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

                     A S I A   P A C I F I C

          Tuesday, April 27, 2021, Vol. 24, No. 78

                           Headlines



A U S T R A L I A

AFG TRUST 2021-1: S&P Assigns Prelim. BB Rating on Class E Notes
DALEY GROUP: Second Creditors' Meeting Set for May 3
EAD CONCEPTS: Second Creditors' Meeting Set for May 5
FIRSTMAC MORTGAGE 2021-2: S&P Assigns Prelim. BB Rating on E Notes
MCITY PTY: Second Creditors' Meeting Set for April 30

MEDINA PROJECTS: First Creditors' Meeting Set for May 4
MEQUITY PTY: Second Creditors' Meeting Set for April 30
PEPPER RESIDENTIAL 29: S&P Gives Prelim B+ Rating on Class F Notes
RESIMAC BASTILLE 2021-1NC: S&P Assigns Prelim B Rating on F Notes
SOLARIS TRUST 2021-1: S&P Assigns BB- Rating on Class E Notes



C H I N A

CHINA HUARONG: Delays 2020 Results Past April 30 Deadline
DATANG GROUP: Moody's Assigns First Time 'B2' Corp Family Rating
HONGHUA GROUP: Moody's Affirms B1 CFR & Alters Outlook to Stable
TIMES CHINA: Moody's Affirms Ba3 CFR, Outlook Stable
WEST CHINA CEMENT: Moody's Alters Outlook on Ba2 CFR to Positive

XINJIANG GOLDWIND: S&P Lowers ICR to 'BB+', Outlook Stable
ZIJIN MINING: S&P Lowers ICR to 'BB+' on Elevated Leverage


I N D I A

A PRASHANTH: CARE Lowers Rating on INR18.74cr LT Loan to B
AKSHRA INDUSTRIAL: CARE Lowers Rating on INR6.53cr Loan to B-
CANNANORE HANDLOOM: CRISIL Reaffirms B+ Rating on INR1cr Loan
CLASSIC CASHEW: CRISIL Moves B+ Debt Rating from Not Cooperating
CREATIVE CLOTHEX: CARE Keeps C Debt Rating in Not Cooperating

DLP COTTON: CRISIL Reaffirms B+ Rating on INR10cr Loans
GOEL FOOD: CARE Lowers Rating on INR7.45cr LT Loan to B-
HARYANA PETROCHEM: CARE Lowers Rating on INR7.60cr Loan to B
HI TECH TRANS: CRISIL Reaffirms B Rating on INR.10cr Loans
INDIANA STEEL: CRISIL Reaffirms B Rating on INR6.32cr Cash Loan

K. S. COT: CARE Keeps C Debt Rating in Not Cooperating
LAMCO INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating
MACROTECH DEVELOPERS: Moody's Alters Outlook on Caa1 CFR to Stable
MINAKSHI TRADERS: CRISIL Reaffirms B+ Rating on INR7cr Loans
MIRAJ METALS: CARE Keeps D Debt Ratings in Not Cooperating

MIRAJ RECYCLERS: CARE Keeps D Debt Ratings in Not Cooperating
MULJI DEVSHI: CARE Keeps D Debt Rating in Not Cooperating
NARAYANADRI HOSPITALS: Ind-Ra Moves B- Rating to Non-Cooperating
PANIPAT JALANDHAR: CRISIL Lowers Rating on INR3,646cr Loan to D
PUNJAB INFRASTRUCTURE: Ind-Ra Affirms 'BB' Rating, Outlook Stable

PUREWAL STONE: CARE Lowers Rating on INR9.67cr Loan to C
RAKESH CREDITS: CRISIL Withdraws B Rating on INR8.5cr LT Loan
S. K. HITECH: CARE Keeps D Debt Rating in Not Cooperating
S. S. ENGINEERS: CRISIL Withdraws B+ Rating on INR5cr Cash Loan
SHIKHAR CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating

TISSORI INDIA: CARE Keeps D Debt Rating in Not Cooperating
TUSCAN AGROW: CARE Keeps D Debt Rating in Not Cooperating
WORSTED OVERSEAS: CARE Keeps D Debt Rating in Not Cooperating


I N D O N E S I A

CHANDRA ASRI: Moody's Affirms Ba3 CFR, Outlook Remains Stable


J A P A N

ANA HOLDINGS: Sees Smaller Net Loss for FY2020 on Cost-Cutting
ARCH FINANCE 2007-1: Moody's Hikes Rating on JPY12-Bil. Debt to Ba3
JAPAN: Recession Risk Looms with New Virus State of Emergency
JFE HOLDINGS: Moody's Affirms Ba2 Rating on Subordinate Loan


M A L A Y S I A

SCOMI GROUP: Applies for Judicial Management


P H I L I P P I N E S

CHELSEA LOGISTICS: To Cut Jobs, Seek Loan Waivers to Stay Afloat


S I N G A P O R E

CATERPILLAR'S COVE: Creditors' Proofs of Debt Due May 24
CRAY SUPERCOMPUTER: Creditors' Proofs of Debt Due May 24
DIAMOND WALKER: First Creditors' Meetings Set for May 24
NAIISE PTE: Deloitte Appointed as Provisional Liquidators
NEO GUAN: First Creditors' Meetings Set for May 21



V I E T N A M

BIM LAND: Moody's Assigns B2 Rating to Proposed Green Bond


X X X X X X X X

[*] BOND PRICING: For the Week April 19, 2021 to April 23, 2021

                           - - - - -


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

AFG TRUST 2021-1: S&P Assigns Prelim. BB Rating on Class E Notes
----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to six of the
seven classes of prime residential mortgage-backed securities
(RMBS) to be issued by Perpetual Corporate Trust Ltd. as trustee
for AFG 2021-1 Trust in respect of Series 2021-1.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and lenders' mortgage
insurance on 9.8% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.0% of the aggregate outstanding amount of the notes,
subject to a floor of A$500,000, and the principal draw function
are sufficient to ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000 funded by AFG
Securities Pty Ltd. on the closing date to meet extraordinary
expenses. The reserve is to be topped up from excess spread, if
any, to the extent it has been drawn.
-- The counterparty exposure to National Australia Bank Ltd. as
liquidity facility provider and bank account provider. The
transaction documents for the liquidity facility and bank account
include downgrade language consistent with S&P Global Ratings'
counterparty criteria.

-- That loss of income for borrowers due to the effects of
COVID-19 might put upward pressure on mortgage arrears over the
longer term. In 2020, S&P updated its outlook assumptions for
Australian RMBS in response to changing macroeconomic conditions as
a result of the COVID-19 outbreak. The collateral pool at close for
this transaction will not include any loans where the borrower has
applied for a COVID-19 hardship payment arrangement and we have not
run any additional sensitivities.

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

  Preliminary Ratings Assigned

  AFG 2021-1 Trust in respect of Series 2021-1

  Class A1, A$450.00 million: AAA (sf)
  Class A2, A$29.00 million: AAA (sf)
  Class B, A$7.00 million: AA (sf)
  Class C, A$5.80 million: A (sf)
  Class D, A$3.60 million: BBB (sf)
  Class E, A$2.10 million: BB (sf)
  Class F, A$2.50 million: Not rated


DALEY GROUP: Second Creditors' Meeting Set for May 3
----------------------------------------------------
A second meeting of creditors in the proceedings of Daley Group
(WA) Pty Ltd and ACS Insulation Pty Ltd has been set for May 3,
2021, at 12:00 p.m. via Zoom meeting technology from the offices of
Cor Cordis, Mezzanine Level, 28 The Esplanade, in Perth, WA.

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 30, 2021, at 4:00 p.m.

Jeremy Joseph Nipps and Clifford Stuart Rocke of Cor Cordis were
appointed as administrators of Daley Group on March 17, 2021.


EAD CONCEPTS: Second Creditors' Meeting Set for May 5
-----------------------------------------------------
A second meeting of creditors in the proceedings of EAD Concepts
Pty Ltd (Formerly: Pitard Concepts Pty Ltd, Steller Concepts Pty
Ltd) has been set for May 5, 2021, at 3:00 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 May 4, 2021, at 5:00 p.m.

Con Kokkinos and Matthew Kucianski of Worrells Solvency & Forensic
Accountants were appointed as administrators of EAD Concepts on
March 29, 2021.


FIRSTMAC MORTGAGE 2021-2: S&P Assigns Prelim. BB Rating on E Notes
------------------------------------------------------------------
S&P Global Ratings assigned preliminary ratings to seven of the
eight classes of prime residential mortgage-backed securities
(RMBS) to be issued by Firstmac Fiduciary Services Pty Ltd. as
trustee for Firstmac Mortgage Funding Trust No. 4 Series 2021-2.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view of the credit support, which is sufficient to
withstand the stresses we apply. Credit support for the rated notes
comprises note subordination, excess spread, and lenders' mortgage
insurance on 12.5% of the portfolio.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity reserve
equal to 1.0% of the outstanding note balance, subject to a floor
of A$1,000,000, and the principal draw function are sufficient to
ensure timely payment of interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Firstmac Ltd., available to meet extraordinary expenses. The
reserve will be topped up via excess spread where possible, if
drawn.

-- The fixed- to floating-rate interest-rate swap provided by
Australia and New Zealand Banking Group Ltd. to hedge the mismatch
between receipts from fixed-rate mortgage loans and the
variable-rate RMBS.

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

Preliminary Ratings Assigned

Firstmac Mortgage Funding Trust No.4 Series 2021-2

Class A-1, A$850.00 million: AAA (sf)
Class A-2, A$70.00 million: AAA (sf)
Class A-3, A$30.00 million: AAA (sf)
Class B, A$22.50 million: AA (sf)
Class C, A$12.00 million: A (sf)
Class D, A$6.00 million: BBB (sf)
Class E, A$4.50 million: BB (sf)
Class F, A$5.00 million: Not rated


MCITY PTY: Second Creditors' Meeting Set for April 30
-----------------------------------------------------
A second meeting of creditors in the proceedings of MCITY Pty Ltd
has been set for April 30, 2021, at 1:30 p.m. The meeting will be
conducted by online video conference using Zoom Meetings.

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 28, 2021, at 5:00 p.m.

Daniel Peter Juratowitch of Cor Cordis was appointed as
administrator of MCITY Pty on March 18, 2021.


MEDINA PROJECTS: First Creditors' Meeting Set for May 4
-------------------------------------------------------
A first meeting of the creditors in the proceedings of Medina
Projects Group Pty Ltd will be held on May 4, 2021, at 12:30 p.m.
via virtual meeting technology.

Jason Tang and Andre Lakomy of Cor Cordis were appointed as
administrators of Medina Projects on April 23, 2021.


MEQUITY PTY: Second Creditors' Meeting Set for April 30
-------------------------------------------------------
A second meeting of creditors in the proceedings of Mequity Pty Ltd
has been set for April 30, 2021, at 3:00 p.m. via electronic
facilities.

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 28, 2021, at 5:00 p.m.

Daniel Peter Juratowitch of Cor Cordis was appointed as
administrator of Mequity Pty on March 18, 2021.


PEPPER RESIDENTIAL 29: S&P Gives Prelim B+ Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of nonconforming and prime residential mortgage-backed
securities (RMBS) to be issued by Permanent Custodians Ltd. as
trustee of Pepper Residential Securities Trust No.29. Pepper
Residential Securities Trust No.29 is a securitization of
nonconforming and prime residential mortgages originated by Pepper
Homeloans Pty Ltd.

The preliminary ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including our view that the credit support is sufficient
to withstand the stresses we apply. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk takes into account the underwriting
standard and centralized approval process of the seller, Pepper
Homeloans.

-- The availability of a retention amount, amortization amount,
and yield reserve, which will all be funded by excess spread, but
at various stages of the transaction's term. They will have
separate functions and timeframes, including reducing the balance
of senior notes, reducing the balance of the most subordinated
notes, and paying senior expenses and interest shortfalls on the
rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.5% of the outstanding balance of the notes, and
principal draws, are sufficient under our stress assumptions to
ensure timely payment of interest.

-- The condition that a minimum margin will be maintained on the
assets.

-- That S&P also has factored into its ratings the legal structure
of the trust, which has been established as a special-purpose
entity and meets its criteria for insolvency remoteness.

S&P Global Ratings believes there remains high, albeit moderating,
uncertainty about the evolution of the coronavirus pandemic and its
economic effects. Vaccine production is ramping up and rollouts are
gathering pace around the world. Widespread immunization, which
will help pave the way for a return to more normal levels of social
and economic activity, looks to be achievable by most developed
economies by the end of the third quarter. However, some emerging
markets may only be able to achieve widespread immunization by
year-end or later. S&P said, "We use these assumptions about
vaccine timing in assessing the economic and credit implications
associated with the pandemic. As the situation evolves, we will
update our assumptions and estimates accordingly. As of Feb. 28,
2021, there are no borrowers with COVID-19-related hardship
arrangements in the pool."

  Preliminary Ratings Assigned

  Pepper Residential Securities Trust No.29

  Class A1, A$562.50 million: AAA (sf)
  Class A2, A$90.00 million: AAA (sf)
  Class B, A$45.00 million: AA (sf)
  Class C, A$21.00 million: A (sf)
  Class D, A$12.75 million: BBB (sf)
  Class E, A$7.50 million: BB (sf)
  Class F, A$3.75 million: B+ (sf)
  Class G, A$7.50 million: Not rated


RESIMAC BASTILLE 2021-1NC: S&P Assigns Prelim B Rating on F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to seven
classes of residential mortgage-backed securities (RMBS) to be
issued by Perpetual Trustee Co. Ltd. as trustee for RESIMAC
Bastille Trust - RESIMAC Series 2021-1NC. RESIMAC Bastille Trust -
RESIMAC Series 2021-1NC is a securitization of nonconforming and
prime residential mortgages originated by RESIMAC Ltd.

The preliminary ratings assigned reflect the following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Lenders' mortgage insurance cover and
subordination for the rated notes provide credit support. In
addition, the transaction includes various mechanisms to utilize
excess spread to provide additional credit support. The credit
support provided to the rated notes is sufficient to cover the
assumed losses at the applicable rating stress. S&P's assessment of
credit risk takes into account RESIMAC Ltd.'s underwriting
standards and approval process, which are consistent with
industrywide practices, and its strong servicing quality.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the liquidity facility,
the principal draw function, the amortization amount built from
excess spread if an amortization event is subsisting, and the
provision of an extraordinary expense reserve. S&P said, "Our
analysis is on the basis that the notes are fully redeemed by their
legal final maturity date and we do not assume the notes are called
at or beyond the call-option date."

S&P said, "Our ratings also take into account the counterparty
exposure to Commonwealth Bank of Australia as liquidity facility
provider and Westpac Banking Corp. as bank account provider.

"We have also factored into our ratings the legal structure of the
trust, which is established as a special-purpose entity and meets
our criteria for insolvency remoteness."

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

Preliminary Ratings Assigned

RESIMAC Bastille Trust - RESIMAC Series 2021-1NC

Class A, A$800.00 million: AAA (sf)
Class AB, A$55.00 million: AAA (sf)
Class B, A$80.10 million: AA (sf)
Class C, A$24.10 million: A (sf)
Class D, A$16.80 million: BBB (sf)
Class E, A$10.60 million: BB (sf)
Class F, A$7.10 million: B (sf)
Class G, A$6.30 million: Not rated


SOLARIS TRUST 2021-1: S&P Assigns BB- Rating on Class E Notes
-------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of
residential mortgage-backed securities (RMBS) issued by AMAL
Trustees Pty Ltd. as trustee for Solaris Trust 2021-1. Solaris
Trust 2021-1 is a securitization of prime residential mortgages
originated by Brighten Home Loans Pty Ltd.

The ratings reflect the following factors:

-- The credit risk of the underlying collateral portfolio, which
predominantly comprises residential mortgage loans to nonresidents
of Australia, and the credit support provided to each class of
notes are commensurate with the ratings assigned. Credit support is
provided by subordination, excess spread, if any, and a loss
reserve funded by the trapping of excess spread, subject to
conditions. S&P's assessment of credit risk takes into account
Brighten Home Loans Pty Ltd.'s underwriting standards and approval
process, and its servicing quality.

-- The rated notes can meet timely payment of interest and
ultimate payment of principal under the rating stresses. Key rating
factors are the level of subordination provided, the loss reserve,
the principal draw function, the liquidity reserve, and the
provision of an extraordinary expense reserve. S&P said, "Our
analysis is on the basis that the notes are fully redeemed via the
principal waterfall mechanism under the transaction documents by
their legal final maturity date, and we assume the notes are not
called at or beyond the call-option date."

-- S&P's ratings also take into account the counterparty exposure
to Westpac Banking Corp. as bank account provider.

-- S&P also have factored into our ratings the legal structure of
the trust, which is established as a special-purpose entity and
meets our criteria for insolvency remoteness.

-- S&P has assessed the servicing and standby servicing
arrangements in this transaction under its "Global Framework For
Assessing Operational Risk In Structured Finance Transactions"
criteria, published Oct. 9, 2014, and concluded that there are no
constraints on the maximum rating that can be assigned to the
notes.

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

Ratings Assigned

Solaris Trust 2021-1

Class A-S, A$54.97 million: AAA (sf)
Class A-L, A$127.5 million: AAA (sf)
Class B, A$50.17 million: AA (sf)
Class C, A$50.5 million: A (sf)
Class D, A$36.36 million: BBB (sf)
Class E, A$27.5 million: BB- (sf)
Class F1, A$9.75 million: Not rated
Class F2, A$9.75 million: Not rated

The issuer informed S&P Global Ratings Australia Pty Ltd. that the
issuer will be publicly disclosing all relevant information about
the structured finance instruments that are subject to this rating
report.




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

CHINA HUARONG: Delays 2020 Results Past April 30 Deadline
---------------------------------------------------------
Bloomberg News reports that China Huarong Asset Management said its
2020 earnings results would be delayed past an April 30 deadline,
potentially further fraying investors' nerves after mounting
worries over potential defaults by the state-owned bad-debt manager
caused a meltdown in its bonds.

Bloomberg relates that the company's auditors need more time to
finalise an unspecified transaction before it can publish the
results, according to a statement posted on Chinamoney.com, which
is run by China Foreign Exchange Trade System. Huarong reiterated
that its operations are stable and all lines of business are
running normally.

The firm, China's largest distressed-asset manager, missed an
earlier March 31 deadline to announce preliminary results, also
saying that its auditors needed more time. The company's shares
have been suspended since April 1, Bloomberg notes.

According to Bloomberg, China Huarong's initial delay of the
announcement stoked concerns over its financial health and kicked
off an almost two-week plunge in its dollar bonds. Three major
credit firms, Moody's Investors Service, Fitch Ratings and S&P
Global Ratings, have put the company's debt rating on review for a
potential downgrade.

The issuer's 5.5% dollar bond due 2025 is indicated at 80 cents on
the dollar, while the 4.5% perpetual note is indicated at 73 cents,
Bloomberg-compiled prices show.

The Hong Kong stock exchange, where the shares are listed, has a
deadline of April 30 for companies to file final earnings results,
the report notes.

Market worries eased after reports that Huarong made moves to pay
off bonds maturing in April. Earlier, Bloomberg reported that the
company proposed a sweeping overhaul which includes offloading its
unprofitable, non-core businesses to revive profitability and avoid
the need for a debt restructuring.

China's Ministry of Finance, Huarong's biggest shareholder, is
considering transferring its ownership stake to Central Huijin
Investment Ltd., a unit of the nation's sovereign wealth fund, a
person familiar with the matter told Bloomberg earlier this month.

China is also considering a plan that would see the central bank
assume more than CNY100 billion ($15.4 billion) of assets from
China Huarong to help the company clean up its balance sheet,
Bloomberg reported last week.

Huarong is one of four state-owned entities set up by China in 1999
to help manage bad debt in the country's banking system, Bloomberg
discloses. The firm listed in Hong Kong after a $2.5 billion
initial public offering in 2015, giving it a market value of more
than $15 billion. Its shares last traded at a third of that.

Under former Chairman Lai Xiaomin, Huarong expanded into areas
including securities trading, trusts and other investments,
deviating from the original mandate of disposing of bad debt. But
it has faced challenges since Lai came under investigation in 2018,
Bloomberg recalls. He was executed earlier this year for bribery
after a brief trial, an unusually harsh sentence for such a crime.

The company owes bondholders the equivalent of $41.8 billion, with
$16.9 billion of that falling due by the end of next year,
according to data compiled by Bloomberg. Huarong reported a 92%
drop in net income for the first half of 2020 as the value of some
assets fell in wake of the Covid-19 pandemic.

                        About China Huarong

China Huarong Asset Management Co., Ltd., together with its
subsidiaries, provides various financial asset management
services.

As reported in the Troubled Company Reporter-Asia Pacific on April
16, 2021, Moody's Investors Service has placed the A3 long-term and
P-2 short-term issuer ratings, as well as the b1 baseline credit
assessment, of China Huarong Asset Management Co., Ltd. (Huarong
AMC) under review for downgrade.

In addition, Moody's has placed the debt ratings and medium-term
note (MTN) program ratings of Huarong AMC's offshore financing
vehicles under review for downgrade. These include the Baa1
long-term backed senior unsecured debt ratings and the (P)Baa1
backed senior unsecured MTN program ratings of Huarong Finance 2017
Co., Ltd and Huarong Finance II Co., Ltd, as well as the Baa1
long-term backed senior unsecured debt rating, the (P)Baa1
long-term and (P)P-2 short-term backed senior unsecured MTN program
ratings of Huarong Finance 2019 Co., Ltd.


DATANG GROUP: Moody's Assigns First Time 'B2' Corp Family Rating
----------------------------------------------------------------
Moody's Investors Service has assigned a first-time B2 corporate
family rating to Datang Group Holdings Ltd.

The rating outlook is stable.

RATINGS RATIONALE

"Datang's B2 CFR reflects the company's growing operating scale and
good execution capability in its key markets of Guangxi and Fujian
provinces," says Kelly Chen, a Moody's Assistant Vice President and
Analyst. "The B2 CFR also considers Datang's comparable credit
metrics with its B2-rated peers, as well as its adequate
liquidity."

"On the other hand, the B2 CFR is constrained by Datang's high
geographical concentration, narrow funding channels, and the
elevated execution risks associated with its fast expansion into
new regions over the next 2-3 years," adds Chen, who is also
Moody's Lead Analyst for Datang.

The B2 CFR also considers the company's high exposure to joint
ventures, which in turn lowers its transparency and increases the
uncertainties over its contingent liabilities.

Datang has over 10 years of property development experience in
China with a focus on Guangxi and Fujian provinces. Solid housing
demand in the key cities that it operates, such as Nanning and
Zhangzhou will continue to support the company's contracted sales.
In addition, Datang has identified the Yangtse River Delta region
as a strategic growth area in the coming years. The affluent
economy in this region will support housing demand and thereby
Datang's sales growth.

Moody's expects Datang's gross contracted sales to grow by 20% and
15% in 2021 and 2022 respectively. Such solid sales will support
the company's liquidity and revenue growth in the next 12-18
months. Datang has achieved strong sales growth of CAGR 54% between
2017-2020 on a gross basis.

Moody's expects Datang's solid revenue growth will outpace its debt
growth, as the company is likely to limit its land acquisition
spending at 50% of attributable pre-sale proceeds in 2021 and 2022.
As a result, its revenue/adjusted debt will improve to 70%-75% over
the next 12-18 months from 67% in 2020.

Meanwhile, Moody's expects that Datang's reported gross margin will
weaken to 21%-23% in the next 12-18 months from 25.5% in 2020, in
line with industry trend. As a result, Datang's adjusted
EBIT/interest coverage will drop to 2.3x-2.5x in the next one to
two years from 2.9x in 2020. These projected ratios appropriately
position its CFR at the B2 level.

The company's liquidity is adequate. Its total cash balance of
RMB5.7 billion as of the end of 2020 covered 2.1x of its short-term
debt of RMB2.7 billion as of the same date.

Moody's expects that the company's cash holdings, along with its
projected operating cash flow, will be sufficient to cover its
short-term debt, committed land premiums and dividend payments over
the next 12 months.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership. Ms.
Wong, Datang's largest shareholder, holds a 58.3% equity stake in
the company as of December 31, 2020.

Moody's has also considered (1) the presence of three independent
nonexecutive directors out of a total of seven board members, (2)
the presence of other internal governance structures and standards
as required by the Hong Kong Stock Exchange (HKEX), and (3) the
company's dividend policy to pay out 20% of its attributable net
income.

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

The stable rating outlook reflects Moody's expectation that Datang
will maintain sufficient balance sheet liquidity and grow its scale
as planned, while maintaining a disciplined approach to land
acquisitions.

Moody's could upgrade Datang's rating if the company (1) executes
its business plan and grows its scale without sacrificing
profitability; (2) strengthens its financial profile, with
revenue/adjusted debt exceeding 70%-75% and EBIT/interest above
2.5x-3.0x consistently; (3) maintains sufficient liquidity, with
cash/short-term debt consistently above 1.5x-2.0x; and (4)
diversifies its funding channels and reduces its reliance on trust
financing.

A material reduction in contingent liabilities associated with
joint ventures (JVs) or a lower likelihood of providing funding
support to JVs could also be positive for the ratings. This could
be the result of reduced usage of JVs or a material improvement in
the financial strength of its JV projects.

On the other hand, Moody's could downgrade the rating if the
company (1) suffers from weaker contracted sales; or (2)
accelerates its land acquisitions beyond Moody's expectations,
weakening its financial metrics and liquidity; or (3) fails to
improve funding access.

Financial metrics indicative of a downgrade include: (1)
EBIT/interest coverage below 1.5x; (2) revenue/adjusted debt below
50%-55%; or (3) a weaker liquidity position or higher refinancing
risk, such that its cash/short-term debt falls below 1.0x on a
sustained basis.

