/raid1/www/Hosts/bankrupt/TCRAP_Public/210330.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, March 30, 2021, Vol. 24, No. 58

                           Headlines



A U S T R A L I A

CREDIT FOUR: First Creditors' Meeting Set for April 1
D MASTERSON: First Creditors' Meeting Set for April 9
FLEXICOMMERCIAL 2021-1: Moody's Assigns B2 Rating to Class F Notes
HIRTES INSURANCE: First Creditors' Meeting Set for April 9
LA PEROUSE: First Creditors' Meeting Set for April 8

LIBERTY SERIES 2021-1: Moody's Gives (P)B2 Rating to Class F Notes
LLHR1 PTY: First Creditors' Meeting Set for April 12
NOW TRUST 2019-1: Moody's Raises Rating on Class F Notes to B1
SAMS ALLOY: First Creditors' Meeting Set for April 9
SERENE BLOODSTOCK: Court to Hear Wind Up Petition on March 31

[*] AUSTRALIA: Insolvency Cliff Turns Out to be a Mirage


C H I N A

ANXIN TRUST: Goes After Debtors to Recover CNY2.9 Billion
DR. PENG TELECOM: Moody's Withdraws Caa3 Corp. Family Rating
HAITONG SECURITIES: Banned From Advisory Work for One Year
JIANGSU ZHONGNAN: S&P Gives 'B' Rating on New USD Unsecured Notes
POWERLONG REAL ESTATE: S&P Hikes ICR to 'BB-' on Business Expansion

[*] CHINA: Revamps Credit Ratings Rules Amid Massive Bond Defaults


I N D I A

AI CHAMPDANY: CARE Lowers Rating on INR33.98cr LT Loan to C
AUCTUS TOWN: Insolvency Resolution Process Case Summary
BESCO LTD: Insolvency Resolution Process Case Summary
BHANDARI FOILS: CARE Moves D Debt Ratings to Not Cooperating
BHARATHI VIDHYALAYA: Ind-Ra Moves 'D' Rating to Non-Cooperating

ECSTASY REALTY: CARE Keeps C Debt Ratings to Not Cooperating
EMCER TILES: CARE Reaffirms D Rating on INR66.74cr LT Loan
EMDEE DIGITRONICS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
EZEEGO ONE: Insolvency Resolution Process Case Summary
FIBCOM INDIA: CARE Lowers Rating on INR32.02cr Loan to D

FUTURE CONSUMER: CARE Reaffirms D Rating on INR311.50cr Loan
GLOBAL CERAMICS: CARE Reaffirms D Rating on INR46.98cr LT Loan
GMR BAJOLI: CARE Reaffirms D Rating on INR1,831.16cr LT Loan
GMR POCHANPALLI: CARE Reaffirms D Ratings on INR304.93cr Loans
GRAND PRIX: Ind-Ra Keeps 'BB+' LT Issuer Rating in Non-Cooperating

GUJARAT STATE: Insolvency Resolution Process Case Summary
GUPTA BUILDERS: CARE Lowers Rating on INR50cr LT Loan to D
HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating
KAMINENI EDUCATIONAL: Ind-Ra Keeps BB+ Rating in Non-Cooperating
KAPICO MOTORS: Insolvency Resolution Process Case Summary

M/S HEENA: Ind-Ra Moves & Withdraws 'B+' Long-Term Issuer Rating
M/S SULABHA: Ind-Ra Assigns 'B' LT Issuer Rating, Outlook Stable
MAA BHAGWATI: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating
MANALI SUGARS: Insolvency Resolution Process Case Summary
MANGALAM ISPAT: CARE Lowers Rating on INR10.56cr Loan to D

MANGALYA SOFT-TECH: Insolvency Resolution Process Case Summary
MATHURA FIBRES: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
MITHILA CARS: CARE Keeps D Debt Rating in Not Cooperating
NAGAMMAL MILLS: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
NATURAL POWER: Insolvency Resolution Process Case Summary

NECTAR BOTTLING: CARE Withdraws B Rating on Outstanding Debt
NEW SAPNA: CARE Moves D Debt Rating to Not Cooperating Category
ORIENTAL GRANITES: CARE Moves D Debt Rating to Not Cooperating
RAM PANELS: Ind-Ra Gives BB Long-Term Issuer Rating, Outlook Stable
RELIANCE COMMERCIAL: CARE Moves D Debt Ratings to Not Cooperating

RELIANCE HOME: CARE Moves D Debt Ratings to Not Cooperating
REWA AGROTECH: CARE Keeps D Debt Ratings in Not Cooperating
ROHTAK PANIPAT: CARE Reaffirms D Rating on INR937.92cr Loan
ROHTAK-HISSAR TOLLWAY: CARE Reaffirms D Rating on INR942.82cr Loan
RUKMINI IRON: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable

SEYA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
SHANTI HOSPITAL: CARE Moves D Debt Rating to Not Cooperating
SHILPA ELECTRICALS: Ind-Ra Gives B- Issuer Rating, Outlook Stable
SHIVSHAKTI BARRELS: Insolvency Resolution Process Case Summary
SINNAR THERMAL: CARE Moves D Debt Rating to Not Cooperating

SUPREME FINEFAB: Insolvency Resolution Process Case Summary
TED TRAVEL: Insolvency Resolution Process Case Summary
UM GREEN: CARE Moves D Debt Ratings to Not Cooperating Category
UTILITY AGROTECH: Insolvency Resolution Process Case Summary
WAVE GROUP: NCLT Admits Insolvency Application

YASHOMATI HOSPITALS: Insolvency Resolution Process Case Summary


I N D O N E S I A

BANK NEGARA: Fitch Assigns Final BB Rating on USD500MM Sub. Bonds


J A P A N

SHARP CORP: S&P Alters Outlook to Stable & Affirms 'BB-/B' ICRs


N E W   Z E A L A N D

ASSET FINANCE: S&P Alters Outlook to Stable & Affirms 'B-/B' ICRs


S I N G A P O R E

AVATION PLC: S&P Lowers ICR to 'SD' on Bond Restructuring
CHINA FISHERY: Burlington & Monarch Submit Chapter 11 Plan
EAGLE HOSPITALITY: Court Approves Monarch's Stalking-Horse Bid
GOLDEN ENERGY: Moody's Affirms B1 CFR, Outlook Remains Stable
HONG LEONG: Assigns Xinfei's Debt to Chinese Buyer for CNY48.7MM



X X X X X X X X

[*] BOND PRICING: For the Week March 22, 2021 to March 26, 2021

                           - - - - -


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

CREDIT FOUR: First Creditors' Meeting Set for April 1
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Credit Four
Pty Ltd will be held on April 1, 2021, at 10:30 a.m. via
teleconference.

David Michael Stimpson of SV Partners was appointed as
administrator of Credit Four on March 22, 2021.


D MASTERSON: First Creditors' Meeting Set for April 9
-----------------------------------------------------
A first meeting of the creditors in the proceedings of D Masterson
Pty Ltd, trading as Stud Park Panels, will be held on April 9,
2021, at 11:00 a.m. at the offices of Hamilton Murphy Advisory Pty
Ltd, Level 1, 255 Mary Street, in Richmond, Victoria.

Stephen Robert Dixon and Leigh William Dudman of Hamilton Murphy
were appointed as administrators of D Masterson on March 26, 2021.


FLEXICOMMERCIAL 2021-1: Moody's Assigns B2 Rating to Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Corporate Trust Limited, as trustee of
flexicommercial ABS Trust 2021-1.

Issuer: flexicommercial ABS Trust 2021-1

AUD301.50 million Class A Notes, Assigned Aaa (sf)

AUD43.65 million Class B Notes, Assigned Aa2 (sf)

AUD25.20 million Class C Notes, Assigned A2 (sf)

AUD15.75 million Class D Notes, Assigned Baa2 (sf)

AUD24.75 million Class E Notes, Assigned Ba2 (sf)

AUD9.90 million Class F Notes, Assigned B2 (sf)

The AUD29.25 million of Class G Notes are not rated by Moody's.

The transaction is a securitisation of a portfolio of commercial
auto and equipment loans and leases originated by Flexirent Capital
Pty Limited and serviced by flexicommercial Pty Ltd (together,
flexicommercial), each a wholly owned subsidiary of Humm Group
Limited. This is flexicommercial's first auto and equipment asset
backed securities transaction for 2021.

Flexicommercial has been providing commercial asset finance to
Australian businesses for over 20 years. Historically,
flexicommercial primarily funded smaller ticket "tertiary assets"
such as scanner, copiers, printers and telephone systems under a
point-of-sale origination model. However, since early 2018,
flexicommercial has shifted its strategic focus towards commercial
lending via broker distribution funding larger ticket "primary"
assets such as trucks, trailers and construction equipment, which
form the majority of the portfolio.

RATINGS RATIONALE

The definitive ratings take into account, among other factors:

There is a limited performance history for flexicommercial's
broker originated "primary" asset receivables that constitute most
of this portfolio. Although flexicommercial have been originating
commercial equipment loans and leases for over 20 years they
shifted focus from point-of-sale originated "tertiary" assets to
broker originated larger ticket "primary" assets in early 2018.

The evaluation of the underlying receivables and their expected
performance;

The fact that approximately 70% of the receivables were extended
to the obligors on a no-income verification basis, referred to as
"Matrix". The Matrix product allows obligors who meet certain
stringent requirements to access the loan without providing
financial statements;

The evaluation of the capital structure;

The availability of excess spread over the life of the
transaction;

The liquidity facility in the amount of 1.50% of the rated note
balance subject to a floor of AUD300,000;

The interest rate swap provided by Westpac Banking Corporation
(Aa3/P-1/Aa2(cr)/P-1(cr)).

Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 33.00%, 23.30%, 17.70%, 14.20%, 8.70%
and 6.50% of note subordination, respectively.

The notes will initially be repaid on a sequential basis until the
credit enhancement of the Class A Notes is at least 45%. Should the
Class A Notes credit enhancement exceeds 45% the Class A to Class F
Notes will be paid pro-rata and senior to the Class G Notes until
such point that the Class G Notes subordination exceeds 13%. At
that point Class A to Class G Notes will be paid pro-rata. The
notes will however be paid on a sequential basis should there be
any unreimbursed charge-offs or the payment date is on or after the
call option date. The call option date is the earlier of the date
the aggregate invested amounts of the notes is equal to or less
than 10% of the initial invested amount of the notes or the payment
date in March 2025.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a portfolio loss rate of 8.00%,
and a portfolio credit enhancement of 38.00%.

To address the limited historical loss data on flexicommercial's
portfolio, Moody's have benchmarked the performance to data from
comparable Australian commercial auto and equipment ABS
originators. Moody's have also overlaid additional stresses into
Moody's default and PCE assumptions.

The Matrix (no-income-verification) product offering has been
originated for almost twelve years in the Australian auto and
equipment loan space. However, through-the-cycle historical data on
the performance of this product is limited. To address this risk
and the fact that the portfolio has a very high proportion of
Matrix (approximately 70.0%), Moody's have applied further
qualitative stresses in its analysis.

Risks arising from the lack of income verification for these
borrowers are partly mitigated by the stringent requirements to
access this product. The key requirements, among others, relate to
the length of time the business has been active (generally, a
minimum of two years), limitations with respect to the maximum
exposure (AUD250,000 for primary assets and AUD150,000 for
non-primary assets) and the nature of the assets (used assets
acceptable for primary assets only), and requirements relation to
satisfactory credit reports on all applicants and guarantors.

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
Approach to Rating ABS Backed by Equipment Leases and Loans"
published in December 2020.

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

Factors that could lead to an upgrade of the notes include a rapid
build-up of credit enhancement, due to sequential amortization or
better-than-expected collateral performance. The Australian job
market is a primary driver of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons that
could lead to a downgrade include poor servicing, error on the part
of transaction parties, a deterioration in the credit quality of
transaction counterparties, or lack of transactional governance and
fraud.


HIRTES INSURANCE: First Creditors' Meeting Set for April 9
----------------------------------------------------------
A first meeting of the creditors in the proceedings of Hirtes
Insurance Brokers Pty. Limited will be held on April 9, 2021, at
11:00 a.m. at the offices of SM solvency accountants, 10/144 Edward
Street, in Brisbane, Queensland.

Brendan Nixon of SM Solvency Accountants was appointed as
administrator of Hirtes Insurance on March 29, 2021.


LA PEROUSE: First Creditors' Meeting Set for April 8
----------------------------------------------------
A first meeting of the creditors in the proceedings of La Perouse
Construction Group Pty Ltd FKA "Hunters Hill Construction Services
Pty Ltd" and "Forte NSW Pty Ltd" will be held on April 8, 2021, at
11:00 a.m. via virtual facilities.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of La Perouse on
March 25, 2021.


LIBERTY SERIES 2021-1: Moody's Gives (P)B2 Rating to Class F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by Liberty Funding Pty Limited in
respect of Liberty Series 2021-1.

Issuer: Liberty Series 2021-1

AUD520.00 million Class A1 Notes, Assigned (P)Aaa (sf)

AUD68.25 million Class A2 Notes, Assigned (P)Aaa (sf)

AUD17.55 million Class B Notes, Assigned (P)Aa2 (sf)

AUD13.00 million Class C Notes, Assigned (P)A2 (sf)

AUD6.50 million Class D Notes, Assigned (P)Baa2 (sf)

AUD9.10 million Class E Notes, Assigned (P)Ba2 (sf)

AUD1.95 million Class F Notes, Assigned (P)B2 (sf)

The AUD13.65 million Class G Notes are not rated by Moody's.

The transaction is a securitisation of Australian residential
mortgages loans. All mortgages were originated and are serviced by
Liberty Financial Pty Limited (Liberty, unrated). The transaction
features a two-year substitution period, whereby additional loans
can be sold into the portfolio on a monthly basis, subject to
substitution parameters and portfolio performance triggers being
met.

The transaction also includes a two month prefunding period,
whereby Liberty Funding Pty Ltd will issue notes up to AUD650
million, based on the initial pool of AUD490.0 million. During the
pre-funding period, additional loans may be sold into the trust, up
to the pre-funding amount of AUD147.0 million, subject to certain
portfolio parameters and the eligibility criteria.

Liberty is an Australian non-bank lender. It started originating
non-conforming residential mortgages in 1997. It subsequently
expanded into prime residential mortgage origination, as well as,
among others, auto loans, small commercial mortgage loans and
personal loans. Residential mortgages remain Liberty's predominant
business. As of December 2020, it had a portfolio of Australian
mortgage assets over AUD8.4 billion.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables, the prefunding period,
the two-year substitution period together with the substitution
parameters, the evaluation of the capital structure and credit
enhancement provided to the notes, the availability of excess
spread over the life of the transaction, the liquidity reserve in
the amount of 2.00% of the notes balance, the legal structure, and
the credit strength and experience of Liberty as Servicer.

Moody's MILAN credit enhancement (MILAN CE) for the collateral pool
is 8.2%, while the expected loss is 1.30%.

MILAN CE represents the loss Moody's expect the portfolio to suffer
in a severe recessionary scenario, and does not take into account
structural features of the transaction. The expected loss
represents a stressed, through-the-cycle loss relative to
Australian historical data.

Substitution parameters in this deal significantly reduce the risk
of material deterioration in the collateral quality due to addition
of new loans to the pool during the two-year substitution period.
This is because these parameters, applicable to monthly
substitutions, are closely aligned with the parameters of the pool
as of closing date. Substitution parameters limit, among other,
proportions of loans with adverse credit, alt-doc verification, and
scheduled loan-to-value (LTV) ratios above 80% and 90%.

Moody's have considered the limited risk posed by the substitutions
at the MILAN CE and expected loss levels.

Furthermore, substitution of new loans will stop while there are
any unreimbursed carryover charge-offs or if proportion of loans in
arrears greater than 60 days - on a three-month average basis -
exceeds 4%.

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 consumer assets 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.

The key transactional features are as follows:

Class A1 Notes and Class A2 Notes benefit from 20.0% and 9.5% note
subordination respectively.

Following the end of the substitution period, the notes will
initially be repaid sequentially. Once stepdown conditions are met,
all Notes, excluding Class G Notes, will receive a pro-rata share
of principal payments. The stepdown conditions include, among
others, the payment date falling at least one year after the most
recent mortgage acquisition and absence of charge offs. Principal
pay-down will revert to sequential once the aggregate loan amount
is at 20% or less of the aggregate loan amount at closing, or on or
following the payment date in March 2025.

The guarantee fee reserve account, which is unfunded at closing
and will build up to a limit of 0.30% of the issued notional from
the bottom of the interest waterfall prior to interest paid to the
Class G Notes noteholders. The reserve account will firstly be
available to meet losses on the loans and charge-offs against the
notes. Secondly, it can be used to cover any required payment
shortfalls that remain after drawing on principal and the liquidity
facility. Any reserve account balance used can be reimbursed to its
limit from future excess income.

The key features of the mortgage loan pool are as follows:

The portfolio has a scheduled LTV ratio of 68.3%, with a
relatively high proportion of loans with a scheduled LTV ratio
above 80.0% (14.2%) and above 90% (7.6%).

Around 24.8% of the loans in the portfolio were extended to
self-employed borrowers.

6.4% of the loans in the portfolio were extended on an alternative
documentation basis.

The portfolio contains 3.8% exposure with respect to borrowers
with prior credit impairment (default, judgment or bankruptcy).
Moody's assesses these borrowers as having a significantly higher
default probability.

Methodology Underlying the Rating Action:

The principal methodology used in these ratings was "Moody's
Approach to Rating RMBS Using the MILAN Framework" published in
December 2020.

Factors that would lead to an upgrade or downgrade of the ratings:

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors or higher recoveries on defaulted
loans. The Australian job market and the housing market are primary
drivers of performance.

A factor that could lead to a downgrade of the notes is
worse-than-expected collateral performance. Other reasons for
performance worse than Moody's expects include poor servicing,
error on the part of transaction parties, a deterioration in credit
quality of transaction counterparties, fraud and lack of
transactional governance.


LLHR1 PTY: First Creditors' Meeting Set for April 12
----------------------------------------------------
A first meeting of the creditors in the proceedings of LLHR1 Pty
Ltd, formerly trading as "Lucky Lupitas", will be held on April 12,
2021, at 10:30 a.m. via teleconference only.

Nicholas David Cooper and Dominic Charles Cantone of Oracle
Insolvency Services were appointed as administrators of LLHR1 Pty
on March 29, 2021.


NOW TRUST 2019-1: Moody's Raises Rating on Class F Notes to B1
--------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on five classes
of notes issued by NOW Trust 2019-1.

The affected ratings are as follows:

Issuer: NOW Trust 2019-1

Class B Notes, Upgraded to Aa1 (sf); previously on Oct 01, 2019
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to A1 (sf); previously on Oct 01, 2019
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to Baa1 (sf); previously on Oct 01, 2019
Definitive Rating Assigned Baa2 (sf)

Class E Notes, Upgraded to Ba1 (sf); previously on Oct 01, 2019
Definitive Rating Assigned Ba2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Oct 01, 2019
Definitive Rating Assigned B2 (sf)

RATINGS RATIONALE

The upgrades were mainly prompted by an increase in note
subordination available to the affected notes. Sequential
amortization of the notes from closing has led to the increase in
note subordination. The transaction has been making pro-rata
principal repayments among all the rated notes since June 2020. The
unrated Class G Notes will not be repaid until all classes of notes
senior to them have been fully repaid. As such, note subordination
continues to build up gradually.

Following the March 2021 payment, note subordination available for
the Class B, Class C, Class D, Class E and Class F Notes has
increased to 28.6%, 20%, 16.4%, 7.1% and 4% from 20.2%, 13.8%,
11.2%, 4.3% and 2%, respectively as of closing.

In addition, the performance of the underlying portfolio has been
broadly in line with Moody's expectations. As of February 2021,
2.4% of the outstanding pool was 30-plus day delinquent, 0.5% was
90-plus day delinquent, and 2.1% was under COVID-19-related
hardship assistance. The deal has incurred AUD6,938,590 of loss to
date, which have been covered by excess spread.

Based on the observed performance to date, loan attributes,
COVID-19-related hardship assistance and considering the gradual
and uneven recovery, Moody's has updated its expected default
assumption to 8.4% of the current outstanding balance (equivalent
to 7.7% of original balance) compared to 8% of the original balance
at closing.

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 personal loans 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.

The transaction is a cash securitisation of a portfolio of
Australian unsecured and secured personal loans originated by NOW
Finance Group Pty Ltd.

