/raid1/www/Hosts/bankrupt/TCRAP_Public/210413.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, April 13, 2021, Vol. 24, No. 68

                           Headlines



A U S T R A L I A

AFD FOODS: First Creditors' Meeting Set for April 21
CIDEC PTY: Second Creditors' Meeting Set for April 26
HARVEST HOMES: Fraudster Oliver Roths Appears in Court
LA TROBE 2018-2: Moody's Hikes Rating on Class F Notes to B1
PROWELD CONSTRUCTIONS: Second Creditors' Meeting Set for April 20

SPARTAN GYM: Second Creditors' Meeting Set for April 20
TASS GOODWILL: Second Creditors' Meeting Set for April 26


C H I N A

CBAK ENERGY: Delays Filing of 2020 Annual Report
CHINA WATER AFFAIRS: S&P Rates New USD Unsecured Notes 'BB+'
XINHU ZHONGBAO: Moody's Withdraws B3 Corporate Family Rating


I N D I A

AAYUR TECHNOLOGY: CARE Moves D Debt Ratings to Not Cooperating
ABAN OFFSHORE: CARE Reaffirms D Rating on INR574.13cr LT Loan
ADHIKARI BROTHERS: CRISIL Keeps D Debt Rating in Not Cooperating
AIZANT DRUG: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
ARKAY ENERGY: CARE Reaffirms D Rating on INR20.85cr LT Loan

AS NUTRA: CARE Keeps D Debt Rating in Not Cooperating Category
ATIBIR INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
ATMASTCO LTD: Ind-Ra Corrects April 1, 2021 Ratings Release
AVINASH ISPAT: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
BHILAI ENGINEERING: CARE Moves D Debt Ratings to Not Cooperating

BKM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
BOXOVIA PRIVATE: Ind-Ra Gives BB- LT Issuer Rating, Outlook Stable
COSMIC FERRO: CARE Keeps D Debt Ratings in Not Cooperating
DAKSHA PROPERTY: CRISIL Moves D Debt Ratings to Not Cooperating
DANICA AQUA: CARE Reaffirms D Rating on INR11.78cr LT Loan

ELYSIUM PHARMACEUTICALS: Ind-Ra Hikes LT Issuer Rating to 'BB'
FUTURE LIFESTYLE: CARE Keeps C Debt Ratings in Not Cooperating
GAGAN POLYCOT: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
J.S. INTERNATIONAL: Ind-Ra Keeps 'BB+' Rating in Non-Cooperating
KESAR ENTERPRISES: CARE Reaffirms D Rating on INR107.26cr Loan

KESAR MULTIMODAL: CARE Reaffirms D Rating on INR99.11cr Loan
KIRLOSKAR ELECTRIC: CARE Reaffirms D Rating on INR87.33cr Loan
KUNDAN INDUSTRIES:Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
MMTC LIMITED: CARE Lowers Rating on INR5,323.00cr Loan to D
MODEL TANNERS: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating

NEELACHAL ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
PRAKASH PARCEL: Ind-Ra Hikes Issuer Rating to BB+, Outlook Stable
PRECA SOLUTIONS: Ind-Ra Cuts Issuer Rating to BB, Outlook Stable
QULUX TILES: CRISIL Moves D Debt Ratings to Not Cooperating
RAJ SNEH: CARE Keeps D Debt Rating in Not Cooperating Category

SETCO AUTOMOTIVE: CARE Reaffirms D Rating on INR259.18cr Loans
SHARMA SURGICAL: CRISIL Moves D Debt Ratings to Not Cooperating
SHRIRAM EPC: CARE Reaffirms D Rating on INR561.98cr LT Loan
SMW ISPAT: Ind-Ra Gives 'BB+' LT Issuer Rating, Outlook Stable
SONI TRACTORS: CRISIL Moves D Debt Ratings to Not Cooperating

TARENDRA INFRASTRUCTURE: CARE Keeps D Ratings in Not Cooperating
TRN ENERGY: CARE Migrates D Debt Ratings to Not Cooperating
VENUS DENIM: Ind-Ra Hikes LT Issuer Rating to BB+, Outlook Stable
[*] INDIA: IBBI Notifies MSMEs Prepack Insolvency Resolution Rules


I N D O N E S I A

REJEKI ISMAN: Moody's Lowers CFR to Ca on Debt Restructuring


M A L A Y S I A

CG POWER: Board Approves Liquidation of Step Down Subsidiary


S I N G A P O R E

BELLINGHAM MARINE: Creditors' Proofs of Debt Due May 10
NOVU FASTHETICS: AAG Corporate Named as Provisional Liquidators
SEASHORE RESOURCES: Court to Hear Wind-Up Petition on April 23
SEN YUE: Court to Hear Judicial Management Bid on May 10
SHENG HUI: Court Enters Wind-Up Order

SMC INDUSTRIAL Court to Hear Judicial Management Bid on May 10


S O U T H   K O R E A

CELLTRION HEALTHCARE: To Liquidate Subsidiary in China


X X X X X X X X

[*] BOND PRICING: For the Week April 5, 2021 to April 9, 2021

                           - - - - -


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

AFD FOODS: First Creditors' Meeting Set for April 21
----------------------------------------------------
A first meeting of the creditors in the proceedings of AFD Foods
Pty Ltd, formerly Trading as Port Lincoln Gourmet Meats, will be
held on April 21, 2021, at 11:00 a.m. at the Boardroom, Heard
Phillips Lieberenz, Level 12, 50 Pirie Street, in Adelaide, SA.

Andrew Heard and Anthony Phillips of Heard Phillips Lieberenz were
appointed as administrators of AFD Foods on April 9, 2021.


CIDEC PTY: Second Creditors' Meeting Set for April 26
-----------------------------------------------------
A second meeting of creditors in the proceedings of Cidec Pty Ltd
has been set for April 26, 2021, at 2:00 p.m. via virtual meeting
technology.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 23, 2021, at 5:00 p.m.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of Cidec Pty on March 19, 2021.


HARVEST HOMES: Fraudster Oliver Roths Appears in Court
------------------------------------------------------
Newcastle Herald reports that the man at the centre of the Harvest
Homes collapse told the Federal Court on March 25 he earned
AUD45,000 last financial year and for the past two years rented a
luxury North Sydney house for AUD3,400 per week.

Newcastle Herald relates that convicted fraudster Oliver Roths,
also known as Oliver Banovec, said he had no idea how much money he
made this year.

Under heavy questioning by lawyer Stefan Briggs, assisting
liquidator Thomas Dawson, of DCL Advisory, Mr. Roths repeatedly
told the public examination into the collapse of GLFB Pty Ltd
(trading as Harvest Homes NSW) and Harvest Homes (Properties) that
he could not provide "any estimate" of his income.

Mr. Roths, who spent time in jail for fraud and perjury, said he
had no idea if he earned more than AUD100,000 or more than
AUD200,000.

After being warned by Senior Registrar Thomas Morgan that failure
to answer questions could see him in contempt of court, Mr. Roths
unsuccessfully objected to the line of questioning, the report
relays.

Mr. Roths was also unable to estimate how much money had gone into
his bank accounts in the past month, to which Mr. Briggs responded
that his answers "beggar belief".

According to the report, the public examination is picking over the
bones of the failed Newcastle builder, that collapsed in 2019 owing
creditors millions.

Earlier last month, Harvest Homes directors Steve Taylor and Dean
Turner told the public examination how they unwittingly handed
control of their business to Mr. Roths, when a company he was
linked to, AXL Financial, took a majority shareholding in the
Mayfield-based builder, the report recalls.

Newcastle Herald relates that the pair, who were unaware Mr. Roths
was a convicted fraud, said that within a few months Harvest Homes
started experiencing cashflow problems and went from turning over
AUD16 million to liquidation in just over two years.

But Mr. Roths told a different story on March 25, describing
himself as an "aggrieved creditor" of Harvest Homes, owed almost
AUD3 million.

Roths told Registrar Morgan he did not provide any documents which
he had been summonsed to produce because the fee offered by the
liquidator was "by far inadequate".

Mr. Roths, a former eastern suburbs rich kid who was sentenced in
2010 to seven years' jail for fraudulently using AUD500,000 of an
investor's money to support his business, said his taxable income
last financial year was AUD45,000, but he had no idea if it had
gone up or down since, according to Newcastle Herald.

He went further to reveal that he owned no property in his own
name, but for the past two years had been renting a luxury
five-bedroom house in Northbridge for between AUD3,400 and AUD3,500
a week.

He was unsure what bank accounts the rent was paid from, or exactly
who paid the rent, the report says.

The Austrian born 43-year-old said he was able to afford the rent
because AXL Financial was a co-tenant on the lease, adds Newcastle
Herald.


LA TROBE 2018-2: Moody's Hikes Rating on Class F Notes to B1
------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on seven classes
of notes issued by three La Trobe RMBS.

The affected ratings are as follows:

Issuer: La Trobe Financial Capital Markets Trust 2017-2

Class C Notes, Upgraded to Aaa (sf); previously on Mar 25, 2019
Upgraded to Aa1 (sf)

Class D Notes, Upgraded to Aa2 (sf); previously on May 30, 2018
Upgraded to A1 (sf)

Issuer: La Trobe Financial Capital Markets Trust 2018-2

Class C Notes, Upgraded to Aa3 (sf); previously on Nov 22, 2018
Definitive Rating Assigned A2 (sf)

Class D Notes, Upgraded to A3 (sf); previously on Nov 22, 2018
Definitive Rating Assigned Baa2 (sf)

Class F Notes, Upgraded to B1 (sf); previously on Nov 22, 2018
Definitive Rating Assigned B2 (sf)

Issuer: La Trobe Financial Capital Markets Trust 2019-2

Class B Notes, Upgraded to Aa1 (sf); previously on Oct 16, 2019
Definitive Rating Assigned Aa2 (sf)

Class C Notes, Upgraded to Aa3 (sf); previously on Oct 16, 2019
Definitive Rating Assigned A2 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in credit enhancement
available for the affected notes and the collateral performance to
date, with no to low level of losses from defaulted loans and low
level of loans under COVID-19-related hardship payment
arrangements.

La Trobe Financial Capital Markets Trust 2017-2

Following the February 2021 payment date, note subordination
available for the Class C Notes has increased to 11.8% from 8.0%
during the last rating action for these notes in March 2019, and
for the Class D Notes has increased to 7.3% from 4.1% during the
last rating action for these notes in May 2018.

As of February 2021, 8.8% of the outstanding pool was 30-plus day
delinquent, and 7.1% was 90-plus day delinquent. The deal has
incurred AUD682,985 losses to date, which have been covered by
excess spread.

The deal made pro-rata payment among all rated notes in December
2020. In all other months, it paid on a sequential basis because
not all stepdown conditions were satisfied. Currently, it could not
meet the 90-plus day delinquency condition of less than 6%.

Based on the observed performance to date, loan attributes,
COVID-19-related hardship assistance and considering the gradual
and uneven recovery, Moody's has revised its expected loss
assumption to 3.0% as a percentage of the outstanding pool,
compared with 2.9% as of the last rating action in June 2020.

Moody's has increased its MILAN CE assumption to 12.5% from 11.9%
at the last rating action in June 2020, based on the current
portfolio characteristics.

La Trobe Financial Capital Markets Trust 2018-2

Following the February 2021 payment date, note subordination
available for the Class C, Class D and Class F Notes has increased
to 6.8%, 3.8% and 1.5%, respectively, from 4.2%, 2.4% and 0.9% at
closing.

As of February 2021, 4.2% of the outstanding pool was 30-plus day
delinquent, and 2.2% was 90-plus day delinquent. The deal has
incurred AUD120,519 losses to date, which have been covered by
excess spread.

The deal has been paying down the notes on a sequential basis since
closing.

Based on the observed performance to date, loan attributes,
COVID-19-related hardship assistance and considering the gradual
and uneven recovery, Moody's has revised its expected loss
assumption to 2.2% as a percentage of the outstanding pool,
compared with 1.7% as of the last rating action for these notes in
July 2019.

Moody's has lowered its MILAN CE assumption to 12.4% from 13.1% at
the last rating action in July 2019, based on the current portfolio
characteristics.

La Trobe Financial Capital Markets Trust 2019-2

Following the February 2021 payment date, note subordination
available for the Class B and Class C Notes has increased to 6.6%
and 5.3%, respectively, from 4.6% and 3.7% at closing.

As of February 2021, 4.9% of the outstanding pool was 30-plus day
delinquent, and 2.4% was 90-plus day delinquent. The deal has
incurred no losses to date.

The deal has been paying down the notes on a sequential basis since
closing.

Based on the observed performance to date, loan attributes,
COVID-19-related hardship assistance and considering the gradual
and uneven recovery, Moody's has revised its expected loss
assumption to 2.1% as a percentage of the outstanding pool,
compared with 1.7% as of the last rating action in June 2020.

Moody's has lowered its MILAN CE assumption to 9.0% from 9.5% at
the last rating action in June 2020, based on the current portfolio
characteristics.

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 mortgage 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 transactions are Australian RMBS secured by portfolios of
residential mortgage loans, originated and serviced by La Trobe
Financial Services Pty Limited, an Australian non-bank lender. A
portion of the portfolio consists of loans extended to borrowers
with impaired credit histories or made on a limited documentation
basis.

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:

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 credit enhancement available
for the notes and (3) a deterioration in the credit quality of the
transaction counterparties.


PROWELD CONSTRUCTIONS: Second Creditors' Meeting Set for April 20
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Proweld
Constructions Pty Ltd has been set for April 20, 2021, at 11:30
a.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 19, 2021, at 5:00 p.m.

Brent Kijurina, Richard Albarran and Cameron Shaw of Hall Chadwik
were appointed as administrators of Proweld Constructions on March
11, 2021.


SPARTAN GYM: Second Creditors' Meeting Set for April 20
-------------------------------------------------------
A second meeting of creditors in the proceedings of Spartan Gym
Equipment Pty Ltd has been set for April 20, 2021, at 11:00 a.m.
via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 19, 2021, at 4:00 p.m.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of Spartan Gym on March 5, 2021.


TASS GOODWILL: Second Creditors' Meeting Set for April 26
---------------------------------------------------------
A second meeting of creditors in the proceedings of Tass Goodwill
Pty Ltd has been set for April 26, 2021, at 10:30 a.m. via virtual
meeting technology.  

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by April 23, 2021, at 5:00 p.m.

Peter Goodin of Magnetic Insolvency was appointed as administrator
of Tass Goodwill on March 18, 2021.




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

CBAK ENERGY: Delays Filing of 2020 Annual Report
------------------------------------------------
CBAK Energy Technology, Inc. filed a Form 12b-25 with the
Securities and Exchange Commission notifying the delay in the
filing of its Annual Report on Form 10-K for the period ended Dec.
31, 2020.  

CBAK Energy Technology has not finalized its financial statements
for the fiscal year ended Dec. 31, 2020.  The Company anticipates
that it will file the Form 10-K within the fifteen-day grace period
provided by Exchange Act Rule 12b-25.

                          About CBAK Energy

Dalian, China-based CBAK Energy Technology, Inc., formerly China
BAK Battery, Inc. -- http://www.cbak.com.cn-- is engaged in the
business of developing, manufacturing and selling new energy
highpower lithium batteries, which are mainly used in the following
applications: electric vehicles; light electric vehicles; and
electric tools, energy storage, uninterruptible power supply, and
other high power applications.

CBAK Energy reported a net loss of $10.85 million for the year
ended Dec. 31, 2019, compared to a net loss of $1.96 million for
the year ended Dec. 31, 2018.  As of Sept. 30, 2020, the Company
had $102.07 million in total assets, $85.03 million in total
liabilities, and $17.04 million in total equity.

Centurion ZD CPA & Co., in Hong Kong, China, the Company's auditor
since 2016, issued a "going concern" qualification in its report
dated May 14, 2020, citing that the Company has a working capital
deficiency, accumulated deficit from recurring net losses and
significant short-term debt obligations maturing in less than one
year as of Dec. 31, 2019.  All these factors raise substantial
doubt about its ability to continue as a going concern.


CHINA WATER AFFAIRS: S&P Rates New USD Unsecured Notes 'BB+'
------------------------------------------------------------
S&P Global Ratings assigned its 'BB+' long-term issue rating to a
proposed issuance of U.S. dollar-denominated senior unsecured notes
by China Water Affairs Group Ltd. (CWA: BB+/Negative/--). The
rating on the notes is subject to its review of the final issuance
documentation.

The issue rating is the same as the issuer credit rating on CWA.
The company's ratio of priority debt to total adjusted debt is
40%-50%, below our notching-down threshold of 50%.

CWA will use the proceeds to refinance its notes maturing in
February 2022 and to meet general working capital needs. As such,
the issuance will not materially increase the company's total
adjusted debt.

The notes are subject to early redemption under certain events,
including, but not limited to, a change of control. The notes are
subject to some covenants, which may restrict CWA's financial
flexibility under certain circumstance. The covenants include fixed
charge coverage (i.e., ratio of EBITDA to interest and dividend)
above 3.0x.

S&P estimates CWA's ratio of funds from operations to debt will be
15%-17% in the next 24 months, compared with its downgrade trigger
of 13%. The negative outlook on the issuer credit rating on CWA
reflects the potential risk that the ratio could drop below 13% if
CWA consolidates its associate company Kangda International
Environmental Co. Ltd. CWA holds 28.46% of Kangda as of Sept. 30,
2020.


XINHU ZHONGBAO: Moody's Withdraws B3 Corporate Family Rating
------------------------------------------------------------
Moody's Investors Service has withdrawn Xinhu Zhongbao Co., Ltd.'s
B3 corporate family rating, and the Caa1 backed senior unsecured
rating on the notes issued by Xinhu (BVI) 2018 Holding Company
Limited and guaranteed by Xinhu Zhongbao. The stable outlooks have
also been withdrawn.

Moody's has decided to withdraw the ratings for its own business
reasons.

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




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

AAYUR TECHNOLOGY: CARE Moves D Debt Ratings to Not Cooperating
--------------------------------------------------------------
CARE Ratings has migrated the rating on bank facilities of Aayur
Technology Solutions Private Limited (ATSPL) to Issuer Not
Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.47       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

   Short Term Bank      1.30       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information to carry out annual surveillance
of ATSPL to monitor the ratings vide e-mail communications dated
February 23, 2021, February 26, 2021, March 1, 2021 March 16, 2021,
March 17, 2021 and March 26, 2021, and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided the information for monitoring the requisite ratings In
line with the extant SEBI guidelines, CARE has reviewed the rating
on the basis of best available information which however, in CARE's
opinion is not sufficient to arrive at fair rating. The rating on
Aayur Technology Solutions Private Limited bank facilities will now
be denoted as long term rating of CARE D; ISSUER NOT COOPERATING
and short term rating of CARE D; ISSUER NOT COOPERATING will
indicate that the rating is "BASED ON BEST AVAILABLE INFORMATION".

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

Detailed description of the key rating drivers (Updated for the
information available from ROC)

Key Rating Weaknesses

* Small scale of operations and thin profitability margins: The
total operating income has marginally increased by 12.95% and stood
at INR6.80 crore during FY20 against INR6.02 crore in FY19. The
PBILDT margin has improved from -0.07%(FY19) and to 9.04%(FY20),
however, the net loss was INR0.96 Cr in FY20.

* Leveraged capital structure and weak debt coverage indicators:
Networth is negative due to accumulation of continuous loss,
networth was negative by INR1.26 Cr. The overall gearing ratio has
deteriorated and stood moderate at -8.19x and the PBILDT interest
coverage ratio stood weak at 0.45x as of March 31, 2020.

Key Rating Strengths

* Established track record of the company and moderate experience
of promoters in the manufacturing of electronics equipment: ATSPL
was incorporated in 2006 by Mr. K. Kiran and his friends. Mr. K.
Kiran is qualified in B.Tech (Computer Science). He is the Managing
Director of the company who takes care of day to day operations. He
has more than one decade of experience in manufacturing of
electronic products. The other directors also have more than one
decade of experience in the industry since inception of the
business. Due to long term presence in the business, the promoters
have established good relationship with suppliers and customers.

* Reputed customer base: The customer base of the company is well
established, as the promoters have been in this line of business
for more than one decade, as a result of which, it has developed
good contacts with the customers. The major customers are Bharat
Electronics Limited, HCIL Comtel Limited, Bharat Heavy Electricals
Limited among others.

Aayur Technology Solutions Private Limited (ATSPL) was incorporated
in 2006 by Mr. K. Kiran and his friends. Its manufacturing unit is
located in Rajajinagar, Bangalore. ATSPL is an ISO 9001:2008
certified company. The company is into manufacturing of electronic
equipment and system design solutions provider for the Defense
sector. It manufactures various electronic instruments solely for
the Indian defense sector. Some of the products manufactured by
ATSPL include ruggedized LCD units, Universal rack mount, rugged
portable units & work stations etc.


ABAN OFFSHORE: CARE Reaffirms D Rating on INR574.13cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Aban
Offshore Ltd (AOL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-Term Bank
   Facilities          574.13      CARE D Reaffirmed

   Long-Term/Short     94.58       CARE D/CARE D Reaffirmed
   Term Bank
   Facilities           

   Cumulative          105.00      CARE D (RPS) Reaffirmed
   Redeemable
   Preference
   Shares-
   Series-I            

   Cumulative          156.00      CARE D (RPS) Reaffirmed
   Redeemable
   Preference
   Shares-
   Series-II            

   Cumulative           20.00      CARE D (RPS) Reaffirmed
   Redeemable
   Preference
   Shares-
   Series-III            

Detailed Rationale & Key Rating Drivers

The ratings assigned to bank facilities and preference share issues
of AOL factor in the instances of delays in debt servicing on
account of significant delays in realization of receivables and
resultant tight liquidity position experienced by AOL.

Rating Sensitivities; Positive Factors; Factors that could,
individually or collectively, lead to positive rating
action/upgrade

* Satisfactory track record of timely servicing of debt obligation
on a sustained basis.

Detailed description of the key rating drivers

Key Rating Strengths

* Experience of Promoters: AOL, largest private player in India in
the offshore drilling industry was promoted in 1986 by Aban
Constructions Private Limited, in collaboration with Chiles
Offshore Inc. (COI), USA, an offshore drilling company in the Gulf
of Mexico. Company's management team includes by Mr. Reji Abraham
(Managing Director), Mr. C P Gopalakrishnan, (CFO& Deputy MD) and
Mr. P Venkateswaran, (Director). The company and its wholly-owned
subsidiaries had a total of 18 assets by the end of March 2020
including 15 Jack up rigs, two drill ships and one-off shore
production unit.

Key Rating Weaknesses

* Moderation in financial performance during FY20 & 9mFY21 and
ongoing delays in debt servicing: During FY20 (refers to the period
of April to March), income declined by 37% to INR246 crore from
INR390 crore during FY19 on account of drop in fleet utilization.
The PBILDT margin during FY20 stood at 27.24% as against 54.07% in
FY19. It is to be noted that during FY20, AOL written off
impairment of property and plant to the extent of INR4,693 crore
due to which AOL reported higher losses. During 9mFY21 (refers to
the period of April to December), AOL before tax loss of INR26
crore (PY: INR147 crore) on a total income of INR153 crore (PY:
INR173 crore). The moderation in income was on account of further
drop in fleet utilization. On account of losses reported and delays
in realization of receivables, there are ongoing delays in debt
servicing.

* Deterioration in the performance of subsidiaries: At the
consolidated level, the company posted before tax loss of INR8,973
crore (PY: INR5,273 crore loss) in FY20. It is to be noted that
during FY20, AOL written off property and plant to the extent of
INR8,973 crore due to which AOL reported higher losses. The total
income on the consolidated level has marginally increased by 6% to
INR982 crore in FY20. During 9mFY21 at consolidated level, the
company registered before tax loss of INR688 crore on total
operating income of INR832 crore as against after before tax loss
of INR1,303 crore on total operating income of INR627 crore during
9mFY20.

Liquidity: Poor

On account of delay in realization of receivables and unfavorable
industry scenario, AOL has been experiencing liquidity issues
resulting in delays in debt servicing.

Aban Offshore Limited (AOL), the flagship company of Aban group,
provides offshore drilling services to companies engaged in
exploration and production of oil and gas. AOL is the largest
private player in India in the offshore drilling industry and is
one of the largest in the world. The company and its wholly-owned
subsidiaries had a total of 18 assets by the end of March 2019
including 15 Jack up rigs, two drill ships and one-off shore
production unit. Out of these 18 assets, AOL directly holds only
seven rigs and rest of the assets held by its step-down
subsidiaries.


ADHIKARI BROTHERS: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sri Adhikari
Brothers Television Network Limited (SABTNL) continues to be
'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan               75         CRISIL D (Issuer Not
                                      Cooperating)

CRISIL Ratings has been consistently following up with SABTNL for
obtaining information through letters and emails dated October 24,
2020 and February 16, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SABTNL was incorporated on December 19, 1994 by Mr. Gautam Adhikari
and Mr. Markand Adhikari, to take over the business of partnership
firm - Sri Adhikari Brothers. SABTNL is engaged in the business of
content production and syndication for television. The company is
listed on the Bombay and National Stock Exchanges.


AIZANT DRUG: Ind-Ra Affirms BB+ LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Aizant Drug
Research Solutions Private Limited's (ADRSPL) Long-Term Issuer
Rating at 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR177.36 mil. (reduced from INR178.84 mil.) Long-term loans
     due on July 2023 affirmed with IND BB+/Stable rating;

-- INR115.00 mil. Fund-based limits affirmed with IND BB+/Stable/

     IND A4+ rating; and

-- INR100.00 mil. Proposed fund-based limit* assigned with IND
     BB+/Stable rating.

*Unallocated

KEY RATING DRIVERS

The affirmation reflects ADRSPL's continued modest EBITDA margin of
7.25% in FY20 (FY19: 13.3%) due to a decline in the top-line,
followed by an increase in the cost of goods sold and personnel
expenses. The return on capital employed was 0.10% in FY20 (FY19:
6.8%). The company's absolute EBITDA too declined to INR104.28
million in FY20 (FY19: INR199.99 million). During 9MFY21, ADRSPL's
EBITDA as well as margin turned negative at INR66.06 million and
8.21%, respectively, owing to the lower capacity utilized in the
manufacturing segment. Ind-Ra expects the margin to deteriorate
further over the medium term, due to an increase the fixed
expenses.

During FY20, ADRSPL's credit metrics deteriorated with the gross
interest coverage (operating EBITDA/gross interest expense) of
5.24x (FY19: 9.02x) and the net leverage (adjusted net
debt/operating EBITDA) of 2.31x (0.52x), due to significant decline
in the absolute EBITDA, coupled with increased borrowings. Ind-Ra
expects the credit metrics to have deteriorated further in FY21,
due to a further decline in the absolute EBDITA and increased bank
limit utilization.

Liquidity Indicator - Stretched: ADRSPL's average maximum
utilization of its fund-based limits was 34.3% and that of its
non-fund based limits was 16% during the 12 months ended February
2021. However, the utilization increased to 77% at end-February
2021 due to increased capacity utilization post-January 2021. The
company availed the Reserve Bank of India-prescribed moratorium
over April-August 2020 and converted the interest amount payable as
funded interest term loan and availed a guaranteed emergency credit
line of INR38.10 million. The cash flow from operations turned
negative to INR11.35 million in FY20 (FY19: positive INR310.31
million), due to a reduction in the EBITDA and negative changes in
the working capital. This led to negative free cash flow from
operations of INR98.96 million in FY20 (FY19: INR185.43 million).
The cash and cash equivalents dropped to INR4.80 million in FY20
(FY19: INR85.97 million). ADRSPL's net working capital cycle
elongated to 92 days in FY20 (FY19: 56 days), primarily due to
increased debtor days of 116 (88).

ADRSPL's revenue declined but remained moderate at INR1,438.57
million in FY20 (FY19: INR1,503.27 million), majorly due to growth
in the clinical research segment and formulation segment to 30.5%
(26%) and 37.3% (35.1%) respectively. However, the revenue from the
internal product segment declined to 19.1% in FY20 (FY19: 28.1%).
ADRSPL had an order book of INR843.94 million at end-February 2021,
to be executed over the short term. During 9MFY21, the company
booked a revenue of INR804.82 million and during 11MFY21
(year-to-date February 2021), the revenue recorded was INR1,050
million. Ind-Ra expects the revenue to have declined yoy in FY21,
due to the lackluster 1QFY21 performance. The revenue from the
clinical research segment would have been steady in FY21 and is
likely to be so in FY22 too, owing to ADRSPL’s long-term
contracts with Mylan and Dr. Reddy's Laboratories (IND AA+/Stable).
The revenue from the formulation and contract manufacturing
segments is likely to have reduced in FY21 due to COVID-led
disruption.

The pharmaceutical industry continues to be highly regulated by the
U.S. Food and Drug Administration and thus, any adverse policy
changes could affect the credit profiles of sector companies.

ADRSPL's ratings continue to benefit from the promoter's experience
of over a decade in the pharmaceutical industry, which helps it
maintain strong relations with its suppliers and customers and
develop high-quality products for domestic and international
markets.

RATING SENSITIVITIES

Positive: A significant increase in the revenue and EBITDA margin,
leading to an improvement in the credit metrics as well as in the
liquidity position, all on a sustained basis, will lead to positive
rating action.

Negative: A decline in the revenue and/or EBITDA margin, leading to
deterioration in the net leverage above 3.5x on a sustained basis
and/or a stressed liquidity position, will lead to a rating
downgrade.

COMPANY PROFILE

ADRSPL was incorporated on November 22, 2005 as Innodev
Pharmaceuticals Private Limited. On July 6, 2006, it was renamed
ADRSPL. It commenced commercial operations on 2008. ADRSPL provides
contract research services, with a focus on new drug delivery
systems, and conducts clinical trials on behalf of clients. The
company provides solutions for pre-formulation, formulation
development of conventional and novel drug delivery products,
analytical development, current good manufacturing practice
scale-up, niche commercial manufacturing, stability,
bioavailability, bioequivalence, bioanalysis, pharmacokinetics,
biostatistics, and clinical diagnostics. Its research laboratory
and clinical trial facility are in Hyderabad, Telangana.


ARKAY ENERGY: CARE Reaffirms D Rating on INR20.85cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Arkay
Energy (Rameswarm) Limited (AERL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           20.85      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings of Arkay Energy (Rameswarm) Limited (AERL) continues to
factor in stretched liquidity profile resulting in delays in debt
servicing.

Rating Sensitivities

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

* Improvement in liquidity with regularization of debt servicing
* Significant reduction in group exposure resulting in improvement
of cash flow position
* Renewal of existing FSAs with GAIL and ONGC for long term tenure

Detailed description of the key rating drivers

Key Rating Weaknesses

* Stretched liquidity profile with delays in debt servicing: The
company continues to face stretched liquidity position with tightly
matched cashflows. The operational performance has moderated during
11MFY21 with PLF at about 55%. The reduced PLF during 11MFY21 was
due to non-operation of plant in April 2020 along with lower
generation during the month of May'20 and June'20 as electricity
requirement by captive consumers were low due to shutdown of plants
on account of coronavirus spread. The company witnessed marginal
reduction in total operating income to INR493.41 crore in FY20 (by
about 3.73% from FY19). The company continues to report net loss in
FY20 as well due to write off of investments amounting to INR133.21
crore. Given the cashflow mismatch there are delays in debt
servicing.

* High group exposure: AERL's net group exposure reduced to
INR574.20 crore as of March 31, 2020, primarily on account of write
off of investments in Ind-Barath Thermal Power Limited (IBTPL) of
an amount of INR133.21 crore. Apart from this, loans and advances
to fellow subsidiaries increased by INR13.92 crore totaling to
group ICD exposure to INR554.49 crore. Hence, the exposure as a %
of networth as of March 31, 2020 stood about 88%.

Key Rating Strengths

* Fuel Supply Agreement with GAIL and ONGC: AERL uses natural gas
as fuel to generate power and it has medium term gas supply
agreement with GAIL (India) Limited (GAIL) and Oil and Natural Gas
Corporation (ONGC). The gas is being sourced from Kanjirangudi and
Palk Bay fields of ONGC in Ramnad Zone of Cauvery Basin and
transported through the pipelines owned and operated by GAIL. The
company has a medium-term fuel supply agreement (FSA) with GAIL for
0.292 MMSCMD at Administered Price Mechanism (APM), renewable
subject to availability of gas which is valid up to July 5, 2021.
The company has an additional FSA with GAIL for 0.078 MMSCMD at
Market Driven Prices (MDP) which is valid up to July 6, 2021. Both
the FSAs with GAIL is expected to be renewed post expiry of
validity. The company also has additional FSA with Oil and Natural
gas corporation limited (ONGC) for 0.45 MMSCMD at APM from
Kanjirangudi and Palk bay fields of ONGC which is valid up to March
31, 2021. The FSA is expected to be renewed post expiry of
validity.

Liquidity - Poor: The liquidity position is poor marked by lower
accruals when compared to repayment obligations and delays in debt
servicing. The company has availed moratorium on interest payment
for the period March 2020 to August 2020 as a part of covid relief
provided by RBI.

Arkay Energy (Rameswarm) Limited (AERL) belongs to Ind-Barath Group
and is a subsidiary (67.74%) of Ind-Barath Power Infra Limited
(IBPIL), the holding company of the group. Incorporated on December
01, 2004, AERL initially commenced operations of its gas-based
combined cycle thermal power generation plant with an installed
capacity of 95MW (10 gas engines of 8.73 MW each and 1 Waste Heat
Recovery Steam Generator (WHRSG) of 8MW) at its plant in
Valantharvai village in Ramnad district of Tamil Nadu. The company
commenced operations from April 2014 and the total installed
capacity is 149.18 MW. The company was operating on merchant basis
till May 2016 with medium term PPAs with TANGEDCO. Subsequently,
the company has moved to third party captive model. The company has
more than 150 captive consumers.


AS NUTRA: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of AS Nutra
Tech Private Limited (ASNT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.40      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 24, 2020, placed the
ratings of ASNT under the 'issuer non-cooperating' category as ASNT
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. ASNT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated February 1, 2021 and February 3,
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

The rating assigned to the bank facilities of ASNT is constrained
by the stretched liquidity position due to losses in FY16-FY17
leading to erosion of net worth. Furthermore, CARE has also not
been able to contact the lender and hence, unable to comment upon
the regularization of the delays.

ASNT, incorporated in February 2010, is promoted by Shrishrimal
family of Raipur. The company has a soya nuggets manufacturing unit
which is non-operational since the past three years and the company
has been trading soya DOC since then. The company has set up a
refinery plant (9000 MTPA) and solvent extraction plant for
manufacturing refined soya oil (27000 MTPA) and refined rice bran
oil (18000 MTPA) in April 2015 (within the scheduled time). The
estimated project cost for the facilities has been INR17.67 crore
funded through debt of INR10 crore and promoter's contribution of
INR7.67 crore. ASNT is headed by Mr. Amit Shrishrimal who is
looking after the financial, administrative and marketing
activities of the company since its incorporation. He is also
director of group company Progressive Exim Ltd which is having
solvent extraction plant of capacity 60,000 TPA and refinery plant
at Raipur.

ATIBIR INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Atibir
Industries Company Ltd (AICL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      282.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

   ShortTerm Bank      314.07      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 27, 2020, placed
the ratings of AICL under the 'issuer non-cooperating' category as
AICL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. AICL continues to be
noncooperative despite repeated requests for submission of
information through e-mails dated February 3, 2021, February 13,
2021 & February 23, 2021 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.

Detailed description of the key rating drivers

At the time of last rating on March 20, 2020, the following were
the rating strengths and weaknesses (updated for information
available from banker feedback).

Key Rating Weaknesses

* On-going delays in debt servicing: As per banker feedback there
continues to be on-going delays in debt servicing.

Atibir Industries Company Limited (AICL), incorporated in 2000
promoted by Mr. Santosh Kumar Sarawgi of Giridih, Jharkhand is
engaged in manufacturing of sponge iron and pig iron and also has
pellets and sinters manufacturing facilities as a backward
integration in Jharkhand. The current installed capacities of AICL
are sinter 680,000 mtpa, pig iron 600,000 mtpa, pellets 300,000
mtpa and sponge iron 120,000 mtpa.

ATMASTCO LTD: Ind-Ra Corrects April 1, 2021 Ratings Release
-----------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified the version published
on April 1, 2021 to correctly state the rating of Atmastco Ltd.'s
non-fund-based limits.

The amended version is:

India Ratings and Research (Ind-Ra) has assigned Atmastco Ltd a
Long-Term Issuer Rating of 'IND BB+'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR335 mil. Fund-based limit assigned with IND BB+/Stable
     rating;

-- INR380 mil. Non-fund-based limit assigned with IND A4+ rating;

     and

-- INR142.5 mil. Long-term loan due on January 2024 assigned with
     IND BB+/Stable rating.

KEY RATING DRIVERS

The ratings reflect Atmastco's small scale of operations as
indicated by revenue of INR1,153.82 million in FY20 (FY19:
INR998.62 million). The growth in the revenue was majorly due to an
increase in the number of order received, coupled with increased
capacity utilization during FY20. Till 11MFY21, Atmastco booked
revenue of INR679.05 million and had an order book of INR736.7
million, to be executed by September 2022. The revenue is likely to
have declined compared with FY20, due to the COVID-19-led
nationwide lockdown and the resultant low overall infrastructure
spending, despite unlocking of economic activities. The company
generates more than 92% of the revenue from manufacturing of boiler
structures, columns, beams, heavy fabrication and the remaining
from trading activities.

The ratings also factor in the company's moderate EBITDA margin of
11.16% in FY20 (FY19: 13.16%) with a return on capital employed of
12.4% (14%). The EBITDA margin deteriorated in FY20 due to an
increase in raw material cost. However, the company has undertaken
several cost reduction, process streamlining, and process
efficiency measures such as erection of new machines along with
training program for labors. Therefore, Ind-Ra expects some
improvement in the operating margin in the short term.

The ratings also reflect Atmastco's moderate credit metrics as
reflected by the interest coverage (operating EBITDA/gross interest
expenses) of 1.84x in FY20 (FY19: 1.89x) and the net leverage
(total adjusted net debt/operating EBITDAR) of 2.7x (2.89x). The
interest coverage deteriorated marginally due to a decline in the
absolute EBITDA to INR128.81 million (INR131.41 million), while the
net leverage improved on account of a decline in the total debt to
INR451.09 million (INR495.83 million) resulting from scheduled debt
repayment. Ind-Ra expects the credit metrics to remain at similar
level FY21 onwards due to a likely lower absolute EBITDA backed by
the revenue decline.

Liquidity Indicator - Stretched: Atmastco's average maximum use of
the fund-based limits was around 97.7% during the 12 months ended
February 2021. The cash flow from operations plunged to INR41.58
million in FT20 (FY19: INR152.27 million), due to the decline in
the absolute EBITDA. Consequently, the free cash flow declined to
INR27.95 million (FY19: INR32.91 million). The cash and cash
equivalents stood at INR102.89 million at FYE20 (FYE19: INR116.45
million). The net working capital cycle was elongated, although
improved to 219 days in FY20 (FY19: 225 days), due to a decline in
the debtor days to 98 (115). However, the firm does not have any
capital market exposure and relies on banks and financial
institutions to meet its funding requirements. Atmastco has availed
INR21 million of Reserve Bank of India-prescribed moratorium for
interest and principal payment of its term loan during April-August
2020. It also availed a guaranteed emergency credit line of INR71.1
million.

However, the ratings are further supported by the directors' nearly
two decades of experience in fabrication of machines. The ratings
reflect Atmastco’s small scale of operations as indicated by
revenue of INR1,153.82 million in FY20 (FY19: INR998.62 million).
The growth in the revenue was majorly due to an increase in the
number of order received, coupled with increased capacity
utilization during FY20. Till 11MFY21, Atmastco booked revenue of
INR679.05 million and had an order book of INR736.7 million, to be
executed by September 2022. The revenue is likely to have declined
compared with FY20,  due to the COVID-19-led nationwide lockdown
and the resultant low overall infrastructure spending, despite
unlocking of economic activities. The company generates more than
92% of the revenue from manufacturing of boiler structures,
columns, beams, heavy fabrication and the remaining from trading
activities.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations and/or EBITDA
margins, along with an improvement in the overall credit metrics
and liquidity, all on a sustained basis, could be positive for the
ratings.

Negative: Lower-than-expected scale of operations or profitability
and/or a further elongation of the working capital cycle leading to
deterioration in the liquidity position and the interest coverage
reducing below 1.6x will be negative for the ratings.

COMPANY PROFILE

Atmastco, formerly Atmastco Private Limited, was set up as a
partnership firm in 1987 by Subramaniam Swaminathan Iyer and G.
Venkataraman, for the trading of engineering products. In 1994, the
firm was converted into a private limited entity and into a public
limited entity in October 2016. Atmastco started manufacturing
boiler structures, columns, beams, heavy fabrication etc. by
setting up two manufacturing units in Bhilai, with a total annual
installed capacity of 24,000 metric tons (enhanced from 18,000
metric tons per annum on July 1, 2016). The company fabricates
heavy steel columns and assemblies for power plants.

AVINASH ISPAT: Ind-Ra Withdraws 'BB-' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn Avinash Ispat
Private Limited's Long-Term Issuer Rating of 'IND BB- (ISSUER NOT
COOPERATING)'.

The instrument-wise rating action is:

-- INR110 mil. Fund-based working capital limits is withdrawn.

KEY RATING DRIVERS

Ind-Ra is no longer required to maintain the ratings, as the loans
have been paid in full. Ind-Ra has received a loan closure
certificate from the lender to withdraw the rating.