Moody's could also downgrade the rating if the company's contingent
liabilities associated with JVs or the likelihood of providing
funding support to JVs increases materially. This could be the
result of a material deterioration in the financial strength and
liquidity of its JV projects or a substantial increase in
investments towards new JV projects.

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

Established in 2010, Datang Group Holdings Ltd. (Datang) is a
Fujian-based Chinese property developer with over 10 years of
property development experience. The company's revenue reached
around RMB10.6 billion in 2020. As of the end of 2020, the company
had 123 property development projects with a gross land bank of
20.4 million sqm across 29 cities in China.


HONGHUA GROUP: Moody's Affirms B1 CFR & Alters Outlook to Stable
----------------------------------------------------------------
Moody's Investors Service has revised Honghua Group Limited's
outlook to stable from positive. At the same time, Moody's has
affirmed the company's B1 corporate family and backed senior
unsecured ratings.

"The change in outlook to stable from positive reflects the
slower-than-expected improvement in Honghua's leverage, as measured
by adjusted debt/EBITDA. We expect the ratio to stabilize at round
6.0x-6.5x over the next 12-18 months amid oil price volatility and
a gradually recovering global economy. This level of leverage is
consistent with its standalone credit profile," says Chenyi Lu, a
Moody's Vice President and Senior Credit Officer.

"The rating affirmation reflects our expectation that Honghua's
improving operating environment as well as continued strong support
and operational benefits from its largest shareholder, China
Aerospace Science & Industry Corporation (CASIC), will drive an
earnings recovery over the next 12-18 months after weak oil prices
and the pandemic fallout during most of 2020," adds Lu.

RATINGS RATIONALE

Honghua Group Limited's B1 corporate family rating (CFR) reflects
its standalone credit strength and a one-notch uplift, based on
Moody's expectation that Honghua will receive extraordinary support
from its largest shareholder, CASIC, in times of financial
distress. CASIC has fully consolidated Honghua in its financial
reporting since May 2017.

Honghua's standalone credit strength reflects the operational
benefits from CASIC; its strong market position and competitive
edge in its land drilling rigs and equipment business; and its good
geographic diversification.

Honghua's standalone credit strength is constrained by its exposure
to oil price volatility and emerging market risks, high but slowly
improving debt leverage, and weak liquidity.

Moody's forecasts the company's revenue will increase by about 9%
in 2021 and 6% in 2022 because steady oil prices and the gradual
global recovery will increase oil and gas companies' exploration
and production activities, raising demand for Honghua's products
and services. Given its exposure to the natural gas sector in
China, Honghua will also benefit from increased natural gas and
shale gas production activities in the country over the next two
years.

Moody's also expects Honghua's adjusted EBITDA margin to increase
to 14%-15% over the next 12-18 months from 12.2% in 2020, driven by
improved operational efficiencies; continuing cost and expense
controls; and the absence of large impairment losses on
receivables.

Excluding higher-than-normal impairment losses on financial and
contract assets in 2020, Honghua's adjusted debt/EBITDA will
improve to 6.0x-6.5x over the next 12-18 months from 7.2x in 2020.
Underpinning this improvement are higher earnings and a modest
decrease in adjusted debt, driven by more prudent capital spending
and management of the working capital cycle. This level of leverage
is consistent with its standalone credit quality.

Honghua's liquidity position remains weak. The company had cash and
cash equivalents of RMB952 million and pledged bank deposits of
RMB280 million as of the end of 2020. Moody's projects Honghua's
cash flow from operations will be RMB125 million to RMB150 million
over the next 12 months. These cash sources are insufficient to
cover its maturing short-term debt of RMB2.3 billion; bill payables
of RMB755 million; and estimated maintenance capital spending of
RMB100 million.

However, Honghua's good access to funding mitigates its weak
liquidity, as reflected in its large amount of undrawn domestic
credit facilities that are supported by CASIC. In addition,
Honghua's improving operational and financial performance will
support its liquidity.

The rating also takes into account the following environmental,
social and governance (ESG) considerations. First, the company is
exposed to increasingly stringent regulations for oil and gas
operations and access to new resources. However, to date, Honghua
has not experienced any major compliance violations related to air
emissions, water discharge or waste disposal.

Second, in terms of governance considerations, the rating takes
into account the strong management oversight of the company's
largest shareholder, CASIC.

Honghua's senior unsecured bond rating is not affected by
subordination to claims at the operating company level. This is
because, despite its status as a holding company, Moody's expects
support from CASIC to Honghua to flow through the holding company
rather than directly to its main operating companies, mitigating
any differences in expected loss that could result from structural
subordination.

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

Upgrade pressure could emerge if the company (1) increases its
revenue and earnings and maintains a healthy order backlog, (2)
reduces its adjusted debt/EBITDA below 5.5x on a sustained basis,
and (3) improves its liquidity position. Honghua's rating could
also be upgraded if its support from CASIC strengthens.

Downward pressure could emerge if (1) Honghua's order book and
profitability decline materially, (2) its adjusted debt/EBITDA
remains above 7.0x on a sustained basis, (3) its corporate
governance deteriorates or (4) its support from CASIC or funding
access weakens.

A moderate weakening of Honghua's standalone credit strength will
not affect its ratings given the strong support from CASIC.

The principal methodology used in these ratings was Global Oilfield
Services Industry Rating Methodology published in May 2017.

Honghua Group Limited listed on the Stock Exchange of Hong Kong in
2008. The company manufactures land drilling equipment and related
products. It also engages in oil and gas engineering services.

As of the end of 2020, the company was majority owned (29.98%) by
Kehua Technology Co., Limited, a wholly owned subsidiary of China
Aerospace Science & Industry Corporation.


TIMES CHINA: Moody's Affirms Ba3 CFR, Outlook Stable
----------------------------------------------------
Moody's Investors Service has affirmed Times China Holdings
Limited's Ba3 corporate family rating and B1 senior unsecured
ratings.

The outlook remains stable.

"The rating affirmation with a stable outlook reflects our
expectation that Times China's credit metrics will improve over the
next 12-18 months from the weakened level in 2020, driven by a
recovery in revenue growth, stable margins and slowed debt growth
as the company controls its land acquisition approach," says Danny
Chan, a Moody's Assistant Vice President and Analyst.

RATINGS RATIONALE

Times China's Ba3 CFR reflects the company's growing operating
scale, leading market position in Guangdong province, robust
profitability supported by its good track record of property
development and increasing urban redevelopment project (URP)
conversions, and good liquidity profile.

At the same time, the Ba3 CFR is constrained by the company's
geographic concentration in Guangdong province and increasing
exposure to its joint venture (JV) businesses, which lowers the
transparency of its credit metrics.

The Ba3 CFR also reflects Moody's expectation that Times China's
credit metrics will recover over the next 12-18 months from the
weak levels in 2020.

Specifically, Times China's leverage, as measured by
revenue/adjusted debt, will improve to 60%-65% in the next 1-2
years from 53% in 2020, because the company's revenue will increase
as construction activities normalize following the
coronavirus-related disruptions in 2020.

Moody's expects Times China to maintain its prudent approach to
acquiring land, given its sufficient land reserves for development
in the next 3 years. This will contain the company's debt-funding
requirement.

Additionally, Times China's low-cost land bank and growing
contribution from URP will allow it to maintain good profitability,
with its projected gross margin at 28% in the next 1-2 years,
similar to the level in 2020.

Improving leverage and stable profit margin will strengthen Times
China's EBIT/interest to around 3.0x over the next 1-2 years from
2.4x in 2020.

Moody's expects the company's annual contracted sales growth will
remain healthy at around 10%-15% per annum over the next 1-2 years,
supported by abundant saleable resources and the company's good
execution track record. This sales performance will support Times
China's liquidity and future revenue recognition. Times China's
gross contracted sales increased 28% to RMB100.4 billion in 2020,
following a similar level of 29% growth in 2019.

Times China's liquidity is good. Moody's expects the company's cash
holdings and operating cash flow will be sufficient to cover its
committed land payments and maturing debt in the next 12-18 months.
In addition, the company's reported cash balance of RMB37.9 billion
(including restricted cash of RMB4.4 billion) as of December 2020
is more than sufficient to cover its short-term debt of RMB19.1
billion as of December 2020.

As for environmental, social and governance (ESG) risks, Moody's
has considered Times China's increased JV exposure, which reduces
the transparency of its credit metrics.

Moody's has also considered Times China's concentrated ownership by
its key shareholders, Shum Chiu Hung and his wife, who jointly hold
a 61.5% stake as of December 2020. This risk is mitigated by the
company's adherence to the Listing Rules of the Hong Kong Stock
Exchange and the Securities and Futures Ordinance in Hong Kong on
related-party transactions, and the presence of three independent
nonexecutive directors on the company's six-member board of
directors, which provide management oversight. The independent
nonexecutive directors also chair the company's audit and
remuneration committees.

Times China's B1 senior unsecured rating is one notch lower than
its CFR, reflecting the risk of structural subordination. Most of
Times China's claims are at its operating subsidiaries and have
priority over claims at the holding company in a bankruptcy
scenario. In addition, the holding company lacks significant
mitigating factors for structural subordination. As a result, the
likely recovery rate for claims at the holding company will be
lower.

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

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

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

Conversely, Moody's could downgrade the ratings if the company's
sales decline, its debt leverage increases or its liquidity
position weakens, or if it undertakes aggressive land or project
acquisitions.

Credit metrics indicative of a downgrade include EBIT/interest
coverage below 2.5x, revenue/adjusted debt below 60%, or
cash/short-term debt below 1.0x on a sustained basis.

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

Based in Guangdong province, Times China Holdings Limited is a
property developer that focuses on meeting end-user demand for
mass-market housing. As of December 2020, it had 138 property
projects across 15 cities in Guangdong province and in major
provincial cities outside the province, such as Changsha, Wuhan,
Chengdu and Hangzhou. The company's land bank totaled around 21.6
million square meters as of December 2020.

WEST CHINA CEMENT: Moody's Alters Outlook on Ba2 CFR to Positive
----------------------------------------------------------------
Moody's Investors Service has affirmed West China Cement Limited's
(WCC) Ba2 corporate family rating.

At the same time, Moody's revised the rating outlook to positive
from stable.

"The outlook change to positive reflects our expectation that WCC
will continue to grow its business and market diversity, while
generating healthy cash flow and maintaining prudent financial
management and adequate liquidity," says Roy Zhang, a Moody's Vice
President and Senior Analyst.

RATINGS RATIONALE

West China Cement Limited's (WCC) Ba2 corporate family rating (CFR)
reflects the company's dominant market share in cement production
in the central and southern part of Shaanxi Province and its track
record of low leverage. The rating also takes into consideration
WCC's business synergies with Anhui Conch Cement Company Limited
(Anhui Conch, A2 stable) and Anhui Conch's technical support to
WCC. Anhui Conch held a 21.1% stake in WCC as of the end of 2020.

At the same time, WCC's rating is constrained by the cyclical
nature of the cement industry, developing operating scale and
limited diversification in terms of product and market coverage.
These risks are partially tempered by favorable industry conditions
in the markets that WCC operates in, where cement supply is
constrained due to regulatory and environmental factors. Such
restrictions help balance the supply and demand for cement,
supporting high cement prices. Moreover, WCC's low financial
leverage provides a strong buffer against business volatilities.

WCC has sustained positive free cash flow from 2015 to 2019,
reflecting its solid business model and prudent financial
management. In addition, it has maintained its leverage, measured
by adjusted debt to EBITDA, below 2.0x from 2017 to 2020, which is
strong for its rating level.

The company continues to grow its operating scale and product
diversity by investing in aggregate, readily mixed concrete and
other building material products. It has also improved its
geographical diversification by acquiring two new projects, in
Sichuan Province in China and Mozambique in East Africa.

WCC's liquidity is adequate. The company had cash and cash-like
sources of about RMB1.5 billion as of the end 2020. This, together
with its strong operating cash flow, is sufficient to cover its
debt maturities and planned capital expenditure over the next 12 to
18 months.

WCC's rating also takes into account the following environmental,
social and governance (ESG) considerations.

Globally, the building materials sector has elevated credit
exposure to environmental risks, which could be material to WCC's
credit quality within three to five years. In China, the cement
sector is one of the country's major contributors to carbon dioxide
emissions. It is also a major emitter of sulfur dioxide, nitrogen
oxides and dust. The cement industry is energy intensive. The
mining and manufacturing process for cement production consumes
large amounts of coal, electricity and water.

WCC has upgraded its production lines to meet higher emission
standards and has implemented measures to increase energy
efficiency, as well as reduce dust and carbon emissions. As the
local industry leader, WCC continues to invest in equipment and
processes to manage the environmental risks. It benefits from
tightened environmental standards in China as the industry
consolidates.

In terms of corporate governance, the company was 32.3% owned by
its founder and chairman, Zhang Jimin, as of the end of 2020. The
concentrated shareholding risk is partially tempered by the
presence of Anhui Conch, which held a 21.1% stake in the company as
of the end of 2020.

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

WCC's rating could be upgraded if the company can manage the
execution risk, and demonstrates financial prudence while
increasing its scale and geographic diversification, such that it
sustains a cash to short-term debt ratio above 1.0x and adjusted
debt/EBITDA below 2.0x.

On the other hand, the outlook could return to stable if WCC's
financial and/or liquidity position weaken because of falling
revenue, rising costs, aggressive debt-funded expansion or
unexpected shareholder distributions.

Financial indicators for a return to stable outlook include
debt/EBITDA exceeding 2.0x or adjusted debt/capitalization above
30% on a sustained basis.

Any reduction in Conch's support for, or level of ownership in, WCC
would be negative for WCC's rating.

The principal methodology used in this rating was Building
Materials published in May 2019.

West China Cement Limited (WCC) is one of the leading cement
producers by capacity in China's Shaanxi Province. As of the end
2020, the company's annual capacity was 33.2 million tons. Most of
WCC's plants are located in central and southern Shaanxi Province.
As of the end of 2020, the company was 32.3% owned by its founder
and chairman, Zhang Jimin, and 21.1% owned by Anhui Conch Cement
Company Limited (Anhui Conch). WCC was listed on the Hong Kong
Stock Exchange in August 2010.


XINJIANG GOLDWIND: S&P Lowers ICR to 'BB+', Outlook Stable
----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
China-based wind turbine producer Xinjiang Goldwind Science &
Technology Co. Ltd. to 'BB+' from 'BBB-'.

S&P said, "We believe Goldwind's expansion ambition will hinder its
deleveraging prospects in 2021-2022. Despite record shipments, the
company's 2020 performance fell short of our expectations, mainly
because of COVID-related additional cost overlays and sustained
high free cash outflow. We anticipate Goldwind will continue to
increase its spending on self-developed wind farms in the next
12-24 months. This would lead to persistent negative free cash
outflow and further lift its adjusted net debt, which stood at
Chinese renminbi (RMB) 23 billion as of end-2020. As such, we
estimate Goldwind's leverage, as measured by the adjusted
FFO-to-debt ratio, will only recover moderately to 13%-16% in
2021-2022, from the trough level of 9% in 2019-2020. This is well
below our previous expectation of over 20% and is despite our
expectation of profit growth and continued asset disposal."

China's pledge to reduce emissions lifts demand for Goldwind while
also prompting higher spending on its downstream business. In late
2020, the Chinese government announced that the country's
greenhouse gas emission will peak by 2030 and China will reach
carbon neutrality by 2060. This should boost the long-term demand
outlook for renewable power. S&P said, "We anticipate that annual
WTG installation would reach 35 gigawatts (GW)-40GW in 2021-2022
and further rise to 40GW-50GW over 2023-2025 with upside potential.
Such a level represents a notable step-up from the average
installation of 20GW-30GW over the previous five years, though it
is lower than the record of 58GW in 2020 driven by a rush for
installation ahead of subsidy cuts. We estimate that Goldwind's
external WTG shipments will reach around 10GW per year in
2021-2022, leading to revenue of RMB48 billion-RMB53 billion
annually."

S&P said, "In our opinion, Goldwind can maintain its top position
in China and its market share can recover to above 25% from 2021,
after a temporary share loss in 2020 amid the sector-wide rush for
installation. Our view reflects the company's solid technology and
product performance. We believe Goldwind's business position is
strong compared with peers with a similar business profile, backed
by its leadership in the renewable power equipment sector and
satisfactory position in wind power generation, which provides
meaningful stable profits.

"Aside from higher WTG shipments, Goldwind also intends to speed up
its own wind farm development to seize expanded market potential
and secure more stable power sales cash flow. We forecast the
company's annual capacity addition will rise to 1GW-1.5GW in the
next two to three years, from an average of 0.8GW-1GW constructed
over 2018-2020. This implies that annual capital expenditure could
increase to RMB11 billion-RMB13 billion in 2021-2022, from RMB7.7
billion in 2020, reaching or even exceeding the previous high of
RMB11.3 billion in 2019. The company's operating cash flow, which
averaged RMB5 billion-RMB6 billion annually in 2019-2020, would
remain insufficient to cover spending, resulting in persistent free
cash outflow over the next 24 months.

"We anticipate Goldwind's profitability will recover over the next
24 months. Goldwind's profitability plunged in 2019 mainly because
its WTG margin weakened due to a significant decline in bidding
prices in 2017-2018. The WTG gross margin recovered by 1.5
percentage points to 13.9% in 2020 following higher bidding prices
in 2019. However, COVID-related business disruptions caused the
company's adjusted EBITDA margin (after deducting capitalized
research and development and excluding disposal gains) to further
slide to 6%. We forecast that Goldwind's WTG gross margin will
recover to 16.5%-17.5% and the company's EBITDA margin will rebound
to 10%-12% over 2021-2022, thanks to efficiency gains, streamlined
production, and further cost-cutting measures."

However, material upside to Goldwind's profitability may be capped
as the industry moves into grid-parity stage, with WTG bidding
prices weakening again from 2020 and raw material prices surging in
the past few months. Absent of tariff subsidies for the sector, in
the next three to five years, the company is unlikely to return to
its performance prior to 2018 when it generated a gross margin of
well above 20% from WTG shipments and an EBITDA margin of over
15%.

Continued asset sales could alleviate leverage pressure for
Goldwind. S&P said, "We expect the company to continue the disposal
of some wind farms to help rein in debt accumulation and turn over
assets. With a bigger new-build plan, Goldwind may choose to sell
more capacity in the next 24 months. We estimate that its domestic
wind farm disposal could go up to 600 megawatts (MW)-700MW per year
in 2021-2022, from 300MW-500MW in 2018-2020. That said, the net
addition still exceeds our previous base-case assumption."

S&P said, "We estimate the disposal could result in RMB5
billion-RMB6 billion of proceeds (including the amount of debt
deconsolidation), which could help to partly moderate the company's
elevated spending and help its FFO-to-debt ratio hover above 12%.
That said, the potential disposal still carries execution risks.
The company generated approximately RMB1 billion of annual gains
from wind farm disposals in 2019-2020, which we have not included
in our adjusted EBITDA and FFO calculations.

"The stable outlook on Goldwind reflects our view that the company
will sustain its position as China's biggest global wind turbine
maker in the next 12-24 months. We expect the company to gradually
recover its profitability and its adjusted FFO-to-debt ratio to
hover above 12% during the period."

S&P could lower the rating on Goldwind if the company's competitive
position weakens notably, or its FFO-to-debt ratio stays below 12%
for a sustained period with no sign of recovery. This could happen
if:

-- Goldwind's WTG product appeal and technology trail behind major
competitors, resulting in significant market share loss;

-- The company's WTG profitability stays low or worsens, likely
from pricing pressure and cost overruns;

-- The company engages in much larger debt-funded wind farm
investments than we assume; or

-- Its divestment is much slower or smaller than S&P expects.

S&P could upgrade Goldwind if the company's FFO-to-debt ratio
returns to over 20% for a sustained period of time, while it
maintains its position as China's biggest WTG maker. This could
happen if:

-- Goldwind's profitability recovers much faster than our
base-case scenario assumes;

-- The company significantly scales down its downstream expansion;
or

-- The company engages in much bigger asset divestures or equity
raising activities than our current expectation.


ZIJIN MINING: S&P Lowers ICR to 'BB+' on Elevated Leverage
----------------------------------------------------------
S&P Global Ratings lowered its long-term issuer credit rating on
China-based metal producer Zijin Mining Group Co. Ltd. and its
long-term issue rating on the company's guaranteed senior unsecured
notes to 'BB+' from 'BBB-'. S&P is removing the ratings from
CreditWatch, where they were placed with negative implications on
June 11, 2020.

Zijin's adjusted leverage is likely to remain elevated after its
acquisition of Tibet Julong Copper Ltd. (Julong Copper). S&P said,
"We expect the company's debt-to-EBITDA ratio to temporarily rise
to 4.2x-4.5x in 2020 before declining to 3.3x-3.8x in 2021
following the acquisition of 50.1% in Julong Copper in July 2020.
We anticipate that Zijin's adjusted debt will increase to Chinese
renminbi (RMB) 70 billion-RMB75 billion in 2020 and 2021. This will
be driven by the acquisition consideration of RMB3.88 billion,
additional capex of RMB7.2 billion over the next 12-18 months,
Julong Copper's syndicated loan of RMB5.61 billion, and Zijin's
outstanding external guarantee of RMB2.7 billion that we treat as
debt. Julong Copper's Qulong mine will only commence production
from end-2021, and we expect it to contribute operating cash flows
from 2022."

Zijin's higher gold and copper outputs, and robust debt servicing
ability should help it to deleverage over the next two to three
years. S&P said, "We forecast the company's debt-to-EBITDA ratio
will drop below 3.0x from 2022. The ramp-up of its existing and
newly acquired mines will lift the output of mined gold and copper
by 30% and 80%, respectively, by 2022, from 41 tons and 369,857
tons in 2019. We expect Zijin's EBITDA to grow by 15%-25% annually
over the next two years, and robust operating cash flows will
support debt repayment."

S&P said, "We believe Zijin will continue to have access to low
cost funding from various channels because of its good relationship
with banks and strong capital market standing, particularly in the
domestic market. The company's EBITDA interest coverage will stay
at 6.5x-7.5x, stronger than that of peers with similar financial
leverage. We therefore assign a positive comparable rating analysis
to Zijin."

Project execution risk and Zijin's high appetite for mergers and
acquisitions (M&As) may delay deleveraging. The company's three
large copper projects--the Kamoa-Kakula mine, the Qulong copper
mine, and the upper zone of Timok mine--will start production in
2021, according to the management plan. However, project execution
risk related to the timing, volume, and cost of production could
slow Zijin's cash flow generation. The company has also shown a
high appetite for growth through M&As in the past two to three
years. Since late 2018, Zijin spent RMB33 billion on acquisitions,
excluding the proposed RMB1.7 billion deal for Guyana Goldfield
Inc. Any further large debt-funded acquisitions could lift its
leverage again.

Zijin's reduced cash and high short-term maturities have strained
its liquidity. The company's cash balance is likely to have decline
from RMB7.9 billion as of March 31, 2020, after meeting acquisition
costs and construction capex for Julong Copper. Zijin also had
short-term debt maturities of RMB27.1 billion. S&P therefore
believes the refinancing pressure has risen.

S&P said, "The stable outlook reflects our view that Zijin's higher
gold and copper production volume and cost reduction will help it
meet its high capex needs over the next 12-24 months. We anticipate
the company's debt-to-EBITDA ratio will stay at 3.0x-4.0x over the
period, assuming no large-scale debt-funded acquisitions.

"We may lower the rating if Zijin's deleveraging trend reverses and
the debt-to-EBITDA ratio approaches 4.0x." This may happen if:

-- The company makes further large debt-funded acquisitions;

-- The ramp-up of production in the company's key projects,
including the Kamoa-Kakula copper mine and Qulong copper mine, are
significantly delayed; or

-- Its cost reduction in gold and copper mining is less than S&P's
expectation.

S&P could raise the rating if Zijin's debt-to-EBITDA ratio falls
below 3.0x for a sustained period and maintains adequate liquidity,
helped by a controlled investment appetite. This could be due to:

-- Higher metal prices than S&P expects;

-- Faster ramp-up of production than S&P anticipates in the
company's key projects.

S&P could also upgrade Zijin if it sees lower risks in its business
operations. A smooth ramp-up of the Kamoa copper mine to a world
class asset, with scale and production costs in line with the
pre-feasibility study, would indicate such improvement.




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

A PRASHANTH: CARE Lowers Rating on INR18.74cr LT Loan to B
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of A
Prashanth (AP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      18.74       CARE B; Stable, ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable

CARE has been seeking information to monitor the rating vide e-mail
communications dated April 5, 2021 and numerous phone calls.
However, despite CARE's repeated requests, the firm has not
provided requisite information for monitoring the ratings. In line
with the extant SEBI guidelines, CARE has reviewed the rating on
the basis of the best available information which however, in
CARE's opinion is not sufficient to arrive at a fair rating. The
ratings of A Prashanth bank facilities will now be denoted as CARE
B; Stable; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers considered during
last PR dated February 5, 2020:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Concentration risk with single tenant contributing to all of the
revenue: The revenue profile of AP is highly concentrated with
lease rentals receivable from only GET. The financial performance
of the lessee shall remain critical from credit perspective, for
repayment of LRD loan by the lessors.

* Volatility of real estate markets: A property cycle is a sequence
of recurrent events reflected in demographic, economic and
emotional factors that affect supply and demand for property
subsequently influencing the property market. There are peaks and
lows in the cycle. At peak, the market is usually tightest
--occupancy rates are highest and rental growth is greatest and the
adverse during the lows of the industry cycle.

Key Rating Strengths

* Experience of the borrower in lease rental and construction
business: Mr. A. Prashanth is in the business of lease rentals and
construction for over a decade. The owner uses the lease rentals
for construction purpose.

