    07/09/22       CNY      30.00
JINGMEN CITY CONSTRUCTI     6.85    07/09/22       CNY      30.57
JINGMEN HIGH-TECH DEVEL     5.48    08/11/22       CNY      39.80
JINGMEN HIGH-TECH DEVEL     5.48    08/11/22       CNY      40.13
JINGMEN HIGH-TECH DEVEL     4.15    07/28/23       CNY      58.87
JINGMEN HIGH-TECH DEVEL     4.15    07/28/23       CNY      59.01
JINGSHAN JINGCHENG INVE     4.38    08/29/23       CNY      58.70
JINGSHAN JINGCHENG INVE     4.38    08/29/23       CNY      59.78
JINGZHOU URBAN CONSTRUC     3.97    03/10/23       CNY      59.70
JINGZHOU URBAN CONSTRUC     3.97    03/10/23       CNY      59.82
JINHU COUNTY STATE-OWNE     7.75    08/25/21       CNY      20.33
JINHU COUNTY STATE-OWNE     7.75    08/25/21       CNY      21.33
JINHU COUNTY STATE-OWNE     4.00    07/26/22       CNY      49.71
JINHU COUNTY STATE-OWNE     4.00    07/26/22       CNY      49.99
JINING CITY SHIZHONG DI     6.39    01/29/22       CNY      40.09
JINING CITY SHIZHONG DI     6.39    01/29/22       CNY      44.44
JINING CITY SHIZHONG DI     3.52    09/14/23       CNY      58.99
JINING HIGH TECH URBAN      6.09    04/30/22       CNY      40.55
JINING HIGH TECH URBAN      6.09    04/30/22       CNY      41.50
JINSHA COUNTY CONSTRUCT     6.01    09/05/23       CNY      58.78
JINSHA COUNTY CONSTRUCT     6.01    09/05/23       CNY      59.19
JINTANG MODERN AGRICULT     5.49    07/14/23       CNY      58.90
JINTANG MODERN AGRICULT     5.49    07/14/23       CNY      59.42
JINZHAI URBAN DEVELOPME     5.90    04/25/23       CNY      60.88
JINZHAI URBAN DEVELOPME     5.90    04/25/23       CNY      60.93
JINZHOU CITY INVESTMENT     6.44    08/18/21       CNY      19.96
JINZHOU CITY INVESTMENT     6.44    08/18/21       CNY      24.91
JINZHOU HUAXING INVESTM     8.38    02/25/21       CNY      20.04
JINZHOU HUAXING INVESTM     8.38    02/25/21       CNY      25.00
JISHOU HUATAI STATE OWN     7.18    02/09/22       CNY      40.17
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      40.51
JIUJIANG LAND INVESTMEN     6.20    03/23/22       CNY      40.36
JIUJIANG LAND INVESTMEN     6.20    03/23/22       CNY      40.52
JIUJIANG LIANXI DISTRIC     4.58    03/30/23       CNY      59.11
JIUJIANG LIANXI DISTRIC     4.58    03/30/23       CNY      59.54
JIUQUAN ECONOMIC DEVELO     7.40    02/26/21       CNY      20.03
JIUQUAN ECONOMIC DEVELO     7.40    02/26/21       CNY      20.60
JIXI STATE OWN ASSET MA     6.87    01/19/22       CNY      19.88
JIXI STATE OWN ASSET MA     6.87    01/19/22       CNY      20.85
JIZHONG ENERGY GROUP CO     6.05    08/13/22       CNY      59.77
KAIFENG URBAN OPERATION     6.35    03/23/22       CNY      40.10
KAIFENG URBAN OPERATION     6.35    03/23/22       CNY      40.11
KAIFU CITY DEVELOPMENT      4.20    01/21/23       CNY      38.50
KAIFU CITY DEVELOPMENT      4.20    01/21/23       CNY      59.86
KAIFU CITY DEVELOPMENT      3.73    08/22/23       CNY      59.30
KAIFU CITY DEVELOPMENT      3.73    08/22/23       CNY      59.39
KAILI GUIZHOU TOWN CONS     5.29    12/17/22       CNY      38.53
KAILI GUIZHOU TOWN CONS     5.29    12/17/22       CNY      40.00
KAILI GUIZHOU TOWN CONS     4.20    10/13/23       CNY      55.70
KAILI GUIZHOU TOWN CONS     4.20    10/13/23       CNY      55.97
KANGMEI PHARMACEUTICAL      6.28    03/20/21       CNY      20.13
KANGMEI PHARMACEUTICAL      6.10    03/28/21       CNY      20.13
KANGMEI PHARMACEUTICAL      5.50    04/20/21       CNY      20.13
KANGMEI PHARMACEUTICAL      7.00    06/21/21       CNY      18.95
KANGMEI PHARMACEUTICAL      6.80    06/28/21       CNY      20.13
KANGMEI PHARMACEUTICAL      6.33    01/27/22       CNY      36.69
KANGMEI PHARMACEUTICAL      5.20    07/17/22       CNY      20.34
KANGMEI PHARMACEUTICAL      5.29    08/16/22       CNY      20.13
KANGMEI PHARMACEUTICAL      5.47    09/15/22       CNY      20.13
KASHI URBAN CONSTRUCTIO     5.80    07/20/22       CNY      40.00
KASHI URBAN CONSTRUCTIO     5.80    07/20/22       CNY      40.33
KUNMING DONGJUN REAL ES     4.50    11/02/21       CNY      24.75
KUNSHAN COMMUNICATION D     6.95    05/22/21       CNY      20.24
KUNSHAN COMMUNICATION D     6.95    05/22/21       CNY      25.45
KUNSHAN HIGH TECHNOLOGY     7.10    03/26/21       CNY      20.10
LAIWU CITY ECONOMIC DEV     7.08    02/28/21       CNY      20.06
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      19.79
LAOHEKOU CITY CONSTRUCT     6.75    08/12/22       CNY      39.99
LAOHEKOU CITY CONSTRUCT     6.75    08/12/22       CNY      40.33
LEIYANG CITY AND RURAL      7.80    04/10/22       CNY      40.95
LEIYANG CITY AND RURAL      7.80    04/10/22       CNY      40.95
LEPING STATE-OWNED ASSE     3.70    10/20/23       CNY      58.69
LEPING STATE-OWNED ASSE     3.70    10/20/23       CNY      59.30
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      20.16
LIANYUNGANG TRANSPORT G     5.47    11/17/21       CNY      20.15
LIANYUNGANG TRANSPORT G     5.47    11/17/21       CNY      25.00
LIAOCHENG ANTAI URBAN R     5.16    04/11/23       CNY      59.28
LIAOCHENG ANTAI URBAN R     4.58    04/11/23       CNY      59.74
LIAOCHENG ANTAI URBAN R     4.58    04/11/23       CNY      59.82
LIAOCHENG ANTAI URBAN R     5.16    04/11/23       CNY      60.11
LIAOCHENG XINGYE ECONOM     5.20    04/13/23       CNY      59.00
LIAOCHENG XINGYE ECONOM     5.20    04/13/23       CNY      60.54
LIAONING COASTAL ECONOM     8.90    04/01/21       CNY       3.63
LIAONING COASTAL ECONOM     8.90    04/01/21       CNY      10.99
LIAONING GUANLONG CONST     4.70    11/10/23       CNY      58.65
LIAONING GUANLONG CONST     4.70    11/10/23       CNY      58.80
LIAONING YAODU DEVELOPM     6.50    04/29/23       CNY      60.60
LILING HIGH-TECH INDUST     4.93    01/19/23       CNY      38.84
LILING HIGH-TECH INDUST     4.93    01/19/23       CNY      39.97
LINFEN YAODU DISTRICT I     7.19    03/13/22       CNY      40.39
LINFEN YAODU DISTRICT I     7.19    03/13/22       CNY      40.49
LINYI CITY DEVELOPMENT      3.85    11/22/23       CNY      59.14
LINYI CITY DEVELOPMENT      3.85    11/22/23       CNY      59.69
LISHUI CITY CULTURAL TO     5.67    08/13/22       CNY      39.93
LISHUI CITY CULTURAL TO     5.67    08/13/22       CNY      40.50
LIUPANSHUI DEVELOPMENT      3.74    01/20/23       CNY      38.38
LIUPANSHUI DEVELOPMENT      3.74    01/20/23       CNY      39.57
LIUPANSHUI MINSHENG INV     5.08    01/29/23       CNY      52.88
LIUPANSHUI MINSHENG INV     5.08    01/29/23       CNY      59.56
LIUYANG MODERN MANUFACT     4.72    01/19/23       CNY      39.24
LIUYANG MODERN MANUFACT     4.72    01/19/23       CNY      39.37
LIUYANG URBAN CONSTRUCT     6.98    08/22/21       CNY      20.38
LIUYANG URBAN CONSTRUCT     4.45    05/24/23       CNY      60.36
LIUYANG URBAN CONSTRUCT     4.45    05/24/23       CNY      60.41
LIUZHOU CITY INVESTMENT     7.18    12/31/22       CNY      30.12
LIUZHOU DONGTONG INVEST     4.45    07/22/23       CNY      58.03
LIUZHOU DONGTONG INVEST     4.45    07/22/23       CNY      58.09
LIUZHOU INVESTMENT HOLD     4.28    03/08/23       CNY      58.81
LIUZHOU INVESTMENT HOLD     4.28    03/08/23       CNY      58.83
LIUZHOU LONGJIAN INVEST     8.28    04/30/24       CNY      61.99
LIYANG KUNLUN URBAN CON     5.90    10/24/21       CNY      18.00
LIYANG KUNLUN URBAN CON     5.90    10/24/21       CNY      20.22
LONGHAI STATE-OWNED ASS     6.58    08/15/21       CNY      20.20
LONGYAN RAILWAY CONSTRU     4.98    04/13/23       CNY      59.45
LONGYAN RAILWAY CONSTRU     4.98    04/13/23       CNY      59.60
LOUDI CITY CONSTRUCTION     7.95    04/15/21       CNY      20.14
LOUDI CITY CONSTRUCTION     7.95    04/15/21       CNY      30.31
LOUDI TIDU INVESTMENT D     7.18    08/27/21       CNY      19.95
LOUDI TIDU INVESTMENT D     7.18    08/27/21       CNY      20.00
LOUDI TIDU INVESTMENT D     4.83    01/20/23       CNY      39.60
LOUDI TIDU INVESTMENT D     4.83    01/20/23       CNY      39.75
LOUDI WANBAO NEW DISTRI     5.13    02/01/23       CNY      59.42
LOUDI WANBAO NEW DISTRI     5.13    02/01/23       CNY      59.51
LOUDI WANBAO NEW DISTRI     4.42    08/01/23       CNY      58.36
LOUDI WANBAO NEW DISTRI     4.42    08/01/23       CNY      58.72
LU'AN CITY CONSTRUCTION     3.97    02/22/21       CNY      50.03
LU'AN CITY CONSTRUCTION     5.05    04/26/21       CNY      50.17
LUJIANG CITY CONSTRUCTI     6.70    04/16/22       CNY      40.00
LUJIANG CITY CONSTRUCTI     6.70    04/16/22       CNY      40.61
LUOYANG CITY COUNTRY CO     4.28    04/26/23       CNY      60.26
LUOYANG CITY COUNTRY CO     4.28    04/26/23       CNY      60.54
LUOYANG CITY DEVELOPMEN     4.47    12/02/22       CNY      40.00
LUOYANG CITY DEVELOPMEN     4.47    12/02/22       CNY      40.28
LUZHOU FUYANG INVESTMEN     5.00    08/11/23       CNY      59.26
LUZHOU FUYANG INVESTMEN     5.00    08/11/23       CNY      59.27
LUZHOU XINGLU INVESTMEN     6.41    04/23/25       CNY      70.00
LUZHOU XINGLU INVESTMEN     6.41    04/23/25       CNY      73.70
LUZHOU XINGYANG INVESTM     4.87    01/28/23       CNY      59.37
LUZHOU XINGYANG INVESTM     4.87    01/28/23       CNY      59.73
MA'ANSHAN CIHU HIGH TEC     6.85    09/09/21       CNY      20.16
MA'ANSHAN CIHU HIGH TEC     6.85    09/09/21       CNY      23.00
MA'ANSHAN CIHU HIGH TEC     3.90    11/28/23       CNY      59.09
MA'ANSHAN CIHU HIGH TEC     3.90    11/28/23       CNY      60.40
MAANSHAN ECONOMIC TECHN     6.49    03/06/22       CNY      40.21
MAANSHAN ECONOMIC TECHN     6.49    03/06/22       CNY      44.99
MAANSHAN HUASHAN DISTRI     6.07    04/20/22       CNY      40.46
MAANSHAN HUASHAN DISTRI     6.07    04/20/22       CNY      40.60
MAANSHAN SOUTHERN INDUS     4.53    07/25/23       CNY      58.41
MAANSHAN SOUTHERN INDUS     4.53    07/25/23       CNY      58.69
MAANSHAN SOUTHERN INDUS     4.43    09/02/23       CNY      58.04
MAANSHAN SOUTHERN INDUS     4.43    09/02/23       CNY      58.71
MEISHAN ASSET MANAGEMEN     7.84    02/26/21       CNY      20.00
MEISHAN ASSET MANAGEMEN     7.84    02/26/21       CNY      20.05
MEISHAN CITY DONGPO DEV     5.90    06/30/23       CNY      59.39
MEISHAN CITY DONGPO DEV     5.90    06/30/23       CNY      59.54
MEISHAN HONGDA CONSTRUC     4.18    03/28/23       CNY      59.17
MEISHAN HONGDA CONSTRUC     4.18    03/28/23       CNY      59.23
MEIZHOU CITY XIN JIN YE     6.02    04/22/22       CNY      40.48
MEIZHOU CITY XIN JIN YE     6.02    04/22/22       CNY      45.32
MEIZHOU MEI COUNTY DIST     5.00    12/30/22       CNY      40.00
MEIZHOU MEI COUNTY DIST     5.00    12/30/22       CNY      40.13
MUDANJIANG AREA URBAN D     6.48    06/30/22       CNY      40.00
MUDANJIANG AREA URBAN D     6.48    06/30/22       CNY      45.00
MUDANJIANG STATE-OWNED      7.70    04/14/21       CNY      20.08
MUDANJIANG STATE-OWNED      7.70    04/14/21       CNY      20.08
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      59.40
NANCHANG ECONOMY TECHNO     3.83    09/22/23       CNY      59.48
NANCHONG AIRPORT INVEST     6.80    01/26/22       CNY      39.99
NANCHONG AIRPORT INVEST     6.80    01/26/22       CNY      40.18
NANCHONG ECONOMIC DEVEL     8.28    04/21/21       CNY      20.11
NANCHONG ECONOMIC DEVEL     8.28    04/21/21       CNY      31.20
NANJING BAIXIA STATE-OW     3.98    03/29/23       CNY      59.90
NANJING BAIXIA STATE-OW     3.98    03/29/23       CNY      60.07
NANJING HEXI NEW TOWN A     3.47    06/17/21       CNY      40.01
NANJING HEXI NEW TOWN A     3.20    07/22/21       CNY      39.76