COMPANY PROFILE

Incorporated in 1995, Avinash Ispat manufactures mild steel
structural items such as channels and joists. Its manufacturing
facility in Raipur (Chhattisgarh), has an annual installed capacity
of 30,000 metric ton.



BHILAI ENGINEERING: CARE Moves D Debt Ratings to Not Cooperating
----------------------------------------------------------------
CARE Ratings has migrated the ratings on bank facilities of Bhilai
Engineering Corporation Limited (BECL) to Issuer Not Cooperating
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      102.90      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

   Long Term/Short     541.96      CARE D/CARE D; ISSUER NOT
   Term Bank                       COOPERATING Rating moved to
   Facilities                      ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from BECL to monitor the
rating(s) vide e-mail communications/letters dated January 18,
2021, January 21, 2021, January 25, 2021, February 12, 2021, March
16, 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 Bhilai
Engineering Corporation Ltd.'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 key rating drivers

At the time of the last rating on March 30, 2020 the following were
the rating strengths and weaknesses (Updated based on the
information available from Bombay Stock Exchange):

Key Rating Weaknesses

* Deterioration in the financial performance; margins continue to
remain volatile: The total operating income of BECL has
deteriorated by 10% in FY20, to INR649.15 crores in FY20 as against
INR721.74 crores in FY19. The company reported losses in its
engineering divisions thus resulting in loss at both PBDIT and PAT
level during FY20. Further, even in H1FY21, the company has
incurred PBDIT loss of INR7.96 crore as against positive PBDIT of
INR0.57 crore during H1FY20.

* Susceptibility to changes in government regulations, volatility
in raw material prices: Changes in government policies on licensing
for production, sales, and export/import, too, have an impact on
the fertilizer companies' business and financial risk profiles.
Further the operating margins are also susceptible to changes in
prices of raw material. Price of steel, which is one of the major
raw materials for heavy engineering goods manufactured by BECL, is
also volatile in nature.

Key Rating Strengths

* Experienced promoters: Mr. A.K. Jain is the Chairman and Mr.
Veenu Jain is the Managing Director of BECL. Since 1976, the
promoters have been in the business of manufacturing specialized
equipment's for the heavy engineering goods, fertilizers and food
products.

* Reputed customer base: Over the years the promoters of BECL have
established strong relations with established clientele including
large PSU's. RINL remained the largest client followed by SAIL and
NMDC. The contribution to total sales from the top 3 customers was
around 40% during FY19. Credit profile of these entities is strong,
thereby mitigating counterparty risk.

* Healthy order book providing medium term revenue visibility: As
on January 31, 2020, BECL had a healthy order book of around
INR1,606 crores thereby providing adequate revenue visibilities in
the near future. BECL had been earlier catering largely to the
domestic market; however, they have been steadily increasing their
presence in the export market as well.

Liquidity: Poor- Poor Liquidity marked by fully utilized bank
limits. Furthermore, liquidity remains poor owing to losses at the
EBITDA level during H1FY21.

Bhilai Engineering Corporation Limited (BECL) is a public limited
company which was setup in 1960. Mr. A.K. Jain is the Chairman and
Mr. Veenu Jain is the Managing Director of BECL. The company is
into the manufacturing of specialized equipment and products for
heavy engineering industries. It is also into manufacturing of
fertilisers and food products. The company has its shares listed on
BSE; however they stand suspended due to penal reason since
October 1, 2002.

BKM INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of BKM
Industries Limited (BKM) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       80.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

   ShortTerm Bank       28.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 25, 2019, placed
the rating(s) of BKM under the 'issuer non-cooperating' category as
BKM had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. BKM continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated February 26, 2021,
March 3, 2021 & March 8, 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 April 2, 2020, the following were the
rating weaknesses (updated for the information available from
BSE):

Key Rating Weaknesses

* Ongoing delays in the account: There have been instances of LC
devolvement and the cash credit account remained overdrawn for a
period of more than 30 days. This liquidity mismatch is primarily
due to delay in collection from the debtors and decline in the
revenue in FY19 due to weak demand scenario. As per the audit
report (FY20) of BKM, the company's loan accounts in the banks and
other financial institutions have got NPA due to overdue of
interest and principal amounting to INR105.03 crore.

* Deterioration in financial performance of the company in Q1FY19
marked by cash losses: BKM's operating income declined by 58.32%
from previous quarter to INR17.30 crore in Q1FY19 (as against
INR45.05 crore in FY18) on the back of lower execution of orders.
This coupled with under absorption of fixed cost and execution of
less margin products lead to operational losses in Q1FY19. Further,
higher interest expenses resulted in cash losses during the said
quarter. This apart in July 2018, the company had also decided to
discontinue its manufacturing operations at the Barjora (Bankura,
West Bengal) and resultantly reported loss of INR-0.57 crore in
Q1FY19. During 9MFY19, BKM reported cash loss of INR22.15 crore on
a total operating income of INR34.64 crores. BKM's operating income
declined y-o-y by 73.54% from INR156.9crore in FY18 to
INR41.51crore in FY19. BKM reported loss at PAT level of
INR56.42crore in FY19. The overall gearing ratio deteriorated from
0.81x as on March 31, 2018 to 2.37x as on March 31, 2019. In FY20,
the total operating income of BKM has further declined to INR7.21
crore. BKM reported loss of INR28.60 crore at the PAT level. The
overall gearing ratio has also further deteriorated to 5.15x as on
March 31, 2020.

BKM Industries Ltd (BKM) was incorporated on March 25, 2011. It was
a dormant company till October 1, 2013, before the demerger of
packaging division of Manaksia Ltd (ML) to BKM. BKM manufactures
packaging products and aluminum semi-rigid containers. Major
packaging products manufactured by the company includes (1) Roll on
Pilfer Proof closures for the premium liquor and pharmaceutical
sector, (2) Crown closures for carbonated soft drinks and beer, (3)
Plastic closures for carbonated soft drinks and mineral water
sectors, and (4) Metal containers for shoe polishes, cosmetics and
tea.


BOXOVIA PRIVATE: Ind-Ra Gives BB- LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Boxovia Private
Limited (BPL) a Long-Term Issuer Rating of 'IND BB-'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR850 mil. Term loan due on March 2029 assigned with IND BB-/

     Stable rating.

KEY RATING DRIVERS

The rating reflects the under-construction status of BPL's
manufacturing unit of corrugated boxes and boards at Ahmednagar
(Maharashtra). The company was incorporated in December 2017 to set
up the manufacturing of corrugated paper sheets/boxes for the
packaging industry with an installed capacity of 72,000 metric ton
per annum. The construction of the unit is underway and the
management has informed the agency that a trial run will commence
from May 1, 2021 and commercial operations will commence from July
1, 2021, as per the schedule.

BPL availed of a term loan of INR850 million, of which INR337.77
million was disbursed, in December 2020. The remaining disbursement
will be as per the requirement. The sister concern Udit Packaging
Private Limited has invested INR300 million as non-convertible
redeemable preference shares and INR174.6 million as unsecured
loans from promoters.

The rating, however, factors in the unit's locational advantage as
it is close to Pune and Mumbai, which are major demand hubs for
packaging products. In terms of the availability of raw materials,
the major raw materials are kraft paper and adhesive, and are
locally available.

The rating also benefits from the promoters over four decades of
experience in the manufacturing of corrugated boxes.

RATING SENSITIVITIES

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

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

COMPANY PROFILE

Incorporated in December 2017, Boxovia Private Limited (BPL) is
into the manufacturing of corrugated boxes and boards, located in
Ahmednagar (Maharashtra). It has an installed capacity of 72,000
metric ton per annum.


COSMIC FERRO: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Cosmic
Ferro Alloys Limited (CFAL) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        84.65     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      122.05     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 27, 2020, placed the
ratings of CFAL under the 'issuer non-cooperating' category as CFAL
had failed to provide information for monitoring of the rating and
had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. CFAL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails dated February 1, 2021 and February 3,
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 ratings.

Detailed description of the key rating drivers

At the time of last rating on January 27, 2020, the following were
the rating strengths and weaknesses (updated for the information
available from Registrar of Companies)

Key Rating Weaknesses

* Delays in debt servicing: CARE is not in a position to comment on
account of non-availability of relevant documents/feedback from the
client/lenders.

Cosmic Ferro Alloys Limited (CFAL), incorporated in 2003, is
engaged in manufacturing of ferro manganese and silica manganese
with an installed capacity of 45 MVA (5 furnaces of 9 MVA each) at
Barjora, Durgapur, West Bengal. In April 2014, CFAL forayed into a
new product line, namely, Cold Rolled Form Sections (CRFS) by
setting up a new manufacturing facility of 18,000 MTPA in Singur,
West Bengal.

DAKSHA PROPERTY: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of Sree
Daksha Property Developers India Private Limited (SDPDIPL) to
'CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long         10.25      CRISIL D (ISSUER NOT
   Term Bank                        COOPERATING; Rating Migrated)
   Loan Facility         
                                    
   Term Loan              4.75      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SDPDIPL for
obtaining information through letters and emails dated December 23,
2020 and January 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SDPDIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SDPDIPL is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SDPDIPL to 'CRISIL D Issuer not cooperating'.

SDPD, set up in 2010 and based in Coimbatore, is a real estate
developer. Its operations are managed by the promoter, Mr R Mohan.
Company currently has 6 ongoing projects.

DANICA AQUA: CARE Reaffirms D Rating on INR11.78cr LT Loan
----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Danica Aqua Exports Private Limited (DAEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.78      CARE D Rating removed from
   Facilities                      ISSUER NOT COOPERATING category
                                   and Reaffirmed

Detailed Rationale & Key Rating Drivers

The rating assigned to the bank facilities of DAEPL continues to be
tempered by ongoing delays in the repayment of interest and
principal amount of term loan facility.

Positive rating sensitivities

Delay free track record of more than 90 days

Key rating Weaknesses

* Ongoing delays in meeting of debt obligations: Danica Aqua
Exports Private Limited has been facing liquidity issues, due to
which the company is unable to service the interest and installment
obligation in term loan facility within stipulated timeframe.
Hence, there are ongoing delays in servicing the interest and
installment in term loan facility.

Liquidity analysis- Poor

Poor liquidity marked by tightly matched accruals when compared to
repayment obligations with fully utilized bank limits and low cash
balance of INR0.31 crore as on March 31, 2020. This constrains the
ability of the company to repay its debt obligations on a timely
basis. Moratorium was availed from March 2020 to August 2020

Danica Aqua Exports Private Limited (DAEPL) was incorporated on May
19, 2015 as a Private Limited Company by Mr. Joseph Rangunath
(Managing Director), Mr. B. Srinivas (Director), Mr. Duryodhan Ray
(Director) and Mr. Kishore (Director). The company is engaged in
the business of processing and exporting shrimps. . The company has
established their processing unit in a land area of 1 acre, located
at Yerukonda, Vizianagaram District, Andhra Pradesh. The company's
plant is located at around 60 Kms away from Visakhapatnam and
covers all fishing villages of both Srikakulam and Vizianagaram
districts and the aqua culture hub is located at around 250 Km from
the factory facilitating location advantage in terms of
availability of sea food for processing. The company is 100% export
oriented unit (EOU) with sales made to the countries like Japan,
Europe, China and UAE.

ELYSIUM PHARMACEUTICALS: Ind-Ra Hikes LT Issuer Rating to 'BB'
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Elysium
Pharmaceuticals Limited's (EPL) Long-Term Issuer Rating to 'IND BB'
from 'IND B+ (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR293 mil. (increased from INR249.87 mil.) Term loan due on
     June 2024 upgraded with IND BB/Stable rating;

-- INR270 mil. (increased from INR150 mil.) Fund-based limits
     upgraded with IND BB/Stable rating; and

-- INR17 mil. (reduced from INR32 mil.) Non-fund-based limits
     upgraded with IND A4+ rating.

The upgrade reflects the improvement in EPL's revenue (14.96% yoy),
EBITDA margins and credit metrics in FY20.

KEY RATING DRIVERS

EPL's revenue rose to INR837.64 million in FY20 (FY19: INR728.63
million) on the back of an increase in exports. The scale of
operations continued to be small. As per the management, the
company recorded a top-line of more than INR1,262.18 million during
9MFY21, backed by a higher number of orders. The management expects
sales to continue to grow over the medium term, due to a continued
increase in the number of orders.

Furthermore, the company's EBITDA margin improved to an average
26.68% in FY20 (FY19: 22.34%) due to an increase in the sales of
high-margin products and a decline in personnel and administrative
expenses. The return on capital was 13.5% in FY20 (FY19: 11.8%).
Ind-Ra expects the EBITDA margin to remain stable in FY21 as the
share of the higher-margin segment is likely to sustain.

In addition, EPL's credit metrics improved in FY20 because of an
increase in the operating EBITDA to INR223.52 million (FY19:
INR162.75 million). The net adjusted leverage (total adjusted net
debt/operating EBITDAR was 2.38x in FY20 (FY19: 3.22x) and the
interest coverage (operating EBITDA/gross interest expense) was
4.34x (3.86x). Ind-Ra expects the credit metrics to remain
comfortable in FY21, considering the absence of any major debt-led
capex.

Liquidity Indicator – Stretched: EPL's average company
utilization of fund-based limits was around 68% during the 12
months ended February 2021. The cash flow from operation declined
to INR53.96 million in FY20 (FY19: INR97.94 million) as the cash
conversion cycle stretched to 145 days (78 days). This was on
account of an increase in debtor days (FY20: 187 days; FY19: 112
days), resulting from delays in the delivery of orders in the wake
of COVID-19-led disruptions. The company had cash and cash
equivalents of INR20.36 million at FYE20 (FYE19: INR1.26 mil. ).

The ratings continue to be constrained by the customer
concentration risk, as the top three customers accounting for
around 50% of FY20 total export sales.  

The ratings continue to be supported by the promoter's experience
of over two decades in generic drug manufacturing and in exporting
the products to the US market.

RATING SENSITIVITIES

Negative: Any dip in the scale of operations, leading to
deterioration in the credit metrics, with the net leverage
exceeding 4x, and /or a stretch in the liquidity position will be
negative for the ratings.

Positive: An improvement in the liquidity position along with
substantial growth in the scale of operations and maintaining of
the credit metrics will be positive for the ratings.

COMPANY PROFILE

Incorporated in 1995 by Yashwant Patel, EPL is a formulation
company based in Dabhasa,  Gujarat. The company commenced
commercial operations in 1997, manufacturing sterile formulations
such as liquid and dry parenteral and non-sterile formulations such
as tablets, capsules, liquid orals, ointment and dry syrups under
third-party and contract manufacturing agreements for established
pharmaceutical firms. It produces own drugs under the ethical
segment.


FUTURE LIFESTYLE: CARE Keeps C Debt Ratings in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Future
Lifestyle Fashions Limited (FLFL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long-term Bank       323.65     CARE C (CWN) Continues to be
   Facilities–                     on Credit watch with Negative

   Term Loan                       Implications

   Long-term fund       550.00     CARE C (CWN) Continues to be
   Based bank                      on Credit watch with Negative
   facilities–CC                   Implications

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

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

Detailed Rationale & Key Rating Drivers

CARE has withdrawn the rating assigned to the proposed NCD issue of
FLFL with immediate effect, as the company has not raised any funds
towards the aforementioned proposed NCD issue rated by us. The
ratings assigned to the bank facilities and instruments of Future
Lifestyle Fashions Limited (FLFL) primarily factors in continued
poor liquidity position leading to reduced cash accruals on account
of impact of COVID19. The ratings also factor in ongoing default on
its Non-convertible Debentures (NCD) bearing ISIN INE452O07047.

FLFL had availed both phases of moratorium from lenders as part of
the COVID19 - Regulatory Package announced by the RBI on March 27,
2020. Non-recognition of default in this case is as per the
guidance provided by the SEBI circular
SEBI/HO/MIRSD/CRADT/CIR/P/2020/53 dated March 30, 2020.

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

The ratings also continues to be tempered by susceptibility to
economic cycles and increasing competition in the fashion retail
industry. The ratings also factor in stretched liquidity position
of the Future Group which has impacted the financial flexibility of
the company. The rating continues to derive strength from
experienced promoters, pan India presence and established and
diversified portfolio of brands.

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

Rating Sensitivity Factors

Positive factors

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

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

* Regularising ongoing default

Negative Factors

* Rejection of OTR application or delays in implementation

Detailed description of the key rating drivers

Key Rating Weaknesses

* Deterioration of operational performance and debt coverage
metrics due to COVID-19 lockdown: During FY20/9MFY21, the
operational performance was impacted due to outbreak of COVID-19
and subsequent lockdown imposed in the nation. The company, in
FY20, reported net loss of INR53 crore on total income of INR6,362
crore as against net profit of INR189 crore on a total income of
INR5,755 crore in FY19. Whereas the company has reported a net loss
of INR784 crore on total revenue of INR1484 crore in 9MFY21.

FLFL's financial risk profile has weakened on account of disruption
in operations caused by temporary shutdown of operations on the
back of COVID19 pandemic. As on March 31, 2020, the capital
structure has deteriorated to 1.68x as against 0.64x as on March
31, 2019 on account of net losses, increase in debt and adoption of
IndAS 116. Similarly debt coverage metrics such as interest
coverage ratio and total debt to GCA have also deteriorated to
3.45x and 11.65 respectively. For 9MFY21, interest coverage stood
at -0.26x as against 4.12x for 9MFY20.

* Significant shares pledged/encumbered by the promoter: As on
December 31, 2020, the promoters of FLFL have pledged 99.51% of
their 20.39% stake in the company. Falling market capitalisation
coupled with rising debt has led to significant deterioration of
debt to market-capitalisation. Considerable reduction in market
capitalisation and in absence of any additional cover provided by
the promoters, significant amount of pledged shares have been
invoked. Subsequently, the promoters' stake in FLFL has reduced to
20.39% as on December 31, 2020 as against 45.86% as on December 31,
2019.

* Ongoing default: Non-Convertible debentures (NCD) issued by the
company (ISIN INE452O07047) on November 9, 2017 carried Put and
Call option at the end of 3rd and 4th year from issue. Two
investors exercised the Put option. FLFL had requested the
investors to extend the date of payment of annual interest and
principal which was agreed by one of the Debenture holders. The
other investors rejected the deferment proposal. Due to ongoing
stress on liquidity position the company could not service
principal payment of INR100 crore and interest payment of INR30.93
crore on its NCDs aggregating to INR350.00 crore and subsequently
defaulted in November 2020, and the same has not been regularised.

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

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

Key Rating Strengths

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

* Established pan-India presence: As on December 31, 2020, FLFL
distribution network includes 333 stores having a retail space of
7.5 million sq. ft. FLFL's fashion retail business is led by two
major retail chains – Central and Brand Factory. FLFL sells the
premium apparel segment through Central while the low priced
apparels are sold through Brand Factory. The company further
operates EBOs and is also into distribution business wherein it is
selling its brands from other MBOs (Multi Brand Outlets) falling
outside Future Group Retail network. The key formats 'Central' and
'Brand Factory' are the major contributors to the topline and
bottomline of the company.

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

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

* Industry Outlook: The lockdown that started from March onwards
continued for almost 2 months with rules and regulations for retail
stores differing as per the respective state governments and
municipalities. This constrained the activities of retail stores at
various locations. Besides, the retail industry will face
difficulty in making payments to operational creditors and getting
an extension from them amid the Covid-19 situation. However,
companies with deep pocket promoters would be expected to tide over
the liquidity crisis better. Also purchases at retail stores are
expected to be impacted on account of restriction in movement,
social distancing and reduction in purchasing power of consumers.
Thus, non-essential items like apparels, consumer durables,
personal products etc. are expected to be impacted more than
essential items. This subdued consumption, in turn, will affect
sales of the retail industry during the year FY21. In addition to
this, the retail industry will face challenges in terms of
inventories that have become out dated, liquidity issues
which will impact working capital needs, cash flows etc.

Liquidity: Poor

The liquidity profile of the company continues to remain poor on
account of slower than anticipated recovery post easing of lockdown
restrictions on account of COVID19, weakened credit profile and
unavailability of external funding has significantly hampered the
company's ability to generate adequate cash flows. The company's
working capital limits remain fully utilized.

FLFL had availed moratorium on payments as per RBI package and has
also applied to lenders for One Time Restructuring (OTR) facility
under RBI guidelines issued on August 6, 2020.

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

Future Lifestyle Fashions Limited (FLFL) is a part of the Future
Group (one of India's largest retailers). FLFL is in the business
of managing the lifestyle fashion segment of the Future Group. It
has a portfolio of fashion brands that cover a range of fashion
categories including formal menswear, casual wear, active or
sportswear, women's ethnic wear, women's denim wear, women's casual
wear, footwear and accessories and are present across various price
points. The company as on December 31, 2020 operate 333 stores
having a retail space of 7.5 million sq. ft.


GAGAN POLYCOT: Ind-Ra Withdraws 'BB' Long-Term Issuer Rating
------------------------------------------------------------
India Ratings and Research (Ind-Ra) has withdrawn the rating on
Gagan Polycot India Limited's (GPIL) Long-Term Issuer Rating of
'IND BB (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- The 'IND BB' rating on the INR0.6 mil. Term loan is withdrawn;

-- The 'IND BB' rating on the INR50 mil. Fund-based working
     capital limit is withdrawn; and

-- The 'IND BB' rating on the INR5 mil. Non-fund-based working
     capital limit is withdrawn.

KEY RATING DRIVERS

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

COMPANY PROFILE

Gagan Polycot India has a plastic manufacturing unit in Vasai,
Maharashtra.


J.S. INTERNATIONAL: Ind-Ra Keeps 'BB+' Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained J.S.
International'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 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:

-- INR800 mil. Fund-based limits maintained in the non-
     cooperating category with IND BB+ (ISSUER NOT
     COOPERATING)/ IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR86 mil. Term Loan maintained in the non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
June 12, 2015. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings

KEY RATING DRIVERS

Established in 2006, J.S. International operates an integrated meat
processing plant in Unnao (Kanpur, Uttar Pradesh). The firm
produces and exports frozen halal boneless buffalo meat (daily
processing capacity of 105 full form metric ton (MT) sheep meat
(6MT), and leather dog chews (3.85MT). The company complies with
ISO 22000 – 2005 Certificate, HACCP Certificate, Halal
Certificate and all of its products have been approved by
Agricultural and Processed Food Products Export Development
Authority.


KESAR ENTERPRISES: CARE Reaffirms D Rating on INR107.26cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Kesar
Enterprises Limited (KEL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      107.26      CARE D Reaffirmed
   Facilities-
   Term Loan           

   Long Term Bank       63.30      CARE D Reaffirmed
   Facilities-Fund
   Based-Cash Credit    

   Short Term Bank       0.20      CARE D Reaffirmed
   Facilities-Non-
   Fund Based-LC/BG      

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of KEL continue to
reflect the ongoing delays in the servicing of debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in Debt Servicing: There are ongoing delays in servicing
of interest and principal. The account has already been classified
as Non-Performing Asset (NPA) by the bankers.

Key Rating Strengths: Not Applicable

Kesar Enterprises Ltd (KEL), formerly known as Kesar Sugar Works
Ltd was originally promoted by Kilachand Group in October 1933. In
1985, the promoters renamed it to its present name. The company is
part of the Kilachand Group, one of the old and well-established
Industrial Houses in India having diversified interest in sugar,
distillery, renewable energy, storage and other agro products.

KEL is a fully integrated sugar company operating its sugar unit
with a capacity of 7,200 TCD (Tonnes Crushed per Day), cogeneration
power plant of 44 MW, and a distillery unit producing industrial
alcohol with capacity of 50,000 KLPD (Kilo Litres per Day). The
company's integrated sugar plant is located at Baheri, Uttar
Pradesh. The power plant is a fully automated bagasse-fired
co-generation power plant. The plant can operate at high pressure
of 115 kg/cm2. The company has entered into a PPA (Power Purchase
Agreement) with Uttar Pradesh Power Corporation Limited (UPPCL) for
sale of power for 20 years. Besides, the company produces
open-pollinated and hybrid seeds under its brand name "Kesar
seeds." The company has an in-house research division at Hyderabad
where the seeds are developed.


KESAR MULTIMODAL: CARE Reaffirms D Rating on INR99.11cr Loan
------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Kesar
Multimodal Logistics Limited (KMLL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           99.11      CARE D Reaffirmed

   Short Term Bank
   Facilities-LC/BG      9.00      CARE D Reaffirmed


Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of KMLL continue to
reflect the ongoing delays in the servicing of debt obligations.

Detailed description of the key rating drivers

Key Rating Weaknesses

*Delays in Debt Servicing: There are ongoing delays in servicing of
interest and principal. The account has already been classified as
an Non Performing Asset (NPA) by the bankers.

Key Rating Strengths: Not Applicable

Analytical approach: Consolidated

Consolidated financials of Kesar Terminals and Infrastructure
Limited (KTIL) along with its subsidiary KMLL has been considered
for analysis purpose. KTIL has extended corporate guarantee to the
bank facilities availed by KMLL.

Incorporated on September 2011, Kesar Multimodal Logistics Limited
(KMLL) is a project SPV created to set up a composite logistic hub
on a land area of 88.3 acres provided by Madhya Pradesh State
Agricultural Marketing Board (Mandi Board) on design, build,
finance, operate and transfer (DBFOT) basis. The company is a part
of Kilachand group having a track record of more than seven decades
in various business segments such as sugar, distillery, storage and
other agro products. The two main companies of the group are Kesar
Enterprises Ltd (KEL) which is involved in the manufacture and sale
of sugar, industrial alcohol, extra neutral alcohol (ENA) and
country liquor and Kesar Terminals and Infrastructure Ltd (KTIL)
which is involved in handling of bulk liquid storage at Kandla Port
for three decades. Kesar Terminals and Infrastructure Ltd (KTIL)
was incorporated in 2008 to take over the storage division of Kesar
Enterprises Ltd (KEL; rated CARE D). The storage division was
demerged from KEL with the intention to expand the business. KEL is
engaged in manufacturing of sugar and also has a distillery unit.
KTIL in association with KEL has set up a Special Purpose Vehicle
named "Kesar Multimodal Logistics Limited" (KMLL) in FY12 to
execute its project of setting up a Composite Logistic Hub on an
area of 88.3 acres of leased land provided by Madhya Pradesh State
Agricultural Marketing Board (Mandi Board) on design, build,
finance, operate and transfer (DBFOT) basis. With effect from Feb
16 2018, KMLL has become wholly-owned subsidiary of KTIL.

KIRLOSKAR ELECTRIC: CARE Reaffirms D Rating on INR87.33cr Loan
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Kirloskar Electric Company Limited (KECL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      87.33       CARE D Reaffirmed
   Facilities-

   Short term Bank
   Facilities          77.63       CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings of the bank facilities and medium term instruments of
KECL continue to be constrained by the delays in the term loan
obligations, weak financial risk profile marked by cash losses
continuing in FY20 and 9MFY21 and tight liquidity position. Rating
is also constrained by the exposure to volatility in raw material
prices and low bargaining power due to heavy competition in the
electrical equipment industry. CARE also takes into account the
part payment of outstanding dues by monetization of assets.

Rating Sensitivities

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

* Delay free track record for 3 consecutive months

Negative Factors- Factors that could lead to negative rating
action/ downgrade – Not applicable

Detailed description of the key rating drivers

Key Rating weaknesses

* Weak financial risk profile and continuing delays in debt
servicing: During FY 20, even though the company's TOI improved by
6.4% from that of FY19, the company reported PBILDT loss of INR51.6
crore [PY: loss of INR30.27 crore] and cash loss of INR80.4 crore
[PY: INR10.9 crore]. During 9MFY21, the company's TOI declined by
19% to INR191.5 crore [9MFY20: 236.2 crore] in FY20 due to non
operation of the plant in Q1FY21 due to COVID19 lockdown. The
company's liquidity position continues to remain weak and there are
continuing delays in its debt servicing.

* Low bargaining power: The competition in electrical equipment
industry has been increasing due to factors like diversion of
export-focused production capacity to cater to domestic market on
the back of upheaval in the advanced economies, import of cheaper
equipment, especially from China and large number of smaller
unorganized players in the industry. The stiff competition
restricts the pricing flexibility and the prices of the products
and in turn profitability margins of the company which continues to
be under pressure.

* Exposure to volatility in raw material prices: The major raw
materials used for KECL are copper, iron and steel and the prices
are highly volatile due to their global linkages. With a raw
material cost accounting for more than 75% of overall cost of
production, ability of the company to pass on the price rise to its
customers plays a crucial role in the overall profitability.

Key Rating Strengths

* Part repayment of overdues by monetizing assets: Under the
restructuring program, some assets were monetized during FY19 and
FY20 to pay off part of the overdue. However, the company could not
dispose any assets in FY21 amid Covid-19. The outstanding dues in
term loans are expected to be paid over medium term by monetization
of assets for which approvals are pending.

Liquidity analysis: Poor

The liquidity position of the company is poor, since the operations
are making cash losses and there are overdues in bank facilities.
The company is managing working capital by stretching the creditor
payment. The company availed moratorium under RBI Covid-19
Regulatory Package from two of the lenders.

Kirloskar Electric Company Limited (KECL) headquartered in
Bangalore was incorporated in 1946. In its past seven decades of
existence, the company has established itself as one of the major
players in the domestic electric equipment industry. KECL is
engaged in manufacturing of AC Motors, DC Motors, Transformers,
Switchgear and Electronics through eight manufacturing units. The
day-to-day operations of the company are looked after by Mr. Vijay
Kirloskar (Chairman), who is adequately supported by a group of
professionals having rich business experience.

KUNDAN INDUSTRIES:Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Kundan
Industries Limited's (KIL) Long-Term Issuer Rating of 'IND BB+
(ISSUER NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are as follows:

-- INR487.2 mil. Fund-based facilities * maintained in non-
     cooperating category and withdrawn; and

-- INR150 mil. Non-fund-based facilities # maintained in non-
     cooperating category and withdrawn.

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

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

KEY RATING DRIVERS

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

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

COMPANY PROFILE

KIL is primarily engaged in the manufacturing of stainless-steel
industrial fasteners.


MMTC LIMITED: CARE Lowers Rating on INR5,323.00cr Loan to D
-----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of MMTC
Limited (MMTC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     1,055.00     CARE D Revised from CARE B  
   Facilities                      and removed from Credit watch
                                   with Developing Implications

   Long Term/         5,323.00     CARE D Revised from CARE B/
   Short Term                      CARE A4 and removed from
   Bank Facilities                 Credit watch with Developing
                                   Implications

   Short Term
   Bank Facilities      600.00     CARE D Reaffirmed

   Short Term         1,900.00     CARE D Revised from CARE A4
   Bank Facilities                 and removed from Credit watch
                                   with Developing Implications

Detailed Rationale & Key Rating Drivers

The revision in the ratings assigned to the bank facilities of MMTC
is on account of invocation of corporate guarantee given by MMTC to
Neelachal Ispat Nigam Limited (NINL) for the bond payment and
non-payment of the same by MMTC. As intimated by the debenture
trustee, the repayment was due for the final instalment of bond
payment on February 19, 2021, however, despite repeated reminders
vide letters dated 22.02.21 and 26.02.21 the repayment was not made
and corporate guarantee was invoked for immediate repayment. CARE
also notes that MMTC has applied for one-time restructuring of its
loans as per 'Resolution Framework for COVID-19 related stress'
announced by RBI on August 6, 2020 and the lender banks have
invoked resolution process, in principle and inter-creditor
agreement has been signed by the banks. The ratings of MMTC,
however continue to factor in its position as the largest
international trading house in India along with predominant
ownership by the Government of India (GoI) and long and established
track record of trading in diverse commodities.

Going ahead, the ability of MMTC to enhance its overall financial
profile while efficiently managing its working capital
requirements, timely completion of its divestment in NINL along
with recovery of its investment and advances post divestment shall
be key rating sensitivities.

Key Rating Sensitivities

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

* Successful completion of divestment of NINL resulting in recovery
of loans & advances extended by MMTC.

* Successful implementation of its one-time restructuring of loans
as per 'Resolution Framework for COVID-19 related stress' announced
by RBI on August 6, 2020.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Stretched Liquidity: As intimated by the debenture trustee, the
unconditional and irrevocable corporate guarantee given by MMTC for
the bond payments of NINL was invoked vide their letter dated March
26, 2021 on account of non-repayment of principal and interest to
the bond holders which was due on February 19, 2021. The repayment
required to be made by MMTC immediately was of INR52.62 crore
(principal & interest due) plus extra applicable default penal
interest. However, MMTC on account of its weak liquidity, could not
meet the said repayment. Earlier the company had defaulted in
repayment of two Short-term Loans (STL) in the month of September
2020 of INR300 crore and INR160 crore. Subsequently, the company
had requested its lenders for one-time restructuring of its loans
as per 'Resolution Framework for COVID-19 related stress' announced
by RBI on August 6, 2020. The lender banks have invoked resolution
process, in principle and inter-creditor agreement has been signed
by the banks.

The liquidity position of MMTC has been stretched on account of
increase in debt which has primarily been extended as operational
support to NINL which is presently under divestment process.
Further, the Department of Investment and Public Asset Management
(DIPAM) has issued a global invitation for Expression of Interest
(EoI) on January 25, 2021 for 100% divestment of NINL with the due
date for EOI being March 29, 2021.

* High group exposure & increased fund-based support to NINL
leading to moderation in the financial & liquidity profile of MMTC:
The company reported a decrease of ~16.64% in revenue from
INR28891.4 cr in FY19 to INR24167.17 cr in FY20. The same is on
account of non-recognition of other trade income (which is
commission from NINL). MMTC provides operational support to NINL by
purchasing coking coal for NINL and selling NINL's products (pig
iron) on commission basis. MMTC earns 3% commission on the sales
made on behalf of NINL which is shown under other trade income in
the books of MMTC. In FY19, total commission earned was INR223.94
crore (PY: INR156.51 crore).

Further, the revenue recognized in the first 3 quarters of FY20 was
also written off in Q4FY20; resulting in negative revenue from the
'Metals Segment'. This has also resulted in negative PBILDT for
FY20. The interest cost was partly funded through internal accruals
and partly through working capital borrowings. The company reported
a PAT loss of INR227.11 crore in FY20 (PY: PAT of INR81.43 crore).

The capital structure of the company also deteriorated in FY20 due
to increased working capital borrowings and reduction in Networth
due to loss reported in FY20. Further, for executing of one tender
for import of Urea, MMTC requested the Department of Fertilizer
(DoF) to arrange for loan from National Small Savings Fund (NSSF)
to avoid any cash-flow mismatch and thus short-term loan from NSSF
of INR1310 crore was disbursed. The funds were released from DoF
and the loan was repaid in April 2020. This resulted in a
significant increase in total debt as on March 31, 2020. Also,
working capital borrowings were higher on account of operational
support extended to NINL. However, the debt marginally reduced to
INR2353.85 crore as on June 2020 with the repayment of NSSF loan.
However, the off-balance sheet exposure of the company continues to
remain high which includes corporate guarantee of INR1345.82 crore
in favor of the lenders of NINL as on March 31, 2020.

MMTC being the 'Managing Promoter' for NINL extends short term
credit facility to NINL upto a limit of INR1425.00 crore for its
day-to-day operational activities on continuing basis and a
trade-related financial facility in the form of loans and advances.
MMTC's equity investment in NINL is INR459.11 crore as on June 30,
2020. In addition, the company's total advances recoverable from
NINL as on June 30, 2020 are INR3294.13 crore (Rs. 2594.57 crore as
on March 31, 2019) inclusive of interest accrued not recognized as
income of INR252.21 crore for FY20 and INR72.82 crore for Q1FY21.
MMTC has extended total advances of INR2328 crore to NINL from FY17
to Q1FY21. The overall gearing after considering the corporate
guarantee and deducting advances to related parties from the
net-worth of MMTC Ltd. turns negative.

* H1FY21 Performance: The company has reported a decrease of ~42%
in total operating income on Y-o-Y basis in H1FY21 to INR7,641.83
crore vis-à-vis INR13,196.93 crore in H1FY20 primarily due to
non-recognition of income for purchase of coking coal on behalf of
NINL and due to the nationwide lockdown in the country amidst the
outbreak of Covid-19. The company has also reported negative PBILDT
and PAT margins in H1FY21.

Key Rating Strengths

* MMTC's position as India's largest international trading house
and established track record of trading in diverse commodities:
MMTC, established in 1963 is the largest international trading
company of India and the first Public Sector Enterprise to be
accorded the status of "FIVE STAR EXPORT HOUSE" by the GOI for
long-standing contribution to exports. It is the largest non-oil
importer of the nation. MMTC has been awarded the 'Mini Ratna'
status and stands as a leading international trading house in
India. It has consistently won various prestigious awards for
export performance. MMTC is involved in diverse trading activities
in exports, imports and domestic trading of goods. It is the
largest exporter of minerals from India, single largest
importer/supplier of bullion and non-ferrous metals viz. copper,
aluminum, zinc, lead, tin and nickel in the country. The company
has a wholly-owned international subsidiary in Singapore to support
its international trade. MMTC has formed Joint Ventures with
various entities in order to diversify and increase its area of
operations.

* Industry Prospects: MMTC plays a vital role in association with
the government of India in policy formulation to support Gems &
Jewellery industry in India and development of jewelry sector on
Pan-India basis. The government of India launched Gold monetization
scheme with a view to promote circulation of domestic gold within
the domestic economy to curb bullion imports and save forex outgo.
The demand for gold is expected to remain firm owing to its
traditional and religious importance. However, the near-term
prospects for the gems and jewelry industry are not too bright
owing to expectations of rising prices of precious metals, economic
slowdown negatively impacting disposable incomes and leading to low
consumer sentiments. However, gradual recovery is expected from
Q3FY21 onwards, which marks the onset of the festival and wedding
season demand for which may not be at pre-covid levels owing to
fall in number of wedding days in this year and gold prices showing
no signs of receding. Long-term prospects remain stable owing to
growing consciousness of branded jewellery, increasing purchasing
power in the Tier 2 & 3 cities, growing population of working
females and increasing preference towards diamond jewellery.

* Fertilizers: As per CARE, the underlying macros for the Indian
fertilizer industry look promising despite the coronavirus pandemic
and macroeconomic uncertainty. With surplus reservoirs levels,
record-high kharif crop sowing and plentiful rainfall during the
monsoon season, demand for the procurement of fertilizers is
expected to be promising. Sales increased sharply by 25.10% during
FY21 (from April till August) and going forward with the increase
in liquidity of farmers, good prospect for the Rabi season coupled
with the revival of the rural economy, demand for fertilizers for
the rest of FY21 seems optimistic for the industry. The overall
fertilizer production is expected to grow by 4-6% by the end of
FY21.

Analytical approach: Standalone (Factoring in the support provided
to its subsidiaries and associates in the form of corporate
guarantees and loans and advances).

Note: MMTC ltd has an associate company Neelachal Ispat Nigam Ltd
(NINL) with 49.78% shareholding however it is in a completely
different business and hence it has not been consolidated, however,
the impact of its investment has been factored in the analysis.

MMTC, a public sector undertaking, was incorporated on September
26, 1963, to facilitate foreign trade in India and canalize the
export and import of essential minerals and metals. It is under the
administrative control of the Ministry of Commerce & Industry, and
the Government of India (GOI) held 89.93% stake in the company as
on June 30, 2020. MMTC deals in multiple products and markets. The
business operations of the company span across six major divisions
i.e. minerals, metals, precious metals, agro products, fertilizers
& chemicals and coal & hydrocarbons. MMTC has also set up a 15-MW
wind energy mill in Karnataka. MMTC is one of the few agencies,
apart from banks, permitted by the GOI for import of bullion in the
country.

Neelachal Ispat Nigam Limited (NINL); associate company of MMTC was
incorporated in 1982 to set-up an Integrated Steel Plant (ISP) to
undertake the manufacture and sale of pig iron. Originally, the
main promoters were Industrial Promotion & Investment Corporation
of Orissa (IPICOL) and Orissa Sponge Iron Ltd (OSIL). Subsequently,
MMTC Limited, a majority-owned undertaking of Govt. of India, was
inducted as the main promoters since FY16 with equity share holding
of 49.78%. The Cabinet Committee on Economic Affairs (CCEA) has
given an 'in-principle' approval for strategic disinvestment of
100% equity of NINL in January 2020. As per the management, MMTC
has taken 'in principle' decision to divest its equity in NINL
through the Department of Investment & Public Asset Management.


MODEL TANNERS: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Model Tanners'
(MT) Long-Term Issuer Rating of 'IND BB-' to the non-cooperating
category and has simultaneously withdrawn it.  

The instrument-wise rating actions are:

-- INR260 mil. Fund-based working capital limit* migrated to Non-
     Cooperating Category and withdrawn; and

-- INR80 mil. Non-fund-based working capital limit** migrated to
     Non-Cooperating Category and withdrawn.

*Migrated to 'IND BB- (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
COOPERATING)' before being withdrawn

**Migrated to IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

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

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

COMPANY PROFILE

Established in December 2013, MT is a partnership firm and
manufactures safety shoes and finished leather from raw hide
majorly for safety shoes. The firm is a part of Model Group. Tabrez
Alam, Zeeshan Alam and Zain Alam are the partners.