The principal methodology used in this rating was "Moody's Approach
to Rating Consumer Loan-Backed ABS" published in July 2020.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include (1)
performance of the underlying collateral that is better than
Moody's expectations, and (2) an increase in credit enhancement
available for the notes.

Factors that could lead to a downgrade of the ratings include (1)
performance of the underlying collateral that is worse than Moody's
expectations, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.


SAMS ALLOY: First Creditors' Meeting Set for April 9
----------------------------------------------------
A first meeting of the creditors in the proceedings of Sams Alloy
Welding Pty Ltd will be held on April 9, 2021, at 3:30 p.m. at the
offices of Hamilton Murphy, Level 1, 255 Mary Street, in Richmond,
Victoria.

Richard Rohrt of Hamilton Murphy was appointed as administrator of
Sams Alloy on March 27, 2021.


SERENE BLOODSTOCK: Court to Hear Wind Up Petition on March 31
-------------------------------------------------------------
Australian Financial Review reports that one of Australia's best
known horse studs has sought a court order to wind up former mining
billionaire Nathan Tinkler's family's company, Serene Bloodstock
Pty Ltd.

Widden Stud Australia Pty Ltd commenced the winding up application
on June 9 last year, according to a notice published by the
corporate regulator last week, AFR says.

AFR relates that the notice said a Federal court hearing had been
scheduled for the case at 11:00 a.m. on March 31.

According to AFR, the revelation of the winding-up order comes
after The Sydney Morning Herald reported last year that some of the
Tinkler family horse racing interests - including Serene Bloodstock
- were being targeted by debt collectors.

Serene Bloodstock is owned by Nathan Tinkler's parents Leslie and
Zelda, according to documents lodged with the Australian Securities
and Investments Commission, AFR relays.

At that time, it was revealed the Twin Hills stud had also applied
to the Supreme Court to have Serene Bloodstock wound up.

Widden Stud's application, however, was only unveiled last week,
AFR notes.

It comes about a month after the New South Wales-based stud
announced its expansion into Victoria by taking over Sun Stud,
which is home to the stallion barn where famous horse Black Caviar
was conceived, the report notes.

Former Rich Lister Nathan Tinkler went from billionaire to bankrupt
over the past 15 years, however his ASIC-imposed ban for insolvent
trading expired last month.


[*] AUSTRALIA: Insolvency Cliff Turns Out to be a Mirage
--------------------------------------------------------
Australian Financial Review reports that insolvency specialists
said they are struggling to find work restructuring businesses and
are not expecting a rush of corporate failures as a result of the
JobKeeper wage subsidy ending.

AFR says the strong economic recovery from the COVID-19 recession
and temporary insolvency protections for company directors last
year have prevented a wave of business collapses.

Even with the wind down of the AUD90 billion wage subsidy on
March 28 and the collapse of supply-chain financing firm Greensill,
business advisers and corporate undertakers are not seeing a big
pipeline of future restructuring work.

AFR relates that Marcus Ayres, managing director at business
advisory firm Duff & Phelps, said there would be some orderly
business wind downs and asset sales, but overall the insolvency
"lawyers and accountants are very quiet, frankly".

"Insolvency is about half the levels entering COVID, which was a
really quiet period for insolvency anyway," the report quotes Mr.
Ayres as saying.  "There is not a lot of inquiries, the Tax Office
is not pushing businesses and there is very low interest rates."

Mr. Ayres said many SME owners had pledged their family homes as
collateral for business loans, "and everyone's house price is going
up," AFR relays.

There was a 45 per cent fall in insolvency appointments in the nine
months to the end of December 2020, the COVID-19 emergency period
during which the government provided insolvency protections and
unprecedented financial support to firms, the report discloses.

Some 4,751 businesses had insolvency practitioners appointed,
compared with 8,628 in the same period in 2019, AFR discloses
citing data published by the Australian Securities and Investments
Commission.

According to AFR, Ashurst insolvency and restructuring partner
Michael Sloan said it was unlikely there would be a big rise in
insolvencies that had been predicted last year.

"Given that we are at historic lows of financial distress as
evidenced by record low insolvency appointments and the most
significant stimulus is being wound back - JobKeeper - it makes
sense that there will be an increase," the report quotes Mr. Sloan
as saying.

"However, the breathing space given to allow businesses to get
their houses in order means that any increase will be gradual
rather than sudden and dramatic.

"The insolvency cliff predicted last year turned out to be a
mirage."

About 1 million workers and 350,000 businesses were on JobKeeper at
the end of February.

Australian Taxation Office data indicates about 680,000 businesses
employing 2.8 million people had graduated from JobKeeper,
Treasurer Josh Frydenberg said on March 28, AFR relays.

The unemployment rate has fallen to 5.8 per cent.

AFR relates that Mr. Frydenberg said that JobKeeper had achieved
its objectives of saving lives and livelihoods, and had already
been extended for an extra six months.

The government was providing targeted support, including cheap
10-year loans of up to AUD5 million for small and medium
enterprises that could defer repayments for two years.

The joint government-bank loans are available to businesses with up
to AUD250 million in turnover, AFR notes.




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

ANXIN TRUST: Goes After Debtors to Recover CNY2.9 Billion
---------------------------------------------------------
Liang Hong and Tang Ziyi at Caixin Global reports that Anxin Trust
Co. Ltd., which is facing 60 lawsuits from investors seeking to
recover CNY25 billion (US$3.82 billion), is taking legal action of
its own against three companies who owe it money, including two
with links to its boss who has been detained by police on suspicion
of issuing illicit loans.

Caixin relates that the former darling of the trust sector, which
is undergoing a financial restructuring, is suing two companies for
overdue debt involving about CNY2.9 billion, according to a filing
made to the Shanghai Stock Exchange on March 24.  The two companies
are related to Anxin Trust's actual controller, Gao Tianguo,
sources familiar with Anxin Trust told Caixin. Gao was detained by
police in Shanghai in June last year over allegations he violated
lending regulations.

In its filing, Anxin Trust said it lent CNY200 million at an annual
interest rate of 12% to Shanghai Guxin Investment Co. Ltd. that
matured in May 2019, but the interest and principal have yet to be
repaid, Caixin relays. The Shanghai Financial Court on
March 12 accepted a lawsuit filed by Anxin Trust against Shanghai
Guxin, which demanded payment of the overdue loan principal,
interest, fines and other fees totaling CNY290.8 million, the
filing, as cited by Caixin, showed.

Based in Shanghai, China, Anxin Trust Co., Ltd, offers trust
service for clients in agriculture, biomedicine, city renovation,
Internet infrastructure, pension, logistics, and new energy
industry fields. The company was formerly known as Anxin Trust &
Investment Co., Ltd. and changed its name to Anxin Trust Co., Ltd
in April 2014.


DR. PENG TELECOM: Moody's Withdraws Caa3 Corp. Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn Dr. Peng Telecom & Media
Group Co., Ltd.'s Caa3 corporate family rating. Moody's has also
withdrawn Dr. Peng Holding Hongkong Limited's Caa3 backed senior
unsecured rating.

Prior to the withdrawal, the outlook on the ratings was negative.

RATINGS RATIONALE

Moody's has decided to withdraw the ratings because it believes it
has insufficient or otherwise inadequate information to support the
maintenance of the ratings.

Dr. Peng Telecom & Media Group Co., Ltd., headquartered in Beijing,
offers broadband internet access and application services, among
others. The company was listed on the Shanghai Stock Exchange in
1994.


HAITONG SECURITIES: Banned From Advisory Work for One Year
----------------------------------------------------------
Regulation Asia reports that the China Securities Regulatory
Commission (CSRC) has imposed a one-year business ban on Haitong
Securities for allegedly helping Yongcheng Coal to sell bonds
illegally.

Last November, state-owned Yongcheng Coal defaulted on CNY1 billion
worth of bonds, just weeks after the issuance, disrupting the bond
markets and prompting a probe into the underwriters, including
Haitong, the report recalls.

Earlier this year, the National Association of Financial Market
Institutional Investors (NAFMII) admonished three underwriters of
Yongcheng Coal's bonds and ordered them to rectify their failures,
according to Regulation Asia.

Around the same time, NAFMII said it had identified regulatory
breaches at Haitong Securities and three of its related
institutions connected to the Yongcheng default. The institutions
were referred to the People's Bank of China (PBOC) and CSRC.

Regulation Asia relates that Haitong said at the time it had taken
rectification measures to enhance its business operations,
including strengthening staff training and improving internal
controls.

The CSRC said now responded by suspending Haitong Securities from
conducting bond investment advisory business for institutional
investors for one year, the report relays.

The company did not effectively control and prevent risks when it
conducted its investment consulting and private equity management
business, causing "serious negative effects" to the market, the
regulator said.

According to the report, Haitong Securities is also required to
conduct more frequent internal compliance inspections and submit
compliance inspection reports to the regulator.

An affiliate, Haitong Asset Management, is required to suspend
private placements its provision of investment advisory services
for 12 months, adds Regulation Asia.

China-based Haitong Securities provides services in stocks and
futures brokerage, as well as investment banking, corporate
finance, M&A, asset management, mutual fund, and private equity.


JIANGSU ZHONGNAN: S&P Gives 'B' Rating on New USD Unsecured Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its 'B' long-term issue rating to the
proposed U.S. dollar-denominated senior unsecured notes to be
issued by Haimen Zhongnan Investment Development (International)
Co. Ltd., a subsidiary of Jiangsu Zhongnan Construction Group Co.
Ltd. (Zhongnan; B+/Stable/--). Zhongnan irrevocably and
unconditionally guarantees the notes. The China-based property
developer intends to use the net proceeds to refinance its existing
debt. The issue rating is subject to our review of the final
issuance documentation.

S&P said, "We rate the proposed senior unsecured notes one notch
below the issuer credit rating on Zhongnan to reflect substantial
structural subordination risk. As of Sept. 30, 2020, Zhongnan's
capital structure consisted of Chinese renminbi (RMB) 51.4 billion
in secured debt, RMB28.4 billion in unsecured debt, and RMB11.1
billion in guarantees. The company's secured debt is about 56.5% of
total debt, above our notching-down threshold of 50%.

"In our view, the proposed notes will not materially affect
Zhongnan's credit profile, given that the proceeds would be mainly
used for refinancing purposes. We expect Zhongnan to achieve solid
revenue recognition in 2020 and 2021 while controlling its
leverage. As of June 30, 2020, 65% of the company's total land
reserve is in lower-tier cities. That said, Zhongnan has
demonstrated steady execution, with total contracted sales rising
14.2% to RMB223.8 billion in 2020. This is reflected in our stable
outlook on the company. We estimate Zhongnan's consolidated
debt-to-EBITDA ratio was 5.5x-6.0x in 2020, with the look-through
ratio at 5.0x-5.5x."


POWERLONG REAL ESTATE: S&P Hikes ICR to 'BB-' on Business Expansion
-------------------------------------------------------------------
S&P Global Ratings raised its long-term issuer credit rating on
Powerlong Real Estate Holdings Ltd. to 'BB-' from 'B+'. S&P also
raised its issue rating on the company's outstanding senior
unsecured notes to 'B+' from 'B'.

S&P said, "The stable outlook reflects our view that Powerlong will
continue to increase its operating scale and investment portfolio
over the next 12 months, while sustaining above-average
profitability.

"We upgraded Powerlong because we expect the company's solid sales
execution, better profitability than peers', and increasing
recurring income from investment properties to sustain its improved
financial profile over the next 12 months."

Powerlong's margins are likely to decline over the next one to two
years, but will remain materially higher than peers'.

The company's margin contraction is in line with the industry trend
due to intense competition for land and ongoing price restrictions.
Powerlong's gross margin will likely dip only slightly to 30%-33%
in 2021-2022, from 36% in 2020. This is because apart from public
land auctions, the company has established other land replenishment
channels, such as acquiring commercial and residential complex
projects (60% of salable resources acquired in 2020), to keep its
land costs competitive.

S&P expects Powerlong to continue to use these alternative channels
for land replenishment due to its strengthening brand and
connections to local governments as well as enhanced expertise in
commercial mixed-use projects. The average cost of the company's
existing land reserves was only about 23% of its average selling
price in 2020.

Powerlong's expansion target looks achievable without heavily
relying on additional debt.

The company has a contracted sales growth target of 29% to Chinese
renminbi (RMB) 105 billion in 2021. While this target may appear
ambitious, we believe it is achievable. That's because it only
implies a sell-through rate of 55%-60% on Powerlong's RMB170
billion of salable resources, lower than 61%-67% in 2019-2020.

The company is likely to continue to solidify its market position
in the Yangtze River Delta (YRD) and gradually penetrate the
Greater Bay Area (GBA), lowering its concentration risk. Since
2019, Powerlong has been increasing its presence in GBA cities,
such as Zhuhai and Zhongshan. S&P believes these cities will boost
sales growth in the coming years.

To support its fast expansion, Powerlong will continue to
participate in more joint venture (JV) projects.

S&P estimates the attributable ratio of the company's contracted
sales will remain low at 55% in the next one to two years, in line
with 50%-55% in previous two years. While sharing land costs among
partners could reduce Powerlong's debt burden, its consolidated
revenue growth will slow because these JVs are off-balance sheet.

The company will also leverage on capital injection from minority
shareholders, indicating potential cash needs if the company
repurchases the equity interests. The growth in minority interest
is largely from developers rather than financial institutions such
as trust companies. S&P views this as a positive factor.

Powerlong's enlarged recurring income will provide additional
operating cash flow stability.

Given COVID-19 is largely under control in mainland China, we
anticipate that the company's recurring income (including rental
income plus contracted management fee) to interest coverage to
improve to 52% in 2021 and 57% in 2022, from 51% in 2020. The
improvement will be underpinned by the high visibility of
Powerlong's new shopping malls pipeline. However, the company's
occupancy rate and average rents will remain low compared to that
of leading players such as China Resources Land Ltd. and Longfor
Group Holdings Ltd.

Execution risks remain for Powerlong's commercial property
expansion as the company plans to build landmark shopping malls in
larger tier-two cities such as Nanjing. While this could enhance
its brand reputation, the company's expertise in managing high-end
shopping malls is untested.

S&P said, "We expect Powerlong's controlled debt growth, which is
less than EBITDA growth, to sustain its improved debt servicing
capacity over the next 12 months.

"In our view, the company will take a more conservative approach on
land replenishments, given it has sufficient land bank that can
support development for the next three years. It will allocate
significant capital for commercial properties development, and we
expect the capital expenditure to be RMB5 billion-RMB6 billion
annually in 2021-2022. Overbudget or aggressive expansion may put
pressure on Powerlong's cash flow or liquidity, but a significant
increase in debt growth is unlikely, considering tightened
regulations on funding in China's property sector. As a result, we
forecast the company's debt growth to slow to 12%-14% in 2021 from
20% in 2020.

"Despite moderate revenue increase, Powerlong's EBITDA growth will
remain high at 14%-15% annually in 2021-2022, surpassing debt
growth, given strong sales in 2018-2020 and above-average
profitability. We therefore forecast the company's consolidated
leverage (debt-to-EBITDA ratio) will be 4.7x-4.9x in 2021-2022,
compared to 4.9x in 2020. The company has increased its exposure in
JVs since 2017, and their EBITDA contribution has gradually been
coming through. We estimate the look-through leverage, which
proportionately consolidates JVs, will be slightly lower than
consolidated leverage.

"The stable outlook reflects our view that Powerlong will continue
to expand its scale and solidify its market position both in
property development and investment properties over the next 12
months. The company will maintain considerably stronger
profitability than peers' although it will gradually slide due to
sector conditions.

"We may lower the rating if Powerlong's profitability is lower than
our expectation or if the company uses more debt to fund expansion.
A consolidated debt-to-EBITDA ratio exceeding 5.5x or a
look-through debt-to-EBITDA ratio exceeding about 5.0x on a
sustainable basis could signal such a deterioration.

"We could raise the rating if Powerlong's debt leverage continues
to improve significantly on strong revenue expansion, stable
profitability, and disciplined debt growth. A debt-to-EBITDA ratio
(on a consolidated and look-through basis) sustainably below 4.0x
could indicate such an improvement.

"We may also raise the rating if Powerlong's recurring income from
investment properties fully covers its interest expense. This could
happen if the company continues to improve its operating scale and
occupancy rate and shows steady execution in its new shopping mall
construction. However, upside is limited in the next 12 months
given Powerlong's recurring income base is smaller relative to
peers'."


[*] CHINA: Revamps Credit Ratings Rules Amid Massive Bond Defaults
------------------------------------------------------------------
Caixin Global reports that Chinese companies will in principle no
longer need to disclose credit ratings reports for certain bonds
issued on the interbank market, according to new rules issued March
26 by the market regulator.

Caixin relates that the rules, which took effect on March 29, are
part of the interbank regulator's efforts to reduce bond issuers'
reliance on ratings providers, as a recent wave of defaults by
highly rated companies has exposed how domestic ratings agencies
provided excessively generous scores and downplayed credit risks in
an effort to secure clients.

According to the new rules, an issuer still needs to disclose a
credit ratings report for a bond if the repayment order of the
bond's principal and interest is ranked after the issuer's ordinary
unsecured debts, which may cause the bond's rating to be lower than
the issuer's rating as a whole, Caixin relays.




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

AI CHAMPDANY: CARE Lowers Rating on INR33.98cr LT Loan to C
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of AI
Champdany Industries Limited, as:

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long-term Bank       33.98     CARE C; Stable revised from
   Facilities                     CARE BB+; Stable

   Short term Bank
   Facilities           32.00     CARE A4 Revised from CARE A4+

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of AI
Champdany Industries Limited take into account ongoing delays in
repayment of Funded Interest Term loan (FITL) (not rated by CARE).
The rating revision also takes into account deterioration in the
financial performance of the company with company incurring net
loss in FY20 (refers to the period from April 1 to March 31) and
9MFY21, poor liquidity position and suspension of work at its
Wellington Jute Mill, Rishra.  The ratings continue to be
constrained by its exposure to volatility in raw-material prices,
labor-intensive operations coupled with labor problems associated
with the industry along with stiff competition in the industry and
moderate capital structure.

The weaknesses are, however, offset by the long track record of
AICIL and more than four decades of experience of the promoters in
the jute industry, possession of large unencumbered freehold land
bank by the company, presence in the export market, empanelment
with government institutions and favorable government policies for
the jute industry.

As confirmed by the lenders, AICIL had availed moratorium of
interest on working capital facility for a period of 6 months from
March 2020 to August 2020 under the RBI relief package for
COVID-19.

Key Rating Sensitivities

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

* Default track free record on a sustained basis

* Increase in scale of operations with increase in PAT margin above
5% on a sustained basis

* Improvement in capital structure with overall gearing ratio


AUCTUS TOWN: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Auctus Town Planners Private Limited
        289, Sector-D
        Pocket-6, Vasant Kunj
        New Delhi 110070
        India

Insolvency Commencement Date: January 24, 2020

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: July 20, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Tejas Patel

Interim Resolution
Professional:            Mr. Tejas Patel
                         126, Lawyers Chambers
                         R.K. Jain Block
                         Supreme Court of India
                         New Delhi 110001
                         India
                         E-mail: mail@tejaspatel.in
                                 auctuscirp@gmail.com

Last date for
submission of claims:    February 5, 2020


BESCO LTD: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: BESCO Ltd.
        5/2 Russel Street
        Poonam Building
        17th Floor
        Kolkata
        WB 700071
        IN

Insolvency Commencement Date: January 27, 2020

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: July 25, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Manish Jain

Interim Resolution
Professional:            Mr. Manish Jain
                         Manish Mahavir & Co.
                         2B, Grant Lane
                         Room No. 303, 3rd floor
                         Bajarang Kunj
                         Kolkata 700012
                         E-mail: manishmahavir@gmail.com
                                 cirp.besco@gmail.com
                         Mobile: 9830248684
                                 8582806221

Last date for
submission of claims:    February 15, 2020


BHANDARI FOILS: CARE Moves D Debt Ratings to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Bhandari
Foils and Tubes Limited (BFTL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term Bank       90.00     CARE D; ISSUER NOT COOPERATING
   Facilities                     Rating moved to ISSUER NOT
                                  COOPERATING Category

   Short Term Bank     103.26     CARE D; ISSUER NOT COOPERATING
   Facilities                     Rating moved to ISSUER NOT
                                  COOPERATING Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BFTL to monitor the ratings
vide e-mail communications/letters dated January 7, 2021, January
29, 2021, March 11, 2021, March 12, 2021, March 15, 2021 and
numerous phone calls. However, despite CARE's repeated requests,
BFTL has not provided the requisite information for monitoring the
ratings. In line with the extant SEBI guidelines, CARE has reviewed
the rating on the basis of the best available information which,
however, in CARE's opinion is not sufficient to arrive at a fair
rating. Further, BFTL has not paid the surveillance fees for the
rating exercise as agreed to in its Rating Agreement. The ratings
on BFTL's bank facilities will now be denoted as CARE D; ISSUER NOT
COOPERATING.