NANJING JIANGNING ECONO     7.94    04/14/24       CNY      64.04
NANJING JIANGNING URBAN     3.48    11/11/23       CNY      59.46
NANJING JIANGNING URBAN     3.48    11/11/23       CNY      59.66
NANJING JIANYE SCIENCE      4.37    06/24/23       CNY      60.00
NANJING JIANYE SCIENCE      4.37    06/24/23       CNY      60.12
NANJING LISHUI ECONOMIC     6.27    09/22/21       CNY      20.23
NANJING LISHUI ECONOMIC     6.27    09/22/21       CNY      21.29
NANJING LISHUI ECONOMIC     3.41    11/09/23       CNY      59.03
NANJING LISHUI ECONOMIC     3.41    11/09/23       CNY      59.50
NANJING LISHUI URBAN CO     4.97    04/28/23       CNY      59.94
NANJING LISHUI URBAN CO     4.97    04/28/23       CNY      60.65
NANJING METRO GROUP CO      3.29    08/29/23       CNY      59.40
NANJING METRO GROUP CO      3.29    08/29/23       CNY      59.76
NANJING QIXIA STATE-OWN     4.10    06/24/23       CNY      59.67
NANJING QIXIA STATE-OWN     4.10    06/24/23       CNY      60.23
NANJING STATE OWNED ASS     5.60    03/06/23       CNY      45.96
NANJING STATE OWNED ASS     5.60    03/06/23       CNY      46.10
NANJING TANGSHAN CONSTR     6.80    06/30/21       CNY      20.13
NANJING TANGSHAN CONSTR     6.80    06/30/21       CNY      26.80
NANNING HI-TECH INDUSTR     4.28    03/25/23       CNY      55.20
NANNING HI-TECH INDUSTR     4.28    03/25/23       CNY      59.29
NANNING HI-TECH INDUSTR     3.82    10/20/23       CNY      58.01
NANNING HI-TECH INDUSTR     3.82    10/20/23       CNY      58.41
NANNING LVGANG CONSTRUC     7.30    06/27/21       CNY      19.64
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     7.15    04/18/21       CNY      20.07
NANTONG CHONGCHUAN URBA     7.15    04/18/21       CNY      25.40
NANTONG CHONGCHUAN URBA     5.70    07/21/22       CNY      70.00
NANTONG CHONGCHUAN URBA     5.70    07/21/22       CNY      71.22
NANTONG CITY GANGZHA DI     3.80    09/06/21       CNY      39.79
NANTONG CITY GANGZHA DI     3.80    09/06/21       CNY      39.85
NANTONG CITY TONGZHOU D     3.75    07/07/23       CNY      59.44
NANTONG CITY TONGZHOU D     3.75    07/07/23       CNY      60.13
NANTONG HIGH TECHNOLOGY     5.00    10/19/22       CNY      40.38
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      40.36
NANYANG HIGH-TECH DISTR     6.45    04/29/23       CNY      60.27
NANYANG HIGH-TECH DISTR     6.45    04/29/23       CNY      61.14
NANZHANG COUNTY CONSTRU     6.00    01/20/24       CNY      59.86
NANZHANG COUNTY CONSTRU     6.00    01/20/24       CNY      62.05
NEIJIANG CITY XINGYUAN      4.28    08/16/23       CNY      58.17
NEIJIANG CITY XINGYUAN      4.28    08/16/23       CNY      58.29
NEIJIANG INVESTMENT HOL     7.99    04/24/21       CNY      20.10
NEIJIANG INVESTMENT HOL     7.99    04/24/21       CNY      28.53
NEIJIANG STATE-OWNED AS     6.20    04/12/23       CNY      59.64
NEIJIANG STATE-OWNED AS     6.20    04/12/23       CNY      59.68
NEIJINAG CONSTRUCTION E     5.03    12/25/22       CNY      36.36
NEIJINAG CONSTRUCTION E     5.03    12/25/22       CNY      39.60
NEOGLORY HOLDING GROUP      8.10    11/23/18       CNY      72.00
NEOGLORY HOLDING GROUP      8.00    09/25/20       CNY      60.00
NEOGLORY HOLDING GROUP      8.00    10/22/20       CNY      56.00
NINGBO CITY HAISHU GUAN     7.75    03/06/21       CNY      20.07
NINGBO CITY HAISHU GUAN     7.75    03/06/21       CNY      26.30
NINGBO CITY ZHENHAI INV     5.85    12/04/21       CNY      20.32
NINGBO CITY ZHENHAI INV     5.85    12/04/21       CNY      20.36
NINGBO ECONOMIC & TECHN     7.09    04/21/21       CNY      20.15
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      20.22
NINGHAI CITY INVESTMENT     7.99    04/16/21       CNY      20.20
NINGHAI CITY INVESTMENT     7.99    04/16/21       CNY      20.70
NINGXIANG CITY CONSTRUC     6.70    01/20/22       CNY      20.20
NINGXIANG CITY CONSTRUC     6.70    01/20/22       CNY      20.52
NINGXIANG ECONOMIC TECH     8.20    04/16/21       CNY      20.15
NINGXIANG ECONOMIC TECH     3.87    01/27/23       CNY      59.63
NINGXIANG ECONOMIC TECH     3.87    01/27/23       CNY      60.00
NINGXIANG STATE-OWNED A     4.89    06/03/23       CNY      59.20
NINGXIANG STATE-OWNED A     4.89    06/03/23       CNY      59.53
NINGXIANG STATE-OWNED A     3.88    11/02/23       CNY      58.89
NINGXIANG STATE-OWNED A     3.88    11/02/23       CNY      59.02
ONE BELT ONE ROAD JIANG     4.70    07/15/23       CNY      60.12
ONE BELT ONE ROAD JIANG     4.70    07/15/23       CNY      60.19
PANJIN CITY SHUANGTAIZI     7.25    01/22/22       CNY      20.02
PANJIN CITY SHUANGTAIZI     7.25    01/22/22       CNY      20.76
PANJIN WATER GROUP CO L     5.18    10/28/23       CNY      56.98
PANJIN WATER GROUP CO L     5.18    10/28/23       CNY      59.33
PANSHAN COUNTY STATE-OW     7.48    01/21/22       CNY      20.32
PANSHAN COUNTY STATE-OW     7.48    01/21/22       CNY      20.32
PANZHIHUA STATE OWNED A     7.60    03/05/21       CNY      20.06
PANZHIHUA STATE OWNED A     7.60    03/05/21       CNY      20.32
PANZHIHUA STATE OWNED A     8.18    03/13/22       CNY      40.00
PANZHIHUA STATE OWNED A     8.18    03/13/22       CNY      40.70
PEIXIAN CITY INVESTMENT     5.20    11/10/22       CNY      40.00
PEIXIAN CITY INVESTMENT     5.20    11/10/22       CNY      40.18
PEKING UNIVERSITY FOUND     6.20    05/31/20       CNY      11.00
PEKING UNIVERSITY FOUND     6.15    07/23/20       CNY      11.00
PEKING UNIVERSITY FOUND     6.30    09/12/20       CNY      11.00
PEKING UNIVERSITY FOUND     4.80    07/26/21       CNY      11.00
PEKING UNIVERSITY FOUND     6.10    08/22/21       CNY      11.00
PEKING UNIVERSITY FOUND     5.99    11/02/21       CNY      11.00
PEKING UNIVERSITY FOUND     5.80    01/28/22       CNY      11.00
PEKING UNIVERSITY FOUND     6.68    08/09/23       CNY      11.00
PEKING UNIVERSITY FOUND     6.50    11/16/23       CNY      11.00
PEKING UNIVERSITY FOUND     6.30    03/04/24       CNY      11.00
PENGZHOU STATE-PENGZHOU     3.95    10/20/23       CNY      57.19
PENGZHOU STATE-PENGZHOU     3.95    10/20/23       CNY      58.09
PINGHU CITY INVESTMENT      5.13    04/29/23       CNY      60.51
PINGHU CITY INVESTMENT      5.13    04/29/23       CNY      60.58
PINGHU ECONOMIC DEVELOP     7.99    04/17/21       CNY      20.10
PINGHU ECONOMIC DEVELOP     7.99    04/17/21       CNY      20.66
PINGLIANG CULTURAL & TO     6.85    11/30/22       CNY      36.00
PINGLIANG CULTURAL & TO     6.85    11/30/22       CNY      40.46
PINGTAN COMPREHENSIVE P     3.92    01/29/23       CNY      60.00
PINGTAN COMPREHENSIVE P     3.92    01/29/23       CNY      60.14
PINGXIANG CHANGXING INV     5.26    04/11/23       CNY      59.12
PINGXIANG CHANGXING INV     5.26    04/11/23       CNY      59.51
PINGXIANG HUIFENG INVES     6.60    01/26/22       CNY      40.01
PINGXIANG HUIFENG INVES     6.60    01/26/22       CNY      40.54
PINGYANG STATE-OWNED AS     4.97    01/08/23       CNY      40.00
PINGYANG STATE-OWNED AS     4.97    01/08/23       CNY      40.15
PIZHOU CITY HENGRUN INV     6.46    12/05/21       CNY      20.20
PIZHOU CITY HENGRUN INV     6.46    12/05/21       CNY      22.46
PIZHOU ECONOMIC DEVELOP     5.00    10/29/22       CNY      39.49
PIZHOU ECONOMIC DEVELOP     5.00    10/29/22       CNY      40.00
PUTIAN HIGH TECHNOLOGY      5.90    05/03/22       CNY      49.63
PUTIAN HIGH TECHNOLOGY      5.90    05/03/22       CNY      49.63
QIANAN URBAN CONSTRUCTI     8.88    01/23/21       CNY      20.00
QIANAN URBAN CONSTRUCTI     8.88    01/23/21       CNY      20.00
QIANAN URBAN CONSTRUCTI     7.19    08/11/21       CNY      20.00
QIANAN URBAN CONSTRUCTI     7.19    08/11/21       CNY      20.21
QIANAN XINGYUAN WATER I     6.25    04/22/22       CNY      40.34
QIANAN XINGYUAN WATER I     6.25    04/22/22       CNY      46.90
QIANDONGNAN TRANSPORTAT     5.79    12/21/22       CNY      37.20
QIANDONGNAN TRANSPORTAT     5.79    12/21/22       CNY      37.78
QIANDONGNANZHOU KAIHONG     5.30    09/22/26       CNY      63.88
QIANDONGNANZHOU KAIHONG     5.30    09/22/26       CNY      63.98
QIANJIANG URBAN CONSTRU     8.38    04/22/21       CNY      20.17
QIANJIANG URBAN CONSTRU     8.38    04/22/21       CNY      20.35
QIANJIANG URBAN CONSTRU     5.19    12/21/22       CNY      39.96
QIANJIANG URBAN CONSTRU     5.19    12/21/22       CNY      40.00
QIANNANZHOU INVESTMENT      6.43    03/09/22       CNY      39.58
QIANXINAN AUTONOMOUS RE     5.90    06/22/23       CNY      59.05
QIANXINAN AUTONOMOUS RE     5.90    06/22/23       CNY      59.83
QICHUN COUNTY CONSTRUCT     4.96    10/18/23       CNY      57.60
QICHUN COUNTY CONSTRUCT     4.96    10/18/23       CNY      57.81
QIDONG COMMUNICATIONS I     4.00    03/18/23       CNY      59.75
QIDONG STATE-OWNED ASSE     7.30    11/20/22       CNY      31.01
QIDONG STATE-OWNED ASSE     4.00    03/09/23       CNY      59.30
QIDONG STATE-OWNED ASSE     4.00    03/09/23       CNY      60.05
QIDONG URBAN CONSTRUCTI     8.20    04/04/21       CNY      20.20
QIDONG URBAN CONSTRUCTI     8.20    04/04/21       CNY      20.46
QIDONG URBAN CONSTRUCTI     7.90    04/28/21       CNY      20.14
QIHE CITY OPERATION CON     5.10    03/07/23       CNY      59.51
QIHE CITY OPERATION CON     5.10    03/07/23       CNY      59.61
QINGDAO CHANGYANG INVES     3.73    09/12/23       CNY      59.09
QINGDAO CHANGYANG INVES     3.73    09/12/23       CNY      59.09
QINGDAO CONSON DEVELOPM     6.40    12/12/22       CNY      31.17
QINGDAO CONSON DEVELOPM     6.40    12/12/22       CNY      31.20
QINGDAO HICREAT DEVELOP     6.88    04/25/21       CNY      20.13
QINGDAO HICREAT DEVELOP     6.88    04/25/21       CNY      21.13
QINGDAO JIAOZHOU BAY DE     6.33    09/18/21       CNY      20.35
QINGDAO JIAOZHOU BAY DE     6.33    09/18/21       CNY      21.30
QINGDAO JIMO CITY TOURI     5.47    11/17/21       CNY      20.29
QINGDAO JIMO CITY TOURI     5.47    11/17/21       CNY      21.00
QINGDAO LAIXI CITY ASSE     7.50    03/06/21       CNY      20.08
QINGDAO LAIXI CITY ASSE     7.50    03/06/21       CNY      28.79
QINGDAO OCEAN INVESTMEN     4.36    05/12/23       CNY      59.57
QINGDAO OCEAN INVESTMEN     4.36    05/12/23       CNY      60.20
QINGDAO WEST COAST DEVE     4.26    06/06/23       CNY      59.68
QINGDAO WEST COAST DEVE     4.26    06/06/23       CNY      60.08
QINGHAI PROVINCIAL INVE     7.25    02/22/20       USD      29.41
QINGHAI PROVINCIAL INVE     7.88    03/22/21       USD      30.00
QINGHAI PROVINCIAL INVE     6.40    07/10/21       USD      31.16
QINGHAI STATE-OWNED ASS     5.90    12/17/22       CNY      56.00
QINGHAI STATE-OWNED ASS     5.40    05/21/23       CNY      30.45
QINGHAI STATE-OWNED ASS     6.38    08/14/28       CNY      44.63
QINGHAI STATE-OWNED ASS     7.20    11/25/28       CNY      44.63
QINGHAI STATE-OWNED ASS     6.70    10/10/29       CNY      44.63
QINGYANG CITY ECONOMIC      7.98    04/16/21       CNY      20.08
QINGYANG CITY ECONOMIC      7.98    04/16/21       CNY      20.08
QINGZHOU HONGYUAN PUBLI     7.59    05/29/21       CNY      20.06
QINHUANGDAO CITY DEVELO     4.69    04/14/23       CNY      59.19
QINHUANGDAO CITY DEVELO     4.69    04/14/23       CNY      60.11
QINHUANGDAO DEVELOPMENT     8.45    04/18/21       CNY      20.15
QINHUANGDAO DEVELOPMENT     8.45    04/18/21       CNY      21.28
QINHUANGDAO DEVELOPMENT     4.07    08/26/23       CNY      57.57
QINHUANGDAO DEVELOPMENT     4.07    08/26/23       CNY      58.39
QINZHOU BINHAI NEW CITY     6.99    07/07/21       CNY      20.00