NEELACHAL ISPAT: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Neelachal
Ispat Nigam Limited continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   (i) Long Term        644.64     CARE D; ISSUER NOT COOPERATING
   Bank Facilities                 Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

   (ii) Long Term       646.52     CARE D; ISSUER NOT COOPERATING
   Bank Facilities                 Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE B (CE); and removed from
                                   Credit watch with Developing
                                   Implications

   (iii) Long Term       39.00     CARE D; ISSUER NOT COOPERATING
   Bank Facilities                 Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE C (CE); and removed from
                                   Credit watch with Developing
                                   Implications

    (iv) Short Term     252.05     CARE D; ISSUER NOT COOPERATING
    Bank Facilities                Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category

    (v) Short Term       5.00      CARE D; ISSUER NOT COOPERATING
    Bank Facilities                Rating continues to remain
                                   Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE A4 (CE); and removed from
                                   Credit watch with Developing
                                   Implications

    (vi) Long Term     200.00      CARE D; ISSUER NOT COOPERATING
    Long Term                      Rating continues to remain
    Instruments                    Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE C (CE); and removed from
                                   Credit watch with Developing
                                   Implications

   (vii) Non           100.00      CARE D; ISSUER NOT COOPERATING
   Convertible                     Rating continues to remain
   Debentures                      Under ISSUER NOT COOPERATING
                                   Category and Revised from
                                   CARE C (CE); and removed from
                                   Credit watch with Developing
                                   Implications

Detailed Rationale & Key Rating Drivers

The bank facilities (S.no. (ii) & (v)) and the non-convertible
debentures (S.no. (vi) & (vii)) of Neelachal Ispat Nigam Limited
are backed by unconditional and irrevocable corporate guarantee
extended by MMTC Limited while the bank facility with S.no. (iii)
is backed by unconditional and irrevocable partial corporate
guarantee extended by MMTC Limited. The revision in CE ratings and
assigning of standalone ratings factors in instances of delay in
debt servicing by NINL, subsequent invocation of corporate
guarantees and non-payment of debt servicing obligations by MMTC
Ltd on account of weakening of credit profile of MMTC Ltd on
account of its stretched liquidity position, increasing exposure
towards NINL in the form of continuous fund based support through
investments and loans & advances and also continued corporate
guarantees towards NINL's loans and bonds which is resulting in
significantly high debt in the books of MMTC. MMTC has also applied
for a onetime restructuring of its loans as per 'Resolution
Framework for COVID-19 related stress' announced by RBI on August
6, 2020. CARE also notes that the Cabinet Committee on Economic
Affairs (CCEA) has given 'in-principle' approval for strategic
disinvestment of 100% equity of NINL in January 2020. The
standalone ratings assigned to the bank facilities with S.no. (i) &
(iv) of Neelachal Ispat Nigam Limited continues to factor in delays
in debt servicing by the company due to its subdued operational
performance and stressed liquidity and weak financial risk profile.
NINL continues to be non-cooperative despite repeated requests for
submission of information through e-mails. 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.

Rating Sensitivities

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

* Improvement in operational performance and liquidity position

Detailed description of the key rating drivers

At the time of last rating on January 20, 2021, the following were
the rating strengths and weaknesses (updated based on best
available information):

Key Rating Weaknesses of MMTC Limited

Stretched Liquidity

The company has defaulted in repayment of two Short-term Loans
(STL) in the month of September 2020 of INR300 crore and INR160
crore. Further, the company also has requested its lenders for
one-time restructuring of its loans as per 'Resolution Framework
for COVID-19 related stress' announced by RBI on August 6, 2020.

The liquidity position of MMTC is stretched on account of increase
in debt which has primarily been extended as operational support to
NINL. Further, CARE does not have updated details on the current
liquidity position.

* High group exposure & increased fund-based support to NINL
leading to moderation in the financial & liquidity profile of MMTC:
The company reported a decrease of ~16.64% in revenue from
INR28891.4 cr in FY19 to INR24167.17 cr in FY20. The same is on
account of non-recognition of other trade income (which is
commission from NINL). MMTC provides operational support to NINL by
purchasing coking coal for NINL and selling NINL's products (pig
iron) on commission basis. MMTC earns 3% commission on the sales
made on behalf of NINL which is shown under other trade income in
the books of MMTC. In FY19, total commission earned was INR223.94
crore (PY: INR156.51 crore). Further, the revenue recognized in
first 3 quarters of FY20 was also written off in Q4FY20; resulting
in negative revenue from the 'Metals Segment'. This has also
resulted in negative PBILDT for FY20. The interest cost was partly
funded through internal accruals and partly through working capital
borrowings. The company reported a PAT loss of INR227.11 crore in
FY20 (PY: PAT of INR81.43 crore).

The capital structure of the company also deteriorated in FY20 due
to increased working capital borrowings and reduction in Networth
due to loss reported in FY20. Further, for executing of one tender
for import of Urea, MMTC requested the Department of Fertilizer
(DoF) to arrange for loan from the National Small Savings Fund
(NSSF) to avoid any cash-flow mismatch and thus short term loan
from NSSF of INR1310 crore was disbursed. The funds were released
from DoF and the loan was repaid in April 2020. This resulted in
significant increase in total debt as on March 31, 2020. Also,
working capital borrowings were higher on account of operational
support extended to NINL. However, the debt marginally reduced to
INR2353.85 crore as on June 2020 with the repayment of NSSF loan.

However, the off-balance sheet exposure of the company continues to
remain high which includes corporate guarantee of INR1345.82 crore
in favor of the lenders of NINL as on March 31, 2020.

MMTC being the 'Managing Promoter' for NINL extends short-term
credit facility to NINL up to a limit of INR1425.00 crore for its
day to day operational activities on continuing basis and a
trade-related financial facility in the form of loans and
advances.

MMTC's equity investment in NINL is INR459.11 crore as on June 30,
2020. In addition, the company's total advances recoverable from
NINL as of June 30, 2020 are INR3294.13 crore (Rs. 2594.57 crore as
on March 31, 2019) inclusive of interest accrued not recognized as
income of INR252.21 crore for FY20 and INR72.82 crore for Q1FY21.
MMTC has extended total advances of INR2328 crore to NINL from FY17
to Q1FY21. The overall gearing after considering the corporate
guarantee and deducting advances to related parties from net-worth
of MMTC Ltd. turns negative.

* H1FY21 Performance: The company has reported a decrease of ~42%
in total operating income on Y-o-Y basis in H1FY21 to INR7,641.83
crore vis-à-vis INR13,196.93 crore in H1FY20 primarily due to
non-recognition of income for purchase of coking coal on behalf of
NINL and due to the nationwide lockdown in the country amid the
outbreak of Covid-19. The company has also reported negative PBILDT
and PAT margins in H1FY21.

Key Rating Strengths of MMTC Ltd

* MMTC's position as the largest international trading house in
India: MMTC is the largest international trading company of India
and the first Public Sector Enterprise to be accorded the status of
"FIVE STAR EXPORT HOUSE" by the GOI for long-standing contribution
to exports. It is the largest non-oil importer of the nation. MMTC
has been awarded the 'Mini Ratna' status and stands as a leading
international trading house in India. It has consistently won
various prestigious awards for export performance.

MMTC was established in 1963 and is one of the major global trading
players. It has six major divisions' viz., Precious metals,
Minerals & ores, Metals and industrial raw materials, Agro
products, Fertilizers & Chemicals and Hydrocarbons Established
track record of trading in diverse commodities MMTC is involved in
diverse trading activities in exports, imports and domestic trading
of goods. It is the largest exporter of minerals from India, single
largest importer/supplier of bullion and non-ferrous metals viz.
copper, aluminum, zinc, lead, tin and nickel in the country. The
company has a wholly-owned international subsidiary in Singapore to
support its international trade. MMTC has formed Joint Ventures
with various entities in order to diversify and increase its area
of operations. The fertilizers segment was the highest contributor
to the overall revenues in FY20. MMTC imports Urea on behalf of the
Department of Fertilizers, Ministry of Chemicals and Fertilizers.
During FY20, the Fertilizer and Chemicals segment achieved a
turnover of INR11100 crore (as compared to INR10132 crore during
FY19). The precious metals segment include trading of gold (under
export or under open general license), silver and retail sale.
Despite high volatility in prices of bullion as well as Indian
Rupee - US Dollar exchange rates, precious metals segment
contributed a gross turnover of of INR8304.82 crore contributing to
almost 34% of total turnover achieved by the company in FY20.

* Internal control and risk management systems: MMTC is engaged in
both imports as well as exports of diverse commodities. The company
manages the price volatility risks by entering into back-to-back
transactions. MMTC manages foreign currency risk, by taking
adequate forward cover. Counterparty risks are mitigated to an
extent as MMTC takes earnest money deposits from its clients in
advance (Bank guarantee of 120% in case of gold imports and EMD of
10-25% in other goods to cover the price fluctuation).
Nevertheless, it remains exposed to any volatile movement in
commodity prices which can escalate counterparty risks as well as
extreme fluctuation in forex rates.

In order to streamline the process, manuals and corporate risk
management policy has been put in place to take care of internal
control mechanisms, risk assessment on the business proposals and
systematic SOP for undertaking various trades. MMTC has constituted
a financial management committee of directors (FMCOD) comprising of
3-4 directors including CMD for approval of all trade transactions
above INR2 crore. The trade on behalf of government accounts for
40% of the total volume while the balance 60% is for the private
players. In case of contract with private players there is always a
back to back contract and each leg of the trade is backed with a
letter of credit to secure the payment.

* Industry Prospects: MMTC plays a vital role in association with
the government of India in policy formulation to support Gems &
Jewellery industry in India and development of jewelry sector on
Pan-India basis. The government of India launched Gold monetization
scheme with a view to promote circulation of domestic gold within
the domestic economy to curb bullion imports and save forex outgo.
The demand for gold is expected to remain firm owing to its
traditional and religious importance. However, the near-term
prospects for the gems and jewelry industry are not too bright
owing to expectations of rising prices of precious metals, economic
slowdown negatively impacting disposable incomes and leading to low
consumer sentiments. However, gradual recovery is expected from
Q3FY21 onwards, which marks the onset of the festival and wedding
season demand for which may not be at pre-covid levels owing to
fall in number of wedding days in this year and gold prices showing
no signs of receding. Long term prospects remain stable owing to
growing consciousness of branded jewelry, increasing purchasing
power in the Tier 2 & 3 cities, growing population of working
females and increasing preference towards diamond jewelry.

* Fertilizers: As per CARE, the underlying macros for the Indian
fertilizer industry look promising despite the coronavirus pandemic
and macroeconomic uncertainty. With surplus reservoirs levels,
record-high kharif crop sowing and plentiful rainfall during the
monsoon season, demand for the procurement of fertilizers is
expected to be promising. Sales increased sharply by 25.10% during
FY21 (from April till August) and going forward with the increase
in liquidity of farmers, good prospect for the Rabi season coupled
with the revival of the rural economy, demand for fertilizers for
the rest of FY21 seems optimistic for the industry. The overall
fertilizer production is expected to grow by 4-6% by the end of
FY21.

Key Rating Weaknesses of NINL

* Weak financial performance and poor liquidity position: NINL
reported cash losses during FY17 to FY19 due to weak operating
performance and high interest cost thereby eroding its entire
net-worth. The company has poor liquidity position and has been
defaulting on its debt servicing obligation. The Cabinet Committee
on Economic Affairs (CCEA) gave 'in-principle' approval for
strategic disinvestment of 100% equity of NINL on January 08, 2020
by selling the government's stake to a strategic buyer. CARE
understand the process of strategic divestment of NINL is in
process.

Analytical approach: Guarantor's assessment on standalone basis
(after factoring in the support provided to its subsidiaries and
associates in the form of corporate guarantees and loans and
advances). Note: MMTC ltd has an associate company Neelachal Ispat
Nigam Ltd (NINL) with 49.78% shareholding however it is in a
completely different business and hence it has not been
consolidated, however, the impact of its investment has been
factored in the analysis. For standalone ratings, approach is
standalone.

MMTC Limited MMTC, a public sector undertaking, was incorporated on
September 26, 1963, to facilitate foreign trade in India and
canalize the export and import of essential minerals and metals. It
is under the administrative control of the Ministry of Commerce &
Industry, and the Government of India (GOI) held an 89.93% stake in
the company as on June 30, 2019. MMTC deals with multiple products
and markets. The business operations of the company span across six
major divisions i.e. minerals, metals, precious metals, agro
products, fertilizers & chemicals, and coal & hydrocarbons. MMTC
has also set up a 15-MW wind energy mill in Karnataka. MMTC is one
of the few agencies, apart from banks, permitted by the GOI for
import of bullion in the country. Neelachal Ispat Nigam Limited
(NINL); an associate company of MMTC was incorporated in 1982 to
set-up an Integrated Steel Plant (ISP) to undertake the manufacture
and sale of pig iron. Originally, the main promoters were
Industrial Promotion & Investment Corporation of Orissa (IPICOL)
and Orissa Sponge Iron Ltd (OSIL). Subsequently, MMTC Limited, a
majority-owned undertaking of Govt. of India, was inducted as the
main promoters since FY16 with an equity shareholding of 49.78%.
Further, the Cabinet Committee on Economic Affairs (CCEA) gave
'in-principle' approval for strategic disinvestment of 100% equity
of NINL on January 08, 2020, by selling the government's stake to a
strategic buyer which would be identified through a two-stage
auction procedure. The ratings have further been placed on credit
watch with developing implications on account of the announcement
by the company to divest its equity holding in NINL. CARE will
continue to monitor the developments in this regard and will take a
view on the ratings once the exact implications of the above on the
credit risk profile of the company are clear. About the Company –
Neelachal Ispat Nigam Limited Neelachal Ispat Nigam Limited (NINL)
was incorporated in 1982 to setup an integrated Steel Plant (ISP)
to undertake the manufacture and sale of pig iron. Originally, the
main promoters were Industrial Promotion & Investment Corporation
of Orissa (IPICOL) and Orissa Sponge Iron Ltd (OSIL). Subsequently,
MMTC Limited, a majority-owned undertaking of Govt. of India, was
inducted as the main promoters since FY16 with an equity
shareholding of 49.78%. NINL's manufacturing unit is 5 CARE Ratings
Limited Press Release located at Kalinga Nagar Industrial complex,
Dubri, Orissa having 1.1 Million Tonnes Per Annum (MTPA) capacity
blast furnace as of March 31, 2019.

PRAKASH PARCEL: Ind-Ra Hikes Issuer Rating to BB+, Outlook Stable
-----------------------------------------------------------------
India Rating and Research (Ind-Ra) has upgraded Prakash Parcel
Services Limited's (PPSL) Long-Term Issuer Rating to 'IND BB+' from
'IND BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR30.0 mil. Term loan due on October 2024 assigned with
     IND BB+/Stable rating;

-- INR290 mil. Fund-based working capital facility Long-term
     rating upgraded; short-term rating affirmed with IND BB+
     /Stable/IND A4+ rating; and

-- INR30 mil. Non-fund-based working capital facility affirmed
     with IND A4+ rating.

KEY RATING DRIVERS

The upgrade reflects an improvement in PPSL's EBITDA, leading to an
improvement in its credit metrics. During FY20, the absolute EBITDA
increased to INR66 million (FY19: INR57.8 million) due to decline
in hire charges. Consequently, the margins improved to 6.59% in
FY20 (FY19: 4.94%). The company's margins are modest with a return
on capital of 8% in FY20 (FY19: 6%). In 9MFY21, the EBITDA margins
stood at 7.0%. Ind-Ra expects the EBITDA margins to improve further
over the medium term due to cost-reduction measures undertaken by
the company.

The interest coverage (operating EBITDA/interest expenses) improved
to 1.48x in FY20 (FY19: 1.25x) and the annualized net financial
leverage (adjusted net debt/operating EBITDA) to 5.40x (6.47x),
owing to the increase in the EBITDA and a decrease in the debt
levels to INR463.4 million (INR485 million). Although the debt
levels are likely to remain high, Ind-Ra expects the credit metrics
to improve over the medium term, due to the likely increase in the
EBITDA.

The ratings continue to factor in PPSL's sustained medium scale of
operations, as indicated by the revenue of INR1,004.3 million in
FY20 (FY19: INR1,171.0 million). The decline in the revenue in FY20
was driven by execution of lower number of orders, due to the
COVID-19 led economic slowdown. During 9MFY21, the company booked
revenue of INR646.0 million. The management expects the revenue to
have declined further to INR950 million in FY21 owing to the
economic disruptions due to the ongoing COVID-19 pandemic.

Liquidity Indicator - Stretched: PPSL's average utilization of the
fund-based limits was 97% over the 12 months ended February 2021.
The net working capital cycle elongated to 161 days in FY20 (FY19:
141 days), resulting from an increase in the receivable period to
169 days (146 days), owing to the nature of the business. The cash
flow from operations declined to INR27.8 million in FY20 (FY19
INR32.8 million) due to unfavorable changes in working capital. The
company had a cash balance of INR15.89 million at FYE20 (FYE19:
INR12.7 million). PPSL's debt service coverage ratio was 1.3x in
FY21 and is likely to remain at 1.0x-1.3x in the near-to-medium
term owing to the likely improvement in the absolute EBITDA. The
company had availed the Reserve Bank of India-prescribed moratorium
during March-August 2020 under the COVID-19 relief package scheme.

However, the ratings remain supported by PPSL's promoter's more
than five decades of experience in the logistics business, leading
to established relationships with its customers.

RATING SENSITIVITIES

Positive: Any improvement in the revenue and EBITDA margins,
leading to an improvement in the credit metrics, and an improvement
in the liquidity position, will be positive for the ratings.

Negative: A decline in the EBITDA margins and debt-led capex,
leading to deterioration in the credit metrics on a sustained
basis, or a stretch in the liquidity position, will be negative for
the ratings.

COMPANY PROFILE

PPSL commenced operations in 1992 as a partnership firm. In 2008,
it was reconstituted as a limited liability company. The company
provides freight and allied services to customers across India. It
has 115 branches and over 100 franchises across the country. It
uses nearly 68 own commercial vehicles and sources 125 vehicles
daily to carry out its operations and provides customized solutions
to customers.

PRECA SOLUTIONS: Ind-Ra Cuts Issuer Rating to BB, Outlook Stable
----------------------------------------------------------------
India Rating and Research (Ind-Ra) has downgraded Preca Solutions
India Private Limited's (PSIPL) Long-Term Issuer Rating to 'IND BB'
from 'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR240 mil. Fund-based working capital limits Long-term rating

     downgraded; Short-term rating affirmed with IND BB/Stable/IND

     A4+ rating; and

-- INR120 mil. Term loan due on March 2023 downgraded with IND BB

     /Stable rating; and

-- INR272.7 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects a decline in PSIPL's EBITDA to INR93.6
million in FY20 (FY19: INR111 million), leading to a breach of
Ind-Ra's negative rating guideline of net leverage exceeding 3.0x
in FY20. The interest coverage (operating EBITDA/gross interest
expense) deteriorated to 1.8x in FY20 (FY19: 2.7x) and the net
leverage (total adjusted net debt/operating EBITDAR) to 6.1x
(4.5x), due to an increase in the total debt to INR601 million
(FY19: INR495 million) and the decline in the absolute EBITDA. The
net leverage excluding promoters' loan was 4.9x in FY20 (FY19:
3.8x). Ind-Ra expects the credit metrics to have improved in FY21,
although remained modest, owing to a likely improvement in the
absolute EBITDA, due to execution of high-margin orders, reduction
in fixed costs due to implementation of cost reduction measures and
absence of any debt-led capex plan.

The ratings continue to be constrained by PSIPL's small scale of
operations. The revenue plunged to INR749 million in FY20 (FY19:
INR1,127 million) due to execution of lower number of orders,
resulting from delay in execution of projects, due to clearance
issues. Moreover, the company lost two weeks of operations in March
2020, when execution is at peak during this period each year. In
11MFY21, the company recorded revenue of INR632 million. However,
PSIPL has effectively operated for seven months in FY21, owing to
the COVID-19 led lockdown and a gradual ramp-up of business
operations. As of mid-March 2021, it has an order book of INR1,830
million (2.4x of FY20 revenue), to be executed by 1QFY23. Ind-Ra
expects the revenue to have marginally declined in FY21, owing to
disruption in operations led by the COVID-19 led lockdown. However,
PSIPL's revenue will improve in FY22 backed by its healthy order
book.

Despite the decline in the absolute EBITDA, the margins improved to
12.5% in FY20 (FY19: 9.8%), although remained modest, with a return
on capital employed of 7% (11%). The improvement in the margins was
mainly due to the increase in the execution of high-margin orders.
Ind-Ra expects the margins to have remained modest in FY21, due to
the presence of high-margin orders.

Liquidity Indicator - Poor: The company's average use of the
working capital limits was 99% during the 12-months ended February
2021 with few instances of overutilization of up to two days. Its
cash flow from operations turned negative to INR11 million in FY20
(FY19: INR53 million), due to unfavorable changes in working
capital. The cash conversion cycle elongated to 96 days in FY20
(FY19: 88 days) owing to an increase in the inventory holding
period to 78 days (48 days). The company had a cash balance of
INR30 million at FYE20 (FYE19: INR1 million).

The ratings, however, remain supported by the promoters' three
decades of experience in the infrastructure sector, leading to
established relationships with its customers and suppliers.

RATING SENSITIVITIES

Positive: An improvement in the scale of operations while
maintaining the EBITDA margins, leading to an improvement in the
credit metrics and liquidity will be positive for the ratings.

Negative: Any further deterioration in the scale of operations or
EBITDA margins, leading to deterioration in liquidity and the
interest coverage reducing below 1.8x on a sustained basis, will be
negative for the ratings.

COMPANY PROFILE

Incorporated in 2008, Hyderabad-based PSIPL is engaged in the
designing, manufacturing, supplying, erecting and commissioning of
various precast pre-stressed concrete products on a turnkey
engineering solution basis. Satish Gottipati, Geetha Gottipati and
Uri Kertes are the promoters.

QULUX TILES: CRISIL Moves D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of Qulux
Tiles LLP (QTL) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         1.7       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit            4.3       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             12.5       CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with QTL for
obtaining information through letters and emails dated December 23,
2020 and January 29, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of QTL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on QTL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of QTL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Established in October 2017, QTL is setting up a unit for
manufacturing ceramic wall tiles. The manufacturing facility in
Morbi has installed capacity of 45,000 tonne per annum. The firm
has 16 partners, including Mr Anilbhai Laljibhai Varmora, Mr Hardik
Premjibhai Patel, and Mr Sandip Prabhulal Merja. Commercial
operations are estimated to have started in January 2019.

RAJ SNEH: CARE Keeps D Debt Rating in Not Cooperating Category
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raj Sneh
Auto Wheels Private Limited (RSAWPL) continues to remain in the
'Issuer Not Cooperating' category.

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

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 11, 2020 placed the
ratings of RSAWPL under the 'issuer non-cooperating' category as
RSAWPL had failed to provide information for monitoring of the
rating. RSAWPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and a letter/email dated March 8, 2021, March 22, 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.
Further, the banker could not be contacted.

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

The rating takes into account non-availability of requisite
information and no due diligence conducted due to non-cooperation
by Raj Sneh Auto Wheels Private Limited with CARE'S efforts to
undertake a review of the rating outstanding.

CARE views information availability risk as a key factor in its
assessment of credit risk.

Detailed description of the key rating drivers

At the time of last rating on February 11, 2020, the following were
the rating weaknesses and strengths: (Updated for the information
available from the Registrar of Companies).

Detailed description of the key rating drivers

Key Rating Weaknesses

Raj Sneh Auto Wheels Private Limited had delayed in servicing of
its debt obligations due to deterioration in liquidity profile.

Meerut-based (Uttar Pradesh) RSAWPL was incorporated in October
2015 as a private limited company by Mr. Priyank Jain, Mayank Gupta
and Ashish Jain. The company is an authorized dealer of Maruti
Suzuki India Private Limited (MSIPL) and deals in MSIPL's premium
car segment; i.e. NEXA showroom including cars like S-Cross,
Baleno, Ignis and Ciaz. Apart from sale of cars, RSAWPL also
provides accessories and spares of auto vehicles of MSIPL (NEXA).
The company also has its associate concerns namely Raj Sneh Auto
India Private Limited which has dealership with Maruti Suzuki India
Limited for its non-premium car segment and Vardhman Rollers Flour
Mills Pvt. Ltd which deals in manufacturing of maida, suji, wheat
flour etc.


SETCO AUTOMOTIVE: CARE Reaffirms D Rating on INR259.18cr Loans
--------------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of Setco
Automotive Limited (SAL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long term Bank
   Facilities          257.18      CARE D Reaffirmed

   Short term Bank
   Facilities            2.00      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

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

Rating Sensitivities

Positive Factors

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

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

Detailed description of the key rating drivers

Key Rating Weaknesses

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

Liquidity: Poor

Liquidity position of SAL is poor as evinced by its inability to
service its debt obligations in a timely manner.

Analytical approach: Consolidated

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

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


SHARMA SURGICAL: CRISIL Moves D Debt Ratings to Not Cooperating
---------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Sharma
Surgical and Engineering Private Limited (SSEPL) to 'CRISIL
D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            3         CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Inland/Import          1.35      CRISIL D (ISSUER NOT
   Letter of Credit                 COOPERATING; Rating Migrated)

   Term Loan              4.60      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with SSEPL for
obtaining information through letters and emails dated March 9,
2021 and March 15, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SSEPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSEPL
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SSEPL to 'CRISIL D/CRISIL D Issuer not
cooperating'.

Incorporated in 1994, Vadodara (Gujarat)-based SSEPL is promoted by
Mr Anand Sharma and his family and manufactures medical products,
primarily orthopaedic implants and its allied equipment.


SHRIRAM EPC: CARE Reaffirms D Rating on INR561.98cr LT Loan
-----------------------------------------------------------
CARE Ratings reaffirmed ratings on certain bank facilities of
Shriram EPC Limited (SEPCL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities          561.98      CARE D Reaffirmed

   Long Term/Short
   Term Bank
   Facilities            6.36      CARE D/CARE D Reaffirmed

   Short Term Bank
   Facilities          899.52      CARE D Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Shriram EPC Limited
factors in the ongoing delays in servicing of its
debt obligations.

Rating Sensitivities

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

* Satisfactory track record of timely servicing of debt obligations
on sustained basis

* Sustained improvement in operational and financial performance.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Delays in debt servicing with tight liquidity position: Being an
EPC contractor, the operations of SEPCL are working capital
intensive with the project cycle generally ranging from six months
to three years. The higher receivables position and delays
associated with projects have increased the pressure on the cash
flow position of the company. The resultant tight liquidity
position of the company has led to ongoing delays in servicing of
term loan and working capital facilities. For FY20, total income of
SEPCL declined 11% y-o-y to INR723 crore from INR813 crore in FY19.
Revenue from operations declined 8% y-o-y to INR681 crore from
INR741 crore in FY19, majorly due to slower execution on account of
Covid19 impact during Q4FY20. PBILDT margin of the company stood at
13.85% in FY20 as against 17.61% in FY19. For FY20, the company
reported net loss of INR81 crore against PAT of INR29 crore in
FY19, due higher provisions and write-offs on account of Covid-19.
The company had recognized impairment loss (exceptional items) of
INR66.07 crore and INR34.14 crore as loss on write-off of contract
work-in-progress during FY20.

Liquidity: Poor

Poor liquidity marked by lower accruals when compared to repayment
obligations, elongated working capital cycle, fully utilized bank
limits and modest cash balance. The company had cash and bank
balance (excluding margin money) of INR13.4 crore as on March 31,
2020. Working capital cycle for FY20 remains stretched at 116 days
(PY: 113 days) due to high collection period. During FY20,
collection period stood at 317 days (PY: 293 days). Scheduled
repayment for FY21 is INR25.8 crore as against GCA of INR25 crore
reported in FY20. As part of COVID-19 relief package announced by
RBI, the company had availed moratorium on its debt obligations
between March-August 2020 from all lenders.

Chennai-based Shriram EPC Limited (SEPCL) was incorporated in June
2000, after merging companies engaged in similar businesses,
consolidating their operations. Initially, setup as an EPC
contractor to carry out the construction works of associate
entities within the group, SEPCL has been able to establish its
presence in undertaking jobs for external parties and
government/quasi-government entities. SEPCL specializes in
executing EPC contracts, providing integrated solutions
encompassing design, engineering, procurement, construction and
project management services. The company's services are primarily
spread across municipal services, process & metallurgy, power and
mineral processing segments.

SMW ISPAT: Ind-Ra Gives 'BB+' LT Issuer Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned SMW Ispat Private
Limited (SMW) a Long-Term Issuer Rating of 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR1.650 bil. Non-convertible debentures (NCDs) INE842U07012
     issued on February 10, 2020 coupon rate 16.67% due on May 15,

     2023 assigned with IND BB+/Stable rating;

-- INR500 mil. NCDs INE842U07020 issued on December 16, 2020
     coupon rate 16.67% due on April 21, 2024 assigned with
     IND BB+/Stable rating;

-- INR100 mil. Fund-based limits assigned with IND BB+/Stable/A4+

     rating; and

-- INR150 mil. Non-fund-based limits assigned with IND BB+/
     Stable/A4+ rating.

KEY RATING DRIVERS

Multiple Restructuring and Refinancing: During FY11-FY18, SMW was
led into financial stress, owing to its inefficient operations, low
capacity utilizations along with an unsuccessful attempt to set up
an imported sponge iron manufacturing plant in FY11 on the back of
technical difficulties and subsequent losses. Post this, the
company's debt was restructured thrice over FY13-FY19. In February
2020 and thereafter in December 2020, SMW refinanced 100% of its
outstanding term loans via NCDs (INR2,150 million).

High Dependence on Subsidy Income: SMW has been awarded the status
of a mega project and is eligible for the industrial promotion
scheme of the government of Maharashtra under the Package Scheme of
Incentives, 2007, up to FY21, for a maximum amount of INR7,820
million. Under the scheme, the fixed capital investments determine
the capital subsidy eligibility, which is allowed each year by way
of 100% goods and services tax refund for sales within Maharashtra.
Such subsidies aid the company in sustaining positive EBITDA as
they comprise at least 90% of the EBITDA earned every year (9MFY21:
57%; FY20: 164%; FY19: 90%). Further, as per a letter dated 13
November 2019, SMW has been allowed an extension on the investment
period, up to FY25, with an additional capital subsidy amount of
maximum INR8,000 million, subject to actual capex. However, the
timing of the subsidy realization is highly critical for SMW’s
cash flows, liquidity and funding future capex.

Capital Investments Required to Improve Organic Margins and to
Avail Subsidy: In January 2021, SMW increased its billet
manufacturing capacity to 560,000 tons per annum (TPA; previously
420,000TPA) at a capex of around INR800 million, funded through
internal accruals. The enhanced capacity aided the plant to meet
its 100% billet requirement for thermo-mechanically treated (TMT)
bars in-house (previously 83%). This, the agency believes, will
enable cost savings on the back of improvement in operational
process efficiencies. The agency as well as the management believes
the capacity utilization for higher-margin TMT bars shall improve
further, and will be EBITDA accretive over and above the subsidy
benefits. Further, the company plans to invest towards a new sponge
iron plant and a captive power plant over FY22-FY24 as a step
towards backward integration at an expected capex of INR4,000
million; of the total amount, INR1,000 million shall be funded
through equity infusion; INR2,000 million by internal accruals and
the industrial promotion scheme subsidy receivable while the
balance funds shall be arranged through additional term debt, which
is yet to be tied-up. Though the company’s partial capex plans
for FY22-FY24 are deferrable, subject to the availability of funds,
the deferment would also restrict SMW’s subsidy eligibility, and
thus, lead to lower subsidy income.

Credit Metrics Dependent on Subsidy Realizations: SMW’s organic
EBITDA (excluding subsidy income) is inadequate to service its debt
obligations; further, considering the high-cost debt, the interest
obligations are also on the higher side. However, including the
subsidy flow, which has been sporadic, the fund flows from
operations (FFO) interest coverage (FFO/gross interest) remained
comfortable at 3.72x in FY20 (FY19: 4.01x; FY18: 3.03x) and the FFO
adjusted net leverage ((debt-cash)/FFO) improved to 2.76x (5.76x;
10.51x).

The company's non-convertible cumulative redeemable preference
shares of INR1,565 million have been treated as debt and the FFO
interest coverage includes the dividends thereon. The FFO adjusted
net leverage improved due to growth in the absolute EBITDA, and
also because the unsustainable portion of the debt was written back
in FY20 post the refinancing via NCDs, as per the restructuring
plan. Ind-Ra expects the improvement in the metrics to sustain over
the medium term with the FFO interest coverage likely to exceed
2.75x and the FFO net leverage below 3.75x; the same, the agency
believes will remain dependent on the timeliness of the subsidy
realizations.

Liquidity Indicator – Stretched: SMW witnessed delays in term
loan repayments until December 22, 2020, post which they were
refinanced through the NCDs raised. SMW’s fund-based working
capital facilities (INR100 million disbursed in February 2021)
stood 79% utilized in February 2021. The company relies primarily
on internal accruals and promoter sources for working-capital
needs. Free cash balances stood marginal at INR23 million at
end-9MFY21 (FYE20: INR49 million, FYE19: INR20 million).

SMW availed of the moratorium under the Reserve Bank of India's
regulatory package for six months – from March 2020 till August
2020 for cash conservation purposes. Over FY22-FY23, Ind-Ra expects
the company's cash flow from operations to be positive but the free
cash flows are likely to turn negative on the back of the capex
planned. However, SMW's working capital cycle improved to 13 days
in FY20 (FY19: 31 days; FY18: 40 days). Majority debt repayment
obligations have been deferred post refinancing. Also, the
company's partial capex plans for FY22-FY24 are deferrable, subject
to the availability of funds, but that would also restrict SMW's
subsidy eligibility, thus, leading to lower subsidy income.

Reduced Debt and Repayment Obligations post Refinancing: The total
debt at end-9MFY21 stood at INR4,475 million (FYE20: INR4,575
million; FYE19: INR9,034 million). Besides the NCDs having a bullet
payment after 39/40 months (in May 2023/April 2024), the balance
debt is in the form of unsecured loans (INR760 million; interest
bearing, no fixed repayment schedule) and preference shares
(INR1,565 million; to be repaid over FY24-FY28). Thus, repayment
obligations over the next two years have significantly reduced,
allowing the company to focus on enhancing its operational
efficiency to generate healthy cash flows.

Improved Operations Post Restructuring: SMW's operating efficiency
has improved over FY16-FY20. The company's manufacturing facilities
for TMT bars (installed capacity of 500,000TPA) operated at 73%
utilization during FY20 (FY19:78%; FY18: 61%; FY17: 53%) earning
revenue of INR13,307 million (INR15,589 million; INR12,383
million). EBITDA earnings (excluding one-time benefits and non-cash
expenses) stood at INR1,184 million in FY20 (FY19: INR1,502
million; FY18: INR822 million).

Further, the share of high-margin TMT bars in the sales mix
increased to 97% in FY20 (FY19: 96%; FY18: 81%) against low-margin
billets. In FY20, the utilizations reduced yoy due to partial
operational disruption for two-to-two-and-a-half-months, which led
to lower turnover, coupled with reduced realizations by around 12%
on the back of subdued demand and resulted in lower EBITDA. Over
9MFY21, capacity utilizations consistently improved qoq to 77% in
3QFY21 (2QFY21: 67%; 1QFY21: 38%) post COVID-19 led disruptions.
This resulted in revenue of INR8,671 million in 9MFY21 and improved
EBITDA of INR1,206 million, driven by steady recovery in demand in
3QFY21 leading to higher spreads. However, the overall organic
EBITDA/ton has remained low (9MFY21: INR2,200/ton (t); FY20:
INR340/t; FY19: INR1,250/t) and Ind-Ra expects it to remain around
INR1,000/t over FY22-FY24.

Moderate Promoter Support: SMW belongs to the Rajasthan-based
Sangam Group, promoted by Ram Pal Soni. The group has diversified
operations across India in varied industries, including textiles,
apparels and real estate, besides steel. Over FY10-9MFY21, the
promoters consistently extended financial support to the tune of
around INR3,300 million as equity or unsecured loans; the same,
however, was insufficient to prevent any of the previous
restructuring processes. On 31 December 2021, unsecured loans from
related parties stood at INR760 million (FYE20: INR1,002 million).
Over FY22-FY23, the promoters plan to infuse INR1,000 million as
equity to support capex plans.  

Price Volatility Risk: Maharashtra-based SMW is a mid-sized
low-integrated long product player. The company has limited
presence across the value chain of rolled long products – billets
& TMT bars. The commoditized nature of products exposes SMW to
volatility in the prices finished products. It procures raw
materials – sponge iron and mild steel scrap – at spot rates,
exposing its EBITDA margins to raw material price fluctuation risk.
Further, as it does not have a captive power plant to support
operations, it is dependent on the state grid to meet its entire
power requirement. Low integration leads to lower cost control,
increasing the company's vulnerability to industry cycles.
Accordingly, SMW's EBITDA per t (excluding one-time benefits and
non-cash expenses) has been fluctuating over the years, being at
INR3,361/t in FY20 (FY19: INR3,920/t; FY18: INR2,623/t).

RATING SENSITIVITIES

Positive: A sustained increase in the EBITDA/t (excluding subsidy)
leading to the FFO interest coverage exceeding 3.75x and/or FFO
adjusted net leverage remaining below 2.75x, and/or additional
capital infusion by promoters to improve liquidity, all on a
sustained basis, could lead to a positive rating action.  

Negative: A decline in the EBITDA/t (excluding subsidy), leading to
the FFO interest coverage deteriorating below 2.75x and/or the FFO
adjusted net leverage exceeding 3.75x, all on a sustained basis,
would result in a negative rating action.

COMPANY PROFILE

Incorporated in 2004, SMW Ispat Pvt. Ltd. (SMW; formerly known as
Mahalaxmi TMT Pvt. Ltd.), commenced operations in 2010 as a steel
venture of Sangam group (textile major based in Rajasthan). It is
engaged in the manufacturing of mild steel billets (5,60,000TPA)
and TMT bars (5,00,000TPA) at Wardha (Maharashtra) under the brand
name Sangam Steel.

It also has installed capacity for manufacturing sponge iron
(87,000TPA) but it is not operational since July 2015 due to
technical reasons.

SONI TRACTORS: CRISIL Moves D Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the ratings on bank facilities of Soni
Tractors (ST) to 'CRISIL D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          1        CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit             2.9      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Long Term Loan          3.9      CRISIL D (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Proposed Working        2.2      CRISIL D (ISSUER NOT  
   Capital Facility                 COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with ST for
obtaining information through letters and emails dated March 19,
2021 and March 24, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ST, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on ST is
consistent with 'Assessing Information Adequacy Risk'. Therefore,
on account of inadequate information and lack of management
cooperation, CRISIL Ratings has migrated the rating on bank
facilities of ST to 'CRISIL D/CRISIL D Issuer not cooperating'.

ST, a partnership firm set up in 1981, is an authorized dealer of
Mahindra and Mahindra Ltd in Lakhimpur Kheri, Uttar Pradesh. The
firm has also ventured into hospitality business in 2019, however,
majority of the revenue is derived from the dealership segment.


TARENDRA INFRASTRUCTURE: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tarendra
Infrastructure Chennai Private Ltd (TIC) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Non-Convertible      30.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Non-Convertible      70.00      CARE D; ISSUER NOT COOPERATING
   Debentures                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated April 6, 2020, placed the
rating(s) of TIC under the 'issuer non-cooperating' category as the
company had failed to provide information for monitoring of the
rating. TIC continues to be non-cooperative despite repeated
requests for submission of information through e-mails dated
February 20, 2021, March 2, 2021 and March 12, 2021 and numerous
phone calls. In line with the extant SEBI guidelines, CARE has
reviewed the rating on the basis of the best available information
which however, in CARE's opinion is not sufficient to arrive at a
fair rating.

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

* Delay in interest payment for Tranche II: CARE notes that the
company has delayed in making payment towards interest which were
due on March 31, 2019 and November 2019 for Tranche 1 and Tranche
2, respectively. CARE also notes that the company is seeking for an
extension for making payment towards the same.

Key rating strengths

* Vast experience of promoters in real estate sector and
satisfactory track record: TVH group is in the business of real
estate development in Chennai since 1997 and the promoters have
long experience in the real estate development industry. The group
has been operational in Chennai since last 20 years and has also
forayed into Coimbatore market in 2008. The group has over 7.1
million sq. ft. of constructed residential and commercial space and
4.1 million sq. ft. of projects under construction. The group has
successfully completed over 30 projects in Chennai
and Coimbatore.

* Moderate pace with regard to sale of plots: Out of the total
saleable area of around 6.11 lakh square feet (lsf), the company
has sold around 3.49 lsf (i.e. around 57%) valued at INR80.94 crore
as on March 3, 2019. The company has received bookings for 245
plots which constitute around 78% of phase1 sales.

TICPL is a special purpose vehicle (SPV) formed by the True Value
Homes (TVH) group, to develop a real estate residential project
(TVH Mannivakkam) at Mannivakkam, Chennai. The TVH Mannivakkam
project was initially conceived to be developed as plots,
independent villas, row houses, semi-independent housing units and
multi-storey apartments. Due to adverse market conditions and delay
in obtaining necessary approvals, the project has been converted
into sale of plots. Construction of villas/houses will take place
at the behest of the customers. The project was proposed to be
developed in two phases and the first phase has been launched in
May 2016. Out of the total saleable area of around 6.11 lakh square
feet (lsf), the company has sold around 3. 49 lsf (i.e. around
57%).