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

The ratings assigned to the bank facilities of BFTL continue to
remain constrained on account of continuous overdrawals in cash
credit account for more than 30 days, devolvement of letter of
credit and ongoing delays in repayment of term loan.

Detailed description of the key rating drivers

At the time of last rating on January 21, 2020, the following were
the rating strengths and weaknesses (updated based on best
available information which is FY20 audited results for BFTL).

Key Rating Weaknesses

* Continuous overdrawals in cash credit account, devolvement of LC
and default in repayment of term loan: Due to poor liquidity, BFTL
has continuous overdrawals from cash credit account beyond 30 days
and devolvement of letter of credit. Further there are on-going
delays in repayment of term loans.

* Weak financial profile marked by declining scale of operations
and continued losses: BFTL had reported decline in TOI from
INR354.76 crore in FY19 to INR254.71 crore in FY20 which led to
lower absorption of fixed costs and consequent operating losses.
Net loss had also increased from INR24.80 crore in FY19 to INR35.38
crore in FY20.

Analytical approach: Standalone along with factoring in the
corporate guarantee extended by the company. BFTL has extended
unconditional and irrevocable corporate guarantee for the bank
facilities of INR49.50 crore availed by Resurgent Power Projects
Ltd. (RSPL; erstwhile Enmas GB Power Systems Project Ltd.; rated
CARE D; ISSUER NOT CO-OPERATING).

Incorporated in 1993, BFTL (CIN: U74110TN1993PLC024327) is promoted
by the Bhandari group based out of Chennai.  BFTL is engaged into
the business of manufacturing stainless steel (SS) welded tubes and
pipes, bright annealing tubes, cold rolled SS coils, strips and
foils and pipe fittings. BFTL's manufacturing unit is located at
Dewas, Madhya Pradesh and had an installed capacity for
manufacturing of 15,000 metric tons per annum (MTPA) of SS tubes,
strips, section/components and bright annealing tubes along with
8,000 MTPA for cold-rolled SS (CRSS) coils, strips and foils as on
March 31, 2020.

BHARATHI VIDHYALAYA: Ind-Ra Moves 'D' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings & Research (Ind-Ra) has downgraded Bharathi
Vidhyalaya Educational Trust's (BVET) bank facilities' rating to
'IND D' from 'IND BB' and has simultaneously migrated it to the
non-cooperating category. The Outlook was Stable. The issuer did
not participate in the rating exercise despite continuous requests
and follow-ups by the agency. Thus, the rating is based on the best
available information. Therefore, investors and other users are
advised to take appropriate caution while using the rating. The
rating will now appear as 'IND D (ISSUER NOT COOPERATING)' on the
agency's website.

The detailed rating actions are:

-- INR426.80 mil. Bank loans (Long-term) downgraded and migrated
     to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating; and

-- INR50.00 mil. Fund-based working capital limit (Long-term)
     downgraded and migrated to non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer did not cooperate; based on
the best available information.

KEY RATING DRIVERS

The downgrade reflects BVET's delays in debt servicing over the 12
months ended February 2021, the details of which are unavailable.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months would
be positive for the ratings.

COMPANY PROFILE

BVET is a public charitable trust founded in 1997 by P R Velumani
and his wife Amutham. The trust manages the Bharathi Vidhyalaya
Matriculation School and Bharathi Vidhyalaya CBSE School in
Gobichettipalayam, Tamil Nadu and offers classes from pre-primary
to 12th standard.

ECSTASY REALTY: CARE Keeps C Debt Ratings to Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ecstasy
Realty Private Limited (ERPL) continues to remain in the 'Issuer
Not Cooperating' category.

                         Amount
   Facilities         (INR crore)   Ratings
   ----------         -----------   -------
   LT Bank Facilities–    500.00    CARE C; ISSUER NOT
COOPERATING
   Term loan                        Rating continues to remain
   (proposed)                       under ISSUER NOT COOPERATING
                                    category

   Non-Convertible        600.00    CARE D; ISSUER NOT COOPERATING
   Debenture issue                  Rating continues to remain
                                    under ISSUER NOT COOPERATING
                                    category

   Non-Convertible        250.00    CARE C; ISSUER NOT COOPERATING
   Debenture issue–                 Rating continues to remain
   (Proposed)                       under ISSUER NOT COOPERATING
                                    category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from ERPL to monitor the rating
vide e-mail communications dated February 26, 2021, February 16,
2021 and February 6, 2021 and numerous phone calls. However,
despite CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which, however, in CARE's opinion
is not sufficient to arrive at a fair rating. The rating on ERPL's
bank facilities and instruments will now be denoted as CARE D/ CARE
C; ISSUER NOT COOPERATING.

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

CARE has not received monthly NDS (No Default Statement) since
January 2021. There is no confirmation received from the debenture
trustee with respect to the status of debt servicing. The
reaffirmation of the ratings is owing to non-receipt of
confirmation.

Detailed description of the key rating drivers:

At the time of last rating on March 23, 2020 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Sluggishness in sales of Phase-I; albeit expected to improve post
receipt of OC: ERPL had earlier envisaged the OC to be received in
March 2018 which was however received only in December 2018. Hence
the number of flats expected to be sold during FY19 was lower than
that envisaged. However, after receipt of OC, the sales have
gathered momentum and ERPL has been able to sell 8 new flats as
comfort for a buyer is much higher for a flat with ready OC
available. Currently out of 122 available flats, 79 flats have been
sold and the residents have also moved into the apartments.

* Partial dependency on promoter funds for NCD coupon payment: Due
to above postponement of envisaged cashflows, ERPL was totally
dependent on promoter support for repayment of the quarterly NCD
coupon up to December 31, 2018. However, post receipt of OC, pick
up in sale of flats and collection the dependency on promoters
support is expected to reduce.

* Nascent stage of Phase-II of the project thereby exposed to
execution risks: For the Phase-II of the project, the land has been
acquired and plan has been submitted to authorities for final
approval which is expected to be received shortly. Given the
nascent stage of construction, with approvals pending, therefore
risk exists pertaining to timely execution of the project. Further,
financial closure towards the same is pending and with significant
proportion of total cost to be funded through customer advances,
funding risk persists.

* Cyclicality in real estate industry: The capital-intensive real
estate industry is highly cyclical in nature. Though reforms
announced recently in real estate sector have been taken in the
right direction, the investor's confidence is yet to pick up. The
major challenges pertaining to clearances, land acquisition,
project delay, liquidity issues, slow sales and pile-up of
inventory, are yet to be addressed for complete recovery of the
sector. The recent liquidity crisis in NBFCs (non-banking finance
companies) and HFCs (housing finance companies) affected the real
estate sector, as accessing capital from lenders has become a lot
tougher. However, with the improvement in macro-economic conditions
in the country, the real estate sector is expected to attain a
gradual recovery.

Key Rating Strengths

* Experience and track record of the promoters: Mr. Shobhit J.
Rajan, the promoter of ERPL, has over 20 years experience in the
construction industry. Mr. Rajan was earlier a Director of Gammon
India Limited and was responsible for procurement, resource raising
and execution of projects. He has also been the recipient of
several industrial accolades. Mr. Rajan is assisted by a team of
experienced management team. Over the years, under the leadership
of Mr. Rajan, the Raiaskaran Group (RG) has been involved in
development of residential and commercial spaces in Mumbai
aggregating to 2 million ft2.

* Prime location of the property in Mumbai real estate market: ERPL
is currently developing a premium residential tower named
"Parthenon" located at J P Road, Versova in Mumbai. Versova is one
of the most prime locations in the Western region of Mumbai. This
residential tower forms Phase-I of the project. ERPL is also
proposing to develop Phase-II which shall be located adjacent to
the "Parthenon" building to be comprising of residential flats,
commercial complex and a clubhouse. The project is located very
close to D.N. Nagar station of Mumbai Metro which provides seamless
East-West suburban connectivity. The neighborhood is also well
developed with all the urban amenities in proximity including
malls, multiplex, schools, college, restaurants etc. The location
is approximately 5 km from Andheri suburban Railway station and
about 10-15 km from the Mumbai Domestic & International Airport.
Further, the site is well connected by roads through S.V. Road,
Western Express Highway and Jogeshwari-Vikhroli Link Road.

Ecstasy Realty Private Limited (ERPL) is a group company of the
Mumbai-based Raiaskaran Group (RG), which was incorporated in the
year 1992. RG, established by Mr. Shobhit Rajan, is into real
estate development of commercial and residential spaces. ERPL is
developing a residential tower named "Parthenon" (MAHARERA
Registration No.P51800008444) located at J P Road, Versova in
Mumbai and having total saleable area of 6.35 lakh sqft. This forms
Phase-I of the proposed development plan of RG in Versova.

EMCER TILES: CARE Reaffirms D Rating on INR66.74cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Emcer
Tiles Private Limited (ETPL), as:

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term Bank
   Facilities           66.74     CARE D Reaffirmed

   Short Term Bank
   Facilities            4.25     CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of ETPL continue to
factor in the on-going delays in debt servicing obligation due to
stressed liquidity considering high debt levels and high working
capital intensity of operations.

CARE also takes note that ETPL has availed the moratorium granted
by its lenders as well as emergency credit line of Rs.2.30 crore as
a COVID-19 relief measure (as permitted by the Reserve Bank of
India) during March-August 2020.

Key Rating Sensitivities

Positive factors:

* Improvement in overall liquidity position along with timely
repayment of its bank loans

Negative Factors: Not Applicable

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing due to poor liquidity: Due to weak
liquidity position, ETPL delayed in servicing its interest
obligation on term loan for the month of January 2021. Utilisation
of fund-based working capital facility also remained high at around
98% post scaling up operations in July 2020. ETPL had low free cash
and bank balance of INR0.60 crore at November 2020 end and its
current ratio also remained weak at 0.98x as on balance sheet
date.

* Low profitability, leveraged capital structure and modest debt
coverage indicators: Although ETPL reported improvement in PBILDT
margin due to increase in manufacturing sales, its PAT margin
remained below unity at 0.81% in FY20, on account of higher
interest and depreciation costs. The capital structure of the
company remained leverage on account of high project debt and
working capital intensive nature of operations. Consequently,
ETPL's overall gearing remained high at 2.55x at FY20 end.
Similarly, the interest coverage and total debt/ GCA remained
modest at 1.94x and 9.46x respectively at FY20 end.

Key Rating Strengths

* Long-standing experience of the promoters in ceramic tiles
industry: The promoters have more than two decades of experience in
the ceramic tile industry through their association with other
entities which has a well-established track record of operations.

* Growth in scale of operations in the first year itself with
moderate profitability: During the first full year of commercial
operations, ETPL's reported total operating income (TOI) of
INR122.91 crore. PBILDT margin also improved by 123 bps y-o-y to
13.15% in FY20 on account of increase in proportion of
manufacturing sales which carry higher margins as compared to
trading sales.  As per provisional results for 10MFY21, ETPL's
total sales increased to INR127.15 crore.

Incorporated on January 6, 2015, ETPL was incorporated to
manufacture Glazed Vitrified Tiles (GVT) at Morbi (Gujarat). The
greenfield project was completed in June 2018 and it commenced
commercial operations from July 2018 with an installed capacity of
approx. 9000 Sq. Mt per day. The total project cost of INR97.67
crore was funded in project debt/equity ratio of 1.73 times. ETPL
is engaged in production of vitrified tiles in varied size of 800
mm x 800 mm, 800 mm x 2400 mm, 600 x 1200 mm, 1200 mm x 1200 mm and
1200 mm x 2400 mm.

EMDEE DIGITRONICS: Ind-Ra Keeps BB Issuer Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Emdee
Digitronics Pvt Ltd's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR25 mil. Fund-based working capital limit maintained in non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating;

-- INR96.5 mil. Non-fund-based working capital limit maintained
     in non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR35 mil. Proposed fund-based working capital limit withdrawn

     (the company did not proceed with the instrument as
     envisaged); and

-- INR83.5 mil. Proposed non-fund-based working capital limit
     withdrawn (the company did not proceed with the instrument as

     envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 6, 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Formed as a partnership firm in 1995, Emdee Digitronics was
reconstituted as a private limited company in 2005. It provides
several data and manpower services to government entities.


EZEEGO ONE: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Ezeego One Travel & Tours Limited

        Registered address:
        1st Floor, Cecil Court
        Lansdowne Road, Colaba
        Mumbai MH 400039
        IN

        Principal office address:
        Vaman Techno Centre
        Marol Makwana Road
        Andheri East
        Mumbai 400059

Insolvency Commencement Date: March 19, 2021

Court: National Company Law Tribunal, Mumbai Bench-II

Estimated date of closure of
insolvency resolution process: September 15, 2021
                               (180 days from commencement)

Insolvency professional: Mr. Gaurav Ashok Adukia

Interim Resolution
Professional:            Mr. Gaurav Ashok Adukia
                         Anand Bhavan
                         Jamnadas Adukia Road
                         Kandivali West
                         Mumbai City
                         Maharashtra 400067
                         E-mail: gauravadukia@hotmail.com

                            - and -

                         Sumedha Management Solutions
                         Private Limited
                         809, 810, 8th Floor
                         B-Wing, Trade World
                         Kamala Mills Compound
                         Lower Parel (West)
                         Mumbai 400013
                         Maharashtra
                         E-mail: ezeego@sumedhamanagement.com

Last date for
submission of claims:    April 2, 2021


FIBCOM INDIA: CARE Lowers Rating on INR32.02cr Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Fibcom India Limited (FIL), as:

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term Bank       32.02     CARE D Revised from CARE BB-;
   Facilities                     Stable

   Short Term Bank      67.50     CARE D Revised from CARE A4
   Facilities           

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of FIL
takes into account the ongoing delays in the servicing of the
interest for the bank facilities of the company. Further, there are
more than 30 days delays in the bill discounting facility on
account of FIL's poor liquidity position resulting from cash flow
mismatches. The rating is further constrained by its working
capital intensive nature of operations, moderate financial
performance and foreign currency fluctuation risk on account of
dependence on imports.

* FIL has sought moratorium on few of its payments due to its
lenders as part of the COVID-19: Regulatory Package announced by
the RBI on March 27, 2020 and May 22, 2020. In the anticipation of
the said approval following the regulatory package by RBI some of
the interest payments on working capital facility were deferred by
the company. The moratorium has been approved by the bankers of
FIL. CARE did not recognize this instance as a default in that
period as the same was permitted by the RBI as part of the relief
measures announced recently. This was as per the guidance provided
by the SEBI circular SEBI/ HO/ MIRSD/ CRADT/ CIR/ P/ 2020/ 53 dated
March 30, 2020.

Key Rating Sensitivities:

Positive Factors:

* Improvement in overall operational performance of the company
leading to substantial improvement in its financial risk profile.

* Effective management of its working capital and improvement in
its liquidity position.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays & Poor liquidity: FIL's working capital cycle
stood at 509 days in FY20 as against 492 days in FY19. The
liquidity position of FIL is poor and the working capital
utilization at maximum level for past 12 months remained high at
99.22% which shows the working capital-intensive nature of the
operations. The company has been facing delays in the payment from
its government customers and with the outbreak of Covid-19 there
has been pressure on the business. With the significant stretch in
its operating cycle there were cash flow mismatches which led to
delays in payments of interest of the bank facilities of the
company and delays in the bill discounting facility on account of
its poor liquidity. The company took moratorium as per RBI
guidelines for deferment of interest servicing on CC from March to
August 2020.

* Moderate financial risk profile: Income from operations increased
marginally to INR68.79 crores in FY20 (refers to period from April
01 to March 31) from INR66.52 crore in FY19. PAT stood at loss of
INR3.14 crores in FY20 as against INR0.72 crore in FY19 on account
of higher depreciation. Total debt as on March 31, 2020 decreased
to INR157.61 crores (including inter-corporate deposits of INR80.04
crores and working capital borrowings of INR65.11 crores) from
INR159.74 crores (including inter-corporate deposits of INR80.29
crores and working capital borrowings of INR66.44 crores) as on
March 31, 2019. The company does have any term loan from banks and
inter-corporate deposits does not have any fixed repayment
schedule, interest rate charged on inter-corporate deposits is
6.65%. The debtors stood at INR41.35 cr as on December 31, 2020.

* Working capital intensive nature of operations: FIL obtains
orders through tendering and bidding process and receives payments
as per the delivery of order. FIL has long operating cycle due to
milestone-based payments. FIL's working capital cycle stood at 509
days in FY20 as against 492 days in FY19. Average creditor days
decreased to 107 days in FY20 from 208 days in FY19 and inventory
days decreased to 391 days in FY20 from 402 days in FY19. The
working capital limits of the company remained 99.22% utilized
during the preceding 12 months (Jan'20 to Dec'20) which shows the
working capital intensive nature of the operations. Total
receivables decreased to INR39.00 crores as on 31st Mar 2020 from
INR46.45 crore as on 31st Mar 2019.

* Foreign currency fluctuation risk on account of dependence on
imports: As the company has been in this line of business for more
than 20 years, the company has established relationship with the
suppliers. The company procures the raw materials from the domestic
markets as well as from foreign suppliers. Further, the company
does not have any hedging policy. The company reported a net profit
on foreign currency fluctuation of INR0.13 crore in FY20 (PY:
INR0.01 crore).

Key Rating Strengths

* Strong promoter group along with funding support in the past:
Fibcom India Limited (FIL) was established in December 1994 as a
Joint Venture (JV) between NKT Elektronik, Denmark, ITI Limited and
IFU, Denmark. In 2006, Delhi-based Lalit Suri group acquired the
company from the promoters. Suri group has diversified business
interest in sectors including auto ancillary, auto dealership,
hospitality, aviation, education etc. Group companies of FIL
include Subros Limited, Bharat Hotels Limited, Rohan Motors
Limited. Further, the promoters of FIL have supported the
operations of the company through regular infusion of funds in the
form of unsecured loans and Optionally Convertible Cumulative
Redeemable Preference Shares (OCCRPS). As on March 31 2020, the
funds infused by the promoters (in the form of unsecured loans,
inter-corporate deposits and OCCRPS) stood at INR84.09 crore as
against INR84.34 crore as on March 31, 2019.

Fibcom India Limited (FIL) was established in December 1994 as a
Joint Venture (JV) between NKT Elektronik, Denmark, ITI Limited and
IFU, Denmark. In 2006, Delhi-based Lalit Suri group acquired the
company from the promoters. Suri group has diversified business
interest in sectors including auto ancillary, auto dealership,
hospitality, aviation, education etc. Group companies of FIL
include Subros Limited, Bharat Hotels Limited, Rohan Motors
Limited. FIL is engaged into manufacturing of telecom networking
equipment and also offer Installation & Commissioning (I&C) of
telecommunication projects and network consultancy services. FIL is
into manufacturing of optical transmission products (SDH/DWDM),
integrated network solutions and telecom infrastructure development
projects. The manufacturing and R&D facility of FIL is located in
Noida, Uttar Pradesh. The client base of FIL is reputed which
includes Power Grid Corporation of India Limited, Himachal
Futuristic Communication Limited, Railtel Corporation of India, Gas
Authority of India Limited, Delhi Metro Rail Corporation etc.
Further, the Board of Director of Company have approved scheme of
merger (The Scheme) proposing merger of Fibcom India Limited
(transferor Company)) into Prima Telecom Limited (PTL). Further,
post-merger, as per the scheme, all the business of transferor
Company, all assets and all liabilities shall be merged into PTL.
As per the discussion with the management, the company is currently
waiting for the approval from NCLT, post which merger will be
completed.


FUTURE CONSUMER: CARE Reaffirms D Rating on INR311.50cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Future Consumer Limited (FCL), as:

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term Bank
   Facilities          311.50     CARE D Reaffirmed

   Long Term/
   Short Term Bank
   Facilities          109.00     CARE D Reaffirmed

   Short Term Bank
   Facilities           95.00     CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities and instruments of FCL
continue to factor in delays in debt servicing by the company due
to its weak financial performance and stretched liquidity
position.

Detailed description of the key rating drivers

* Weak financial performance and stretched liquidity position: The
liquidity position of the company continues to remain weak on
account of weak financial performance, leading to ongoing delays in
debt servicing. CARE takes cognizance of the fact that company is
currently undergoing restructuring and a resolution plan.