QINZHOU BINHAI NEW CITY     6.99    07/07/21       CNY      20.00
QIONGLAI CITY CONSTRUCT     6.98    03/25/22       CNY      40.36
QIONGLAI CITY CONSTRUCT     6.98    03/25/22       CNY      40.80
QUANJIAO URBAN INFRASTR     5.10    05/18/23       CNY      59.90
QUANJIAO URBAN INFRASTR     5.10    05/18/23       CNY      60.11
QUJING CITY QILIN DISTR     5.37    11/26/22       CNY      39.67
QUJING CITY QILIN DISTR     5.37    11/26/22       CNY      41.95
QUJING DEVELOPMENT INVE     7.48    04/28/21       CNY      20.13
QUJING DEVELOPMENT INVE     7.48    04/28/21       CNY      22.55
QUJING ECO TECH DEVELOP     7.48    07/21/21       CNY      19.92
QUJING ECO TECH DEVELOP     7.48    07/21/21       CNY      20.04
QUJING ECO TECH DEVELOP     5.75    06/01/23       CNY      59.44
QUJING ECO TECH DEVELOP     5.75    06/01/23       CNY      59.92
QUZHOU STATE OWNED ASSE     7.20    04/21/21       CNY      20.19
QUZHOU STATE OWNED ASSE     7.20    04/21/21       CNY      23.42
RENHUAI CITY DEVELOPMEN     8.09    05/16/21       CNY      20.24
RENHUAI CITY DEVELOPMEN     8.09    05/16/21       CNY      20.25
RENHUAI CITY DEVELOPMEN     5.12    04/14/23       CNY      58.39
RENHUAI CITY DEVELOPMEN     5.12    04/14/23       CNY      58.41
RENQIU CONSTRUCTION INV     5.68    11/18/22       CNY      40.81
RENQIU CONSTRUCTION INV     5.68    11/18/22       CNY      41.09
RENSHOU DEVELOPMENT OF      6.42    12/22/22       CNY      40.00
RENSHOU DEVELOPMENT OF      6.42    12/22/22       CNY      40.14
REWARD SCIENCE AND TECH     5.53    07/05/21       CNY      29.10
REWARD SCIENCE AND TECH     6.40    03/03/22       CNY      70.00
RIGHT WAY REAL ESTATE D     8.00    07/15/21       CNY      43.89
RIZHAO CITY CONSTRUCTIO     3.98    12/07/22       CNY      39.63
RUDONG COUNTY DONGTAI S     6.99    06/20/21       CNY      20.17
RUDONG COUNTY DONGTAI S     6.99    06/20/21       CNY      25.90
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 JINXIN TR     3.80    07/26/23       CNY      59.45
RUDONG COUNTY JINXIN TR     3.80    07/26/23       CNY      59.62
RUDONG COUNTY JINXIN TR     4.57    07/26/23       CNY      59.73
RUDONG COUNTY JINXIN TR     4.57    07/26/23       CNY      59.77
RUDONG COUNTY KAITAI CI     4.57    01/08/23       CNY      39.88
RUDONG NEW WORLD INVEST     4.37    07/18/23       CNY      59.50
RUDONG NEW WORLD INVEST     4.37    07/18/23       CNY      59.66
RUGAO COMMUNICATIONS CO     3.74    03/23/23       CNY      59.53
RUGAO COMMUNICATIONS CO     3.74    03/23/23       CNY      59.88
RUGAO ECONOMIC & TRADE      3.95    03/24/23       CNY      59.87
RUGAO ECONOMIC & TRADE      3.95    03/24/23       CNY      60.00
RUGAO YANJIANG DEVELOPM     8.60    01/24/21       CNY      20.00
RUGAO YANJIANG DEVELOPM     8.60    01/24/21       CNY      20.05
RUIAN STATE OWNED ASSET     4.56    01/27/23       CNY      59.79
RUIAN STATE OWNED ASSET     4.56    01/27/23       CNY      60.23
RUICHANG CITY INVESTMEN     5.68    03/25/23       CNY      60.70
RUICHANG CITY INVESTMEN     5.68    03/25/23       CNY      60.70
RUICHANG CITY INVESTMEN     5.50    06/17/23       CNY      59.94
RUICHANG CITY INVESTMEN     5.50    06/17/23       CNY      60.69
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     6.30    09/16/21       CNY      25.12
RUZHOU CITY XINYUAN INV     4.43    09/26/23       CNY      56.18
RUZHOU CITY XINYUAN INV     4.43    09/26/23       CNY      56.20
SANMEN COUNTY STATE-OWN     6.85    10/29/21       CNY      20.00
SANMEN COUNTY STATE-OWN     6.85    10/29/21       CNY      20.26
SANMEN COUNTY STATE-OWN     6.80    03/18/22       CNY      40.00
SANMEN COUNTY STATE-OWN     6.80    03/18/22       CNY      40.69
SANMING TRANSPORTATION      3.68    03/29/23       CNY      59.53
SHAANXI ANKANG HIGH TEC     8.78    09/17/21       CNY      20.38
SHAANXI ANKANG HIGH TEC     8.78    09/17/21       CNY      27.00
SHAANXI XIXIAN NEW AREA     5.10    06/06/23       CNY      59.33
SHAANXI XIXIAN NEW AREA     5.10    06/06/23       CNY      59.35
SHAANXI XIXIAN NEW AREA     6.85    08/15/21       CNY      19.80
SHAANXI XIXIAN NEW AREA     6.85    08/15/21       CNY      20.06
SHAANXI XIXIAN NEW AREA     6.89    01/05/22       CNY      20.12
SHAANXI XIXIAN NEW AREA     6.89    01/05/22       CNY      23.10
SHAANXI XIXIAN NEW AREA     5.15    11/27/22       CNY      39.83
SHAANXI XIXIAN NEW AREA     5.15    11/27/22       CNY      41.01
SHANDONG BORUN INDUSTRI     6.50    11/02/21       CNY      33.24
SHANDONG BOXING COUNTY      8.00    12/22/21       CNY      20.58
SHANDONG BOXING COUNTY      8.00    12/22/21       CNY      20.62
SHANDONG CENTURY SUNSHI     8.19    07/21/21       CNY      20.36
SHANDONG CENTURY SUNSHI     8.19    07/21/21       CNY      20.37
SHANDONG FUYU CHEMICAL      7.70    09/18/22       CNY      70.00
SHANDONG GAOCHUANG CONS     6.05    06/18/22       CNY      40.50
SHANDONG GAOCHUANG CONS     6.05    06/18/22       CNY      42.45
SHANDONG HONGHE HOLDING     8.50    06/23/21       CNY      20.29
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     6.20    05/30/21       CNY       9.50
SHANDONG SNTON GROUP CO     5.18    09/08/21       CNY       8.52
SHANDONG TAIYANG INDUST     5.97    03/02/21       CNY      42.70
SHANDONG TENGJIAN INVES     6.00    06/08/22       CNY      40.00
SHANDONG TENGJIAN INVES     6.00    06/08/22       CNY      40.12
SHANDONG WANTONG PETROL     7.97    11/29/21       CNY       0.20
SHANGHAI CAOHEJING HI-T     7.24    04/09/21       CNY      20.13
SHANGHAI CAOHEJING HI-T     7.24    04/09/21       CNY      20.13
SHANGHAI JIADING ROAD C     6.80    04/23/21       CNY      20.17
SHANGHAI JIADING ROAD C     6.80    04/23/21       CNY      20.75
SHANGHAI LAKE DIANSHAN      5.95    01/30/21       CNY      24.99
SHANGHAI LAKE DIANSHAN      5.95    01/30/21       CNY      25.75
SHANGHAI MINHANG URBAN      5.63    04/20/22       CNY      40.55
SHANGHAI MINHANG URBAN      5.63    04/20/22       CNY      40.79
SHANGHAI MUNICIPAL INVE     4.80    11/05/24       CNY      61.30
SHANGHAI MUNICIPAL INVE     4.80    11/05/24       CNY      61.60
SHANGHAI NANHUI URBAN C     6.04    08/20/21       CNY      20.31
SHANGHAI NANHUI URBAN C     6.04    08/20/21       CNY      20.33
SHANGHAI PUTAILAI NEW E     5.50    03/19/21       CNY      66.67
SHANGHAI URBAN CONSTRUC     3.50    01/06/23       CNY      39.40
SHANGHAI URBAN CONSTRUC     3.50    01/06/23       CNY      40.03
SHANGRAO CITY STATE-OWN     4.65    01/29/23       CNY      60.02
SHANGRAO CITY STATE-OWN     4.65    01/29/23       CNY      60.22
SHANTOU CITY CONSTRUCTI     8.57    03/23/22       CNY      30.88
SHANTOU INVESTMENT HOLD     7.99    03/04/24       CNY      63.50
SHANTOU INVESTMENT HOLD     7.99    03/04/24       CNY      63.55
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      70.29
SHAOGUAN URBAN INVESTME     3.67    10/25/24       CNY      68.56
SHAOGUAN URBAN INVESTME     3.67    10/25/24       CNY      68.68
SHAOWU URBAN CONSTRUCTI     5.88    09/11/22       CNY      40.08
SHAOWU URBAN CONSTRUCTI     5.88    09/11/22       CNY      43.39
SHAOXING CHENGZHONGCUN      6.09    04/27/22       CNY      40.39
SHAOXING CHENGZHONGCUN      6.09    04/27/22       CNY      40.51
SHAOXING CITY INVESTMEN     5.75    04/17/22       CNY      40.75
SHAOXING CITY INVESTMEN     5.75    04/17/22       CNY      48.00
SHAOXING CITY KEQIAO DI     6.40    08/20/21       CNY      20.22
SHAOXING CITY KEQIAO DI     6.40    08/20/21       CNY      20.48
SHAOXING JINGHU NEW DIS     6.13    04/30/22       CNY      40.57
SHAOXING KEQIAO CITY CO     3.64    09/19/23       CNY      59.17
SHAOXING KEQIAO CITY CO     3.64    09/19/23       CNY      59.26
SHAOXING KEQIAO ECONOMI     7.00    12/10/21       CNY      20.00
SHAOXING KEQIAO ECONOMI     7.00    12/10/21       CNY      20.45
SHAOXING KEYAN CONSTRUC     6.28    03/24/22       CNY      40.00
SHAOXING KEYAN CONSTRUC     6.28    03/24/22       CNY      40.44
SHAOXING PAOJIANG INDUS     6.98    05/29/21       CNY      20.16
SHAOXING PAOJIANG INDUS     6.98    05/29/21       CNY      23.90
SHAOXING SHANGYU ECONOM     4.76    04/11/23       CNY      59.73
SHAOXING SHANGYU ECONOM     4.76    04/11/23       CNY      60.13
SHAOXING SHANGYU URBAN      6.80    08/07/21       CNY      20.26
SHAOXING SHANGYU URBAN      6.80    08/07/21       CNY      21.15
SHAOYANG BAOQING INDUST     5.78    07/04/26       CNY      69.31
SHAOYANG DULIANG INVEST     5.50    04/13/23       CNY      58.94
SHAOYANG DULIANG INVEST     5.50    04/13/23       CNY      59.74
SHENGZHOU INVESTMENT HO     7.60    07/17/21       CNY      20.39
SHENGZHOU INVESTMENT HO     7.60    07/17/21       CNY      20.59
SHENMU CITY STATE-OWNED     7.28    06/23/21       CNY      20.22
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      40.37
SHENYANG ECONOMIC AFFOR     7.17    04/29/22       CNY      38.00
SHENYANG ECONOMIC AFFOR     7.17    04/29/22       CNY      39.71
SHENYANG TIEXI STATE-OW     6.00    01/14/22       CNY      20.02
SHENYANG TIEXI STATE-OW     6.00    01/14/22       CNY      27.50
SHENZHEN METRO GROUP CO     5.40    03/25/23       CNY      45.38
SHENZHEN METRO GROUP CO     6.75    01/24/24       CNY      46.80
SHIJIAZHUANG HUTUO NEW      5.28    12/24/25       CNY      55.00
SHIJIAZHUANG HUTUO NEW      5.28    12/24/25       CNY      55.50
SHIJIAZHUANG STATE-OWNE     5.75    04/09/22       CNY      40.60
SHIJIAZHUANG STATE-OWNE     5.75    04/09/22       CNY      47.20
SHIJIAZHUANG URBAN CONS     6.55    03/09/21       CNY      40.24
SHISHI CITY CONSTRUCTIO     6.10    05/04/22       CNY      40.62
SHIYAN ECO DEVELOPMENT      3.98    08/05/23       CNY      59.11
SHIYAN ECO DEVELOPMENT      3.98    08/05/23       CNY      59.35
SHIYAN STATE-OWNED CAPI     6.58    08/20/21       CNY      20.00
SHIYAN STATE-OWNED CAPI     6.58    08/20/21       CNY      20.31
SHIYAN STATE-OWNED CAPI     4.88    01/11/26       CNY      69.72
SHIYAN STATE-OWNED CAPI     4.88    01/11/26       CNY      70.00
SHIZHU TUJIA HONGSHENG      7.00    11/13/24       CNY      64.00
SHUCHENG COUNTY URBAN C     5.50    04/29/23       CNY      60.67
SHUCHENG COUNTY URBAN C     5.50    04/29/23       CNY      60.68
SHUYANG JINGYUAN ASSET      7.39    04/14/21       CNY      20.00
SHUYANG JINGYUAN ASSET      7.39    04/14/21       CNY      20.12
SHUYANG JINGYUAN ASSET      5.49    09/11/22       CNY      40.20
SHUYANG JINGYUAN ASSET      5.49    09/11/22       CNY      46.00
SICHUAN COAL GASIFICATI     7.00    04/18/23       CNY      59.65
SICHUAN COAL GASIFICATI     7.00    12/14/23       CNY      61.23
SICHUAN COAL INDUSTRY G     7.70    01/09/18       CNY      45.00
SICHUAN LANGZHONG FAMOU     5.60    04/19/23       CNY      59.54
SICHUAN LANGZHONG FAMOU     5.60    04/19/23       CNY      59.81
SICHUAN LONGYANG TIANFU     5.45    05/27/23       CNY      59.74
SICHUAN LONGYANG TIANFU     5.45    05/27/23       CNY      60.48
SICHUAN NAXING INDUSTRI     7.17    09/11/21       CNY      19.98
SICHUAN NAXING INDUSTRI     7.17    09/11/21       CNY      20.00
SICHUAN NAXING INDUSTRI     6.80    08/18/22       CNY      51.24
SICHUAN NAXING INDUSTRI     6.80    08/18/22       CNY      51.24
SICHUAN NAXING INDUSTRI     4.68    03/31/23       CNY      58.94
SICHUAN NAXING INDUSTRI     4.68    03/31/23       CNY      60.15
SICHUAN TIANYIN INDUSTR     6.79    03/25/22       CNY      40.28
SICHUAN TIANYIN INDUSTR     6.79    03/25/22       CNY      48.00
SIHONG COUNTY HONG YUAN     6.15    03/16/22       CNY      40.30