TRN ENERGY: CARE Migrates D Debt Ratings to Not Cooperating
-----------------------------------------------------------
CARE Ratings has migrated the ratings on bank facilities of TRN
Energy Private Limited to Issuer Not Cooperating category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     3,056.57     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating moved to ISSUER NOT
                                   COOPERATING Category

   Long Term/Short      430.00     CARE D/CARE D; ISSUER NOT
   Term Bank                       COOPERATING Rating moved to
   Facilities                      ISSUER NOT COOPERATING
                                   Category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from TEPL to monitor the rating
vide e-mail communications dated August 25, 2020, March 4, 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 rating on TEPL'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 April 7, 2020, the following were the
rating strengths and weaknesses:

Key Rating Weaknesses

* Delays in servicing of debt obligations: TEPL has faced issues
related to coal supply from SECL as a result of heavy rainfall
leading to flooding in the nearby mines from where the coal was
sourced. As a result of coal shortage TEPL reported subdued
operational performance which coupled with delay in realization
from UP DISCOMs resulted in unforeseen stretch in the liquidity
position of the company leading to delays in servicing of debt
obligations since end of September 2019. Further, the envisaged
support from the sponsor ACBIL to service the debt obligation of
TEPL by way of Letter of Comfort (LOC) was not received in a timely
manner. The sponsor has earlier supported TEPL largely by way of
ICDs to tide over the cash for mismatches of TEPL.

* Subdued operational performance in H1FY19: The operational
performance of the company remained subdued during H1FY19 due to
shortage of coal supplies from SECL. The shortage was largely on
account of heavy rainfall witnessed in the coal mines leading to
its flooding. It leads to decline in PLF for Plant I at 25% and
Plant II at 51.47% in FY 19.

* Weak credit profile of power off-takers: The power generated by
TEPL is sold by PTC to UP DISCOMs which face higher level of
Aggregate Transmission and Commercial (AT&C) losses and have a weak
financial profile thereby exposing TEPL to counterparty credit
risk. TEPL has faced sluggish realization of receivables from UP
DISCOMs, to which the company supplies power for 65% of its
installed capacity. The company had received a favorable order from
CERC regarding change in law petition in June 2019 and subsequently
raised arrears aggregating INR445 crore to the UP DISCOMs in Sept
2019. The said arrears along with regular receivables are yet to be
realized which led to stretched liquidity position of TEPL.

Key Rating Strengths

* Power off-take arrangement for TEPL: TEPL has entered into a PPA
with CSPTradeco for 5% of the power which has to be sold to the
state of Chhattisgarh at variable tariff. The company also has PPA
with PTC for supply of 390 MW (65%) for a period of 25 years.
Subsequently, PTC has signed back to back PPA with UP DISCOMs -
Paschimanchal Vidyut Vitran Nigam Ltd, Purvanchal Vidyut Vitran
Nigam Ltd., Madhyanchal Vidyut Vitran Nigam Ltd. and Dakshinanchal
Vidyut Vitran Nigam Ltd for sale of power at a levelized tariff of
INR4.88/unit. Balance power (~100MW) after meeting above
requirement and accounting for auxiliary consumption and
transmission loss, will be sold on merchant basis.

Liquidity: Poor

The company has poor liquidity marked by delay in receipt of
receivables, high working capital utilization and low cash and bank
balance. The company has elongated cycle of collection of 109 days
in FY 19 (PY 28 days) due to UP discoms delay.

TEPL was incorporated on November 27, 2006. The company was
originally promoted by Mr. Anil Kumar Jain and Mr. Sanjay Jain. In
May 2009, the company was acquired by ACB India Limited (ACBIL) by
purchasing a controlling equity stake of 51%. Subsequently, the
entire stake of ACBIL in TEPL was transferred to its subsidiary,
ACB (India) Power Limited (ACBPL). ACBPL further increased its
stake in TEPL to 74% in FY13. TEPL is 600MW (2 x 300MW) thermal
power plant in Raigarh district, Chhattisgarh. The project has
achieved COD on May 01, 2017 (Unit-I was commissioned in August
2016 and Unit-II in May 2017). The company has long term Power
Purchase Agreement (PPA) for power off-take for 70% capacity. The
company has also signed a Fuel Supply Agreement with South Eastern
Coalfields Limited (SECL) for 2.6MTPA of coal.

VENUS DENIM: Ind-Ra Hikes LT Issuer Rating to BB+, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Venus Denim's (VD)
Long-Term Issuer Rating to 'IND BB+' from 'IND BB (ISSUER NOT
COOPERATING)'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR350 mil. Fund-based working capital limit Long term rating
     Upgraded/short term rating affirmed with IND BB+/Stable/ IND
     A4+ rating;

-- INR29.96 mil. (reduced from INR40 mil.) Non-fund based working

     capital limit affirmed with IND A4+ rating; and

-- INR438.88 mil. (reduced  from INR758.40 mil.) Term loan due on

     September 2026 upgrade with IND BB+/Stable rating.

The upgrade reflects VD's revenue growth in FY20, supported by
increased orders, capacity utilization and improved realizations.
The ratings also factor in Ind-Ra expected improvement in operating
profitability, leading to an improvement in credit metrics in FY21.
Ind-Ra also draws comfort from the likely improvement in VD's free
cash flows as the firm is expected to receive subsidies annually
under the Gujarat Textile Policy for the next seven years.

KEY RATING DRIVERS

The upgrade reflects growth in VD's large scale of operations. The
firm posted revenue growth of 10% yoy to INR5,118.6 million in
FY20, supported by increased orders, capacity utilization and
improvement in realization to INR179.57 per meter (FY19: INR173.47
per meter). As per the 10MFY21 financials, the firm reported
revenue of INR2,706.51 million and the agency estimates it to
degrow to INR3,650 million on an annualized basis for 12MFY21. The
degrowth is on account of production shutdown in 1QFY21 as a result
of COVID-19 pandemic and the ensued nation-wide lockdown. However,
the agency expects the export and domestic demand to improve in
FY22, leading to a strong improvement in sales volumes.

The upgrade also reflects Ind-Ra's expectation of an expansion in
VD's modest EBITDA margin to 6%-8% in FY21 (FY20: 4.93%) backed by
an improved EBITDA of INR207.84 million in 10MFY21 (INR252.57
million) coupled with improved realizations of EBITDA per meter of
INR13.45 (FY20: INR8.8) and reduction in other administration
expenses. During FY20, the operating profitability reduced due to a
decline in the realization of EBITDA per meter, along with an
increase in the cost of production. The margins remain modest with
a return on capital employed of 6% in FY20 (FY19: 11%).

The upgrade also factors in an agency-expected improvement in the
credit metrics in FY21. The agency estimates the firm's net
leverage (total adjusted net debt/operating EBITDA) to have reduced
below 3.5x in FY21 (FY20: 3.62x; FY19: 3.55x) and the gross
interest coverage (operating EBITDA/gross interest expense) to be
unchanged (1.76x; 2.25x) on account of a likely reduction in debt
as a result of annual scheduled repayment of term loans and a
simultaneous improvement in the absolute EBITDA. In FY20, the
credit metrics deteriorated mainly on account of a yoy decline in
the operating EBITDA to INR252.57 million in FY20 (FY19: INR346.48
million) despite reduction in the total debt to INR915.85million
(INR1,229.54 million) and decrease in the interest expense to
INR143.223 million (INR154.28 million). Ind-Ra expects the firm's
credit metrics to improve over the medium term on the back of
unsecured debt of INR204.49 million being subordinated to the bank
until the maturity of all the term loans.

Liquidity Indicator- Stretched: The firm's cash and cash
equivalents were low at INR0.36 million at FYE20 (FYE19: INR1.25
million) against the scheduled repayment obligations of INR90.6
million, INR161.05 million and INR169.08 million in FY21, FY22 and
FY23 respectively. The repayment of term loans are met through
internal accruals. The fund-based working capital limits have been
fully utilized over the last 12-months ending February 2021. The
firm's cash flow from operations turned positive to INR104.91
million in FY20 (FY19: negative INR74.54 million) due to an
improvement in the inventory holding period to eight days (24 days)
and favorable working capital changes. Resultantly, the free cash
flow also turned positive to INR53.3 million in FY20 (FY19:
negative INR150.99 million); Ind-Ra expects the same to remain
positive due to the annual receipt of subsidies and the absence of
major capex in FY21. The net working capital cycle marginally
elongated to 39 days in FY20 (FY19: 37 days) due to a stretch in
debtor days to 81 (76) and a reduction in creditor days to 50 (63).
The company availed of the Reserve Bank of India-prescribed
moratorium over March-August 2020.

The ratings are also constrained by the firm's partnership nature
of business, owing to the inherent risk of withdrawal of capital
during any personal contingency. The ratings are also constrained
by VD's high customer concentration with the key customers
contributing over 85% to the total revenue, as on 10MFY21. The
firm's key customer is its sister firm- Vedant Denim.

The ratings, however, are also supported by the promoter's over two
decades of experience in the textile industry coupled with its
group entities having direct presence in weaving, dyeing and
manufacturing of yarn in the textile value chain. VD procures
nearly 70% of its yarn requirements from its sister firms/entities.
It has an in-house yarn manufacturing facilities for denim, used
for captive consumption. The firm also sources yarn from local
markets for a variety of denim products.

RATING SENSITIVITIES

Negative: Further substantial deterioration in the working capital
cycle, or the liquidity, or the interest coverage reducing below
1.75x, on a sustained basis, could lead to a negative rating
action.

Positive: Improvement in the liquidity, while maintaining the scale
of operations and operating profitability along with the interest
coverage exceeding 2.25x, with availability of financials of key
customers could lead to a positive rating action.

COMPANY PROFILE

Incorporated in March 2015, VD is promoted by Balvantrai Agarwal
and his family members. The firm commenced commercial production in
2016 and manufactures polyester denim fabrics with capacity of 36
million meters per annum. VD is a part of the Kumar Group. The
group has direct presence in weaving, dyeing and manufacturing of
yarn in the textile value chain.

[*] INDIA: IBBI Notifies MSMEs Prepack Insolvency Resolution Rules
------------------------------------------------------------------
The Economic Times reports that the Insolvency and Bankruptcy Board
of India has notified the pre-packaged insolvency resolution
process regulations for micro, small and medium enterprises (MSMEs)
on April 9.

The norms, effective from April 9, enable the operationalisation of
the prepack process, according to a statement from the ministry of
corporate affairs, ET relays.

ET says the move comes on the back of the ordinance amending the
Insolvency and Bankruptcy Code to establish the framework for
prepacks, promulgated on April 7.

The prepack regulations define the eligibility and terms of
appointment of resolution professionals, the norms for meetings
between creditors and provide the modalities for the evaluation of
resolution plans, according to ET.

To initiate the process, the corporate debtor will have to serve
notices of a meeting to all unrelated financial creditors five days
in advance, to seek their approval. Meeting may be in any
combination of physical and virtual.

According to the report, the framework requires 66% approval from
unrelated financial creditors to initiate formal prepack
proceedings, which follows the debtor-in-control model.

In the absence of unrelated financial creditors, the CoC will
consist purely of authorised representatives and only of
operational creditors and representatives of employee in the
absence of any financial creditors, the report relates.

Creditors will have a seven-day period to object, after receiving a
notice of claims submitted to the resolution professional by the
corporate debtor, ET says.

ET relates that the regulations bar the appointment for any part of
the process, including valuation, of an auditor of the debtor
during the last five years preceding the prepack process
commencement date.

An invitation for resolution plans will have to be published by the
resolution professional within 21 days of the commencement of
formal proceedings, in the event the base resolution plan is not
satisfactory, ET notes.

ET adds that the regulations provide guidelines for a point system
of evaluation of resolution plans where the CoC may decide the
specifics of how to score a resolution plan and the amount of
points that define a “significantly better” plan.

In what experts regard as the most difficult part of the prepack
process, the resolution professional will have to form an opinion
regarding any preferential or fraudulent transactions on the part
of the debtor within 30 days of the prepack process commencement
date, ET states.




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

REJEKI ISMAN: Moody's Lowers CFR to Ca on Debt Restructuring
------------------------------------------------------------
Moody's Investors Service has downgraded Sri Rejeki Isman Tbk
(P.T.)'s (Sritex) corporate family rating to Ca from B3.

Moody's has also downgraded to Ca from B3 the ratings on: (1) the
$150 million backed senior unsecured notes due in 2024, issued by
Golden Legacy Pte. Ltd. and unconditionally and irrevocably
guaranteed by Sritex and its subsidiaries; and (2) the $225 million
senior unsecured notes due in 2025, issued by Sritex and
unconditionally and irrevocably guaranteed by all of its operating
subsidiaries.

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

The rating action concludes the review for downgrade, which was
initiated on March 22, 2021.

The rating action follows Sritex's announcement on April 3 that
several of the company's bank facilities have reduced materially
and the company has appointed advisors for its debt restructuring
process.

"The rating action reflects the significant uncertainties over the
sustainability of Sritex's current capital structure and the risk
that Sritex's highly challenged liquidity situation could result in
a near term acceleration of payments relating to the company's
obligations," says Stephanie Cheong, a Moody's Analyst and lead
analyst for Sritex.

The planned restructuring of its bank debt, if and when completed,
would likely be considered by Moody's as a distressed exchange,
which is a default under the rating agency's definition.

RATINGS RATIONALE

Sritex's loss of access to bank funding will significantly disrupt
its operations, given the company's reliance on short-term funding
to support its working capital and operational needs. The loss adds
to the company's already significant liquidity challenges. As of
December 31, 2020, Sritex had around $278 million outstanding under
its short-term working capital facilities, which will expire
through 2021. In addition, Sritex faces refinancing risk on its
$350 million loan due January 2022. Sritex's cash holdings of $188
million as of December 31, 2020 will not be sufficient to cover its
upcoming debt obligations.

A missed principal or interest payment on its bank loans, if not
remediated within the cure period, is an event of default under the
indenture of its US dollar bonds due 2024 and 2025 and could lead
to an acceleration of payments.

Moody's expects the recovery value for Sritex's bondholders to be
low in a default scenario.

The negative outlook reflects the additional uncertainty around the
recovery rate for its combined $375 million bonds in case of a
default.

In terms of environmental, social and governance (ESG) factors, the
rating incorporates governance risks arising from the company's
concentrated ownership structure and weak financial management
resulting in tight liquidity and a debt restructuring.

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

Upward rating momentum is unlikely in the near term but could arise
if a sustainable capital structure is put in place following the
company's restructuring discussions.

The ratings could be downgraded further if Moody's estimates that
recovery prospects for creditors are lower than those implied by
the Ca rating.

The principal methodology used in these ratings was Manufacturing
Methodology published in March 2020.

Sri Rejeki Isman Tbk (P.T.) (Sritex), based in Central Java,
Indonesia, is a vertically integrated manufacturer of yarn, greige
(raw fabric), finished fabric and apparel, including uniforms and
retail clothing. The company's operations are spread across 25
factories, consisting of nine spinning plants, three weaving
plants, five finishing plants and eight garment plants. Net revenue
generated by the company's four divisions amounted to around $1.3
billion in 2020.

Sritex is majority owned by the Lukminto family (60.11%). Iwan
Setiawan Lukminto, the son of founder H.M Lukminto, has been the
company's president director since 2006. The family oversees the
day-to-day operations. The remaining 39.89% share of the company is
publicly traded on the Indonesian Stock Exchange.




===============
M A L A Y S I A
===============

CG POWER: Board Approves Liquidation of Step Down Subsidiary
------------------------------------------------------------
Outlook reports that CG Power and Industrial Solutions on March 25
said its board has approved a proposal to liquidate its step down
subsidiary CG Sales Network Malaysia Sdn Bhd, Malaysia.

"Board of Directors of the Company, at its meeting held [] i.e.
March 25, 2021 have approved the proposal for voluntary liquidation
of its step down subsidiary CG Sales Network Malaysia Sdn. Bhd,
Malaysia, subject to statutory and regulatory approvals," it said
in a BSE filing, Outlook relays.

In another regulatory filing, it said the board has approved the
appointment of P Varadarajan as company secretary and compliance
officer and key managerial personnel of the company from April 1,
2021, Outlook reports.

According to the report, CG Power said its company secretary K R
Viswanarayan has resigned effective from close of business hours on
March 31, 2021.

Outlook relates that the board has also decided to revise the
tenure of independent directors to five years or 70 years of age,
whichever is earlier, in order to align it with the policies of its
holding company Tube Investments of India Limited.




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

BELLINGHAM MARINE: Creditors' Proofs of Debt Due May 10
-------------------------------------------------------
Creditors of Bellingham Marine Singapore Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
May 10, 2021, to be included in the company's dividend
distribution.

The company's liquidator is:

         Susan Lim Wie
         Esteem Management Services Pte Ltd
         133 Cecil Street
         #16-01 Keck Seng Tower
         Singapore 069535


NOVU FASTHETICS: AAG Corporate Named as Provisional Liquidators
---------------------------------------------------------------
Mr. Abuthahir Abdul Gafoor -- abuthahir@aag-ca.com -- and Ms.
Yessica Budiman -- yessicabudiman@aag-ca.com -- of AAG Corporate
Advisory Pte Ltd, on March 30, 2021, were appointed as provisional
liquidators of Novu Fasthetics Pte Ltd.

A meeting of the creditors of the company will be held via audio
visual communication on April 20, 2021, at 10:30 a.m.

The liquidators may be reached at:

          Mr. Abuthahir Abdul Gafoor
          Ms. Yessica Budiman
          AAG Corporate Advisory Pte Ltd
          144 Robinson Road
          #14-02 Robinson Square
          Singapore 068908


SEASHORE RESOURCES: Court to Hear Wind-Up Petition on April 23
--------------------------------------------------------------
A petition to wind up the operations of Seashore Resources Pte Ltd
will be heard before the High Court of Singapore on April 23, 2021,
at 10:00 a.m.

Rhodium Trading Australia Pty Ltd filed the petition against the
company on March 30, 2021.

The Petitioner's solicitors are:

         PK Wong & Nair LLC
         2 Shenton Way
         #16-02 SGX Centre 1
         Singapore 068804


SEN YUE: Court to Hear Judicial Management Bid on May 10
--------------------------------------------------------
A petition to place the operations of Sen Yue Holdings Limited
under Judicial Management will be heard before the High Court of
Singapore on May 10, 2021 at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on Feb. 26,
2021.

The Petitioner's solicitors are:

         Rajah & Tann Singapore LLP
         9 Straits View #06-07
         Marina One West Tower
         Singapore 018937


SHENG HUI: Court Enters Wind-Up Order
-------------------------------------
The High Court of Singapore entered an order on March 26, 2021, to
wind up the operations of Sheng Hui International Trading Singapore
Pte Ltd.

Strytecon International Trade Limited filed the petition against
the company.

The company's liquidators are:

          Yit Chee Wah
          McMillan Woods Partners
          (S) PAC of 1 North Bridge Road #11-06
          High Street Centre
          Singapore 179094


SMC INDUSTRIAL Court to Hear Judicial Management Bid on May 10
--------------------------------------------------------------
A petition to place the operations of SMC Industrial Pte Ltd under
Judicial Management will be heard before the High Court of
Singapore on May 10, 2021 at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on Feb. 26,
2021.

The Petitioner's solicitors are:

         Rajah & Tann Singapore LLP
         9 Straits View #06-07
         Marina One West Tower
         Singapore 018937




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

CELLTRION HEALTHCARE: To Liquidate Subsidiary in China
------------------------------------------------------
Korea Biomed reports that Celltrion Inc. said on March 31 it would
liquidate Vcell Healthcare, a subsidiary in China established to
enter the Chinese market.

Korea Biomed relates that the move comes after the company’s
board of directors decided to shut down its Chinese offshoot on
Jan. 25. Celltrion Hong Kong holds a 100 percent stake in Vcell
Healthcare.

According to the report, Celltrion introduced Vcell Healthcare as a
joint venture established in 2019 by Celltrion Hong Kong and Nan
Fung Group, a Hong Kong-based multinational company. Since Nan Fung
withdrew its capital, however, Vcell Healthcare has remained an
affiliate of Celltrion Hong Kong.

Celltrion officials explained that the liquidation reflects the
group's changing policy in China business toward cooperation with
Wuhan, Hubei Province, for establishing a biopharmaceutical plant
there, the report says. The company set up a subsidiary in Wuhan in
January last year under Hubei province's support to build a
biomedicine factory with a 120,000-liter capacity.

“We are closing down the business of Vcell Healthcare as we will
discuss China business with the Hubei Province government,” the
report quotes a Celltrion official as saying.

Celltrion would push ahead with Chinese business as planned,
although the factory construction has been delayed due to the
coronavirus outbreak in the Chinese city, the official added, Korea
Biomed relays.

Headquartered in Incheon, South Korea, Celltrion Healthcare
conducts worldwide marketing, sales, and distribution of biological
medicines developed by Celltrion.




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

[*] BOND PRICING: For the Week April 5, 2021 to April 9, 2021
-------------------------------------------------------------
Issuer                   Coupon    Maturity    Currency    Price
------                   ------    --------    --------    -----

  AUSTRALIA
  ---------

ACN 113 874 712 PTY LTD    13.25    02/15/18       USD       0.15
ACN 113 874 712 PTY LTD    13.25    02/15/18       USD       0.15
CLEAN SEAS SEAFOOD LTD      8.00    11/18/22       AUD       1.06
CLIME CAPITAL LTD/FUND      6.25    11/30/21       AUD       0.98
GLENNON SMALL COS LTD       5.60    09/30/30       AUD      10.43
PALADIN ENERGY LTD         10.00    02/01/23       USD      66.38
PALADIN ENERGY LTD         10.00    02/01/23       USD      66.38
VIRGIN AUSTRALIA HOLDIN     7.88    10/15/21       USD       8.30
VIRGIN AUSTRALIA HOLDIN     7.88    10/15/21       USD       8.50
VIRGIN AUSTRALIA HOLDIN     8.25    05/30/23       AUD       8.39
VIRGIN AUSTRALIA HOLDIN     8.08    03/05/24       AUD       9.39
VIRGIN AUSTRALIA HOLDIN     8.13    11/15/24       USD       8.42
VIRGIN AUSTRALIA HOLDIN     8.13    11/15/24       USD       8.63
VIRGIN AUSTRALIA HOLDIN     8.00    11/26/24       AUD       5.02