* Lease expiry date spread out, thereby reducing vacancy risk and
in-built rental escalation clause: The lease agreement with M/s.
Sri Geenthanjali Educational Trust (GET) is entered into for
duration of 30 years, with a lockin period of 12 years. The lease
is based on a model with 5% escalation in rentals in the month of
July for every subsequent year. The tenure of the lease agreement
(30 years, i.e. 2012-2042) considering the aforementioned
escalation would cover the entire LRD loan (to be repaid by 2033).

* Structured payment mechanism for lease rental development (LRD)
loans along with escrow arrangement for debt servicing: The loan is
backed by lease rentals assigned against the property. The loan is
operated through an escrow mechanism in place with all the cash
flows being received in the escrow account and payments being made
as per the structured repayment schedule.

A Prashanth (AP) refers to Joint Borrowers namely: Mr. A Prashant,
Mrs. D. Rukmani. The said individuals have come together to lease
their property, a building with an aggregate area of 78,700 square
feet, to lessee 'M/s. Sri Geenthanjali Educational Trust (GET)'.
GET has schools across Karnataka and has entered into a lease
agreement with AP on July 26, 2012, in order to start a school on
the scheduled premises located at Panathur Village, Varthur Hobli,
Bengaluru East Taluka, Karnataka.

AKSHRA INDUSTRIAL: CARE Lowers Rating on INR6.53cr Loan to B-
-------------------------------------------------------------
CARE Ratings has revised the ratings on certain bank facilities of
Akshra Industrial Corporation (AIC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.53       CARE B-; Stable, ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 17, 2020, placed
the rating of AIC under the 'issuer non-cooperating' category as
AIC had failed to provide information for monitoring of the rating.
AIC continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 1, 2021, March 10, 2021, and 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.

Detailed description of the key rating drivers

The long term rating has been revised by taking into account non-
cooperation by AIC 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. The rating assigned to
AIC continues to remain constrained by susceptibility to
fluctuation in raw material prices, competitive and fragmented
industry and its proprietorship nature of constitution. The rating,
however, derives strength from the experienced proprietor along
with established track record of operations.

Key Rating Weaknesses

* Susceptibility of margins to fluctuations in raw material prices:
The main raw materials used by the firm are CRC (cold rolled coil)
steel sheet, HR (hot rolled) steel sheet, round steel, square steel
etc. Raw material cost is a major contributor to total operating
cost, thereby making profitability sensitive to raw material prices
mainly due to the reason that the major raw material is commodity
in nature and witnesses frequent price fluctuations. The prices of
steel are driven by international prices, apart from domestic
demand supply factors and therefore remain volatile. Thus any
adverse change in the prices of the raw material may affect the
profitability margins of the firm.

* Presence in a highly competitive and fragmented industry The
spectrum of the iron and steel industry in which the firm operates
is highly fragmented and competitive marked by the presence of
numerous large and small players in India. Furthermore, the auto
component industry is largely unorganized in structure, consisting
of around 45-50% of the overall industry size. The unorganized
segment mainly caters to the replacement market and to tier II and
III suppliers. The organized segment majorly caters to the OEM
segment. The high competition restricts the pricing flexibility and
bargaining power of the firm. This apart, its products are
subjected to the risks associated with the industry like
cyclicality and price volatility.

* Proprietorship nature of constitution: AIC's constitution as a
proprietorship firm has the inherent risk of possibility of
withdrawal of the proprietor's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover, proprietorship
firms have restricted access to external borrowing as credit
worthiness of proprietor would be the key factors affecting credit
decision of the lenders.

Key Rating Strengths

* Experienced proprietor along with established track record of
operations: The overall operations of the firm are looked after by
Mr. Suraj Sharma himself. Mr. Suraj Sharma has an industry
experience of around two decades which he has gained through his
association with AIC only. The proprietor has adequate acumen about
various aspects of business which is likely to benefit AIC in the
long run. Furthermore, the proprietor is supported by experienced
team having varied experience in the field of marketing and finance
aspects of business. The established track record has aided the
firm in establishment of strong relationships with suppliers &
customers.

Akshra Industrial Corporation (AIC) was established as a
proprietorship concern in October 1986 and is currently being
managed by Mr. Suraj Sharma as its proprietor. AIC is engaged in
the manufacturing of iron and steel products like hand tools, auto
components parts and agricultural implements parts such as scissor
jack, screw jack, fuel injection part, recoil starter assy, starter
pully, top and bottom harl pulley etc. at its manufacturing
facility located in Ludhiana, Punjab having a total installed
capacity of manufacturing 37 lakh pieces per annum of iron and
steel products as on December 31, 2018. The products of the firm
find their application in the automobile and agricultural industry.
The firm sells its products under the brand name 'Akshra'.


CANNANORE HANDLOOM: CRISIL Reaffirms B+ Rating on INR1cr Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities of
Cannanore Handloom Exports (CHE) at 'CRISIL B+/Stable/CRISIL A4'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit            1         CRISIL B+/Stable (Reaffirmed)

   Foreign Bill
   Discounting            3         CRISIL A4 (Reaffirmed)

   Packing Credit         6         CRISIL A4 (Reaffirmed)

The ratings continue to reflect the modest scale of operations amid
intense competition, moderate working capital cycle and aggressive
capital structure. These weaknesses are partially offset by the
extensive experience of the promoters in the textiles business and
above-average debt protection metrics.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations amid intense competition: Revenue is
estimated to be subdued at INR22-23 crore in fiscal 2021 because of
high fragmentation in home textile business. This restricts
bargaining power with customers and suppliers. With no major
capital expenditure to be incurred, operations are expected to
remain modest over the medium term.

* Large working capital cycle: Operating cycle will continue to
remain stretched, indicated by estimated gross current assets of
220-230 days as on March 31, 2021, driven by estimated receivables
of around 140-150 days due to relaxation in credit period term.
Inventory is expected to remain at 60-70 days, as on March 31,
2021. With stretch in debtor days, working capital cycle is
expected to remain large over medium term.

* Aggressive capital structure: Due to withdrawal of funds from
capital by the partners in past fiscal years, has led to erosion of
networth to an estimated INR3.33 crore as on March 31, 2021. This
led to weak gearing and total outside liabilities to adjusted
networth ratio of 3.9-4 times and 4.9-5 times, respectively.
Capital structure is expected to remain leveraged over the medium
term due to modest networth.

Strengths:

* Extensive experience of the promoters: The partners have an
experience of around 32 years in manufacturing home furnishing,
which has helped forge strong relationships with suppliers and
customers, ensuring repeat orders.

* Above-average debt protection metrics: Moderate operating margin
led to above-average interest coverage and net cash accrual to
adjusted debt ratios (estimated) of 2.2-2.3 times and 0.10-0.15
time, respectively, for fiscal 2021. The metrics are expected to
remain at similar levels over the medium term with margins being
generated at similar levels.

Liquidity: Stretched

Cash accrual is expected to be INR1.0-1.5 crore for fiscals 2022
and 2023, against debt obligation of INR0.3 crore and INR0.05 crore
respectively. Average utilization of fund-based limit of INR15
crore was 74% during the 12 months through March 2021. Cash and
equivalent was modest at INR0.44 crore as on March 31, 2020.

Outlook: Stable

CRISIL Ratings believes CHE will continue to benefit from the
extensive experience of the proprietor.


Rating Sensitivity factors

Upward factors

* Sustained revenue growth and operating margin leading to net cash
accrual above INR1.5 crore

* Improvement in gearing to below 2.5 times resulting in better
financial risk profile

Downward factors

* Decline in revenue or profitability leading to accrual below
INR0.5 crore

* Further stretch in working capital cycle impacting financial risk
profile

Set up in 1989 as a partnership firm by Mr. P Ranjith Kumar, Mr. C
Ramakrishnan, and Mr. T K Suresh, CHE manufactures and exports
bathmats, carpets, rugs, cushions and other home furnishing items.
Facility is in Kannur, Kerala.

CLASSIC CASHEW: CRISIL Moves B+ Debt Rating from Not Cooperating
----------------------------------------------------------------
Due to inadequate information, CRISIL, in line with SEBI
guidelines, had migrated the rating of Classic Cashew (CC) to
CRISIL B+/Stable (Issuer Not Cooperating). However, the management
has subsequently started sharing requisite information, necessary
for carrying out comprehensive review of the rating. Consequently,
CRISIL is migrating the rating on bank facilities of CC from
'CRISIL B+/Stable (Issuer Not Cooperating)' to' CRISIL B+/Stable'.

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit          6.75        CRISIL B+/Stable (Migrated
                                    from 'CRISIL B+/Stable
                                    ISSUER NOT COOPERATING')

The rating continues to reflect its weak financial risk profile,
susceptibility to climatic conditions, volatility in raw material
prices. These weaknesses are partially offset by extensive industry
experience of its partner.

Key Rating Drivers & Detailed Description

Weaknesses:

* Susceptibility to climatic conditions and volatility in raw
material prices: The crop yield of agricultural commodities is
dependent on favorable climatic condition. Also production may be
impacted by pests or crop infection leading to higher
unpredictability in production and pricing of agri commodities and
derived products.

* Weak financial profile: CC's debt protection measures have also
been at weak level in past due to high gearing and low accruals
from the operations. The interest coverage and Net cash accrual to
total debt (NCATD) ratio are at 1.13 times and 0.02 times for
fiscal 2020 .CC debt protection measures are expected to remain at
weak level with high debt levels.

Strength:

* Extensive industry experience of the partner: The partner have an
experience of over 20 years in agriculture processing industry.
This has given them an understanding of the dynamics of the market,
and enabled them to establish relationships with suppliers and
customers.

Liquidity: Stretched

Bank limits were utilized at 92% for the past 12 months ended
September 2020. Cash accruals are expected to be around 0.2-0.4
crore, which were sufficient against the repayment obligation of
INR0.2-0.3 crores over the medium term. Further, current ratio was
moderate at 1.03 times as on March 31, 2020.

Outlook Stable

CRISIL Ratings believe CC will continue to benefit from the
extensive experience of its partner, and established relationships
with Clients

Rating Sensitivity factors

Upward factor

* Improvement in scale of operations and sustenance of operating
margin

* Improvement in liquidity profile with net cash accruals of more
than INR0.75 crores

Downward factor

* Decline in scale of operations and operating margin

* Substantial capital withdraws leading to accruals of less than
0.1 crores

CC was establish in 2013, it is located in Karunagapally, Kerala.
CC is owned and managed by Mr. Salim M and Mrs Ajitha Beevi. CC is
engaged in processing of cashew.

CREATIVE CLOTHEX: CARE Keeps C Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Creative
Clothex (CRCL) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.10      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 30, 2020, placed the
rating(s) of CRCL under the 'issuer non-cooperating' category as
CRCL had failed to provide information for monitoring of the
rating. CRCL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and email dated April 7, 2021, March 5, 2021 and
February 23, 2021, etc. 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 March 30, 2020, the following were
the rating strengths and weaknesses:

Key Rating Weaknesses

* Small scale of operations with low net worth base: The scale of
operations has remained small marked by total operating income and
gross cash accruals of INR19.00 crore and INR0.59 crore
respectively during FY17 (based on provisional results; FY refer to
April 1 to March 31). Further, the firm's capital base remained
small at INR3.28 crore as on March 31, 2017. The small scale limits
the firm's financial flexibility in times of stress and deprives it
from scale benefits.

* Leveraged capital structure: The company has relatively low net
worth base as against its dependence on external borrowings. The
overall gearing ratio stood at 1.44x as on March 31, 2017 as
against 2.22x on account of repayment of term loans & unsecured
loans, lower utilization of working capital borrowings as on
balance sheet date and retention of profits to reserves.

* Fortunes linked to textile industry: Indian textile industry is
the second largest employer after agriculture. Any adverse changes
in the global economic outlook as well as demand-supply scenario in
the domestic market directly impacts demand of the textile
industry. Textile industry as a whole remains vulnerable to various
factors such as fluctuations in prices of cotton, mobilization of
adequate workforce and changes in government policies for overall
development of the textile industry. Any significant changes in
such factors will have direct impact on the business operations of
the company.

* Fragmented and competitive nature of textile industry: The ready
made garment industry in India is highly fragmented and dominated
by a large number of independent and small-scale unorganized
players leading to high competition among the industry players.
Smaller companies/firms in general are more vulnerable to intense
competition due to their limited pricing flexibility, which
constrains their profitability as compared with larger companies
who have better efficiencies and pricing power considering their
scale of operations. Furthermore, Low entry barriers and low
investment requirement makes the industry highly lucrative and thus
competitive.

Key Rating Strengths

* Experienced proprietor and long track record of operations with
moderate profitability margins: CRCL is a proprietary business
managed by Mrs. Geeta Singhal, graduate by profession who has been
actively managing the firm since 1995. Profitability margins of the
firm are directly associated with designing aspect of the order.
The highly and complex design in nature normally fetches better
margins. Profitability margins of the firm have stood moderate over
the last three years (FY15-FY17).

* Moderate operating cycle: The firm normally maintains inventory
of raw material (knitted and woven fabric) for smooth production
process along with finished goods to meet the urgent demand of its
customers. The average inventory period stood at around three
months in FY17. CRCL normally gives credit of one month to its
customers, and receives credit period of around three weeks from
the suppliers.

Noida, Uttar Pradesh based, Creative Clothex (CRCL) was originally
established in 1995 as a proprietorship concern and is currently
being managed by Mrs. Geeta Singhal. The firm is engaged in
manufacturing of readymade garments such as sportswear and casual
wear (shorts, jackets, track suits, track pants, t-shirts etc.) for
men and women.

DLP COTTON: CRISIL Reaffirms B+ Rating on INR10cr Loans
-------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
long-term bank facilities of DLP Cotton (DLP).

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit          6          CRISIL B+/Stable (Reaffirmed)

   Proposed Long
   Term Bank
   Loan Facility        2          CRISIL B+/Stable (Reaffirmed)

   Term Loan            2          CRISIL B+/Stable (Reaffirmed)

The rating reflects the firm's modest scale of operations and
average financial risk profile. These weaknesses are partially
offset by the extensive experience of the partners in the cotton
ginning industry.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operations in highly fragmented industry: Intense
competition in the cotton ginning industry continues to constrain
scalability, pricing power, and profitability.

* Average financial risk profile: Net worth remains modest of
INR4.2 crore as on 31st, March, 2020. Moderate gearing and TOLTNW
of about 1.55 and 1.98 times respectively. Going ahead capital
structure is expected to remain at similar levels.
Strengths:

* Partners' extensive experience: The partners' extensive
experience and financial assistance, understanding of local market
dynamics, and healthy relationships with customers and suppliers
should continue to support the business risk profile.

Liquidity: Stretched

Liquidity profile is marked by, modest cushion in accruals vs.
repayment obligations and high bank limit utilization of 94 percent
for past 13 months ended Dec-20. Modest current ratio of around 1.2
times as on 31st, March, 2020.

Outlook: Stable

CRISIL Ratings believes DLP will continue to benefit from its
partners' extensive experience.

Rating Sensitivity factors

Upward factors

* Steadiness in revenue coupled with stable operating margin of
about 4 percent
* Stable capital structure

Downward factors

* Stretch in working capital with gross current assets of 160-170
days
* Significant capital withdrawal

Morbi (Gujarat)-based DLP was set up in 2015 as a partnership by
Piyush D Saradava and his family. It gins and trades in cotton.
Operations commenced in February 2016.

GOEL FOOD: CARE Lowers Rating on INR7.45cr LT Loan to B-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Goel
Food Product (GFP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.45       CARE B-; Stable, ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated December 26, 2017, placed
the rating of GFP under the 'issuer non-cooperating' category as
GFP had failed to provide information for monitoring of the rating.
GFP continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 1, 2021, March 10, 2021, and 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.

Detailed description of the key rating drivers

The long term rating has been revised by taking into account non-
cooperation by GFP 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. The rating assigned to
GFP continues to remain constrained by susceptibility to
fluctuation in raw material prices and monsoon dependent
operations, competitive and fragmented industry with high
government regulation and its partnership nature of constitution.
The rating, however, derives strength from the experienced
partners.

Key Rating Weaknesses

* Susceptibility to fluctuation in raw material prices and monsoon
dependent operations: Agro-based industry is characterized by its
seasonality, due to its dependence on raw materials whose
availability is affected directly by the vagaries of nature.
Availability and prices of agro commodities are highly dependent on
the climatic conditions. Adverse climatic conditions can affect
their availability and leads to volatility in raw material prices.
The monsoon has a bearing on crop availability which determines the
prevailing rice prices. Any sudden spurt in the raw material prices
may not be passed on to customers completely owing to firm's
presence in highly competitive industry.

* Competitive and fragmented industry with high government
regulation: The industry in which GFP operates is highly fragmented
and competitive in nature marked by the presence of various large
and small players. The players in the industry, especially the
small players, do not have any pricing power and are exposed to
competition induced pressures on profitability. Additionally, the
raw material (paddy) prices are regulated by government to
safeguard the interest of farmers, which in turn limits the
bargaining power of the rice millers.

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

Key Rating Strengths

* Experienced partners: Mr. Tarsem Kumar Goel has work experience
of three decades which he has gained through his association with
GFP and its group concern- Ravi Prakash Tarem Kumar. However, Ms.
Anita Rani, Ms. Mamta Rani, and Ms. Neelam Rani have an industry
experience of 3 years only through their association with GFP only.
The partners have adequate acumen about various aspects of business
which is likely to benefit GFP in the long run. Furthermore, the
partners are supported by a team of experienced and qualified
professionals having varied experience in the technical, finance
and marketing fields.

Goel Food Product (GFP) was established in July 2014 as a
partnership firm by Mr. Tarsem Kumar Goel, Ms. Anita Rani, Ms.
Mamta Rani, and Ms. Neelam Rani as its partners, sharing profit and
losses equally. The firm is engaged in processing of paddy at its
manufacturing facility located in Kaithal, Haryana with an
installed capacity of processing 32400 metric tonne of paddy per
annum as on December 31, 2018. Besides this, Mr. Tarsem Kumar Goel
is also associated with another group concern namely Ravi Prakash
Tarem Kumar.

HARYANA PETROCHEM: CARE Lowers Rating on INR7.60cr Loan to B
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Haryana Petrochem (HPC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.60      CARE B; Stable, ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable
      
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated February 11, 2020, placed
the rating of HPC under the 'issuer non-cooperating' category as
HPC had failed to provide information for monitoring of the rating.
HPC continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 1, 2021, March 10, 2021, and 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.

Detailed description of the key rating drivers

The long term rating has been revised by taking into account non-
cooperation by HPC 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. The rating assigned to
HPC continues to remain constrained by highly competitive and
fragmented nature of industry and its proprietorship nature of
constitution. The rating, however, derives strength from the
experienced proprietor.

Key Rating Weaknesses

* Presence in highly fragmented and competitive industry: The firm
is engaged in trading business, which is highly fragmented and
competitive marked by the presence of numerous players in the
country. Given the fact that the entry barriers to the industry are
low, the players in the industry do not have pricing power and are
exposed to competition induced pressures on profitability.

* Proprietorship nature of constitution: HPC's constitution as a
proprietorship firm has the inherent risk of possibility of
withdrawal of the proprietor's capital at the time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of proprietor. Moreover, proprietorship
firms have restricted access to external borrowing as credit
worthiness of proprietor would be the key factors affecting credit
decision of the lenders.

Key Rating Strengths

* Experienced proprietor: Mr. Rajiv Jain has an industry experience
of two decades through his association with HPC and other business
(running of petrol pump). The proprietor has adequate acumen about
various aspects of business which is likely to benefit HPC in the
long run. Furthermore, the proprietor is supported by experienced
team having varied experience in the field of technical, marketing
and finance aspects of business.

Haryana Petrochem (HPC) was established in May 2015 as a
proprietorship concern by Mr. Rajiv Jain. The firm is an authorized
dealer of Bhilosa Industries Private Limited, Sanathan Textiles
Private Limited, Wellknown Polyester Limited, Reliance Industries
Limited, Shubhalakshmi Polyester Limited, JBF Industries Limited,
Indorama Industries Limited, DNX Polyester Limited and Alok
Industries Limited for polyester yarn and polyester fiber. HPC
mainly undertakes wholesale trading of products through its outlet
located in Panipat, Haryana.

HI TECH TRANS: CRISIL Reaffirms B Rating on INR.10cr Loans
----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable' rating on the
long-term facilities of HI Tech Trans Technocrates Private Limited
(HTTT).

                      Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           0.6        CRISIL B/Stable (Reaffirmed)

   Proposed Long
   Term Bank
   Loan Facility         0.4        CRISIL B/Stable (Reaffirmed)

The rating continues to reflect the small scale of operations and a
highly leveraged capital structure. These weaknesses are partially
offset by the extensive experience of the promoters in the
electrical components and equipment industry and a moderate
operating margin.

Key Rating Drivers & Detailed Description

Weakness:

* Small scale of operations: Small scale of operations in an
intensely competitive industry constrains the business profile and
continues to limit the operating flexibility.

* Highly leveraged capital structure: The total outside liabilities
to tangible networth ratio was high at 14.6 times as on March 31,
2020.  Going ahead, capital structure is expected to remain at
similar levels.

Strengths:

* Extensive experience of the promoters: The experience of over
four decades of the promoters in the electrical components and
equipment industry, their understanding of the dynamics of the
market, and healthy relationships with suppliers and customers
should continue to support the business.

* Moderate operating margin: The margin was 13.50% for fiscal 2020
due to the specialized and quality products offered.

Liquidity: Stretched

Liquidity remains stretched as reflected in low expected cash
accrual of about INR30 lakh, working capital intensive operations
and high bank limit utilization of 85% in the 12 months ended
November 2020.

Outlook: Stable

CRISIL Ratings believes that HTTT will continue to benefit from the
extensive experience of its promoters.

Rating Sensitivity factors

Upward Factors

* Sustenance of scale of operations coupled with stable
profitability of 12-13%
* Improvement in capital structure

Downward Factors

* Stretch in working capital cycle
* Decline in cash accrual by more than 40%

Incorporated in the 2011, HTTT manufactures voltage arresters and
polymer insulators at its facility in Rajkot, Gujarat.


INDIANA STEEL: CRISIL Reaffirms B Rating on INR6.32cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities Indiana Steel Corporation (INSTCO).

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            6.32       CRISIL B/Stable (Reaffirmed)
   Letter of Credit       0.68       CRISIL A4 (Reaffirmed)

The rating reflects promoter's extensive experience in the metal
and cement trading business and average financial risk profile.
This strength is partially offset by presence in the highly
fragmented and competitive metal trading industry.

Key Rating Drivers & Detailed Description

Weaknesses:

* Presence in the highly fragmented and competitive metal and
cements trading industry: INSTCO trades in TMT bars and Cements
products. The metal and cement trading industry in India is
fragmented with several players. Hence, individual players have
limited pricing power and usually are price takers in the market.
INSTCO primarily trades in TMT bars, and cement products and sheets
which is a highly fragmented business, intensifying competition.
Besides, the resilience of a player with a larger scale to external
shocks is significantly higher than a player with smaller scale.

* Average Financial Risk Profile: The firm had an average financial
risk profile marked by weak capital structure and moderate debt
protection metrics. The gearing levels were weak due to significant
withdrawals in fiscal 2019 resulting into negative networth.
Further the interest coverage is estimated at around 1.1 times in
fiscal 2021.

Strengths:

* Promoter's extensive experience in the metal and cement trading
business: Mr. Shameer Dawood has over a decade of experience in the
metal trading industry. He initially started dealing in cement and
steel in 2005 through proprietorship firm 'Indiana Sales
Corporation' (INSTCO), which procures from domestic market. INSTCO
was eventually reconstituted in 2008. Over the years, he has
developed sound understanding of the metal trading industry which
has helped anticipate price trends and make timely purchases and
stocking decisions. Promoter's extensive experience, understanding
of the dynamics of the market and established relations with
suppliers and customers should continue to support the business
risk profile.

Liquidity: Stretched

The bank limits were highly utilized at over 90% in the last eleven
months ending February 2021. The net cash accruals are expected to
be sufficient against repayment obligations over the medium term.
The current ratio is estimated at 0.8 times as at 31st March 2021.
Further, the firm has availed COVID moratorium from the bank.

Outlook Stable

CRISIL Ratings believes INSTCO will continue to benefit over the
medium term from the promoter's extensive experience.

Rating Sensitivity factors

Upward Factor

* Improvement in the revenue profile to more than INR50 crores and
sustenance of EBITDA margin at around 4%.

* Improvement in the financial risk profile.

Downward Factor

* Decline in the revenue profile to less than INR20 crores and
EBITDA margin of less than 2%.

* Weakening in the financial risk profile.

INSTCO was incorporated in 2008 and is promoted by Mr. Shameer
Dawood. It was formed in 1998 the firm is engaged trading
cement,TMT bars. Mr. Dawood looks after the day to day business
operations of the company. The registered office of the company is
located in Kerala.

K. S. COT: CARE Keeps C Debt Rating in Not Cooperating
------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K. S. Cot
Fiber Private Limited (KSCPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/Short       7.00      CARE C; Stable/CARE A4;
   Term Bank                       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 March 31, 2020 placed the
ratings of KSCPL under the 'issuer non-cooperating' category as
KSCPL had failed to provide information for monitoring of the
ratings as agreed to in its Rating Agreement. KSCPL continues to be
non-cooperative despite repeated requests for submission of
information through phone calls and emails dated February 14, 2021,
February 24, 2021 and March 6, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the ratings on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

The ratings assigned to the bank facilities of KSCPL takes into
account its decline in scale of operations, leveraged capital
structure and weak debt coverage indicators in FY20. The ratings,
further, continue to remain constrained on account of
susceptibility of KSCPL's profit margins to the raw material price
fluctuations and its presence in the highly fragmented cotton
industry.

The ratings, however, derive strength from the wide experience of
the promoters in the cotton industry.