SIHONG COUNTY HONG YUAN     6.15    03/16/22       CNY      40.35
SIHUI STATE OWNED ASSET     4.59    01/14/23       CNY      39.31
SIHUI STATE OWNED ASSET     4.59    01/14/23       CNY      39.92
SIYANG COUNTY MINKANG R     4.94    01/21/23       CNY      40.56
SIYANG COUNTY MINKANG R     4.94    01/21/23       CNY      59.52
SLENDER WEST LAKE TOURI     6.80    06/25/21       CNY      20.00
SLENDER WEST LAKE TOURI     6.80    06/25/21       CNY      20.29
SONGYUAN URBAN DEVELOPM     5.79    12/04/21       CNY      19.86
SONGYUAN URBAN DEVELOPM     5.79    12/04/21       CNY      20.78
SUINING CITY HEDONG DEV     8.36    04/17/21       CNY      20.14
SUINING CITY HEDONG DEV     8.36    04/17/21       CNY      27.82
SUINING COUNTY RUNQI IN     7.10    06/25/21       CNY      20.16
SUINING COUNTY RUNQI IN     7.10    06/25/21       CNY      20.25
SUINING COUNTY RUNQI IN     5.42    11/20/22       CNY      39.95
SUINING COUNTY RUNQI IN     5.42    11/20/22       CNY      40.00
SUINING FUYUAN INDUSTRY     6.39    03/17/22       CNY      39.78
SUINING FUYUAN INDUSTRY     6.39    03/17/22       CNY      44.18
SUINING FUYUAN INDUSTRY     5.34    12/02/23       CNY      57.32
SUINING FUYUAN INDUSTRY     5.34    12/02/23       CNY      59.15
SUINING KAIDA INVESTMEN     8.69    04/21/21       CNY      20.00
SUINING KAIDA INVESTMEN     8.69    04/21/21       CNY      20.18
SUINING KAIDA INVESTMEN     4.89    04/08/23       CNY      57.97
SUINING KAIDA INVESTMEN     4.89    04/08/23       CNY      58.02
SUINING ROUGANG INVESTM     5.65    01/24/24       CNY      58.93
SUIZHOU DEVELOPMENT INV     8.40    04/30/21       CNY      20.17
SUIZHOU DEVELOPMENT INV     8.40    04/30/21       CNY      20.71
SUIZHOU HIGH-TECH INDUS     4.47    03/25/23       CNY      59.07
SUIZHOU HIGH-TECH INDUS     4.47    03/25/23       CNY      59.08
SUIZHOU URBAN CONSTRUCT     7.18    09/02/21       CNY      20.30
SUIZHOU URBAN CONSTRUCT     7.18    09/02/21       CNY      21.20
SUIZHOU YULONG WATER SU     6.10    03/28/23       CNY      60.05
SUNING.COM CO LTD           5.00    03/13/23       CNY      65.00
SUZHOU CITY CONSTRUCTIO     3.89    03/24/23       CNY      60.05
SUZHOU CITY CONSTRUCTIO     3.89    03/24/23       CNY      60.05
SUZHOU CITY HENGCHENG C     4.40    03/01/23       CNY      60.70
SUZHOU CITY HENGCHENG C     4.40    03/01/23       CNY      61.34
SUZHOU FENHU INVESTMENT     7.49    02/28/21       CNY      20.00
SUZHOU FENHU INVESTMENT     7.49    02/28/21       CNY      20.05
SUZHOU NEW & HIGH-TECH      4.18    03/23/23       CNY      59.36
SUZHOU NEW & HIGH-TECH      4.18    03/23/23       CNY      59.76
SUZHOU SND GROUP CO LTD     6.20    07/22/21       CNY      20.25
SUZHOU SND GROUP CO LTD     6.20    07/22/21       CNY      20.45
SUZHOU WUJIANG DISTRICT     5.25    07/08/22       CNY      40.60
SUZHOU WUJIANG DISTRICT     5.25    07/08/22       CNY      40.72
SUZHOU XIANGCHENG URBAN     6.95    03/19/21       CNY      20.08
SUZHOU XIANGCHENG URBAN     6.95    03/19/21       CNY      22.60
TAIAN TAISHAN HOLDINGS      5.50    04/26/23       CNY      59.73
TAIAN TAISHAN HOLDINGS      5.50    04/26/23       CNY      60.16
TAICANG ASSETS MANAGEME     7.00    02/27/21       CNY      20.04
TAICANG ASSETS MANAGEME     7.00    02/27/21       CNY      20.07
TAICANG SCIENCE EDUCATI     5.54    08/28/22       CNY      40.55
TAICANG SCIENCE EDUCATI     5.54    08/28/22       CNY      44.65
TAIXING CITY HONGQIAO Y     5.03    10/29/22       CNY      39.53
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      20.12
TAIYUAN STATE-OWNED INV     7.20    03/19/21       CNY      20.11
TAIYUAN STATE-OWNED INV     7.20    03/19/21       CNY      26.50
TAIZHOU CITY CONSTRUCTI     6.92    10/16/23       CNY      47.27
TAIZHOU CITY CONSTRUCTI     6.92    10/16/23       CNY      47.55
TAIZHOU HAILING CITY DE     4.60    12/14/22       CNY      39.00
TAIZHOU HAILING CITY DE     4.60    12/14/22       CNY      40.02
TAIZHOU JIAOJIANG STATE     6.18    07/06/22       CNY      40.81
TAIZHOU JIAOJIANG STATE     6.18    07/06/22       CNY      44.00
TAIZHOU JINDONG URBAN C     5.10    06/02/23       CNY      59.48
TAIZHOU JINDONG URBAN C     5.10    06/02/23       CNY      59.98
TAIZHOU XINBINJIANG DEV     7.60    03/05/21       CNY      20.08
TAIZHOU XINBINJIANG DEV     7.60    03/05/21       CNY      21.00
TAIZHOU XINTAI GROUP CO     4.07    03/23/23       CNY      59.80
TAIZHOU XINTAI GROUP CO     4.07    03/23/23       CNY      59.88
TIANCHANG CITY CONSTRUC     4.99    12/05/23       CNY      55.31
TIANCHANG CITY CONSTRUC     4.99    12/05/23       CNY      59.12
TIANJIN BEICHEN DISTRIC     7.00    04/21/21       CNY      20.00
TIANJIN BEICHEN DISTRIC     7.00    04/21/21       CNY      27.15
TIANJIN BEICHEN TECHNOL     6.87    08/20/21       CNY      19.81
TIANJIN BEICHEN TECHNOL     6.87    08/20/21       CNY      27.00
TIANJIN BOHAI STATE-OWN     3.82    04/18/23       CNY      59.13
TIANJIN DONGFANG CAIXIN     5.19    01/29/22       CNY      39.59
TIANJIN DONGFANG CAIXIN     5.19    01/29/22       CNY      39.98
TIANJIN DONGLI CITY INF     4.28    12/02/22       CNY      39.96
TIANJIN ECONOMIC TECHNO     6.50    12/03/22       CNY      30.47
TIANJIN ECONOMIC TECHNO     6.50    12/03/22       CNY      31.30
TIANJIN GUANGCHENG INVE     7.45    07/24/21       CNY      19.98
TIANJIN GUANGCHENG INVE     7.45    07/24/21       CNY      29.00
TIANJIN GUANGCHENG INVE     6.97    02/22/23       CNY      44.24
TIANJIN GUANGCHENG INVE     5.40    04/20/23       CNY      58.04
TIANJIN GUANGCHENG INVE     5.40    04/20/23       CNY      58.59
TIANJIN HARBOR CONSTRUC     8.80    01/24/21       CNY      39.99
TIANJIN HARBOR CONSTRUC     8.00    04/01/21       CNY      40.05
TIANJIN HARBOR CONSTRUC     6.29    10/21/21       CNY      39.60
TIANJIN HUANCHENG URBAN     7.20    03/21/21       CNY      20.03
TIANJIN HUANCHENG URBAN     7.20    03/21/21       CNY      20.35
TIANJIN HUANCHENG URBAN     5.75    04/27/22       CNY      40.03
TIANJIN HUANCHENG URBAN     5.75    04/27/22       CNY      40.50
TIANJIN INFRASTRUCTURE      5.70    02/26/23       CNY      44.75
TIANJIN JINNAN CITY CON     6.50    06/03/21       CNY      19.93
TIANJIN LINGANG INVESTM     7.75    02/26/21       CNY      20.02
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      20.05
TIANJIN NINGHE DISTRICT     7.00    05/30/21       CNY      27.50
TIANJIN NINGHE INVESTME     5.50    04/22/23       CNY      59.31
TIANJIN NINGHE INVESTME     5.50    04/22/23       CNY      60.45
TIANJIN RAILWAY CONSTRU     5.58    04/13/25       CNY      71.98
TIANJIN RAILWAY CONSTRU     5.58    04/13/25       CNY      73.40
TIANJIN REAL ESTATE GRO     4.50    09/29/20       USD      73.75
TIANJIN REAL ESTATE TRU     8.59    03/13/21       CNY      19.50
TIANJIN WATER INVESTMEN     6.60    07/28/21       CNY      19.46
TIANJIN WATER INVESTMEN     6.60    07/28/21       CNY      21.80
TIANJIN WUQING ECONOMIC     6.65    09/12/21       CNY      19.53
TIANJIN WUQING ECONOMIC     6.65    09/12/21       CNY      19.97
TIANJIN WUQING STATE-OW     7.18    03/19/21       CNY      20.00
TIANJIN WUQING STATE-OW     7.18    03/19/21       CNY      20.07
TIANJIN WUQING STATE-OW     4.15    11/17/22       CNY      39.00
TIANJIN WUQING STATE-OW     4.15    11/17/22       CNY      40.03
TIANMEN CITY CONSTRUCTI     8.20    08/28/21       CNY      20.37
TIANMEN CITY CONSTRUCTI     8.20    08/28/21       CNY      25.16
TIANMEN CITY CONSTRUCTI     3.98    11/15/23       CNY      58.08
TIANMEN CITY CONSTRUCTI     3.98    11/15/23       CNY      58.29
TONGLING CONSTRUCTION I     4.12    03/14/23       CNY      59.67
TONGLING CONSTRUCTION I     4.12    03/14/23       CNY      60.00
TONGLU STATE-OWNED ASSE     8.09    04/18/21       CNY      20.17
TONGLU STATE-OWNED ASSE     8.09    04/18/21       CNY      20.98
TSINGHUA HOLDINGS CORP      4.10    08/24/21       CNY      66.77
TSINGHUA HOLDINGS CORP      3.15    10/25/21       CNY      48.64
TSINGHUA HOLDINGS CORP      4.95    08/08/22       CNY      36.40
TSINGHUA HOLDINGS CORP      5.30    03/26/23       CNY      42.00
TSINGHUA UNIGROUP CO LT     5.60    11/15/20       CNY      19.38
TSINGHUA UNIGROUP CO LT     6.20    03/16/21       CNY      19.38
TSINGHUA UNIGROUP CO LT     6.15    12/26/21       CNY      12.96
TSINGHUA UNIGROUP CO LT     4.94    03/25/22       CNY      16.55
TSINGHUA UNIGROUP CO LT     5.85    03/27/22       CNY      19.38
TSINGHUA UNIGROUP CO LT     6.00    08/14/22       CNY      19.38
TSINGHUA UNIGROUP CO LT     5.20    12/10/23       CNY      11.65
TSINGHUA UNIGROUP CO LT     5.11    01/25/24       CNY      13.00
TULUFAN DISTRICT STATE-     6.20    03/19/22       CNY      40.33
TUNGHSU GROUP CO LTD        6.55    03/13/22       CNY      45.00
ULANQAB CITY INVESTMENT     8.39    04/25/22       CNY      50.90
ULANQAB JINING DISTRICT     6.16    03/24/23       CNY      59.14
ULANQAB JINING DISTRICT     6.16    03/24/23       CNY      59.33
URUMQI ECO&TECH DEVELOP     6.40    04/13/22       CNY      40.00
URUMQI ECO&TECH DEVELOP     6.40    04/13/22       CNY      40.68
WAFANGDIAN COASTAL PROJ     3.98    02/01/23       CNY      58.40
WAFANGDIAN COASTAL PROJ     3.98    02/01/23       CNY      60.00
WANGCHENG ECONOMIC DEVE     6.57    01/22/22       CNY      20.42
WANGCHENG ECONOMIC DEVE     6.57    01/22/22       CNY      28.81
WANGCHENG ECONOMIC DEVE     3.75    07/13/23       CNY      59.67
WANGCHENG ECONOMIC DEVE     3.75    07/13/23       CNY      61.05
WEIFANG BINHAI INVESTME     6.16    04/16/21       CNY      25.07
WEIHAI LANCHUANG CONSTR     4.80    12/17/22       CNY      39.24
WEIHAI LANCHUANG CONSTR     4.80    12/17/22       CNY      39.39
WEIHAI URBAN CONSTRUCTI     3.33    03/02/23       CNY      58.40
WEIHAI URBAN CONSTRUCTI     3.33    03/02/23       CNY      59.58
WEIHAI WENDENG DISTRICT     3.64    10/26/23       CNY      58.51
WEIHAI WENDENG DISTRICT     3.64    10/26/23       CNY      58.72
WEIHAI WENDENG URBAN PR     4.80    05/26/23       CNY      59.18
WEIHAI WENDENG URBAN PR     4.80    05/26/23       CNY      59.36
WEINAN CITY INVESTMENT      6.09    03/11/22       CNY      40.00
WEINAN CITY INVESTMENT      6.09    03/11/22       CNY      40.33
WENDENG GOLDEN BEACH IN     3.97    03/21/23       CNY      58.87
WENDENG GOLDEN BEACH IN     3.97    03/21/23       CNY      59.39
WENSHAN URBAN CONSTRUCT     4.50    09/13/23       CNY      58.06
WENSHAN URBAN CONSTRUCT     4.50    09/13/23       CNY      58.76
WENZHOU CITY CONSTRUCTI     4.05    01/25/23       CNY      60.00
WENZHOU CITY CONSTRUCTI     4.05    01/25/23       CNY      60.21
WENZHOU CITY CONSTRUCTI     5.00    04/26/23       CNY      60.86
WENZHOU CITY CONSTRUCTI     5.00    04/26/23       CNY      60.97
WENZHOU GANGCHENG DEVEL     5.19    03/29/23       CNY      60.22
WENZHOU GANGCHENG DEVEL     5.19    03/29/23       CNY      60.22
WENZHOU HIGH-TECH INDUS     7.95    03/21/21       CNY      19.80
WENZHOU HIGH-TECH INDUS     7.95    03/21/21       CNY      20.12
WENZHOU HIGH-TECH INDUS     7.30    05/30/21       CNY      20.00
WENZHOU HIGH-TECH INDUS     7.30    05/30/21       CNY      20.16
WENZHOU LUCHENG CITY DE     5.58    11/03/21       CNY      20.22
WENZHOU OUHAI NEW CITY      3.98    10/26/23       CNY      59.31
WENZHOU OUHAI NEW CITY      3.98    10/26/23       CNY      59.51
WINTIME ENERGY CO LTD       7.00    07/05/18       CNY      43.63
WINTIME ENERGY CO LTD       7.30    08/06/18       CNY      43.63