Future Consumer Ltd. (FCL, erstwhile known as Future Consumer
Enterprise Ltd.) is a part of the Future Group and operates as a
food company. The company's line of business include branding,
marketing, sourcing, manufacturing, and distribution of basic
foods, ready to eat meals, snacks, beverages, dairy, personal
hygiene and home care products of private label brands of the
Future Group (such as Premium Harvest, Golden Harvest, Ektaa, Clean
mate, Caremate, Tasty Treat, Fresh & Pure, Voom etc.) and other
brands like Sunkist and Sach, primarily through Future group
formats and outlets in urban and rural areas across India.


GLOBAL CERAMICS: CARE Reaffirms D Rating on INR46.98cr LT Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Global Ceramics Private Limited (GCPL), as:

                       Amount
   Facilities       (INR crore)     Ratings
   ----------       -----------     -------
   Long Term Bank
   Facilities           46.98       CARE D Reaffirmed

   Short Term Bank
   Facilities             -         Withdrawn

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of GCPL continues to be
constrained by recent instances of delays in debt servicing by the
company. The rating also factors in the company's modest liquidity
position, working capital intensive nature of operation, small
scale of operations and presence in a competitive industry. The
rating also takes note of improvement in gearing due to reduction
in unsecured loans.  Further, CARE has withdrawn the ratings for
short term facilities as the same stands merged with long term
facilities as a sublimit.

Rating Sensitivities

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

* Improvement in liquidity position and resultantly better debt
servicing track record

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: Global Ceramics Private Limited had
reported delays on term loan instalment and interest payments with
last such delay reported in January 2021. Although, it has been
observed that the company had sufficient funds in its current
accounts, debt servicing was delayed due to financial discipline
related issues. CARE learns from the company's management that the
company has taken corrective measures to ensure timely debt
servicing. Hence, going forward, the company's ability to
demonstrate adherence to such measures would remain key
monitorable.

* Working capital intensive nature of operations: The operations of
GCPL are working capital intensive in nature due to sizable
inventory holdings. It provides around 30 days to its clients for
payment of their dues (29 days as on March 31, 2020 (PY: 26
days)). Further, it gets around 50 days for the payment to its
suppliers. The creditor days stood at 55 days as on March 31, 2020
(PY: 48 days)). The company maintains inventory levels of around
three months due to the nature of operations (112 days as
on March 31, 2020 (PY: 90 days). The operating cycle of the company
stood at 87 days as on March 31, 2020 (PY: 69 days) owing to the
increase in the inventory days. The fund based working capital
limits are almost fully utilized.

* Small scale of operations: The total income of the company
increased to INR245.97 crore in FY20 (PY: INR245.41 crore).
Further, the company has reported lower total income of INR129.57
crore and PBILDT of INR7.39 cr in 9MFY21 (Prov.) refers to the
period from April 1, 2019 to December 31, 2020).

* Highly competitive nature of the industry: The ceramic tiles/
sanitary ware industry is competitive in nature and there is
competition from unorganized sector, besides presence of other
large players. Demand for tiles/sanitary ware is dependent on
building construction industry which is cyclical in nature. During
covid period, the real estate development had slowed down and hence
performance of the ceramic industry has also been impacted to a
certain extent. Despite the slowdown in the real estate sector and
adverse macroeconomic environment, limited usage of ceramic tiles
in India compared with other countries, rapid urbanisation,
increasing disposable income of nuclear families and untapped rural
market and stable replacement demand is envisaged to augur well for
the Indian ceramic tile industry in the long term.

Liquidity analysis: Stretched: The company has reported a current
ratio of 1.01x as on March 31, 2020(PY: 1.22x). The fund based
working capital limits remain fully utilized showing stretched
liquidity position. The company has an operating cycle of 85 days
as on March 31, 2020. It has high creditors and inventory days of
55 days and 112 days as on March 31, 2020 (PY: 48 and 90 days
respectively). The company had taken both the moratoriums on the
interest and principal repayment of the term loan and moratorium
for only 1 month on the interest of the cash credit account.

Global Ceramics Private Limited (GCPL), incorporated in the year
2008, is promoted by Mr. Hari Ram Gupta. The company is managed by
Mr. Gupta and his sons Mr. Ved Prakash Gupta, Mr. Manoj Gupta, and
Mr. Niraj Kumar Gupta. GCPL is engaged in the trading and
manufacturing of sanitary ware & tiles under its brand "Glocera"
and trading of cement. It is an ISO 9001:2008 certified company. In
the sanitary ware, the company deals in products like intelligent
toilets, wash basins, urinals, water closets and floor mounted
cabinets, etc. In the cement segment, the company has
distributorship of Star Cement Ltd for the state of Nagaland.


GMR BAJOLI: CARE Reaffirms D Rating on INR1,831.16cr LT Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of GMR
Bajoli Holi Hydro Power Private Limited (GBHHPPL), as:

                         Amount
   Facilities         (INR crore)     Ratings
   ----------         -----------     -------
   Long Term Bank       1,831.16      CARE D Reaffirmed
   Facilities                     

Detailed Rationale & Key Rating Drivers

The reaffirmation of the ratings assigned to the long-term bank
facilities of GBHHPPL takes into account the instances of delays in
the servicing of debt obligations by the company.

Rating Sensitivities

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

* Timely servicing of debt obligations for more than three months.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Instances of delays in servicing of debt obligations: There have
been instances delays in servicing of debt obligations by the
company. The delay in the servicing of debt obligations is
attributable to pending disbursement of term loan from lenders due
to time and cost over-run in the project leading to stretched
liquidity position of the company. The company has submitted the
proposal with lenders for approval of cost over-run in the project
which is currently under process with the lenders.

* Update on the project: The project was originally envisaged to be
commissioned by December 2017 at a cost of INR2,205 crore. The
project had earlier witnessed time over-run and COD of the project
was revised to August 2018 & subsequently to September 2019. As per
Lenders' Independent Engineer (LIE) report dated January 31, 2021
the project has further witnessed time over-run and it is now
expected to be commissioned by June 2021 revised from earlier SCOD
date of May 2020. The time overrun has also led to cost over-run
leading to revised project cost of INR3,094 crore which is
currently under process for lenders approval. The earlier approved
costs by the lender were INR2,689 crore. As per LIE, the time
overrun is largely attributable to delay in civil works given the
high snowfall in the region coupled with nationwide lockdown due to
the current on-going situation of COVID-19 pandemic.

LIE has further commented that the overall physical progress of the
project was 94.50% as on January 31, 2021.

Liquidity- Stretched

The liquidity position of the company remains stretched pending
disbursement of term loans from the lenders. The cash and bank
balance stood at INR0.36 crore as on February 26, 2021. To tide
over the uncertainty attached to the COVID-19 outbreak, the company
has approached lenders for approval of moratorium for part of its
debt obligations, which is in line with the COVID-19 Regulatory
Package announced by the Reserve Bank of India on March 27, 2020
and May 23, 2020 and the same had been approved by the lenders.

GMR Bajoli Holi Hydro Power Private Limited (GBHHPPL), incorporated
on October 1, 2008, is a special purpose vehicle (SPV) promoted by
GMR group under its energy subsidiary GMR Energy Limited, for
implementing 180 MW (3 x 60 MW) hydro power plant (run-of-river
with pondage) on the upper reaches of river Ravi, which belongs to
the Indus river system in Chamba district of Himachal Pradesh. The
project was allotted to GEL by Government of Himachal Pradesh
(GoHP) in July 2007 on Build, Own, Operate and Transfer (BOOT)
basis through international competitive bidding process based on
payment of highest one-time up-front premium of INR164 crore. The
project is awarded for a concession period of 40 years post COD.
GBHHPPL had initially considered a construction period of 55 months
from project zero date of June 29, 2013 aiming COD by December 1,
2017. However, the same has been extended to June 2021.

GMR POCHANPALLI: CARE Reaffirms D Ratings on INR304.93cr Loans
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of GMR
Pochanpalli Expressways Limited (GPEL), as:

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term Bank
   Facilities           20.00     CARE D Reaffirmed

   Non-Convertible
   Debentures          284.93     CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The reaffirmation of the ratings assigned to the long-term bank
facilities of GPEL take into account the instances of delays in the
servicing of debt obligations.

Rating Sensitivities

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

* Timely servicing of debt obligations for more than 3 months

Detailed description of the key rating drivers

Key Rating Weaknesses

* Instances of delays in servicing of debt obligations: There have
been instances of delays in the servicing of due debt obligations
by the company. The delay in the servicing of debt obligations is
attributable to non-approval of moratorium requested by the company
pursuant to the Reserve Bank of India's (RBI) circular and
Insurance Regulatory and Development Authority's (IRDA) circular in
the context of outbreak of COVID-19. Further, the debt obligations
due in October 2020 were not paid in a timely manner due to
stretched liquidity position. Although the company has cleared the
overdues in January 11, 2021, however there is a lack of track
record for timely servicing of debt obligations.

* Weakened strength of structure with continuing exposure to group
companies: GPEL has advanced funds to group companies which stood
at INR293.15 crore as on March 31, 2020 (PY: INR259.64 crore). The
total support to group companies stood at INR347.22 crore including
the interest accrued on loans and advances as on March 31, 2020
(PY: INR303.11 crore). The transfer of funds is inconsistent with
the structure originally envisaged and has diluted the strong
credit quality inbuilt in the structure. Though, the company has
received ~INR23 crore from group companies in 9MFY21, the company
is yet to receive significant portion of advances from group
companies.

Key Rating Strengths

* Annuity nature of project revenues: The project revenues are
linked with the annuity receivables from NHAI and not dependent on
the traffic on the project stretch. However, the annuity
receivables are subject to full availability and regular
maintenance of the project stretch as per terms of concession
agreement.

* Established track record of annuity receipt and low counter party
credit risk: The project has low counter party credit risk marked
by established delay free track record of annuity receipt coupled
with comfortable financial risk profile of NHAI (rated CARE AAA;
Stable). GPEL has received twenty-three annuities from NHAI till
now. The annuity payments are due semi-annually in mid of September
and March of every year and have been regular without any delay.

Liquidity: Poor

The company has poor liquidity position marked by instances of
reduction in annuities received by the company. The excess funds
have been given to group companies which have relatively weak
financial profile. The company has free cash and liquid investments
of around INR1.13 crore as on March 16, 2021. Further, the company
is dependent on timely receipt of annuities for debt servicing
though the company has maintained DSRA of INR20.00 crore in the
form of bank guarantee.

GMR Pochanpalli Expressways Private Limited (GPEL) was incorporated
as a Special Purpose Vehicle (SPV) by the GMR group on October 18,
2005 to develop and maintain the 102-km stretch on the National
Highway (NH) -7 connecting Adloor Yellareddy and Gundla Pochanpalli
in the state of Andhra Pradesh. As on March 31, 2017, GMR Highways
Limited (GHL) along with GMR Infrastructure Limited (GIL) and GMR
Energy Limited (GEL), held 100% stake of GPEL. The concession was
awarded by NHAI on Build, Operate and Transfer (BOT) Annuity Basis
to the consortium based on its lowest annuity quote of INR108 crore
(payable semi-annually). GPEL has entered into a Concession
Agreement (CA) with NHAI on March 31, 2006 for the project. The
project cost of INR702.26 crore has been funded by way of equity
INR138 crore, preference shares of INR12.26 crore from the
promoters and the balance INR552 crore by way of debt. The project
achieved Commercial Operations Date (COD) on March 26, 2009.


GRAND PRIX: Ind-Ra Keeps 'BB+' LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Grand Prix
Engineering Private Limited's Long-Term Issuer Rating in the
non-cooperating category and has simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital facilities # maintained

     in non-cooperating category and withdrawn; and

-- INR215 mil. Non-fund-based working capital facilities #
     maintained in non-cooperating category and withdrawn.

# Maintained at 'IND BB+ (ISSUER NOT COOPERATING)'/'IND A4+(ISSUER
NOT COOPERATING)' before being withdrawn.

KEY RATING DRIVERS

The ratings have been maintained in the non-cooperating category as
the issuer did not participate in the rating exercise, despite
repeated requests by the agency. Also, Grand Prix Engineering has
not provided the agency information about its annual reports of the
last four years, interim financials, and bank limits utilization,
projections for the next three years, bank statements and
management certificate.

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

COMPANY PROFILE

Incorporated in 1989, Grand Prix Engineering manufactures filters,
strainers, pressure vessels, gas conditioning skids and others. The
company was awarded the U and U2 certificates of authorization by
The American Society of Mechanical Engineers in 2003 and 2006,
respectively. Moreover, the company is certified by the National
Board of Boiler and Pressure vessel inspectors.

GUJARAT STATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Gujarat State Construction Corporation Limited
        G-1, 201/1, Sector-30
        Gandhinagar 382030
        Gujarat, India

Insolvency Commencement Date: November 11, 2020

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: May 10, 2021
                               (180 days from commencement)

Insolvency professional: Shri Arvind Gaudana

Interim Resolution
Professional:            Shri Arvind Gaudana
                         #307, Ashirwad Paras
                         Nr. Prahladnagar Garden
                         Corporate Road, Satellite
                         Ahmedabad 380015
                         Gujarat
                         E-mail: arvindg_cs@yahoo.com
                         Tel: 079-40324567/68

Last date for
submission of claims:    November 25, 2020


GUPTA BUILDERS: CARE Lowers Rating on INR50cr LT Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gupta Builders & Promoters Private Limited (GBP), as:

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

                                  ISSUER NOT COOPERATING category
                                  and Revised from CARE BB-

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 29, 2020, placed the
rating of GBP under the 'issuer non-cooperating' category as GBP
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. GBP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails and phone calls. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating.

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

The rating has been revised on account of ongoing delays in the
servicing of the term debt obligations by the company.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delays in debt servicing: There are ongoing delays in the
servicing of the term debt obligations of the company.

Incorporated in 2011, GBP is engaged in the development of
residential flats, independent plots and commercial & office
complexes.

HANUMAN DAL: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Hanuman Dal
Industries (HDI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long term Bank       25.06     CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated January 10, 2020, placed the
rating of HDI under the 'issuer non-cooperating' category as HDI
had failed to provide information for monitoring of the rating as
agreed to in its Rating Agreement. HDI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and an email dated March
10, 2021. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which, however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing: There are ongoing delays in debt
servicing and the account has been classified as Non-Performing
Asset.

Hanuman Dal Industries (HDI) was established in 2010 by Mr.
Ramanarao Musalaiha Bolla and Mr. Tirupati Rao Bolla. The promoters
operate other group entities viz Hanuman Rice Industries, Shree
Laxmi Tirupati Amma Murmura Industries, Balaji Industries, Tirumala
Dal Udyog and Adinath Cold Storage Private Limited. The firm is
engaged in processing & milling of pulses (tur and chana dal) and
sale of its by–products in the domestic market. The processing
unit is located at Kamptee, Nagpur. The firm mainly supplies its
products in the state of Maharashtra and Andhra Pradesh through
agents and brokers.

KAMINENI EDUCATIONAL: Ind-Ra Keeps BB+ Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kamineni
Educational Society's bank facilities' ratings in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Thus, the rating is based on the best-available
information. Therefore, investors and other users are advised to
take appropriate caution while using the rating. The rating will
continue to appear as 'IND BB+ (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR650 mil. Term loan due on September 30, 2023 maintained in
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating;

-- INR200 mil. Non-fund-based working capital limits maintained
     in non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating; and

-- INR50 mil. Fund-based working capital limits maintained in
     non-cooperating category with IND BB+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on March
27, 2020. Ind-Ra is unable to provide an update as the agency does
not have adequate information to review the rating.

COMPANY PROFILE

Formed in 1989, Kamineni Educational Society is registered under
the Andhra Pradesh (Telangana) Public Societies Registration Act,
1350 Fasli. It runs nursing schools and colleges.

KAPICO MOTORS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Kapico Motors India Private Limited
        Old No. 197, New No. 309
        Poonamallee High Road
        Kilpauk, Chennai 600010

Insolvency Commencement Date: January 28, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 15, 2021

Insolvency professional: Kannan Sambasivam

Interim Resolution
Professional:            Kannan Sambasivam
                         "Skyline Castle" 27
                         Abdul Razack Street
                         Saidapet, Chennai 600015
                         E-mail: charitarthkannan@gmail.com

Last date for
submission of claims:    April 2, 2021


M/S HEENA: Ind-Ra Moves & Withdraws 'B+' Long-Term Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated M/s Heena
Enterprises' Long-Term Issuer Rating to the non-cooperating
category and has simultaneously withdrawn the rating.

The instrument-wise rating actions are:

-- INR150 mil. Fund-based working capital limit # migrated to
     non-cooperating category and withdrawn; and

-- INR30 mil. Proposed fund-based limits withdrawn (the firm did
     not proceed with the instrument as envisaged).

# Migrated to 'IND B+ (ISSUER NOT COOPERATING) / IND A4 (ISSUER
NOT COOPERATING)' before being withdrawn

KEY RATING DRIVERS

The ratings have been migrated to the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency, and
has not provided information about the annual report of FY20,
interim financials, bank limits utilization, projections for next
three years, bank statements and management certificate.

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

M/S SULABHA: Ind-Ra Assigns 'B' LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned M/S. Sulabha
Poultry (SP) a Long-Term Issuer Rating of 'IND B'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR10 mil. Proposed fund-based working capital limits*
     assigned with IND B/Stable rating; and

-- INR73.5 mil. Proposed long-term loans* assigned with IND B/
     Stable rating.

*Unallocated

KEY RATING DRIVERS

The ratings reflect the time and cost overrun risks associated with
SP's under-construction unit. According to the management, the
construction of the layer unit is likely to be completed by
December 2021 and production is likely to start in the subsequent
month. The raw material will be purchased from local suppliers. The
total cost of the project is approximately INR110 million, which
will be funded by equity and term loans. The promoter's
contribution is about INR40 million. The company expects the bank
to sanction a term loan of INR73.50 million, and a working capital
facility of INR10 million.

Given the installed capacity of the plant, management expects to
book revenue of INR48 million over 2HFY21. The agency expects the
scale of operations to improve in the long term but remain small.

The margins are likely to be a modest 8%-10% in FY22, considering
the additional costs incurred during the initial stages of
production. All the numbers are based on the project report.  

The ratings, however, are supported by the partners' experience of
three years in layer farming in Odisha.

RATING SENSITIVITIES

Negative: Any delay in achieving stability in operating performance
after the commencement of commercial operations, affecting the debt
serviceability capability of the company, could be negative for the
ratings.

Positive: Timely commencement operations and the subsequent
achievement of stable operating profitability will be positive for
the ratings.  

COMPANY PROFILE

Established in November 2020, SP is a partnership firm, located in
Sahapur, Odisha. The firm plans to set up a layer firm with a
capacity of 1,20,000 birds.

MAA BHAGWATI: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Maa Bhagwati
Re-Rolling Mills Private Limited's Long-Term Issuer Rating in the
non-cooperating category. The issuer did not participate in the
rating exercise despite continuous requests and follow-ups by the
agency. Therefore, investors and other users are advised to take
appropriate caution while using these ratings. The rating will
continue to appear as 'IND BB- (ISSUER NOT COOPERATING)' on the
agency's website.

The instrument-wise rating actions are:

-- INR48.5 mil. Fund based working capital limit maintained in
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating;

-- INR25.6 mil. Term loan due on March 2023 maintained in non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR75.9 mil. Proposed fund based working capital limit
     withdrawn (the company did not proceed with the instrument as

     envisaged).

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 12, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in November 2009 in Rourkela (Odisha, Maa Bhagwati
Re-Rolling Mills manufactures structured steel products such as
angles, channels, rounds and squares.

MANALI SUGARS: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Manali Sugars Limited
        Shop No. 30/31
        Stadium Complex Station Road
        Bijapur 586101

Insolvency Commencement Date: March 22, 2021

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: September 18, 2021

Insolvency professional: Kondisetty Kumar Dushyantha

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

Last date for
submission of claims:    April 6, 2021


MANGALAM ISPAT: CARE Lowers Rating on INR10.56cr Loan to D
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mangalam Ispat (MI), as:

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term Bank       10.56     CARE D Revised from CARE B+;
   Facilities                     Stable

   Short Term Bank
   Facilities            2.00     CARE D Revised from CARE A4

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities MI takes into account
delays in debt servicing of the company within a period of last 90
days as on March 11, 2021.

Key Rating Sensitivities:

Positive Factors

* Default free track record of timely servicing of debt obligations
for at least 90 days.

* Sustained improvement in financial risk profile, especially
liquidity.