Detailed description of key rating drivers

At the time of last rating on March 31, 2020, the following were
the rating strengths and weaknesses: (Updated for the publicly
available information i.e., FY20 from MCA site)

Key Rating Weaknesses

* Decline in scale of operations: During FY20, the scale of
operations of KSCPL declined by ~57% marked by TOI of INR10.27
crore (PY: INR24.14 crore). In FY20, the PBLIDT remained at INR1.07
crore (10.46%) as against INR1.06 crore (4.41%) in FY19. Despite of
improved PBILDT margin in FY20, KSCPL reported net loss to the tune
of INR0.06 crore as against PAT of INR0.11 crore in FY19 due to
increase in finance cost in FY20. KSCPL reported cash loss of
INR0.03 crore during FY20 as against Gross Cash Accruals (GCA) of
INR0.14 crore during FY19.

* Leveraged capital structure and weak debt coverage indicators:
The capital structure continued to remain leveraged as on March 31,
2020 with overall gearing of 4.74 times (PY end: 5.17 times). The
debt coverage indicators also remained weak in FY20 due to cash
losses during FY20. Interest coverage ratio remained weak at 0.97
times in FY20 (1.22 times in FY19).

* Operating margins susceptible to cotton price fluctuation and
seasonality associated with the cotton industry: Operations of
cotton business are seasonal in nature, as sowing season is done
during March to July and harvesting cycle (peak season) is spread
from November to February every year. Prices of raw material i.e.
raw cotton are highly volatile in nature and depend upon factors
like monsoon condition, area under production, yield for the year,
international demand supply scenario, export policy decided by
government and inventory carried forward of the last year. Ginners
usually have to procure raw materials at significantly higher
volume to bargain bulk discount from suppliers. Furthermore, cotton
being a seasonal crop, the inventory levels of the entity generally
remains high at the end of the financial year. Thus, aggregate
effect of both the above factors results in exposure of ginners to
price volatility risk.

* Presence in the lowest segment of the textile value chain and in
a highly fragmented cotton ginning industry: High proportion of
small scale units operating in cotton ginning and pressing industry
has resulted in fragmented nature of industry leading to intense
competition amongst the players. As MGPL operates in this highly
fragmented industry wherein large numbers of unorganized players
are also present, it has very low bargaining power against both its
customers as well as its suppliers. This coupled with limited value
addition in cotton ginning process results in the firm operating at
very thin profitability (PAT) margins

Key Rating Strengths

* Wide experience of the promoters in the cotton industry: KSCPL
was incorporated by Mr. Kailashchandra Agrawal and Mr. Hemant Kumar
Agrawal in 2008. Mr. Kailashchandra Agrawal (Director) holds more
than three decades of experience in cotton trade, agro based
processing and trading industry. He looks after overall
administration as well as accounts and finance related functions at
KSCPL. He is accompanied by Mr. Hemant Kumar Agrawal (Director) who
holds two decades of experience in cotton trade, agro based
processing and trading industry. Prior to incorporation of the
company, promoters were engaged into trading of cotton. Promoter of
KSCPL are also directors in K. S. Cotex (India) Private Limited
(KCIPL).

K. S. Cot Fiber Private Limited (KSCPL) was incorporated in June
2008 by Mr. Kailashchandra Agrawal and Mr. Hemant Kumar Agrawal as
a private limited company. KSCPL is engaged into the business of
cotton ginning and pressing. KSCPL deals in 'Shankar 6' type of
cotton which is being sourced through local farmers from Madhya
Pradesh and Maharashtra. KSCPL operates from its sole manufacturing
plant located at Sendhwa (Madhya Pradesh) which has an installed
capacity of 18,900 Metric Tonnes Per Annum (MTPA) as on March 31,
2018.

LAMCO INDUSTRIES: CRISIL Keeps B Debt Rating in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Lamco
Industries Private Limited (LIPL) continues to remain in the
'Issuer Not Cooperating' category.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bank Guarantee        16.5      CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit           16        CRISIL B/Stable (Issuer Not
                                   Cooperating)

CRISIL Ratings has been consistently following up with LIPL for
obtaining information through letters and emails dated April 18,
2020 and October 17, 2020, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of LIPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on LIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the rating on bank facilities of
LIPL continues to be 'CRISIL B/Stable/ CRISIL A4 Issuer Not
Cooperating'.

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

LIPL established in 1983 as a partnership firm in the name of
'Lightening Arrestors Manufacturing Company', it was converted into
a private limited company in 1987. It was later in May, 1987,
renamed as lamco Industries Pvt Ltd (LIPL). It is engaged in
manufacturing of lightening arrestors and instrument transformers
used in sub-stations and commercial segment. Based in Hyderabad
(Telangana), the company is promoted and managed by Mr.S Kondala
Rao.

MACROTECH DEVELOPERS: Moody's Alters Outlook on Caa1 CFR to Stable
------------------------------------------------------------------
Moody's Investors Service has affirmed Macrotech Developers
Limited's (MDL) Caa1 corporate family rating and the Caa1 backed
senior secured rating of Lodha Developers International Limited's
USD bonds guaranteed by MDL.

The outlook on the ratings has been changed to positive from
stable.

The rating action follows the completion of MDL's initial public
offering (IPO) and successful listing on the Indian stock exchanges
on April 12.

"The affirmation of MDL's Caa1 ratings and change in outlook to
positive reflects our view that proceeds from the recently
concluded IPO and other management initiatives can eventually
improve MDL's liquidity, which could then support a higher rating
despite pandemic-related operating challenges," says Sweta Patodia,
a Moody's Analyst.

"Successful completion of the IPO has broadened the funding base
for the company. The IPO and conclusion of the inventory financing
at Grosvenor Square, one of the company's projects in London, in
November 2020, also demonstrate MDL's improved financial
management," adds Patodia.

RATINGS RATIONALE

MDL raised around INR24 billion ($333 million) from its recent
equity offering, of which almost 80% of the proceeds will be
applied towards debt reduction. The management is currently in the
process of identifying specific tranches of debt that will be
repaid from the IPO proceeds.

MDL expects to receive around INR15 billion ($200 million) by way
of repayment of loans made to the promoter over the next 3-6
months. The company expects to receive another $150 million-$250
million as proceeds from land sales and monetization of commercial
assets by March 2022. The management intends to use most of these
proceeds towards debt reduction.

As of March 31, 2021, MDL had around INR60 billion ($800 million)
of debt maturities at its India operations over the next 24 months.
MDL's liquidity could improve significantly following the
completion of these transactions even if its operating performance
were to weaken.

MDL also has around GBP45 million ($60 million) of debt maturing at
Lincoln Square, one of its project in London, by March 2022. The
company intends to service this debt out of fresh sales made at the
project. As of 31 March 2021, the company had GBP121m of unsold
inventory at the project.

Remote working, low interest rates and government tax incentives
will keep housing demand in India buoyant over the next 12-18
months. This trend bodes well for real-estate developers such as
MDL.

A virus resurgence in India, especially in MDL's main operating
market Maharashtra, has led to fresh lockdowns in the region. This
could affect the company's operating sales and collections over the
next few months. MDL's operating performance in London also
continues to be subdued because of pandemic-related disruptions.

In terms of environmental, social and governance (ESG) factors, MDL
is exposed to effects of the pandemic on the operating environment
in India. Moody's considers this as a social risk.

In terms of the governance risk, Moody's expects MDL to remain
exposed to risks from concentrated ownership as the promoter group
continues to hold 88% of the company after the IPO. In addition,
the company's dividend policy might change following its public
listing. Payment of dividends, if substantial, will reduce MDL's
free cash flows, which remain exposed to the deteriorating
operating environment in India.

Nonetheless, Moody's believes that MDL's financial disclosures will
improve because the company will now have to comply with the
disclosure requirements as per listing regulations in India.

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

Moody's could upgrade the ratings if the company successfully
executes its ongoing fund-raising initiatives and uses the proceeds
to address its debt maturities, both in India and London, over the
next 12-24 months. However, a sharp decline in MDL's operating
performance, which may result from a prolonged economic lockdown in
India, could constrain its rating.

Moody's could also revise the outlook to stable if MDL's liquidity
profile fails to improve and its debt maturities over the next 12
months remain at elevated levels.

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

Macrotech Developers Limited is the largest real estate developer
in India by sales of residential apartments. The company is focused
on residential developments in the Mumbai Metropolitan Region, with
some projects in nearby Pune. It has also expanded into the London
market with two projects in the city namely, Grosvenor Square and
Lincoln Square. It is listed on the Indian stock exchanges, with
the promoter group, comprising the Lodha family and their
respective investment vehicles, owning around an 89.5% stake in the
company.


MINAKSHI TRADERS: CRISIL Reaffirms B+ Rating on INR7cr Loans
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable' rating on the
bank facilities of Minakshi Traders (MT).

                     Amount
   Facilities      (INR Crore)      Ratings
   ----------      -----------      -------
   Cash Credit           6          CRISIL B+/Stable (Reaffirmed)
   Proposed Fund-
   Based Bank Limits     1          CRISIL B+/Stable (Reaffirmed)


The rating reflects the modest scale of operations of MT and large
working capital requirement. These weaknesses are partially offset
by the extensive experience of the partners in the trading of
cement, pipes, and sanitary goods.

Key rating drivers & detailed description

Weaknesses:

* Modest scale of operations: Exposure to intense competition has
led to subdued scale, which will continue to limit operating
flexibility. Revenue, estimated at INR26.5 crore in fiscal 2021, is
expected to remain modest over the medium term.

* Working capital-intensive operations: Gross current assets (GCAs)
were 163-291 days over the three fiscals ended March 31, 2021,
owing to high debtors and moderate inventory. Improvement in
working capital cycle will remain critical.

Strength:

* Extensive experience of the partners: The over 35 years of
experience in trading of the partners, their understanding of the
dynamics of the market, and healthy relationships with suppliers
and customers should continue to support the business.

Liquidity: Stretched

Bank limit utilisation was 100% for the 12 months through January
2021. Cash accrual is expected to remain at INR0.30-0.40 crore per
annum over the medium term and comfortably cover yearly debt
obligation of INR0.03 crore. Current ratio was moderate at 1.7
times as on March 31, 2021. The firm had opted for moratorium for
servicing of interest payment on working capital facility till
August 2020 under the Reserve Bank of India's Covid-19 Regulatory
Package.

Outlook Stable

CRISIL Ratings believes MT will continue to benefit from its
longstanding relationships with customers and suppliers and the
experience of the management to mitigate the inherent risks in the
trading business.

Rating sensitivity factors

Upward factors

* Stable operating margin and sustained revenue growth
* Improvement in working capital cycle, leading to bank limit below
90% level

Downward factors

* Deterioration of the capital structure, leading to gearing of
more than 3 times
* Decline in scale of operations and profitability

Set-up in 1985, MT is a partnership concern of Mr Sunil Agrawal, Mr
Ramesh Kumar Agrawal, and others. Based in Bilaspur, Chattisgarh,
the firm trades in cement, pipes, and sanitary goods.


MIRAJ METALS: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Miraj
Metals continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           42.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from Miraj Metals to monitor the
rating(s) vide e-mail communications/letters dated April 7, 2021,
April 6, 2021, April 2, 2021, March 17, 2021, March 5, 2021,
February 16, 2021, December 23, 2020, December 16, 2020 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 publicly 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 January 13, 2020, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Delays in debt servicing: During the last rating review process,
the lender had confirmed delays in debt servicing.

Established in 2010 by Mr. Hiten Mehta, Miraj Metals is a supplier
of non-ferrous metals scrap in India, which it imports entirely
from the Middle East countries. The Middle East suppliers, in turn,
provide the scrap materials at discounted rates to the entity for
making the same available to the Indian market. Its group concern,
Miraj Recyclers Private Limited (MRPL), incorporated in April 2013,
procures majority of its raw material requirements from Miraj
Metals.

MIRAJ RECYCLERS: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Miraj
Recyclers Pvt Ltd (MRPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        3.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/           12.00      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE has been seeking information from MRPL to monitor the
rating(s) vide e-mail communications/ letters dated April 7, 2021,
April 6, 2021, April 2, 2021, March 18, 2021, March 5, 2021,
February 16, 2021, December 23, 2020, December 16, 2020 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 publicly 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 January 13, 2020, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* Delays in debt servicing: During the last rating review process,
the lender had confirmed delays in debt servicing.

Incorporated in April 2013 by Mr. Hiten Mehta and Mrs. Harita
Mehta, Miraj Recyclers Private Limited (MRPL) is a supplier of
non-ferrous metals scrap of copper, aluminum and iron, and is also
engaged in the manufacturing of aluminum ingots & copper wire rods.
The company procures majority of its raw material requirements from
its group concern; Miraj Metals. The scrap, after procurement, is
bifurcated into aluminum, copper and iron, of which the recyclable
aluminum and copper is used to manufacture aluminum ingots and
copper wire rods respectively, whereas the non-recyclable metals
scrap is sold off in the market. The company has its recycling
facility located in Bhavnagar, Gujarat.

MULJI DEVSHI: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Mulji
Devshi and Company (MDC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank      19.75      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale

CARE had, vide its press release dated February 13, 2020, placed
the rating of MDC under the 'issuer non-cooperating' category as
MDC had failed to provide information for monitoring of the rating.
MDC continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated April 12, 2021. In line with the extant SEBI
guidelines, CARE has reviewed the rating on the basis of the best
available information which however, in CARE's opinion is not
sufficient to arrive at a fair rating.

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

Rating takes into account the default in debt servicing.

Detailed description of the key rating drivers

At the time of last rating on February 13, 2020, the following were
the rating weaknesses:

Key Rating Weaknesses

* Delay in servicing of debt obligation: As per the clarification
received from banker, there has been ongoing delays in debt
servicing since last 6 months.

Established in 1915, Mulji Devshi & Company (MDC), is a
Mumbai-based partnership firm managed by Mr. Kaushal P. Chheda,
Mrs. Vasanti P. Chheda and Ms. Girisha N. Vira. MDC is engaged in
processing, trading and export of agro commodities mainly sesame
seeds and other oilseeds which contributes 80% of their business
and remaining from other commodities which includes oils, meals,
spices & grain. The company has its branch office located at
Valsad, Gujarat and registered office located at Vidyavihar,
Mumbai. MDC exports around 90% of its product to countries like
Vietnam and China and purchases majority of its traded goods from
domestic market mainly from Madhya Pradesh & Gujarat.

MDC is a recognized export house engaged in trading and export of
agricultural commodities. The firm holds membership of the Indian
Oilseeds Produce & Exporters Association (IOPEA), Federation of
Indian Export Organisation (FIEO), Bombay Commodity Exchange and
Federation of Oils, Seeds & Fats Association (FOSFA, United
Kingdom).

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

The instrument-wise rating actions are:

-- INR76.90 mil. Term loan due on February 2026 migrated to non-
     cooperating category with IND B- (ISSUER NOT COOPERATING)
     rating; and

-- INR46.7 mil. Fund-based working capital limits migrated to
     non-cooperating category with IND B- (ISSUER NOT COOPERATING)

     / IND A4 (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
March 23, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 2010,  Narayanadri Hospitals and Research Institute
is a 250-bed multi-specialty hospital, located in Tirupati, Andhra
Pradesh.

PANIPAT JALANDHAR: CRISIL Lowers Rating on INR3,646cr Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the long-term bank
facility of Panipat Jalandhar NH-1 Tollway Pvt Ltd to 'CRISIL D'
from 'CRISIL B-'. The rating has also been removed from 'Rating
Watch with Negative Implications'.

                       Amount
   Facilities        (INR Crore)      Ratings
   ----------        -----------      -------
   Term Loan            3,646         CRISIL D (Downgraded from
                                      CRISIL B-; Removed from
                                      'Rating Watch with Negative
                                      Implications')

The rating action factors in weakening of liquidity and termination
of the project. On April 13, 2021, the Delhi High Court (HC)
dismissed the petition raised by the company, and gave a ruling in
favour of the National Highways Authority of India (NHAI; rated
'CRISIL AAA/Stable'). Owing to the protests held by the farmers,
toll collection on the Panipat-Jalandhar stretch has been almost
nil since January 2021, thereby weakening liquidity. The available
Cash balance may only suffice to cover the debt obligation for
April 2021, and the project is most likely to default.

On March 5, 2021, the NHAI issued a termination notice to
Panipat-Jalandhar, following which the latter filed a petition. On
March 12, 2021, the Delhi HC issued a stay order to the company
against the termination notice. On April 13, 2021, the Delhi HC
dismissed the petition on the suspension notice issued by NHAI on
December 4, 2020, and also vacated the stay order dated March 12,
2021. As per the order, the project now stands terminated. The
company has filed the petition in the Supreme Court (SC) against
the said order and the outcome now remains a key monitorable.

CRISIL Ratings, on March 11, 2021, had downgraded its rating on the
long-term bank facility of Panipat-Jalandhar to 'CRISIL B-' from
'CRISIL BB-', while retaining it on 'Watch with Negative
Implications'. The rating action factors in weakening of liquidity,
driven by lower-than-expected toll collection due to the protest by
farmers. The project had liquidity of around INR235 crore in the
escrow account as of November 2020, which further reduced to INR135
crore in February 2021.

Key Rating Drivers & Detailed Description

Key reason for 'CRISIL D' rating:

* Imminent default expected in debt servicing due to weakening of
liquidity because of farmers protest and termination of the
project: Reduction in cash balance to INR110 crore in April 2021,
from INR235 crore in November 2021, reflects weakening of
liquidity. Though the Trust and Retention Account [TRA] had
sufficient balance in March 2021, servicing of debt due in March
2021 is partly pending due to operational issues of the lender.
NHAI has also incurred INR50 crore towards road maintenance, to be
reimbursed from the TRA account. Post adjustment of March debt
servicing and payment to NHAI, balance liquidity will not suffice
to cover the debt obligation due from May 2021. The company has
challenged the suspension and termination on grounds of
non-maintenance of road quality, and is expected to contest for the
appropriation of funds from the TRA account. Weakening of liquidity
is expected to result in imminent default of the projects in the
next month.

Weakness

* Termination of the project: Following a suspension of the toll
collection rights by the NHAI on December 4, 2020,
Panipat-Jalandhar had filed a petition against the notice in the
Delhi HC. On March 5, 2021, the NHAI further issued a termination
notice to the company, which filed a petition against it and
received a stay order from the Delhi HC on March 12, 2021.  On
April 13, 2021, the HC dismissed the petition on the suspension
notice and vacated the stay order dated March 12, 2021. Hence, as
per the order, the project now stands terminated. The company has
filed the petition in the SC against the said order from Delhi HC.
The outcome from SC is a key monitorable.

Strengths

* Good traffic potential and strong sponsor: The Panipat-Jalandhar
road stretch on NH-1 provides connectivity to the northern states.
NH-1 is one of the largest projects of NHAI, connecting several
tourist and industrial hubs and prominent cities/towns in Punjab
and Haryana (Karnal, Ambala, Ludhiana and Kurukshetra), and thus,
ensuring strong economic potential for the road stretch.

The project is backed by a strong sponsor, Roadis, which has a 61%
shareholding in Panipat-Jalandhar. Roadis is owned by a large
Canadian pension fund manager, PSP Investments (Public Sector
Pension Investment Board; rated 'AAA/Stable/A1+' by S&P Global
Ratings). Though the sponsors have infused funds in the projects
earlier, they may not extend support to ensure timely debt
servicing in the project, post its termination.

Liquidity: Poor

The company had outstanding debt of INR3,334 crore as of March 31,
2020, and has to service debt of INR350-400 crore per fiscal in
2021 and 2022. The liquidity profile of the project was adversely
impacted by almost nil toll collection, following the farmer
protests on the stretch since January 2021. Cash balance thus
declined sharply to INR110 crore in April 2021, from INR235 crore
in November 2021. Though there was sufficient balance in the TRA,
operational issues faced by the lender prevented servicing of total
debt due in March 2021. Also, expenses of INR50 crore, incurred by
the NHAI towards road maintenance, also needs to be reimbursed from
the TRA account. Post adjustment of March debt and payment to NHAI,
available liquidity may not be enough to service debt obligations
from May 2021. Further weakening of liquidity may lead to an
imminent default of the project in the next month.

Rating Sensitivity factors

Upward factors

* Resolution of project termination order in favor of the company
by the SC
* Improvement in liquidity, ensuring timely servicing of debt
obligation in May 2021

Panipat-Jalandhar was formed as a special-purpose vehicle in 2008,
by Roadis (formerly, the Isolux Corsan group) and Soma Enterprises
Ltd in the ratio of 61:39. The company has been awarded the rights
to widen the four-lane Panipat–Jalandhar section of NH-1 to six
lanes. It has entered into a concession agreement with NHAI for
execution, operation and maintenance of the project on a
build-operate-transfer basis.

The concession period of 15 years includes construction activity of
30 months. The project was delayed by 45 months and achieved
provisional completion certificate on September 30, 2015. The
company has applied for extension of the concession period by three
more years, in-line with the terms in the concession agreement. The
revised project cost of INR5,690 crore was funded in a debt-equity
ratio of 64:36.

The company has filed an arbitration claim against NHAI for about
INR7,035 crore (as on December 31, 2016) and may receive the net
arbitration claim money (after adjusting for NHAI claims) of about
INR3,000 crore, as per a consultant report appointed by the lead
bank. This would be used to cover the pending premium.

PUNJAB INFRASTRUCTURE: Ind-Ra Affirms 'BB' Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Punjab
Infrastructure Development Board's (PIDB) term loan's rating at
'IND BB'. The Outlook is Stable.

The detailed rating action is:

-- INR3,506.7 bil. (reduced from INR 10,907.7 bil.) Term loan due

     on February 2024 affirmed with IND BB/Stable rating.

KEY RATING DRIVERS

Steady Financial Performance: PIDB registered a net surplus of
INR11.23 billion in FY20 (FY19: INR9.26 billion), supported by
moderation in the net project-related expenditure coupled with
lower financial expenses (due to the decline in debt). This enabled
it to reverse the debit balance in the capital account to INR7.99
billion (FY19: negative INR3.24 billion). In FY21, PIDB initiated
funding for the Urban Environment Improvement Programme Phase II
(UEIP-II), which entailed an approved cost of INR10.95 billion and
would be financed via debt. As on 30 September 2020, PIDB had
registered a net project related expenditure of INR0.35 billion and
a net surplus of INR5.1 billion. Additionally, out of the total
budgeted grant in aid of INR10.32 billion for FY21, PIDB had
received INR5.82 billion until 30 September 2020. In FY21
(provisional numbers), the net surplus of PIDB is likely to have
declined on a yoy basis, mainly on account of the project-related
expenditure incurred under the UEIP-II.

In January 2021, the Punjab government granted approval for the
levy of a special infrastructure development (ID) fee of INR0.25
per liter on the sale of petrol and diesel within the state and a
similar fee of INR0.25 per INR100 on the value of purchase of
immovable property within the state. The amount so collected is
supposed to be deposited in the development fund of PIDB. This
would create an additional revenue stream for PIDB in FY22 apart
from the receipt of grant in aid.  

Strategic Importance: PIDB is the nodal agency for the planning and
funding of infrastructure development in Punjab. The statutory
status of PIDB amplifies the significance attached to the
development of infrastructure in the state.

The projects forwarded or mandated to PIDB for implementation are
approved by the state government and by the board/executive
committee of PIDB. The government of Punjab (GoP) has extended an
unconditional and irrevocable guarantee to the development board's
term loans though the same can be invoked only after the board
commits a default.

Liquidity Indicator-Stretched: With the implementation of the
Punjab Infrastructure (Development & Regulation) Amendment Act,
dated July 27, 2017, the ID fee, which was earlier levied and
collected by PIDB, is being credited to the consolidated fund of
the GoP; subsequently, a budgetary allocation is made towards PIDB
for its meeting its requirements. As PIDB is almost completely
dependent on the receipt of this grant in aid and does not avail
any working capital limits, any delay in securing the grant could
lead to cash flow mismatches. Nevertheless, with levy of a special
ID fee, the revenue profile of PIDB would be broadened in FY22 and
could lower its dependence on the receipt of grant-in aid in the
near-to-medium term.

State's Growth Hit by COVID-19: Punjab's gross state domestic
product (GSDP) growth averaged 5.8% during FY12-FY20, lower than
the national average of 6.6%. Furthermore, the gross state value
added growth in the agriculture, industry and services sectors too
was lower than the national average during FY12-FY20. The share of
the agricultural sector in the state economy was high at 24.3%
compared to its share in the national economy (14.6%) in FY20.
However, Punjab's agricultural gross state value added grew at a
lower CAGR of 2.2% than the national average of 3.3% during
FY12-FY20. Punjab's agriculture and allied sector clocked a modest
growth rate of 2.3% yoy in FY20, almost unchanged from FY19, due to
negative growth in the crop husbandry sector. The COVID-19-induced
disruptions in manufacturing and services activity had a severe
impact on Punjab's economy in FY21. Although a positive growth in
agriculture cushioned the shock to the economy to some extent,
Punjab's GSDP is projected to have contracted by 6.4% in FY21
(FY20: 5.3% yoy), as per advance estimates.

Revenue-led Fiscal Slippage in FY21: Fiscal slippages mainly
originated from the revenue side, primarily tax revenue, in FY21.
Punjab's revenue account is estimated to have a considerably higher
deficit of INR207.30 billion, 3.4% of GSDP in FY21(revised
estimate: RE) than the budgeted deficit of INR77.12 billion, 1.2%
of GSDP (FY20: 2.5% of GSDP). A notable shortfall in revenue
receipts compared with FY21(BE: budget estimate) contributed to the
sizeable increase in revenue deficit. Revenue receipts were lower
by INR159.62 billion than FY21 (BE). The state's own tax revenue
(SOTR) and share in central taxes were lower by INR54.16 billion
and INR41.88 billion, respectively, in FY21(RE) than FY21(BE). The
shortfall in the state's own tax revenue was 56.19% of the fiscal
deficit slippage in FY21 (RE), followed by the state's share in
central taxes (43.45%). Together, this worked out to be 99.64% of
the slippage (INR96.37 billion) in the fiscal account in FY21 (RE)
over FY21 (BE). The fiscal deficit is estimated to increase to 4.7%
in FY21 (RE) from the budgeted 2.9% of GSDP. The higher fiscal
deficit resulted in the outstanding liabilities of the state
increasing to 43.07% of GSDP in FY21 (RE) (FY21 (BE): 38.5%). As
per the FY22 budget, Punjab's fiscal account is estimated to record
a deficit of INR242.40 billion, constituting 4% of the GSDP.