   CHINA
   -----

AKESU DISTRICT GREEN IN     4.09    03/11/23       CNY      59.56
AKESU DISTRICT GREEN IN     4.09    03/11/23       CNY      59.63
AKESU XINCHENG ASSET IN     6.40    04/20/22       CNY      40.15
AKESU XINCHENG ASSET IN     6.40    04/20/22       CNY      40.24
ALTAY PREFECTURE STATE-     4.85    01/22/23       CNY      37.70
ALTAY PREFECTURE STATE-     4.85    01/22/23       CNY      39.28
AN SHUN YU KUN REAL EST     5.48    11/10/21       CNY      39.99
ANHUI HUAAN FOREIGN ECO     7.30    07/13/21       CNY      70.01
ANHUI JIANGNAN INDUSTRI     4.76    07/08/23       CNY      59.09
ANHUI JIANGNAN INDUSTRI     4.76    07/08/23       CNY      59.22
ANJI COUNTY STATE-OWNED     8.30    04/24/21       CNY      20.14
ANJI COUNTY STATE-OWNED     8.30    04/24/21       CNY      24.57
ANJI NORTHWEST DEVELOPM     5.90    07/18/23       CNY      59.84
ANJI NORTHWEST DEVELOPM     5.90    07/18/23       CNY      60.03
ANLU CONSTRUCTION DEVEL     5.45    06/15/23       CNY      59.69
ANLU CONSTRUCTION DEVEL     5.45    06/15/23       CNY      59.70
ANQING ECONOMIC&TECHNOL     4.09    03/09/23       CNY      59.50
ANQING ECONOMIC&TECHNOL     4.09    03/09/23       CNY      59.73
ANQING URBAN CONSTRUCTI     6.01    04/27/22       CNY      40.00
ANQING URBAN CONSTRUCTI     6.01    04/27/22       CNY      40.66
ANQIU HUAAN STATE OWNED     7.00    09/14/24       CNY      75.00
ANSHUN CITY CONSTRUCTIO     7.30    09/15/24       CNY      59.18
ANSHUN STATE-RUN ASSETS     4.48    07/18/23       CNY      56.19
ANSHUN STATE-RUN ASSETS     4.48    07/18/23       CNY      56.53
ANSHUN XIXIU CITY INVES     4.70    11/22/23       CNY      57.02
ANSHUN XIXIU CITY INVES     4.70    11/22/23       CNY      58.74
BANK OF CHINA LTD/PARIS     0.95    09/21/23       USD      50.00
BAOJI HI-TECH INDUSTRIA     8.25    04/21/21       CNY      20.00
BAOJI HI-TECH INDUSTRIA     8.25    04/21/21       CNY      20.12
BAOTOU CITY SCIENCE EDU     6.48    03/25/22       CNY      40.08
BAOTOU CITY SCIENCE EDU     6.48    03/25/22       CNY      45.50
BAOYING CITY CONSTRUCTI     4.50    03/24/23       CNY      59.94
BAOYING CITY CONSTRUCTI     4.50    03/24/23       CNY      60.17
BAYAN ZHUOER HETAO WATE     8.54    03/31/22       CNY      30.70
BAZHONG STATE-OWNED ASS     8.50    04/25/21       CNY      20.06
BAZHONG STATE-OWNED ASS     8.50    04/25/21       CNY      20.35
BAZHONG STATE-OWNED ASS     5.13    12/02/22       CNY      38.68
BAZHONG STATE-OWNED ASS     5.13    12/02/22       CNY      40.00
BEIJING CAPITAL DEVELOP     6.50    02/27/21       CNY      20.05
BEIJING CHANGXIN CONSTR     6.74    04/22/21       CNY      20.19
BEIJING CHANGXIN CONSTR     6.74    04/22/21       CNY      20.37
BEIJING CULTURAL INVEST     5.10    04/28/22       CNY      67.00
BEIJING FUTURE SCIENCE      4.20    08/13/22       CNY      40.10
BEIJING FUTURE SCIENCE      4.20    08/13/22       CNY      40.26
BEIJING HAIDIAN STATE-O     5.40    12/26/21       CNY      64.10
BEIJING HAIDIAN STATE-O     5.20    03/08/22       CNY      63.58
BEIJING SHIJINGSHAN STA     6.08    08/18/21       CNY      20.31
BEIJING SHIJINGSHAN STA     6.08    08/18/21       CNY      23.87
BEIJING XINCHENG INFRAS     7.50    04/21/21       CNY      20.18
BEIJING XINCHENG INFRAS     7.50    04/21/21       CNY      20.20
BEIJING XINGZHAN INVEST     6.66    04/24/21       CNY      20.13
BEIJING XINGZHAN INVEST     6.66    04/24/21       CNY      20.20
BEIPIAO CITY CONSTRUCTI     6.70    03/25/23       CNY      60.51
BEIPIAO CITY CONSTRUCTI     6.70    03/25/23       CNY      61.22
BENGBU GAOXIN INVESTMEN     8.70    04/17/21       CNY      20.00
BENGBU GAOXIN INVESTMEN     8.70    04/17/21       CNY      20.11
BENXI URBAN CONSTRUCTIO     6.24    01/22/22       CNY      19.76
BENXI URBAN CONSTRUCTIO     6.24    01/22/22       CNY      20.00
BIJIE CONSTRUCTION INVE     6.50    01/28/22       CNY      40.24
BIJIE CONSTRUCTION INVE     6.50    01/28/22       CNY      45.65
BIJIE DEXI CONSTRUCTION     4.60    11/17/23       CNY      57.22
BIJIE DEXI CONSTRUCTION     4.60    11/17/23       CNY      58.70
BIJIE DEXI CONSTRUCTION     5.10    12/05/23       CNY      54.02
BIJIE DEXI CONSTRUCTION     5.10    12/05/23       CNY      59.21
BIJIE KAIYUAN CONSTRUCT     7.78    02/25/21       CNY      20.01
BIJIE KAIYUAN CONSTRUCT     7.78    02/25/21       CNY      30.00
BINZHOU ZHANHUA DISTRIC     4.93    11/29/23       CNY      57.71
BINZHOU ZHANHUA DISTRIC     4.93    11/29/23       CNY      58.32
BINZHOU ZHONGHAI VENTUR     6.65    04/13/22       CNY      40.00
BINZHOU ZHONGHAI VENTUR     6.65    04/13/22       CNY      40.26
BOHAI LEASING CO LTD        7.00    06/20/21       CNY      50.00
BOHAI LEASING CO LTD        7.00    09/10/21       CNY      56.20
BORALA MONGOL AUTONOMOU     5.77    08/26/22       CNY      39.00
BORALA MONGOL AUTONOMOU     5.77    08/26/22       CNY      40.04
BOZHOU URBAN CONSTRUCTI     4.78    04/14/23       CNY      59.41
BOZHOU URBAN CONSTRUCTI     4.78    04/14/23       CNY      60.27
BOZHOU YIJU REAL ESTATE     4.82    10/27/21       CNY      49.52
BOZHOU YIJU REAL ESTATE     4.82    10/27/21       CNY      49.66
BRILLIANCE AUTO GROUP H     5.30    10/23/20       CNY      68.50
BRILLIANCE AUTO GROUP H     6.50    01/22/22       CNY      68.50
BRILLIANCE AUTO GROUP H     6.50    03/13/22       CNY      68.50
BRILLIANCE AUTO GROUP H     6.50    04/18/22       CNY      68.50
BRILLIANCE AUTO GROUP H     6.50    06/03/22       CNY      68.50
BRILLIANCE AUTO GROUP H     5.40    09/14/23       CNY      55.80
BRILLIANCE AUTO GROUP H     6.30    09/14/23       CNY      56.93
BRILLIANCE AUTO GROUP H     6.30    09/14/23       CNY      68.50
BRILLIANCE AUTO GROUP H     5.80    11/05/23       CNY      59.80
BRILLIANCE AUTO GROUP H     5.80    11/05/23       CNY      68.50
BRILLIANCE AUTO GROUP H     5.80    03/20/24       CNY      54.80
BRILLIANCE AUTO GROUP H     5.80    06/17/24       CNY      60.78
CANGNAN COUNTY STATE OW     5.58    11/11/22       CNY      40.00
CANGNAN COUNTY STATE OW     5.58    11/11/22       CNY      40.41
CEFC SHANGHAI INTERNATI     4.98    12/10/20       CNY      61.29
CEFC SHANGHAI INTERNATI     4.08    09/09/21       CNY      60.00
CHANG DE DING LI INDUST     4.30    03/10/23       CNY      59.82
CHANG DE DING LI INDUST     4.30    03/10/23       CNY      59.87
CHANGCHUN MODERN AGRICU     7.00    07/25/21       CNY      19.33
CHANGCHUN MODERN AGRICU     7.00    07/25/21       CNY      19.50
CHANGDE DE YUAN SHANTY      5.33    09/13/23       CNY      66.41
CHANGDE ECONOMIC CONSTR     7.00    03/24/21       CNY      20.08
CHANGDE URBAN CONSTRUCT     3.59    01/12/23       CNY      39.91
CHANGDE URBAN CONSTRUCT     3.59    01/12/23       CNY      40.00
CHANGJI URBAN CONSTRUCT     4.24    11/18/23       CNY      58.21
CHANGJI URBAN CONSTRUCT     4.24    11/18/23       CNY      58.26
CHANGLE COUNTY NEWTOWN      5.18    12/16/22       CNY      39.87
CHANGLE COUNTY NEWTOWN      5.18    12/16/22       CNY      40.41
CHANGSHA COUNTY XINGCHE     7.90    03/25/22       CNY      41.12
CHANGSHA COUNTY XINGCHE     7.90    03/25/22       CNY      41.12
CHANGSHA ECONOMIC & TEC     8.45    04/13/22       CNY      30.52
CHANGSHA FURONG CITY DE     3.88    01/26/23       CNY      60.26
CHANGSHA FURONG CITY DE     3.88    01/26/23       CNY      60.67
CHANGSHA METRO GROUP CO     6.20    04/23/23       CNY      46.35
CHANGSHA METRO GROUP CO     5.97    04/03/25       CNY      73.41
CHANGSHA METRO GROUP CO     5.97    04/03/25       CNY      73.60
CHANGSHA METRO GROUP CO     5.40    07/14/25       CNY      70.00
CHANGSHA METRO GROUP CO     5.40    07/14/25       CNY      72.67
CHANGSHA METRO GROUP CO     4.10    12/21/25       CNY      70.00
CHANGSHA METRO GROUP CO     4.10    12/21/25       CNY      70.56
CHANGSHA TIANXIN CITY C     4.20    11/06/22       CNY      39.82
CHANGSHA TIANXIN CITY C     4.20    11/06/22       CNY      40.10
CHANGSHA TIANXIN CITY C     3.43    08/08/23       CNY      59.03
CHANGSHA TIANXIN CITY C     3.43    08/08/23       CNY      59.13
CHANGSHA YUHUA JINGKAI      4.17    09/06/23       CNY      59.04
CHANGSHA YUHUA JINGKAI      4.17    09/06/23       CNY      59.30
CHANGSHA YUHUA URBAN CO     7.17    04/18/21       CNY      20.12
CHANGSHA YUHUA URBAN CO     7.17    04/18/21       CNY      24.00
CHANGSHA YUHUA URBAN CO     3.80    01/28/23       CNY      59.92
CHANGSHA YUHUA URBAN CO     3.80    01/28/23       CNY      59.98
CHANGSHU BINJIANG URBAN     6.39    09/11/21       CNY      20.00
CHANGSHU BINJIANG URBAN     6.39    09/11/21       CNY      20.16
CHANGSHU DONGNAN ASSET      6.53    03/26/22       CNY      40.49
CHANGSHU DONGNAN ASSET      6.53    03/26/22       CNY      47.32
CHANGSHU TRANSPORTATION     7.00    04/29/21       CNY      20.20
CHANGSHU TRANSPORTATION     7.00    04/29/21       CNY      27.00
CHANGXING URBAN CONSTRU     6.00    12/03/21       CNY      19.00
CHANGXING URBAN CONSTRU     6.00    12/03/21       CNY      20.27
CHANGZHOU PUBLIC HOUSIN     6.64    07/02/21       CNY      20.07
CHANGZHOU PUBLIC HOUSIN     6.64    07/02/21       CNY      20.07
CHANGZHOU TIANNING CONS     6.48    02/12/22       CNY      40.00
CHANGZHOU TIANNING CONS     6.48    02/12/22       CNY      40.49
CHANGZHOU XINGANG ECONO     3.42    10/20/23       CNY      59.39
CHANGZHOU XINGANG ECONO     3.42    10/20/23       CNY      59.40
CHANGZHOU ZHONGLOU ECON     3.64    10/26/23       CNY      59.18
CHANGZHOU ZHONGLOU ECON     3.64    10/26/23       CNY      59.42
CHAOHU URBAN TOWN CONST     6.50    04/30/22       CNY      40.68
CHAOHU URBAN TOWN CONST     6.50    04/30/22       CNY      42.10
CHENGDU ECONOMIC & TECH     6.90    05/30/21       CNY      20.22
CHENGDU ECONOMIC & TECH     6.90    05/30/21       CNY      26.00
CHENGDU GARDEN WATER CI     6.15    05/03/23       CNY      59.76
CHENGDU GARDEN WATER CI     6.15    05/03/23       CNY      60.20
CHENGDU LONGBO INVESTME     8.10    04/24/21       CNY      20.11
CHENGDU LONGBO INVESTME     8.10    04/24/21       CNY      20.45
CHENGDU PIDU DISTRICT S     6.95    04/01/22       CNY      40.44
CHENGDU PIDU DISTRICT S     6.95    04/01/22       CNY      48.83
CHENGDU SHUZHOU CITY CO     6.58    05/26/22       CNY      40.26
CHENGDU SHUZHOU CITY CO     6.58    05/26/22       CNY      40.50
CHENGDU XINGCHENGJIAN I     6.00    03/20/22       CNY      40.00
CHENGDU XINGCHENGJIAN I     6.00    03/20/22       CNY      40.51
CHENGDU XINGJIN ECOLOGI     3.65    10/13/23       CNY      58.72
CHENGDU XINGJIN ECOLOGI     3.65    10/13/23       CNY      59.45
CHENGDU XINKAIYUAN URBA     7.43    08/12/21       CNY      20.11
CHENGDU XINKAIYUAN URBA     7.43    08/12/21       CNY      21.00
CHENGDU XINKAIYUAN URBA     5.29    04/27/23       CNY      59.57
CHENGDU XINKAIYUAN URBA     5.29    04/27/23       CNY      59.60
CHENGFA INVESTMENT GROU     6.87    04/30/21       CNY      20.16
CHENGFA INVESTMENT GROU     6.87    04/30/21       CNY      21.37
CHENZHOU BAIFU INVESTME     6.54    08/28/21       CNY      19.66
CHENZHOU BAIFU INVESTME     6.54    08/28/21       CNY      20.00
CHENZHOU BAIFU INVESTME     4.96    03/22/26       CNY      72.01
CHENZHOU BAIFU INVESTME     4.96    03/22/26       CNY      72.88
CHENZHOU FUCHENG HIGH T     4.73    01/22/23       CNY      39.33
CHENZHOU FUCHENG HIGH T     4.73    01/22/23       CNY      59.76
CHENZHOU INDUSTRY INVES     6.45    01/23/22       CNY      39.82
CHENZHOU INDUSTRY INVES     6.45    01/23/22       CNY      48.60
CHENZHOU WENLV INDUSTRY     5.34    11/28/23       CNY      59.51
CHENZHOU XINTIAN INVEST     5.38    03/08/26       CNY      67.73
CHENZHOU XINTIAN INVEST     5.38    03/08/26       CNY      73.48
CHIBI LANTIAN URBAN CON     4.38    08/10/23       CNY      58.92
CHIBI LANTIAN URBAN CON     4.38    08/10/23       CNY      59.00
CHINA FORTUNE LAND DEVE     5.80    05/23/22       CNY      28.00
CHINA FORTUNE LAND DEVE     5.00    05/30/22       CNY      68.15
CHINA FORTUNE LAND DEVE     5.50    03/23/25       CNY      27.50
CHINA FORTUNE LAND DEVE     5.17    04/20/25       CNY      25.00
CHINA OCEANWIDE HOLDING     8.90    12/13/21       CNY      62.00
CHINA SECURITY CO LTD       4.45    11/11/19       CNY      31.00
CHINA YIXING ENVIRONMEN     4.08    09/14/23       CNY      59.36
CHINA YIXING ENVIRONMEN     4.08    09/14/23       CNY      59.44
CHONGQIN BAIYAN INVESTM     5.75    05/03/23       CNY      60.58
CHONGQIN BAIYAN INVESTM     5.75    05/03/23       CNY      60.67
CHONGQIN XINLIANG INVES     4.76    08/26/23       CNY      56.91
CHONGQIN XINLIANG INVES     4.76    08/26/23       CNY      57.48
CHONGQING BANAN ECONOMI     7.00    08/20/21       CNY      20.00
CHONGQING BANAN ECONOMI     7.00    08/20/21       CNY      20.20
CHONGQING BANAN ECONOMI     6.17    03/13/22       CNY      39.20
CHONGQING BANAN ECONOMI     6.17    03/13/22       CNY      40.21
CHONGQING BAYUAN CONSTR     4.99    08/16/23       CNY      57.76
CHONGQING BISHAN DISTRI     4.93    03/29/23       CNY      59.92
CHONGQING BISHAN DISTRI     4.93    03/29/23       CNY      59.96
CHONGQING CHANGSHOU ECO     7.20    07/15/21       CNY      20.13
CHONGQING CHANGSHOU ECO     7.20    07/15/21       CNY      20.17
CHONGQING CHANGSHOU ECO     7.10    06/19/21       CNY      20.00
CHONGQING CHANGSHOU ECO     7.10    06/19/21       CNY      20.04
CHONGQING DAZU INDUSTRI     6.30    04/28/22       CNY      40.00
CHONGQING DAZU INDUSTRI     6.30    04/28/22       CNY      40.19
CHONGQING ECO&TECH DEVE     3.95    04/13/23       CNY      59.73
CHONGQING ECO&TECH DEVE     3.95    04/13/23       CNY      60.05
CHONGQING FULING DISTRI     7.89    03/20/21       CNY      20.09
CHONGQING FULING DISTRI     7.89    03/20/21       CNY      27.33
CHONGQING FULING TRAFFI     6.68    02/03/22       CNY      40.00
CHONGQING FULING TRAFFI     6.68    02/03/22       CNY      40.28
CHONGQING GAOXIN ZONE D     7.80    04/25/21       CNY      20.21
CHONGQING GAOXIN ZONE D     7.80    04/25/21       CNY      30.80
CHONGQING GARDENING IND     8.45    06/03/21       CNY      20.00
CHONGQING GARDENING IND     8.45    06/03/21       CNY      20.28
CHONGQING HAOJIANG CONS     8.05    03/06/21       CNY      20.00
CHONGQING HAOJIANG CONS     8.05    03/06/21       CNY      20.06
CHONGQING HECHUAN CITY      7.30    07/07/21       CNY      20.30
CHONGQING HECHUAN CITY      7.30    07/07/21       CNY      21.00
CHONGQING HECHUAN CITY      3.95    09/06/23       CNY      59.56
CHONGQING HECHUAN CITY      3.95    09/06/23       CNY      59.67
CHONGQING JIANGBEIZUI C     6.50    07/21/21       CNY      20.18
CHONGQING JIN TONG INDU     4.44    11/16/23       CNY      56.76
CHONGQING JIN TONG INDU     4.44    11/16/23       CNY      57.59
CHONGQING JINYUN ASSET      4.50    12/31/22       CNY      39.85
CHONGQING JINYUN ASSET      4.50    12/31/22       CNY      39.89
CHONGQING JIULONG HI-TE     6.60    08/19/21       CNY      20.10
CHONGQING JIULONG HI-TE     6.60    08/19/21       CNY      20.26
CHONGQING KAIQIAN INVES     4.64    03/21/23       CNY      59.18
CHONGQING KAIQIAN INVES     4.64    03/21/23       CNY      59.29
CHONGQING LAND PROPERTI     3.36    03/21/23       CNY      60.06
CHONGQING LAND PROPERTI     3.36    03/21/23       CNY      60.10
CHONGQING LIANGJIANG NE     3.60    04/19/21       CNY      40.03
CHONGQING LIANGJIANG NE     3.60    04/19/21       CNY      40.60
CHONGQING LIANGJIANG NE     6.70    04/25/21       CNY      20.15
CHONGQING LIANGJIANG NE     6.70    04/25/21       CNY      20.45
CHONGQING LIANGJIANG NE     3.10    08/05/21       CNY      39.70
CHONGQING LIANGJIANG NE     3.10    08/05/21       CNY      39.88
CHONGQING LIANGJIANG NE     5.88    09/16/21       CNY      20.29
CHONGQING MAIRUI URBAN      4.95    04/21/23       CNY      60.44
CHONGQING MAIRUI URBAN      4.95    04/21/23       CNY      60.47
CHONGQING NANCHUAN CITY     4.20    07/11/23       CNY      58.94
CHONGQING NANCHUAN CITY     4.20    07/11/23       CNY      59.04
CHONGQING QIANJIANG CIT     8.00    03/21/21       CNY      20.00
CHONGQING QIANJIANG CIT     8.00    03/21/21       CNY      20.04
CHONGQING QIJIANG EAST      4.00    09/05/23       CNY      58.03
CHONGQING QIJIANG EAST      4.00    09/05/23       CNY      58.28
CHONGQING SHUANGQIAO EC     5.99    11/19/21       CNY      19.90
CHONGQING SHUANGQIAO EC     5.99    11/19/21       CNY      26.25
CHONGQING TAX FREE PORT     7.50    04/24/21       CNY      20.13
CHONGQING TAX FREE PORT     7.50    04/24/21       CNY      21.70
CHONGQING TEA GARDEN IN     7.70    05/20/21       CNY      20.11
CHONGQING TONGLIANG JIN     6.59    04/08/22       CNY      40.00
CHONGQING TONGLIANG JIN     6.59    04/08/22       CNY      40.35
CHONGQING TONGNAN DISTR     4.99    12/31/22       CNY      39.69
CHONGQING TONGNAN DISTR     4.99    12/31/22       CNY      40.00
CHONGQING WANSHENG ECO      8.19    04/08/21       CNY      20.09
CHONGQING WANSHENG ECO      8.19    04/08/21       CNY      23.90
CHONGQING WANSHENG ECO      6.95    08/25/21       CNY      20.12
CHONGQING WANSHENG ECO      6.95    08/25/21       CNY      25.00
CHONGQING WANSHENG ECO      5.40    11/18/21       CNY      39.43
CHONGQING WANZHOU SANXI     4.95    08/25/22       CNY      40.18
CHONGQING WANZHOU SANXI     4.95    08/25/22       CNY      40.80
CHONGQING XINGRONG HOLD     4.86    03/31/23       CNY      58.50
CHONGQING XINGRONG HOLD     4.86    03/31/23       CNY      58.59
CHONGQING XIYONG MICRO-     6.58    07/25/21       CNY      20.33
CHONGQING XIYONG MICRO-     6.58    07/25/21       CNY      22.33
CHONGQING YONGCHUAN HUI     7.28    05/30/21       CNY      20.18
CHONGQING YONGCHUAN HUI     7.28    05/30/21       CNY      21.60
CHONGQING YUELAI INVEST     6.09    04/29/22       CNY      40.00
CHONGQING YUELAI INVEST     6.09    04/29/22       CNY      40.54
CHONGQING YUNAN ASSET M     7.05    06/17/21       CNY      20.18
CHONGQING YUNAN ASSET M     7.05    06/17/21       CNY      20.76
CHONGQING YUZHONG STATE     7.25    02/26/21       CNY      20.08
CHUN'AN XINANJIANG DEVE     6.10    03/11/22       CNY      40.35
CHUN'AN XINANJIANG DEVE     6.10    03/11/22       CNY      44.55
CHUN'AN XINANJIANG DEVE     3.84    11/04/23       CNY      58.83
CHUN'AN XINANJIANG DEVE     3.84    11/04/23       CNY      58.94
CHUZHOU CITY CONSTRUCTI     6.40    08/22/21       CNY      20.00
CHUZHOU CITY CONSTRUCTI     6.40    08/22/21       CNY      20.33
CHUZHOU CITY CONSTRUCTI     6.30    11/30/21       CNY      30.58
CITIC GUOAN GROUP CORP      4.90    11/06/19       CNY      18.25
CITIC GUOAN GROUP CORP      5.80    12/15/19       CNY      18.25
CITIC GUOAN GROUP CORP      4.23    12/15/20       CNY      18.25
CITIC GUOAN GROUP CORP      4.49    03/08/21       CNY      89.00
CIXI CITY CONSTRUCTION      6.18    08/18/21       CNY      20.25
CIXI CITY CONSTRUCTION      6.18    08/18/21       CNY      28.80
CULTURAL INVESTMENT HOL     5.45    10/26/22       CNY      55.00
DAFANG COUNTY CONSTRUCT     6.00    09/26/23       CNY      58.31
DAFANG COUNTY CONSTRUCT     6.00    09/26/23       CNY      59.17
DALI ECONOMIC DEVELOPME     7.90    03/04/21       CNY      20.00
DALI ECONOMIC DEVELOPME     7.90    03/04/21       CNY      20.04
DALI HAIDONG DEVELOPMEN     6.01    01/25/23       CNY      40.05
DALI HAIDONG DEVELOPMEN     6.01    01/25/23       CNY      59.82
DALIAN PULANDIAN CONSTR     3.80    01/25/23       CNY      59.61
DALIAN PULANDIAN CONSTR     3.80    01/25/23       CNY      60.00
DALIAN RONGDA INVESTMEN     5.69    12/05/21       CNY      20.28
DALIAN RONGQIANG INVEST     7.92    04/14/21       CNY      20.09
DALIAN RONGQIANG INVEST     7.92    04/14/21       CNY      20.09
DALIAN SHITAI CITY CONS     7.09    02/20/21       CNY      19.93
DALIAN SHITAI CITY CONS     4.50    02/01/23       CNY      56.61
DALIAN SHITAI CITY CONS     4.50    02/01/23       CNY      57.32
DANDONG PORT GROUP CO L     5.50    01/27/21       CNY      59.00
DANGTU COUNTY CONSTRUCT     5.38    08/10/22       CNY      40.38
DANGTU COUNTY CONSTRUCT     5.38    08/10/22       CNY      40.45
DANGYANG XINYUAN INVEST     7.99    05/23/21       CNY      20.00
DANGYANG XINYUAN INVEST     4.97    03/29/23       CNY      59.28
DANGYANG XINYUAN INVEST     4.97    03/29/23       CNY      60.35
DANYANG HI-TECH INDUSTR     6.40    04/24/22       CNY      39.76
DANYANG HI-TECH INDUSTR     6.40    04/24/22       CNY      40.00
DANYANG INVESTMENT GROU     3.99    01/25/23       CNY      39.80
DATONG ECONOMIC CONSTRU     4.49    10/22/22       CNY      40.23
DATONG ECONOMIC CONSTRU     4.49    10/22/22       CNY      40.30
DAWA COUNTY CITY CONSTR     6.29    06/12/22       CNY      39.30
DAWA COUNTY CITY CONSTR     6.29    06/12/22       CNY      39.31
DAWA COUNTY LINGANG ECO     5.99    10/19/24       CNY      70.88
DAWA COUNTY LINGANG ECO     5.99    10/19/24       CNY      74.43
DAYE ZHENHENG CITY DEVE     7.30    03/03/21       CNY      20.03
DAYE ZHENHENG CITY DEVE     7.30    03/03/21       CNY      23.53
DAYE ZHENHENG CITY DEVE     4.50    03/28/23       CNY      58.47
DAYE ZHENHENG CITY DEVE     4.50    03/28/23       CNY      59.12
DAYE ZHENHENG CITY DEVE     4.05    08/31/23       CNY      58.15
DAYE ZHENHENG CITY DEVE     4.05    08/31/23       CNY      58.39
DAZHOU DEVELOPMENT HOLD     6.55    01/14/22       CNY      20.00
DAZHOU DEVELOPMENT HOLD     6.55    01/14/22       CNY      20.37
DAZHOU DEVELOPMENT HOLD     5.10    11/27/22       CNY      40.00
DAZHOU DEVELOPMENT HOLD     5.10    11/27/22       CNY      40.19
DAZHOU INVESTMENT CO LT     3.99    11/04/26       CNY      74.85
DEHONGZHOU HONGKANG INV     6.68    01/23/22       CNY      20.10
DEHONGZHOU HONGKANG INV     6.68    01/23/22       CNY      40.15
DEQING CONSTRUCTION INV     3.60    11/11/23       CNY      58.63
DEQING CONSTRUCTION INV     3.60    11/11/23       CNY      59.04
DEXING INVESTMENT HOLDI     5.99    03/21/23       CNY      59.94
DEXING INVESTMENT HOLDI     5.99    03/21/23       CNY      59.97
DEYANG ECONOMIC DEVELOP     7.90    04/28/21       CNY      20.11
DEYANG ECONOMIC DEVELOP     7.90    04/28/21       CNY      28.26
DONGLING GROUP INC CO       8.00    07/14/22       CNY      40.00
DONGLING GROUP INC CO       8.00    07/14/22       CNY      40.78
DONGTAI STATE-OWNED ASS     3.04    11/16/23       CNY      57.13
DONGTAI UBAN CONSTRUCTI     7.58    04/23/21       CNY      20.11
DONGTAI UBAN CONSTRUCTI     7.58    04/23/21       CNY      28.48
DONGYING CITY URBAN ASS     5.57    03/31/22       CNY      40.28
DONGYING CITY URBAN ASS     5.57    03/31/22       CNY      41.58
DONGZHI COUNTY CITY OPE     4.88    06/20/23       CNY      59.94
DONGZHI COUNTY CITY OPE     4.88    06/20/23       CNY      60.05
DUJIANGYAN XINGYAN INVE     6.10    03/12/22       CNY      37.30
DUJIANGYAN XINGYAN INVE     6.10    03/12/22       CNY      39.16
DUNYUN STATE-OWNED ASSE     6.60    12/28/22       CNY      40.26
ENSHI URBAN CONSTRUCTIO     7.50    06/03/21       CNY      20.24
ENSHI URBAN CONSTRUCTIO     7.50    06/03/21       CNY      27.54
ENSHI URBAN CONSTRUCTIO     3.84    11/01/23       CNY      57.94
ENSHI URBAN CONSTRUCTIO     3.84    11/01/23       CNY      58.57
EZHOU CITY CONSTRUCTION     7.76    05/15/21       CNY      20.18
EZHOU CITY CONSTRUCTION     7.76    05/15/21       CNY      26.50
EZHOU CITY CONSTRUCTION     6.68    09/19/21       CNY      20.23
EZHOU CITY CONSTRUCTION     6.68    09/19/21       CNY      20.53
FANGCHENGGANG GANGFA HO     8.09    04/16/21       CNY      20.10
FANGCHENGGANG GANGFA HO     8.09    04/16/21       CNY      20.50
FEICHENG CITY ASSETS MA     4.04    03/23/23       CNY      59.39
FEICHENG CITY ASSETS MA     4.04    03/23/23       CNY      59.61
FEIXI COUNTY URBAN & RU     4.45    06/03/23       CNY      60.07
FEIXI COUNTY URBAN & RU     4.45    06/03/23       CNY      61.24
FENG COUNTY ECONOMIC DE     5.18    06/21/23       CNY      58.53
FENG COUNTY ECONOMIC DE     5.18    06/21/23       CNY      59.44
FENGCHENG CITY CONSTRUC     6.49    02/10/22       CNY      40.34
FENGCHENG CITY CONSTRUC     6.49    02/10/22       CNY      40.34
FENGCHENG CITY MODERN I     5.76    12/17/22       CNY      39.83
FENGCHENG CITY MODERN I     5.76    12/17/22       CNY      40.00
FENGXIAN URBAN INVESTME     4.23    07/13/21       CNY      19.85
FENGXIAN URBAN INVESTME     4.23    07/13/21       CNY      19.85
FENGXIAN URBAN INVESTME     6.48    03/20/22       CNY      40.00
FENGXIAN URBAN INVESTME     6.48    03/20/22       CNY      40.06
FENYI CITY CONSTRUCTION     4.54    08/22/23       CNY      58.83
FENYI CITY CONSTRUCTION     4.54    08/22/23       CNY      59.12
FUGUINIAO CO LTD            6.30    04/22/20       CNY      13.00
FUJIAN FUSHENG GROUP CO     7.90    11/19/21       CNY      60.00
FUJIAN FUSHENG GROUP CO     7.90    12/17/21       CNY      70.99
FUJIAN JINJIANG INDUSTR     7.08    06/27/21       CNY      20.25
FUJIAN JINJIANG INDUSTR     7.08    06/27/21       CNY      20.65
FUJIAN JINJIANG URBAN C     3.35    08/24/23       CNY      59.71
FUJIAN JINJIANG URBAN C     3.35    08/24/23       CNY      59.86
FUJIAN PROVINCE LIANJIA     6.29    04/30/22       CNY      40.00
FUJIAN PROVINCE LIANJIA     6.29    04/30/22       CNY      40.44
FUJIAN ZHANGLONG GROUP      4.99    08/07/22       CNY      40.00
FUJIAN ZHANGLONG GROUP      4.99    08/07/22       CNY      40.48
FUNING URBAN INVESTMENT     7.19    08/15/21       CNY      20.35
FUNING URBAN INVESTMENT     7.19    08/15/21       CNY      21.15
FUQING CITY STATE-OWNED     6.66    03/01/21       CNY      25.02
FUQING CITY STATE-OWNED     5.94    11/26/22       CNY      40.89
FUXIN INFRASTRUCTURE CO     6.18    03/18/22       CNY      39.74
FUZHOU CHANGLE DISTRICT     4.50    04/11/23       CNY      59.06
FUZHOU CHANGLE DISTRICT     4.50    04/11/23       CNY      59.81
FUZHOU DEVELOPMENT ZONE     3.53    08/25/23       CNY      59.18
FUZHOU LINCHUAN URBAN C     5.68    07/05/23       CNY      59.41
FUZHOU LINCHUAN URBAN C     5.68    07/05/23       CNY      59.44
FUZHOU URBAN AND RURAL      5.48    01/26/22       CNY      40.00
FUZHOU URBAN AND RURAL      5.48    01/26/22       CNY      40.50
FUZHOU URBAN AND RURAL      4.89    07/08/22       CNY      40.48
FUZHOU URBAN AND RURAL      4.89    07/08/22       CNY      40.55
GANSU PROVINCIAL HIGHWA     6.58    09/24/22       CNY      72.38
GANZHOU CITY DEVELOPMEN     5.50    06/16/22       CNY      40.00
GANZHOU CITY DEVELOPMEN     5.50    06/16/22       CNY      40.71
GANZHOU DEVELOPMENT INV     8.10    12/11/23       CNY      64.65
GANZHOU DEVELOPMENT ZON     7.43    02/19/21       CNY      19.00
GANZHOU DEVELOPMENT ZON     7.43    02/19/21       CNY      20.02
GAOMI STATE-OWNED ASSET     4.69    01/26/23       CNY      59.89
GAOMI STATE-OWNED ASSET     4.69    01/26/23       CNY      59.96
GAOYOU CITY CONSTRUCTIO     5.48    09/15/22       CNY      40.00
GAOYOU CITY CONSTRUCTIO     5.48    09/15/22       CNY      40.38
GAOYOU CITY ECONOMY DEV     3.65    09/02/23       CNY      59.28
GAOYOU CITY ECONOMY DEV     3.65    09/02/23       CNY      60.00
GONG'AN COUNTY CITY CON     4.30    08/30/23       CNY      59.21
GONG'AN COUNTY CITY CON     4.30    08/30/23       CNY      59.35
GONGQINGCHENG FINANCIAL     5.85    03/25/23       CNY      60.58
GONGQINGCHENG FINANCIAL     5.85    03/25/23       CNY      60.59
GOOCOO INVESTMENT CO LT     8.00    02/01/21       CNY      50.00
GOTION HIGH-TECH CO LTD     6.50    04/13/23       CNY      61.03
GUANGAN DEVELOPMENT AND     6.39    03/24/22       CNY      40.35
GUANGAN DEVELOPMENT AND     6.39    03/24/22       CNY      44.00
GUANGAN ECONOMIC & TECH     7.10    09/22/21       CNY      20.16
GUANGAN ECONOMIC & TECH     7.10    09/22/21       CNY      20.16
GUANGAN ECONOMIC & TECH     5.16    04/14/23       CNY      59.49
GUANGAN ECONOMIC & TECH     5.16    04/14/23       CNY      59.50
GUANGAN TRANSPORTATION      5.39    12/01/23       CNY      60.48
GUANGDONG HUIZHOU COMMU     4.16    05/17/23       CNY      60.25
GUANGDONG HUIZHOU COMMU     4.16    05/17/23       CNY      60.37
GUANGDONG HUIZHOU COMMU     4.95    12/27/23       CNY      61.24
GUANGDONG HUIZHOU COMMU     4.95    12/27/23       CNY      61.24
GUANGRAO COUNTY ECONOMI     3.61    09/08/23       CNY      59.27
GUANGRAO COUNTY ECONOMI     3.61    09/08/23       CNY      60.00
GUANGXI BAISE DEVELOPME     7.27    06/20/21       CNY      20.00
GUANGXI BAISE DEVELOPME     7.27    06/20/21       CNY      20.10
GUANGXI LAIBIN INDUSTRI     5.97    11/26/21       CNY      20.00
GUANGXI LAIBIN INDUSTRI     5.97    11/26/21       CNY      20.14
GUANGXI QINZHOU LINHAI      7.68    02/20/21       CNY      20.01
GUANGXI QINZHOU LINHAI      7.68    02/20/21       CNY      24.77
GUANGXI URBAN CONSTRUCT     7.59    04/14/21       CNY      20.11
GUANGXI URBAN CONSTRUCT     7.59    04/14/21       CNY      23.00
GUANGYUAN INVESTMENT HO     7.30    04/22/21       CNY      20.05
GUANGYUAN INVESTMENT HO     7.30    04/22/21       CNY      21.15
GUANGYUAN YUANQU CONSTR     8.35    08/26/21       CNY      20.20
GUANGYUAN YUANQU CONSTR     8.35    08/26/21       CNY      27.00
GUANGYUAN YUANQU CONSTR     4.48    03/10/23       CNY      58.50
GUANGYUAN YUANQU CONSTR     4.48    03/10/23       CNY      58.52
GUANGZHOU HUANTOU NANSH     6.38    11/18/24       CNY      60.54
GUANGZHOU HUANTOU NANSH     6.38    11/18/24       CNY      60.65
GUANGZHOU METRO GROUP C     6.45    04/02/24       CNY      60.00
GUANGZHOU METRO GROUP C     6.45    04/02/24       CNY      62.78
GUANGZHOU METRO GROUP C     6.05    06/03/24       CNY      62.63
GUANGZHOU METRO GROUP C     6.05    06/03/24       CNY      62.70
GUILIN CITY INVESTMENT      6.90    06/13/21       CNY      20.00
GUILIN CITY INVESTMENT      6.90    06/13/21       CNY      20.06
GUILIN ECONOMIC CONSTRU     5.60    04/22/22       CNY      40.00
GUILIN ECONOMIC CONSTRU     5.60    04/22/22       CNY      40.40
GUIRENNIAO CO LTD           7.00    12/03/19       CNY      49.50
GUIXI CITY CONSTRUCTION     4.18    08/18/23       CNY      58.87
GUIXI CITY CONSTRUCTION     4.18    08/18/23       CNY      58.97
GUIYANG BAIYUN CITY CON     4.75    09/13/26       CNY      74.85
GUIYANG BAIYUN INDUSTRY     7.30    03/27/22       CNY      40.06
GUIYANG BAIYUN INDUSTRY     7.30    03/27/22       CNY      45.00
GUIYANG CITY CONSTRUCTI     4.00    11/14/26       CNY      74.64
GUIYANG CITY CONSTRUCTI     4.00    11/14/26       CNY      74.70
GUIYANG GUANCHENG INDUS     7.50    12/25/22       CNY      70.95
GUIYANG GUANSHANHU DIST     4.87    01/28/23       CNY      59.13
GUIYANG GUANSHANHU DIST     4.87    01/28/23       CNY      59.34
GUIYANG GUANSHANHU DIST     4.48    03/09/23       CNY      58.86
GUIYANG GUANSHANHU DIST     4.48    03/09/23       CNY      59.00
GUIYANG URBAN CONSTRUCT     5.23    12/02/22       CNY      39.85
GUIZHOU EAST LAKE CITY      5.18    01/06/23       CNY      38.47
GUIZHOU EAST LAKE CITY      5.18    01/06/23       CNY      40.31
GUIZHOU FANJINGSHAN INV     6.95    01/28/22       CNY      40.00
GUIZHOU FANJINGSHAN INV     6.95    01/28/22       CNY      40.00
GUIZHOU GUIAN CONSTRUCT     4.17    10/28/22       CNY      40.03
GUIZHOU GUIAN CONSTRUCT     4.17    10/28/22       CNY      41.00
GUIZHOU GUILONG INDUSTR     7.80    04/28/22       CNY      50.44
GUIZHOU GUILONG INDUSTR     7.80    04/28/22       CNY      50.71
GUIZHOU HONGCAI INVESTM     6.00    06/07/23       CNY      48.53
GUIZHOU HONGCAI INVESTM     6.00    06/07/23       CNY      48.57
GUIZHOU LIUPANSHUI PAND     7.30    07/24/24       CNY      60.01
GUIZHOU RAILWAY INVESTM     7.20    03/27/22       CNY      40.73
GUIZHOU RAILWAY INVESTM     7.50    04/23/24       CNY      60.60
GUIZHOU RAILWAY INVESTM     7.50    04/23/24       CNY      62.99
GUIZHOU SHUICHENG CITY      4.98    11/22/23       CNY      54.41
GUIZHOU SHUICHENG CITY      4.98    11/22/23       CNY      56.52
GUIZHOU SHUICHENG WATER     8.00    11/27/25       CNY      61.00
GUIZHOU XINDONGGUAN CIV     7.70    09/05/24       CNY      70.05
GULIN STATE-OWNED ASSET     4.18    08/04/23       CNY      58.43
GULIN STATE-OWNED ASSET     4.18    08/04/23       CNY      59.80
HAIAN COUNTY DEVELOPMEN     5.45    04/13/23       CNY      59.47
HAIAN COUNTY DEVELOPMEN     5.45    04/13/23       CNY      59.65
HAIAN DEVELOPMENT ZONE      4.47    11/16/23       CNY      58.16
HAIAN DEVELOPMENT ZONE      4.47    11/16/23       CNY      58.31
HAIAN URBAN DEMOLITION      5.08    11/27/22       CNY      40.53
HAIAN URBAN DEMOLITION      5.08    11/27/22       CNY      40.88
HAICHENG URBAN JINCAI L     8.17    04/16/21       CNY      20.06
HAICHENG URBAN JINCAI L     5.37    08/10/23       CNY      59.85
HAIFENG MARINE INFRASTR     6.84    04/29/22       CNY      40.35
HAIKOU MEILAN INTERNATI     5.25    09/06/19       USD      46.65
HAIMEN CITY DEVELOPMENT     6.22    04/03/22       CNY      40.67
HAIMEN CITY DEVELOPMENT     6.22    04/03/22       CNY      42.20
HAINAN AIRLINES HOLDING     6.20    05/24/21       CNY      45.00
HAINING CITY DEVELOPMEN     5.58    10/22/21       CNY      20.31
HAMI JIANHUI STATE-OWNE     3.90    09/21/23       CNY      58.17
HAMI JIANHUI STATE-OWNE     3.90    09/21/23       CNY      58.75
HANCHENG CITY INVESTMEN     4.69    12/05/23       CNY      56.93
HANCHENG CITY INVESTMEN     4.69    12/05/23       CNY      57.29
HANCHUAN CITY HANRONG I     4.25    07/18/23       CNY      58.86
HANCHUAN CITY HANRONG I     4.25    07/18/23       CNY      59.38
HANDAN CONSTRUCTION & I     5.48    05/27/22       CNY      40.63
HANDAN CONSTRUCTION & I     5.48    05/27/22       CNY      47.20
HANGZHOU CANAL COMPREHE     3.40    10/17/23       CNY      59.65
HANGZHOU CANAL COMPREHE     3.40    10/17/23       CNY      59.65
HANGZHOU CITY CONSTRUCT     3.80    03/14/23       CNY      60.00
HANGZHOU CITY CONSTRUCT     3.80    03/14/23       CNY      60.19
HANGZHOU FUYANG CITY CO     7.20    03/19/21       CNY      20.10
HANGZHOU FUYANG CITY CO     7.20    03/19/21       CNY      20.10
HANGZHOU FUYANG DEVELOP     7.70    04/28/21       CNY      20.22
HANGZHOU FUYANG DEVELOP     7.70    04/28/21       CNY      29.00
HANGZHOU FUYANG DEVELOP     4.76    01/27/23       CNY      60.02
HANGZHOU FUYANG DEVELOP     4.76    01/27/23       CNY      60.21
HANGZHOU GONGSHU DISTRI     6.90    07/21/21       CNY      20.35
HANGZHOU GONGSHU DISTRI     6.90    07/21/21       CNY      20.40
HANGZHOU METRO GROUP CO     5.97    09/17/24       CNY      62.65
HANGZHOU WEST LAKE INVE     4.30    04/25/23       CNY      59.98
HANGZHOU WEST LAKE INVE     4.30    04/25/23       CNY      60.58
HANGZHOU XIAOSHAN ECO&T     6.90    05/13/21       CNY      20.17
HANGZHOU XIAOSHAN QIANJ     4.00    03/22/23       CNY      60.14
HANGZHOU XIAOSHAN QIANJ     4.00    03/22/23       CNY      60.23
HANGZHOU YUHANG CITY CO     7.00    03/03/21       CNY      20.06
HANGZHOU YUHANG ECONOMI     7.45    03/03/21       CNY      20.06
HANGZHOU YUHANG ECONOMI     7.45    03/03/21       CNY      20.75
HANGZHOU YUHANG TRANSPO     7.19    04/18/21       CNY      20.18
HANGZHOU YUHANG TRANSPO     7.19    04/18/21       CNY      21.85
HAWTAI MOTOR GROUP LTD      7.20    04/14/21       CNY      60.00
HAWTAI MOTOR GROUP LTD      6.10    10/26/21       CNY      74.00
HEBEI ZHONGYUE CITY CON     4.10    11/16/21       CNY      19.84
HEBEI ZHONGYUE CITY CON     4.10    11/16/21       CNY      19.89
HEBI INVESTMENTS GROUP      7.88    08/01/21       CNY      20.29
HEBI INVESTMENTS GROUP      7.88    08/01/21       CNY      20.99
HECHI CITY CONSTRUCTION     5.58    11/13/22       CNY      39.74
HECHI CITY CONSTRUCTION     5.58    11/13/22       CNY      42.42
HECHI STATE-OWNED ASSET     4.37    11/04/23       CNY      58.21
HECHI STATE-OWNED ASSET     4.37    11/04/23       CNY      58.39
HEFEI CONSTRUCTION INVE     7.20    04/29/24       CNY      63.55
HEFEI XINCHENG STATE-OW     4.13    07/15/23       CNY      59.36
HEFEI XINCHENG STATE-OW     4.13    07/15/23       CNY      59.63
HEILONGJIANG HECHENG CO     5.60    11/11/21       CNY      20.01
HEILONGJIANG HECHENG CO     7.05    06/21/22       CNY      30.34
HEISHAN TONGHE ASSET MA     6.79    09/18/22       CNY      39.28
HEISHAN TONGHE ASSET MA     6.79    09/18/22       CNY      39.63
HENAN ENERGY & CHEMICAL     6.98    11/02/21       CNY      37.87
HENGDONG URBAN & RURAL      6.60    12/27/23       CNY      60.40
HENGDONG URBAN & RURAL      6.60    12/27/23       CNY      60.80
HENGYANG BAISHAZHOU DEV     6.87    08/22/21       CNY      19.97
HENGYANG BAISHAZHOU DEV     6.87    08/22/21       CNY      24.50
HENGYANG COMMUNICATION      4.28    01/21/23       CNY      40.00
HENGYANG COMMUNICATION      4.28    01/21/23       CNY      59.78
HENGYANG XIANGJIANG WAT     7.40    04/23/21       CNY      20.13
HENGYANG XIANGJIANG WAT     7.40    04/23/21       CNY      21.10
HESHAN PUBLIC ASSET MAN     4.08    09/28/23       CNY      58.21
HESHAN PUBLIC ASSET MAN     4.08    09/28/23       CNY      58.68
HESHAN PUBLIC ASSET MAN     5.08    12/07/23       CNY      60.65
HESHAN PUBLIC ASSET MAN     5.08    12/07/23       CNY      60.71
HETIAN YUXIN STATE-OWNE     4.65    03/28/23       CNY      59.10
HETIAN YUXIN STATE-OWNE     4.65    03/28/23       CNY      59.38
HEYUAN CITY RUNYE INVES     6.20    12/03/21       CNY      20.28
HEYUAN CITY RUNYE INVES     6.20    12/03/21       CNY      25.88
HEZE INVESTMENT DEVELOP     7.14    03/24/21       CNY      20.10
HEZE INVESTMENT DEVELOP     7.14    03/24/21       CNY      20.95
HEZHOU URBAN CONSTRUCTI     8.16    05/16/21       CNY      20.14
HEZHOU URBAN CONSTRUCTI     8.16    05/16/21       CNY      21.00
HNA GROUP CO LTD            7.10    04/15/20       CNY      70.00
HNA GROUP CO LTD            5.99    11/27/22       CNY      29.10
HONGHEZHOU DEVELOPMENT      5.90    07/12/24       CNY      71.00
HUACHEN ENERGY CO LTD       6.63    05/18/20       USD      34.50
HUAIAN CITY HUAIAN DIST     4.63    05/03/23       CNY      60.00
HUAIAN CITY HUAIAN DIST     4.63    05/03/23       CNY      60.20
HUAIAN CITY URBAN ASSET     5.70    04/23/22       CNY      40.65
HUAIAN CITY URBAN ASSET     5.70    04/23/22       CNY      41.54
HUAIAN CITY XUYI URBAN      5.10    04/15/23       CNY      59.44
HUAIAN CITY XUYI URBAN      5.10    04/15/23       CNY      59.81
HUAI'AN DEVELOPMENT HOL     7.30    03/10/21       CNY      20.07
HUAI'AN DEVELOPMENT HOL     7.30    03/10/21       CNY      27.84
HUAIAN HONGRI TRANSPORT     5.09    04/20/23       CNY      57.84
HUAIAN HONGRI TRANSPORT     5.09    04/20/23       CNY      59.01
HUAIAN HONGZE DISTRICT      4.37    07/18/23       CNY      58.69
HUAIAN HONGZE DISTRICT      4.37    07/18/23       CNY      58.74
HUAI'AN NEW CITY INVEST     7.45    03/04/21       CNY      20.00
HUAI'AN NEW CITY INVEST     7.45    03/04/21       CNY      20.04
HUAI'AN NEW CITY INVEST     6.95    07/28/21       CNY      20.30
HUAI'AN NEW CITY INVEST     6.95    07/28/21       CNY      27.50
HUAIHUA CITY CONSTRUCTI     4.18    08/31/23       CNY      58.49
HUAIHUA CITY CONSTRUCTI     4.18    08/31/23       CNY      58.70
HUAIHUA ECONOMIC DEVELO     6.80    03/26/22       CNY      39.96
HUAIHUA ECONOMIC DEVELO     6.80    03/26/22       CNY      40.00
HUAIHUA TRANSPORTATION      4.96    04/12/23       CNY      59.38
HUAIHUA TRANSPORTATION      4.96    04/12/23       CNY      59.38
HUAINAN URBAN CONSTRUCT     6.79    07/09/21       CNY      20.24
HUAINAN URBAN CONSTRUCT     6.79    07/09/21       CNY      20.26
HUANGGANG CITY CONSTRUC     7.45    03/04/21       CNY      20.12
HUANGGANG CITY CONSTRUC     7.45    03/04/21       CNY      20.12
HUANGGANG CITY CONSTRUC     4.08    01/18/23       CNY      39.95
HUANGGANG CITY CONSTRUC     4.08    01/18/23       CNY      40.10
HUANGSHAN CHENGTOU GROU     5.95    05/06/22       CNY      40.54
HUANGSHAN CHENGTOU GROU     5.95    05/06/22       CNY      40.65
HUANGSHI CIHU HIGH-TECH     4.97    06/08/23       CNY      59.85
HUANGSHI CIHU HIGH-TECH     4.50    06/08/23       CNY      59.95
HUANGSHI CIHU HIGH-TECH     4.97    06/08/23       CNY      59.99
HUANGSHI CIHU HIGH-TECH     4.50    06/08/23       CNY      63.00
HUANGSHI URBAN CONSTRUC     5.99    04/29/22       CNY      40.00
HUANGSHI URBAN CONSTRUC     5.99    04/29/22       CNY      40.52
HUAWEN MEDIA GROUP          5.45    11/08/22       CNY      72.07
HUAWEN MEDIA GROUP          6.00    04/04/23       CNY      45.10
HUBEI PROVINCE CHANGJIA     6.15    04/03/22       CNY      40.47
HUBEI PROVINCE CHANGJIA     6.15    04/03/22       CNY      42.40
HULUDAO INVESTMENT GROU     7.50    10/18/23       CNY      46.09
HULUNBEIER INVESTMENT C     6.31    04/30/22       CNY      39.92
HULUNBEIER INVESTMENT C     6.31    04/30/22       CNY      40.36
HUNAN CHANGDE DEYUAN IN     6.50    06/16/21       CNY      20.21
HUNAN CHANGDE DEYUAN IN     6.50    06/16/21       CNY      22.25
HUNAN CHUZHISHENG HOLDI     5.60    12/18/22       CNY      40.50
HUNAN CHUZHISHENG HOLDI     5.60    12/18/22       CNY      40.55
HUNAN JINYANG INVESTMEN     5.70    11/27/21       CNY      18.60
HUNAN JINYANG INVESTMEN     5.70    11/27/21       CNY      20.10
HUNAN JINYANG INVESTMEN     4.37    01/19/23       CNY      39.51