WINTIME ENERGY CO LTD       7.00    08/25/18       CNY      43.63
WINTIME ENERGY CO LTD       6.78    10/23/18       CNY      43.63
WINTIME ENERGY CO LTD       7.00    12/15/18       CNY      43.63
WINTIME ENERGY CO LTD       7.00    03/19/19       CNY      43.63
WINTIME ENERGY CO LTD       7.00    04/26/19       CNY      43.63
WINTIME ENERGY CO LTD       7.70    11/15/20       CNY      43.63
WINTIME ENERGY CO LTD       7.50    11/16/20       CNY      43.63
WINTIME ENERGY CO LTD       7.50    12/06/20       CNY      43.63
WINTIME ENERGY CO LTD       7.90    12/22/20       CNY      43.63
WINTIME ENERGY CO LTD       7.90    03/29/21       CNY      43.63
WINTIME ENERGY CO LTD       7.50    04/04/21       CNY      43.63
WINTIME ENERGY CO LTD       4.75    07/07/22       CNY      43.63
WUHAI CITY CONSTRUCTION     8.19    04/21/21       CNY       5.42
WUHAI CITY CONSTRUCTION     8.19    04/21/21       CNY      20.12
WUHAN CHEDU CORP LTD        7.18    02/27/21       CNY      20.06
WUHAN CHEDU CORP LTD        7.18    02/27/21       CNY      20.96
WUHAN CITY HUANPI DISTR     6.43    09/17/21       CNY      20.28
WUHAN CITY HUANPI DISTR     6.43    09/17/21       CNY      23.02
WUHAN JIANGXIA URBAN CO     4.80    06/03/23       CNY      60.21
WUHAN JIANGXIA URBAN CO     4.80    06/03/23       CNY      60.27
WUHAN METRO GROUP CO LT     5.25    04/14/22       CNY      40.18
WUHAN METRO GROUP CO LT     5.25    04/14/22       CNY      40.58
WUHAN QIAOKOU STATE OWN     3.48    08/29/23       CNY      58.93
WUHAN QIAOKOU STATE OWN     3.48    08/29/23       CNY      59.44
WUHU COMMUNICATIONS INV     4.50    04/28/23       CNY      59.73
WUHU COMMUNICATIONS INV     4.50    04/28/23       CNY      59.74
WUHU COMMUNICATIONS INV     3.58    09/23/23       CNY      59.08
WUHU COMMUNICATIONS INV     3.58    09/23/23       CNY      59.12
WUHU COUNTY CONSTRUCTIO     6.60    12/08/21       CNY      20.20
WUHU COUNTY CONSTRUCTIO     6.60    12/08/21       CNY      26.35
WUHU JINGHU CONSTRUCTIO     4.37    07/20/23       CNY      59.48
WUHU JINGHU CONSTRUCTIO     4.37    07/20/23       CNY      59.67
WUHU JIUJIANG CONSTRUCT     8.49    04/14/21       CNY      20.00
WUHU JIUJIANG CONSTRUCT     8.49    04/14/21       CNY      20.19
WUHU JIUJIANG CONSTRUCT     3.96    03/21/23       CNY      57.60
WUHU JIUJIANG CONSTRUCT     3.96    03/21/23       CNY      59.70
WUHU XINMA INVESTMENT C     4.87    11/04/22       CNY      40.00
WUHU XINMA INVESTMENT C     4.87    11/04/22       CNY      40.58
WUHU YIJU INVESTMENT GR     6.45    08/11/21       CNY      20.30
WUHU YIJU INVESTMENT GR     6.45    08/11/21       CNY      20.33
WUWEI CITY ECONOMY DEVE     8.20    04/24/21       CNY      20.08
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      59.86
WUXI HUNING METRO HUISH     4.38    06/08/21       CNY      40.05
WUXI HUNING METRO HUISH     4.38    06/08/21       CNY      40.45
WUXI TAIHU NEW CITY DEV     4.49    05/03/23       CNY      60.01
WUXI TAIHU NEW CITY DEV     4.49    05/03/23       CNY      60.50
WUXI TAIHU NEW CITY DEV     3.47    08/29/23       CNY      59.50
WUXI TAIHU NEW CITY DEV     3.47    08/29/23       CNY      59.77
WUXI XIDONG NEW TOWN CO     3.92    11/09/23       CNY      59.43
WUXI XIDONG NEW TOWN CO     3.92    11/09/23       CNY      59.55
WUYANG CONSTRUCTION GRO     7.80    09/11/20       CNY      32.48
XIAMEN TORCH GROUP CO L     7.49    04/21/21       CNY      20.14
XIAMEN TORCH GROUP CO L     7.49    04/21/21       CNY      24.88
XIAN FENGDONG DEVELOPME     4.67    01/08/23       CNY      39.62
XIAN FENGDONG DEVELOPME     4.67    01/08/23       CNY      39.65
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      20.22
XI'AN INTERNATIONAL INL     7.90    09/23/21       CNY      22.28
XIANGSHUI GUANJIANG HOL     4.98    12/24/22       CNY      36.60
XIANGSHUI GUANJIANG HOL     4.98    12/24/22       CNY      39.22
XIANGTAN CITY CONSTRUCT     7.80    01/30/22       CNY      54.50
XIANGTAN CITY CONSTRUCT     7.60    04/02/22       CNY      44.70
XIANGTAN CITY'S CONSTRU     3.95    08/04/23       CNY      56.76
XIANGTAN CITY'S CONSTRU     3.95    08/04/23       CNY      58.02
XIANGTAN CITY'S CONSTRU     3.60    08/04/23       CNY      59.50
XIANGTAN HI-TECH GROUP      8.16    02/25/21       CNY      20.03
XIANGTAN HI-TECH GROUP      8.16    02/25/21       CNY      28.99
XIANGTAN JIUHUA ECONOMI     6.59    01/21/22       CNY      18.52
XIANGTAN JIUHUA ECONOMI     6.59    01/21/22       CNY      19.40
XIANGTAN JIUHUA ECONOMI     5.00    07/25/26       CNY      71.53
XIANGTAN LIANGXING SOCI     7.89    04/23/21       CNY      20.11
XIANGTAN WANLOU XINCHEN     6.90    01/14/22       CNY      15.49
XIANGTAN WANLOU XINCHEN     6.90    01/14/22       CNY      19.72
XIANGXIANG ECONOMIC DIS     5.28    09/09/23       CNY      57.03
XIANGXIANG ECONOMIC DIS     5.28    09/09/23       CNY      57.13
XIANGXIANG URBAN CONSTR     5.84    05/18/23       CNY      59.45
XIANGXIANG URBAN CONSTR     5.84    05/18/23       CNY      59.79
XIANGYANG CITY XIANGZHO     5.18    04/28/23       CNY      60.37
XIANGYANG CITY XIANGZHO     5.18    04/28/23       CNY      60.38
XIANGYANG HIGH TECH STA     7.00    05/29/21       CNY      20.12
XIANGYANG HIGH TECH STA     7.00    05/29/21       CNY      23.38
XIANGYANG STATE-OWNED C     4.62    01/25/23       CNY      39.69
XIANGYANG STATE-OWNED C     4.62    01/25/23       CNY      59.74
XIANNING HIGH-TECH INVE     6.29    02/10/22       CNY      40.44
XIANNING HIGH-TECH INVE     6.29    02/10/22       CNY      40.56
XIANTAO CITY CONSTRUCTI     8.15    02/24/21       CNY      20.00
XIANTAO CITY CONSTRUCTI     8.15    02/24/21       CNY      20.09
XIANTAO CITY CONSTRUCTI     4.59    04/18/23       CNY      59.73
XIANTAO CITY CONSTRUCTI     4.59    04/18/23       CNY      60.28
XIAOCHANG SHUNHE DEVELO     4.15    10/17/23       CNY      57.68
XIAOGAN GAOCHUANG INVES     7.43    06/23/21       CNY      20.06
XIAOGAN GAOCHUANG INVES     7.43    06/23/21       CNY      32.72
XIAOGAN GAOCHUANG INVES     6.87    09/22/21       CNY      20.11
XIAOGAN GAOCHUANG INVES     6.87    09/22/21       CNY      26.69
XIAOGAN URBAN CONSTRUCT     6.89    05/29/21       CNY      20.21
XIAOGAN URBAN CONSTRUCT     6.89    05/29/21       CNY      20.40
XIAOGAN URBAN CONSTRUCT     3.94    07/05/21       CNY      62.90
XIAOXIAN COUNTY DEVELOP     4.85    06/22/23       CNY      60.11
XIAOXIAN COUNTY DEVELOP     4.85    06/22/23       CNY      60.17
XINDONGGANG HOLDING GRO     5.53    04/27/23       CNY      59.38
XINDONGGANG HOLDING GRO     5.53    04/27/23       CNY      59.45
XINGAN COUNTY URBAN CON     5.48    08/03/23       CNY      57.85
XINGAN COUNTY URBAN CON     5.48    08/03/23       CNY      58.85
XINGAN LEAGUE URBAN DEV     6.18    12/21/22       CNY      27.97
XINGAN LEAGUE URBAN DEV     6.18    12/21/22       CNY      28.78
XINGHUA CITY ECONOMIC D     5.28    06/13/22       CNY      49.75
XINGHUA CITY ECONOMIC D     5.28    06/13/22       CNY      49.78
XINGYI XINHENG URBAN CO     5.40    12/16/22       CNY      38.40
XINGYI XINHENG URBAN CO     5.40    12/16/22       CNY      38.59
XINJIANG KAIDI INVESTME     7.80    04/22/21       CNY      20.07
XINJIANG KAIDI INVESTME     7.80    04/22/21       CNY      21.35
XINMI CAIYUAN CITY CONS     4.35    02/28/23       CNY      59.68
XINMI CAIYUAN CITY CONS     4.35    02/28/23       CNY      59.70
XINMIN CITY LUXIN MUNIC     6.41    07/29/21       CNY      13.72
XINMIN CITY LUXIN MUNIC     6.41    07/29/21       CNY      13.87
XINTAI CITY COORDINATIN     6.35    03/23/22       CNY      40.25
XINTAI CITY COORDINATIN     6.35    03/23/22       CNY      40.75
XINYANG HUAXIN INVESTME     7.55    04/15/21       CNY      20.15
XINYANG HUAXIN INVESTME     7.55    04/15/21       CNY      26.30
XINYI CITY INVESTMENT &     4.30    01/19/23       CNY      38.89
XINYI CITY INVESTMENT &     4.30    01/19/23       CNY      40.00
XINYI URBAN TRANSPORTAT     6.14    02/06/22       CNY      40.47
XINYI URBAN TRANSPORTAT     6.14    02/06/22       CNY      41.53
XINYU CHENGDONG CONSTRU     8.48    05/27/21       CNY      20.17
XINYU CITY SHANTYTOWN Z     6.50    11/13/22       CNY      71.53
XINYU CITY YUSHUI DISTR     7.70    06/24/22       CNY      40.62
XINYU CITY YUSHUI DISTR     7.70    06/24/22       CNY      41.39
XINZHENG NEW DISTRICT D     6.40    01/29/21       CNY      25.00
XINZHOU ASSET MANAGEMEN     7.90    02/21/21       CNY      20.08
XINZHOU ASSET MANAGEMEN     7.90    02/21/21       CNY      21.07
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     7.95    03/27/21       CNY      20.13
XUANCHENG STATE-OWNED A     7.95    03/27/21       CNY      26.00
XUANCHENG STATE-OWNED A     4.12    04/07/23       CNY      60.00
XUANCHENG STATE-OWNED A     4.12    04/07/23       CNY      60.03
XUZHOU BOCHANT DEVELOPM     5.69    07/28/21       CNY      32.31
XUZHOU CITY JIAWANG CON     4.00    03/23/23       CNY      59.69
XUZHOU CITY TONGSHAN DI     5.23    09/18/22       CNY      40.00
XUZHOU CITY TONGSHAN DI     5.23    09/18/22       CNY      40.44
XUZHOU ECONOMIC TECHNOL     7.35    04/21/21       CNY      20.20
XUZHOU ECONOMIC TECHNOL     7.35    04/21/21       CNY      20.30
XUZHOU HI-TECH INDUSTRI     7.86    04/22/21       CNY      20.21
XUZHOU HI-TECH INDUSTRI     7.86    04/22/21       CNY      31.50
XUZHOU HI-TECH INDUSTRI     3.78    11/11/23       CNY      58.66
XUZHOU HI-TECH INDUSTRI     3.78    11/11/23       CNY      59.21
XUZHOU TRANSPORTATION H     7.09    05/15/21       CNY      20.20
XUZHOU TRANSPORTATION H     7.09    05/15/21       CNY      20.24
XUZHOU XINSHENG INVESTM     5.13    08/12/22       CNY      40.61
XUZHOU XINSHENG INVESTM     5.13    08/12/22       CNY      44.46
YANCHENG DAFENG DISTRIC     8.70    01/24/21       CNY      20.01
YANCHENG DAFENG DISTRIC     8.70    01/24/21       CNY      20.97
YANCHENG HIGH-TECH ZONE     3.90    12/14/22       CNY      39.90
YANCHENG HIGH-TECH ZONE     3.90    12/14/22       CNY      39.95
YANCHENG ORIENTAL INVES     6.48    09/15/21       CNY      20.05
YANCHENG ORIENTAL INVES     6.48    09/15/21       CNY      20.13
YANCHENG SOUTH DISTRICT     6.70    07/30/21       CNY      20.33
YANCHENG SOUTH DISTRICT     6.70    07/30/21       CNY      20.40
YANCHENG YANDU DISTRICT     3.67    03/17/23       CNY      59.21
YANCHENG YANDU DISTRICT     3.67    03/17/23       CNY      59.71
YANGJIANG HENGCAI CITY      6.24    04/14/22       CNY      40.42
YANGJIANG HENGCAI CITY      6.24    04/14/22       CNY      41.20
YANGZHONG TRANSPORTATIO     4.95    04/07/23       CNY      59.30
YANGZHONG TRANSPORTATIO     4.98    04/07/23       CNY      60.05
YANGZHONG TRANSPORTATIO     4.95    04/07/23       CNY      60.06
YANGZHONG TRANSPORTATIO     4.98    04/07/23       CNY      60.28
YANGZHOU CHEMICAL INDUS     8.58    01/24/21       CNY      20.01
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      40.18
YANGZHOU GUANGLING NEW      3.62    09/07/23       CNY      57.93
YANGZHOU GUANGLING NEW      3.62    09/07/23       CNY      58.93
YANGZHOU HANJIANG CONST     5.88    06/15/22       CNY      40.70
YANGZHOU HANJIANG CONST     5.88    06/15/22       CNY      46.63
YI CHENG CONSTRUCTION I     5.44    04/27/23       CNY      59.62
YI ZHENG CITY DEVELOPME     4.63    01/08/23       CNY      39.98
YI ZHENG CITY DEVELOPME     4.63    01/08/23       CNY      40.00
YICHANG HIGH-TECH INVES     4.80    12/15/22       CNY      40.00
YICHANG HIGH-TECH INVES     4.80    12/15/22       CNY      40.31