RATING SENSITIVITIES

Positive:  An overall Improvement in the liquidity position due to
timely and adequate receipt of grant and fee on a sustained basis
would be positive for the ratings.

Negative: Any weakening of the GoP's support, leading to further
deterioration in the liquidity position, would result in a negative
rating action.

COMPANY PROFILE

PIDB, established in 1998-1999, is the nodal agency for the
planning and funding of infrastructure in Punjab. PIDB was formed
by enacting the Punjab Infrastructure Development Bill, 1998.
However, to bring in a comprehensive regulatory framework, the GoP
enacted Punjab Infrastructure (Development & Regulation) Amendment
Act in 2002, which provides for a regulatory framework and
guidelines for PIDB in its present form. The board is chaired by
Punjab's chief minister.

PUREWAL STONE: CARE Lowers Rating on INR9.67cr Loan to C
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Purewal Stone Crusher (PSC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.67       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   revised from CARE B; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 23, 2020 placed the
ratings of PSC under the 'issuer non-cooperating' category as PSC
had failed to provide information for monitoring of the rating. PSC
continues to be non-cooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 6, 2021, February 16, 2021, February
26, 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 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 has been revised by taking into account non-availability
of information and no due-diligence conducted due to
non-cooperation by PSC 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. Further, the ratings
continue to remain constrained owing to short track record with
small scale of operations, elongated operating cycle, highly
competitive nature of the industry and constitution of the entity
being a partnership firm. The ratings, however, continue to take
comfort from experienced partners in managing business, location
Advantage and moderate financial risk profile.

Detailed description of the key rating drivers

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

Detailed description of the key rating drivers

Key Rating Weaknesses

* Short track record with small scale of operations: The firm has
started its commercial operations from March, 2015 and has a
relatively short track record of operations. However, the partners
have considerable experience in trading industry through his
association with various corporates. The scale of operations of the
firm remained small marked by total operating income and gross cash
accruals of INR17.93 crore and INR1.94 crore respectively during
FY18. The small scale limits the firm's financial flexibility in
times of stress and deprives it from scale benefits. However, the
risk is partially mitigated by the fact that the scale of operation
is growing continuously. PSC's total operating income grew from
INR10.51 crore in FY16 to INR17.93 crore in FY18 reflecting a CAGR
of 30.62% owing to higher quantity sold. Further, firm has achieved
TOI of 8.19 crore in 10MFY19.

* Elongated operating cycle: The operating cycle of the firm
remained elongated at 255 days for FY18 mainly on account of higher
inventory holding period. The firm crushes and processes river bed
material (RBD), boulders into stone chips, stone grits and sand
stone for which the procurement is done from October to May
resulting into higher inventory holding as on balance sheet date.
The firm allows an average credit period of around 10-15 days to
its customers resulting in an average collection period of
5 days for FY18.

* Highly competitive nature of the industry: PSC operates in a
highly fragmented industry wherein there is presence of a large
number of players in the unorganized and organized sectors. There
are number of small and regional players catering to the same
market which has limited the bargaining power of the company and
has exerted pressure on its margins.

* Constitution of the entity being a partnership firm: PSC
constitution as a partnership firm has the inherent risk of
possibility of withdrawal of the partner's capital at the time
of personal contingency and firm being dissolved upon the
death/retirement/insolvency of partners. Moreover, partnership
firms have restricted access to external borrowing as credit
worthiness of partners would be the key factors affecting credit
decision for the lenders.

Key Rating Strengths

* Experienced partners in managing business: The firm is being
managed by Mr. Dilbag Singh. He has considerable experience of
around four decades in stone crushing industry and trading of
construction material like stone chips, stone grits and sand stone
industry through his association with various corporates and in his
individual capacity.

* Location Advantage: The firm has its manufacturing facility is
located in Ramnagar, Uttarakhand, which is in proximity to the
river bed. This ensures uninterrupted supply of raw material, along
with savings in freight cost and reduction in lead time.

* Moderate financial risk profile: The profitability margins as
marked by PBILDT and PAT margin stood moderate for the past two
financial years i.e. FY17 and FY18. PBILDT margin stood at 18.66%
in FY18 as against 24.36% in FY17. Further, PAT margin stood at
5.24% in FY18 as against 9.33% in FY17 mainly on account of higher
interest cost. The debt coverage indicators as marked by interest
coverage and total debt to GCA stood moderate at 3.80x and 5.13x
respectively for FY18 as against 4.20x and 4.66x respectively for
FY17. The deterioration in the interest coverage ratio is mainly on
account of rise in interest cost along with deterioration in
PBILDT. The capital structure of the firm stood leveraged as marked
by overall gearing ratio which stood at 1.43x as on March 31, 2018
as against 2.18x as on March 31, 2017. The improvement in the
capital structure was on account of lower utilization of working
capital borrowings as on the balance sheet date.

Nainital, Uttarakhand based, Purewal Stone Crusher (PSC) was
established in year 2013 and the commercial operations started from
March, 2015. It is currently managed by Mr Dilbag Singh Purewal.
The firm crushes and processes river bed material (RBD), boulders
into stone chips, stone grits and sand stone that find usage in the
construction industry. The primary raw materials like boulders, and
river bed materials are procured through local suppliers like
Kulwinder Singh, Aman and the partner of the firm Mr Dilbag Singh.


RAKESH CREDITS: CRISIL Withdraws B Rating on INR8.5cr LT Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of Rakesh Credits Ltd (RCL), as:

                        Amount
   Facilities         (INR Crore)     Ratings
   ----------         -----------     -------
   Proposed Long Term
   Bank Loan Facility      8.5        CRISIL B/Stable (ISSUER NOT
                                      COOPERATING; Rating
                                      Withdrawn)

CRISIL Ratings has been consistently following up with RCL for
getting information and requested cooperation through its email
dated April 4, 2021, apart from telephonic communication. However,
the issuer has remained non-cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings received only partial information regarding the business
operations of RCL. This restricts the ability of CRISIL Ratings to
take a forward-looking view on the credit quality of the company.
CRISIL Ratings believes the rating action on RCL is consistent with
'Assessing Information Adequacy Risk'. Based on the last available
information, the ratings on the long-term bank facilities and
non-convertible debentures of RCL continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

CRISIL Ratings has withdrawn its rating on the long-term bank
facilities and non-convertible debentures of RCL on receipt of
withdrawal request from the company. RCL has also confirmed
non-utilisation of services offered by CRISIL Ratings till date.
The withdrawal process is in line with CRISIL Ratings' policy on
withdrawal of its rating.

RCL is a non-deposit-accepting, non-banking financial company
incorporated on July 26, 1993, as a private-limited company; Rakesh
Trade Credits Pvt Ltd. It was reconstituted as a limited company
and got its current name on January 15, 1997. The registered office
is in Chennai, but the company operates through a branch each in
Palakkad and Malappuram (both in Kerala). It provides loans for the
purchase of used vehicles.

S. K. HITECH: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S K Hitech
Industries (SKHI) 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 3, 2020, placed the
rating(s) of SKHI under the 'issuer non-cooperating' category as
the company had failed to provide information for monitoring of the
rating. The company continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated April 6, 2021. In line with the extant SEBI guidelines, CARE
has reviewed the rating on the basis of the best available
information which however, in CARE's opinion is not sufficient to
arrive at a fair rating. The rating on S. K. Hitech Industries bank
facilities will now be denoted as CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

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

* Ongoing delays in servicing debt obligations and stressed
liquidity position: There are ongoing delays in servicing debt
obligations on time due to net losses and stressed liquidity
position on account of delay in receipt of payments from its
customers.

* Limited track record and small scale of operations: SKHI, has
limited track record less than 5 years and the scale of operations
remained small marked by the total operating income of INR37.90
crore in FY18 and with the low net worth base of INR3.84 crore as
on March 31, 2018. The small scale of operations limits the
financial flexibility in times of stress and deprives it's from
scale benefits.

* Financial risk profile marked by the net losses, leveraged
capital structure and weak debt coverage indicators: SKHI, has
registered net losses for the last two years. This mainly is on the
account of increase in the finance cost backed by higher
utilization of working capital facilities and coupled with
depreciation provision due to which, the firm registered net loss
of INR1.28 crore in FY17 and INR0.10 crore in FY18. However, the
PBILDT margin has been increasing for the period with the increase
in TOI and stood at 9.59% in FY18 as compared to 3.47% in FY17.
The capital structure of the firm has been deteriorated and stood
leverage with the overall gearing ratio of 4.76x as on March 31,
2018 as compared to 4.01x as on March 31, 2017 due to decline in
the tangible net worth on the account of absorption of carry
forward losses.  The debt coverage indicators improved and stood
satisfactory marked by total debt to GCA and interest coverage of
9.18x and 2.21x in FY18 due to improvement in the absolute amount
of PBILDT and marginal repayment of term loans. Further, the total
debt to CFO has been improved and stood at 4.35x as on March 31,
2018 due to improvement in the profitability and coupled with
improvement in the net working capital changes (increase in sundry
creditors and utilization levels of working capital facilities and
maturity of current investments, realization of less than six
months' sundry debtors during FY18).

* Working capital intensive nature of operations due seasonal
available of paddy: The firm is operating in working capital
intensive nature of business. Paddy in India is harvested mainly at
the end of two major agricultural seasons Kharif (June to
September) and Rabi (November to April). The millers should stock
enough paddy by the end of each season as the price and quality of
paddy is better during the harvesting season. During this time, the
working capital requirements of the rice millers are generally on
the higher side. Further, the firm gets a credit period of 1560
days from its creditors while it offers a credit period of 30-90
days to its customers. On account of the same, working capital
limits have been fully utilized over the last 12 months ended
November 30, 2018.

* Partnership nature of business operations: Partnership nature of
business has an inherent risk of withdrawal of capital by the
partners at the time of their personal contingencies. It also has
the inherent risk of business being discontinued upon the
death/insolvency of a partner. The ability to raise funds is also
very low as partnership concerns have restricted access to external
borrowings. There is net withdrawal of capital of INR1.03 crore
during FY18.

* Fragmented nature of industry and low entry barriers: The rice
milling business requires limited quantum of investment in
machinery, however, has high working capital needs. Further, rice
milling is not very technology intensive and therefore the industry
is highly fragmented with large number of players operating in the
organized and unorganized segments. The high level of competition
has ensured limiting bargaining power, because of which rice mills
are operating at low to moderate profitability margins.

Key Rating Strengths

* Experienced management in rice mill industry: Ms. Syeda Rehana,
the managing partner of SKHI, has industry experience of more than
a decade in rice mill industry along with other partners. Further,
due to long term presence in the market, the partners have
established relationship with their customers and suppliers.

* Increasing trend in total operating income for the period under
review: The total operating income of the firm has been increasing
for the period under review at CAGR of 71.40% during FY16-FY18, due
to increasing demand from customers and favorable industry outlook.
The total operating income stood at INR37.90 crore in FY18 as
compared to INR23.13 crore in FY17 and INR12.90 crore in FY16.
Further, the firm registered the TOI of INR36.00 crore during
8MFY19 (Prov.).

* Healthy demand outlook for rice: Rice is consumed in large
quantity in India which provides favorable opportunity for the rice
millers and thus the demand is expected to remain healthy over
medium to long term. India is the second largest producer of rice
in the world after China and the largest producer and exporter of
basmati rice in the world. With growing consumer class and
increasing disposable incomes, demand for premium rice products is
on the rise in the domestic market. Demand for non-basmati segment
is primarily domestic market driven in India. Initiatives taken by
government to increase paddy and better monsoon conditions will be
the key factors which will boost the supply of rice to the rice
processing units. Rice being the staple food for almost 65% of the
population in India, it has a stable domestic demand outlook.

Davanagere (Karnataka) based S K Hitech Industries (SKHI) was
established in the year 2014 as Partnership Firm by Mr. H Syed
Jameel, Ms. Syeda Rehana, Ms. Shahataj Banu and Mr. Shaik Abdul
Khuddus. The firm is engaged in processing of paddy to produce
rice, broken rice, bran and husk with the installed capacity of 14
ton per hour. Ms. Syeda Rehana, the Managing Partner, of the firm
looks after the day-to-day operations.

S. S. ENGINEERS: CRISIL Withdraws B+ Rating on INR5cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn the ratings on certain bank facilities
of S. S. Engineers (SSE), as:

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Bank Guarantee        54        CRISIL A4 (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit            5        CRISIL B+/Stable (Issuer Not
                                   Cooperating)

CRISIL Ratings has been consistently following up with SSE for
obtaining information through letters and emails dated July 25,
2020 and January 19, 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 SSE. This restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSE
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on the bank facilities
of SSE continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

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

Set up in 1980 as a proprietorship firm by Mr. S B Bhad, SSE
designs, fabricates, and installs mill house machinery, boiling
house machinery, and other industrial machinery for sugar
companies. The firm undertakes majorly turnkey contracts for sugar
plants. It has three units in Bhosari, Maharashtra.

SHIKHAR CONSTRUCTIONS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shikhar
Constructions (SC) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated March 23, 2020 placed the
ratings of SC under the 'issuer non-cooperating' category as SC had
failed to provide information for monitoring of the rating. SC
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and a
letter/email dated February 6, 2021, February 16, 2021, February
26, 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 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 noncooperation by
Shikhar Constructions 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 March 23, 2020 the following were the
rating weaknesses and strengths:

Detailed description of the key rating drivers

Key Rating Weaknesses

* Ongoing delay in debt servicing: The account had been classified
as NPA in January 2020. The liquidity position remains tight due to
the negative profitability and high interest cost owing to
excessive reliance on external borrowings.

Nainital (Uttarkhand) based, Shikhar Constructions (SC) was
established in the year 1992, as a partnership concern, by Mr.
Manoj Joshi, Mr. Hem Kumar Joshi and Mr. Kamlesh Joshi sharing
profits and losses in the ratio 60%, 20% and 20% respectively. The
company is engaged in development of residential projects. The
ongoing project is 'Nirvana at Sunny Lake' located at Bhimtal-
Sattal Road, Nainital, Uttarakhand. In past the partners have
developed approximately 13 lsf (lakh square feet) of built up area
to develop residential apartments, villas, cottages, townships etc.
in Nainital, Uttarkhand. Shikhar Construction is a part of Shikhar
Group (engaged in delivering residential projects since 1992), a
partnership firm that carries out all the projects under the group.


TISSORI INDIA: CARE Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tissori
India Fabrics Private Limited (TIF) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       50.02      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 15, 2019, placed
the rating of TIF under the 'issuer non-cooperating' category as
TIF had failed to provide information for monitoring of the rating.
TIF continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated February 27, 2021,
March 9, 2021 and March 19, 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 13, 2020, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* On-going delays in servicing of debt obligations: As per
interaction with the bankers there are delays in servicing of
interest payment and overdrawals in fund based limits for more than
30 days due to stretched liquidity position of the company.

Analytical approach: Combined A combined view is considered for
'Oneworld Group' group which includes Oneworld Creation Private
Limited (OCPL), Oneworld Industries Private Limited (OIPL),
Oneworld Retail Private Limited (ORPL), Oneworld Sourcing (OS),
Tissori India Fabrics Private Limited (TIF), Maison De Couture
Private Limited (MDC), Zephyr Fabric Trading LLP (ZFT), Worsted
Overseas Trading LLP (WOT), WorldStar Fabric LLP (WF), Ultimo
Fabrics Private Limited (UFPL) and Oneworld Design Studios Private
Limited (ODS). The combined view for the group is on account of
strong operational and managerial linkages being in the same line
of business and common promoters.

Established in the year 1995 by Mr. Urvil Jani and Mr. Manoj
Khushalani, the group began its business under a partnership firm
"Roshvil Enterprise." The firm was engaged in the business of
trading of fabrics in bulk quantities for men's wear. Subsequently,
the product profile was diversified by the firm to cater to women's
wear and readymade garments.

TUSCAN AGROW: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tuscan
Agrow (TA) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       13.30      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 March 23, 2020, placed the
rating(s) of TA under the 'issuer noncooperating' category as the
company had failed to provide information for monitoring of the
rating. The company continues to be non-cooperative despite
repeated requests for submission of information through e-mails
dated February 16, 2021, February 21, 2021, February 26, 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. The
rating on Tuscan Agrow's bank facilities will now be denoted as
CARE D; ISSUER NOT COOPERATING.

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

Detailed description of the key rating drivers

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

Key Rating Weakness

* Ongoing delays in servicing debt obligations and stressed
liquidity position: There are ongoing delays in servicing debt
obligations on time due to net losses and stressed liquidity
position on back of high dependence on working capital borrowings
and coupled with absolute increase in inventory.

* Short track record and small scale of operations: The firm was
established in 2014 and commercial operations were started in FY15.
Further, the scale of operations stood small INR8.71 crore in FY19
as compared to INR4.98 crore in FY18.

* Decline in the profitability margins during the review period:
The profitability margins declined significantly marked by PBILDT
margin and PAT margin stood at 50.55% and 32.42% in FY19 as
compared to 104.18% and 68.63% in FY18 due to increase in the
material costs coupled with decline in PBILDT in absolute terms.

* Working capital intensive nature of operations: The operating
cycle of the firm stood elongated at 222 days as on March 31,
2019.

Key Rating Strengths

* Experienced management: Tuscan Agrow (TA) is family based
business firm which was established by Mr. Sathyamoorthy
Vasudevanwho is the managing Partner of the firm and Mrs. Priya
Vasudevan, partner and wife of Mr. Sathyamoorthy Vasudevan. The
managing partner is a graduate i.e. B.A in Architecture and Mrs.
Priya Vasudevan is graduate (M.A. English), both the promoters have
more than two decades of business experience of the field of real
estate business. With significant amount of business exposure and
high networth capacity of the promoters, they have acquired huge
amount of land at Chikmaglur and started growing of coffee, pepper
and related products. The promoters are is well supported by Mr.
Tanveer(friend of Mr. Sathyamoorthy Vasudevan) who has more than
two decade of experience in agriculture sector and is actively
involved in managing the day to day activities of the firm.

* Significant amount of net worth with comfortable capital
structure: The net worth of the firm increased and stood high at
INR81.25 crore as on March 31, 2019 as compared to INR77.23 crore
as on March 31, 2018 on back of accretion of profits to net worth
and coupled with infusion of capital INR1.19 crore by the partners
The capital structure of the firm marked by overall gearing stood
at 0.19x in FY19 as compared to 0.18x in FY18 on account of
increase in the net worth. Further the TD/GCA deteriorated and
stood at 5.32x in FY19 as compared to 3.99x in FY18 due to increase
in the term loan.

Tuscan Agrow (TA) was established in the year 2014 as a partnership
firm by Mr. Sathyamoorthy Vasudevan and Mrs. Priya Vasudevan. The
commercial operations of the firm were started from 2015. The
entity has its registered and administrative office located at
Bangalore and is engaged in growing of coffee seeds and allied
products, and yielding about 300 tons of coffee and 30MT of pepper
along with other allied crops every year.

WORSTED OVERSEAS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Worsted
Overseas Trading LLP (WOT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       40.52      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 15, 2019, placed
the rating of WOT under the 'issuer non-cooperating' category as
WOT had failed to provide information for monitoring of the rating.
WOT continues to be non-cooperative despite repeated requests for
submission of information through e-mails dated February 27, 2021,
March 9, 2021 and March 19, 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 13, 2020, the following were
the rating strengths and weaknesses.

Key Rating Weaknesses

* On-going delays in servicing of debt obligations: As per
interaction with the bankers there are delays in servicing of
interest payment and overdrawals in fund based limits for more than
30 days due to stretched liquidity position of the company.

Analytical approach: Combined A combined view is considered for
'Oneworld Group' group which includes Oneworld Creation Private
Limited (OCPL), Oneworld Industries Private Limited (OIPL),
Oneworld Retail Private Limited (ORPL), Oneworld Sourcing (OS),
Tissori India Fabrics Private Limited (TIF), Maison De Couture
Private Limited (MDC), Zephyr Fabric Trading LLP (ZFT), Worsted
Overseas Trading LLP (WOT), WorldStar Fabric LLP (WF), Ultimo
Fabrics Private Limited (UFPL) and Oneworld Design Studios Private
Limited (ODS). The combined view for the group is on account of
strong operational and managerial linkages being in the same line
of business and common promoters.

Established in the year 1995 by Mr. Urvil Jani and Mr. Manoj
Khushalani, the group began its business under a partnership firm
"Roshvil Enterprise". The firm was engaged in the business of
trading of fabrics in bulk quantities for men's wear. Subsequently,
the product profile was diversified by the firm to cater to women's
wear and readymade garments. Owing to increase in the scale of
operation over the years, the group was re-christened as Oneworld
group and the business carried under the partnership firm was
transferred to a private limited companies incorporated in the year
2012 viz Oneworld Industries Private Limited. Consequently, many
other companies were incorporated to carry on trading of various
textile products. Currently, the group is engaged in the business
of trading in fabric materials and readymade garments (manufactured
on job work basis). Maison De Couture Fabrics Private Limited was
incorporated on August 10, 2015 to establish and undertake business
of trading of shirting fabrics in India under the brand name
'Tissori' on stock and sales basis.



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

CHANDRA ASRI: Moody's Affirms Ba3 CFR, Outlook Remains Stable
-------------------------------------------------------------
Moody's Investors Service has affirmed the Ba3 corporate family
rating of Chandra Asri Petrochemical Tbk (P.T.) (CAP).

At the same time, Moody's has affirmed the Ba3 rating on CAP's
senior unsecured notes. The notes were issued by CAP and guaranteed
by its subsidiaries, Styrindo Mono Indonesia (P.T.) and Petrokima
Butadiene Indonesia (P.T.).

The rating outlook remains stable.

"The rating affirmation reflects our expectation that CAP's credit
metrics will improve in 2021 and be supportive of its Ba3 rating,
with adjusted debt/EBITDA at around 2.8x over the next 12 months,"
says Hui Ting Sim, a Moody's Analyst. "The company also has very
good liquidity, with an inclination to hold large cash balances
that mitigate risks stemming from margin cyclicality."

"However, CAP's credit profile will be exposed to execution and
funding risks if it proceeds with the development of a second
petrochemical complex, for which final investment decision will be
made in 2022," adds Sim.

RATINGS RATIONALE

Moody's expects that higher product spreads for commodity chemicals
in 2021 will drive an increase in CAP's adjusted EBITDA to around
$300 million in 2021 from $200 million in 2020. Prices for
commodity chemicals have already strengthened in the early months
of 2021 because of higher oil prices, supply outages and a degree
of global economic recovery. The completion of CAP's methyl
tert-butyl ether and Butene-1 plants in the third quarter of 2020
will also contribute to higher earnings.

CAP's leverage, as measured by adjusted debt/EBITDA, will decline
to 2.8x in 2021 from 4.4x in 2020. CAP's financial profile remains
highly exposed to the cyclicality of margins in the petrochemical
industry, but its large cash holdings mitigates such risks. As of
December 2020, the company is in a net cash position, with cash and
cash equivalents of $919 million against a total reported debt of
$844 million.

Capital spending at CAP will be low at around $60 million-$80
million per year if the company does not proceed with the
construction of its second petrochemical complex, which it
estimates will cost $4 billion-$5 billion. Because of the
coronavirus pandemic, CAP has delayed to 2022 its final investment
decision on the project. High proportion of debt in the funding mix
for the project will be credit negative.

Moody's expects CAP to maintain its very good liquidity over the
next 18 months, with sufficient cash to cover its scheduled debt
maturities of $160 million as well as projected dividends and
capital spending of around $80 million and $115 million,
respectively.

CAP's Ba3 rating also reflects the company's leading position in
Indonesia's (Baa2 stable) petrochemical market, but is constrained
by its asset concentration in the Indonesian island of Java.

ESG CONSIDERATIONS

CAP's operations within the commodity petrochemical sector are
exposed to high environmental risks, primarily related to waste and
pollution. These risks are mitigated by the company's continuous
efforts to prevent the negative impact of waste and emissions
through investments and asset optimization. Over the last two
years, there have been zero incident reported by the company in its
operations.

As the leading integrated petrochemical company in Indonesia, CAP's
social risks are also elevated, given the increased social concern
over single-use plastics, plastic waste and plastic recycling. The
government's ban on single-use plastic bags in some regions in
Indonesia, which came into effect in 2020, could lower domestic
demand for polyethylene. Nevertheless, the impact on CAP is
unlikely to be material. According to company, the grade of
polyethylene sold by CAP for single-use plastic bags contributed
less than5% of its total revenue in 2020.

CAP has also initiated sustainability programs to support the
government in dealing with plastic waste, including implementing
the construction of plastic asphalt roads and waste bank management
in Cilegon.

CAP's operations are exposed to safety risks, which are mitigated
by the company's solid safety record. There were no fatalities or
lost-time accidents reported in 2020.

In terms of governance risks, Moody's has considered CAP's
concentrated ownership by Barito Pacific and its primary
shareholder, Prajogo Pangestu. This risk is mitigated by the
board's oversight, exercised through the presence of the strategic
minority shareholder, Siam Cement Group, through SCG Chemical, and
three independent commissioners on its seven-member board.