Detailed Rationale & Key Rating Drivers

Key Rating Weakness

Ongoing delays in debt servicing
There are instances of delays in debt servicing within last 90 days
(as on March 11, 2021) reflected in the bank statement. Instances
of penal interest has also been found during the period December
31, 2020 and January 31, 2021.

Liquidity: Poor

Liquidity characterized by inadequate cushion in accruals
vis-à-vis repayment obligations and low cash balance of INR0.05
Crore as on March 31, 2020. This could constrain the ability of the
company to repay is debt obligations on a timely basis. Moreover,
the company has not availed moratorium over interest on working
capital for the month of April 2020 to September 2020 which could
be availed under the terms of recent RBI circular. However, the
company has availed a Covid loan of INR1.80 crore.

Mangalam Ispat (MI) was established as a partnership firm in August
2018. The firm is engaged in manufacturing of MS Ingot and MS rods
at Bokaro Steel City, Jharkhand with an installed capacity of
36,960 MTPA. The Entity has started its operation from December 1,
2019 Mr. Kamal Kumar Agrawal (aged 52 years), having more than
three decades of experience in transportation and trading of steel
products looks after the day to day activities of the business
along with other partners with adequate support from a team of
experienced personnel.

MANGALYA SOFT-TECH: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Mangalya Soft-Tech Limited
        302 Samruddhi
        Opp Guj High-Court
        Income-Tax Circle
        Ashram Road
        Ahmedabad 380051
        Gujarat

Insolvency Commencement Date: March 19, 2021

Court: National Company Law Tribunal

Estimated date of closure of
insolvency resolution process: September 14, 2021

Insolvency professional: Mr. Pinakin Surendra Shah

Interim Resolution
Professional:            Mr. Pinakin Surendra Shah
                         A/201 Siddhi Vinayak Towers
                         B/h DCP Office
                         Next to Kataria House
                         Off S.G. Highway
                         Makaraba, Ahmedabad 380051
                         Gujarat
                         E-mail: pinakincs@yahoo.com

Last date for
submission of claims:    April 2, 2021


MATHURA FIBRES: Ind-Ra Affirms B+ LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Mathura Fibres &
Cotton Industries' (MFCI) Long-Term Issuer Rating to 'IND B+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR270 mil. (reduced from INR300 mil.) Fund-based working
capital limits affirmed
     with IND B+/Stable/IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects MFCI's small scale of operations. The
revenue declined in FY20 owing to a decrease in the orders from
brokers, coupled with the lower realization of cotton bales to
INR38,000 per candy (FY19: INR42,000 per candy). From April 2020 to
end-February 2021, MFCI booked revenue of INR500 million with a
realization of INR46,000 per candy. The revenue is highly affected
by cotton price fluctuations, impacting the pricing of cotton
bales, cotton seeds, cottonseed oil, and cotton oil cakes. The
management expects FY21's revenue to be in line with FY20.

The rating factor in the firm's continued weak credit metrics. Its
gross interest coverage (operating EBITDA/gross interest expense)
was stable at 1.2x in FY20 (FY19: 1.2x) and its net leverage (total
adjusted net debt/operating EBITDA) improved to 7.8x (8.4x) owing
to a decrease in the total debt to INR344 million (INR373 million).
Ind-Ra expects the firm's credit metrics to marginally improve in
FY21 as the management reduced its working capital facility and
repaid its existing term loan. However, the credit metrics may
continue to remain weak due to modest profitability.

The ratings are constrained by the firm's modest EBITDA margins.
The margins improved to 8.1% in FY20 (FY19: 5%) owing to an
increase in the job work income from ginning to INR35 million
(INR0.57 million). The job work income from ginning amounted to
INR30 million from April 2020 to February 2021. The return on
capital employed was 9% in FY20 (FY19: 9%). Ind-Ra expects the
EBITDA margins to continue being modest due to fluctuation in raw
cotton prices.

Liquidity indicator - Poor: The peak average utilization of
fund-based limits was 98.28% for the 12-months ended January 2021.
The cash flow from operations deteriorated to INR33 million in FY20
(FY19: INR40 million) due to a stretch in the working capital. This
resulted in a deterioration in free cash flows to INR33 million in
FY20 (FY19: INR39 million). The networking capital days elongated
to 247 days in FY20 (FY19: 166 days) majorly due to a stretch in
the debtor days to 128 (91 days) and inventory days to 127 (92
days). The cash and cash equivalents were INR0.55 million in FY20
(FY19: INR1.45 million). MFCI availed of the Reserve Bank of
India-prescribed moratorium from March 2020 to August 2020.

The ratings, however, are supported by the partners' experience of
three decades in cotton ginning and pressing of cotton bales.

RATING SENSITIVITIES

Negative: A decline in the top line and EBITDA margins, leading to
sustained deterioration in the interest coverage reducing below 1x,
or further stress on the liquidity position could be negative for
the ratings.

Positive:  A rise in the top line and EBITDA margins, leading to an
improvement in the credit metrics, on a sustained basis, or an
improvement in the liquidity position will be positive for the
ratings.

COMPANY PROFILE

Incorporated in 2013, MFCI is a partnership firm engaged in cotton
ginning and pressing to produce cotton bales and cotton seeds. It
has a manufacturing facility in Adilabad (Telangana) with a ginning
capacity of 2,600 quintals per day and the installed capacity of
500 bales per day.

MITHILA CARS: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mithila
Cars Private Limited (MCPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long term Bank       30.00     CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 19, 2019, placed
the rating(s) of MCPL under the 'issuer non-cooperating' category
as MCPL had failed to provide information for monitoring of the
rating for the rating exercise as agreed to in its Rating
Agreement. MCPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
January 11, 2021, January 14, 2021 and February 24, 2021. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which, however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

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

Key Rating Weaknesses

* Delays in debt servicing: There were delays in debt servicing by
the company due to stressed liquidity position.

Key Rating Strengths

* Long track record in the industry: MCPL's entire management rests
in the hands of its director Mr. Nirbhay Singh (C.A. by
qualification, with around 8 years of experience in auto dealership
business). He is also engaged in the real estate development
business since past 18 years (as a promoter of Mithila Builders &
Developers Pvt Ltd, a group entity of MCPL). Mr Mantu Singh,
another director (with around 8 years of industry experience) looks
after workshop of MCPL.

Incorporated in 2009, Mithila Cars Private Limited (MCPL) is an
authorized dealer for Hyundai Motors India Ltd (HMIL), for sale of
cars (accounts for 74% of the total revenue in FY16)] and Mobis
India Ltd (MBIL)a wholly-owned subsidiary of Hyundai Mobis Co. Ltd)
for sale of spare parts (accounts for 2.63% of total revenue in
FY16)]; and the rest of revenue comes from sale of accessories and
servicing of vehicles along with miscellaneous income in the form
of cancellation charges received from customers as well from other
avenues. MCPL has two showrooms located in Miraroad (owned
premises) and Virar (leased premises) and a workshop located in
Miraroad (owned premises).

During FY17 (provisional), the total income from operations of MCPL
stood at INR203.70 crore (compared to INR255.53 crore in FY16),
while net profit of the company stood at INR0.28 crore in FY17
(compared to INR0.83 crore FY16).


NAGAMMAL MILLS: Ind-Ra Lowers Long-Term Issuer Rating to 'B+'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Nagammal Mills
Pvt Ltd's (NMPL) Long-Term Issuer Rating to 'IND B+' from 'IND
BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR20.0 mil. Term loan due on December 2024 downgraded with
     IND B+/Stable rating;

-- INR87.0 mil. Fund-based working capital facilities downgraded
     with IND B+/Stable/IND A4 rating; and

-- INR23.0 mil. Non-fund-based working capital facilities
     downgraded with IND A4 rating.

The downgrade reflects NMPL's reduced revenue and low EBITDA during
9MFY21 and the consequent deterioration in its credit metrics, as
the company was not operational over March-October 2020 due to the
lack of manpower resulting from the COVID-19-led disruptions.

KEY RATING DRIVERS

The downgrade reflects NMPL's revenue reducing to INR70.4 million
during 9MFY21 (9MFY20: INR330.0 million) due to the stoppage of
production, backed by labor shortage amid the lockdown. The revenue
had reduced to INR501 million in FY20 (FY19: INR692 million) due to
a decline in the rate realization despite similar production
year-on-year (yoy). The scale of operations remains small. Ind-Ra
expects the company's revenue to decline further yoy in FY21, owing
to the COVID-19-led operational disruptions.

During 9MFY21, NMPL's absolute EBITDA deteriorated to INR17.7
million (FY20: INR34.0 million; FY19: INR61.0 million) despite the
EBITDA margin improving to 24% (7%; 9%). The company earns a fixed
EBITDA from windmill operations due to which, if the revenue
declines, the EBITDA margin improves. The yarn revenue segment has
meager EBITDA margin in comparison to that of the windmill segment.
NMPL's modest EBITDA margin declined yoy in FY20 due to an increase
in the raw material prices in the yarn segment despite having fixed
EBITDA generation from the windmill segment. Its return on capital
employed was 5% in FY20 (FY19: 11%). Ind-Ra expects the company's
absolute EBITDA to decline in FY21 due to the reduced revenue from
the yarn segment while the windmill revenue is likely to be
sustained at similar level yoy.

The ratings also factor in the NMPL's continued modest and
deteriorated credit metrics with the interest coverage (operating
EBITDA/gross interest expense) of 2.0.x in FY20 (FY19: 2.19x) and
net financial leverage (adjusted net debt/operating EBITDAR) of
6.47x (4.58x). The credit metrics deteriorated yoy in FY20 due to a
significant decline in the absolute EBITDA to INR34.3 million
(FY19: INR61.4 million). Ind-Ra expects the credit metrics to
deteriorate further in FY21, owing to a further deterioration in
the absolute EBITDA due to lower revenue.  

Liquidity Indicator - Poor: The company utilized its working
capital limits at an average of 93% during the 12 months ended
February 2021. Its cash flow from operations improved to INR66.0
million in FY20 (FY19: INR64.0 million) due to an improvement in
the cash conversion cycle. The company's cash conversion cycle
improved to 77 days in FY20 (FY19: 80 days), owing to a reduction
in the debtor days to 13 (48) and an increase in the creditor days
to 50 (38). Its free cash flows remained positive at INR54.0
million in FY20 (FY19: INR40.7 million) due to an improved cash
flow from operations. The company had a cash balance of INR0.53
million at FYE20 and the company availed of the Reserve Bank of
India-prescribed moratorium over March-August 2020.

The ratings, however, are supported by the promoter's over three
decades of experience in the textile industry.

RATING SENSITIVITIES

Negative: A fall in the revenue, EBITDA margin and deterioration in
the credit metrics leading to the interest coverage falling below
1.5x and/or a stress on the liquidity position, all on a sustained
basis, could be negative for the ratings.

Positive: An increase in the revenue and EBITDA margin leading to
an improvement in the credit metrics, and an improvement in the
liquidity, all on a sustained basis, could be positive for the
ratings.

COMPANY PROFILE

Incorporated in 1957, NMPL is promoted by Kumaraswamy. It is
primarily engaged in the production of cotton yarn with a focus on
the production of finer counts of yarn. The company is located in
Nagercoil, Kanyakumari.

NATURAL POWER: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: M/s. Natual Power Asia Private Limited
        Plot No. 287/A, MLA Colony
        Road No. 12, Banjara Hills
        Hyderabad 500034
        Telangana

Insolvency Commencement Date: March 19, 2021

Court: National Company Law Tribunal, Hyderabad Bench-II

Estimated date of closure of
insolvency resolution process: September 14, 2021

Insolvency professional: Kurapati Singarayya Chowdary

Interim Resolution
Professional:            Kurapati Singarayya Chowdary
                         Flat No. 101
                         Sheshadri Towers
                         G-16A, Madhura Nagar
                         Yousuf Guda
                         Hyderabad 500038
                         Telangana
                         E-mail: kurapatichowdary55@gmail.com

                            - and -

                         Flat No. 104
                         Kavuri Supreme Enclave
                         Kavuri Hills
                         Hyderabad 500033
                         Telangana
                         E-mail: ip.naturalpower@gmail.com

Last date for
submission of claims:    April 4, 2021


NECTAR BOTTLING: CARE Withdraws B Rating on Outstanding Debt
------------------------------------------------------------
CARE has reaffirmed and withdrawn the outstanding ratings of CARE
B; Stable assigned to the bank facilities of Nectar Bottling &
Marketing LLP with immediate effect. The action has been taken at
the request of Nectar Bottling & Marketing LLP and 'No Objection
Certificate' received from the banks that have extended the
facilities rated by CARE. The firm has not availed moratorium from
March 2020 to August 2020

Hyderabad-based, Nectar Bottling and Marketing LLP (NBM) was
established in March 2017 as a limited liability partnership firm
by Mr. M. Krishna Reddy and his relatives. The firm is engaged in
the business of alcohol products, primarily Indian-made foreign
liquor (IMFL). The firm has outsourced the distillation and
bottling of all types of liquor products to Rhizome Distilleries
Private Limited through one year agreement for about 60,000 cases
per month in the various quantities of 90ml, 180ml, 375ml, 750ml
and 1000ml respectively. RDPL is paid INR3/case for job work
services. Upon delivery of final product (IMFL bottles) from RDPL,
the firm derives its revenue from the sale of these alcohol
products under the brand name of "Aristocrat" to Telangana State
Beverage Corporation Limited (TSBCL).  The scale of operations of
the firm stood small marked by total operating income at INR7.59
crore and incurred cash losses of INR2.81 crore in FY20. The
capital structure of the firm marked by debt equity and overall
gearing ratio stood comfortable at 0.05x and 0.06x as on 31st March
2020. The debt coverage indicators marked by total debt/ GCA and
interest coverage ratio stood weak due to negative PBILDT and GCA
levels. The operating cycle of the firm stood elongated at 278 days
in FY19 due to elongated collection days from 144 days in FY19 to
246 days in FY20. The average inventory and collection days stood
at 59 days and 246 days in FY20 respectively.


NEW SAPNA: CARE Moves D Debt Rating to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of New
Sapna Granite Industries (NSGI) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term Bank        5.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from NSGI to monitor the
rating(s) vide e-mail communications/letters dated December 3,
2020, December 31, 2020, January 11, 2021, January 18, 2021,
January 27, 2021, February 1, 2021, February 9, 2021 and  February
15, 2021, February 26, 2021 and numerous phone calls. However,
despite repeated requests, the firm has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which, however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on NSGI's bank
facilities will now be denoted as 'CARE D; ISSUER NOT
COOPERATING'.

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

Detailed description of the key rating drivers

At the time of last rating on March 19, 2020, the following were
the rating strengths and weaknesses (updated for latest available
information i.e. banker interaction):

Key Rating Weaknesses

* Delays in debt servicing: As per banker interaction, ongoing
delays in debt servicing. Further, the firm had opted for the
moratorium benefit on its bank facilities for a period of six
months from March to August 2020.

Godhra-based New Sapna Granite Limited (NSGI) established in 2011
is a proprietorship firm engaged in cutting and polishing of raw
granite stones. The installed capacity of the plant is processing
6,00,000 square feet of stone per annum as on March 31, 2018. The
proprietor Mr. Jabar Choudhary has an experience of over a decade
in stone cutting and polishing. He was earlier engaged in cutting
and polishing of marble, granite and kota stone through a firm
named Sapna Kota Stone. The granite stones are sold to traders and
real estate builders in and around Gujarat, Rajasthan and
Maharashtra.

ORIENTAL GRANITES: CARE Moves D Debt Rating to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Oriental
Granites & Crushers (OGC) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term Bank       9.25      CARE D; ISSUER NOT COOPERATING
   Facilities                     Rating moved to ISSUER NOT
                                  COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking surveillance fees to carry out annual
surveillance from OGC to monitor the rating(s) vide e-mail
communications dated March 5, 2021 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not paid
the fees for monitoring the requisite ratings. Hence, the credit
rating symbol will be accompanied by the suffix "ISSUER NOT
COOPERATING".

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

The rating has been revised on account of non-payment of fees for
monitoring the requisite ratings by Oriental Granites & Crushers
(OGC).

Detailed description of the key rating drivers considered as per
last PR published on January 8, 2021.

* Ongoing delays in servicing debt obligations: As per bank
statement analysis, it is observed that there were delays from the
range of 1-17 days in servicing term loan debt obligations along
with penal charges. EMI servicing date is on end of the month.

* Small scale of operations with decrease in total operating
income: Scale of operations have remained low with total operating
income of INR11.24 Crore in FY20 (Prov.). The total operating
income of the firm decreased from INR24.40 crore in FY19 to
INR11.24 crore in FY20 (Prov.) as the firm was not operational for
few months due to income tax raids and inspections conducted by
government authorities which impacted the scale of
operations.

* Elongated operating cycle: The operating cycle of the firm
elongated from 74days in FY19 to 220 days in FY20 (Prov.) on
account of high receivables as on March 31, 2020 as the firm has
extended credit period up to 90days to its customers and due to
lockdown imposed by government the firm during last week of March
2020 resulted in unsold inventory of INR2.50 crore as on March 31,
2020.

* Presence in highly fragmented and competitive industry: The
granite industry is highly competitive and fragmented in nature.
OGC witnesses intense competition from both the organized and
largely unorganized players. Further, the industry is mainly
dependent on the demand from real estate and construction sectors,
which has direct linkage with the general macroeconomic scenario,
interest rates, level of disposable income available with
individuals etc.

* Proprietorship constitution of the entity: OGC being a
proprietorship entity, the risks associated with withdrawal of
proprietor's capital exists. The entity is exposed to inherent risk
of proprietor's capital being withdrawn at time of personal
contingency as also it has limited ability to raise capital and
poor succession planning may result in dissolution of entity. Due
to the proprietorship constitution, it has restricted access to
external borrowing, where net worth as well as credit-worthiness of
proprietor, are the key factors affecting credit decision of
lenders. Further, the proprietor has withdrawn capital of INR1.86
crore during FY20 (Prov.).

Key Rating Strengths

* Experience of promoter for more than two decades in stone
crushing business: Mr. C M Joy, proprietor of OGC, has experience
of more than two decades in the stone crushing business. He is
actively involved in the day-to-day activities of the firm with the
support of Mr P Sebastian Raju, who holds an experience of around
three decades. Over the years of operations, he has developed
established relationship with its suppliers, customers.

Oriental Granites and Crushers (OGC) is a proprietorship entity
established in 2010 and engaged in the business of stone crushing.
The entity has undertaken the mines for lease (size of around 3
acres) to initiate the mining activities and to obtain raw material
(stone boulders). After getting the raw material, it further breaks
the boulders into aggregates (primarily used in real estate and
construction industry) and transports it to its crushing unit. At
present, the unit has ten crushers, which helps them to further
break the aggregates into different sizes and sells it to the
client base located in Udupi District.

RAM PANELS: Ind-Ra Gives BB Long-Term Issuer Rating, Outlook Stable
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shri Ram Panels
(SRP) a Long-Term Issuer Rating of 'IND BB'. The Outlook is Stable.


The instrument-wise rating actions are:

-- INR50 mil. Term loan due on August 2025 assigned with IND BB/
     Stable rating;

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

-- INR30 mil. Non-fund-based working capital limit assigned with
     IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect SRP's small scale of operations, as indicated
by lower revenue of INR749.43 million in FY20 (FY19: INR760.51
million) due to COVID-19 led operational disruptions. The firm
booked revenue of INR460 million over 11MFY21 and the management is
expecting total revenue of INR650 million by FYE21.

The ratings also factor in SRP's moderate credit metrics as
indicated by interest coverage (operating EBITDA/gross interest
expenses) of 3.13x in FY20 (FY19: 3.58x) and net leverage (adjusted
net debt/operating EBITDA) of 2.42x (2.15x). The deterioration in
the credit metrics was driven by an increase in the borrowings and
associated interest expenses to fund capex. In FY21, Ind-Ra expects
the credit metrics to deteriorate due to a further increase in the
external borrowings, on account of it availing COVID-19 loans.

Liquidity Indicator – Stretched: SRP's average maximum use of its
fund-based limits was around 96.24% during the 12-months ended
January 2021. The cash flow from operations deteriorated to
INR78.01 million in FY20 (FY19: negative INR47.91million) on
account of higher working capital requirements. The net cash cycle
remained elongated at 58 days in FY20 (FY19: 64 days) on account of
high debtor and inventory days. SRP does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. It availed of the Reserve Bank of
India-prescribed moratorium over March-August 2020.