HUNAN JINYANG INVESTMEN     4.37    01/19/23       CNY      39.70
HUNAN JINYANG INVESTMEN     4.39    04/06/23       CNY      59.39
HUNAN JINYANG INVESTMEN     4.39    04/06/23       CNY      59.58
HUNAN JINYANG NEW CITY      4.43    10/23/22       CNY      39.87
HUNAN JINYANG NEW CITY      4.43    10/23/22       CNY      39.94
HUNAN LINGANG DEVELOPME     4.24    07/21/23       CNY      57.90
HUNAN LINGANG DEVELOPME     4.24    07/21/23       CNY      58.64
HUNAN LINGANG DEVELOPME     3.94    10/26/23       CNY      57.14
HUNAN LINGANG DEVELOPME     3.94    10/26/23       CNY      57.18
HUNAN LOUDI ECONOMIC &      6.36    03/13/22       CNY      39.21
HUNAN LOUDI ECONOMIC &      6.36    03/13/22       CNY      47.00
HUNAN LOUDI ECONOMIC &      4.89    03/30/23       CNY      56.56
HUNAN LOUDI ECONOMIC &      4.89    03/30/23       CNY      58.32
HUNAN PROVINCIAL RAILWA     6.09    04/30/25       CNY      70.00
HUNAN PROVINCIAL RAILWA     6.09    04/30/25       CNY      72.85
HUNAN SENTE INDUSTRIAL      6.90    11/28/24       CNY      40.00
HUNAN SHAODONG ECO-INDU     6.50    01/11/23       CNY      39.31
HUNAN SHAODONG ECO-INDU     6.50    01/11/23       CNY      39.45
HUNAN SHAODONG ECO-INDU     6.58    12/13/23       CNY      61.71
HUNAN SHAODONG ECO-INDU     6.58    12/13/23       CNY      61.71
HUNAN TIER GROUP CO LTD     7.10    03/03/21       CNY      20.06
HUNAN TIER GROUP CO LTD     7.10    03/03/21       CNY      20.30
HUNAN TIER GROUP CO LTD     4.20    03/17/23       CNY      57.93
HUNAN TIER GROUP CO LTD     4.20    03/17/23       CNY      58.87
HUNAN XIANGJIANG NEW AR     7.36    03/17/21       CNY      20.00
HUNAN XIANGJIANG NEW AR     7.36    03/17/21       CNY      20.14
HUNAN YOUZHOU INVESTMEN     4.80    07/07/23       CNY      59.90
HUNAN YOUZHOU INVESTMEN     4.80    07/07/23       CNY      59.91
HUZHOU URBAN CONSTRUCTI     6.48    08/28/21       CNY      20.24
HUZHOU URBAN CONSTRUCTI     6.48    08/28/21       CNY      22.38
HUZHOU XISAISHAN DEVELO     7.80    04/29/21       CNY      20.00
HUZHOU XISAISHAN DEVELO     7.80    04/29/21       CNY      20.15
INNER MONGOLIA JINLONG      7.30    11/19/22       CNY      39.50
INNER MONGOLIA JINLONG      7.30    11/19/22       CNY      39.51
INNER MONGOLIA KE'ERQIN     6.50    03/11/22       CNY      39.21
INNER MONGOLIA KE'ERQIN     6.45    04/30/22       CNY      39.04
INNER MONGOLIA KE'ERQIN     6.45    04/30/22       CNY      40.00
INNER MONGOLIA SHENGXIA     8.18    08/21/21       CNY      20.10
INNER MONGOLIA SHENGXIA     8.18    08/21/21       CNY      24.00
INNER MONGOLIA ZHUNGEER     6.54    12/31/21       CNY      20.41
INNER MONGOLIA ZHUNGEER     6.54    12/31/21       CNY      22.10
JIAN CITY JINGANGSHAN D     7.99    06/03/21       CNY      20.21
JIAN CITY JINGANGSHAN D     7.99    06/03/21       CNY      20.87
JIAN CITY JINGANGSHAN D     4.87    01/27/23       CNY      58.90
JIAN CITY JINGANGSHAN D     4.87    01/27/23       CNY      59.93
JIANAN INVESTMENT HOLDI     6.85    05/23/21       CNY      20.21
JIANAN INVESTMENT HOLDI     6.85    05/23/21       CNY      26.50
JIANAN INVESTMENT HOLDI     4.30    03/08/23       CNY      59.89
JIANAN INVESTMENT HOLDI     4.30    03/08/23       CNY      60.08
JIANAN INVESTMENT HOLDI     3.50    09/05/23       CNY      59.45
JIANAN INVESTMENT HOLDI     3.85    09/05/23       CNY      59.47
JIANAN INVESTMENT HOLDI     3.85    09/05/23       CNY      59.47
JIANAN INVESTMENT HOLDI     3.50    09/05/23       CNY      61.00
JIANGDONG HOLDING GROUP     7.14    04/24/21       CNY      20.15
JIANGMEN NEW HI-TECH IN     6.03    04/22/22       CNY      40.55
JIANGMEN NEW HI-TECH IN     6.03    04/22/22       CNY      41.10
JIANGSU BEIGU INDUSTRIA     5.80    06/20/23       CNY      60.47
JIANGSU BEIGU INDUSTRIA     5.80    06/20/23       CNY      60.73
JIANGSU DAHANG LINGANG      5.18    09/22/23       CNY      58.97
JIANGSU DAHANG LINGANG      5.18    09/22/23       CNY      58.99
JIANGSU GAOCHUN ECONOMI     3.67    09/23/23       CNY      59.29
JIANGSU GAOCHUN ECONOMI     3.67    09/23/23       CNY      59.59
JIANGSU GAOCHUN ECONOMI     3.92    11/23/23       CNY      59.44
JIANGSU GAOCHUN ECONOMI     3.92    11/23/23       CNY      59.45
JIANGSU HAIZHOU DEVELOP     4.67    06/06/23       CNY      59.95
JIANGSU HAIZHOU DEVELOP     4.67    06/06/23       CNY      61.51
JIANGSU HANRUI INVESTME     4.63    04/15/23       CNY      60.20
JIANGSU HANRUI INVESTME     4.63    04/15/23       CNY      60.51
JIANGSU HANRUI INVESTME     5.00    08/31/23       CNY      57.69
JIANGSU HANRUI INVESTME     5.00    08/31/23       CNY      57.72
JIANGSU JINGUAN INVESTM     7.90    04/08/21       CNY      20.13
JIANGSU JINGUAN INVESTM     7.90    04/08/21       CNY      20.80
JIANGSU JINTAN GUOFA IN     6.85    05/30/21       CNY      20.00
JIANGSU JINTAN GUOFA IN     6.85    05/30/21       CNY      20.21
JIANGSU JINTAN GUOFA IN     4.60    08/22/23       CNY      58.85
JIANGSU JINTAN GUOFA IN     4.60    08/22/23       CNY      58.86
JIANGSU JURONG FUDI BIO     7.70    03/21/21       CNY      40.18
JIANGSU JURONG FUDI BIO     7.70    03/21/21       CNY      40.25
JIANGSU NANTONG NO2 CON     8.10    07/10/21       CNY      20.00
JIANGSU NANTONG NO2 CON     8.10    07/10/21       CNY      20.16
JIANGSU RUNCHENG ASSET      7.88    04/16/21       CNY      20.12
JIANGSU RUNCHENG ASSET      7.88    04/16/21       CNY      28.80
JIANGSU RUNQI WANGUO IN     4.14    10/21/21       CNY      29.72
JIANGSU RUNQI WANGUO IN     4.14    10/21/21       CNY      30.00
JIANGSU SUHAI INVESTMEN     7.28    05/29/21       CNY      20.10
JIANGSU SUHAI INVESTMEN     7.28    05/29/21       CNY      25.00
JIANGSU TAICANG PORT DE     7.40    04/28/21       CNY      20.00
JIANGSU TAICANG PORT DE     7.40    04/28/21       CNY      20.14
JIANGSU WUZHONG ECONOMI     5.49    11/19/21       CNY      20.21
JIANGSU WUZHONG ECONOMI     5.49    11/19/21       CNY      20.32
JIANGSU XISHAN ECONOMIC     5.78    07/20/22       CNY      40.00
JIANGSU XISHAN ECONOMIC     5.78    07/20/22       CNY      40.67
JIANGSU YANGKOU PORT CO     6.23    04/10/22       CNY      40.41
JIANGSU YANGKOU PORT CO     6.23    04/10/22       CNY      47.50
JIANGSU YINGZHOU DEVELO     4.33    09/21/23       CNY      57.67
JIANGSU YINGZHOU DEVELO     4.33    09/21/23       CNY      57.69
JIANGSU YIXING ECONOMIC     7.69    04/18/21       CNY      20.15
JIANGSU YIXING ECONOMIC     7.69    04/18/21       CNY      30.19
JIANGSU ZHANGJIAGANG EC     3.95    03/22/23       CNY      60.00
JIANGSU ZHANGJIAGANG EC     3.95    03/22/23       CNY      60.12
JIANGSU ZHUFU INDUSTRIA     4.47    07/20/23       CNY      56.30
JIANGSU ZHUFU INDUSTRIA     4.47    07/20/23       CNY      58.41
JIANGXI HEJI INVESTMENT     5.09    12/17/22       CNY      39.38
JIANGXI HEJI INVESTMENT     5.09    12/17/22       CNY      40.00
JIANGXI HUIHENG PROPERT     4.43    08/30/21       CNY      29.61
JIANGXI HUIHENG PROPERT     4.43    08/30/21       CNY      40.08
JIANGXI LONGHU MOUNTAIN     4.35    03/16/23       CNY      59.12
JIANGXI LONGHU MOUNTAIN     4.35    03/16/23       CNY      59.62
JIANGXI PINGXIANG CHANG     8.18    05/22/21       CNY      20.23
JIANGXI PINGXIANG CHANG     8.18    05/22/21       CNY      29.34
JIANGXI PROVINCE SITONG     8.20    04/18/21       CNY      20.10
JIANGXI PROVINCE SITONG     8.20    04/18/21       CNY      20.37
JIANGYOU HONGFEI INVEST     6.55    09/02/22       CNY      40.05
JIANGYOU HONGFEI INVEST     6.55    09/02/22       CNY      40.31
JIANHU COUNTY DEVELOPME     7.29    09/25/21       CNY      20.17
JIANHU COUNTY DEVELOPME     7.29    09/25/21       CNY      22.75
JIANHU URBAN CONSTRUCTI     3.28    10/13/21       CNY      39.42
JIANHU URBAN CONSTRUCTI     3.28    10/13/21       CNY      41.00
JIANHU URBAN CONSTRUCTI     6.30    06/01/22       CNY      39.91
JIANHU URBAN CONSTRUCTI     6.30    06/01/22       CNY      42.86
JIANYANG DEVELOPMENT HO     3.93    11/10/23       CNY      57.35
JIANYANG DEVELOPMENT HO     3.93    11/10/23       CNY      57.87
JIAXING ECONOMIC&TECHNO     7.89    03/05/21       CNY      20.09
JIAXING ECONOMIC&TECHNO     7.89    03/05/21       CNY      21.13
JIAXING NANHU INVESTMEN     7.45    02/26/21       CNY      20.04
JIAXING NANHU INVESTMEN     7.45    02/26/21       CNY      20.07
JIAXING XIANGJIADANG DE     4.13    07/20/23       CNY      59.53
JIAXING XIANGJIADANG DE     4.13    07/20/23       CNY      59.73
JIAXING XIANGJIADANG DE     3.87    09/21/23       CNY      58.12
JIAXING XIANGJIADANG DE     3.87    09/21/23       CNY      59.53
JIAYU COUNTY URBAN TOWN     5.70    01/19/23       CNY      40.41
JIAYU COUNTY URBAN TOWN     5.70    01/19/23       CNY      60.00
JIAYU COUNTY URBAN TOWN     6.50    01/19/24       CNY      61.67
JIAYU COUNTY URBAN TOWN     6.50    01/19/24       CNY      80.44
JIAYUGUAN CITY INFRASTR     7.83    09/23/21       CNY      20.00
JIAYUGUAN CITY INFRASTR     7.83    09/23/21       CNY      20.05
JIEYANG CITY INVESTMENT     6.55    08/27/21       CNY      20.27
JIEYANG CITY INVESTMENT     6.55    08/27/21       CNY      20.30
JILIN CITY CONSTRUCTION     3.80    01/27/23       CNY      59.06
JILIN ECONOMIC AND TECH     6.20    04/29/23       CNY      59.40
JILIN ECONOMIC AND TECH     6.20    04/29/23       CNY      60.18
JILIN NORTHEAST SOCK IN     7.50    05/19/22       CNY      71.02
JILIN RAILWAY INVESTMEN     7.18    03/04/21       CNY      19.85
JILIN RAILWAY INVESTMEN     7.18    03/04/21       CNY      20.05
JINAN CITY CONSTRUCTION     6.80    03/20/21       CNY      20.08
JINAN CITY CONSTRUCTION     6.80    03/20/21       CNY      20.26
JINAN CITY LICHENG DIST     5.00    06/23/22       CNY      39.69
JINAN CITY LICHENG DIST     5.00    06/23/22       CNY      40.41
JINAN HI-TECH HOLDING G     6.38    06/19/21       CNY      20.20
JINAN HI-TECH HOLDING G     6.38    06/19/21       CNY      20.22
JINCHANG CONSTRUCTION I     6.79    12/21/22       CNY      40.00
JINCHANG CONSTRUCTION I     6.79    12/21/22       CNY      40.46
JINCHENG STATE-OWNED CA     4.99    11/11/21       CNY      20.00
JINCHENG STATE-OWNED CA     4.99    11/11/21       CNY      20.15
JINGDEZHEN CERAMIC CULT     5.38    11/27/22       CNY      39.84
JINGDEZHEN CERAMIC CULT     5.38    11/27/22       CNY      40.00
JINGHONG STATE-OWNED AS     8.08    05/23/21       CNY      20.00
JINGHONG STATE-OWNED AS     8.08    05/23/21       CNY      20.01
JINGJIANG CITY INVESTME     4.55    03/30/23       CNY      59.65
JINGJIANG CITY INVESTME     4.55    03/30/23       CNY      59.77
JINGJIANG HARBOUR GROUP     7.30    08/05/21       CNY      20.16
JINGJIANG HARBOUR GROUP     7.30    08/05/21       CNY      20.16
JINGMEN CITY CONSTRUCTI     6.85    07/09/22       CNY      30.00
JINGMEN CITY CONSTRUCTI     6.85    07/09/22       CNY      30.57
JINGMEN HIGH-TECH DEVEL     5.48    08/11/22       CNY      39.80
JINGMEN HIGH-TECH DEVEL     5.48    08/11/22       CNY      40.13
JINGMEN HIGH-TECH DEVEL     4.15    07/28/23       CNY      58.87
JINGMEN HIGH-TECH DEVEL     4.15    07/28/23       CNY      59.01
JINGSHAN JINGCHENG INVE     4.38    08/29/23       CNY      58.70
JINGSHAN JINGCHENG INVE     4.38    08/29/23       CNY      59.78
JINGZHOU URBAN CONSTRUC     3.97    03/10/23       CNY      59.70
JINGZHOU URBAN CONSTRUC     3.97    03/10/23       CNY      59.82
JINHU COUNTY STATE-OWNE     7.75    08/25/21       CNY      20.33
JINHU COUNTY STATE-OWNE     7.75    08/25/21       CNY      21.33
JINHU COUNTY STATE-OWNE     4.00    07/26/22       CNY      49.71
JINHU COUNTY STATE-OWNE     4.00    07/26/22       CNY      49.99
JINING CITY SHIZHONG DI     6.39    01/29/22       CNY      40.09
JINING CITY SHIZHONG DI     6.39    01/29/22       CNY      44.44
JINING CITY SHIZHONG DI     3.52    09/14/23       CNY      58.99
JINING HIGH TECH URBAN      6.09    04/30/22       CNY      40.55
JINING HIGH TECH URBAN      6.09    04/30/22       CNY      41.50
JINSHA COUNTY CONSTRUCT     6.01    09/05/23       CNY      58.78
JINSHA COUNTY CONSTRUCT     6.01    09/05/23       CNY      59.19
JINTANG MODERN AGRICULT     5.49    07/14/23       CNY      58.90
JINTANG MODERN AGRICULT     5.49    07/14/23       CNY      59.42
JINZHAI URBAN DEVELOPME     5.90    04/25/23       CNY      60.88
JINZHAI URBAN DEVELOPME     5.90    04/25/23       CNY      60.93
JINZHOU CITY INVESTMENT     6.44    08/18/21       CNY      19.96
JINZHOU CITY INVESTMENT     6.44    08/18/21       CNY      24.91
JINZHOU HUAXING INVESTM     8.38    02/25/21       CNY      20.04
JINZHOU HUAXING INVESTM     8.38    02/25/21       CNY      25.00
JISHOU HUATAI STATE OWN     7.18    02/09/22       CNY      40.17
JISHOU HUATAI STATE OWN     7.18    02/09/22       CNY      42.82
JIUJIANG CITY CONSTRUCT     5.50    05/22/22       CNY      39.55
JIUJIANG CITY CONSTRUCT     5.50    05/22/22       CNY      40.51
JIUJIANG LAND INVESTMEN     6.20    03/23/22       CNY      40.36
JIUJIANG LAND INVESTMEN     6.20    03/23/22       CNY      40.52
JIUJIANG LIANXI DISTRIC     4.58    03/30/23       CNY      59.11
JIUJIANG LIANXI DISTRIC     4.58    03/30/23       CNY      59.54
JIUQUAN ECONOMIC DEVELO     7.40    02/26/21       CNY      20.03
JIUQUAN ECONOMIC DEVELO     7.40    02/26/21       CNY      20.60
JIXI STATE OWN ASSET MA     6.87    01/19/22       CNY      19.88
JIXI STATE OWN ASSET MA     6.87    01/19/22       CNY      20.85
JIZHONG ENERGY GROUP CO     6.05    08/13/22       CNY      59.77
KAIFENG URBAN OPERATION     6.35    03/23/22       CNY      40.10
KAIFENG URBAN OPERATION     6.35    03/23/22       CNY      40.11
KAIFU CITY DEVELOPMENT      4.20    01/21/23       CNY      38.50
KAIFU CITY DEVELOPMENT      4.20    01/21/23       CNY      59.86
KAIFU CITY DEVELOPMENT      3.73    08/22/23       CNY      59.30
KAIFU CITY DEVELOPMENT      3.73    08/22/23       CNY      59.39
KAILI GUIZHOU TOWN CONS     5.29    12/17/22       CNY      38.53
KAILI GUIZHOU TOWN CONS     5.29    12/17/22       CNY      40.00
KAILI GUIZHOU TOWN CONS     4.20    10/13/23       CNY      55.70
KAILI GUIZHOU TOWN CONS     4.20    10/13/23       CNY      55.97
KANGMEI PHARMACEUTICAL      6.28    03/20/21       CNY      20.13
KANGMEI PHARMACEUTICAL      6.10    03/28/21       CNY      20.13
KANGMEI PHARMACEUTICAL      5.50    04/20/21       CNY      20.13
KANGMEI PHARMACEUTICAL      7.00    06/21/21       CNY      18.95
KANGMEI PHARMACEUTICAL      6.80    06/28/21       CNY      20.13
KANGMEI PHARMACEUTICAL      6.33    01/27/22       CNY      36.69
KANGMEI PHARMACEUTICAL      5.20    07/17/22       CNY      20.34
KANGMEI PHARMACEUTICAL      5.29    08/16/22       CNY      20.13
KANGMEI PHARMACEUTICAL      5.47    09/15/22       CNY      20.13
KASHI URBAN CONSTRUCTIO     5.80    07/20/22       CNY      40.00
KASHI URBAN CONSTRUCTIO     5.80    07/20/22       CNY      40.33
KUNMING DONGJUN REAL ES     4.50    11/02/21       CNY      24.75
KUNSHAN COMMUNICATION D     6.95    05/22/21       CNY      20.24
KUNSHAN COMMUNICATION D     6.95    05/22/21       CNY      25.45
KUNSHAN HIGH TECHNOLOGY     7.10    03/26/21       CNY      20.10
LAIWU CITY ECONOMIC DEV     7.08    02/28/21       CNY      20.06
LAIWU CITY ECONOMIC DEV     7.08    02/28/21       CNY      20.60
LANZHOU STATE OWNED ASS     6.32    09/10/21       CNY      14.90
LANZHOU STATE OWNED ASS     6.32    09/10/21       CNY      19.79
LAOHEKOU CITY CONSTRUCT     6.75    08/12/22       CNY      39.99
LAOHEKOU CITY CONSTRUCT     6.75    08/12/22       CNY      40.33
LEIYANG CITY AND RURAL      7.80    04/10/22       CNY      40.95
LEIYANG CITY AND RURAL      7.80    04/10/22       CNY      40.95
LEPING STATE-OWNED ASSE     3.70    10/20/23       CNY      58.69
LEPING STATE-OWNED ASSE     3.70    10/20/23       CNY      59.30
LEQING CITY STATE OWNED     5.99    10/20/21       CNY      20.35
LEQING CITY STATE OWNED     5.99    10/20/21       CNY      20.85
LESHAN STATE-OWNED ASSE     5.68    10/22/21       CNY      20.00
LESHAN STATE-OWNED ASSE     5.68    10/22/21       CNY      20.16
LIANYUNGANG TRANSPORT G     5.47    11/17/21       CNY      20.15
LIANYUNGANG TRANSPORT G     5.47    11/17/21       CNY      25.00
LIAOCHENG ANTAI URBAN R     5.16    04/11/23       CNY      59.28
LIAOCHENG ANTAI URBAN R     4.58    04/11/23       CNY      59.74
LIAOCHENG ANTAI URBAN R     4.58    04/11/23       CNY      59.82
LIAOCHENG ANTAI URBAN R     5.16    04/11/23       CNY      60.11
LIAOCHENG XINGYE ECONOM     5.20    04/13/23       CNY      59.00
LIAOCHENG XINGYE ECONOM     5.20    04/13/23       CNY      60.54
LIAONING COASTAL ECONOM     8.90    04/01/21       CNY       3.63
LIAONING COASTAL ECONOM     8.90    04/01/21       CNY      10.99
LIAONING GUANLONG CONST     4.70    11/10/23       CNY      58.65
LIAONING GUANLONG CONST     4.70    11/10/23       CNY      58.80
LIAONING YAODU DEVELOPM     6.50    04/29/23       CNY      60.60
LILING HIGH-TECH INDUST     4.93    01/19/23       CNY      38.84
LILING HIGH-TECH INDUST     4.93    01/19/23       CNY      39.97
LINFEN YAODU DISTRICT I     7.19    03/13/22       CNY      40.39
LINFEN YAODU DISTRICT I     7.19    03/13/22       CNY      40.49
LINYI CITY DEVELOPMENT      3.85    11/22/23       CNY      59.14
LINYI CITY DEVELOPMENT      3.85    11/22/23       CNY      59.69
LISHUI CITY CULTURAL TO     5.67    08/13/22       CNY      39.93
LISHUI CITY CULTURAL TO     5.67    08/13/22       CNY      40.50
LIUPANSHUI DEVELOPMENT      3.74    01/20/23       CNY      38.38
LIUPANSHUI DEVELOPMENT      3.74    01/20/23       CNY      39.57
LIUPANSHUI MINSHENG INV     5.08    01/29/23       CNY      52.88
LIUPANSHUI MINSHENG INV     5.08    01/29/23       CNY      59.56
LIUYANG MODERN MANUFACT     4.72    01/19/23       CNY      39.24
LIUYANG MODERN MANUFACT     4.72    01/19/23       CNY      39.37
LIUYANG URBAN CONSTRUCT     6.98    08/22/21       CNY      20.38
LIUYANG URBAN CONSTRUCT     4.45    05/24/23       CNY      60.36
LIUYANG URBAN CONSTRUCT     4.45    05/24/23       CNY      60.41
LIUZHOU CITY INVESTMENT     7.18    12/31/22       CNY      30.12
LIUZHOU DONGTONG INVEST     4.45    07/22/23       CNY      58.03
LIUZHOU DONGTONG INVEST     4.45    07/22/23       CNY      58.09
LIUZHOU INVESTMENT HOLD     4.28    03/08/23       CNY      58.81
LIUZHOU INVESTMENT HOLD     4.28    03/08/23       CNY      58.83
LIUZHOU LONGJIAN INVEST     8.28    04/30/24       CNY      61.99
LIYANG KUNLUN URBAN CON     5.90    10/24/21       CNY      18.00
LIYANG KUNLUN URBAN CON     5.90    10/24/21       CNY      20.22
LONGHAI STATE-OWNED ASS     6.58    08/15/21       CNY      20.20
LONGYAN RAILWAY CONSTRU     4.98    04/13/23       CNY      59.45
LONGYAN RAILWAY CONSTRU     4.98    04/13/23       CNY      59.60
LOUDI CITY CONSTRUCTION     7.95    04/15/21       CNY      20.14
LOUDI CITY CONSTRUCTION     7.95    04/15/21       CNY      30.31
LOUDI TIDU INVESTMENT D     7.18    08/27/21       CNY      19.95
LOUDI TIDU INVESTMENT D     7.18    08/27/21       CNY      20.00
LOUDI TIDU INVESTMENT D     4.83    01/20/23       CNY      39.60
LOUDI TIDU INVESTMENT D     4.83    01/20/23       CNY      39.75
LOUDI WANBAO NEW DISTRI     5.13    02/01/23       CNY      59.42
LOUDI WANBAO NEW DISTRI     5.13    02/01/23       CNY      59.51
LOUDI WANBAO NEW DISTRI     4.42    08/01/23       CNY      58.36
LOUDI WANBAO NEW DISTRI     4.42    08/01/23       CNY      58.72
LU'AN CITY CONSTRUCTION     3.97    02/22/21       CNY      50.03
LU'AN CITY CONSTRUCTION     5.05    04/26/21       CNY      50.17
LUJIANG CITY CONSTRUCTI     6.70    04/16/22       CNY      40.00
LUJIANG CITY CONSTRUCTI     6.70    04/16/22       CNY      40.61
LUOYANG CITY COUNTRY CO     4.28    04/26/23       CNY      60.26
LUOYANG CITY COUNTRY CO     4.28    04/26/23       CNY      60.54
LUOYANG CITY DEVELOPMEN     4.47    12/02/22       CNY      40.00
LUOYANG CITY DEVELOPMEN     4.47    12/02/22       CNY      40.28
LUZHOU FUYANG INVESTMEN     5.00    08/11/23       CNY      59.26
LUZHOU FUYANG INVESTMEN     5.00    08/11/23       CNY      59.27
LUZHOU XINGLU INVESTMEN     6.41    04/23/25       CNY      70.00
LUZHOU XINGLU INVESTMEN     6.41    04/23/25       CNY      73.70
LUZHOU XINGYANG INVESTM     4.87    01/28/23       CNY      59.37
LUZHOU XINGYANG INVESTM     4.87    01/28/23       CNY      59.73
MA'ANSHAN CIHU HIGH TEC     6.85    09/09/21       CNY      20.16
MA'ANSHAN CIHU HIGH TEC     6.85    09/09/21       CNY      23.00
MA'ANSHAN CIHU HIGH TEC     3.90    11/28/23       CNY      59.09
MA'ANSHAN CIHU HIGH TEC     3.90    11/28/23       CNY      60.40
MAANSHAN ECONOMIC TECHN     6.49    03/06/22       CNY      40.21
MAANSHAN ECONOMIC TECHN     6.49    03/06/22       CNY      44.99
MAANSHAN HUASHAN DISTRI     6.07    04/20/22       CNY      40.46
MAANSHAN HUASHAN DISTRI     6.07    04/20/22       CNY      40.60
MAANSHAN SOUTHERN INDUS     4.53    07/25/23       CNY      58.41
MAANSHAN SOUTHERN INDUS     4.53    07/25/23       CNY      58.69
MAANSHAN SOUTHERN INDUS     4.43    09/02/23       CNY      58.04
MAANSHAN SOUTHERN INDUS     4.43    09/02/23       CNY      58.71
MEISHAN ASSET MANAGEMEN     7.84    02/26/21       CNY      20.00
MEISHAN ASSET MANAGEMEN     7.84    02/26/21       CNY      20.05
MEISHAN CITY DONGPO DEV     5.90    06/30/23       CNY      59.39
MEISHAN CITY DONGPO DEV     5.90    06/30/23       CNY      59.54
MEISHAN HONGDA CONSTRUC     4.18    03/28/23       CNY      59.17
MEISHAN HONGDA CONSTRUC     4.18    03/28/23       CNY      59.23
MEIZHOU CITY XIN JIN YE     6.02    04/22/22       CNY      40.48
MEIZHOU CITY XIN JIN YE     6.02    04/22/22       CNY      45.32
MEIZHOU MEI COUNTY DIST     5.00    12/30/22       CNY      40.00
MEIZHOU MEI COUNTY DIST     5.00    12/30/22       CNY      40.13
MUDANJIANG AREA URBAN D     6.48    06/30/22       CNY      40.00
MUDANJIANG AREA URBAN D     6.48    06/30/22       CNY      45.00
MUDANJIANG STATE-OWNED      7.70    04/14/21       CNY      20.08
MUDANJIANG STATE-OWNED      7.70    04/14/21       CNY      20.08
MUNICIPALITY OF SHENZHE     3.00    03/29/22       CNY      60.00
MUNICIPALITY OF SHENZHE     3.00    03/29/22       CNY      60.00
NANCHANG ECONOMY TECHNO     3.83    09/22/23       CNY      59.40
NANCHANG ECONOMY TECHNO     3.83    09/22/23       CNY      59.48
NANCHONG AIRPORT INVEST     6.80    01/26/22       CNY      39.99
NANCHONG AIRPORT INVEST     6.80    01/26/22       CNY      40.18
NANCHONG ECONOMIC DEVEL     8.28    04/21/21       CNY      20.11
NANCHONG ECONOMIC DEVEL     8.28    04/21/21       CNY      31.20
NANJING BAIXIA STATE-OW     3.98    03/29/23       CNY      59.90
NANJING BAIXIA STATE-OW     3.98    03/29/23       CNY      60.07
NANJING HEXI NEW TOWN A     3.47    06/17/21       CNY      40.01
NANJING HEXI NEW TOWN A     3.20    07/22/21       CNY      39.76
NANJING JIANGNING ECONO     7.94    04/14/24       CNY      64.04
NANJING JIANGNING URBAN     3.48    11/11/23       CNY      59.46
NANJING JIANGNING URBAN     3.48    11/11/23       CNY      59.66
NANJING JIANYE SCIENCE      4.37    06/24/23       CNY      60.00
NANJING JIANYE SCIENCE      4.37    06/24/23       CNY      60.12
NANJING LISHUI ECONOMIC     6.27    09/22/21       CNY      20.23
NANJING LISHUI ECONOMIC     6.27    09/22/21       CNY      21.29
NANJING LISHUI ECONOMIC     3.41    11/09/23       CNY      59.03
NANJING LISHUI ECONOMIC     3.41    11/09/23       CNY      59.50
NANJING LISHUI URBAN CO     4.97    04/28/23       CNY      59.94
NANJING LISHUI URBAN CO     4.97    04/28/23       CNY      60.65
NANJING METRO GROUP CO      3.29    08/29/23       CNY      59.40
NANJING METRO GROUP CO      3.29    08/29/23       CNY      59.76
NANJING QIXIA STATE-OWN     4.10    06/24/23       CNY      59.67
NANJING QIXIA STATE-OWN     4.10    06/24/23       CNY      60.23
NANJING STATE OWNED ASS     5.60    03/06/23       CNY      45.96
NANJING STATE OWNED ASS     5.60    03/06/23       CNY      46.10
NANJING TANGSHAN CONSTR     6.80    06/30/21       CNY      20.13
NANJING TANGSHAN CONSTR     6.80    06/30/21       CNY      26.80
NANNING HI-TECH INDUSTR     4.28    03/25/23       CNY      55.20
NANNING HI-TECH INDUSTR     4.28    03/25/23       CNY      59.29
NANNING HI-TECH INDUSTR     3.82    10/20/23       CNY      58.01
NANNING HI-TECH INDUSTR     3.82    10/20/23       CNY      58.41
NANNING LVGANG CONSTRUC     7.30    06/27/21       CNY      19.64
NANNING LVGANG CONSTRUC     7.30    06/27/21       CNY      24.80
NANPING CITY WUYI NEW D     4.96    09/28/22       CNY      40.18
NANPING CITY WUYI NEW D     4.96    09/28/22       CNY      40.60
NANTONG CHONGCHUAN URBA     7.15    04/18/21       CNY      20.07
NANTONG CHONGCHUAN URBA     7.15    04/18/21       CNY      25.40
NANTONG CHONGCHUAN URBA     5.70    07/21/22       CNY      70.00
NANTONG CHONGCHUAN URBA     5.70    07/21/22       CNY      71.22
NANTONG CITY GANGZHA DI     3.80    09/06/21       CNY      39.79
NANTONG CITY GANGZHA DI     3.80    09/06/21       CNY      39.85
NANTONG CITY TONGZHOU D     3.75    07/07/23       CNY      59.44
NANTONG CITY TONGZHOU D     3.75    07/07/23       CNY      60.13
NANTONG HIGH TECHNOLOGY     5.00    10/19/22       CNY      40.38
NANTONG HIGH TECHNOLOGY     5.00    10/19/22       CNY      41.52
NANTONG SUTONG SCIENCE      6.20    03/18/22       CNY      40.00
NANTONG SUTONG SCIENCE      6.20    03/18/22       CNY      40.36
NANYANG HIGH-TECH DISTR     6.45    04/29/23       CNY      60.27
NANYANG HIGH-TECH DISTR     6.45    04/29/23       CNY      61.14
NANZHANG COUNTY CONSTRU     6.00    01/20/24       CNY      59.86
NANZHANG COUNTY CONSTRU     6.00    01/20/24       CNY      62.05
NEIJIANG CITY XINGYUAN      4.28    08/16/23       CNY      58.17
NEIJIANG CITY XINGYUAN      4.28    08/16/23       CNY      58.29
NEIJIANG INVESTMENT HOL     7.99    04/24/21       CNY      20.10
NEIJIANG INVESTMENT HOL     7.99    04/24/21       CNY      28.53
NEIJIANG STATE-OWNED AS     6.20    04/12/23       CNY      59.64
NEIJIANG STATE-OWNED AS     6.20    04/12/23       CNY      59.68
NEIJINAG CONSTRUCTION E     5.03    12/25/22       CNY      36.36
NEIJINAG CONSTRUCTION E     5.03    12/25/22       CNY      39.60
NEOGLORY HOLDING GROUP      8.10    11/23/18       CNY      72.00
NEOGLORY HOLDING GROUP      8.00    09/25/20       CNY      60.00
NEOGLORY HOLDING GROUP      8.00    10/22/20       CNY      56.00
NINGBO CITY HAISHU GUAN     7.75    03/06/21       CNY      20.07
NINGBO CITY HAISHU GUAN     7.75    03/06/21       CNY      26.30
NINGBO CITY ZHENHAI INV     5.85    12/04/21       CNY      20.32
NINGBO CITY ZHENHAI INV     5.85    12/04/21       CNY      20.36
NINGBO ECONOMIC & TECHN     7.09    04/21/21       CNY      20.15
NINGBO ECONOMIC & TECHN     7.09    04/21/21       CNY      29.00
NINGBO MEISHAN ISLAND D     6.27    03/23/22       CNY      40.38
NINGBO MEISHAN ISLAND D     6.27    03/23/22       CNY      48.29
NINGGUO CITY STATE OWNE     8.70    04/28/21       CNY      20.22
NINGHAI CITY INVESTMENT     7.99    04/16/21       CNY      20.20
NINGHAI CITY INVESTMENT     7.99    04/16/21       CNY      20.70
NINGXIANG CITY CONSTRUC     6.70    01/20/22       CNY      20.20
NINGXIANG CITY CONSTRUC     6.70    01/20/22       CNY      20.52
NINGXIANG ECONOMIC TECH     8.20    04/16/21       CNY      20.15
NINGXIANG ECONOMIC TECH     3.87    01/27/23       CNY      59.63
NINGXIANG ECONOMIC TECH     3.87    01/27/23       CNY      60.00
NINGXIANG STATE-OWNED A     4.89    06/03/23       CNY      59.20
NINGXIANG STATE-OWNED A     4.89    06/03/23       CNY      59.53
NINGXIANG STATE-OWNED A     3.88    11/02/23       CNY      58.89
NINGXIANG STATE-OWNED A     3.88    11/02/23       CNY      59.02
ONE BELT ONE ROAD JIANG     4.70    07/15/23       CNY      60.12
ONE BELT ONE ROAD JIANG     4.70    07/15/23       CNY      60.19
PANJIN CITY SHUANGTAIZI     7.25    01/22/22       CNY      20.02
PANJIN CITY SHUANGTAIZI     7.25    01/22/22       CNY      20.76
PANJIN WATER GROUP CO L     5.18    10/28/23       CNY      56.98
PANJIN WATER GROUP CO L     5.18    10/28/23       CNY      59.33
PANSHAN COUNTY STATE-OW     7.48    01/21/22       CNY      20.32
PANSHAN COUNTY STATE-OW     7.48    01/21/22       CNY      20.32
PANZHIHUA STATE OWNED A     7.60    03/05/21       CNY      20.06
PANZHIHUA STATE OWNED A     7.60    03/05/21       CNY      20.32
PANZHIHUA STATE OWNED A     8.18    03/13/22       CNY      40.00
PANZHIHUA STATE OWNED A     8.18    03/13/22       CNY      40.70
PEIXIAN CITY INVESTMENT     5.20    11/10/22       CNY      40.00
PEIXIAN CITY INVESTMENT     5.20    11/10/22       CNY      40.18
PEKING UNIVERSITY FOUND     6.20    05/31/20       CNY      11.00
PEKING UNIVERSITY FOUND     6.15    07/23/20       CNY      11.00
PEKING UNIVERSITY FOUND     6.30    09/12/20       CNY      11.00
PEKING UNIVERSITY FOUND     4.80    07/26/21       CNY      11.00
PEKING UNIVERSITY FOUND     6.10    08/22/21       CNY      11.00
PEKING UNIVERSITY FOUND     5.99    11/02/21       CNY      11.00
PEKING UNIVERSITY FOUND     5.80    01/28/22       CNY      11.00
PEKING UNIVERSITY FOUND     6.68    08/09/23       CNY      11.00
PEKING UNIVERSITY FOUND     6.50    11/16/23       CNY      11.00
PEKING UNIVERSITY FOUND     6.30    03/04/24       CNY      11.00
PENGZHOU STATE-PENGZHOU     3.95    10/20/23       CNY      57.19
PENGZHOU STATE-PENGZHOU     3.95    10/20/23       CNY      58.09
PINGHU CITY INVESTMENT      5.13    04/29/23       CNY      60.51
PINGHU CITY INVESTMENT      5.13    04/29/23       CNY      60.58
PINGHU ECONOMIC DEVELOP     7.99    04/17/21       CNY      20.10
PINGHU ECONOMIC DEVELOP     7.99    04/17/21       CNY      20.66
PINGLIANG CULTURAL & TO     6.85    11/30/22       CNY      36.00
PINGLIANG CULTURAL & TO     6.85    11/30/22       CNY      40.46
PINGTAN COMPREHENSIVE P     3.92    01/29/23       CNY      60.00
PINGTAN COMPREHENSIVE P     3.92    01/29/23       CNY      60.14
PINGXIANG CHANGXING INV     5.26    04/11/23       CNY      59.12
PINGXIANG CHANGXING INV     5.26    04/11/23       CNY      59.51
PINGXIANG HUIFENG INVES     6.60    01/26/22       CNY      40.01
PINGXIANG HUIFENG INVES     6.60    01/26/22       CNY      40.54
PINGYANG STATE-OWNED AS     4.97    01/08/23       CNY      40.00
PINGYANG STATE-OWNED AS     4.97    01/08/23       CNY      40.15
PIZHOU CITY HENGRUN INV     6.46    12/05/21       CNY      20.20
PIZHOU CITY HENGRUN INV     6.46    12/05/21       CNY      22.46
PIZHOU ECONOMIC DEVELOP     5.00    10/29/22       CNY      39.49
PIZHOU ECONOMIC DEVELOP     5.00    10/29/22       CNY      40.00
PUTIAN HIGH TECHNOLOGY      5.90    05/03/22       CNY      49.63
PUTIAN HIGH TECHNOLOGY      5.90    05/03/22       CNY      49.63
QIANAN URBAN CONSTRUCTI     8.88    01/23/21       CNY      20.00
QIANAN URBAN CONSTRUCTI     8.88    01/23/21       CNY      20.00
QIANAN URBAN CONSTRUCTI     7.19    08/11/21       CNY      20.00
QIANAN URBAN CONSTRUCTI     7.19    08/11/21       CNY      20.21
QIANAN XINGYUAN WATER I     6.25    04/22/22       CNY      40.34
QIANAN XINGYUAN WATER I     6.25    04/22/22       CNY      46.90
QIANDONGNAN TRANSPORTAT     5.79    12/21/22       CNY      37.20
QIANDONGNAN TRANSPORTAT     5.79    12/21/22       CNY      37.78
QIANDONGNANZHOU KAIHONG     5.30    09/22/26       CNY      63.88
QIANDONGNANZHOU KAIHONG     5.30    09/22/26       CNY      63.98
QIANJIANG URBAN CONSTRU     8.38    04/22/21       CNY      20.17
QIANJIANG URBAN CONSTRU     8.38    04/22/21       CNY      20.35
QIANJIANG URBAN CONSTRU     5.19    12/21/22       CNY      39.96
QIANJIANG URBAN CONSTRU     5.19    12/21/22       CNY      40.00
QIANNANZHOU INVESTMENT      6.43    03/09/22       CNY      39.58
QIANXINAN AUTONOMOUS RE     5.90    06/22/23       CNY      59.05
QIANXINAN AUTONOMOUS RE     5.90    06/22/23       CNY      59.83
QICHUN COUNTY CONSTRUCT     4.96    10/18/23       CNY      57.60
QICHUN COUNTY CONSTRUCT     4.96    10/18/23       CNY      57.81
QIDONG COMMUNICATIONS I     4.00    03/18/23       CNY      59.75
QIDONG STATE-OWNED ASSE     7.30    11/20/22       CNY      31.01
QIDONG STATE-OWNED ASSE     4.00    03/09/23       CNY      59.30
QIDONG STATE-OWNED ASSE     4.00    03/09/23       CNY      60.05
QIDONG URBAN CONSTRUCTI     8.20    04/04/21       CNY      20.20
QIDONG URBAN CONSTRUCTI     8.20    04/04/21       CNY      20.46
QIDONG URBAN CONSTRUCTI     7.90    04/28/21       CNY      20.14
QIHE CITY OPERATION CON     5.10    03/07/23       CNY      59.51
QIHE CITY OPERATION CON     5.10    03/07/23       CNY      59.61
QINGDAO CHANGYANG INVES     3.73    09/12/23       CNY      59.09
QINGDAO CHANGYANG INVES     3.73    09/12/23       CNY      59.09
QINGDAO CONSON DEVELOPM     6.40    12/12/22       CNY      31.17
QINGDAO CONSON DEVELOPM     6.40    12/12/22       CNY      31.20
QINGDAO HICREAT DEVELOP     6.88    04/25/21       CNY      20.13
QINGDAO HICREAT DEVELOP     6.88    04/25/21       CNY      21.13
QINGDAO JIAOZHOU BAY DE     6.33    09/18/21       CNY      20.35
QINGDAO JIAOZHOU BAY DE     6.33    09/18/21       CNY      21.30
QINGDAO JIMO CITY TOURI     5.47    11/17/21       CNY      20.29
QINGDAO JIMO CITY TOURI     5.47    11/17/21       CNY      21.00
QINGDAO LAIXI CITY ASSE     7.50    03/06/21       CNY      20.08
QINGDAO LAIXI CITY ASSE     7.50    03/06/21       CNY      28.79
QINGDAO OCEAN INVESTMEN     4.36    05/12/23       CNY      59.57
QINGDAO OCEAN INVESTMEN     4.36    05/12/23       CNY      60.20
QINGDAO WEST COAST DEVE     4.26    06/06/23       CNY      59.68
QINGDAO WEST COAST DEVE     4.26    06/06/23       CNY      60.08
QINGHAI PROVINCIAL INVE     7.25    02/22/20       USD      29.41
QINGHAI PROVINCIAL INVE     7.88    03/22/21       USD      30.00
QINGHAI PROVINCIAL INVE     6.40    07/10/21       USD      31.16
QINGHAI STATE-OWNED ASS     5.90    12/17/22       CNY      56.00
QINGHAI STATE-OWNED ASS     5.40    05/21/23       CNY      30.45
QINGHAI STATE-OWNED ASS     6.38    08/14/28       CNY      44.63
QINGHAI STATE-OWNED ASS     7.20    11/25/28       CNY      44.63
QINGHAI STATE-OWNED ASS     6.70    10/10/29       CNY      44.63
QINGYANG CITY ECONOMIC      7.98    04/16/21       CNY      20.08
QINGYANG CITY ECONOMIC      7.98    04/16/21       CNY      20.08
QINGZHOU HONGYUAN PUBLI     7.59    05/29/21       CNY      20.06
QINHUANGDAO CITY DEVELO     4.69    04/14/23       CNY      59.19
QINHUANGDAO CITY DEVELO     4.69    04/14/23       CNY      60.11
QINHUANGDAO DEVELOPMENT     8.45    04/18/21       CNY      20.15
QINHUANGDAO DEVELOPMENT     8.45    04/18/21       CNY      21.28
QINHUANGDAO DEVELOPMENT     4.07    08/26/23       CNY      57.57
QINHUANGDAO DEVELOPMENT     4.07    08/26/23       CNY      58.39
QINZHOU BINHAI NEW CITY     6.99    07/07/21       CNY      20.00
QINZHOU BINHAI NEW CITY     6.99    07/07/21       CNY      20.00
QIONGLAI CITY CONSTRUCT     6.98    03/25/22       CNY      40.36
QIONGLAI CITY CONSTRUCT     6.98    03/25/22       CNY      40.80
QUANJIAO URBAN INFRASTR     5.10    05/18/23       CNY      59.90
QUANJIAO URBAN INFRASTR     5.10    05/18/23       CNY      60.11
QUJING CITY QILIN DISTR     5.37    11/26/22       CNY      39.67
QUJING CITY QILIN DISTR     5.37    11/26/22       CNY      41.95
QUJING DEVELOPMENT INVE     7.48    04/28/21       CNY      20.13
QUJING DEVELOPMENT INVE     7.48    04/28/21       CNY      22.55
QUJING ECO TECH DEVELOP     7.48    07/21/21       CNY      19.92
QUJING ECO TECH DEVELOP     7.48    07/21/21       CNY      20.04
QUJING ECO TECH DEVELOP     5.75    06/01/23       CNY      59.44
QUJING ECO TECH DEVELOP     5.75    06/01/23       CNY      59.92
QUZHOU STATE OWNED ASSE     7.20    04/21/21       CNY      20.19
QUZHOU STATE OWNED ASSE     7.20    04/21/21       CNY      23.42
RENHUAI CITY DEVELOPMEN     8.09    05/16/21       CNY      20.24
RENHUAI CITY DEVELOPMEN     8.09    05/16/21       CNY      20.25
RENHUAI CITY DEVELOPMEN     5.12    04/14/23       CNY      58.39
RENHUAI CITY DEVELOPMEN     5.12    04/14/23       CNY      58.41
RENQIU CONSTRUCTION INV     5.68    11/18/22       CNY      40.81
RENQIU CONSTRUCTION INV     5.68    11/18/22       CNY      41.09
RENSHOU DEVELOPMENT OF      6.42    12/22/22       CNY      40.00
RENSHOU DEVELOPMENT OF      6.42    12/22/22       CNY      40.14
REWARD SCIENCE AND TECH     5.53    07/05/21       CNY      29.10
REWARD SCIENCE AND TECH     6.40    03/03/22       CNY      70.00
RIGHT WAY REAL ESTATE D     8.00    07/15/21       CNY      43.89
RIZHAO CITY CONSTRUCTIO     3.98    12/07/22       CNY      39.63
RUDONG COUNTY DONGTAI S     6.99    06/20/21       CNY      20.17
RUDONG COUNTY DONGTAI S     6.99    06/20/21       CNY      25.90
RUDONG COUNTY JINXIN TR     8.08    03/03/21       CNY      20.11
RUDONG COUNTY JINXIN TR     8.08    03/03/21       CNY      24.03
RUDONG COUNTY JINXIN TR     3.80    07/26/23       CNY      59.45
RUDONG COUNTY JINXIN TR     3.80    07/26/23       CNY      59.62
RUDONG COUNTY JINXIN TR     4.57    07/26/23       CNY      59.73
RUDONG COUNTY JINXIN TR     4.57    07/26/23       CNY      59.77
RUDONG COUNTY KAITAI CI     4.57    01/08/23       CNY      39.88
RUDONG NEW WORLD INVEST     4.37    07/18/23       CNY      59.50
RUDONG NEW WORLD INVEST     4.37    07/18/23       CNY      59.66
RUGAO COMMUNICATIONS CO     3.74    03/23/23       CNY      59.53
RUGAO COMMUNICATIONS CO     3.74    03/23/23       CNY      59.88
RUGAO ECONOMIC & TRADE      3.95    03/24/23       CNY      59.87
RUGAO ECONOMIC & TRADE      3.95    03/24/23       CNY      60.00
RUGAO YANJIANG DEVELOPM     8.60    01/24/21       CNY      20.00
RUGAO YANJIANG DEVELOPM     8.60    01/24/21       CNY      20.05
RUIAN STATE OWNED ASSET     4.56    01/27/23       CNY      59.79
RUIAN STATE OWNED ASSET     4.56    01/27/23       CNY      60.23
RUICHANG CITY INVESTMEN     5.68    03/25/23       CNY      60.70
RUICHANG CITY INVESTMEN     5.68    03/25/23       CNY      60.70
RUICHANG CITY INVESTMEN     5.50    06/17/23       CNY      59.94
RUICHANG CITY INVESTMEN     5.50    06/17/23       CNY      60.69
RUIJIN URBAN DEVELOPMEN     4.13    09/06/23       CNY      58.36
RUIJIN URBAN DEVELOPMEN     4.13    09/06/23       CNY      58.57
RUZHOU CITY XINYUAN INV     6.30    09/16/21       CNY      25.12
RUZHOU CITY XINYUAN INV     4.43    09/26/23       CNY      56.18
RUZHOU CITY XINYUAN INV     4.43    09/26/23       CNY      56.20
SANMEN COUNTY STATE-OWN     6.85    10/29/21       CNY      20.00
SANMEN COUNTY STATE-OWN     6.85    10/29/21       CNY      20.26
SANMEN COUNTY STATE-OWN     6.80    03/18/22       CNY      40.00
SANMEN COUNTY STATE-OWN     6.80    03/18/22       CNY      40.69
SANMING TRANSPORTATION      3.68    03/29/23       CNY      59.53
SHAANXI ANKANG HIGH TEC     8.78    09/17/21       CNY      20.38
SHAANXI ANKANG HIGH TEC     8.78    09/17/21       CNY      27.00
SHAANXI XIXIAN NEW AREA     5.10    06/06/23       CNY      59.33
SHAANXI XIXIAN NEW AREA     5.10    06/06/23       CNY      59.35
SHAANXI XIXIAN NEW AREA     6.85    08/15/21       CNY      19.80
SHAANXI XIXIAN NEW AREA     6.85    08/15/21       CNY      20.06
SHAANXI XIXIAN NEW AREA     6.89    01/05/22       CNY      20.12
SHAANXI XIXIAN NEW AREA     6.89    01/05/22       CNY      23.10
SHAANXI XIXIAN NEW AREA     5.15    11/27/22       CNY      39.83
SHAANXI XIXIAN NEW AREA     5.15    11/27/22       CNY      41.01
SHANDONG BORUN INDUSTRI     6.50    11/02/21       CNY      33.24
SHANDONG BOXING COUNTY      8.00    12/22/21       CNY      20.58
SHANDONG BOXING COUNTY      8.00    12/22/21       CNY      20.62
SHANDONG CENTURY SUNSHI     8.19    07/21/21       CNY      20.36
SHANDONG CENTURY SUNSHI     8.19    07/21/21       CNY      20.37
SHANDONG FUYU CHEMICAL      7.70    09/18/22       CNY      70.00
SHANDONG GAOCHUANG CONS     6.05    06/18/22       CNY      40.50
SHANDONG GAOCHUANG CONS     6.05    06/18/22       CNY      42.45
SHANDONG HONGHE HOLDING     8.50    06/23/21       CNY      20.29
SHANDONG HONGHE HOLDING     8.50    06/23/21       CNY      24.00
SHANDONG JINMAO TEXTILE     6.97    04/01/21       CNY      20.70
SHANDONG RUYI TECHNOLOG     7.90    09/18/23       CNY      52.10
SHANDONG SNTON GROUP CO     6.20    05/30/21       CNY       9.50
SHANDONG SNTON GROUP CO     5.18    09/08/21       CNY       8.52
SHANDONG TAIYANG INDUST     5.97    03/02/21       CNY      42.70
SHANDONG TENGJIAN INVES     6.00    06/08/22       CNY      40.00
SHANDONG TENGJIAN INVES     6.00    06/08/22       CNY      40.12
SHANDONG WANTONG PETROL     7.97    11/29/21       CNY       0.20
SHANGHAI CAOHEJING HI-T     7.24    04/09/21       CNY      20.13
SHANGHAI CAOHEJING HI-T     7.24    04/09/21       CNY      20.13
SHANGHAI JIADING ROAD C     6.80    04/23/21       CNY      20.17
SHANGHAI JIADING ROAD C     6.80    04/23/21       CNY      20.75
SHANGHAI LAKE DIANSHAN      5.95    01/30/21       CNY      24.99
SHANGHAI LAKE DIANSHAN      5.95    01/30/21       CNY      25.75
SHANGHAI MINHANG URBAN      5.63    04/20/22       CNY      40.55
SHANGHAI MINHANG URBAN      5.63    04/20/22       CNY      40.79