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

The stable rating outlook reflects Moody's expectation that CAP's
credit metrics will continue to improve over the next 12 months
while the company maintains very good liquidity.

Moody's is unlikely to consider an upgrade until there is clarity
on CAP's decision and funding plan on the development of its second
petrochemical complex.

CAP's rating could be downgraded if the company's credit metrics
deteriorate, such that (1) its leverage remains above 3.0x over an
extended period; (2) its liquidity deteriorates, such that its cash
balance falls below $100 million; or (3) the company initiates
large incremental debt-funded expansion projects.

The principal methodology used in these ratings was Chemical
Industry published in March 2019.

Chandra Asri Petrochemical Tbk (P.T.) (CAP) is a commodity
petrochemical company operating the only naphtha cracker in
Indonesia. The company, which is listed on the Jakarta Stock
Exchange, was established in January 2011 after the merger of PT
Chandra Asri and PT Tri Polyta Indonesia Tbk.

As of January 2021, CAP's key shareholders were Barito Pacific Tbk
(P.T.) and its primary shareholder, Prajogo Pangestu, which hold an
effective stake of around 62%; and Siam Cement Group through SCG
Chemicals Company Limited (SCG Chemical), one of Thailand's largest
integrated petrochemical companies, which holds a 30.57% stake.




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

ANA HOLDINGS: Sees Smaller Net Loss for FY2020 on Cost-Cutting
--------------------------------------------------------------
Japan Today reports that ANA Holdings Inc said on April 23 it now
forecasts its net loss in the business year ended March to be
JPY405 billion (US$3.75 billion), less than the previous estimate
of JPY510 billion thanks to cost-cutting efforts and an eased tax
burden.

Japan Today relates that ANA said its operating loss is expected to
stand at JPY465 billion, smaller than the initial forecast of
JPY505 billion, on sales of JPY725 billion, down from the previous
outlook of JPY740 billion, amid weak air travel demand due to the
continued impact of the novel coronavirus pandemic.

ANA, the parent company of All Nippon Airways Co, has scaled down
its operations both in domestic and international flights and
replaced large passenger jets with smaller ones as part of its
efforts to reduce fixed costs, Japan Today says.

The airline is scheduled to release its earnings report for fiscal
2020 on April 30.

In January, ANA reported a record net loss of JPY309.58 billion in
the April-December period, a reversal from a net profit of JPY86.45
billion a year earlier, Japan Today discloses.

Japan Today notes that the business environment for airlines
remains severe in Japan due to a resurgence of coronavirus
infections across the country. The industry is likely to further
take a hit as the government declared a state of emergency on April
23 in Tokyo and the western Japan prefectures of Osaka, Kyoto and
Hyogo ahead of the upcoming Golden Week holidays from late April.

                         About ANA Holdings

Headquartered in Tokyo, Japan, Ana Holdings Incorporated provides a
variety of air transportation-related services.

As reported in the Troubled Company Reporter-Asia Pacific on Feb.
11, 2021, Egan-Jones Ratings Company, on Feb. 5, 2021, downgraded
the foreign currency and local currency senior unsecured ratings on
debt issued by Ana Holdings Inc. to B- from B+. EJR also downgraded
the rating on commercial paper issued by the Company to B from A3.


ARCH FINANCE 2007-1: Moody's Hikes Rating on JPY12-Bil. Debt to Ba3
-------------------------------------------------------------------
Moody's Japan K.K. has upgraded to Ba3 (sf) from B1 (sf) the rating
on Arch Finance Limited's repackaged deal.

The affected rating is as follows:

Arch Finance Limited Series 2007-1 Reverse Dual Currency Loan

JPY12,363,538,000 Series 2007-1, Upgraded to Ba3 (sf); previously
on Apr 17, 2020, Downgraded to B1 (sf)

RATINGS RATIONALE

The rating action follows Moody's rating action on the collateral
asset on April 20, 2021. The rating on the collateral asset has
been upgraded.

The rating of the transaction mainly reflects the credit quality of
the collateral asset, the credit quality of the swap counterparty,
and the strength of the transaction structure.

If the ratings on the collateral asset or swap counterparty change,
the rating on the loan may also change.

The principal methodology used in this rating was "Moody's Approach
to Rating Repackaged Securities" (Japanese) published in June
2020.

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

Factors that could lead to a rating downgrade or upgrade are a
deterioration or improvement in the credit quality of the
collateral asset and the swap counterparty.


JAPAN: Recession Risk Looms with New Virus State of Emergency
-------------------------------------------------------------
Bloomberg News reports that a new state of emergency in Japan could
trigger a double-dip recession if the tougher restrictions fail to
curb infections or if they are prolonged, according to economists.


Tokyo and three other prefectures that roughly account for a third
of the economy were set to enter the state of emergency from April
25, little more than a month after an earlier emergency was finally
lifted in the capital. That has dashed hopes for a swift recovery
of the economy fueled by improving exports and a revival of
domestic demand.

"Forget a V-shaped recovery," economists led by Keiji Kanda at
Daiwa Institute of Research wrote in a report, Bloomberg relays.
"The April to June quarter could see another three months of
negative growth."

So far economists are still expecting the economy to eke out growth
this quarter as they scramble to revise their forecasts, having
previously projected a firm rebound, Bloomberg says. But that
outlook could quickly head further south if the emergency orders
are extended beyond the currently planned May 11.

According to Bloomberg, Daiwa's Kanda calculates that the emergency
call in the four prefectures will slice JPY600 billion (US$5.56
billion) off the economy in a month. If the orders are expanded
nationwide, the hit will amount to JPY1.6 trillion, he wrote.

While the damage will still be smaller than the record blow during
the second quarter of 2020 when the economy tanked 29% on an
annualized basis, containing the outbreak is all the more
imperative this time -- with the Olympic Games just three months
away.

Bloomberg relates that former Finance Minister Jun Azumi said in an
interview last week that Japan needs to consider scrapping the
Tokyo Olympics and that speeding up the country's inoculation drive
was its best economic policy now.

The upcoming virus restrictions will be tougher compared to earlier
this year, especially for entertainment sectors, Bloomberg says.

"The entertainment and hospitality sectors will get hit harder than
in the first three months of the year," Bloomberg quotes Yoshimasa
Maruyama, chief market economist at SMBC Nikko Securities, who sees
a 4 percentage point hit to annualized growth this quarter from the
emergency, as saying. "The key is how much things will drop in May,
and how much we can recover in June."

Bloomberg says the slow pace of Japan's vaccine program is also
clouding the nation's recovery outlook. Economist Shunsuke
Kobayashi at Mizuho Securities Co. wrote in a report on April 23
that without a ramp up in the vaccine roll out, it could take until
fiscal year 2022 for a proper recovery to get underway, the report
adds.


JFE HOLDINGS: Moody's Affirms Ba2 Rating on Subordinate Loan
------------------------------------------------------------
Moody's Japan K.K. has affirmed JFE Holdings, Inc.'s Baa3 issuer
rating, senior unsecured rating, and backed senior unsecured rating
on the bonds guaranteed by JFE Steel Corporation, JFE's steelmaking
subsidiary.

In addition, Moody's has affirmed JFE's senior unsecured domestic
shelf registration rating at (P)Baa3 and subordinate loan rating at
Ba2.

The outlook has been changed to stable from negative.

"The change in outlook is supported by the solid recovery in steel
demand and rising steel prices, which we expect will improve JFE's
profits for the fiscal year ended March 2021 (fiscal 2020) and the
following next 12-18 months," says Motoki Yanase, a Moody's Vice
President and Senior Credit Officer.

"We expect steel demand to continue to normalize over the next
12-18 months as Japan and other global markets come out of the
negative influence of the pandemic, which in turn will improve
JFE's financial performance, together with its cost-cutting
efforts," adds Yanase.

RATINGS RATIONALE

JFE's profit improvement for the second half of fiscal 2020 comes
from (1) the strong recovery in steel demand, driven by normalized
activities in the automotive and other manufacturing industries,
and (2) high spot steel prices, which have been surging since late
2020 and hit record highs in March 2021, at more than 50% above
historical averages. For the third quarter, JFE reported JPY53
billion of recurring profit, a significant increase from JPY67
billion in losses in the second quarter. The company expects to
generate JPY29 billion of recurring profit in the fourth quarter,
reaching fiscal 2019's pre-pandemic profit levels.

Moody's expects that steel demand for the next 12-18 months will be
supported by the continuing recovery in auto and other
manufacturing. Despite the commodity price surge, mainly for iron
ore, Moody's expects that JFE will be able to pass on the higher
costs with higher contracted sales prices and achieve adequate
steel spreads.

JFE will also benefit from cost savings related to lower fixed
costs and production optimization as it upgrades some blast
furnaces and closes a blast furnace due to limited demand growth in
Japan. Specifically, JFE plans to complete two blast furnace
upgrades by December 2021 and 2022, respectively, which will
improve the company's operational efficiency. In addition, JFE's
plans to close one of its blast furnaces in September 2023 to cut
its production capacity by 13%, which Moody's expects to help
improve its annual profit by about JPY85 billion and raise the
utilization rate of its remaining plants.

As a result, Moody's estimates JFE's EBIT margin will improve to
around 3% during the next 12-18 months from -1.5% for the twelve
months ended December 2020.

The improvement in profit will help JFE lower its leverage while it
invests to increase value-added products. Over the next 2-3 years,
JFE's capital spending could be down compared to fiscal 2020 as it
restructures its domestic production capacity although it will not
materially come under what it spent in fiscal 2019. The company
could also make investments in overseas businesses because of
declining demand in Japan. As a result, Moody's expects the
company's investments for the next several years to be higher than
its averages from fiscal years 2017 to 2019.

Moody's nevertheless expects that the company will adjust its
spending to manage its leverage. Moody's expects improved profits
will reduce JFE's leverage, as measured by debt/EBITDA, towards
5.5x over the next 12-18 months from 11.3x in December 2020 and to
below 5.3x by fiscal 2023.

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

The stable outlook reflects Moody's view that the improvement in
the operating environment and the company's restructuring efforts
will support JFE's financial performance.

The rating could be upgraded if JFE (1) improves its profitability
from optimizing production and realizing cost cuts as planned, and
(2) reduces its debt materially such that its EBIT margin remains
above 5% and debt/EBITDA stays below 4.0x for a sustained period.

The rating could be downgraded if (1) the company's profitability
remains weak due to declining domestic demand, or (2) acquisitions
and shareholder returns materially increase its debt such that
debt/EBITDA remains above 5.3x.

The principal methodology used in these ratings was Steel Industry
(Japanese) published in October 2017.

Headquartered in Tokyo, JFE Holdings, Inc. is a holding company
with subsidiaries engaged in steelmaking, engineering, and trading.



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

SCOMI GROUP: Applies for Judicial Management
--------------------------------------------
theedgemarkets.com reports that Scomi Group Bhd has applied for
judicial management as part of its financial restructuring scheme.

"Judicial management is a corporate rescue mechanism pursuant to
the Companies Act, 2016 that provides a framework to give companies
which are in financial distress an opportunity to be
rehabilitated," the group noted in a statement.

"It will temporarily shield the companies from legal proceedings by
third parties while the companies are undergoing such measures," it
added

According to theedgemarkets.com, Scomi said the judicial management
order from the High Court would serve the interests of its
stakeholders with the objective of rehabilitating the group.

Noting that the group currently has business liabilities of about
RM250 million, Scomi said it believes the financial restructuring
will give it the opportunity to be revitalised and restored to
profitability, theedgemarkets.com relays.

"The rehabilitation of the company could potentially include
reviving existing businesses in which the company has experience,
as well as acquisition in related businesses to create sustainable
cashflow," it added.

                         About Scomi Group

Headquartered in Kuala Lumpur, Malaysia, Scomi Group Bhd --
http://www.scomigroup.com.my/publish/home.shtml-- provides
drilling fluids and mud engineering services and the supply of
industrial and production chemicals to the upstream and downstream
oil and gas industry.

In December 2019, Scomi Group Bhd slipped into Practice Note 17 (PN
17) status after it triggered Paragraphs 2.1(a) and 2.1(e) of PN17
of the Listing Requirements, whereby its shareholder equity fell
below the 25% threshold with modified opinion from its auditors.




=====================
P H I L I P P I N E S
=====================

CHELSEA LOGISTICS: To Cut Jobs, Seek Loan Waivers to Stay Afloat
----------------------------------------------------------------
Inquirer.net reports that the logistics group of Davao-based
businessman Dennis A. Uy cut jobs, sought loan waivers and shed
other assets apart from selling affiliate 2GO Group Inc. in a bid
to stay afloat this COVID-19 pandemic.

Inquirer.net relates that in its 2020 annual report, Mr. Uy's
Chelsea Logistics & Infrastructure Holdings Corp. said the pandemic
severely disrupted business operations and demand for its
services.

For the full-year, the company reported a net loss of PHP3.3
billion - nearly three times larger than the previous year's loss
of PHP832 million, Inquirer.net discloses.

Revenues fell 35 percent to PHP4.67 billion while debt obligations,
both short-term and long-term, increased last year.

By the end of 2020, Chelsea registered a deficit of PHP3.37
billion.

According to Inquirer.net, the company's financial statements were
prepared by management on a "going concern" basis, an accounting
term meaning it expects business operations to continue.

But in an attached letter, independent auditor Punongbayan &
Araullo said this assessment involved "significant assumptions,
such as forecasted revenues and costs, that are subject to high
degree of estimation uncertainty, highlighted by the continuing
impact of the COVID-19 pandemic."

Nevertheless, Chelsea also detailed the steps it took to weather
the pandemic, saying it expected to "recover from its financial and
operational risks and impact," Inquirer.net relays.

These measures included cash infusions from shareholders, the
deferral of capital spending for new projects and renegotiating
payment terms with suppliers.

Cost-cutting measures also involved job cuts affecting 22 percent
of its workforce in 2020, Chelsea said.

To address swelling debts that were used to finance its rapid
expansion in recent years, Chelsea said the group "continued to
negotiate with banks to refinance or restructure its existing
loans," according to the report.

It also requested waivers from lenders not to demand immediate
payment for its loans. This was after the group's finances fell
below certain ratios, including those measuring its ability to
settle its debts.

Inquirer.net adds that Chelsea said it has not yet received any
written notice "that the loans are due and demandable, which is
provided for in the loan documents as a basis to reclassify the
loan to current."

Chelsea ended the year with total debts of PHP17 billion, up 4.2
percent. The current portion or those due within the next year
stood at PHP6.44 billion, Inquirer.net discloses.

To further ease pressure on its balance sheet, Chelsea sold last
month its nearly 32-percent stake in 2GO to SM Investments Corp.
and Singaporean fund Trident, Inquirer.net notes.

The group also sold a vessel, MV Trans-Asia 5, to a third party
last Jan. 15. It said two more vessels would be sold in the next 12
months.

Chelsea Logistics & Infrastructure Holdings Corp operates as a
holding company. The Company, through its subsidiaries, provides
marine shipping services. Chelsea Logistics & Infrastructure
Holdings transports passengers, cargos, petroleum, oil, chemicals,
and other bulk products. Chelsea Logistics & Infrastructure
Holdings serves customers in Philippines.




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

CATERPILLAR'S COVE: Creditors' Proofs of Debt Due May 24
--------------------------------------------------------
Creditors of The Caterpillar's Cove Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by May 24,
2021, to be included in the company's dividend distribution.

The company's liquidator is:

         Lai Seng Kwoon
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


CRAY SUPERCOMPUTER: Creditors' Proofs of Debt Due May 24
--------------------------------------------------------
Creditors of Cray Supercomputer Singapore Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
May 24, 2021, to be included in the company's dividend
distribution.

The company's liquidators are:

         Bob Yap Cheng Ghee
         Wong Pheng Cheong Martin
         Toh Ai Ling
         16 Raffles Quay #22-00
         Hong Leong Building
         Singapore 048581


DIAMOND WALKER: First Creditors' Meetings Set for May 24
--------------------------------------------------------
Diamond Walker Pte Ltd, which is in compulsory liquidation, will
hold a first meeting for its creditors on May 24, 2021, at 10:00
a.m., by way of video conference via Zoom.

Agenda of the meeting includes:

   a. to receive a status update from the Joint and Several
      Liquidators.;

   b. to appoint a Committee of Inspection (COI); and

   c. discuss other business.

The company's liquidators are:

         Lau Chin Huat
         Yeo Boon Keong
         Technic Inter-Asia Pte Ltd
         50 Havelock Road #02-767
         Singapore 160050


NAIISE PTE: Deloitte Appointed as Provisional Liquidators
---------------------------------------------------------
Tan Wei Cheong -- wtan@deloitte.com -- and Lim Loo Khoon --
juslim@deloitte.com -- of Deloitte on April 14, 2021, were
appointed as joint & several provisional liquidators of Naiise Pte
Ltd.

The liquidators can be reached at:

         Tan Wei Cheong
         Lim Loo Khoon
         Deloitte
         6 Shenton Way
         OUE Downtown 2 #33-00
         Singapore 068809


NEO GUAN: First Creditors' Meetings Set for May 21
--------------------------------------------------
Neo Guan Engineering Work Pte Ltd, which is in compulsory
liquidation, will hold a first meeting for its creditors on May 21,
2021, at 10:00 a.m., by way of video conference via Zoom.

Agenda of the meeting includes:

   a. to receive a status update from the Joint and Several
      Liquidators;

   b. to appoint a Committee of Inspection (COI); and

   c. discuss other business.

The company's liquidators are:

         Lau Chin Huat
         Yeo Boon Keong
         Technic Inter-Asia Pte Ltd
         50 Havelock Road #02-767
         Singapore 160050




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

BIM LAND: Moody's Assigns B2 Rating to Proposed Green Bond
----------------------------------------------------------
Moody's Investors Service has assigned a senior unsecured bond
rating of B2 to the proposed green bond to be issued by BIM Land
Joint Stock Company (BIM Land, B2 stable), which will be guaranteed
by most of BIM Land's subsidiaries.

The rating outlook is stable.

BIM Land plans to use net proceeds from the proposed bond issue to
finance development projects, working capital and other general
corporate purposes.

"BIM Land's proposed bond is not exposed to either legal or
structural subordination risk. Hence, the senior unsecured rating
is aligned with the company's B2 corporate family rating," says
Jacintha Poh, a Moody's Vice President and Senior Credit Officer.

RATINGS RATIONALE

BIM Land's proposed bond will account for more than half of the
company's total debt on a pro-forma basis, and while Moody's
expects the company to increase its secured borrowings over the
next two years, its proportion of secured debt to total debt will
stay at around 50%.

The proposed bond will also be guaranteed by all except four of BIM
Land's operating subsidiaries. Moody's expects revenue contribution
by the four non-guarantor subsidiaries to be small, accounting for
less than 10% of BIM Land's total revenue over the next three
years.

BIM Land's B2 corporate family rating reflects the company's
established track record in the development of tourism-led
townships, which are in Vietnam's (Ba3 positive) fastest-growing
tourist destinations. The rating incorporates governance risk
stemming from full ownership by BIM Group and BIM Land's private
company status.

BIM Land's rating considers the company's good access to funding,
having established long-term banking relationships with domestic
state-owned and policy banks. In 2019, BIM Land also secured
long-term loans from International Finance Corporation (Aaa
stable).

Although BIM Land is exposed to the inherent volatility in the
hospitality industry, demand for the company's products will be
supported by Vietnam's favorable demographics. Moody's expects BIM
Land's disciplined land banking, strong margins and large unbooked
contracted sales to continue to support its healthy financial
metrics over the next 12-18 months, despite higher debt levels
because of new borrowings and growing lease liabilities.

The stable outlook reflects Moody's expectation that BIM Land's
2021 contracted sales will improve significantly from the previous
year and the company will continue to manage its cash flows
prudently such that liquidity will remain good over the next 12-18
months.

With respect to environmental, social and governance risks, BIM
Land's rating incorporates governance risk stemming from its
private company status and full ownership by BIM Group, which in
turn, is privately owned by its founders, Doan Quoc Viet and his
wife, Khong Thi Hien. The founders and their two children have
control over the decision-making of BIM Group and its subsidiaries
because three of them hold key positions of Chairman (Doan Quoc
Viet), CEO (Doan Quoc Huy) and COO (Mai Doan). Additionally, all
four of them are directors on a seven-member board, with only one
independent director.

BIM Group underwent a reorganization exercise in 2018 to split all
business segments into individual group of operating companies,
which operate independently. BIM Land is the crown jewel of BIM
Group, contributing more than 70% of the group's consolidated
revenue. Although related-party transactions between affiliated
companies are limited and are done on an arm's length basis, there
are loans at three operating companies (BIM Salt, BIM Seafood and
Lifestyle), which were incurred before the reorganization, still
secured by BIM Land's assets. As of December 31, 2020, the
outstanding loans totaled around $21 million and there is a cap of
$40 million allowed under BIM Land's loan covenants as well as the
indenture of its proposed bond.

Given BIM Land was created as a standalone company only in 2018,
there is a short track record of BIM Land adhering to its financial
targets and its approach towards shareholder distributions.

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

BIM Land's rating is unlikely to be upgraded over the next 12-18
months given the company's large exposure to the hospitality
industry, where the pace of recovery remains uncertain. Also, BIM
Land has a short track record as a standalone company, adhering to
its financial targets and its approach towards shareholder
distributions. However, positive momentum could emerge, if BIM Land
successfully executes its business plans while maintaining healthy
credit metrics and good liquidity.

Metrics that would support an upgrade include adjusted
debt/homebuilding EBITDA below 3.0x, and adjusted homebuilding
EBIT/interest expense above 4.0x on a sustained basis.

Moody's could downgrade BIM Land's ratings if (1) the company fails
to implement its business plans; (2) there is a deterioration in
the property market, leading to protracted weakness in the
company's operations and credit quality; or (3) there is evidence
of cash leaking from BIM Land to fund affiliated companies, for
example, through intercompany loans, aggressive cash dividends or
investments in affiliates. Metrics indicative of a potential
downgrade include adjusted debt/homebuilding EBITDA above 4.0x; and
adjusted homebuilding EBIT/interest expense below 3.0x on a
sustained basis.

BIM Land's senior unsecured bond rating could also be downgraded to
reflect legal subordination risk if the company increases secured
debt significantly, such that the proportion of secured debt stays
higher than unsecured debt on a sustained basis.

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

BIM Land Joint Stock Company (BIM Land) is a property developer
focusing on creating tourism-led townships in Vietnam. Its flagship
projects are in areas with high potential for tourism development
such as Ha Long city in Quang Ninh province and Phu Quoc island in
Kien Giang province. BIM Land is wholly-owned by BIM Group, which
in turn is owned by the founders, Doan Quoc Viet and his wife,
Khong Thi Hien.