The ratings, however, are further supported by SRP's healthy EBITDA
margin of 11% in FY20 (FY19: 10.9%) with return on capital employed
was 20% in FY20 (FY19: 28.3%). The margin expanded in FY20 due to a
decline in the cost of raw materials. In FY21, the agency expects
the margins to improve slightly, owing to the increase in the
absolute EBITDA to INR51 million in 8MFY21 (FY20: INR82.45 million;
FY19: INR83.12 million) resulting from a reduction in the fixed
cost expenses.

The ratings are also supported by the promoter's experience of over
five decades in the manufacturing of plywood.

RATING SENSITIVITIES

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

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics with the interest
coverage declining below 1.5x and/or further pressure on the
liquidity position, will be negative for the ratings.

COMPANY PROFILE

Incorporated in September 1992, Shri Ram Panels is partnership firm
engaged in the business of manufacturing of plywood. The
manufacturing units are located in Punjab.

RELIANCE COMMERCIAL: CARE Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Reliance
Commercial Finance Limited (RCFL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long-term Debt     6,982.18    CARE D; ISSUER NOT COOPERATING
   Programme                      Rating moved to ISSUER NOT
                                  COOPERATING Category

   Non-Convertible    1,000       CARE D; ISSUER NOT COOPERATING
   Debentures                     Rating moved to ISSUER NOT
                                  COOPERATING Category
  
   Non-Convertible      200       CARE D; ISSUER NOT COOPERATING
   Debentures                     Rating moved to ISSUER NOT
                                  COOPERATING Category

   Subordinated          81       CARE D; ISSUER NOT COOPERATING
   Debt                           Rating moved to ISSUER NOT
                                  COOPERATING Category

   Market Linked         38       CARE PP-MLD D; ISSUER NOT
   Debentures                     COOPERATING Rating moved to
                                  ISSUER NOT COOPERATING
                                  Category

   Long term debt       600       CARE D; ISSUER NOT COOPERATING
   Programme                      Rating moved to ISSUER NOT
                                  COOPERATING Category

   Non-Convertible      200       CARE D; ISSUER NOT COOPERATING
   Debentures                     Rating moved to ISSUER NOT
                                  COOPERATING Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RCFL to monitor the
rating(s) vide e-mail communications/letters dated January 21,
2021, January 29, 2021, February 5, 2021 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, RCFL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on
Reliance Commercial Finance Limited's long term debt programme and
instruments will be denoted as CARE D/CARE PP-MLD D; ISSUER NOT
COOPERATING.

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

The ratings take into account continuous delay in servicing of debt
obligations on account of stretched liquidity and delay in asset
monetization.

Detailed description of the key rating drivers RCFL

Key Rating Weaknesses

* Delay in servicing of debt obligations: There has been continuous
delay in servicing of debt obligations on account of stretched
liquidity. Post that the company has entered into an Inter-Creditor
Agreement (ICA) for arriving at a debt resolution plan in
accordance with the RBI guidelines.

Liquidity profile - Weak

The company had cash and cash equivalents of INR183 crore as on
September 30, 2019. However, the company has not shared the latest
liquidity position. Also, there has been continuous delay in
servicing of debt obligations on account of stretched liquidity.

Analytical approach: CARE had earlier factored in linkages between
RCFL and its parent RCL. Moderation in RCL's profile has led to
weakening of these linkages as the parent is not in a position to
extend adequate support to its subsidiaries. Hence RCFL has been
analyzed on standalone basis with weakening of linkages with Parent
RCL.

The commercial finance business of RCL has been demerged into its
wholly owned subsidiary viz. RCFL w.e.f. April 1, 2016. RCFL is
involved in financing of SME loans, structured finance,
construction equipment loans, loan against property, MFI loans,
infrastructure finance, construction finance, commercial vehicles
and supply chain finance. The company operates under the brand name
'Reliance Money'.


RELIANCE HOME: CARE Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Reliance
Home Finance Limited (RHFL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long-term Debt     4,979.92    CARE D; ISSUER NOT COOPERATING
   Programme                      Rating moved to ISSUER NOT
                                  COOPERATING Category

   Long-term Debt       400.00    CARE D; ISSUER NOT COOPERATING
   Programme                      Rating moved to ISSUER NOT
                                  COOPERATING Category

   Long-term Debt     2,760.07    CARE D; ISSUER NOT COOPERATING
   Programme                      Rating moved to ISSUER NOT
                                  COOPERATING Category

   Principal            200       CARE PP-MLD D; ISSUER NOT
   Protected                      COOPERATING Rating moved to
   Market Linked                  ISSUER NOT COOPERATING
   Debenture                      Category

   Subordinated         333       CARE D; ISSUER NOT COOPERATING
   Debt                           Rating moved to ISSUER NOT
                                  COOPERATING Category

   NCD public         2,618.27    CARE D; ISSUER NOT COOPERATING
   issue                          Rating moved to ISSUER NOT
                                  COOPERATING Category

   Upper Tier II        435.71    CARE D; ISSUER NOT COOPERATING
   Bonds public                   Rating moved to ISSUER NOT  
   Issue                          COOPERATING Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from RHFL to monitor the
rating(s) vide e-mail communications/letters dated January 21,
2021, January 29, 2021, February 5, 2021 and numerous phone calls.
However, despite CARE's repeated requests, the company has not
provided the requisite information for monitoring the ratings. In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.
Further, RHFL has not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. The rating on
Reliance Home Finance Limited's long term debt programme and
instruments will be denoted as CARE D/CARE PP-MLD D; ISSUER NOT
COOPERATING.

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

The ratings take into account continuous delay in servicing of debt
obligations on account of stretched liquidity and delay in asset
monetization.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delay in servicing of debt obligations: There has been continuous
delay in servicing of debt obligations on account of stretched
liquidity. Post that the company has entered into an Inter-Creditor
Agreement (ICA) for arriving at a debt resolution plan in
accordance with the RBI guidelines.

Liquidity profile - Weak

As per company's disclosure dated March 10, 2020 on BSE, company
has cash on hand of INR700 crore in the form of investment in
liquid mutual fund. However, the company has not shared the latest
liquidity position. Also, there has been continuous delay in
servicing of debt obligations on account of stretched liquidity.
  
RHFL was incorporated in June 2008 and is promoted by Reliance
Capital Ltd. (RCL). RCL holds 47.91% stake in the company as on
December 31, 2019. The overall promoter stake in the company
(including RCL) stood at 69.92% as on December 31, 2019. The
company was listed on stock exchanges on September 22, 2017.


REWA AGROTECH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rewa
Agrotech (RA) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long term Bank      11.74      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category

   Short term Bank      0.50      CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category
  
Detailed Rationale, Key Rating Drivers and Detailed description of
the key rating drivers

CARE had, vide press release dated March 9, 2020, had placed the
ratings of RA under the 'Issuer Noncooperating' category as the
firm had failed to provide information for monitoring of the
ratings. RA continues to be noncooperative despite requests for
submission of information through phone calls and e-mails dated
January 23, 2021, February 2, 2021 and February 12, 2021. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating.

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

Detailed description of the key rating drivers

At the time of last rating on March 9, 2020, the following were the
rating weaknesses and strengths (updated based on best available
information):

Key Rating Weaknesses

* Delays in debt servicing: There had been instances of delay in
debt servicing. The delay in debt servicing was due to non-receipt
of rental income from the Madhya Pradesh Warehousing and Logistics
Corporation (MPWLC) due to dispute regarding non-construction
of warehouse within time permitted in terms of contract.

Rewa Agrotech (RA) was formed in February 2011 as a partnership
concern by Mr. Arun Kumar Bansal, Ms. Sushma Shukla and Ms. Meena
Bansal with an objective to set up a warehouse. The firm has
constructed warehouse under the Private Entrepreneur Guarantee
Scheme (PEG) of Food Corporation of India (FCI). In this scheme, RA
has constructed two warehouses at Rewa and Niwas (Madhya Pradesh)
with capacity of 25000 MTPA each and after construction, RA is
receiving monthly rental of INR13 lakh for each warehouse.


ROHTAK PANIPAT: CARE Reaffirms D Rating on INR937.92cr Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Rohtak Panipat Tollway Private Limited (RPTPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          937.92      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RPTPL takes into
account on-going delays in debt servicing as indicated by lenders
owing to its poor liquidity and debt coverage indicators arising
due to subdued toll collection on sustained basis as against large
debt obligations.

Key Rating Sensitivities

Positive Factors

* Establishment a track record of timely debt servicing of debt
obligations for a period of at least 90 days

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going delays in debt servicing: As indicated by all lenders,
there are on-going delays in debt servicing. Delays in debt
servicing are on account of continued subdued toll collection as
against large scheduled repayments. Lower toll collection was
largely on account of toll leakages in the bypass near the toll
plazas, presence of alternate route on State Highways and higher
than envisaged local category vehicles (exempted from toll) in
total traffic

Liquidity: Poor

Liquidity of RPTPL is stretched as marked by lower accruals
vis-à-vis repayment obligations of the company. Toll collection of
the company during FY20 stood at INR86.77 crore while the debt
obligations (interest + principal) stood at around INR137 crore
for the same period. Furthermore, the liquidity back-up in the form
of DSRA is yet to be created for the project post its exhaustion
during FY17, as required by the terms of sanction of project term
loan. Decline in toll collection and non-creation
of DSRA have resulted in overdues in debt servicing.

RPTPL is a special purpose vehicle (SPV) incorporated and wholly
owned by Sadbhav Infrastructure Project Limited (rated CARE BBB+/
CARE A3+; Under credit watch with negative implications) which is
the holding company of BOT projects of Sadbhav Engineering Limited
(rated CARE BBB+/ CARE A3+; Under credit watch with negative
implications). The company had entered into a 25 year concession
agreement (CA) with NHAI for the construction of 80.86 - km road
project on BOT basis. The concession period of 25 years included
construction period of 910 days. The project was for four laning of
the existing two lanes of Rohtak – Panipat section of Km. 63.30
of NH – 10 to Km. 83.50 of NH – 1 (total 80.86 kms) in the
state of Haryana. RPTPL was required to pay an annual concession
fee of INR45 crore to NHAI immediately on COD on a monthly basis
which was to be increased by 5% every year throughout the
concession period. However, as per the letter dated May 23, 2014,
NHAI has allowed deferment of premium for the project and has
entered into supplementary concession agreement with RPTPL.


ROHTAK-HISSAR TOLLWAY: CARE Reaffirms D Rating on INR942.82cr Loan
------------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Rohtak-Hissar Tollway Private Limited (RHTPL), as:

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term Bank
   Facilities          942.82     CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of RHTPL takes into
account on-going delays in debt servicing as indicated by lenders
owing to its poor liquidity and debt coverage indicators arising
due to subdued toll collection on sustained basis as against large
debt obligations.

Key Rating Sensitivities

Positive Factors

* Establishment a track record of timely debt servicing of debt
obligations for a period of at least 90 days

Detailed description of the key rating drivers

Key Rating Weaknesses

* On-going delays in debt servicing: As indicated by all lenders,
there are on-going delays in debt servicing. Delays in debt
servicing are on account of continued subdued toll collection along
with large scheduled repayments. Lower toll collection was largely
on account of toll leakages and higher proportion of local vehicles
which are exempt from toll.

Liquidity: Poor

Liquidity of RHTPL is poor marked by lower revenue from toll
collections against large scheduled repayments. DSRA is not created
as per terms of sanction. Toll collection of the company stood at
INR71.51 crore during FY20 against debt repayment obligations of
~Rs.126 crore (interest + principal) during FY20. Subdued toll
collection is on account of development of alternate route along
with high proportion of local vehicles which are exempt from toll.

RHTPL is a special purpose vehicle (SPV) incorporated and owned by
Sadbhav Infrastructure Project Limited (SIPL; rated 'CARE BBB+/
CARE A3+; Under credit watch with negative implications'), the
holding company of BOT projects of Sadbhav Engineering Limited
(SEL; rated 'CARE BBB+/ CARE A3+; Under credit watch with negative
implications'). RHTPL entered into a 22 year concession agreement
(CA) with the National Highways Authority of India (NHAI; rated
'CARE AAA; Stable') on May 27, 2013 for the four laning of Rohtak
to Hissar section of National Highway – 10 (NH-10) from km 87/000
to km 170/000 including connecting link from km 87/000 of NH-10 to
km 348/000 of NH 71 with design length of 98.81 km on BOT - toll
basis. The total cost of the project was INR1,271.58 crore which
was funded through debt of INR952.40 crore, grant from NHAI of
INR211.50 crore and remaining through promoter's contribution.


RUKMINI IRON: Ind-Ra Affirms 'BB' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Rukmini Iron
Private Limited's (RIPL) Long-Term Issuer Rating at 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR380 mil. Fund-based working capital limit affirmed with IND

     BB/Stable/IND A4+ rating; and

-- INR93.98 mil. (increased from INR15.28 mil.) Term loan due on
     October 2024 affirmed with IND BB/Stable rating; and

-- INR100 mil. Proposed fund-based working capital limit
     withdrawn (the company did not proceed with the instrument as

     envisaged).

KEY RATING DRIVERS

The affirmation reflects RIPL's continued medium scale of
operations. The revenue decreased to INR2,048.51 million in FY20
(FY19: INR2,480.92 million) due to decline in sales realization and
production volumes, owing to disruptions in operations resulting
from capacity addition. The company recorded revenue of INR1,776.88
million in 11MFY21. Ind-Ra expects FY21 revenue to be marginally
lower revenue than FY20 due to COVID-19 led disruptions.

The ratings also factor in RIPL's continued modest credit metrics
with the gross interest coverage (operating EBITDA/gross interest
expense) of 1.37x in FY20 (FY19: 1.40x) and the net financial
leverage (adjusted net debt/operating EBITDA) of 5.72x (6.97x). The
deterioration in the interest coverage was due to an increase in
interest expense on account of a rise in term debt, partially
offset by an increase in absolute EBITDA. However, the net leverage
improved due to a decline in the total debt to INR433.51 million at
FYE20 (FYE19: INR460.45 million), on account of lower utilization
of the fund-based limits during the year.

The ratings continue to reflect the company's modest EBITDA margin,
which improved to 3.67% in FY20 (FY19: 2.63%), due to a decline in
cost of raw materials. The return on capital employed was 10% in
FY20 (FY19: 9%).

Liquidity Indicator – Stretched: RIPL's average maximum
utilization of the fund-based limits was 96.7% for the 12 months
ended February 2021. The cash flow from operations turned positive
to INR41.56 million in FY20 (FY19: negative INR44.28 million),
owing to the increase in absolute EBITDA. Consequently, the free
cash flow turned positive to INR21.95 million in FY20 (FY19:
negative INR52.41 million). However, the net cash cycle
deteriorated to 79 days in FY20 (FY19: 56 days) on account of an
increase in the inventory holding period to 40 days (17 days) and
receivable period to 59 days (48 days). The company had
unencumbered cash of INR3.83 million at FYE20 (FYE19: INR6.46
million). Furthermore, the company does not have any capital market
exposure and relies on banks and financial institutions to meet its
funding requirement. RIPL had availed of the Reserve Bank of
India-prescribed moratorium over March-August 2020.

However, the ratings remain supported by the promoters' experience
of over two decades in the iron and steel industry, and the
company's association with renowned brand, Kamdhenu, which has a
strong recall value in the market.

The ratings are also supported by RIPL's diversified customer base.
The top five customers contributed around 37.19% to the revenue in
FY20 (FY19: 33.87%).

RATING SENSITIVITIES

Positive: An increase in the scale of operations, along with an
improvement in the overall credit metrics and liquidity profile,
with the interest coverage increasing above 1.8x, all on a
sustained basis, will be positive for the ratings.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or a further
pressure on the liquidity position, all on a sustained basis, will
be negative for the ratings.

COMPANY PROFILE

Incorporated in 2004, New Delhi-based RIPL is engaged in the
manufacturing and trading of mild steel billets/ingots,
thermo-mechanically treated bars, and other allied products. The
company's manufacturing plant is located in Bahadrabad, Haridwar,
Uttar Pradesh. In 2017, the company collaborated with the Kamdhenu
Group for a franchise in Uttarakhand to manufacture two of the
latter's products, Kamdhenu Nxt and Kay-2. Prior to this, the
company used to sell thermo-mechanically treated bars under the
brand, Rukmini Power-X TMT.

SEYA INDUSTRIES: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Seya
Industries Limited (SIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long term Bank      509.95     CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category

   Short term Bank       6.00     CARE D; ISSUER NOT COOPERATING;
   Facilities                     Rating continues to remain under

                                  ISSUER NOT COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from SIL to monitor the rating(s)
vide e-mail communications dated March 08, 2021, March 15, 2021
among others and numerous phone calls. However, despite CARE's
repeated requests, the company has not provided the requisite
information for monitoring the ratings. In line with the extant
SEBI guidelines, CARE has reviewed the rating on the basis of the
best available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating. The ratings on Seya
Industries Limited's bank facilities will now be denoted as CARE
D/CARE D; ISSUER NOT COOPERATING.  The ratings take into account
the continued delays in servicing of debt obligations. Establishing
a track record of timely servicing of debt would be a key rating
sensitivity.

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

Detailed description of the key rating drivers

At the time of last rating on January 14, 2020 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Ongoing delays in debt servicing: The debt servicing of SIL has
been irregular in the recent past as indicated by overutilization
of its working capital limits for over 30 days and delays in
payment of debt servicing obligations towards its term loans.

* Time overrun in ongoing capex: SIL has been undertaking the capex
for expansion of its manufacturing facilities. The scope of capex
was revised in past and project has ran into time overruns.

Liquidity- Poor

Significantly high working capital utilization indicating poor
liquidity position for SIL. This has also restrained the ability of
SIL to service its debt obligations in a timely manner.

Incorporated in 1990 as Sriman Organic Chemical Industries Private
Limited, Seya Industries Limited (SIL) is engaged in manufacturing
of benzene based organic chemicals, viz., mono chloro benzene
(MCB), para nitro chloro benzene (PNCB), ortho nitro chloro benzene
(ONCB), 3,3 di chlorobenzidine (3,3 DCB), 2,4 di nitro chloro
benzene (2,4 DNCB) and para nitro aniline (PNA) and by-products
like sulphuric and hydrochloric acid which find application in
pharmaceutical, dyes, agrochemical, fertilizer and rubber
industries. The manufacturing facility is located at Tarapur,
Boisar (Maharashtra).

SHANTI HOSPITAL: CARE Moves D Debt Rating to Not Cooperating
------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Shanti
Hospital (SH) to Issuer Not Cooperating category.

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

Detailed Rationale & Key Rating Drivers

CARE has been seeking surveillance fees to carry out annual
surveillance from SH to monitor the rating(s) vide e-mail
communications dated February 25, 2021 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not paid
the fees for monitoring the requisite ratings. In such a case, the
credit rating symbol will be accompanied by the suffix "ISSUER NOT
COOPERATING".

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

The rating has been revised on account of non-payment of fees for
monitoring the requisite ratings by Shanti Hospital.

Detailed description of the key rating drivers as per last PR
published on February 8, 2021.

Key Rating Weaknesses

* Ongoing delays in servicing debt obligations: As per bank
statement analysis, it is observed that there were delays of 1- 2
days in servicing term loan debt obligations along with penal
charges.

* Small scale of operations although increase in total operating
income during FY20: The total operating income of the firm
increased during the year FY20 and stood at INR10.65 crore as
compared to INR10.05 crore in FY19 on back of increase in number of
patients being served by the hospital during FY20.

* High vulnerability to treatment-related risks and regulatory
risks: Healthcare is a highly sensitive sector where any
mishandling of a case or negligence on the part of any doctor
and/or staff of the unit can lead to distrust among the masses.
Thus, all the healthcare providers need to monitor each case
diligently and maintain high operating standard to avoid the
occurrence of any unforeseen incident which can damage the
reputation of the hospital to a large extent. Further, the
operations of hospital are subject to various rules and regulations
laid by respective authorities at State and Central government
level. Any instance of non-compliance of these rules and
regulations would impact the operations of hospital resulting into
deterioration of financial risk profile of the company.

* Highly competitive due to organized and established players: The
hospital industry is highly competitive with a large number of
established organized players and their growing network. The
healthcare and specialty hospitals sector mainly comprises of large
national level players, organized regional players, government
hospitals, charitable trusts and a large number of nursing home and
Multi-specialty clinics making it highly
competitive.

* Constitution of the entity as a partnership firm with inherent
risk of withdrawal of capital: The firm being a partnership firm is
exposed to inherent risk of capital withdrawal by the partners, due
to its nature of constitution. Further, any substantial withdrawals
from capital account would impact the net worth and thereby the
financial profile of the firm. The partners have withdrawn capital
of INR0.46 crore during FY20.