SHANGHAI MUNICIPAL INVE     4.80    11/05/24       CNY      61.30
SHANGHAI MUNICIPAL INVE     4.80    11/05/24       CNY      61.60
SHANGHAI NANHUI URBAN C     6.04    08/20/21       CNY      20.31
SHANGHAI NANHUI URBAN C     6.04    08/20/21       CNY      20.33
SHANGHAI PUTAILAI NEW E     5.50    03/19/21       CNY      66.67
SHANGHAI URBAN CONSTRUC     3.50    01/06/23       CNY      39.40
SHANGHAI URBAN CONSTRUC     3.50    01/06/23       CNY      40.03
SHANGRAO CITY STATE-OWN     4.65    01/29/23       CNY      60.02
SHANGRAO CITY STATE-OWN     4.65    01/29/23       CNY      60.22
SHANTOU CITY CONSTRUCTI     8.57    03/23/22       CNY      30.88
SHANTOU INVESTMENT HOLD     7.99    03/04/24       CNY      63.50
SHANTOU INVESTMENT HOLD     7.99    03/04/24       CNY      63.55
SHANXI INTERNATIONAL EL     5.88    05/24/22       CNY      62.60
SHANXI XIANG KUANG GROU     8.80    02/11/22       CNY      54.50
SHANXI XIANG KUANG GROU     8.80    02/11/22       CNY      70.29
SHAOGUAN URBAN INVESTME     3.67    10/25/24       CNY      68.56
SHAOGUAN URBAN INVESTME     3.67    10/25/24       CNY      68.68
SHAOWU URBAN CONSTRUCTI     5.88    09/11/22       CNY      40.08
SHAOWU URBAN CONSTRUCTI     5.88    09/11/22       CNY      43.39
SHAOXING CHENGZHONGCUN      6.09    04/27/22       CNY      40.39
SHAOXING CHENGZHONGCUN      6.09    04/27/22       CNY      40.51
SHAOXING CITY INVESTMEN     5.75    04/17/22       CNY      40.75
SHAOXING CITY INVESTMEN     5.75    04/17/22       CNY      48.00
SHAOXING CITY KEQIAO DI     6.40    08/20/21       CNY      20.22
SHAOXING CITY KEQIAO DI     6.40    08/20/21       CNY      20.48
SHAOXING JINGHU NEW DIS     6.13    04/30/22       CNY      40.57
SHAOXING KEQIAO CITY CO     3.64    09/19/23       CNY      59.17
SHAOXING KEQIAO CITY CO     3.64    09/19/23       CNY      59.26
SHAOXING KEQIAO ECONOMI     7.00    12/10/21       CNY      20.00
SHAOXING KEQIAO ECONOMI     7.00    12/10/21       CNY      20.45
SHAOXING KEYAN CONSTRUC     6.28    03/24/22       CNY      40.00
SHAOXING KEYAN CONSTRUC     6.28    03/24/22       CNY      40.44
SHAOXING PAOJIANG INDUS     6.98    05/29/21       CNY      20.16
SHAOXING PAOJIANG INDUS     6.98    05/29/21       CNY      23.90
SHAOXING SHANGYU ECONOM     4.76    04/11/23       CNY      59.73
SHAOXING SHANGYU ECONOM     4.76    04/11/23       CNY      60.13
SHAOXING SHANGYU URBAN      6.80    08/07/21       CNY      20.26
SHAOXING SHANGYU URBAN      6.80    08/07/21       CNY      21.15
SHAOYANG BAOQING INDUST     5.78    07/04/26       CNY      69.31
SHAOYANG DULIANG INVEST     5.50    04/13/23       CNY      58.94
SHAOYANG DULIANG INVEST     5.50    04/13/23       CNY      59.74
SHENGZHOU INVESTMENT HO     7.60    07/17/21       CNY      20.39
SHENGZHOU INVESTMENT HO     7.60    07/17/21       CNY      20.59
SHENMU CITY STATE-OWNED     7.28    06/23/21       CNY      20.22
SHENMU CITY STATE-OWNED     7.28    06/23/21       CNY      20.60
SHENYANG DADONG STATE-O     6.05    03/20/22       CNY      40.00
SHENYANG DADONG STATE-O     6.05    03/20/22       CNY      40.37
SHENYANG ECONOMIC AFFOR     7.17    04/29/22       CNY      38.00
SHENYANG ECONOMIC AFFOR     7.17    04/29/22       CNY      39.71
SHENYANG TIEXI STATE-OW     6.00    01/14/22       CNY      20.02
SHENYANG TIEXI STATE-OW     6.00    01/14/22       CNY      27.50
SHENZHEN METRO GROUP CO     5.40    03/25/23       CNY      45.38
SHENZHEN METRO GROUP CO     6.75    01/24/24       CNY      46.80
SHIJIAZHUANG HUTUO NEW      5.28    12/24/25       CNY      55.00
SHIJIAZHUANG HUTUO NEW      5.28    12/24/25       CNY      55.50
SHIJIAZHUANG STATE-OWNE     5.75    04/09/22       CNY      40.60
SHIJIAZHUANG STATE-OWNE     5.75    04/09/22       CNY      47.20
SHIJIAZHUANG URBAN CONS     6.55    03/09/21       CNY      40.24
SHISHI CITY CONSTRUCTIO     6.10    05/04/22       CNY      40.62
SHIYAN ECO DEVELOPMENT      3.98    08/05/23       CNY      59.11
SHIYAN ECO DEVELOPMENT      3.98    08/05/23       CNY      59.35
SHIYAN STATE-OWNED CAPI     6.58    08/20/21       CNY      20.00
SHIYAN STATE-OWNED CAPI     6.58    08/20/21       CNY      20.31
SHIYAN STATE-OWNED CAPI     4.88    01/11/26       CNY      69.72
SHIYAN STATE-OWNED CAPI     4.88    01/11/26       CNY      70.00
SHIZHU TUJIA HONGSHENG      7.00    11/13/24       CNY      64.00
SHUCHENG COUNTY URBAN C     5.50    04/29/23       CNY      60.67
SHUCHENG COUNTY URBAN C     5.50    04/29/23       CNY      60.68
SHUYANG JINGYUAN ASSET      7.39    04/14/21       CNY      20.00
SHUYANG JINGYUAN ASSET      7.39    04/14/21       CNY      20.12
SHUYANG JINGYUAN ASSET      5.49    09/11/22       CNY      40.20
SHUYANG JINGYUAN ASSET      5.49    09/11/22       CNY      46.00
SICHUAN COAL GASIFICATI     7.00    04/18/23       CNY      59.65
SICHUAN COAL GASIFICATI     7.00    12/14/23       CNY      61.23
SICHUAN COAL INDUSTRY G     7.70    01/09/18       CNY      45.00
SICHUAN LANGZHONG FAMOU     5.60    04/19/23       CNY      59.54
SICHUAN LANGZHONG FAMOU     5.60    04/19/23       CNY      59.81
SICHUAN LONGYANG TIANFU     5.45    05/27/23       CNY      59.74
SICHUAN LONGYANG TIANFU     5.45    05/27/23       CNY      60.48
SICHUAN NAXING INDUSTRI     7.17    09/11/21       CNY      19.98
SICHUAN NAXING INDUSTRI     7.17    09/11/21       CNY      20.00
SICHUAN NAXING INDUSTRI     6.80    08/18/22       CNY      51.24
SICHUAN NAXING INDUSTRI     6.80    08/18/22       CNY      51.24
SICHUAN NAXING INDUSTRI     4.68    03/31/23       CNY      58.94
SICHUAN NAXING INDUSTRI     4.68    03/31/23       CNY      60.15
SICHUAN TIANYIN INDUSTR     6.79    03/25/22       CNY      40.28
SICHUAN TIANYIN INDUSTR     6.79    03/25/22       CNY      48.00
SIHONG COUNTY HONG YUAN     6.15    03/16/22       CNY      40.30
SIHONG COUNTY HONG YUAN     6.15    03/16/22       CNY      40.35
SIHUI STATE OWNED ASSET     4.59    01/14/23       CNY      39.31
SIHUI STATE OWNED ASSET     4.59    01/14/23       CNY      39.92
SIYANG COUNTY MINKANG R     4.94    01/21/23       CNY      40.56
SIYANG COUNTY MINKANG R     4.94    01/21/23       CNY      59.52
SLENDER WEST LAKE TOURI     6.80    06/25/21       CNY      20.00
SLENDER WEST LAKE TOURI     6.80    06/25/21       CNY      20.29
SONGYUAN URBAN DEVELOPM     5.79    12/04/21       CNY      19.86
SONGYUAN URBAN DEVELOPM     5.79    12/04/21       CNY      20.78
SUINING CITY HEDONG DEV     8.36    04/17/21       CNY      20.14
SUINING CITY HEDONG DEV     8.36    04/17/21       CNY      27.82
SUINING COUNTY RUNQI IN     7.10    06/25/21       CNY      20.16
SUINING COUNTY RUNQI IN     7.10    06/25/21       CNY      20.25
SUINING COUNTY RUNQI IN     5.42    11/20/22       CNY      39.95
SUINING COUNTY RUNQI IN     5.42    11/20/22       CNY      40.00
SUINING FUYUAN INDUSTRY     6.39    03/17/22       CNY      39.78
SUINING FUYUAN INDUSTRY     6.39    03/17/22       CNY      44.18
SUINING FUYUAN INDUSTRY     5.34    12/02/23       CNY      57.32
SUINING FUYUAN INDUSTRY     5.34    12/02/23       CNY      59.15
SUINING KAIDA INVESTMEN     8.69    04/21/21       CNY      20.00
SUINING KAIDA INVESTMEN     8.69    04/21/21       CNY      20.18
SUINING KAIDA INVESTMEN     4.89    04/08/23       CNY      57.97
SUINING KAIDA INVESTMEN     4.89    04/08/23       CNY      58.02
SUINING ROUGANG INVESTM     5.65    01/24/24       CNY      58.93
SUIZHOU DEVELOPMENT INV     8.40    04/30/21       CNY      20.17
SUIZHOU DEVELOPMENT INV     8.40    04/30/21       CNY      20.71
SUIZHOU HIGH-TECH INDUS     4.47    03/25/23       CNY      59.07
SUIZHOU HIGH-TECH INDUS     4.47    03/25/23       CNY      59.08
SUIZHOU URBAN CONSTRUCT     7.18    09/02/21       CNY      20.30
SUIZHOU URBAN CONSTRUCT     7.18    09/02/21       CNY      21.20
SUIZHOU YULONG WATER SU     6.10    03/28/23       CNY      60.05
SUNING.COM CO LTD           5.00    03/13/23       CNY      65.00
SUZHOU CITY CONSTRUCTIO     3.89    03/24/23       CNY      60.05
SUZHOU CITY CONSTRUCTIO     3.89    03/24/23       CNY      60.05
SUZHOU CITY HENGCHENG C     4.40    03/01/23       CNY      60.70
SUZHOU CITY HENGCHENG C     4.40    03/01/23       CNY      61.34
SUZHOU FENHU INVESTMENT     7.49    02/28/21       CNY      20.00
SUZHOU FENHU INVESTMENT     7.49    02/28/21       CNY      20.05
SUZHOU NEW & HIGH-TECH      4.18    03/23/23       CNY      59.36
SUZHOU NEW & HIGH-TECH      4.18    03/23/23       CNY      59.76
SUZHOU SND GROUP CO LTD     6.20    07/22/21       CNY      20.25
SUZHOU SND GROUP CO LTD     6.20    07/22/21       CNY      20.45
SUZHOU WUJIANG DISTRICT     5.25    07/08/22       CNY      40.60
SUZHOU WUJIANG DISTRICT     5.25    07/08/22       CNY      40.72
SUZHOU XIANGCHENG URBAN     6.95    03/19/21       CNY      20.08
SUZHOU XIANGCHENG URBAN     6.95    03/19/21       CNY      22.60
TAIAN TAISHAN HOLDINGS      5.50    04/26/23       CNY      59.73
TAIAN TAISHAN HOLDINGS      5.50    04/26/23       CNY      60.16
TAICANG ASSETS MANAGEME     7.00    02/27/21       CNY      20.04
TAICANG ASSETS MANAGEME     7.00    02/27/21       CNY      20.07
TAICANG SCIENCE EDUCATI     5.54    08/28/22       CNY      40.55
TAICANG SCIENCE EDUCATI     5.54    08/28/22       CNY      44.65
TAIXING CITY HONGQIAO Y     5.03    10/29/22       CNY      39.53
TAIXING CITY HONGQIAO Y     5.03    10/29/22       CNY      43.87
TAIYUAN ECONOMIC TECHNO     7.43    04/24/21       CNY      20.00
TAIYUAN ECONOMIC TECHNO     7.43    04/24/21       CNY      20.12
TAIYUAN STATE-OWNED INV     7.20    03/19/21       CNY      20.11
TAIYUAN STATE-OWNED INV     7.20    03/19/21       CNY      26.50
TAIZHOU CITY CONSTRUCTI     6.92    10/16/23       CNY      47.27
TAIZHOU CITY CONSTRUCTI     6.92    10/16/23       CNY      47.55
TAIZHOU HAILING CITY DE     4.60    12/14/22       CNY      39.00
TAIZHOU HAILING CITY DE     4.60    12/14/22       CNY      40.02
TAIZHOU JIAOJIANG STATE     6.18    07/06/22       CNY      40.81
TAIZHOU JIAOJIANG STATE     6.18    07/06/22       CNY      44.00
TAIZHOU JINDONG URBAN C     5.10    06/02/23       CNY      59.48
TAIZHOU JINDONG URBAN C     5.10    06/02/23       CNY      59.98
TAIZHOU XINBINJIANG DEV     7.60    03/05/21       CNY      20.08
TAIZHOU XINBINJIANG DEV     7.60    03/05/21       CNY      21.00
TAIZHOU XINTAI GROUP CO     4.07    03/23/23       CNY      59.80
TAIZHOU XINTAI GROUP CO     4.07    03/23/23       CNY      59.88
TIANCHANG CITY CONSTRUC     4.99    12/05/23       CNY      55.31
TIANCHANG CITY CONSTRUC     4.99    12/05/23       CNY      59.12
TIANJIN BEICHEN DISTRIC     7.00    04/21/21       CNY      20.00
TIANJIN BEICHEN DISTRIC     7.00    04/21/21       CNY      27.15
TIANJIN BEICHEN TECHNOL     6.87    08/20/21       CNY      19.81
TIANJIN BEICHEN TECHNOL     6.87    08/20/21       CNY      27.00
TIANJIN BOHAI STATE-OWN     3.82    04/18/23       CNY      59.13
TIANJIN DONGFANG CAIXIN     5.19    01/29/22       CNY      39.59
TIANJIN DONGFANG CAIXIN     5.19    01/29/22       CNY      39.98
TIANJIN DONGLI CITY INF     4.28    12/02/22       CNY      39.96
TIANJIN ECONOMIC TECHNO     6.50    12/03/22       CNY      30.47
TIANJIN ECONOMIC TECHNO     6.50    12/03/22       CNY      31.30
TIANJIN GUANGCHENG INVE     7.45    07/24/21       CNY      19.98
TIANJIN GUANGCHENG INVE     7.45    07/24/21       CNY      29.00
TIANJIN GUANGCHENG INVE     6.97    02/22/23       CNY      44.24
TIANJIN GUANGCHENG INVE     5.40    04/20/23       CNY      58.04
TIANJIN GUANGCHENG INVE     5.40    04/20/23       CNY      58.59
TIANJIN HARBOR CONSTRUC     8.80    01/24/21       CNY      39.99
TIANJIN HARBOR CONSTRUC     8.00    04/01/21       CNY      40.05
TIANJIN HARBOR CONSTRUC     6.29    10/21/21       CNY      39.60
TIANJIN HUANCHENG URBAN     7.20    03/21/21       CNY      20.03
TIANJIN HUANCHENG URBAN     7.20    03/21/21       CNY      20.35
TIANJIN HUANCHENG URBAN     5.75    04/27/22       CNY      40.03
TIANJIN HUANCHENG URBAN     5.75    04/27/22       CNY      40.50
TIANJIN INFRASTRUCTURE      5.70    02/26/23       CNY      44.75
TIANJIN JINNAN CITY CON     6.50    06/03/21       CNY      19.93
TIANJIN LINGANG INVESTM     7.75    02/26/21       CNY      20.02
TIANJIN METRO GROUP CO      4.27    10/16/25       CNY      69.98
TIANJIN METRO GROUP CO      4.27    10/16/25       CNY      74.00
TIANJIN NINGHE DISTRICT     7.00    05/30/21       CNY      20.05
TIANJIN NINGHE DISTRICT     7.00    05/30/21       CNY      27.50
TIANJIN NINGHE INVESTME     5.50    04/22/23       CNY      59.31
TIANJIN NINGHE INVESTME     5.50    04/22/23       CNY      60.45
TIANJIN RAILWAY CONSTRU     5.58    04/13/25       CNY      71.98
TIANJIN RAILWAY CONSTRU     5.58    04/13/25       CNY      73.40
TIANJIN REAL ESTATE GRO     4.50    09/29/20       USD      73.75
TIANJIN REAL ESTATE TRU     8.59    03/13/21       CNY      19.50
TIANJIN WATER INVESTMEN     6.60    07/28/21       CNY      19.46
TIANJIN WATER INVESTMEN     6.60    07/28/21       CNY      21.80
TIANJIN WUQING ECONOMIC     6.65    09/12/21       CNY      19.53
TIANJIN WUQING ECONOMIC     6.65    09/12/21       CNY      19.97
TIANJIN WUQING STATE-OW     7.18    03/19/21       CNY      20.00
TIANJIN WUQING STATE-OW     7.18    03/19/21       CNY      20.07
TIANJIN WUQING STATE-OW     4.15    11/17/22       CNY      39.00
TIANJIN WUQING STATE-OW     4.15    11/17/22       CNY      40.03
TIANMEN CITY CONSTRUCTI     8.20    08/28/21       CNY      20.37
TIANMEN CITY CONSTRUCTI     8.20    08/28/21       CNY      25.16
TIANMEN CITY CONSTRUCTI     3.98    11/15/23       CNY      58.08
TIANMEN CITY CONSTRUCTI     3.98    11/15/23       CNY      58.29
TONGLING CONSTRUCTION I     4.12    03/14/23       CNY      59.67
TONGLING CONSTRUCTION I     4.12    03/14/23       CNY      60.00
TONGLU STATE-OWNED ASSE     8.09    04/18/21       CNY      20.17
TONGLU STATE-OWNED ASSE     8.09    04/18/21       CNY      20.98
TSINGHUA HOLDINGS CORP      4.10    08/24/21       CNY      66.77
TSINGHUA HOLDINGS CORP      3.15    10/25/21       CNY      48.64
TSINGHUA HOLDINGS CORP      4.95    08/08/22       CNY      36.40
TSINGHUA HOLDINGS CORP      5.30    03/26/23       CNY      42.00
TSINGHUA UNIGROUP CO LT     5.60    11/15/20       CNY      19.38
TSINGHUA UNIGROUP CO LT     6.20    03/16/21       CNY      19.38
TSINGHUA UNIGROUP CO LT     6.15    12/26/21       CNY      12.96
TSINGHUA UNIGROUP CO LT     4.94    03/25/22       CNY      16.55
TSINGHUA UNIGROUP CO LT     5.85    03/27/22       CNY      19.38
TSINGHUA UNIGROUP CO LT     6.00    08/14/22       CNY      19.38
TSINGHUA UNIGROUP CO LT     5.20    12/10/23       CNY      11.65
TSINGHUA UNIGROUP CO LT     5.11    01/25/24       CNY      13.00
TULUFAN DISTRICT STATE-     6.20    03/19/22       CNY      40.33
TUNGHSU GROUP CO LTD        6.55    03/13/22       CNY      45.00
ULANQAB CITY INVESTMENT     8.39    04/25/22       CNY      50.90
ULANQAB JINING DISTRICT     6.16    03/24/23       CNY      59.14
ULANQAB JINING DISTRICT     6.16    03/24/23       CNY      59.33
URUMQI ECO&TECH DEVELOP     6.40    04/13/22       CNY      40.00
URUMQI ECO&TECH DEVELOP     6.40    04/13/22       CNY      40.68
WAFANGDIAN COASTAL PROJ     3.98    02/01/23       CNY      58.40
WAFANGDIAN COASTAL PROJ     3.98    02/01/23       CNY      60.00
WANGCHENG ECONOMIC DEVE     6.57    01/22/22       CNY      20.42
WANGCHENG ECONOMIC DEVE     6.57    01/22/22       CNY      28.81
WANGCHENG ECONOMIC DEVE     3.75    07/13/23       CNY      59.67
WANGCHENG ECONOMIC DEVE     3.75    07/13/23       CNY      61.05
WEIFANG BINHAI INVESTME     6.16    04/16/21       CNY      25.07
WEIHAI LANCHUANG CONSTR     4.80    12/17/22       CNY      39.24
WEIHAI LANCHUANG CONSTR     4.80    12/17/22       CNY      39.39
WEIHAI URBAN CONSTRUCTI     3.33    03/02/23       CNY      58.40
WEIHAI URBAN CONSTRUCTI     3.33    03/02/23       CNY      59.58
WEIHAI WENDENG DISTRICT     3.64    10/26/23       CNY      58.51
WEIHAI WENDENG DISTRICT     3.64    10/26/23       CNY      58.72
WEIHAI WENDENG URBAN PR     4.80    05/26/23       CNY      59.18
WEIHAI WENDENG URBAN PR     4.80    05/26/23       CNY      59.36
WEINAN CITY INVESTMENT      6.09    03/11/22       CNY      40.00
WEINAN CITY INVESTMENT      6.09    03/11/22       CNY      40.33
WENDENG GOLDEN BEACH IN     3.97    03/21/23       CNY      58.87
WENDENG GOLDEN BEACH IN     3.97    03/21/23       CNY      59.39
WENSHAN URBAN CONSTRUCT     4.50    09/13/23       CNY      58.06
WENSHAN URBAN CONSTRUCT     4.50    09/13/23       CNY      58.76
WENZHOU CITY CONSTRUCTI     4.05    01/25/23       CNY      60.00
WENZHOU CITY CONSTRUCTI     4.05    01/25/23       CNY      60.21
WENZHOU CITY CONSTRUCTI     5.00    04/26/23       CNY      60.86
WENZHOU CITY CONSTRUCTI     5.00    04/26/23       CNY      60.97
WENZHOU GANGCHENG DEVEL     5.19    03/29/23       CNY      60.22
WENZHOU GANGCHENG DEVEL     5.19    03/29/23       CNY      60.22
WENZHOU HIGH-TECH INDUS     7.95    03/21/21       CNY      19.80
WENZHOU HIGH-TECH INDUS     7.95    03/21/21       CNY      20.12
WENZHOU HIGH-TECH INDUS     7.30    05/30/21       CNY      20.00
WENZHOU HIGH-TECH INDUS     7.30    05/30/21       CNY      20.16
WENZHOU LUCHENG CITY DE     5.58    11/03/21       CNY      20.22
WENZHOU OUHAI NEW CITY      3.98    10/26/23       CNY      59.31
WENZHOU OUHAI NEW CITY      3.98    10/26/23       CNY      59.51
WINTIME ENERGY CO LTD       7.00    07/05/18       CNY      43.63
WINTIME ENERGY CO LTD       7.30    08/06/18       CNY      43.63
WINTIME ENERGY CO LTD       7.00    08/25/18       CNY      43.63
WINTIME ENERGY CO LTD       6.78    10/23/18       CNY      43.63
WINTIME ENERGY CO LTD       7.00    12/15/18       CNY      43.63
WINTIME ENERGY CO LTD       7.00    03/19/19       CNY      43.63
WINTIME ENERGY CO LTD       7.00    04/26/19       CNY      43.63
WINTIME ENERGY CO LTD       7.70    11/15/20       CNY      43.63
WINTIME ENERGY CO LTD       7.50    11/16/20       CNY      43.63
WINTIME ENERGY CO LTD       7.50    12/06/20       CNY      43.63
WINTIME ENERGY CO LTD       7.90    12/22/20       CNY      43.63
WINTIME ENERGY CO LTD       7.90    03/29/21       CNY      43.63
WINTIME ENERGY CO LTD       7.50    04/04/21       CNY      43.63
WINTIME ENERGY CO LTD       4.75    07/07/22       CNY      43.63
WUHAI CITY CONSTRUCTION     8.19    04/21/21       CNY       5.42
WUHAI CITY CONSTRUCTION     8.19    04/21/21       CNY      20.12
WUHAN CHEDU CORP LTD        7.18    02/27/21       CNY      20.06
WUHAN CHEDU CORP LTD        7.18    02/27/21       CNY      20.96
WUHAN CITY HUANPI DISTR     6.43    09/17/21       CNY      20.28
WUHAN CITY HUANPI DISTR     6.43    09/17/21       CNY      23.02
WUHAN JIANGXIA URBAN CO     4.80    06/03/23       CNY      60.21
WUHAN JIANGXIA URBAN CO     4.80    06/03/23       CNY      60.27
WUHAN METRO GROUP CO LT     5.25    04/14/22       CNY      40.18
WUHAN METRO GROUP CO LT     5.25    04/14/22       CNY      40.58
WUHAN QIAOKOU STATE OWN     3.48    08/29/23       CNY      58.93
WUHAN QIAOKOU STATE OWN     3.48    08/29/23       CNY      59.44
WUHU COMMUNICATIONS INV     4.50    04/28/23       CNY      59.73
WUHU COMMUNICATIONS INV     4.50    04/28/23       CNY      59.74
WUHU COMMUNICATIONS INV     3.58    09/23/23       CNY      59.08
WUHU COMMUNICATIONS INV     3.58    09/23/23       CNY      59.12
WUHU COUNTY CONSTRUCTIO     6.60    12/08/21       CNY      20.20
WUHU COUNTY CONSTRUCTIO     6.60    12/08/21       CNY      26.35
WUHU JINGHU CONSTRUCTIO     4.37    07/20/23       CNY      59.48
WUHU JINGHU CONSTRUCTIO     4.37    07/20/23       CNY      59.67
WUHU JIUJIANG CONSTRUCT     8.49    04/14/21       CNY      20.00
WUHU JIUJIANG CONSTRUCT     8.49    04/14/21       CNY      20.19
WUHU JIUJIANG CONSTRUCT     3.96    03/21/23       CNY      57.60
WUHU JIUJIANG CONSTRUCT     3.96    03/21/23       CNY      59.70
WUHU XINMA INVESTMENT C     4.87    11/04/22       CNY      40.00
WUHU XINMA INVESTMENT C     4.87    11/04/22       CNY      40.58
WUHU YIJU INVESTMENT GR     6.45    08/11/21       CNY      20.30
WUHU YIJU INVESTMENT GR     6.45    08/11/21       CNY      20.33
WUWEI CITY ECONOMY DEVE     8.20    04/24/21       CNY      20.08
WUWEI CITY ECONOMY DEVE     8.20    04/24/21       CNY      20.10
WUXI HUIKAI ECONOMIC DE     4.16    04/08/23       CNY      59.83
WUXI HUIKAI ECONOMIC DE     4.16    04/08/23       CNY      59.86
WUXI HUNING METRO HUISH     4.38    06/08/21       CNY      40.05
WUXI HUNING METRO HUISH     4.38    06/08/21       CNY      40.45
WUXI TAIHU NEW CITY DEV     4.49    05/03/23       CNY      60.01
WUXI TAIHU NEW CITY DEV     4.49    05/03/23       CNY      60.50
WUXI TAIHU NEW CITY DEV     3.47    08/29/23       CNY      59.50
WUXI TAIHU NEW CITY DEV     3.47    08/29/23       CNY      59.77
WUXI XIDONG NEW TOWN CO     3.92    11/09/23       CNY      59.43
WUXI XIDONG NEW TOWN CO     3.92    11/09/23       CNY      59.55
WUYANG CONSTRUCTION GRO     7.80    09/11/20       CNY      32.48
XIAMEN TORCH GROUP CO L     7.49    04/21/21       CNY      20.14
XIAMEN TORCH GROUP CO L     7.49    04/21/21       CNY      24.88
XIAN FENGDONG DEVELOPME     4.67    01/08/23       CNY      39.62
XIAN FENGDONG DEVELOPME     4.67    01/08/23       CNY      39.65
XI'AN INTERNATIONAL HOR     6.20    10/21/21       CNY      20.10
XI'AN INTERNATIONAL HOR     6.20    10/21/21       CNY      21.46
XI'AN INTERNATIONAL INL     7.90    09/23/21       CNY      20.22
XI'AN INTERNATIONAL INL     7.90    09/23/21       CNY      22.28
XIANGSHUI GUANJIANG HOL     4.98    12/24/22       CNY      36.60
XIANGSHUI GUANJIANG HOL     4.98    12/24/22       CNY      39.22
XIANGTAN CITY CONSTRUCT     7.80    01/30/22       CNY      54.50
XIANGTAN CITY CONSTRUCT     7.60    04/02/22       CNY      44.70
XIANGTAN CITY'S CONSTRU     3.95    08/04/23       CNY      56.76
XIANGTAN CITY'S CONSTRU     3.95    08/04/23       CNY      58.02
XIANGTAN CITY'S CONSTRU     3.60    08/04/23       CNY      59.50
XIANGTAN HI-TECH GROUP      8.16    02/25/21       CNY      20.03
XIANGTAN HI-TECH GROUP      8.16    02/25/21       CNY      28.99
XIANGTAN JIUHUA ECONOMI     6.59    01/21/22       CNY      18.52
XIANGTAN JIUHUA ECONOMI     6.59    01/21/22       CNY      19.40
XIANGTAN JIUHUA ECONOMI     5.00    07/25/26       CNY      71.53
XIANGTAN LIANGXING SOCI     7.89    04/23/21       CNY      20.11
XIANGTAN WANLOU XINCHEN     6.90    01/14/22       CNY      15.49
XIANGTAN WANLOU XINCHEN     6.90    01/14/22       CNY      19.72
XIANGXIANG ECONOMIC DIS     5.28    09/09/23       CNY      57.03
XIANGXIANG ECONOMIC DIS     5.28    09/09/23       CNY      57.13
XIANGXIANG URBAN CONSTR     5.84    05/18/23       CNY      59.45
XIANGXIANG URBAN CONSTR     5.84    05/18/23       CNY      59.79
XIANGYANG CITY XIANGZHO     5.18    04/28/23       CNY      60.37
XIANGYANG CITY XIANGZHO     5.18    04/28/23       CNY      60.38
XIANGYANG HIGH TECH STA     7.00    05/29/21       CNY      20.12
XIANGYANG HIGH TECH STA     7.00    05/29/21       CNY      23.38
XIANGYANG STATE-OWNED C     4.62    01/25/23       CNY      39.69
XIANGYANG STATE-OWNED C     4.62    01/25/23       CNY      59.74
XIANNING HIGH-TECH INVE     6.29    02/10/22       CNY      40.44
XIANNING HIGH-TECH INVE     6.29    02/10/22       CNY      40.56
XIANTAO CITY CONSTRUCTI     8.15    02/24/21       CNY      20.00
XIANTAO CITY CONSTRUCTI     8.15    02/24/21       CNY      20.09
XIANTAO CITY CONSTRUCTI     4.59    04/18/23       CNY      59.73
XIANTAO CITY CONSTRUCTI     4.59    04/18/23       CNY      60.28
XIAOCHANG SHUNHE DEVELO     4.15    10/17/23       CNY      57.68
XIAOGAN GAOCHUANG INVES     7.43    06/23/21       CNY      20.06
XIAOGAN GAOCHUANG INVES     7.43    06/23/21       CNY      32.72
XIAOGAN GAOCHUANG INVES     6.87    09/22/21       CNY      20.11
XIAOGAN GAOCHUANG INVES     6.87    09/22/21       CNY      26.69
XIAOGAN URBAN CONSTRUCT     6.89    05/29/21       CNY      20.21
XIAOGAN URBAN CONSTRUCT     6.89    05/29/21       CNY      20.40
XIAOGAN URBAN CONSTRUCT     3.94    07/05/21       CNY      62.90
XIAOXIAN COUNTY DEVELOP     4.85    06/22/23       CNY      60.11
XIAOXIAN COUNTY DEVELOP     4.85    06/22/23       CNY      60.17
XINDONGGANG HOLDING GRO     5.53    04/27/23       CNY      59.38
XINDONGGANG HOLDING GRO     5.53    04/27/23       CNY      59.45
XINGAN COUNTY URBAN CON     5.48    08/03/23       CNY      57.85
XINGAN COUNTY URBAN CON     5.48    08/03/23       CNY      58.85
XINGAN LEAGUE URBAN DEV     6.18    12/21/22       CNY      27.97
XINGAN LEAGUE URBAN DEV     6.18    12/21/22       CNY      28.78
XINGHUA CITY ECONOMIC D     5.28    06/13/22       CNY      49.75
XINGHUA CITY ECONOMIC D     5.28    06/13/22       CNY      49.78
XINGYI XINHENG URBAN CO     5.40    12/16/22       CNY      38.40
XINGYI XINHENG URBAN CO     5.40    12/16/22       CNY      38.59
XINJIANG KAIDI INVESTME     7.80    04/22/21       CNY      20.07
XINJIANG KAIDI INVESTME     7.80    04/22/21       CNY      21.35
XINMI CAIYUAN CITY CONS     4.35    02/28/23       CNY      59.68
XINMI CAIYUAN CITY CONS     4.35    02/28/23       CNY      59.70
XINMIN CITY LUXIN MUNIC     6.41    07/29/21       CNY      13.72
XINMIN CITY LUXIN MUNIC     6.41    07/29/21       CNY      13.87
XINTAI CITY COORDINATIN     6.35    03/23/22       CNY      40.25
XINTAI CITY COORDINATIN     6.35    03/23/22       CNY      40.75
XINYANG HUAXIN INVESTME     7.55    04/15/21       CNY      20.15
XINYANG HUAXIN INVESTME     7.55    04/15/21       CNY      26.30
XINYI CITY INVESTMENT &     4.30    01/19/23       CNY      38.89
XINYI CITY INVESTMENT &     4.30    01/19/23       CNY      40.00
XINYI URBAN TRANSPORTAT     6.14    02/06/22       CNY      40.47
XINYI URBAN TRANSPORTAT     6.14    02/06/22       CNY      41.53
XINYU CHENGDONG CONSTRU     8.48    05/27/21       CNY      20.17
XINYU CITY SHANTYTOWN Z     6.50    11/13/22       CNY      71.53
XINYU CITY YUSHUI DISTR     7.70    06/24/22       CNY      40.62
XINYU CITY YUSHUI DISTR     7.70    06/24/22       CNY      41.39
XINZHENG NEW DISTRICT D     6.40    01/29/21       CNY      25.00
XINZHOU ASSET MANAGEMEN     7.90    02/21/21       CNY      20.08
XINZHOU ASSET MANAGEMEN     7.90    02/21/21       CNY      21.07
XIWANG GROUP CO LTD         7.80    12/03/22       CNY      49.94
XUANCHENG CITY ECONOMY      7.95    09/22/21       CNY      20.39
XUANCHENG CITY ECONOMY      7.95    09/22/21       CNY      26.00
XUANCHENG STATE-OWNED A     7.95    03/27/21       CNY      20.13
XUANCHENG STATE-OWNED A     7.95    03/27/21       CNY      26.00
XUANCHENG STATE-OWNED A     4.12    04/07/23       CNY      60.00
XUANCHENG STATE-OWNED A     4.12    04/07/23       CNY      60.03
XUZHOU BOCHANT DEVELOPM     5.69    07/28/21       CNY      32.31
XUZHOU CITY JIAWANG CON     4.00    03/23/23       CNY      59.69
XUZHOU CITY TONGSHAN DI     5.23    09/18/22       CNY      40.00
XUZHOU CITY TONGSHAN DI     5.23    09/18/22       CNY      40.44
XUZHOU ECONOMIC TECHNOL     7.35    04/21/21       CNY      20.20
XUZHOU ECONOMIC TECHNOL     7.35    04/21/21       CNY      20.30
XUZHOU HI-TECH INDUSTRI     7.86    04/22/21       CNY      20.21
XUZHOU HI-TECH INDUSTRI     7.86    04/22/21       CNY      31.50
XUZHOU HI-TECH INDUSTRI     3.78    11/11/23       CNY      58.66
XUZHOU HI-TECH INDUSTRI     3.78    11/11/23       CNY      59.21
XUZHOU TRANSPORTATION H     7.09    05/15/21       CNY      20.20
XUZHOU TRANSPORTATION H     7.09    05/15/21       CNY      20.24
XUZHOU XINSHENG INVESTM     5.13    08/12/22       CNY      40.61
XUZHOU XINSHENG INVESTM     5.13    08/12/22       CNY      44.46
YANCHENG DAFENG DISTRIC     8.70    01/24/21       CNY      20.01
YANCHENG DAFENG DISTRIC     8.70    01/24/21       CNY      20.97
YANCHENG HIGH-TECH ZONE     3.90    12/14/22       CNY      39.90
YANCHENG HIGH-TECH ZONE     3.90    12/14/22       CNY      39.95
YANCHENG ORIENTAL INVES     6.48    09/15/21       CNY      20.05
YANCHENG ORIENTAL INVES     6.48    09/15/21       CNY      20.13
YANCHENG SOUTH DISTRICT     6.70    07/30/21       CNY      20.33
YANCHENG SOUTH DISTRICT     6.70    07/30/21       CNY      20.40
YANCHENG YANDU DISTRICT     3.67    03/17/23       CNY      59.21
YANCHENG YANDU DISTRICT     3.67    03/17/23       CNY      59.71
YANGJIANG HENGCAI CITY      6.24    04/14/22       CNY      40.42
YANGJIANG HENGCAI CITY      6.24    04/14/22       CNY      41.20
YANGZHONG TRANSPORTATIO     4.95    04/07/23       CNY      59.30
YANGZHONG TRANSPORTATIO     4.98    04/07/23       CNY      60.05
YANGZHONG TRANSPORTATIO     4.95    04/07/23       CNY      60.06
YANGZHONG TRANSPORTATIO     4.98    04/07/23       CNY      60.28
YANGZHOU CHEMICAL INDUS     8.58    01/24/21       CNY      20.01
YANGZHOU CHEMICAL INDUS     8.58    01/24/21       CNY      26.00
YANGZHOU ECONOMIC & TEC     7.40    03/05/21       CNY      40.00
YANGZHOU ECONOMIC & TEC     7.40    03/05/21       CNY      40.18
YANGZHOU GUANGLING NEW      3.62    09/07/23       CNY      57.93
YANGZHOU GUANGLING NEW      3.62    09/07/23       CNY      58.93
YANGZHOU HANJIANG CONST     5.88    06/15/22       CNY      40.70
YANGZHOU HANJIANG CONST     5.88    06/15/22       CNY      46.63
YI CHENG CONSTRUCTION I     5.44    04/27/23       CNY      59.62
YI ZHENG CITY DEVELOPME     4.63    01/08/23       CNY      39.98
YI ZHENG CITY DEVELOPME     4.63    01/08/23       CNY      40.00
YICHANG HIGH-TECH INVES     4.80    12/15/22       CNY      40.00
YICHANG HIGH-TECH INVES     4.80    12/15/22       CNY      40.31
YICHANG HIGH-TECH INVES     3.74    07/21/23       CNY      58.99
YICHANG HIGH-TECH INVES     3.74    07/21/23       CNY      59.68
YICHUN URBAN CONSTRUCTI     7.09    05/15/21       CNY      20.20
YICHUN URBAN CONSTRUCTI     7.09    05/15/21       CNY      23.47
YICHUN VENTURE CAPITAL      6.70    03/23/22       CNY      40.51
YICHUN VENTURE CAPITAL      6.70    03/23/22       CNY      40.61
YIHUA ENTERPRISE GROUP      6.80    03/15/21       CNY      47.99
YIHUA ENTERPRISE GROUP      7.00    04/29/22       CNY      54.00
YIHUA LIFESTYLE TECHNOL     6.88    07/16/20       CNY      35.90
YIHUA LIFESTYLE TECHNOL     6.88    07/23/20       CNY      35.00
YILI KAZAKH AUTONOMOUS      7.68    02/28/21       CNY      20.08
YILI KAZAKH AUTONOMOUS      7.68    02/28/21       CNY      20.20
YINCHUAN URBAN CONSTRUC     6.88    05/12/21       CNY      20.00
YINCHUAN URBAN CONSTRUC     6.88    05/12/21       CNY      20.15
YINGKOU COASTAL DEVELOP     6.45    01/26/22       CNY      39.95
YINGKOU COASTAL DEVELOP     6.45    01/26/22       CNY      40.29
YINGKOU ECO & TECH DEVE     5.20    08/05/23       CNY      58.90
YINGKOU ECO & TECH DEVE     5.20    08/05/23       CNY      59.35
YINGKOU LAOBIAN CITY CO     5.63    12/16/22       CNY      39.99
YINGKOU LAOBIAN CITY CO     4.98    03/11/23       CNY      58.38
YINGKOU LAOBIAN CITY CO     4.98    03/11/23       CNY      60.00
YINGTAN LONGGANG ASSET      6.75    07/31/22       CNY      40.80
YINGTAN LONGGANG ASSET      6.75    07/31/22       CNY      41.18
YINGTAN STATE-OWNED ASS     3.63    08/12/21       CNY      39.89
YINGTAN STATE-OWNED ASS     7.50    12/12/22       CNY      31.02
YINGTAN STATE-OWNED ASS     7.50    12/12/22       CNY      31.02
YINING CITY STATE OWNED     8.90    01/23/21       CNY      19.92
YINING CITY STATE OWNED     8.90    01/23/21       CNY      20.00
YINING CITY STATE OWNED     5.37    09/24/22       CNY      39.00
YINING CITY STATE OWNED     5.37    09/24/22       CNY      39.11
YIWU CITY CONSTRUCTION      4.31    12/07/22       CNY      39.95
YIWU CITY CONSTRUCTION      4.31    12/07/22       CNY      40.40
YIWU URBAN & RURAL NEW      4.25    11/24/21       CNY      24.96
YIXING CITY CONSTRUCTIO     6.16    03/30/22       CNY      40.00
YIXING CITY CONSTRUCTIO     6.16    03/30/22       CNY      40.69
YIXING TUOYE INDUSTRIAL     7.60    05/28/21       CNY      20.15
YIXING TUOYE INDUSTRIAL     7.60    05/28/21       CNY      23.50
YIYANG ADVANCED INDUSTR     7.00    03/30/22       CNY      40.06
YIYANG ADVANCED INDUSTR     7.00    03/30/22       CNY      48.00
YIYANG PROVINCE AREA IN     4.95    10/13/23       CNY      56.50
YIYANG PROVINCE AREA IN     4.95    10/13/23       CNY      57.79
YIYANG PROVINCE AREA IN     5.16    11/23/23       CNY      56.35
YIYANG PROVINCE AREA IN     5.16    11/23/23       CNY      57.47
YIZHANG XINGYI CONSTRUC     5.49    09/02/24       CNY      68.87
YIZHANG XINGYI CONSTRUC     5.49    09/02/24       CNY      69.34
YONGCHENG COAL & ELECTR     7.50    02/02/21       CNY      39.88
YONGJIA INVESTMENT GROU     6.50    11/12/21       CNY      20.00
YONGJIA INVESTMENT GROU     6.50    11/12/21       CNY      20.25
YONGXING YINDU CONSTRUC     5.60    03/24/23       CNY      59.38
YONGXING YINDU CONSTRUC     5.60    03/24/23       CNY      60.42
YONGZHOU ECONOMIC CONST     3.55    01/14/23       CNY      39.42
YONGZHOU ECONOMIC CONST     3.55    01/14/23       CNY      39.50
YUANAN COUNTY QIFENG CI     5.50    05/27/23       CNY      60.35
YUANAN COUNTY QIFENG CI     5.50    05/27/23       CNY      60.41
YUEYANG CITY DONGTING N     6.15    03/20/22       CNY      40.03
YUEYANG CITY DONGTING N     6.15    03/20/22       CNY      40.07
YUEYANG HUILIN INVESTME     5.50    11/03/21       CNY      19.76
YUEYANG HUILIN INVESTME     5.50    11/03/21       CNY      20.07
YUEYANG YUNXI CITY CONS     6.00    07/08/23       CNY      59.71
YUEYANG YUNXI CITY CONS     6.00    07/08/23       CNY      60.09
YUEYANG YUNXI CITY CONS     5.18    11/21/23       CNY      57.78
YUHUAN CITY COMMUNICATI     5.65    11/03/21       CNY      20.14
YUHUAN CITY COMMUNICATI     5.65    11/03/21       CNY      20.22
YUHUAN CITY COMMUNICATI     6.18    03/20/22       CNY      40.51
YUHUAN CITY COMMUNICATI     6.18    03/20/22       CNY      44.47
YUHUAN CITY CONSTRUCTIO     5.10    05/03/23       CNY      60.12
YUHUAN CITY CONSTRUCTIO     5.10    05/03/23       CNY      60.45
YUHUAN CITY CONSTRUCTIO     3.72    10/21/23       CNY      58.75
YUHUAN CITY CONSTRUCTIO     3.72    10/21/23       CNY      59.36
YUNCHENG SHUIHU CITY CO     4.54    11/21/23       CNY      57.60
YUNCHENG SHUIHU CITY CO     4.54    11/21/23       CNY      58.63
YUNNAN HEALTH & CULTURA     6.77    05/23/21       CNY      18.00
YUNNAN HEALTH & CULTURA     6.77    05/23/21       CNY      19.85
YUYAO CITY CONSTRUCTION     7.09    05/19/21       CNY      20.24
YUZHOU GENERAL INVESTME     4.68    01/19/23       CNY      39.54
YUZHOU GENERAL INVESTME     4.68    01/19/23       CNY      40.00
ZAOYANG CITY CONSTRUCTI     5.50    03/22/23       CNY      59.80
ZAOYANG CITY CONSTRUCTI     5.50    03/22/23       CNY      60.12
ZHANGJIAGANG JINCHENG I     6.88    04/28/21       CNY      20.20
ZHANGJIAGANG JINCHENG I     6.88    04/28/21       CNY      20.21
ZHANGJIAJIE ECONOMIC DE     7.80    04/17/21       CNY      20.07
ZHANGQIU STATE OWNED AS     3.69    08/09/23       CNY      59.30
ZHANGQIU STATE OWNED AS     3.69    08/09/23       CNY      59.34
ZHANGSHU STATE-OWNED AS     4.80    06/22/23       CNY      59.82
ZHANGSHU STATE-OWNED AS     4.80    06/22/23       CNY      62.67
ZHANGYE CITY INVESTMENT     6.92    09/22/21       CNY      20.23
ZHANGYE CITY INVESTMENT     6.92    09/22/21       CNY      20.90
ZHANGZHOU ECONOMIC DEVE     6.17    04/27/22       CNY      40.52
ZHANGZHOU JIULONGJIANG      6.48    06/20/21       CNY      20.14
ZHANGZHOU JIULONGJIANG      6.48    06/20/21       CNY      20.30
ZHAODONG DONGSHENG CONS     6.50    01/20/24       CNY      61.79
ZHAODONG DONGSHENG CONS     6.50    01/20/24       CNY      61.80
ZHAOQING GAOYAO DISTRIC     6.68    04/14/22       CNY      40.00
ZHAOQING GAOYAO DISTRIC     6.68    04/14/22       CNY      40.59
ZHAOQING HI-TECH ZONE C     3.97    08/26/23       CNY      59.02
ZHAOQING HI-TECH ZONE C     3.97    08/26/23       CNY      59.07
ZHEJIANG BINHAI NEW CIT     4.65    12/23/22       CNY      40.22
ZHEJIANG CHANGXING JING     7.99    03/03/21       CNY      20.07
ZHEJIANG CHANGXING JING     7.99    03/03/21       CNY      30.00
ZHEJIANG GUOXING INVEST     6.94    08/01/21       CNY      20.31
ZHEJIANG GUOXING INVEST     6.94    08/01/21       CNY      28.50
ZHEJIANG HANGZHOU QINGS     7.90    04/23/21       CNY      20.17
ZHEJIANG HANGZHOU QINGS     7.90    04/23/21       CNY      24.00
ZHEJIANG HUISHENG INVES     4.49    03/15/24       CNY      69.89
ZHEJIANG HUISHENG INVES     4.49    03/15/24       CNY      70.00
ZHEJIANG OUHAI CONSTRUC     6.45    04/23/22       CNY      40.64
ZHEJIANG OUHAI CONSTRUC     6.45    04/23/22       CNY      40.66
ZHEJIANG OUHAI CONSTRUC     4.83    01/21/23       CNY      39.89
ZHEJIANG OUHAI CONSTRUC     4.83    01/21/23       CNY      40.36
ZHEJIANG PROVINCE XINCH     5.88    10/30/21       CNY      20.24
ZHEJIANG PROVINCE XINCH     5.88    10/30/21       CNY      21.06
ZHEJIANG PROVINCE XINCH     6.95    12/31/21       CNY      20.49
ZHEJIANG PROVINCE XINCH     6.95    12/31/21       CNY      21.20
ZHEJIANG YATAI PHARMACE     0.50    04/02/25       CNY      70.01
ZHENGZHOU AIRPORT ECONO     4.27    07/20/26       CNY      69.41
ZHENGZHOU AIRPORT ECONO     4.27    07/20/26       CNY      69.42
ZHENGZHOU JINGKAI INVES     5.48    07/31/22       CNY      40.00
ZHENGZHOU JINGKAI INVES     5.48    07/31/22       CNY      40.55
ZHENGZHOU MOUZHONG DEVE     7.48    12/11/21       CNY      20.33
ZHENGZHOU MOUZHONG DEVE     7.48    12/11/21       CNY      26.20
ZHENGZHOU MOUZHONG DEVE     4.59    04/18/23       CNY      60.00
ZHENGZHOU MOUZHONG DEVE     4.59    04/18/23       CNY      60.02
ZHENJIANG DANTU DISTRIC     5.89    11/03/21       CNY      19.80
ZHENJIANG DANTU DISTRIC     5.89    11/03/21       CNY      20.02
ZHENJIANG NEW AREA URBA     8.35    02/26/21       CNY      20.02
ZHENJIANG NEW AREA URBA     5.31    07/14/23       CNY      58.97
ZHENJIANG NEW AREA URBA     5.31    07/14/23       CNY      60.78
ZHIJIANG STATE-OWNED AS     4.78    01/11/23       CNY      39.54
ZHIJIANG STATE-OWNED AS     4.78    01/11/23       CNY      40.00
ZHIJIANG STATE-OWNED AS     4.38    03/28/23       CNY      59.15
ZHIJIANG STATE-OWNED AS     4.38    03/28/23       CNY      64.70
ZHONGGUANCUN DEVELOPMEN     4.20    08/12/22       CNY      39.87
ZHONGGUANCUN DEVELOPMEN     4.20    08/12/22       CNY      40.29
ZHONGMINTOU LEASING HOL     7.55    09/21/21       CNY      49.49
ZHONGSHAN TRANSPORTATIO     5.25    11/26/21       CNY      20.00
ZHONGSHAN TRANSPORTATIO     5.25    11/26/21       CNY      20.20
ZHOUKOU INVESTMENT GROU     7.49    04/21/21       CNY      20.07
ZHOUSHAN DINGHAI CITY C     6.67    07/20/22       CNY      40.25
ZHOUSHAN DINGHAI STATE-     7.13    08/04/21       CNY      20.18
ZHOUSHAN DINGHAI STATE-     7.13    08/04/21       CNY      20.27
ZHOUSHAN ISLANDS NEW DI     6.98    10/22/22       CNY      40.80
ZHOUSHAN ISLANDS NEW DI     6.98    10/22/22       CNY      40.94
ZHOUSHAN PUTUO DISTRICT     7.18    06/20/22       CNY      41.09
ZHOUSHAN PUTUO DISTRICT     7.18    06/20/22       CNY      41.90
ZHUHAI HUIHUA INFRASTRU     4.70    06/27/23       CNY      59.96
ZHUHAI HUIHUA INFRASTRU     4.70    06/27/23       CNY      60.00
ZHUJI CITY EAST NEW TOW     3.89    08/26/23       CNY      59.54
ZHUJI CITY YUEDU INVEST     6.38    04/07/22       CNY      40.57
ZHUZHOU CITY CONSTRUCTI     8.36    11/10/21       CNY      23.75
ZHUZHOU GECKOR GROUP CO     6.95    08/11/21       CNY      20.17
ZHUZHOU GECKOR GROUP CO     6.95    08/11/21       CNY      20.86
ZHUZHOU GECKOR GROUP CO     6.38    04/17/22       CNY      40.00
ZHUZHOU GECKOR GROUP CO     6.38    04/17/22       CNY      40.41
ZHUZHOU GECKOR GROUP CO     3.78    09/28/23       CNY      58.59
ZHUZHOU GECKOR GROUP CO     3.78    09/28/23       CNY      58.67
ZHUZHOU HI-TECH AUTO EX     4.47    11/03/23       CNY      74.62
ZHUZHOU RECYCLING ECONO     4.38    03/24/23       CNY      57.52
ZHUZHOU RECYCLING ECONO     4.38    03/24/23       CNY      58.30
ZHUZHOU XIANGJIANG SCEN     5.39    11/25/22       CNY      39.30
ZHUZHOU XIANGJIANG SCEN     5.39    11/25/22       CNY      40.58
ZIBO BANYANG CITY URBAN     5.50    09/09/22       CNY      39.75
ZIBO BANYANG CITY URBAN     5.50    09/09/22       CNY      40.00
ZIYANG WATER INVESTMENT     3.97    03/17/23       CNY      57.70
ZIYANG WATER INVESTMENT     3.97    03/17/23       CNY      57.83
ZIZHONG COUNTY XINGZI I     5.97    01/18/23       CNY      39.64
ZIZHONG COUNTY XINGZI I     5.97    01/18/23       CNY      39.68
ZUNYI ECONOMIC DEVELOPM     4.87    01/22/23       CNY      38.01
ZUNYI ECONOMIC DEVELOPM     4.87    01/22/23       CNY      40.00
ZUNYI HONGHUAGANG CITY      5.05    06/27/23       CNY      57.89
ZUNYI HONGHUAGANG CITY      5.05    06/27/23       CNY      59.29
ZUNYI NEW DISTRICT DEVE     5.99    04/07/26       CNY      62.75
ZUNYI NEW DISTRICT DEVE     5.99    04/07/26       CNY      70.02
ZUNYI ROAD & BRIDGE CON     6.10    04/27/23       CNY      52.51
ZUNYI ROAD & BRIDGE CON     6.10    04/27/23       CNY      57.96
ZUNYI TRAFFIC TRAVEL IN     7.70    09/27/27       CNY      70.05