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

[*] BOND PRICING: For the Week April 19, 2021 to April 23, 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      1.05
CLIME CAPITAL LTD/FUND     6.25      11/30/21      AUD      0.98
GLENNON SMALL COS LTD      5.60      09/30/30      AUD     10.40
VIRGIN AUSTRALIA HOLDIN    8.08      03/05/24      AUD      7.55
VIRGIN AUSTRALIA HOLDIN    8.25      05/30/23      AUD      7.85
VIRGIN AUSTRALIA HOLDIN    8.00      11/26/24      AUD      8.22
VIRGIN AUSTRALIA HOLDIN    8.13      11/15/24      USD      9.23
VIRGIN AUSTRALIA HOLDIN    7.88      10/15/21      USD      9.25
VIRGIN AUSTRALIA HOLDIN    7.88      10/15/21      USD      9.25
VIRGIN AUSTRALIA HOLDIN    8.13      11/15/24      USD      9.25


   CHINA
   -----

AKESU DISTRICT GREEN IN    4.09      03/11/23      CNY     39.51
AKESU DISTRICT GREEN IN    4.09      03/11/23      CNY     39.68
AKESU XINCHENG ASSET IN    6.40      04/20/22      CNY     20.24
AKESU XINCHENG ASSET IN    6.40      04/20/22      CNY     40.01
ALTAY PREFECTURE STATE-    4.85      01/22/23      CNY     38.70
ALTAY PREFECTURE STATE-    4.85      01/22/23      CNY     39.04
AN SHUN YU KUN REAL EST    5.48      11/10/21      CNY     39.68
ANHUI HUAAN FOREIGN ECO    7.30      07/13/21      CNY     70.01
ANHUI JIANGNAN INDUSTRI    4.76      07/08/23      CNY     59.25
ANHUI JIANGNAN INDUSTRI    4.76      07/08/23      CNY     59.31
ANJI NORTHWEST DEVELOPM    5.90      07/18/23      CNY     59.39
ANJI NORTHWEST DEVELOPM    5.90      07/18/23      CNY     59.58
ANLU CONSTRUCTION DEVEL    5.45      06/15/23      CNY     59.11
ANLU CONSTRUCTION DEVEL    5.45      06/15/23      CNY     59.47
ANQING ECONOMIC&TECHNOL    4.09      03/09/23      CNY     38.87
ANQING ECONOMIC&TECHNOL    4.09      03/09/23      CNY     39.96
ANQING URBAN CONSTRUCTI    6.01      04/27/22      CNY     40.00
ANQING URBAN CONSTRUCTI    6.01      04/27/22      CNY     40.55
ANQIU HUAAN STATE OWNED    7.00      09/14/24      CNY     75.00
ANSHUN CITY CONSTRUCTIO    7.30      09/15/24      CNY     68.49
ANSHUN CITY CONSTRUCTIO    7.30      09/15/24      CNY     73.65
ANSHUN STATE-RUN ASSETS    4.48      07/18/23      CNY     55.82
ANSHUN STATE-RUN ASSETS    4.48      07/18/23      CNY     56.53
ANSHUN XIXIU CITY INVES    4.70      11/22/23      CNY     55.41
ANSHUN XIXIU CITY INVES    4.70      11/22/23      CNY     58.20
BAOJI INVESTMENT GROUP     5.05      04/18/24      CNY     60.50
BAOJI INVESTMENT GROUP     5.05      04/18/24      CNY     60.97
BAOTOU CITY SCIENCE EDU    6.48      03/25/22      CNY     19.96
BAOTOU CITY SCIENCE EDU    6.48      03/25/22      CNY     25.50
BAOYING CITY CONSTRUCTI    4.50      03/24/23      CNY     39.01
BAOYING CITY CONSTRUCTI    4.50      03/24/23      CNY     40.14
BAYAN ZHUOER HETAO WATE    8.54      03/31/22      CNY     13.54
BAYAN ZHUOER HETAO WATE    8.54      03/31/22      CNY     14.80
BAZHONG STATE-OWNED ASS    8.50      04/25/21      CNY     20.00
BAZHONG STATE-OWNED ASS    5.13      12/02/22      CNY     38.77
BAZHONG STATE-OWNED ASS    5.13      12/02/22      CNY     40.00
BEIJING FUTURE SCIENCE     4.20      08/13/22      CNY     40.20
BEIJING FUTURE SCIENCE     4.20      08/13/22      CNY     40.32
BEIJING SHIJINGSHAN STA    6.08      08/18/21      CNY     20.07
BEIJING SHIJINGSHAN STA    6.08      08/18/21      CNY     23.87
BEIPIAO CITY CONSTRUCTI    6.70      03/25/23      CNY     35.90
BEIPIAO CITY CONSTRUCTI    6.70      03/25/23      CNY     40.80
BENGBU URBAN INVESTMENT    5.80      04/13/24      CNY     61.35
BENGBU URBAN INVESTMENT    5.80      04/13/24      CNY     61.83
BIJIE CONSTRUCTION INVE    6.50      01/28/22      CNY     19.45
BIJIE CONSTRUCTION INVE    6.50      01/28/22      CNY     20.10
BIJIE DEXI CONSTRUCTION    5.10      12/05/23      CNY     54.67
BIJIE DEXI CONSTRUCTION    4.60      11/17/23      CNY     57.34
BIJIE DEXI CONSTRUCTION    4.60      11/17/23      CNY     58.14
BIJIE DEXI CONSTRUCTION    5.10      12/05/23      CNY     58.55
BIJIE QIXINGGUAN DISTRI    7.60      09/08/24      CNY     68.00
BINZHOU ZHANHUA DISTRIC    4.93      11/29/23      CNY     58.09
BINZHOU ZHANHUA DISTRIC    4.93      11/29/23      CNY     58.09
BINZHOU ZHONGHAI VENTUR    6.65      04/13/22      CNY     20.00
BINZHOU ZHONGHAI VENTUR    6.65      04/13/22      CNY     20.01
BOHAI LEASING CO LTD       7.00      09/10/21      CNY     46.00
BOHAI LEASING CO LTD       7.00      06/20/21      CNY     59.00
BOILL HOLDING GROUP CO     7.50      06/07/21      CNY     64.01
BORALA MONGOL AUTONOMOU    5.77      08/26/22      CNY     38.50
BORALA MONGOL AUTONOMOU    5.77      08/26/22      CNY     39.91
BOZHOU URBAN CONSTRUCTI    4.78      04/14/23      CNY     39.46
BOZHOU URBAN CONSTRUCTI    4.78      04/14/23      CNY     40.06
BOZHOU YIJU REAL ESTATE    4.82      10/27/21      CNY     49.49
BOZHOU YIJU REAL ESTATE    4.82      10/27/21      CNY     49.58
BRILLIANCE AUTO GROUP H    5.80      03/20/24      CNY     54.80
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    5.80      11/05/23      CNY     59.80
BRILLIANCE AUTO GROUP H    5.80      06/17/24      CNY     60.78
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    6.30      09/14/23      CNY     68.50
BRILLIANCE AUTO GROUP H    5.80      11/05/23      CNY     68.50
CANGNAN COUNTY STATE OW    5.58      11/11/22      CNY     40.00
CANGNAN COUNTY STATE OW    5.58      11/11/22      CNY     40.46
CEFC SHANGHAI INTERNATI    4.08      09/09/21      CNY     60.00
CEFC SHANGHAI INTERNATI    4.98      12/10/20      CNY     61.29
CHANG DE DING LI INDUST    4.30      03/10/23      CNY     39.97
CHANG DE DING LI INDUST    4.30      03/10/23      CNY     39.97
CHANGCHUN MODERN AGRICU    7.00      07/25/21      CNY     19.50
CHANGCHUN MODERN AGRICU    7.00      07/25/21      CNY     19.92
CHANGDE DE YUAN SHANTY     5.33      09/13/23      CNY     67.35
CHANGDE URBAN CONSTRUCT    3.59      01/12/23      CNY     39.87
CHANGDE URBAN CONSTRUCT    3.59      01/12/23      CNY     40.00
CHANGGE JINCAI PUBLIC A    7.10      04/19/24      CNY     60.17
CHANGGE JINCAI PUBLIC A    7.10      04/19/24      CNY     61.89
CHANGJI URBAN CONSTRUCT    4.24      11/18/23      CNY     56.95
CHANGJI URBAN CONSTRUCT    4.24      11/18/23      CNY     58.10
CHANGLE COUNTY NEWTOWN     5.18      12/16/22      CNY     39.45
CHANGLE COUNTY NEWTOWN     5.18      12/16/22      CNY     40.41
CHANGSHA COUNTY XINGCHE    7.90      03/25/22      CNY     25.73
CHANGSHA COUNTY XINGCHE    7.90      03/25/22      CNY     25.73
CHANGSHA ECONOMIC & TEC    8.45      04/13/22      CNY     15.47
CHANGSHA ECONOMIC & TEC    4.78      03/03/24      CNY     60.50
CHANGSHA ECONOMIC & TEC    4.78      03/03/24      CNY     61.26
CHANGSHA FURONG CITY DE    3.88      01/26/23      CNY     40.13
CHANGSHA FURONG CITY DE    3.88      01/26/23      CNY     40.67
CHANGSHA METRO GROUP CO    6.20      04/23/23      CNY     31.03
CHANGSHA METRO GROUP CO    6.20      04/23/23      CNY     32.11
CHANGSHA METRO GROUP CO    5.97      04/03/25      CNY     62.86
CHANGSHA METRO GROUP CO    5.40      07/14/25      CNY     70.00
CHANGSHA METRO GROUP CO    4.10      12/21/25      CNY     70.00
CHANGSHA METRO GROUP CO    4.10      12/21/25      CNY     70.50
CHANGSHA METRO GROUP CO    5.40      07/14/25      CNY     72.57
CHANGSHA TIANXIN CITY C    4.20      11/06/22      CNY     39.96
CHANGSHA TIANXIN CITY C    4.20      11/06/22      CNY     40.00
CHANGSHA TIANXIN CITY C    3.43      08/08/23      CNY     59.13
CHANGSHA TIANXIN CITY C    3.43      08/08/23      CNY     59.35
CHANGSHA YUHUA JINGKAI     4.17      09/06/23      CNY     59.18
CHANGSHA YUHUA JINGKAI     4.17      09/06/23      CNY     59.20
CHANGSHA YUHUA URBAN CO    3.80      01/28/23      CNY     39.92
CHANGSHA YUHUA URBAN CO    3.80      01/28/23      CNY     39.98
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     20.52
CHANGSHU DONGNAN ASSET     6.53      03/26/22      CNY     27.32
CHANGSHU TRANSPORTATION    7.00      04/29/21      CNY     20.00
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     19.98
CHANGZHOU PUBLIC HOUSIN    6.64      07/02/21      CNY     19.98
CHANGZHOU TIANNING CONS    6.48      02/12/22      CNY     20.00
CHANGZHOU TIANNING CONS    6.48      02/12/22      CNY     20.47
CHANGZHOU XINGANG ECONO    3.42      10/20/23      CNY     58.83
CHANGZHOU XINGANG ECONO    3.42      10/20/23      CNY     59.60
CHANGZHOU ZHONGLOU ECON    3.64      10/26/23      CNY     59.42
CHANGZHOU ZHONGLOU ECON    3.64      10/26/23      CNY     59.48
CHAOHU URBAN TOWN CONST    6.50      04/30/22      CNY     40.46
CHAOHU URBAN TOWN CONST    6.50      04/30/22      CNY     42.10
CHENGDU ECONOMIC & TECH    6.90      05/30/21      CNY     20.03
CHENGDU ECONOMIC & TECH    6.90      05/30/21      CNY     26.00
CHENGDU GARDEN WATER CI    6.15      05/03/23      CNY     59.37
CHENGDU GARDEN WATER CI    6.15      05/03/23      CNY     59.61
CHENGDU PIDU DISTRICT S    6.95      04/01/22      CNY     20.37
CHENGDU PIDU DISTRICT S    6.95      04/01/22      CNY     28.83
CHENGDU SHUZHOU CITY CO    6.58      05/26/22      CNY     40.30
CHENGDU SHUZHOU CITY CO    6.58      05/26/22      CNY     40.50
CHENGDU XINGCHENGJIAN I    6.00      03/20/22      CNY     20.00
CHENGDU XINGCHENGJIAN I    6.00      03/20/22      CNY     20.09
CHENGDU XINGJIN ECOLOGI    3.65      10/13/23      CNY     58.63
CHENGDU XINGJIN ECOLOGI    3.65      10/13/23      CNY     59.54
CHENGDU XINKAIYUAN URBA    7.43      08/12/21      CNY     20.15
CHENGDU XINKAIYUAN URBA    7.43      08/12/21      CNY     21.00
CHENGDU XINKAIYUAN URBA    5.29      04/27/23      CNY     58.80
CHENGDU XINKAIYUAN URBA    5.29      04/27/23      CNY     59.22
CHENGFA INVESTMENT GROU    6.87      04/30/21      CNY     20.00
CHENGFA INVESTMENT GROU    6.87      04/30/21      CNY     21.37
CHENZHOU BAIFU INVESTME    6.54      08/28/21      CNY     19.88
CHENZHOU BAIFU INVESTME    4.96      03/22/26      CNY     61.46
CHENZHOU BAIFU INVESTME    4.96      03/22/26      CNY     61.47
CHENZHOU FUCHENG HIGH T    4.73      01/22/23      CNY     39.50
CHENZHOU FUCHENG HIGH T    4.73      01/22/23      CNY     39.76
CHENZHOU INDUSTRY INVES    6.45      01/23/22      CNY     20.02
CHENZHOU INDUSTRY INVES    6.45      01/23/22      CNY     28.60
CHENZHOU WENLV INDUSTRY    5.34      11/28/23      CNY     58.46
CHENZHOU XINTIAN INVEST    5.38      03/08/26      CNY     61.59
CHENZHOU XINTIAN INVEST    5.38      03/08/26      CNY     61.72
CHIBI LANTIAN URBAN CON    4.38      08/10/23      CNY     59.19
CHIBI LANTIAN URBAN CON    4.38      08/10/23      CNY     59.68
CHINA FORTUNE LAND DEVE    7.40      03/24/21      CNY     25.13
CHINA FORTUNE LAND DEVE    7.20      04/18/21      CNY     25.13
CHINA FORTUNE LAND DEVE    5.60      09/10/21      CNY     25.13
CHINA FORTUNE LAND DEVE    5.80      05/23/22      CNY     25.13
CHINA FORTUNE LAND DEVE    5.00      05/30/22      CNY     68.15
CHINA OCEANWIDE HOLDING    8.90      12/13/21      CNY     54.50
CHINA OCEANWIDE HOLDING    8.60      09/21/21      CNY     63.01
CHINA SECURITY CO LTD      4.45      11/11/19      CNY     31.00
CHINA YIXING ENVIRONMEN    4.08      09/14/23      CNY     59.60
CHINA YIXING ENVIRONMEN    4.08      09/14/23      CNY     59.66
CHONGQIN BAIYAN INVESTM    5.75      05/03/23      CNY     59.74
CHONGQIN BAIYAN INVESTM    5.75      05/03/23      CNY     60.04
CHONGQIN XINLIANG INVES    4.76      08/26/23      CNY     37.53
CHONGQIN XINLIANG INVES    4.76      08/26/23      CNY     37.55
CHONGQING BANAN ECONOMI    6.17      03/13/22      CNY     19.70
CHONGQING BANAN ECONOMI    7.00      08/20/21      CNY     20.00
CHONGQING BANAN ECONOMI    7.00      08/20/21      CNY     20.06
CHONGQING BANAN ECONOMI    6.17      03/13/22      CNY     20.21
CHONGQING BAYUAN CONSTR    4.99      08/16/23      CNY     58.18
CHONGQING BISHAN DISTRI    4.93      03/29/23      CNY     39.95
CHONGQING BISHAN DISTRI    4.93      03/29/23      CNY     39.98
CHONGQING CHANGSHOU ECO    7.20      07/15/21      CNY     20.01
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     20.02
CHONGQING DAZU INDUSTRI    6.30      04/28/22      CNY     40.00
CHONGQING DAZU INDUSTRI    6.30      04/28/22      CNY     40.07
CHONGQING ECO&TECH DEVE    3.95      04/13/23      CNY     39.82
CHONGQING ECO&TECH DEVE    3.95      04/13/23      CNY     40.24
CHONGQING ENERGY INVEST    5.63      03/18/22      USD     53.04
CHONGQING FULING TRAFFI    6.68      02/03/22      CNY     20.00
CHONGQING FULING TRAFFI    6.68      02/03/22      CNY     20.23
CHONGQING GAOXIN CITY D    7.80      04/25/21      CNY     20.00
CHONGQING GAOXIN CITY 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     20.06
CHONGQING HECHUAN CITY     7.30      07/07/21      CNY     20.16
CHONGQING HECHUAN CITY     7.30      07/07/21      CNY     21.00
CHONGQING HECHUAN CITY     3.95      09/06/23      CNY     59.44
CHONGQING HECHUAN CITY     3.95      09/06/23      CNY     59.76
CHONGQING JIANGBEIZUI C    6.50      07/21/21      CNY     16.58
CHONGQING JIANGBEIZUI C    6.50      07/21/21      CNY     20.15
CHONGQING JIN TONG INDU    4.44      11/16/23      CNY     56.16
CHONGQING JIN TONG INDU    4.44      11/16/23      CNY     57.61
CHONGQING JINYUN ASSET     4.50      12/31/22      CNY     40.06
CHONGQING JINYUN ASSET     4.50      12/31/22      CNY     40.07
CHONGQING JIULONG HI-TE    6.60      08/19/21      CNY     20.14
CHONGQING JIULONG HI-TE    6.60      08/19/21      CNY     20.26
CHONGQING KAIQIAN INVES    4.64      03/21/23      CNY     38.61
CHONGQING KAIQIAN INVES    4.64      03/21/23      CNY     38.88
CHONGQING LAND PROPERTI    3.36      03/21/23      CNY     39.77
CHONGQING LAND PROPERTI    3.36      03/21/23      CNY     40.10
CHONGQING LIANGJIANG NE    5.88      09/16/21      CNY     16.68
CHONGQING LIANGJIANG NE    6.70      04/25/21      CNY     20.00
CHONGQING LIANGJIANG NE    5.88      09/16/21      CNY     20.17
CHONGQING LIANGJIANG NE    3.10      08/05/21      CNY     39.95
CHONGQING LIANGJIANG NE    3.10      08/05/21      CNY     40.00
CHONGQING MAIRUI URBAN     4.95      04/21/23      CNY     40.07
CHONGQING MAIRUI URBAN     4.95      04/21/23      CNY     60.06
CHONGQING NANCHUAN CITY    4.20      07/11/23      CNY     59.13
CHONGQING NANCHUAN CITY    4.20      07/11/23      CNY     59.36
CHONGQING QIJIANG EAST     4.00      09/05/23      CNY     57.74
CHONGQING QIJIANG EAST     4.00      09/05/23      CNY     58.15
CHONGQING SHUANGQIAO EC    5.99      11/19/21      CNY     19.93
CHONGQING SHUANGQIAO EC    5.99      11/19/21      CNY     26.25
CHONGQING TEA GARDEN IN    7.70      05/20/21      CNY     20.03
CHONGQING TONGLIANG JIN    6.59      04/08/22      CNY     20.00
CHONGQING TONGLIANG JIN    6.59      04/08/22      CNY     20.18
CHONGQING TONGNAN DISTR    4.99      12/31/22      CNY     39.28
CHONGQING TONGNAN DISTR    4.99      12/31/22      CNY     40.00
CHONGQING WANSHENG ECO     6.95      08/25/21      CNY     19.99
CHONGQING WANSHENG ECO     6.95      08/25/21      CNY     25.00
CHONGQING WANSHENG ECO     5.40      11/18/21      CNY     39.41
CHONGQING WANZHOU SANXI    4.95      08/25/22      CNY     40.26
CHONGQING WANZHOU SANXI    4.95      08/25/22      CNY     40.80
CHONGQING XINGRONG HOLD    4.86      03/31/23      CNY     38.50
CHONGQING XINGRONG HOLD    4.86      03/31/23      CNY     39.13
CHONGQING XIYONG MICRO-    6.58      07/25/21      CNY     20.09
CHONGQING XIYONG MICRO-    6.58      07/25/21      CNY     22.33
CHONGQING YONGCHUAN HUI    7.28      05/30/21      CNY     20.05
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     40.18
CHONGQING YUNAN ASSET M    7.05      06/17/21      CNY     20.01
CHONGQING YUNAN ASSET M    7.05      06/17/21      CNY     20.76
CHUN'AN XINANJIANG DEVE    6.10      03/11/22      CNY     20.32
CHUN'AN XINANJIANG DEVE    6.10      03/11/22      CNY     24.55
CHUN'AN XINANJIANG DEVE    3.84      11/04/23      CNY     58.70
CHUN'AN XINANJIANG DEVE    3.84      11/04/23      CNY     59.43
CHUZHOU CITY INVESTMENT    6.40      08/22/21      CNY     20.01
CHUZHOU CITY INVESTMENT    6.40      08/22/21      CNY     20.15
CHUZHOU CITY INVESTMENT    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     18.25
CIXI CITY CONSTRUCTION     6.18      08/18/21      CNY     20.12
CIXI CITY CONSTRUCTION     6.18      08/18/21      CNY     28.80
CIXI STATE OWNED ASSET     4.90      04/07/24      CNY     60.64
CIXI STATE OWNED ASSET     4.90      04/07/24      CNY     63.13
DAFANG COUNTY CONSTRUCT    6.00      09/26/23      CNY     57.81
DAFANG COUNTY CONSTRUCT    6.00      09/26/23      CNY     59.34
DALI HAIDONG DEVELOPMEN    6.01      01/25/23      CNY     39.39
DALI HAIDONG DEVELOPMEN    6.01      01/25/23      CNY     39.82
DALIAN PULANDIAN CONSTR    3.80      01/25/23      CNY     39.54
DALIAN RONGDA INVESTMEN    5.69      12/05/21      CNY     20.15
DALIAN SHITAI CITY CONS    4.50      02/01/23      CNY     35.60
DALIAN SHITAI CITY CONS    4.50      02/01/23      CNY     39.31
DANGTU COUNTY CONSTRUCT    5.38      08/10/22      CNY     40.27
DANGTU COUNTY CONSTRUCT    5.38      08/10/22      CNY     40.35
DANGYANG XINYUAN INVEST    7.99      05/23/21      CNY     20.00
DANGYANG XINYUAN INVEST    4.97      03/29/23      CNY     39.30
DANGYANG XINYUAN INVEST    4.97      03/29/23      CNY     40.06
DANYANG HI-TECH INDUSTR    6.40      04/24/22      CNY     19.64
DANYANG HI-TECH INDUSTR    6.40      04/24/22      CNY     40.00
DANYANG INVESTMENT GROU    3.99      01/25/23      CNY     39.25
DANYANG INVESTMENT GROU    3.99      01/25/23      CNY     39.51
DATONG ECONOMIC CONSTRU    4.49      10/22/22      CNY     39.73
DATONG ECONOMIC CONSTRU    4.49      10/22/22      CNY     40.30
DAWA COUNTY CITY CONSTR    6.29      06/12/22      CNY     39.00
DAWA COUNTY CITY CONSTR    6.29      06/12/22      CNY     39.90
DAWA COUNTY LINGANG ECO    5.99      10/19/24      CNY     73.86
DAYE ZHENHENG CITY DEVE    4.50      03/28/23      CNY     38.78
DAYE ZHENHENG CITY DEVE    4.50      03/28/23      CNY     39.55
DAYE ZHENHENG CITY DEVE    4.05      08/31/23      CNY     55.75
DAYE ZHENHENG CITY DEVE    4.05      08/31/23      CNY     58.26
DAZHOU DEVELOPMENT HOLD    6.55      01/14/22      CNY     20.00
DAZHOU DEVELOPMENT HOLD    6.55      01/14/22      CNY     20.19
DAZHOU DEVELOPMENT HOLD    5.10      11/27/22      CNY     39.81
DAZHOU DEVELOPMENT HOLD    5.10      11/27/22      CNY     40.00
DEHONGZHOU HONGKANG INV    6.68      01/23/22      CNY     19.94
DEHONGZHOU HONGKANG INV    6.68      01/23/22      CNY     19.97
DEQING CONSTRUCTION INV    3.60      11/11/23      CNY     59.48
DEQING CONSTRUCTION INV    3.60      11/11/23      CNY     59.50
DEXING INVESTMENT HOLDI    5.99      03/21/23      CNY     36.80
DEXING INVESTMENT HOLDI    5.99      03/21/23      CNY     39.69
DEYANG ECONOMIC DEVELOP    7.90      04/28/21      CNY     20.00
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     40.30
DONGTAI STATE-OWNED ASS    3.04      11/16/23      CNY     58.08
DONGYING CITY URBAN ASS    5.57      03/31/22      CNY     20.23
DONGYING CITY URBAN ASS    5.57      03/31/22      CNY     21.58
DONGZHI COUNTY CITY OPE    4.88      06/20/23      CNY     60.31
DONGZHI COUNTY CITY OPE    4.88      06/20/23      CNY     60.32
DUJIANGYAN NEW CITY CON    6.90      10/19/24      CNY     69.05
DUJIANGYAN XINGYAN INVE    6.10      03/12/22      CNY     19.00
DUJIANGYAN XINGYAN INVE    6.10      03/12/22      CNY     19.35
DUNYUN STATE-OWNED ASSE    6.60      12/28/22      CNY     39.31
ENSHI URBAN CONSTRUCTIO    7.50      06/03/21      CNY     20.04
ENSHI URBAN CONSTRUCTIO    7.50      06/03/21      CNY     27.54
ENSHI URBAN CONSTRUCTIO    3.84      11/01/23      CNY     58.70
ENSHI URBAN CONSTRUCTIO    3.84      11/01/23      CNY     59.04
EZHOU CITY CONSTRUCTION    7.76      05/15/21      CNY     20.01
EZHOU CITY CONSTRUCTION    6.68      09/19/21      CNY     20.18
EZHOU CITY CONSTRUCTION    6.68      09/19/21      CNY     20.53
EZHOU CITY CONSTRUCTION    7.76      05/15/21      CNY     26.50
FEICHENG CITY ASSETS MA    4.04      03/23/23      CNY     39.32
FEICHENG CITY ASSETS MA    4.04      03/23/23      CNY     39.71
FEIXI COUNTY URBAN & RU    4.45      06/03/23      CNY     60.35
FEIXI COUNTY URBAN & RU    4.45      06/03/23      CNY     61.24
FENG COUNTY ECONOMIC DE    5.18      06/21/23      CNY     58.37
FENG COUNTY ECONOMIC DE    5.18      06/21/23      CNY     58.92
FENGCHENG CITY CONSTRUC    6.49      02/10/22      CNY     20.34
FENGCHENG CITY CONSTRUC    6.49      02/10/22      CNY     20.69
FENGCHENG CITY MODERN I    5.76      12/17/22      CNY     39.44