YICHANG HIGH-TECH INVES     3.74    07/21/23       CNY      58.99
YICHANG HIGH-TECH INVES     3.74    07/21/23       CNY      59.68
YICHUN URBAN CONSTRUCTI     7.09    05/15/21       CNY      20.20
YICHUN URBAN CONSTRUCTI     7.09    05/15/21       CNY      23.47
YICHUN VENTURE CAPITAL      6.70    03/23/22       CNY      40.51
YICHUN VENTURE CAPITAL      6.70    03/23/22       CNY      40.61
YIHUA ENTERPRISE GROUP      6.80    03/15/21       CNY      47.99
YIHUA ENTERPRISE GROUP      7.00    04/29/22       CNY      54.00
YIHUA LIFESTYLE TECHNOL     6.88    07/16/20       CNY      35.90
YIHUA LIFESTYLE TECHNOL     6.88    07/23/20       CNY      35.00
YILI KAZAKH AUTONOMOUS      7.68    02/28/21       CNY      20.08
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      20.15
YINGKOU COASTAL DEVELOP     6.45    01/26/22       CNY      39.95
YINGKOU COASTAL DEVELOP     6.45    01/26/22       CNY      40.29
YINGKOU ECO & TECH DEVE     5.20    08/05/23       CNY      58.90
YINGKOU ECO & TECH DEVE     5.20    08/05/23       CNY      59.35
YINGKOU LAOBIAN CITY CO     5.63    12/16/22       CNY      39.99
YINGKOU LAOBIAN CITY CO     4.98    03/11/23       CNY      58.38
YINGKOU LAOBIAN CITY CO     4.98    03/11/23       CNY      60.00
YINGTAN LONGGANG ASSET      6.75    07/31/22       CNY      40.80
YINGTAN LONGGANG ASSET      6.75    07/31/22       CNY      41.18
YINGTAN STATE-OWNED ASS     3.63    08/12/21       CNY      39.89
YINGTAN STATE-OWNED ASS     7.50    12/12/22       CNY      31.02
YINGTAN STATE-OWNED ASS     7.50    12/12/22       CNY      31.02
YINING CITY STATE OWNED     8.90    01/23/21       CNY      19.92
YINING CITY STATE OWNED     8.90    01/23/21       CNY      20.00
YINING CITY STATE OWNED     5.37    09/24/22       CNY      39.00
YINING CITY STATE OWNED     5.37    09/24/22       CNY      39.11
YIWU CITY CONSTRUCTION      4.31    12/07/22       CNY      39.95
YIWU CITY CONSTRUCTION      4.31    12/07/22       CNY      40.40
YIWU URBAN & RURAL NEW      4.25    11/24/21       CNY      24.96
YIXING CITY CONSTRUCTIO     6.16    03/30/22       CNY      40.00
YIXING CITY CONSTRUCTIO     6.16    03/30/22       CNY      40.69
YIXING TUOYE INDUSTRIAL     7.60    05/28/21       CNY      20.15
YIXING TUOYE INDUSTRIAL     7.60    05/28/21       CNY      23.50
YIYANG ADVANCED INDUSTR     7.00    03/30/22       CNY      40.06
YIYANG ADVANCED INDUSTR     7.00    03/30/22       CNY      48.00
YIYANG PROVINCE AREA IN     4.95    10/13/23       CNY      56.50
YIYANG PROVINCE AREA IN     4.95    10/13/23       CNY      57.79
YIYANG PROVINCE AREA IN     5.16    11/23/23       CNY      56.35
YIYANG PROVINCE AREA IN     5.16    11/23/23       CNY      57.47
YIZHANG XINGYI CONSTRUC     5.49    09/02/24       CNY      68.87
YIZHANG XINGYI CONSTRUC     5.49    09/02/24       CNY      69.34
YONGCHENG COAL & ELECTR     7.50    02/02/21       CNY      39.88
YONGJIA INVESTMENT GROU     6.50    11/12/21       CNY      20.00
YONGJIA INVESTMENT GROU     6.50    11/12/21       CNY      20.25
YONGXING YINDU CONSTRUC     5.60    03/24/23       CNY      59.38
YONGXING YINDU CONSTRUC     5.60    03/24/23       CNY      60.42
YONGZHOU ECONOMIC CONST     3.55    01/14/23       CNY      39.42
YONGZHOU ECONOMIC CONST     3.55    01/14/23       CNY      39.50
YUANAN COUNTY QIFENG CI     5.50    05/27/23       CNY      60.35
YUANAN COUNTY QIFENG CI     5.50    05/27/23       CNY      60.41
YUEYANG CITY DONGTING N     6.15    03/20/22       CNY      40.03
YUEYANG CITY DONGTING N     6.15    03/20/22       CNY      40.07
YUEYANG HUILIN INVESTME     5.50    11/03/21       CNY      19.76
YUEYANG HUILIN INVESTME     5.50    11/03/21       CNY      20.07
YUEYANG YUNXI CITY CONS     6.00    07/08/23       CNY      59.71
YUEYANG YUNXI CITY CONS     6.00    07/08/23       CNY      60.09
YUEYANG YUNXI CITY CONS     5.18    11/21/23       CNY      57.78
YUHUAN CITY COMMUNICATI     5.65    11/03/21       CNY      20.14
YUHUAN CITY COMMUNICATI     5.65    11/03/21       CNY      20.22
YUHUAN CITY COMMUNICATI     6.18    03/20/22       CNY      40.51
YUHUAN CITY COMMUNICATI     6.18    03/20/22       CNY      44.47
YUHUAN CITY CONSTRUCTIO     5.10    05/03/23       CNY      60.12
YUHUAN CITY CONSTRUCTIO     5.10    05/03/23       CNY      60.45
YUHUAN CITY CONSTRUCTIO     3.72    10/21/23       CNY      58.75
YUHUAN CITY CONSTRUCTIO     3.72    10/21/23       CNY      59.36
YUNCHENG SHUIHU CITY CO     4.54    11/21/23       CNY      57.60
YUNCHENG SHUIHU CITY CO     4.54    11/21/23       CNY      58.63
YUNNAN HEALTH & CULTURA     6.77    05/23/21       CNY      18.00
YUNNAN HEALTH & CULTURA     6.77    05/23/21       CNY      19.85
YUYAO CITY CONSTRUCTION     7.09    05/19/21       CNY      20.24
YUZHOU GENERAL INVESTME     4.68    01/19/23       CNY      39.54
YUZHOU GENERAL INVESTME     4.68    01/19/23       CNY      40.00
ZAOYANG CITY CONSTRUCTI     5.50    03/22/23       CNY      59.80
ZAOYANG CITY CONSTRUCTI     5.50    03/22/23       CNY      60.12
ZHANGJIAGANG JINCHENG I     6.88    04/28/21       CNY      20.20
ZHANGJIAGANG JINCHENG I     6.88    04/28/21       CNY      20.21
ZHANGJIAJIE ECONOMIC DE     7.80    04/17/21       CNY      20.07
ZHANGQIU STATE OWNED AS     3.69    08/09/23       CNY      59.30
ZHANGQIU STATE OWNED AS     3.69    08/09/23       CNY      59.34
ZHANGSHU STATE-OWNED AS     4.80    06/22/23       CNY      59.82
ZHANGSHU STATE-OWNED AS     4.80    06/22/23       CNY      62.67
ZHANGYE CITY INVESTMENT     6.92    09/22/21       CNY      20.23
ZHANGYE CITY INVESTMENT     6.92    09/22/21       CNY      20.90
ZHANGZHOU ECONOMIC DEVE     6.17    04/27/22       CNY      40.52
ZHANGZHOU JIULONGJIANG      6.48    06/20/21       CNY      20.14
ZHANGZHOU JIULONGJIANG      6.48    06/20/21       CNY      20.30
ZHAODONG DONGSHENG CONS     6.50    01/20/24       CNY      61.79
ZHAODONG DONGSHENG CONS     6.50    01/20/24       CNY      61.80
ZHAOQING GAOYAO DISTRIC     6.68    04/14/22       CNY      40.00
ZHAOQING GAOYAO DISTRIC     6.68    04/14/22       CNY      40.59
ZHAOQING HI-TECH ZONE C     3.97    08/26/23       CNY      59.02
ZHAOQING HI-TECH ZONE C     3.97    08/26/23       CNY      59.07
ZHEJIANG BINHAI NEW CIT     4.65    12/23/22       CNY      40.22
ZHEJIANG CHANGXING JING     7.99    03/03/21       CNY      20.07
ZHEJIANG CHANGXING JING     7.99    03/03/21       CNY      30.00
ZHEJIANG GUOXING INVEST     6.94    08/01/21       CNY      20.31
ZHEJIANG GUOXING INVEST     6.94    08/01/21       CNY      28.50
ZHEJIANG HANGZHOU QINGS     7.90    04/23/21       CNY      20.17
ZHEJIANG HANGZHOU QINGS     7.90    04/23/21       CNY      24.00
ZHEJIANG HUISHENG INVES     4.49    03/15/24       CNY      69.89
ZHEJIANG HUISHENG INVES     4.49    03/15/24       CNY      70.00
ZHEJIANG OUHAI CONSTRUC     6.45    04/23/22       CNY      40.64
ZHEJIANG OUHAI CONSTRUC     6.45    04/23/22       CNY      40.66
ZHEJIANG OUHAI CONSTRUC     4.83    01/21/23       CNY      39.89
ZHEJIANG OUHAI CONSTRUC     4.83    01/21/23       CNY      40.36
ZHEJIANG PROVINCE XINCH     5.88    10/30/21       CNY      20.24
ZHEJIANG PROVINCE XINCH     5.88    10/30/21       CNY      21.06
ZHEJIANG PROVINCE XINCH     6.95    12/31/21       CNY      20.49
ZHEJIANG PROVINCE XINCH     6.95    12/31/21       CNY      21.20
ZHEJIANG YATAI PHARMACE     0.50    04/02/25       CNY      70.01
ZHENGZHOU AIRPORT ECONO     4.27    07/20/26       CNY      69.41
ZHENGZHOU AIRPORT ECONO     4.27    07/20/26       CNY      69.42
ZHENGZHOU JINGKAI INVES     5.48    07/31/22       CNY      40.00
ZHENGZHOU JINGKAI INVES     5.48    07/31/22       CNY      40.55
ZHENGZHOU MOUZHONG DEVE     7.48    12/11/21       CNY      20.33
ZHENGZHOU MOUZHONG DEVE     7.48    12/11/21       CNY      26.20
ZHENGZHOU MOUZHONG DEVE     4.59    04/18/23       CNY      60.00
ZHENGZHOU MOUZHONG DEVE     4.59    04/18/23       CNY      60.02
ZHENJIANG DANTU DISTRIC     5.89    11/03/21       CNY      19.80
ZHENJIANG DANTU DISTRIC     5.89    11/03/21       CNY      20.02
ZHENJIANG NEW AREA URBA     8.35    02/26/21       CNY      20.02
ZHENJIANG NEW AREA URBA     5.31    07/14/23       CNY      58.97
ZHENJIANG NEW AREA URBA     5.31    07/14/23       CNY      60.78
ZHIJIANG STATE-OWNED AS     4.78    01/11/23       CNY      39.54
ZHIJIANG STATE-OWNED AS     4.78    01/11/23       CNY      40.00
ZHIJIANG STATE-OWNED AS     4.38    03/28/23       CNY      59.15
ZHIJIANG STATE-OWNED AS     4.38    03/28/23       CNY      64.70
ZHONGGUANCUN DEVELOPMEN     4.20    08/12/22       CNY      39.87
ZHONGGUANCUN DEVELOPMEN     4.20    08/12/22       CNY      40.29
ZHONGMINTOU LEASING HOL     7.55    09/21/21       CNY      49.49
ZHONGSHAN TRANSPORTATIO     5.25    11/26/21       CNY      20.00
ZHONGSHAN TRANSPORTATIO     5.25    11/26/21       CNY      20.20
ZHOUKOU INVESTMENT GROU     7.49    04/21/21       CNY      20.07
ZHOUSHAN DINGHAI CITY C     6.67    07/20/22       CNY      40.25
ZHOUSHAN DINGHAI STATE-     7.13    08/04/21       CNY      20.18
ZHOUSHAN DINGHAI STATE-     7.13    08/04/21       CNY      20.27
ZHOUSHAN ISLANDS NEW DI     6.98    10/22/22       CNY      40.80
ZHOUSHAN ISLANDS NEW DI     6.98    10/22/22       CNY      40.94
ZHOUSHAN PUTUO DISTRICT     7.18    06/20/22       CNY      41.09
ZHOUSHAN PUTUO DISTRICT     7.18    06/20/22       CNY      41.90
ZHUHAI HUIHUA INFRASTRU     4.70    06/27/23       CNY      59.96
ZHUHAI HUIHUA INFRASTRU     4.70    06/27/23       CNY      60.00
ZHUJI CITY EAST NEW TOW     3.89    08/26/23       CNY      59.54
ZHUJI CITY YUEDU INVEST     6.38    04/07/22       CNY      40.57
ZHUZHOU CITY CONSTRUCTI     8.36    11/10/21       CNY      23.75
ZHUZHOU GECKOR GROUP CO     6.95    08/11/21       CNY      20.17
ZHUZHOU GECKOR GROUP CO     6.95    08/11/21       CNY      20.86
ZHUZHOU GECKOR GROUP CO     6.38    04/17/22       CNY      40.00
ZHUZHOU GECKOR GROUP CO     6.38    04/17/22       CNY      40.41
ZHUZHOU GECKOR GROUP CO     3.78    09/28/23       CNY      58.59
ZHUZHOU GECKOR GROUP CO     3.78    09/28/23       CNY      58.67
ZHUZHOU HI-TECH AUTO EX     4.47    11/03/23       CNY      74.62
ZHUZHOU RECYCLING ECONO     4.38    03/24/23       CNY      57.52
ZHUZHOU RECYCLING ECONO     4.38    03/24/23       CNY      58.30
ZHUZHOU XIANGJIANG SCEN     5.39    11/25/22       CNY      39.30
ZHUZHOU XIANGJIANG SCEN     5.39    11/25/22       CNY      40.58
ZIBO BANYANG CITY URBAN     5.50    09/09/22       CNY      39.75
ZIBO BANYANG CITY URBAN     5.50    09/09/22       CNY      40.00
ZIYANG WATER INVESTMENT     3.97    03/17/23       CNY      57.70
ZIYANG WATER INVESTMENT     3.97    03/17/23       CNY      57.83
ZIZHONG COUNTY XINGZI I     5.97    01/18/23       CNY      39.64
ZIZHONG COUNTY XINGZI I     5.97    01/18/23       CNY      39.68
ZUNYI ECONOMIC DEVELOPM     4.87    01/22/23       CNY      38.01
ZUNYI ECONOMIC DEVELOPM     4.87    01/22/23       CNY      40.00
ZUNYI HONGHUAGANG CITY      5.05    06/27/23       CNY      57.89
ZUNYI HONGHUAGANG CITY      5.05    06/27/23       CNY      59.29
ZUNYI NEW DISTRICT DEVE     5.99    04/07/26       CNY      62.75
ZUNYI NEW DISTRICT DEVE     5.99    04/07/26       CNY      70.02
ZUNYI ROAD & BRIDGE CON     6.10    04/27/23       CNY      52.51
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      63.74
DR PENG HOLDING HONGKON     7.55    12/01/21       USD      70.25
HNA GROUP INTERNATIONAL     6.25    10/05/21       USD      54.33