   HONG KONG
   ---------

CAIYUN INTERNATIONAL IN     5.50    04/08/22       USD      63.74
DR PENG HOLDING HONGKON     7.55    12/01/21       USD      70.25
HNA GROUP INTERNATIONAL     6.25    10/05/21       USD      54.33


   INDIA
   -----

3I INFOTECH LTD             2.50    03/31/25       USD       9.88
ACME MEDAK SOLAR ENERGY     0.01    08/29/46       INR      12.55
ACME RANGA REDDY SOLAR      0.01    08/31/46       INR      12.43
AMPSOLAR SOLUTION PVT L     0.01    10/27/37       INR      26.39
AMPSOLAR SOLUTION PVT L     0.01    11/03/37       INR      26.34
APG HABITAT PVT LTD         1.00    09/09/28       INR      62.37
APG INTELLI HOMES PVT L     1.25    02/04/35       INR      44.17
APG INTELLI HOMES PVT L     1.25    02/04/35       INR      45.32
AUTOMOTIVE EXCHANGE PVT     4.00    06/01/30       INR      63.30
AUTOMOTIVE EXCHANGE PVT     4.00    10/11/30       INR      63.00
BREEZE CONSTRUCTIONS PV     0.01    06/29/30       INR      46.52
BRITANNIA INDUSTRIES LT     8.00    08/28/22       INR      31.26
CHANDRAJYOTI ESTATE DEV     0.01    07/06/30       INR      48.00
CREIXENT SPECIAL STEELS     0.01    08/28/25       INR      71.51
CUMULUS TRADING CO PVT      0.01    01/23/30       INR      64.12
CUMULUS TRADING CO PVT      0.01    05/21/32       INR      40.14
DEWAN HOUSING FINANCE C     8.50    04/18/23       INR      25.94
DLF ASPINWAL HOTELS PVT     0.01    10/15/30       INR      43.16
DLF EMPORIO RESTAURANTS     0.01    06/29/30       INR      47.87
DLF EMPORIO RESTAURANTS     0.01    08/12/30       INR      47.41
DLF HOME DEVELOPERS LTD     0.01    06/29/30       INR      49.99
DLF HOMES SERVICES PVT      0.01    06/29/30       INR      46.52
DLF REAL ESTATE BUILDER     0.01    06/23/30       INR      47.94
DLF RECREATIONAL FOUNDA     0.01    10/15/30       INR      45.24
DLF RESIDENTIAL BUILDER     0.01    06/23/30       INR      46.51
DLF RESIDENTIAL DEVELOP     0.01    06/28/30       INR      47.87
DLF SOUTHERN TOWNS PVT      0.01    07/09/30       INR      48.19
DOMUS REAL ESTATE PVT L     0.01    07/11/30       INR      48.09
EDELWEISS ASSET RECONST     2.00    03/28/27       INR      74.66
EDELWEISS ASSET RECONST     2.00    11/20/27       INR      72.32
EDELWEISS ASSET RECONST     2.00    10/07/28       INR      68.92
EDELWEISS ASSET RECONST     2.00    01/15/29       INR      67.89
EDELWEISS ASSET RECONST     2.00    03/28/29       INR      67.18
EDELWEISS ASSET RECONST     2.00    07/22/29       INR      66.07
ESSAR POWER TRANSMISSIO     3.00    03/31/43       INR      50.53
ESSAR POWER TRANSMISSIO     3.00    03/31/43       INR      50.53
GREEN URJA PVT LTD          0.01    02/14/30       INR      49.83
GTL INFRASTRUCTURE LTD      6.73    10/26/22       USD       6.69
HINDUSTAN CONSTRUCTION      0.01    01/05/27       INR      65.20
HITODI INFRASTRUCTURE L     0.01    06/30/27       INR      61.44
JAIPRAKASH ASSOCIATES L     5.75    09/08/17       USD      55.13
JAIPRAKASH POWER VENTUR     7.00    05/15/17       USD       4.59
JCT LTD                     2.50    04/08/11       USD      25.75
JSM CORP PVT LTD            0.01    08/31/36       INR      28.49
JTPM ATSALI LTD             0.01    08/29/48       INR      11.72
KANAKADURGA FINANCE LTD     0.01    04/15/36       INR      27.27
KRIBHCO INFRASTRUCTURE      1.00    04/15/26       INR      73.51
MARIS POWER SUPPLY CO P     2.00    04/18/28       INR      70.00
MELOSA BUILDERS & DEVEL     0.01    06/29/30       INR      46.69
MENS BUILDCON PVT LTD       0.01    06/29/30       INR      46.69
MYTRAH AADHYA POWER PVT     0.01    07/05/35       INR      31.98
MYTRAH ADVAITH POWER PV     0.01    07/13/36       INR      29.35
MYTRAH AKSHAYA ENERGY P     0.01    07/13/36       INR      29.35
NEEMUCH SOLAR POWER PVT     0.01    08/29/46       INR      12.55
ORIGAMI CELLULO PVT LTD     0.01    11/14/36       INR      28.09
PRAKASH INDUSTRIES LTD      5.25    04/30/15       USD      22.63
PUNJAB INFRASTRUCTURE D     0.40    10/15/26       INR      72.61
PUNJAB INFRASTRUCTURE D     0.40    10/15/27       INR      67.68
PUNJAB INFRASTRUCTURE D     0.40    10/15/28       INR      63.05
PUNJAB INFRASTRUCTURE D     0.40    10/15/29       INR      58.79
PUNJAB INFRASTRUCTURE D     0.40    10/15/30       INR      54.87
PUNJAB INFRASTRUCTURE D     0.40    10/15/31       INR      51.32
PUNJAB INFRASTRUCTURE D     0.40    10/15/32       INR      48.08
PUNJAB INFRASTRUCTURE D     0.40    10/15/33       INR      45.17
PURVANCHAL SOLAR POWER      0.01    08/29/46       INR      12.55
PYRAMID SAIMIRA THEATRE     1.75    07/04/12       USD       0.26
R L FINE CHEM PVT LTD       0.10    08/19/36       INR      28.97
REDKITE CAPITAL PVT LTD     2.50    01/15/28       INR      74.08
REDKITE CAPITAL PVT LTD     2.50    03/30/29       INR      69.54
REI AGRO LTD                5.50    11/13/14       USD       0.96
REI AGRO LTD                5.50    11/13/14       USD       0.96
RELIANCE COMMUNICATIONS     6.50    11/06/20       USD       8.61
REWANCHAL SOLAR POWER P     0.01    08/29/46       INR      12.55
SAKET HOLIDAYS RESORTS      0.01    06/29/30       INR      47.88
SHIVAJI MARG MAINTENANC     0.01    06/28/30       INR      46.43
SINTEX INDUSTRIES LTD       3.50    05/25/22       USD      23.63
SUNWORLD SOLAR POWER PV     0.01    08/31/46       INR      12.43
SURBHI INVESTMENTS & TR     2.50    10/21/28       INR      70.57
SUTARA ROADS & INFRA LT     0.01    08/31/30       INR      55.59
SUZLON ENERGY LTD           5.75    07/16/19       USD      23.48
SUZLON ENERGY LTD           5.75    07/16/19       USD      23.48
SVOGL OIL GAS & ENERGY      5.00    08/17/15       USD       0.61
TATA SMARTFOODZ LTD         0.01    07/15/25       INR      73.53
TATA SMARTFOODZ LTD         0.01    11/23/25       INR      71.29
TN URJA PVT LTD             0.10    02/22/36       INR      30.14
WATSUN INFRABUILD PVT L     4.00    10/16/37       INR      59.02
WS T&D LTD                  0.10    03/24/29       INR      54.24
ZYDUS FOUNDATION            0.10    03/25/25       INR      74.90


   INDONESIA
   ---------

ALAM SUTERA REALTY TBK      6.25    11/02/25       USD      72.26
DELTA MERLIN DUNIA TEKS     8.63    03/12/24       USD       4.38
DELTA MERLIN DUNIA TEKS     8.63    03/12/24       USD       5.40
MEDIKALOKA HERMINA TBK      8.00    09/08/23       IDR      58.35
MNC INVESTAMA TBK PT        9.00    05/11/21       USD      66.91
WAHANA OTTOMITRA MULTIA     9.15    05/29/21       IDR      70.75


   JAPAN
   -----

AVANSTRATE INC              0.15    10/29/32       JPY       9.75
HIS CO LTD                  0.44    02/20/24       JPY      67.25
HIS CO LTD                  0.58    02/19/27       JPY      50.68
MITSUI E&S HOLDINGS CO      0.70    09/15/23       JPY      70.52
TKJP CORP                   1.02    12/15/17       JPY       0.50
TKJP CORP                   0.85    03/06/19       JPY       2.02
TKJP CORP                   0.58    03/26/21       JPY       2.02
UNIZO HOLDINGS CO LTD       0.51    05/26/21       JPY      71.25
UNIZO HOLDINGS CO LTD       0.43    11/29/21       JPY      59.91
UNIZO HOLDINGS CO LTD       0.52    05/27/22       JPY      45.37
UNIZO HOLDINGS CO LTD       0.75    11/28/22       JPY      39.76
UNIZO HOLDINGS CO LTD       0.85    05/26/23       JPY      35.50
UNIZO HOLDINGS CO LTD       0.80    11/29/23       JPY      30.50
UNIZO HOLDINGS CO LTD       0.89    05/29/24       JPY      28.50
UNIZO HOLDINGS CO LTD       1.10    11/28/24       JPY      26.96
UNIZO HOLDINGS CO LTD       0.99    11/27/26       JPY      22.50
UNIZO HOLDINGS CO LTD       1.20    05/28/27       JPY      20.50
UNIZO HOLDINGS CO LTD       1.50    11/26/27       JPY      19.90


   MALAYSIA
   --------

AEGEAN MARINE PETROLEUM     4.00    11/01/18       USD      24.50
AEGEAN MARINE PETROLEUM     4.25    12/15/21       USD      24.50
ASIAN PAC HOLDINGS BHD      3.00    05/25/22       MYR       0.65
BERJAYA CORP BHD            5.00    04/22/22       MYR       0.23
BERJAYA CORP BHD            2.00    05/29/26       MYR       0.10
ELK-DESA RESOURCES BHD      3.25    04/14/22       MYR       1.11
HIAP TECK VENTURE BHD       5.00    06/23/21       MYR       0.38
HUME CEMENT INDUSTRIES      5.00    05/29/24       MYR       1.33
MALAYAN FLOUR MILLS BHD     5.00    01/24/24       MYR       1.64
PENGURUSAN AIR SPV BHD      1.00    09/28/35       MYR      68.66
PENGURUSAN AIR SPV BHD      1.00    11/05/35       MYR      67.89
PMB TECHNOLOGY BHD          3.00    07/12/23       MYR       5.30
SENAI-DESARU EXPRESSWAY     1.35    06/30/31       MYR      73.58
VIZIONE HOLDINGS BHD        3.00    08/08/21       MYR       0.03


   NEW ZEALAND
   -----------

PRECINCT PROPERTIES NEW     4.80    09/27/21       NZD       1.18


   SINGAPORE
   ---------

ASL MARINE HOLDINGS LTD     3.00    03/28/25       SGD      42.13
ASL MARINE HOLDINGS LTD     3.00    10/01/26       SGD      42.13
BAKRIE TELECOM PTE LTD     11.50    05/07/15       USD       1.01
BAKRIE TELECOM PTE LTD     11.50    05/07/15       USD       1.01
BAYAN TELECOMMUNICATION    15.00    07/15/06       USD      22.75
BLD INVESTMENTS PTE LTD     8.63    03/23/15       USD       4.88
BLUE OCEAN RESOURCES PT     8.00    12/31/21       USD      28.38
BLUE OCEAN RESOURCES PT     8.00    12/31/21       USD      28.38
BLUE OCEAN RESOURCES PT     8.00    12/31/21       USD      28.38
DAVOMAS INTERNATIONAL F    11.00    05/09/11       USD       0.80
DAVOMAS INTERNATIONAL F    11.00    05/09/11       USD       0.80
DAVOMAS INTERNATIONAL F    11.00    12/08/14       USD       0.80
DAVOMAS INTERNATIONAL F    11.00    12/08/14       USD       0.80
ENERCOAL RESOURCES PTE      9.25    08/05/14       USD      45.75
ETERNA CAPITAL PTE LTD      8.00    12/11/22       USD      44.61
EZRA HOLDINGS LTD           4.88    04/24/18       SGD       5.00
INDO INFRASTRUCTURE GRO     2.00    07/30/10       USD       1.00
INNOVATE CAPITAL PTE LT     6.00    12/11/24       USD      13.00
ITNL OFFSHORE PTE LTD       7.50    01/18/21       CNY      15.00
JGC VENTURES PTE LTD       10.75    08/30/21       USD      30.00
MICLYN EXPRESS OFFSHORE     8.75    11/25/18       USD      16.23
MODERNLAND OVERSEAS PTE     6.95    04/13/24       USD      29.85
MULHACEN PTE LTD            6.50    08/01/23       EUR      60.59
MULHACEN PTE LTD            6.50    08/01/23       EUR      60.78
NT RIG HOLDCO PTE LTD       7.50    12/20/21       USD      58.13
ORO NEGRO DRILLING PTE      7.50    01/24/19       USD      14.23
PACIFIC RADIANCE LTD        4.30    03/31/20       SGD      10.00
RICKMERS MARITIME           8.45    05/15/17       SGD       5.00
SOECHI CAPITAL PTE LTD      8.38    01/31/23       USD      68.23
SOECHI CAPITAL PTE LTD      8.38    01/31/23       USD      69.76
SSMS PLANTATION HOLDING     7.75    01/23/23       USD      69.82
SWIBER CAPITAL PTE LTD      6.25    10/30/17       SGD       4.20
SWIBER CAPITAL PTE LTD      6.50    08/02/18       SGD       4.20
SWIBER HOLDINGS LTD         5.55    10/10/16       SGD      12.25
SWIBER HOLDINGS LTD         7.13    04/18/17       SGD       6.13
SWIBER HOLDINGS LTD         7.75    09/18/17       CNY       6.12


   SOUTH KOREA
   -----------

ECOMAISTER CO LTD           2.00    10/11/22       KRW      73.13
HEUNGKUK FIRE & MARINE      5.70    12/29/46       KRW      43.81
KIBO ABS SPECIALTY CO L     5.00    02/26/21       KRW      68.00
KIBO ABS SPECIALTY CO L     5.00    08/28/21       KRW      73.78
KIBO ABS SPECIALTY CO L     5.00    02/24/22       KRW      73.10
KIBO ABS SPECIALTY CO L     5.00    02/28/22       KRW      72.26
KIBO ABS SPECIALTY CO L     5.00    02/24/23       KRW      71.04
LOTTE CARD CO LTD           3.95    06/28/49       KRW      38.96
POSCO ENERGY CO LTD         5.21    08/29/43       KRW      61.61
SAMPYO CEMENT CO LTD        8.30    04/20/14       KRW      70.00
SAMPYO CEMENT CO LTD        7.50    07/20/14       KRW      70.00
SAMPYO CEMENT CO LTD        8.30    09/10/14       KRW      70.00
SAMPYO CEMENT CO LTD        8.10    04/12/15       KRW      70.00
SAMPYO CEMENT CO LTD        8.10    06/26/15       KRW      70.00
SINBO SECURITIZATION SP     5.00    03/21/21       KRW      67.67
SINBO SECURITIZATION SP     5.00    06/29/21       KRW      73.95
SINBO SECURITIZATION SP     5.00    07/26/21       KRW      64.87
SINBO SECURITIZATION SP     5.00    08/31/21       KRW      63.31
SINBO SECURITIZATION SP     5.00    12/27/21       KRW      72.92
SINBO SECURITIZATION SP     5.00    01/25/22       KRW      61.55
SINBO SECURITIZATION SP     5.00    01/26/22       KRW      62.84
SINBO SECURITIZATION SP     5.00    02/23/22       KRW      63.75
SINBO SECURITIZATION SP     5.00    02/28/22       KRW      72.25
SINBO SECURITIZATION SP     5.00    06/27/22       KRW      65.80
SINBO SECURITIZATION SP     5.00    06/29/22       KRW      74.61
SINBO SECURITIZATION SP     5.00    07/24/22       KRW      65.48
SINBO SECURITIZATION SP     5.00    07/26/22       KRW      66.71
SINBO SECURITIZATION SP     5.00    08/29/22       KRW      66.30
SINBO SECURITIZATION SP     5.00    08/31/22       KRW      66.34
SINBO SECURITIZATION SP     5.00    09/26/22       KRW      66.05
SINBO SECURITIZATION SP     5.00    09/28/22       KRW      74.71
SINBO SECURITIZATION SP     5.00    12/25/22       KRW      70.15
SINBO SECURITIZATION SP     5.00    01/25/23       KRW      65.78
SINBO SECURITIZATION SP     5.00    01/29/23       KRW      69.93
SINBO SECURITIZATION SP     5.00    02/28/23       KRW      72.70
SINBO SECURITIZATION SP     5.00    03/20/23       KRW      72.54
SINBO SECURITIZATION SP     5.00    06/27/23       KRW      67.91
SINBO SECURITIZATION SP     5.00    07/24/23       KRW      67.58
SINBO SECURITIZATION SP     5.00    08/29/23       KRW      68.45
SINBO SECURITIZATION SP     5.00    08/29/23       KRW      68.45
SINBO SECURITIZATION SP     5.00    09/26/23       KRW      68.18
SINBO SECURITIZATION SP     5.00    09/26/23       KRW      68.18
SINBO SECURITIZATION SP     5.00    09/26/23       KRW      68.18
SINBO SECURITIZATION SP     5.00    10/24/23       KRW      67.97
SINBO SECURITIZATION SP     5.00    10/24/23       KRW      67.97
SINBO SECURITIZATION SP     3.00    11/21/23       KRW      64.49
SINBO SECURITIZATION SP     5.00    11/21/23       KRW      68.85
SINBO SECURITIZATION SP     4.00    12/25/23       KRW      66.32
SINBO SECURITIZATION SP     4.00    12/25/23       KRW      66.32
SINBO SECURITIZATION SP     5.00    12/25/23       KRW      70.51
SINBO SECURITIZATION SP     3.00    01/29/24       KRW      66.35
SINBO SECURITIZATION SP     4.00    01/29/24       KRW      68.32
SINBO SECURITIZATION SP     4.00    01/29/24       KRW      68.32
SINBO SECURITIZATION SP     5.00    02/27/24       KRW      69.23
SINBO SECURITIZATION SP     4.00    04/15/24       KRW      66.57


   SRI LANKA
   ---------

SRI LANKA DEVELOPMENT B     6.92    01/01/23       USD      73.67
SRI LANKA DEVELOPMENT B     4.28    01/22/23       USD      69.16
SRI LANKA DEVELOPMENT B     4.48    01/22/23       USD      69.45
SRI LANKA DEVELOPMENT B     5.94    01/22/23       USD      71.73
SRI LANKA DEVELOPMENT B     4.26    03/16/23       USD      67.75
SRI LANKA DEVELOPMENT B     6.62    03/16/23       USD      71.60
SRI LANKA DEVELOPMENT B     4.13    05/01/23       USD      66.44
SRI LANKA DEVELOPMENT B     4.17    05/01/23       USD      66.50
SRI LANKA DEVELOPMENT B     5.66    05/01/23       USD      69.09
SRI LANKA DEVELOPMENT B     6.69    05/01/23       USD      70.80
SRI LANKA DEVELOPMENT B     6.70    05/01/23       USD      70.82
SRI LANKA DEVELOPMENT B     6.71    05/01/23       USD      70.83
SRI LANKA DEVELOPMENT B     4.81    01/22/25       USD      59.18
SRI LANKA DEVELOPMENT B     5.98    01/22/25       USD      61.79
SRI LANKA DEVELOPMENT B     6.02    01/22/25       USD      61.89
SRI LANKA DEVELOPMENT B     6.05    01/22/25       USD      61.97
SRI LANKA DEVELOPMENT B     6.50    01/22/25       USD      63.11
SRI LANKA DEVELOPMENT B     6.75    01/22/25       USD      63.75
SRI LANKA DEVELOPMENT B     6.80    01/22/25       USD      63.88
SRI LANKA DEVELOPMENT B     6.82    01/22/25       USD      63.93
SRI LANKA DEVELOPMENT B     6.87    01/22/25       USD      64.05
SRI LANKA GOVERNMENT IN     5.88    07/25/22       USD      70.48
SRI LANKA GOVERNMENT IN     5.88    07/25/22       USD      70.60
SRI LANKA GOVERNMENT IN     5.75    04/18/23       USD      67.06
SRI LANKA GOVERNMENT IN     5.75    04/18/23       USD      67.07
SRI LANKA GOVERNMENT IN     6.85    03/14/24       USD      65.73
SRI LANKA GOVERNMENT IN     6.85    03/14/24       USD      65.90
SRI LANKA GOVERNMENT IN     6.35    06/28/24       USD      65.67
SRI LANKA GOVERNMENT IN     6.35    06/28/24       USD      65.72
SRI LANKA GOVERNMENT IN     6.13    06/03/25       USD      64.55
SRI LANKA GOVERNMENT IN     6.13    06/03/25       USD      64.61
SRI LANKA GOVERNMENT IN     6.85    11/03/25       USD      64.35
SRI LANKA GOVERNMENT IN     6.85    11/03/25       USD      64.44
SRI LANKA GOVERNMENT IN     6.83    07/18/26       USD      63.87
SRI LANKA GOVERNMENT IN     6.83    07/18/26       USD      63.90
SRI LANKA GOVERNMENT IN     6.20    05/11/27       USD      62.71
SRI LANKA GOVERNMENT IN     6.20    05/11/27       USD      62.82
SRI LANKA GOVERNMENT IN     6.75    04/18/28       USD      62.62
SRI LANKA GOVERNMENT IN     6.75    04/18/28       USD      62.72
SRI LANKA GOVERNMENT IN     7.85    03/14/29       USD      62.95
SRI LANKA GOVERNMENT IN     7.85    03/14/29       USD      62.96
SRI LANKA GOVERNMENT IN     7.55    03/28/30       USD      62.52
SRI LANKA GOVERNMENT IN     7.55    03/28/30       USD      62.71
SRILANKAN AIRLINES LTD      7.00    06/25/24       USD      56.82


   THAILAND
   --------

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



                           *********


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

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

Copyright 2021.  All rights reserved.  ISSN: 1520-9482.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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