Key Rating Strengths

* Qualified and experienced partners for more than three decades in
medical professional services: SH is promoted by Dr. Rajendra Patil
and Dr. Sunil Biradar Patil. Dr. Rajendra Patil and Dr. Sunil
Biradar Patil both are Pediatricians, and have more than three
decades of experience and more than one decade of experience
respectively with this entity. The firm has well-qualified and
experience staff to serve its patients.

* Satisfactory profitability margins: The PBILDT margin has
improved by 30 basis points and stood at 29.19% in FY20 as compared
to 28.89% in FY19. The PAT margin of the firm declined by 12 basis
points and stood at 18.97x in FY20 as against to 19.09% in FY19 due
to absorption of finance cost, depreciation costs albeit to
increase of PBILDT in absolute terms.

* Moderate Capital structure and comfortable debt coverage
indicators: The overall gearing of the firm stood comfortable at
1.21x in FY20 against 1.29x in FY19. The debt profile of the firm
consists of working capital borrowings of INR0.46 crore,
interest-free unsecured loans of INR0.30 crore and term loan of
INR9.05 Crore as on March 31, 2020. The interest coverage ratio of
the firm although deteriorated stood comfortable at 10.13x in FY20
as against 15.01x in FY19 due to increase in interest cost during
the year. Further, total debt/GCA also deteriorated and stood at
3.52x in FY20 as against 3.07x in FY19 on account of increase in
total debt as on March 31, 2020.

Liquidity: Stretched- liquidity marked by tightly matched accruals
to repayment obligations, low cash balance of INR0.10 Crore and
below unity current ratio of INR0.11x as on March 31, 2020.
Further, the firm had availed moratorium announced by RBI on its
debt obligations from March 1, 2020 to August 31, 2020.

Shanti Hospital (SH) initially started its operations in 1986, with
a constitution of Hindu Undivided Family (HUF), and was then known
as Shanti Children Hospital. Later, the entity was converted into
Partnership firm in 2008. In 2011 the firm changed its name to
current nomenclature. Currently, SH has 100 beds, operational in
Bagalkot, Karnataka and is promoted by Dr. Rajendra Patil and Dr.
Sunil Biradar Patil. It is a Multi-Specialty Hospital spread across
a cumulative area of 35,000 sq. ft. with modern equipment and
infrastructure.

SHILPA ELECTRICALS: Ind-Ra Gives B- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Shilpa Electrical
Infra Tech (India) Private Limited (SEITPL) a Long-Term Issuer
Rating of 'IND B-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR35 mil. Fund-based working capital limits assigned with IND

     B-/Stable rating;

-- INR79 mil. Non-fund based limits assigned with IND A4 rating;
     and

-- INR28.3 mil. Term loans due on June 2025 assigned with IND B-
     /Stable rating.

KEY RATING DRIVERS

Liquidity Indicator- Stretched: The company's working capital
limits remained fully utilized over the last 12- months ending
January 2021. The account was classified as non-performing asset in
February 2020 due to overutilization of its working capital limits
due to a delay in realization from its customers. The account got
regularized in March 2020 and in July 2020 it restructured its
working capital limits. Since August 2020 to February 2021, there
have been no instances of overutilization in its working capital
limits and the company is timely paying its term loan interest. The
repayment of term loan will start in May 2021. SEITPL's cash flow
from operation turned negative to INR0.99 million in FY20 (FY19:
INR11.1 million) due to increased incremental working capital
requirements. SEITPL had higher working capital requirement with
gross working capital of 120 days in FY20 (FY19: 73 days) due to
high debtor of 296 days (154 days). The company's high working
capital requirement was funded by increased creditor days of 324 in
FY20 (FY19:132) and balance by working capital limits.

The ratings reflect SEITPL's modest scale of operations, as
reflected by revenue of INR466 million in FY20 (FY19: INR422
million). The company logged a CAGR of 11% over FY16-FY20, backed
by a healthy order book. The company achieved revenue of INR336
million till January 2021 in FY21 and had a healthy order book of
INR2,200 million at end-January 2021, to be executed within the
next 12-to-36 months. Ind-Ra believes the company's revenue will
increase over the medium term, backed by a healthy order book but
will continue to remain modest.

The ratings, however, are supported by the company's healthy EBITDA
margins, which expanded to 8.2% in FY20 (FY19: 7.7%) owing to
improved realizations. The margins have been in the range of 5%-8%
over FY16 to FY20. The company has price escalation clauses in its
contracts and it procures raw material only on the receipt of
orders to safeguard its margins. The company had return on capital
employed of 18% in FY20 (FY19: 19%). Ind-Ra believes the company's
margins will remain healthy over the medium term, backed by price
escalation clauses and order-backed inventories.      

The ratings are further supported by the company's healthy credit
metrics. Its gross interest coverage (operating EBITDA/gross
interest expense improved to 3x in FY20 (FY19: 2.9x) and net
leverage (total adjusted net debt/operating EBITDAR) to 1.46x
(2.28x) due to an increase in the absolute EBITDA to INR38.41
million (INR38.41 million). Ind-Ra expects the company's credit
metrics to remain healthy due to its low dependence on debt to meet
the working capital requirement and the absence of any debt-funded
capex.

The rating also supported by promoters' experience of more than two
decades in the electrical and transmission line erection industry.


RATING SENSITIVITIES

Negative: Any further stretch in the working capital requirements,
leading to further stretch in liquidity, will be negative for the
ratings.

Positive: A significant improvement in the revenue or EBITDA
margin, resulting in an improvement in liquidity and credit metrics
will be positive for the ratings.  

COMPANY PROFILE

Incorporated in 2007, SEITPL erects high tension electrical
transmission lines and substations, and executes electrical
contracts for industrial and residential buildings. The company is
promoted by G Sudhakar Reddy and G Sailaja and is headquartered in
Hyderabad.

SHIVSHAKTI BARRELS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Shivshakti Barrels Private Limited
        Opposite Gujarat Metal Cast
        Village Dunia
        Halol Godhra Road
        Halol, GJ 389350
        IN

Insolvency Commencement Date: March 10, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: September 6, 2021
                               (180 days from commencement)

Insolvency professional: Hiten Ratilal Abhani

Interim Resolution
Professional:            Hiten Ratilal Abhani
                         705, Sapath II
                         Opposite Rajpath Club
                         S G Road, Bodakdev
                         Ahmedabad 380015
                         E-mail: habhani@gmail.com
                                 cirp.shivshakti@gmail.com

Last date for
submission of claims:    April 1, 2021


SINNAR THERMAL: CARE Moves D Debt Rating to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Sinnar
Thermal Power Limited (STPL) to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term Bank     4,134.02    CARE D; ISSUER NOT COOPERATING
   Facilities                     Rating moved to ISSUER NOT
                                  COOPERATING Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from STPL to monitor the
rating(s) vide e-mail communications dated December 14, 2020; March
12, 2021 among others and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, STPL has not
paid the surveillance fees for the rating exercise as agreed to in
its Rating Agreement. The rating on STPL's bank facilities will now
be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on April 6, 2020 the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Stretched liquidity position leading to delay in debt servicing:
The continued delay in commencement of operation of the plant has
led to stretched liquidity position of the company. As a result,
there are ongoing delays in repayment of STPL's debt obligations to
the financial institutions and banks.

* Operational headwinds for the units of STPL: STPL is having
several issues with respect to operationalization of two units.
This includes – availability of Power Purchase Agreement and
completion of railway siding. Resolution of these issues is crucial
for successful operation of the plant and shall be a credit
monitorable.

Key Rating Strengths

* Promoter's experience in power generation: STPL was promoted by
Mr. Rajiv Rattan. Mr. Rattan, an electrical engineer from IIT
Delhi, has more than 15 years of experience in the field of
financial services, real estate, and power and infrastructure
sector. Post restructuring of Indiabulls Group, he has taken charge
of RattanIndia Power group as Chairman.

Incorporated in January 2007 as a Special Purpose Vehicle (SPV),
STPL (formerly known as RattanIndia Nasik Power Limited (RNPL)) is
a wholly-owned subsidiary of RattanIndia Power Limited to develop
two thermal power plants (TPPs) each with capacity of 1,350 MW (5
units of 270MW) in Nashik district, Maharashtra named as Nashik
Power Project-I (NPP-I) and Nashik Power Project-II (NPP-II).


SUPREME FINEFAB: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Supreme Finefab Pvt Ltd
        Plot No. 823/2, Road No. 8
        GIDC Sachin, Sachin
        Surat 394230

Insolvency Commencement Date: March 16, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: September 19, 2021

Insolvency professional: Mr. Vikas Prakash Gupta

Interim Resolution
Professional:            Mr. Vikas Prakash Gupta
                         G-19, Shreewardhan Complex
                         Mezzanine Floor
                         Besides Landmark Building
                         Ramdaspeth, Wardha Road
                         Nagpur, Maharashtra 440010
                         E-mail: vikas.gupta@bngca.com
                                 ip.supremefinefab@gmail.com
                                 cirp.supremefinefab@gmail.com

Last date for
submission of claims:    March 30, 2021


TED TRAVEL: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Ted Travel & Experiences Private Limited
        House No. 2117, Blk-A Jain Nagar
        Village Karala, City Delhi
        North West, DL 110081

Insolvency Commencement Date: March 19, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: September 15, 2021

Insolvency professional: Anil Kumar Mittal

Interim Resolution
Professional:            Anil Kumar Mittal
                         House No. 212/2, Street No. 4
                         Padam Nagar, Kishan Ganj
                         Near Hindi Academy Padam Nagar
                         North, National Capital Territory
                         of Delhi 110007
                         E-mail: fcs.akmittal@gmail.com

                            - and -

                         1203, Vijaya Building
                         17, Barakhamba Road
                         Connaught Place
                         New Delhi 110001
                         E-mail: ip.tedtravel@gmail.com

Last date for
submission of claims:    April 2, 2021


UM GREEN: CARE Moves D Debt Ratings to Not Cooperating Category
---------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of UM Green
Lighting Private Limited (UGLPL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)   Ratings
   ----------       -----------   -------
   Long Term Bank       16.00     CARE D; ISSUER NOT COOPERATING
   Facilities                     Rating moved to ISSUER NOT
                                  COOPERATING Category

   Long Term/           10.50     CARE D/CARE D; ISSUER NOT
   Short Term                     COOPERATING Rating moved to
   Bank Facilities                ISSUER NOT COOPERATING
                                  Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from UGLPL to monitor the
rating(s) vide e-mail communications dated February 23, 2021, March
1, 2021 among others and numerous phone calls. However, despite
CARE's repeated requests, the company has not provided the
requisite information for monitoring the ratings. In line with the
extant SEBI guidelines, CARE has reviewed the rating on the basis
of the best available information which however, in CARE's opinion
is not sufficient to arrive at a fair rating. Further, UGLPL has
not paid the surveillance fees for the rating exercise as agreed to
in its Rating Agreement. The rating on UGLPL's bank facilities will
now be denoted as CARE D/CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

At the time of last rating on December 30, 2020 the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Delays in servicing of debt obligations: The company has reported
instances of delay in servicing of its debt obligations related to
rated bank facilities. As confirmed by the lender, there are
ongoing delays in servicing of debt obligations by the company.

* Working capital intensive nature of operations: The operations of
the company are working capital intensive in nature due to the
retention money held by the customer which is received over the
period of 1 to 5 year post the order completion. This leads to
stretched working capital cycle. Also the collection period of the
company stood at 489 days as on March 31, 2019 (PY: 430 days)
making company dependent on cash credit limit from bank.

* Competitive nature of the industry: The company is largely
engaged in the manufacturing and installation of LED lights, solar
lights & other similar items and there are several small and big
players operating in the industry making the industry highly
competitive.

Key Rating Strengths

* Experienced promoters with track record of operations:
Incorporated in 2010, UGLPL is a part of UM group companies. The
company is promoted by Mr. Gaurav Mamik (Chairman and Director) and
Mr. Sushant Chhabra (Director). The company is engaged in
manufacturing and installation of LED lights, solar lights, solar
power plants etc. to various state, PSU's and other semi-government
departments. The company has executed more than 48 solar projects
in past 3 years amounting to INR208 cr. Further, the company has
reputed clientele including names like EESL (Energy Efficiency
Services Ltd), PEDA (Punjab Energy Development Agency), UPNEDA (UP
New and Renewable Energy Agency), TEDA (Tamil Nadu Energy
Development Agency) etc.

Liquidity: Stretched

The liquidity of the company is stretched owing to working capital
intensive in nature of operations. Also, part of payment is held as
retention money in the contracts which is paid during 1- 5 years of
the contract execution leading to higher average collection period
which stood at 489 days (PY: 430 days) as on March 31, 2019. The
same is met by stretching the payments to creditors. The company
has applied for moratorium as per RBI guidelines from March 2020 to
August 2020 and post moratorium period there has been delays in
servicing of debt obligations as confirmed by lender.

Incorporated in 2010, UGLPL is a part of UM group companies. The
company is promoted by Mr. Gaurav Mamik (Chairman and Director) and
Mr. Sushant Chhabra (Director). The company is engaged in
manufacturing and installation of LED lights, solar lights and
installation of solar power plants. The manufacturing facility of
UMGL is located at Manesar, Gurgaon with the capacity of about
100,000 units per annum as on October 31, 2018. Major clients of
the company are Osram, Halonix, Hero Motorcorp, Nestle, PWD,
UPNEDA, and Director General of Police (J&K), BREDA, PEDA etc.
Unitech Machines Ltd (UML) is the flagship company of UM group. The
group was promoted by Mr. Virender Kumar Chhabra (MD of UML) and
Mr. Sushant Chhabra (Director of UML). The company operates in two
segments- automobile division and infrastructure division.


UTILITY AGROTECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Utility Agrotech Industries Private Limited
        Shop No. 120, Lower Ground Floor
        Kohinoor Textile Market
        Ring Road, Surat 395002

Insolvency Commencement Date: March 16, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: September 12, 2021

Insolvency professional: Mr. Vikas Prakash Gupta

Interim Resolution
Professional:            Mr. Vikas Prakash Gupta
                         G-19, Shreewardhan Complex
                         Mezzanine Floor
                         Besides Landmark Building
                         Ramdaspeth, Wardha Road
                         Nagpur, Maharashtra 440010
                         E-mail: vikas.gupta@bngca.com
                                 ip.utilityagrotech@gmail.com
                                 cirp.utilityagrotech@gmail.com

Last date for
submission of claims:    March 30, 2021


WAVE GROUP: NCLT Admits Insolvency Application
----------------------------------------------
ETRealty.com reports that Wave Megacity Centre has moved the
National Company Law Tribunal (NCLT) voluntary requesting it to
initiate insolvency proceedings against itself as it is unable to
clear the dues of the Noida Authority.  Wave Megacity Centre Ltd is
developing commercial and residential projects in sectors 25A and
32 of Noida, Uttar Pradesh.

It has asked NCLT to initiate the insolvency proceedings "due to
failure of . . . corporate debtor (Wave Megacity Centre) to pay
dues of the Noida Authority for an amount of INR1,222.64 crore."

According to ETRealty.com, the company said it does not have
"adequate cash flow to meet its obligation to the customers and
financial lenders."

"The board of directors of the corporate debtor have examined the
financial situation and in order to keep the corporate debtor as a
going concern have approved/resolved to file the application" to
protect the interests of its creditors and stakeholders, the
company said in its petition.

Wave Megacity Centre's petition is expected to be listed in the
coming weeks before the Delhi-based Principal Bench of NCLT, the
report notes.

ETRealty.com says the realty firm has approached NCLT under Section
10 of the Insolvency and Bankruptcy Code, which allows a debtor to
initiate insolvency resolution process against itself if it has
committed any default.

The company has to provide its books of account and such other
documents relating to such period as may be specified in the
petition.

The NCLT, within 14 days of the receipt of such petition, has to
pass an order admitting or rejecting it.

Earlier this month, the Noida Authority had taken over possession
of 1.08 lakh sq metres commercial land that was allotted to the
real estate developer over unpaid dues, ETRealty.com recalls.

"The Noida Authority on March 11 has taken over physical possession
of 1.08 lakh meter of land which the Corporate Debtor has made
construction and sold units to third parties on portions thereof,"
the realty firm, as cited by ETRealty.com, said in its petition.

Additionally, the Noida Authority is refusing to execute sub-lease
deed for even the completed units in the fully paid up land parcel
measuring 56,400 sq metres on the grounds of non-payment of
outstanding dues.

Thus, while the corporate debtor has issued possession letters to
allottees for 167 commercial units and 78 residential units, it has
not been able to offer physical possession due to the refusal of
the Noida Authority to execute and register the tripartite
agreement for the handing over the physical possession to the
allottees.

"Therefore, the corporate debtor is unable to generate revenue from
the sale/transfer of such units and is also in default of its
obligations to the allottees of the residential and commercial
units resulting in the corporate debtor not having the adequate
cash flow to meet its obligation to the customers and financial
lenders," it said.

According to the petition filed by the company, it had a loss of
INR875.62 crore in FY 2019-20 and additionally there is a
provisional loss of INR232.53 crore in the current fiscal,
ETRealty.com discloses.

Over its liability, the company said, it has received INR1,398
crore from the allottees of residential and commercial units. As on
March 15, 2021, it is facing 210 pending cases against it at
various judicial forums filed by its customers/flat buyers seeking
refund claims of around INR254 crore.

"Such cases are likely to increase due to failure of the Noida
Authority to execute the tripartite agreement with the corporate
debtor and the allottees of its residential and commercial units,"
it said.


YASHOMATI HOSPITALS: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: M/s Yashomati Hospitals Private Ltd
        2371/3, HAL-Vartur Main Road
        Munne Kalalu, Marathalli
        Post Bangalore 560037

Insolvency Commencement Date: March 16, 2021

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: September 12, 2021
                               (180 days from commencement)

Insolvency professional: Ms Medha Kulkarni

Interim Resolution
Professional:            Ms Medha Kulkarni
                         D 301, Admiralty Square
                         13 Cross, 6 Main
                         Indiranagar
                         Bangalore 560068
                         E-mail: medha1273@gmail.com

Last date for
submission of claims:    March 30, 2021




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

BANK NEGARA: Fitch Assigns Final BB Rating on USD500MM Sub. Bonds
-----------------------------------------------------------------
Fitch Ratings has assigned a final long-term rating of 'BB' to PT
Bank Negara Indonesia (Persero) Tbk's (BNI, BBB-/Stable/bb+) Basel
III-compliant subordinated notes. The issuance is USD500 million in
size with a tenor of 5 years. Proceeds from the issuance will be
used for funding and general corporate purposes.

The final rating is in line with the expected rating of 'BB(EXP)'
assigned on 21 March 2021. The assignment of the final rating
follows 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 a 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 be likely to arise from Fitch's belief of reduced
    support prospects for these instruments, which would be likely
    to 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 Fitch
    Narrows 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.




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

SHARP CORP: S&P Alters Outlook to Stable & Affirms 'BB-/B' ICRs
---------------------------------------------------------------
S&P Global Ratings revised to stable from negative its outlook on
Japan-based electronics maker Sharp Corp. and its overseas
subsidiary Sharp International Finance (U.K.) PLC. S&P has affirmed
the 'BB-' long-term issuer credit rating and the 'B' short-term
issuer credit rating and 'B' commercial paper program rating on the
Japan-based company. At the same time, S&P has also affirmed its
'BB-' long-term issuer credit rating and 'B' short-term issuer
credit rating and 'B' commercial paper program ratings on its
overseas subsidiary.

S&P said, "We revised the outlook upward because Sharp's operating
profit is likely to be higher than we previously assumed. We expect
strong performances of businesses such as home appliances to make
up for the drag from the weaker LCD business. We also think debt to
EBITDA, a key financial metric, could stay at levels commensurate
with the ratings. This is because operating profit and operating
cash flow are recovering, and it is continuously reducing
investments, thereby curbing debt growth.

"We believe its home appliance business will likely continue
generating stable earnings over the next one to two years. Vigorous
demand from homebound consumers amid COVID-19 has driven up sales.
In addition, Sharp continues to enhance a range of its products,
and to expand its marketing network through growth in
business-to-business transactions, for which demand is relatively
stable. Profit from the LCD business is likely to gradually
recover. The market for LCD panels is improving and unit sales of
such products for automobiles, one of their major applications, are
picking up. Therefore, in the next one to two years, we expect
Sharp to continue securing operating profit of at least ¥80
billion annually and EBITDA margins of about 7.0%-7.5%, on par with
fiscal 2019 (ended March 31, 2020).