   INDIA
   -----

3I INFOTECH LTD             2.50    03/31/25       USD       9.88
ACME MEDAK SOLAR ENERGY     0.01    08/29/46       INR      12.55
ACME RANGA REDDY SOLAR      0.01    08/31/46       INR      12.43
AMPSOLAR SOLUTION PVT L     0.01    10/27/37       INR      26.39
AMPSOLAR SOLUTION PVT L     0.01    11/03/37       INR      26.34
APG HABITAT PVT LTD         1.00    09/09/28       INR      62.37
APG INTELLI HOMES PVT L     1.25    02/04/35       INR      44.17
APG INTELLI HOMES PVT L     1.25    02/04/35       INR      45.32
AUTOMOTIVE EXCHANGE PVT     4.00    06/01/30       INR      63.30
AUTOMOTIVE EXCHANGE PVT     4.00    10/11/30       INR      63.00
BREEZE CONSTRUCTIONS PV     0.01    06/29/30       INR      46.52
BRITANNIA INDUSTRIES LT     8.00    08/28/22       INR      31.26
CHANDRAJYOTI ESTATE DEV     0.01    07/06/30       INR      48.00
CREIXENT SPECIAL STEELS     0.01    08/28/25       INR      71.51
CUMULUS TRADING CO PVT      0.01    01/23/30       INR      64.12
CUMULUS TRADING CO PVT      0.01    05/21/32       INR      40.14
DEWAN HOUSING FINANCE C     8.50    04/18/23       INR      25.94
DLF ASPINWAL HOTELS PVT     0.01    10/15/30       INR      43.16
DLF EMPORIO RESTAURANTS     0.01    06/29/30       INR      47.87
DLF EMPORIO RESTAURANTS     0.01    08/12/30       INR      47.41
DLF HOME DEVELOPERS LTD     0.01    06/29/30       INR      49.99
DLF HOMES SERVICES PVT      0.01    06/29/30       INR      46.52
DLF REAL ESTATE BUILDER     0.01    06/23/30       INR      47.94
DLF RECREATIONAL FOUNDA     0.01    10/15/30       INR      45.24
DLF RESIDENTIAL BUILDER     0.01    06/23/30       INR      46.51
DLF RESIDENTIAL DEVELOP     0.01    06/28/30       INR      47.87
DLF SOUTHERN TOWNS PVT      0.01    07/09/30       INR      48.19
DOMUS REAL ESTATE PVT L     0.01    07/11/30       INR      48.09
EDELWEISS ASSET RECONST     2.00    03/28/27       INR      74.66
EDELWEISS ASSET RECONST     2.00    11/20/27       INR      72.32
EDELWEISS ASSET RECONST     2.00    10/07/28       INR      68.92
EDELWEISS ASSET RECONST     2.00    01/15/29       INR      67.89
EDELWEISS ASSET RECONST     2.00    03/28/29       INR      67.18
EDELWEISS ASSET RECONST     2.00    07/22/29       INR      66.07
ESSAR POWER TRANSMISSIO     3.00    03/31/43       INR      50.53
ESSAR POWER TRANSMISSIO     3.00    03/31/43       INR      50.53
GREEN URJA PVT LTD          0.01    02/14/30       INR      49.83
GTL INFRASTRUCTURE LTD      6.73    10/26/22       USD       6.69
HINDUSTAN CONSTRUCTION      0.01    01/05/27       INR      65.20
HITODI INFRASTRUCTURE L     0.01    06/30/27       INR      61.44
JAIPRAKASH ASSOCIATES L     5.75    09/08/17       USD      55.13
JAIPRAKASH POWER VENTUR     7.00    05/15/17       USD       4.59
JCT LTD                     2.50    04/08/11       USD      25.75
JSM CORP PVT LTD            0.01    08/31/36       INR      28.49
JTPM ATSALI LTD             0.01    08/29/48       INR      11.72
KANAKADURGA FINANCE LTD     0.01    04/15/36       INR      27.27
KRIBHCO INFRASTRUCTURE      1.00    04/15/26       INR      73.51
MARIS POWER SUPPLY CO P     2.00    04/18/28       INR      70.00
MELOSA BUILDERS & DEVEL     0.01    06/29/30       INR      46.69
MENS BUILDCON PVT LTD       0.01    06/29/30       INR      46.69
MYTRAH AADHYA POWER PVT     0.01    07/05/35       INR      31.98
MYTRAH ADVAITH POWER PV     0.01    07/13/36       INR      29.35
MYTRAH AKSHAYA ENERGY P     0.01    07/13/36       INR      29.35
NEEMUCH SOLAR POWER PVT     0.01    08/29/46       INR      12.55
ORIGAMI CELLULO PVT LTD     0.01    11/14/36       INR      28.09
PRAKASH INDUSTRIES LTD      5.25    04/30/15       USD      22.63
PUNJAB INFRASTRUCTURE D     0.40    10/15/26       INR      72.61
PUNJAB INFRASTRUCTURE D     0.40    10/15/27       INR      67.68
PUNJAB INFRASTRUCTURE D     0.40    10/15/28       INR      63.05
PUNJAB INFRASTRUCTURE D     0.40    10/15/29       INR      58.79
PUNJAB INFRASTRUCTURE D     0.40    10/15/30       INR      54.87
PUNJAB INFRASTRUCTURE D     0.40    10/15/31       INR      51.32
PUNJAB INFRASTRUCTURE D     0.40    10/15/32       INR      48.08
PUNJAB INFRASTRUCTURE D     0.40    10/15/33       INR      45.17
PURVANCHAL SOLAR POWER      0.01    08/29/46       INR      12.55
PYRAMID SAIMIRA THEATRE     1.75    07/04/12       USD       0.26
R L FINE CHEM PVT LTD       0.10    08/19/36       INR      28.97
REDKITE CAPITAL PVT LTD     2.50    01/15/28       INR      74.08
REDKITE CAPITAL PVT LTD     2.50    03/30/29       INR      69.54
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       8.61
REWANCHAL SOLAR POWER P     0.01    08/29/46       INR      12.55
SAKET HOLIDAYS RESORTS      0.01    06/29/30       INR      47.88
SHIVAJI MARG MAINTENANC     0.01    06/28/30       INR      46.43
SINTEX INDUSTRIES LTD       3.50    05/25/22       USD      23.63
SUNWORLD SOLAR POWER PV     0.01    08/31/46       INR      12.43
SURBHI INVESTMENTS & TR     2.50    10/21/28       INR      70.57
SUTARA ROADS & INFRA LT     0.01    08/31/30       INR      55.59
SUZLON ENERGY LTD           5.75    07/16/19       USD      23.48
SUZLON ENERGY LTD           5.75    07/16/19       USD      23.48
SVOGL OIL GAS & ENERGY      5.00    08/17/15       USD       0.61
TATA SMARTFOODZ LTD         0.01    07/15/25       INR      73.53
TATA SMARTFOODZ LTD         0.01    11/23/25       INR      71.29
TN URJA PVT LTD             0.10    02/22/36       INR      30.14
WATSUN INFRABUILD PVT L     4.00    10/16/37       INR      59.02
WS T&D LTD                  0.10    03/24/29       INR      54.24
ZYDUS FOUNDATION            0.10    03/25/25       INR      74.90


   INDONESIA
   ---------

ALAM SUTERA REALTY TBK      6.25    11/02/25       USD      72.26
DELTA MERLIN DUNIA TEKS     8.63    03/12/24       USD       4.38
DELTA MERLIN DUNIA TEKS     8.63    03/12/24       USD       5.40
MEDIKALOKA HERMINA TBK      8.00    09/08/23       IDR      58.35
MNC INVESTAMA TBK PT        9.00    05/11/21       USD      66.91
WAHANA OTTOMITRA MULTIA     9.15    05/29/21       IDR      70.75


   JAPAN
   -----

AVANSTRATE INC              0.15    10/29/32       JPY       9.75
HIS CO LTD                  0.44    02/20/24       JPY      67.25
HIS CO LTD                  0.58    02/19/27       JPY      50.68
MITSUI E&S HOLDINGS CO      0.70    09/15/23       JPY      70.52
TKJP CORP                   1.02    12/15/17       JPY       0.50
TKJP CORP                   0.85    03/06/19       JPY       2.02
TKJP CORP                   0.58    03/26/21       JPY       2.02
UNIZO HOLDINGS CO LTD       0.51    05/26/21       JPY      71.25
UNIZO HOLDINGS CO LTD       0.43    11/29/21       JPY      59.91
UNIZO HOLDINGS CO LTD       0.52    05/27/22       JPY      45.37
UNIZO HOLDINGS CO LTD       0.75    11/28/22       JPY      39.76
UNIZO HOLDINGS CO LTD       0.85    05/26/23       JPY      35.50
UNIZO HOLDINGS CO LTD       0.80    11/29/23       JPY      30.50
UNIZO HOLDINGS CO LTD       0.89    05/29/24       JPY      28.50
UNIZO HOLDINGS CO LTD       1.10    11/28/24       JPY      26.96
UNIZO HOLDINGS CO LTD       0.99    11/27/26       JPY      22.50
UNIZO HOLDINGS CO LTD       1.20    05/28/27       JPY      20.50
UNIZO HOLDINGS CO LTD       1.50    11/26/27       JPY      19.90


   MALAYSIA
   --------

AEGEAN MARINE PETROLEUM     4.00    11/01/18       USD      24.50
AEGEAN MARINE PETROLEUM     4.25    12/15/21       USD      24.50
ASIAN PAC HOLDINGS BHD      3.00    05/25/22       MYR       0.65
BERJAYA CORP BHD            5.00    04/22/22       MYR       0.23
BERJAYA CORP BHD            2.00    05/29/26       MYR       0.10
ELK-DESA RESOURCES BHD      3.25    04/14/22       MYR       1.11
HIAP TECK VENTURE BHD       5.00    06/23/21       MYR       0.38
HUME CEMENT INDUSTRIES      5.00    05/29/24       MYR       1.33
MALAYAN FLOUR MILLS BHD     5.00    01/24/24       MYR       1.64
PENGURUSAN AIR SPV BHD      1.00    09/28/35       MYR      68.66
PENGURUSAN AIR SPV BHD      1.00    11/05/35       MYR      67.89
PMB TECHNOLOGY BHD          3.00    07/12/23       MYR       5.30
SENAI-DESARU EXPRESSWAY     1.35    06/30/31       MYR      73.58
VIZIONE HOLDINGS BHD        3.00    08/08/21       MYR       0.03


   NEW ZEALAND
   -----------

PRECINCT PROPERTIES NEW     4.80    09/27/21       NZD       1.18


   SINGAPORE
   ---------

ASL MARINE HOLDINGS LTD     3.00    03/28/25       SGD      42.13
ASL MARINE HOLDINGS LTD     3.00    10/01/26       SGD      42.13
BAKRIE TELECOM PTE LTD     11.50    05/07/15       USD       1.01
BAKRIE TELECOM PTE LTD     11.50    05/07/15       USD       1.01
BAYAN TELECOMMUNICATION    15.00    07/15/06       USD      22.75
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
DAVOMAS INTERNATIONAL F    11.00    05/09/11       USD       0.80
DAVOMAS INTERNATIONAL F    11.00    05/09/11       USD       0.80
DAVOMAS INTERNATIONAL F    11.00    12/08/14       USD       0.80
DAVOMAS INTERNATIONAL F    11.00    12/08/14       USD       0.80
ENERCOAL RESOURCES PTE      9.25    08/05/14       USD      45.75
ETERNA CAPITAL PTE LTD      8.00    12/11/22       USD      44.61
EZRA HOLDINGS LTD           4.88    04/24/18       SGD       5.00
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      30.00
MICLYN EXPRESS OFFSHORE     8.75    11/25/18       USD      16.23
MODERNLAND OVERSEAS PTE     6.95    04/13/24       USD      29.85
MULHACEN PTE LTD            6.50    08/01/23       EUR      60.59
MULHACEN PTE LTD            6.50    08/01/23       EUR      60.78
NT RIG HOLDCO PTE LTD       7.50    12/20/21       USD      58.13
ORO NEGRO DRILLING PTE      7.50    01/24/19       USD      14.23
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      69.76
SSMS PLANTATION HOLDING     7.75    01/23/23       USD      69.82
SWIBER CAPITAL PTE LTD      6.25    10/30/17       SGD       4.20
SWIBER CAPITAL PTE LTD      6.50    08/02/18       SGD       4.20
SWIBER HOLDINGS LTD         5.55    10/10/16       SGD      12.25
SWIBER HOLDINGS LTD         7.13    04/18/17       SGD       6.13
SWIBER HOLDINGS LTD         7.75    09/18/17       CNY       6.12


   SOUTH KOREA
   -----------

ECOMAISTER CO LTD           2.00    10/11/22       KRW      73.13
HEUNGKUK FIRE & MARINE      5.70    12/29/46       KRW      43.81
KIBO ABS SPECIALTY CO L     5.00    02/26/21       KRW      68.00
KIBO ABS SPECIALTY CO L     5.00    08/28/21       KRW      73.78
KIBO ABS SPECIALTY CO L     5.00    02/24/22       KRW      73.10
KIBO ABS SPECIALTY CO L     5.00    02/28/22       KRW      72.26
KIBO ABS SPECIALTY CO L     5.00    02/24/23       KRW      71.04
LOTTE CARD CO LTD           3.95    06/28/49       KRW      38.96
POSCO ENERGY CO LTD         5.21    08/29/43       KRW      61.61
SAMPYO CEMENT CO LTD        8.30    04/20/14       KRW      70.00
SAMPYO CEMENT CO LTD        7.50    07/20/14       KRW      70.00
SAMPYO CEMENT CO LTD        8.30    09/10/14       KRW      70.00
SAMPYO CEMENT CO LTD        8.10    04/12/15       KRW      70.00
SAMPYO CEMENT CO LTD        8.10    06/26/15       KRW      70.00
SINBO SECURITIZATION SP     5.00    03/21/21       KRW      67.67
SINBO SECURITIZATION SP     5.00    06/29/21       KRW      73.95
SINBO SECURITIZATION SP     5.00    07/26/21       KRW      64.87
SINBO SECURITIZATION SP     5.00    08/31/21       KRW      63.31
SINBO SECURITIZATION SP     5.00    12/27/21       KRW      72.92
SINBO SECURITIZATION SP     5.00    01/25/22       KRW      61.55
SINBO SECURITIZATION SP     5.00    01/26/22       KRW      62.84
SINBO SECURITIZATION SP     5.00    02/23/22       KRW      63.75
SINBO SECURITIZATION SP     5.00    02/28/22       KRW      72.25
SINBO SECURITIZATION SP     5.00    06/27/22       KRW      65.80
SINBO SECURITIZATION SP     5.00    06/29/22       KRW      74.61
SINBO SECURITIZATION SP     5.00    07/24/22       KRW      65.48
SINBO SECURITIZATION SP     5.00    07/26/22       KRW      66.71
SINBO SECURITIZATION SP     5.00    08/29/22       KRW      66.30
SINBO SECURITIZATION SP     5.00    08/31/22       KRW      66.34
SINBO SECURITIZATION SP     5.00    09/26/22       KRW      66.05
SINBO SECURITIZATION SP     5.00    09/28/22       KRW      74.71
SINBO SECURITIZATION SP     5.00    12/25/22       KRW      70.15
SINBO SECURITIZATION SP     5.00    01/25/23       KRW      65.78
SINBO SECURITIZATION SP     5.00    01/29/23       KRW      69.93
SINBO SECURITIZATION SP     5.00    02/28/23       KRW      72.70
SINBO SECURITIZATION SP     5.00    03/20/23       KRW      72.54
SINBO SECURITIZATION SP     5.00    06/27/23       KRW      67.91
SINBO SECURITIZATION SP     5.00    07/24/23       KRW      67.58
SINBO SECURITIZATION SP     5.00    08/29/23       KRW      68.45
SINBO SECURITIZATION SP     5.00    08/29/23       KRW      68.45
SINBO SECURITIZATION SP     5.00    09/26/23       KRW      68.18
SINBO SECURITIZATION SP     5.00    09/26/23       KRW      68.18
SINBO SECURITIZATION SP     5.00    09/26/23       KRW      68.18
SINBO SECURITIZATION SP     5.00    10/24/23       KRW      67.97
SINBO SECURITIZATION SP     5.00    10/24/23       KRW      67.97
SINBO SECURITIZATION SP     3.00    11/21/23       KRW      64.49
SINBO SECURITIZATION SP     5.00    11/21/23       KRW      68.85
SINBO SECURITIZATION SP     4.00    12/25/23       KRW      66.32
SINBO SECURITIZATION SP     4.00    12/25/23       KRW      66.32
SINBO SECURITIZATION SP     5.00    12/25/23       KRW      70.51
SINBO SECURITIZATION SP     3.00    01/29/24       KRW      66.35
SINBO SECURITIZATION SP     4.00    01/29/24       KRW      68.32
SINBO SECURITIZATION SP     4.00    01/29/24       KRW      68.32
SINBO SECURITIZATION SP     5.00    02/27/24       KRW      69.23
SINBO SECURITIZATION SP     4.00    04/15/24       KRW      66.57


   SRI LANKA
   ---------

SRI LANKA DEVELOPMENT B     6.92    01/01/23       USD      73.67
SRI LANKA DEVELOPMENT B     4.28    01/22/23       USD      69.16
SRI LANKA DEVELOPMENT B     4.48    01/22/23       USD      69.45
SRI LANKA DEVELOPMENT B     5.94    01/22/23       USD      71.73
SRI LANKA DEVELOPMENT B     4.26    03/16/23       USD      67.75
SRI LANKA DEVELOPMENT B     6.62    03/16/23       USD      71.60
SRI LANKA DEVELOPMENT B     4.13    05/01/23       USD      66.44
SRI LANKA DEVELOPMENT B     4.17    05/01/23       USD      66.50
SRI LANKA DEVELOPMENT B     5.66    05/01/23       USD      69.09
SRI LANKA DEVELOPMENT B     6.69    05/01/23       USD      70.80
SRI LANKA DEVELOPMENT B     6.70    05/01/23       USD      70.82
SRI LANKA DEVELOPMENT B     6.71    05/01/23       USD      70.83
SRI LANKA DEVELOPMENT B     4.81    01/22/25       USD      59.18
SRI LANKA DEVELOPMENT B     5.98    01/22/25       USD      61.79
SRI LANKA DEVELOPMENT B     6.02    01/22/25       USD      61.89
SRI LANKA DEVELOPMENT B     6.05    01/22/25       USD      61.97
SRI LANKA DEVELOPMENT B     6.50    01/22/25       USD      63.11
SRI LANKA DEVELOPMENT B     6.75    01/22/25       USD      63.75
SRI LANKA DEVELOPMENT B     6.80    01/22/25       USD      63.88
SRI LANKA DEVELOPMENT B     6.82    01/22/25       USD      63.93
SRI LANKA DEVELOPMENT B     6.87    01/22/25       USD      64.05
SRI LANKA GOVERNMENT IN     5.88    07/25/22       USD      70.48
SRI LANKA GOVERNMENT IN     5.88    07/25/22       USD      70.60
SRI LANKA GOVERNMENT IN     5.75    04/18/23       USD      67.06
SRI LANKA GOVERNMENT IN     5.75    04/18/23       USD      67.07
SRI LANKA GOVERNMENT IN     6.85    03/14/24       USD      65.73
SRI LANKA GOVERNMENT IN     6.85    03/14/24       USD      65.90
SRI LANKA GOVERNMENT IN     6.35    06/28/24       USD      65.67
SRI LANKA GOVERNMENT IN     6.35    06/28/24       USD      65.72
SRI LANKA GOVERNMENT IN     6.13    06/03/25       USD      64.55
SRI LANKA GOVERNMENT IN     6.13    06/03/25       USD      64.61
SRI LANKA GOVERNMENT IN     6.85    11/03/25       USD      64.35
SRI LANKA GOVERNMENT IN     6.85    11/03/25       USD      64.44
SRI LANKA GOVERNMENT IN     6.83    07/18/26       USD      63.87
SRI LANKA GOVERNMENT IN     6.83    07/18/26       USD      63.90
SRI LANKA GOVERNMENT IN     6.20    05/11/27       USD      62.71
SRI LANKA GOVERNMENT IN     6.20    05/11/27       USD      62.82
SRI LANKA GOVERNMENT IN     6.75    04/18/28       USD      62.62
SRI LANKA GOVERNMENT IN     6.75    04/18/28       USD      62.72
SRI LANKA GOVERNMENT IN     7.85    03/14/29       USD      62.95
SRI LANKA GOVERNMENT IN     7.85    03/14/29       USD      62.96
SRI LANKA GOVERNMENT IN     7.55    03/28/30       USD      62.52
SRI LANKA GOVERNMENT IN     7.55    03/28/30       USD      62.71
SRILANKAN AIRLINES LTD      7.00    06/25/24       USD      56.82


   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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