"We believe key financial ratios are likely to recover in fiscal
2020 and then stabilize over the next one to two years, as Sharp
curbs an increase in debt. Inventory management contributes to a
degree here, in our view. We also think it can flexibly reduce
investments during downturns in operating profit and operating cash
flow generation. We therefore forecast debt to EBITDA will improve
slightly to about 4.6x in fiscal 2020, from 5.0x the previous year,
and stay around there. Although Sharp's cash flow remains volatile,
our assessment of its liquidity does not constrain our rating on
the company.

"We incorporate into our issuer credit rating on Sharp a notch of
uplift from the company's stand-alone credit profile to factor in
support from its parent, Taiwan-based Hon Hai Precision Industry
Co. Ltd. (A-/Stable/--). Hon Hai has higher creditworthiness than
Sharp. We believe Hon Hai would support Sharp if the subsidiary's
finances weakened. This is because Hon Hai leads its management
restructuring by investing a record amount of capital in Sharp.

"The stable outlook reflects our view that Sharp can maintain
consolidated profitability and key cash flow ratios for the next
one to two years. Supporting our view are Sharp's efforts to
enhance its non-LCD businesses and control earnings volatility in
its LCD business despite tough business conditions."

S&P may consider a downgrade if it sees a heightened likelihood of
either of the following scenarios:

-- Its EBITDA margin consistently falls short of 6% because of a
sharp deterioration in the LCD business environment; or

-- Debt to EBITDA consistently exceeds 5.5x owing to a substantial
increase in growth investments despite a slow recovery in
earnings.

The likelihood of an upgrade in the coming one to two years is
limited because of severe business conditions and Sharp's heavy
reliance on debt. That said, S&P may consider an upgrade in either
of the following situations:

-- Its EBITDA margin approaches 9% thanks to an improvement in
product mix in its LCD business or an enhancement of non-LCD
businesses such as home appliances; or

-- S&P considers debt to EBITDA to be highly likely to stay below
3.5x as a result of a substantial reduction in debt.




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

ASSET FINANCE: S&P Alters Outlook to Stable & Affirms 'B-/B' ICRs
-----------------------------------------------------------------
S&P Global Ratings revised its outlook on Asset Finance Ltd. (AFL)
to stable from negative. At the same time, S&P affirmed its 'B-'
long-term and B' short-term issuer credit ratings on the New
Zealand-based nonbank lender.

S&P said, "We revised our outlook on AFL because we believe the
company will continue to manage its capital, liquidity, and asset
quality through economic uncertainties caused by COVID-19 over the
next year.

"AFL's ability to maintain capital levels above regulatory minimums
supports the company's credit profile. We expect shareholders at
AFL's immediate parent, Xceda Capital Group Ltd., will continue to
support AFL via injections of common equity as the company looks to
increase loans and advances.

"We expect AFL's debenture funding, with reinvestment rates back
toward 70% following the COVID-19 outbreak, to support double-digit
asset growth (17% annualized for the six months ended September
2020). The 11.4% growth in the company's debenture portfolio for
the six months to September 2020 supports our view.

"In addition, AFL's improving asset quality and strengthening
governance framework underpin its ability to manage operations over
the next 12 months, in our view. We expect the company to continue
to focus on business loans secured by first and second mortgages,
likely resulting in lower nonperforming assets (NPAs) relative to
historic levels. AFL's curing of its largest nonperforming exposure
of about NZ$5 million in October 2020 supports our expectation of
an improvement in asset quality.

"The stable outlook on AFL reflects our expectation that the
finance company's capital will remain strong over the next 12
months, with our forecast risk-adjusted capital ratio staying above
15%. AFL's high level of liquid assets relative to its balance
sheet should also help it to manage its operations over the
period."

AFL's capital is well in excess of the regulatory minimum. As a
result, a moderate decline in its regulatory capital to manage
impaired assets will not directly result in a lower rating on a
stand-alone basis.

S&P said, "We may lower our ratings on AFL within the next 12
months if we believe the finance company's NPAs rise significantly,
or the company is unable to attract new investors to its debentures
or roll over existing debentures. This would weaken AFL's liquidity
and capital, in our view.

"We may also lower our ratings if we believe AFL's financial
commitments are unsustainable in the longer term even if it does
not face a credit or payment crisis in the next 12 months.

"We view an upward rating action as unlikely over the next 12
months. The most likely scenario for an improvement in our view of
AFL's financial strength would be a significant strengthening of
the company's governance framework and the asset quality of the
portfolio."




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

AVATION PLC: S&P Lowers ICR to 'SD' on Bond Restructuring
---------------------------------------------------------
On March 26, 2021, S&P Global Ratings lowered its long-term issuer
credit rating on Avation to 'SD' from 'CC'. S&P also lowered its
long-term issue rating on the Singapore-headquartered aircraft
lessor's guaranteed senior unsecured notes to 'D' from 'C'.

S&P said, "We will raise the issuer credit rating on Avation and
the issue rating on the notes to the 'CCC' category as early as
March 29, 2021 to reflect our view of the company's
creditworthiness post-restructuring.

"We lowered our ratings after Avation completed the restructuring
of its US$342.6 million senior notes due in May 2021 with 100%
consent from bondholders.

"We view the transaction as tantamount to a distressed exchange.
That's given our views of: (1) a high likelihood of a conventional
default without the transaction, given the sizable maturity and the
company's weak liquidity, with a cash deficit we estimate to be
over US$200 million; and (2) unsecured bondholders receiving less
than what was originally promised, in which we assessed for any
deviation from the terms of the original bond, including extension
of maturity by 5.5 years.

"We will raise the issuer credit rating on Avation and the issue
rating on the notes in the coming days, likely to the 'CCC'
category. This would reflect our view that the company's capital
structure remains unsustainable. Avation has debt maturities of
close to US$225 million within the next 12 months, and remains
dependent upon the ongoing support of lenders as well as favorable
business, financial and economic conditions to meet its financial
commitments."


CHINA FISHERY: Burlington & Monarch Submit Chapter 11 Plan
----------------------------------------------------------
Creditors Burlington Loan Management DAC and Monarch Alternative
Capital LP filed a Chapter 11 Plan and Disclosure Statement for
debtors CFG Peru Investments Pte. Ltd. (Singapore) and Smart Group
Limited (Cayman).

China Fishery Group Limited ("CFGL") is the holding company of a
group of companies (collectively, the "CF Group"), including the
Plan Debtors (the Plan Debtors, together with the Other Debtors,
the "Debtors"), with interests in a leading, Peru-based global
fishmeal and fish oil business.

The Plan Debtors' primary asset is their interests in certain Other
Debtors and non-debtor affiliates, including direct or indirect
ownership of approximately 100% of the equity interests in the
Peruvian OpCos; the Plan Debtors also hold certain Claims and
Causes of Action against other Persons or Entities, the value of
which are unknown. The Plan Debtors' only funded debt consists of
9.75% Senior Notes due July 30, 2019 in a principal amount of $300
million, $501,804,767 of which is outstanding as of March 16, 2021,
according to the Senior Notes Trustee.

On March 1, 2021, following several months of discussions regarding
potential
restructuring transactions, the Ad Hoc Group comprised of holders
of 56% of the principal amount of the Senior Notes and 71% of the
principal amount of the Club Facility executed the Restructuring
Support Agreement. The Restructuring Support Agreement contemplates
a comprehensive restructuring and recapitalization transaction for
the Plan Debtors and certain of their non-debtor affiliates that
will safeguard and provide funding for the fishmeal business of the
Peruvian OpCos.

The material terms of the Plan are as follows:

     * each Allowed Administrative Claim, Secured Claim, and Other
Priority Claim will be paid in full in Cash or receive such other
treatment that renders such Claim Unimpaired;

     * each Allowed Superpriority Loan Claim shall be set off,
capitalized, forgiven, or such other similar or equivalent
mechanisms as required in a specific jurisdiction pursuant to the
Superpriority Loan Settlement Order; provided that the Plan
Administrator is authorized to cause SFR to transfer proceeds from
the sale of non-core assets listed in the First and Second Non Core
Asset Sales Procedures Motions either directly or indirectly to CFG
Peru to effectuate the SFR Distributions contemplated under the
Plan promptly following the Confirmation Date;

     * each Holder of an Allowed Senior Notes Claim shall receive
the distributions to such Holder pursuant to the UK Proceeding
and/or Singapore Scheme. All of the Senior Notes shall be cancelled
as set forth in the UK Proceeding Documentation and/or Singapore
Scheme Documentation, as applicable; provided, however, that any
such distribution shall be in addition to any distributions made by
the Plan Administrator or any other Entity with respect to the
Interim Distribution;

     * unless otherwise provided for under the Plan, each Holder of
an Allowed General Unsecured Claim shall receive its pro rata share
of the Wind-Down Trust Interests;

     * each Holder of the BANA-CFG Peru Claim shall receive its pro
rata share of $30,998,083.56 in Cash, which Cash shall be remitted
by NewCo or the Peruvian OpCos;

     * Interests in CFG Peru shall be Reinstated as of the
Effective Date or, at the Creditor Plan Proponents' option, shall
be cancelled. No distribution shall be made on account of any
Interests in CFG Peru; and

     * Interests in Smart Group shall be Reinstated as of the
Effective Date or, at the Creditor Plan Proponents' option, shall
be cancelled. No distribution shall be made on account of any
Interests in Smart Group.

The Plan contemplates a comprehensive restructuring of Claims
against and Interests in the Plan Debtors that the Creditor Plan
Proponents believe will preserve the going-concern value of the
Peruvian OpCos, maximize recoveries available to all constituents,
provide for an equitable distribution to the Plan Debtors'
stakeholders, and facilitate a conclusion to the Chapter 11 Cases.
The Plan also facilitates the steps necessary to effectuate the UK
Proceeding and/or Singapore Scheme, including through cooperation
with the Peruvian OpCos. The Creditor Plan Proponents believe the
Plan and Restructuring Support Agreement are significant
achievements for the Plan Debtors and will maximize value for
stakeholders.

Distributions under the Plan will be funded with Cash available at
the Plan Debtors or the Peruvian OpCos on the Effective Date, the
proceeds of the New Money Facility, and/or the proceeds of any
non-Cash assets held by the Plan Debtors. For the avoidance of
doubt, the Creditor Plan Proponents expect that the Interim
Distributions and SFR Distributions will be funded prior to the
Effective Date with Cash on hand at the Plan Debtors or the
Peruvian OpCos, and not with any proceeds of the New Money
Facility.  

Counsel to the Creditor Plan Proponents:

     Patrick J. Nash, Jr., P.C.
     Gregory F. Pesce
     Heidi M. Hockberger
     KIRKLAND & ELLIS LLP
     300 North LaSalle
     Chicago, Illinois 60654
     Telephone: (312) 862-2000
     Facsimile: (312) 862-2200

                   About China Fishery Group

China Fishery Group Limited (Cayman) and its affiliates sought
protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y.
Lead Case No. 16-11895) on June 30, 2016.

In the petition signed by CEO Ng Puay Yee, China Fishery Group was
estimated to have assets at $500 million to $1 billion and debt at
$10 million to $50 million.

The cases are assigned to Judge James L. Garrity Jr.

Weil, Gotshal & Manges LLP has been tapped to serve as lead
bankruptcy counsel for China Fishery and its affiliates other than
CFG Peru Investments Pte. Limited (Singapore).  Weil Gotshal
replaces Meyer, Suozzi, English & Klein, P.C., the law firm
initially hired by the Debtors.  The Debtors have also tapped
Klestadt Winters Jureller Southard & Stevens, LLP, as conflict
counsel; Goldin Associates, LLC, as financial advisor; RSR
Consulting LLC as restructuring consultant; and Epiq Bankruptcy
Solutions, LLC, as administrative agent.  Kwok Yih & Chan serves as
special counsel.

On Nov. 10, 2016, William Brandt, Jr., was appointed as Chapter 11
trustee for CFG Peru Investments Pte. Limited (Singapore), one of
the Debtors.  Skadden, Arps, Slate, Meagher & Flom LLP serves as
the trustee's bankruptcy counsel; Hogan Lovells US LLP serves as
special counsel; and Quinn Emanuel Urquhart & Sullivan, LLP, serves
as special litigation counsel.


EAGLE HOSPITALITY: Court Approves Monarch's Stalking-Horse Bid
--------------------------------------------------------------
Allison McNeely of Bloomberg News reports that Eagle Hospitality
Trust got court approval to proceed with its designated stalking
horse bid and sale procedures, overcoming objections from its
previous sponsors and some trade creditors.

An affiliate of Monarch Alternative Capital is providing a $470
million bid for 15 hotels, according to court documents.

A stalking horse bid provides a minimum price for the sale of
assets in bankruptcy.

Judge Christopher Sontchi also approved the bid procedures for the
bankrupt U.S. entity of a Singapore-based hotel real estate
investment trust in a hearing Tuesday, March 23, 2021.

                   About Eagle Hospitality Group

Eagle Hospitality Trust -- https://eagleht.com/ -- is a hospitality
stapled group comprising Eagle Hospitality Real Estate Investment
Trust and Eagle Hospitality Business Trust. Based in Singapore,
Eagle H-REIT is established with the principal investment strategy
of investing on a long-term basis in a diversified portfolio of
income-producing real estate, which is used primarily for
hospitality or hospitality-related purposes as well as real
estate-related assets in connection with the foregoing, with an
initial focus on the United States.

EHT US1, Inc. and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021. EHT US1 estimated
$500 million to $1 billion in assets and liabilities as
of the bankruptcy filing.

The Debtors tapped Paul Hastings LLP and Cole Schotz P.C. as their
bankruptcy counsel, FTI Consulting Inc. as restructuring advisor,
and Moelis & Company LLC as investment banker. Rajah & Tann
Singapore LLP and Walkers serve as Singapore Law counsel and Cayman
Law counsel, respectively. Donlin, Recano & Company, Inc., is the
claims agent.

The U.S. Trustee for Regions 3 and 9 appointed an official
committee of unsecured creditors in the Debtors' Chapter 11 cases
on Feb. 4, 2021. The committee is represented by Morris James, LLP,
and Kramer Levin Naftalis & Frankel, LLP.


GOLDEN ENERGY: Moody's Affirms B1 CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed the B1 corporate family
rating of Golden Energy And Resources Ltd (GEAR). At the same time,
Moody's has affirmed the B1 rating on the senior secured bond
issued by GEAR.

The outlook remains stable.

"The rating affirmation reflects the solid operating performance of
GEAR's Indonesian thermal coal mining subsidiary despite
challenging conditions, and its improving business profile with
growing exposure to metallurgical coal and gold in Australia," says
Maisam Hasnain, a Moody's Assistant Vice President and Analyst.

"GEAR's B1 ratings also incorporate our expectation that the
company will maintain prudent financial policies, particularly with
respect to its growth and diversification strategy," adds Hasnain,
also Moody's Lead Analyst for GEAR.

RATINGS RATIONALE

GEAR's credit profile continues to be supported by rising
production and stable profitability at its 67% owned subsidiary, PT
Golden Energy Mines Tbk (GEMS). Despite challenging operating
conditions including a considerable decline in thermal coal prices,
GEMS increased production and cut costs to grow adjusted EBITDA to
around $150 million in 2020, from around $140 million in 2019.

Moody's expects GEMS' coal production to continue increasing over
the next few years, subject to the receipt of higher production
quotas from the Indonesian government each year. GEMS also has a
long reserve life of around 31 years based on 33.5 million tons of
coal produced in 2020.

GEAR's investments in Australia will provide geographic and
commodity diversification, and help improve its business profile.
These include GEAR's investment in metallurgical coal via its
effective 60% stake in Stanmore Coal, and gold via its 50-50 joint
venture in Ravenswood gold mine with private equity firm EMR
Capital.

Nonetheless, Moody's estimates these businesses are unlikely to pay
meaningful dividends over the next 12-18 months as they undertake
large capital spending to expand operations.

As a result, GEAR's credit profile will remain constrained by its
dependence on cash dividends from GEMS to service its debt. Moody's
expects GEAR to maintain interest coverage from dividends received
of around 2.6x--3.9x over the next two years, up from around 2.3x
in 2020 and 1.6x in 2019.

These projections assume that GEAR will continue to maintain at
least a 62.5% ownership stake in GEMS, pending its planned 4.5%
stake sale in the Indonesian coal miner. The minority stake sale
will help GEMS comply with the minimum free float requirements to
remain listed on the Indonesian Stock Exchange.

While GEMS and its subsidiaries account for most of GEAR's earnings
and cash flow, GEMS is not a subsidiary guarantor of GEAR's US
dollar notes. As a result, noteholders' claims in a distressed
situation are subordinate to liabilities at GEMS and its operating
subsidiaries. This subordination risk is reflected in GEAR's B1
CFR.

Moody's expects GEAR to maintain good liquidity at the holding
company level, with internal cash sources sufficient to meet its
planned uses over the next 12 months, including up to an additional
AUD75 million ($57 million) equity investment in Ravenswood to
support its growth.

"While not our base case, prolonged funding support from GEAR to
Stanmore or Ravenswood will weaken GEAR's holding company
liquidity, and would likely offset the positive credit implications
we anticipate from these investments," adds Hasnain.

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

The stable outlook reflects Moody's expectation that GEAR will
continue to develop and grow its coal and gold mine operations,
while maintaining prudent operating and financial policies.

An upgrade is unlikely over the next 12 months, given the large
capital spending requirements and execution risk associated with
GEAR's growth and diversification plans, GEAR's cash flow
concentration and its ownership structure.

Nevertheless, the rating could be upgraded over time if GEAR (1)
continues to increase its scale, (2) generates steady dividends
from all its investments, (3) is not required to provide additional
funding to support these businesses, and (4) maintains debt
serviceability at the holding company level such that its interest
coverage from dividend receipts exceeds 3.0x — excluding the
interest reserve account — on a sustained basis.

Conversely, GEAR's rating could be downgraded as a result of (1) an
inability to execute its current growth and diversification plans;
(2) aggressive financial policies, including continued debt-funded
investments; (3) weakening industry fundamentals or a higher cash
usage at GEMS, including higher-than-expected capital spending,
which reduces the cash flow available for paying dividends to GEAR;
or (4) any signs of increased related-party transactions including
continued funding support rendered to its subsidiary and joint
venture investments.

Specific indicators that Moody's would consider for a downgrade
include interest coverage at GEAR on a standalone basis falling
below 1.5x or consolidated adjusted debt/EBITDA of above 3.0x.

The principal methodology used in these ratings was Mining
published in September 2018.

Listed on the Singapore Stock Exchange, Golden Energy And Resources
Ltd (GEAR) is an energy and resources company with investments in
coal and gold. Its primary asset is its 67% stake in PT Golden
Energy Mines Tbk, an Indonesian thermal coal producer with coal
mines located in Kalimantan and Sumatra. GEAR also owns a 60%
effective stake in Australian metallurgical coal producer Stanmore
Coal, and a 50% joint venture stake in Australian gold producer
Ravenswood Gold Mine.


HONG LEONG: Assigns Xinfei's Debt to Chinese Buyer for CNY48.7MM
----------------------------------------------------------------
Lee Meixian at The Business Times reports that Hong Leong Asia
(HLA) has assigned the shareholders' loan and other advances it
previously granted to its consumer products unit - the Xinfei
companies currently undergoing restructuring - to a buyer in China
specialising in the acquisition of non-performing assets, for
CNY48.7 million (SGD10 million).

The debt had remained outstanding in 2018 when it had
deconsolidated the business, the report says.

With the assignment of debt and earlier rounds of disbursements to
creditors in 2018, the recovery rate for the group is now about
10.9 per cent, it said.

BT relates that HLA had said earlier that the restructuring plan
was expected to raise the recovery rate from 1.51 per cent to 9.82
per cent for creditors under various liquidation scenarios for
Xinfei.

In view of uncertainty over the final recovery rate, full provision
was made in the group's FY18 accounts, assuming zero recovery rate
for the debt, BT says.

HLA had stated that any recovery in the future would be treated as
income.

As a result of the debt assignment, HLA will recognise about
RMB48.7 million as income, before the deduction of any related
costs.

The assignment is thus expected to have a positive impact on its
net asset value per share and earnings per share in FY21, BT adds.

Hong Leong Asia Ltd. is engaged in the manufacturing and
distribution of consumer products, air-conditioning systems, diesel
engines and related products, industrial packaging products,
building materials, and of investment holding and dealing.




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

[*] BOND PRICING: For the Week March 22, 2021 to March 26, 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.



                *** End of Transmission ***