FENGCHENG CITY MODERN I    5.76      12/17/22      CNY     40.00
FENGDU COUNTY STATE-OWN    6.38      09/05/24      CNY     60.00
FENGHUANG MINGCHENG CON    6.50      03/23/24      CNY     59.86
FENGHUANG MINGCHENG CON    6.50      03/23/24      CNY     59.87
FENGTAI HUAXING CITY DE    5.60      03/13/24      CNY     61.33
FENGTAI HUAXING CITY DE    5.60      03/13/24      CNY     61.38
FENGXIAN URBAN INVESTME    4.23      07/13/21      CNY     19.88
FENGXIAN URBAN INVESTME    4.23      07/13/21      CNY     19.96
FENGXIAN URBAN INVESTME    6.48      03/20/22      CNY     19.99
FENGXIAN URBAN INVESTME    6.48      03/20/22      CNY     20.00
FENYI CITY CONSTRUCTION    4.54      08/22/23      CNY     58.33
FENYI CITY CONSTRUCTION    4.54      08/22/23      CNY     58.42
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     20.06
FUJIAN JINJIANG INDUSTR    7.08      06/27/21      CNY     20.65
FUJIAN JINJIANG URBAN C    3.35      08/24/23      CNY     59.00
FUJIAN JINJIANG URBAN C    3.35      08/24/23      CNY     59.95
FUJIAN PROVINCE LIANJIA    6.29      04/30/22      CNY     40.00
FUJIAN PROVINCE LIANJIA    6.29      04/30/22      CNY     40.47
FUJIAN ZHANGLONG GROUP     4.99      08/07/22      CNY     40.00
FUJIAN ZHANGLONG GROUP     4.99      08/07/22      CNY     40.47
FUNING URBAN INVESTMENT    7.19      08/15/21      CNY     20.14
FUNING URBAN INVESTMENT    7.19      08/15/21      CNY     21.15
FUNING URBAN INVESTMENT    6.00      03/14/24      CNY     61.23
FUNING URBAN INVESTMENT    6.00      03/14/24      CNY     61.49
FUQING CITY STATE-OWNED    5.94      11/26/22      CNY     39.80
FUXIN INFRASTRUCTURE CO    6.18      03/18/22      CNY     19.00
FUXIN INFRASTRUCTURE CO    6.18      03/18/22      CNY     19.76
FUZHOU CHANGLE DISTRICT    4.50      04/11/23      CNY     38.78
FUZHOU CHANGLE DISTRICT    4.50      04/11/23      CNY     39.99
FUZHOU DEVELOPMENT ZONE    3.53      08/25/23      CNY     49.63
FUZHOU DEVELOPMENT ZONE    3.53      08/25/23      CNY     59.42
FUZHOU DONGXIANG INVEST    6.20      03/20/24      CNY     58.60
FUZHOU DONGXIANG INVEST    6.20      03/20/24      CNY     61.90
FUZHOU LINCHUAN URBAN C    5.68      07/05/23      CNY     59.79
FUZHOU LINCHUAN URBAN C    5.68      07/05/23      CNY     60.06
FUZHOU URBAN AND RURAL     5.48      01/26/22      CNY     20.00
FUZHOU URBAN AND RURAL     5.48      01/26/22      CNY     20.35
FUZHOU URBAN AND RURAL     4.89      07/08/22      CNY     40.34
FUZHOU URBAN AND RURAL     4.89      07/08/22      CNY     40.55
GANSU PROVINCIAL HIGHWA    6.58      09/24/22      CNY     71.60
GANSU PROVINCIAL HIGHWA    6.20      03/28/23      CNY     72.14
GANZHOU CITY DEVELOPMEN    5.50      06/16/22      CNY     40.00
GANZHOU CITY DEVELOPMEN    5.50      06/16/22      CNY     40.16
GANZHOU DEVELOPMENT INV    8.10      12/11/23      CNY     63.88
GAOMI STATE-OWNED ASSET    4.69      01/26/23      CNY     39.55
GAOMI STATE-OWNED ASSET    4.69      01/26/23      CNY     39.73
GAOYOU CITY CONSTRUCTIO    5.48      09/15/22      CNY     40.00
GAOYOU CITY CONSTRUCTIO    5.48      09/15/22      CNY     40.33
GAOYOU CITY ECONOMY DEV    3.65      09/02/23      CNY     59.51
GAOYOU CITY ECONOMY DEV    3.65      09/02/23      CNY     60.00
GONG'AN COUNTY CITY CON    4.30      08/30/23      CNY     59.09
GONG'AN COUNTY CITY CON    4.30      08/30/23      CNY     59.20
GONGQINGCHENG FINANCIAL    5.85      03/25/23      CNY     39.08
GONGQINGCHENG FINANCIAL    5.85      03/25/23      CNY     40.29
GUANGAN DEVELOPMENT AND    6.39      03/24/22      CNY     20.28
GUANGAN DEVELOPMENT AND    6.39      03/24/22      CNY     24.00
GUANGAN ECONOMIC & TECH    7.10      09/22/21      CNY     20.03
GUANGAN ECONOMIC & TECH    7.10      09/22/21      CNY     20.03
GUANGAN ECONOMIC & TECH    5.16      04/14/23      CNY     38.70
GUANGAN ECONOMIC & TECH    5.16      04/14/23      CNY     39.34
GUANGAN TRANSPORTATION     5.39      12/01/23      CNY     58.51
GUANGDONG HUIZHOU COMMU    4.16      05/17/23      CNY     60.28
GUANGDONG HUIZHOU COMMU    4.16      05/17/23      CNY     60.32
GUANGDONG HUIZHOU COMMU    4.95      12/27/23      CNY     61.30
GUANGDONG HUIZHOU COMMU    4.95      12/27/23      CNY     61.30
GUANGRAO COUNTY ECONOMI    3.61      09/08/23      CNY     60.06
GUANGSHUI CITY DEVELOPM    6.19      03/01/24      CNY     61.38
GUANGSHUI CITY DEVELOPM    6.19      03/01/24      CNY     61.39
GUANGXI BAISE DEVELOPME    7.27      06/20/21      CNY     19.90
GUANGXI BAISE DEVELOPME    7.27      06/20/21      CNY     19.99
GUANGXI LAIBIN INDUSTRI    5.97      11/26/21      CNY     19.94
GUANGXI LAIBIN INDUSTRI    5.97      11/26/21      CNY     20.00
GUANGYUAN YUANQU CONSTR    8.35      08/26/21      CNY     20.14
GUANGYUAN YUANQU CONSTR    8.35      08/26/21      CNY     27.00
GUANGYUAN YUANQU CONSTR    4.48      03/10/23      CNY     38.65
GUANGYUAN YUANQU CONSTR    4.48      03/10/23      CNY     38.99
GUANGZHOU HUANTOU NANSH    6.38      11/18/24      CNY     59.72
GUANGZHOU HUANTOU NANSH    6.38      11/18/24      CNY     59.98
GUANGZHOU METRO GROUP C    6.45      04/02/24      CNY     45.00
GUANGZHOU METRO GROUP C    6.45      04/02/24      CNY     47.35
GUANGZHOU METRO GROUP C    6.05      06/03/24      CNY     62.28
GUILIN CITY INVESTMENT     6.90      06/13/21      CNY     20.00
GUILIN CITY INVESTMENT     6.90      06/13/21      CNY     20.05
GUILIN ECONOMIC CONSTRU    5.60      04/22/22      CNY     20.00
GUILIN ECONOMIC CONSTRU    5.60      04/22/22      CNY     20.39
GUIRENNIAO CO LTD          7.00      12/03/19      CNY     49.50
GUIXI STATE OWNED HOLDI    4.18      08/18/23      CNY     58.60
GUIXI STATE OWNED HOLDI    4.18      08/18/23      CNY     58.93
GUIYANG BAIYUN CITY CON    4.75      09/13/26      CNY     73.28
GUIYANG BAIYUN CITY CON    4.75      09/13/26      CNY     73.47
GUIYANG BAIYUN INDUSTRY    7.30      03/27/22      CNY     20.23
GUIYANG BAIYUN INDUSTRY    7.30      03/27/22      CNY     25.00
GUIYANG CITY CONSTRUCTI    4.37      03/25/26      CNY     66.33
GUIYANG CITY CONSTRUCTI    4.37      03/25/26      CNY     67.09
GUIYANG CITY CONSTRUCTI    4.00      11/14/26      CNY     73.25
GUIYANG CITY CONSTRUCTI    4.00      11/14/26      CNY     74.71
GUIYANG GUANCHENG INDUS    7.50      12/25/22      CNY     70.37
GUIYANG GUANSHANHU DIST    4.48      03/09/23      CNY     37.39
GUIYANG GUANSHANHU DIST    4.48      03/09/23      CNY     38.24
GUIYANG GUANSHANHU DIST    4.87      01/28/23      CNY     38.56
GUIYANG GUANSHANHU DIST    4.87      01/28/23      CNY     38.88
GUIYANG URBAN CONSTRUCT    5.23      12/02/22      CNY     39.52
GUIYANG URBAN CONSTRUCT    5.23      12/02/22      CNY     39.60
GUIZHOU EAST LAKE CITY     5.18      01/06/23      CNY     38.57
GUIZHOU EAST LAKE CITY     5.18      01/06/23      CNY     39.95
GUIZHOU FANJINGSHAN INV    6.95      01/28/22      CNY     19.65
GUIZHOU FANJINGSHAN INV    6.95      01/28/22      CNY     20.00
GUIZHOU GUIAN CONSTRUCT    4.17      10/28/22      CNY     40.09
GUIZHOU GUIAN CONSTRUCT    4.17      10/28/22      CNY     41.00
GUIZHOU GUILONG INDUSTR    7.80      04/28/22      CNY     50.15
GUIZHOU GUILONG INDUSTR    7.80      04/28/22      CNY     50.22
GUIZHOU HONGCAI INVESTM    6.00      06/07/23      CNY     48.73
GUIZHOU HONGCAI INVESTM    6.00      06/07/23      CNY     49.16
GUIZHOU RAILWAY INVESTM    7.20      03/27/22      CNY     20.10
GUIZHOU RAILWAY INVESTM    7.20      03/27/22      CNY     20.61
GUIZHOU RAILWAY INVESTM    7.50      04/23/24      CNY     45.82
GUIZHOU RAILWAY INVESTM    7.50      04/23/24      CNY     62.67
GUIZHOU SHUICHENG CITY     4.98      11/22/23      CNY     54.89
GUIZHOU SHUICHENG CITY     4.98      11/22/23      CNY     59.70
GUIZHOU SHUICHENG ECONO    7.50      10/26/25      CNY     59.50
GUIZHOU XINDONGGUAN CIV    7.70      09/05/24      CNY     67.00
GULIN STATE-OWNED ASSET    4.18      08/04/23      CNY     58.52
GULIN STATE-OWNED ASSET    4.18      08/04/23      CNY     58.80
HAIAN COUNTY DEVELOPMEN    5.45      04/13/23      CNY     38.98
HAIAN COUNTY DEVELOPMEN    5.45      04/13/23      CNY     39.28
HAIAN DEVELOPMENT ZONE     4.47      11/16/23      CNY     57.87
HAIAN DEVELOPMENT ZONE     4.47      11/16/23      CNY     58.08
HAIAN URBAN DEMOLITION     5.08      11/27/22      CNY     40.15
HAIAN URBAN DEMOLITION     5.08      11/27/22      CNY     40.88
HAICHENG URBAN JINCAI L    5.37      08/10/23      CNY     59.25
HAIFENG MARINE INFRASTR    6.84      04/29/22      CNY     40.05
HAIKOU MEILAN INTERNATI    5.25      09/06/19      USD     23.42
HAINAN AIRLINES HOLDING    6.20      05/24/21      CNY     51.00
HAINING CITY DEVELOPMEN    5.58      10/22/21      CNY     20.08
HAINING CITY DEVELOPMEN    5.58      10/22/21      CNY     20.70
HAMI JIANHUI STATE-OWNE    3.90      09/21/23      CNY     57.74
HAMI JIANHUI STATE-OWNE    3.90      09/21/23      CNY     58.20
HANCHENG CITY INVESTMEN    4.69      12/05/23      CNY     57.03
HANCHENG CITY INVESTMEN    4.69      12/05/23      CNY     57.23
HANCHUAN CITY HANRONG I    4.25      07/18/23      CNY     59.13
HANCHUAN CITY HANRONG I    4.25      07/18/23      CNY     59.24
HANDAN CONSTRUCTION & I    5.48      05/27/22      CNY     40.25
HANDAN CONSTRUCTION & I    5.48      05/27/22      CNY     47.20
HANGZHOU CANAL COMPREHE    3.40      10/17/23      CNY     59.43
HANGZHOU CANAL COMPREHE    3.40      10/17/23      CNY     60.01
HANGZHOU CITY CONSTRUCT    3.80      03/14/23      CNY     40.00
HANGZHOU CITY CONSTRUCT    3.80      03/14/23      CNY     40.18
HANGZHOU FUYANG DEVELOP    7.70      04/28/21      CNY     20.00
HANGZHOU FUYANG DEVELOP    7.70      04/28/21      CNY     29.00
HANGZHOU FUYANG DEVELOP    4.76      01/27/23      CNY     39.29
HANGZHOU FUYANG DEVELOP    4.76      01/27/23      CNY     40.30
HANGZHOU GONGSHU DISTRI    6.90      07/21/21      CNY     20.13
HANGZHOU GONGSHU DISTRI    6.90      07/21/21      CNY     20.40
HANGZHOU METRO GROUP CO    5.97      09/17/24      CNY     62.56
HANGZHOU WEST LAKE INVE    4.30      04/25/23      CNY     40.45
HANGZHOU WEST LAKE INVE    4.30      04/25/23      CNY     60.57
HANGZHOU XIAOSHAN ECO&T    6.90      05/13/21      CNY     17.27
HANGZHOU XIAOSHAN ECO&T    6.90      05/13/21      CNY     20.04
HANGZHOU XIAOSHAN QIANJ    4.00      03/22/23      CNY     39.34
HANGZHOU XIAOSHAN QIANJ    4.00      03/22/23      CNY     40.31
HANJIANG STATE-OWNED-AS    5.40      04/21/24      CNY     61.61
HANJIANG STATE-OWNED-AS    5.40      04/21/24      CNY     61.95
HAWTAI MOTOR GROUP LTD     6.10      10/26/21      CNY     74.00
HEBEI ZHONGYUE CITY CON    4.10      11/16/21      CNY     19.88
HEBEI ZHONGYUE CITY CON    4.10      11/16/21      CNY     19.90
HEBI INVESTMENTS GROUP     7.88      08/01/21      CNY     20.16
HEBI INVESTMENTS GROUP     7.88      08/01/21      CNY     20.99
HECHI CITY CONSTRUCTION    5.58      11/13/22      CNY     39.11
HECHI CITY CONSTRUCTION    5.58      11/13/22      CNY     42.42
HECHI STATE-OWNED ASSET    4.37      11/04/23      CNY     58.06
HECHI STATE-OWNED ASSET    4.37      11/04/23      CNY     58.26
HEFEI CONSTRUCTION INVE    7.20      04/29/24      CNY     63.10
HEFEI CONSTRUCTION INVE    7.20      04/29/24      CNY     63.28
HEFEI XINCHENG STATE-OW    4.13      07/15/23      CNY     59.23
HEFEI XINCHENG STATE-OW    4.13      07/15/23      CNY     59.27
HEILONGJIANG HECHENG CO    5.60      11/11/21      CNY     19.89
HEILONGJIANG HECHENG CO    7.05      06/21/22      CNY     30.08
HEISHAN TONGHE ASSET MA    6.79      09/18/22      CNY     39.28
HEISHAN TONGHE ASSET MA    6.79      09/18/22      CNY     39.39
HENAN ENERGY & CHEMICAL    6.98      11/02/21      CNY     55.82
HENGDONG URBAN & RURAL     6.60      12/27/23      CNY     59.74
HENGDONG URBAN & RURAL     6.60      12/27/23      CNY     59.90
HENGYANG BAISHAZHOU DEV    6.87      08/22/21      CNY     20.02
HENGYANG BAISHAZHOU DEV    6.87      08/22/21      CNY     24.50
HENGYANG COMMUNICATION     4.28      01/21/23      CNY     39.65
HENGYANG COMMUNICATION     4.28      01/21/23      CNY     40.00
HESHAN PUBLIC ASSET MAN    4.08      09/28/23      CNY     58.14
HESHAN PUBLIC ASSET MAN    4.08      09/28/23      CNY     59.08
HESHAN PUBLIC ASSET MAN    5.08      12/07/23      CNY     60.27
HESHAN PUBLIC ASSET MAN    5.08      12/07/23      CNY     60.27
HETIAN YUXIN STATE-OWNE    4.65      03/28/23      CNY     38.73
HETIAN YUXIN STATE-OWNE    4.65      03/28/23      CNY     38.78
HEYUAN CITY RUNYE INVES    6.20      12/03/21      CNY     20.23
HEYUAN CITY RUNYE INVES    6.20      12/03/21      CNY     25.88
HEZHOU URBAN CONSTRUCTI    8.16      05/16/21      CNY     20.04
HEZHOU URBAN CONSTRUCTI    8.16      05/16/21      CNY     21.00
HNA GROUP CO LTD           5.99      11/27/22      CNY     24.27
HNA GROUP CO LTD           5.99      11/27/22      CNY     29.10
HNA GROUP CO LTD           7.10      04/15/20      CNY     70.00
HONGHEZHOU DEVELOPMENT     5.90      07/12/24      CNY     72.00
HUACHEN ENERGY CO LTD      6.63      05/18/20      USD     34.50
HUAIAN CITY HUAIAN DIST    4.63      05/03/23      CNY     59.91
HUAIAN CITY HUAIAN DIST    4.63      05/03/23      CNY     60.30
HUAIAN CITY URBAN ASSET    5.70      04/23/22      CNY     21.54
HUAIAN CITY URBAN ASSET    5.70      04/23/22      CNY     40.48
HUAIAN CITY XUYI URBAN     5.10      04/15/23      CNY     39.33
HUAIAN CITY XUYI URBAN     5.10      04/15/23      CNY     39.46
HUAIAN HONGRI TRANSPORT    5.09      04/20/23      CNY     38.52
HUAIAN HONGRI TRANSPORT    5.09      04/20/23      CNY     38.79
HUAIAN HONGZE DISTRICT     4.37      07/18/23      CNY     58.63
HUAIAN HONGZE DISTRICT     4.37      07/18/23      CNY     59.32
HUAI'AN NEW CITY INVEST    6.95      07/28/21      CNY     20.15
HUAI'AN NEW CITY INVEST    6.95      07/28/21      CNY     27.50
HUAIHUA CITY CONSTRUCTI    4.18      08/31/23      CNY     58.02
HUAIHUA CITY CONSTRUCTI    4.18      08/31/23      CNY     58.11
HUAIHUA ECONOMIC DEVELO    6.80      03/26/22      CNY     19.77
HUAIHUA ECONOMIC DEVELO    6.80      03/26/22      CNY     20.00
HUAIHUA TRANSPORTATION     4.96      04/12/23      CNY     39.04
HUAIHUA TRANSPORTATION     4.96      04/12/23      CNY     39.25
HUAINAN URBAN CONSTRUCT    6.79      07/09/21      CNY     20.15
HUAINAN URBAN CONSTRUCT    6.79      07/09/21      CNY     20.26
HUANGGANG CITY CONSTRUC    4.08      01/18/23      CNY     40.25
HUANGSHAN CHENGTOU GROU    5.95      05/06/22      CNY     40.39
HUANGSHAN CHENGTOU GROU    5.95      05/06/22      CNY     40.65
HUANGSHI CIHU HIGH-TECH    4.97      06/08/23      CNY     59.78
HUANGSHI CIHU HIGH-TECH    4.97      06/08/23      CNY     59.92
HUANGSHI CIHU HIGH-TECH    4.50      06/08/23      CNY     60.13
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     40.40
HUAYANG NEW MATERIAL TE    3.67      02/26/23      CNY     75.00
HUBEI PROVINCE CHANGJIA    6.15      04/03/22      CNY     20.39
HUBEI PROVINCE CHANGJIA    6.15      04/03/22      CNY     22.40
HULUDAO INVESTMENT GROU    7.50      10/18/23      CNY     36.83
HULUDAO INVESTMENT GROU    7.50      10/18/23      CNY     45.80
HULUNBEIER INVESTMENT C    6.31      04/30/22      CNY     39.88
HULUNBEIER INVESTMENT C    6.31      04/30/22      CNY     40.36
HUNAN CHANGDE DEYUAN IN    6.50      06/16/21      CNY     20.06
HUNAN CHANGDE DEYUAN IN    6.50      06/16/21      CNY     20.12
HUNAN CHUZHISHENG HOLDI    5.60      12/18/22      CNY     39.61
HUNAN CHUZHISHENG HOLDI    5.60      12/18/22      CNY     40.56
HUNAN JINYANG INVESTMEN    5.70      11/27/21      CNY     18.60
HUNAN JINYANG INVESTMEN    5.70      11/27/21      CNY     20.01
HUNAN JINYANG INVESTMEN    4.37      01/19/23      CNY     39.45
HUNAN JINYANG INVESTMEN    4.39      04/06/23      CNY     39.58
HUNAN JINYANG INVESTMEN    4.37      01/19/23      CNY     39.59
HUNAN JINYANG INVESTMEN    4.39      04/06/23      CNY     39.77
HUNAN JINYANG NEW CITY     4.43      10/23/22      CNY     40.05
HUNAN LINGANG DEVELOPME    3.94      10/26/23      CNY     57.20
HUNAN LINGANG DEVELOPME    3.94      10/26/23      CNY     57.44
HUNAN LINGANG DEVELOPME    4.24      07/21/23      CNY     57.96
HUNAN LINGANG DEVELOPME    4.24      07/21/23      CNY     58.13
HUNAN LOUDI ECONOMIC &     6.36      03/13/22      CNY     19.14
HUNAN LOUDI ECONOMIC &     6.36      03/13/22      CNY     27.00
HUNAN LOUDI ECONOMIC &     4.89      03/30/23      CNY     37.23
HUNAN LOUDI ECONOMIC &     4.89      03/30/23      CNY     38.62
HUNAN PROVINCIAL RAILWA    6.09      04/30/25      CNY     70.00
HUNAN PROVINCIAL RAILWA    6.09      04/30/25      CNY     72.38
HUNAN SENTE INDUSTRIAL     6.90      11/28/24      CNY     40.00
HUNAN SHAODONG ECO-INDU    6.58      12/13/23      CNY     60.23
HUNAN SHAODONG ECO-INDU    6.58      12/13/23      CNY     60.24
HUNAN TIER GROUP CO LTD    4.20      03/17/23      CNY     37.93
HUNAN TIER GROUP CO LTD    4.20      03/17/23      CNY     38.33
HUNAN YOUZHOU INVESTMEN    4.80      07/07/23      CNY     59.67
HUNAN YOUZHOU INVESTMEN    4.80      07/07/23      CNY     59.68
HUZHOU URBAN CONSTRUCTI    6.48      08/28/21      CNY     20.13
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     20.00
INNER MONGOLIA JINLONG     7.30      11/19/22      CNY     39.50
INNER MONGOLIA JINLONG     7.30      11/19/22      CNY     39.78
INNER MONGOLIA KE'ERQIN    6.50      03/11/22      CNY     19.35
INNER MONGOLIA KE'ERQIN    6.50      03/11/22      CNY     19.40
INNER MONGOLIA KE'ERQIN    6.45      04/30/22      CNY     39.28
INNER MONGOLIA KE'ERQIN    6.45      04/30/22      CNY     40.00
INNER MONGOLIA SHENGXIA    8.18      08/21/21      CNY     20.09
INNER MONGOLIA SHENGXIA    8.18      08/21/21      CNY     24.00
INNER MONGOLIA ZHUNGEER    6.54      12/31/21      CNY     20.40
INNER MONGOLIA ZHUNGEER    6.54      12/31/21      CNY     22.10
JIAN CITY JINGANGSHAN D    7.99      06/03/21      CNY     19.86
JIAN CITY JINGANGSHAN D    7.99      06/03/21      CNY     20.87
JIAN CITY JINGANGSHAN D    4.87      01/27/23      CNY     38.47
JIAN CITY JINGANGSHAN D    4.87      01/27/23      CNY     39.07
JIANAN INVESTMENT HOLDI    6.85      05/23/21      CNY     20.04
JIANAN INVESTMENT HOLDI    6.85      05/23/21      CNY     26.50
JIANAN INVESTMENT HOLDI    4.30      03/08/23      CNY     39.74
JIANAN INVESTMENT HOLDI    4.30      03/08/23      CNY     40.21
JIANAN INVESTMENT HOLDI    3.50      09/05/23      CNY     59.26
JIANAN INVESTMENT HOLDI    3.85      09/05/23      CNY     59.26
JIANAN INVESTMENT HOLDI    3.85      09/05/23      CNY     59.29
JIANAN INVESTMENT HOLDI    3.50      09/05/23      CNY     59.34
JIANGMEN NEW HI-TECH IN    6.03      04/22/22      CNY     20.17
JIANGMEN NEW HI-TECH IN    6.03      04/22/22      CNY     21.10
JIANGSU BEIGU INDUSTRIA    5.80      06/20/23      CNY     59.85
JIANGSU BEIGU INDUSTRIA    5.80      06/20/23      CNY     60.38
JIANGSU DAHANG LINGANG     5.18      09/22/23      CNY     58.56
JIANGSU DAHANG LINGANG     5.18      09/22/23      CNY     58.58
JIANGSU GAOCHUN ECONOMI    3.92      11/23/23      CNY     59.13
JIANGSU GAOCHUN ECONOMI    3.67      09/23/23      CNY     59.28
JIANGSU GAOCHUN ECONOMI    3.67      09/23/23      CNY     59.37
JIANGSU GAOCHUN ECONOMI    3.92      11/23/23      CNY     59.82
JIANGSU HAIRUN CITY DEV    6.22      04/03/22      CNY     20.28
JIANGSU HAIRUN CITY DEV    6.22      04/03/22      CNY     22.20
JIANGSU HAIZHOU DEVELOP    4.67      06/06/23      CNY     60.13
JIANGSU HAIZHOU DEVELOP    4.67      06/06/23      CNY     60.24
JIANGSU HANRUI INVESTME    4.63      04/15/23      CNY     39.96
JIANGSU HANRUI INVESTME    4.63      04/15/23      CNY     40.51
JIANGSU HANRUI INVESTME    5.00      08/31/23      CNY     57.22
JIANGSU HANRUI INVESTME    5.00      08/31/23      CNY     58.15
JIANGSU JINTAN GUOFA IN    6.85      05/30/21      CNY     20.00
JIANGSU JINTAN GUOFA IN    6.85      05/30/21      CNY     20.03
JIANGSU JINTAN GUOFA IN    4.60      08/22/23      CNY     58.37
JIANGSU JINTAN GUOFA IN    4.60      08/22/23      CNY     58.97
JIANGSU NANTONG NO2 CON    8.10      07/10/21      CNY     20.00
JIANGSU NANTONG NO2 CON    8.10      07/10/21      CNY     20.04
JIANGSU RUNCHENG ASSET     5.65      04/19/24      CNY     60.62
JIANGSU RUNCHENG ASSET     5.65      04/19/24      CNY     62.65
JIANGSU RUNQI WANGUO IN    4.14      10/21/21      CNY     29.66
JIANGSU RUNQI WANGUO IN    4.14      10/21/21      CNY     29.94
JIANGSU SUHAI INVESTMEN    7.28      05/29/21      CNY     20.04
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     20.02
JIANGSU WUZHONG ECONOMI    5.49      11/19/21      CNY     20.25
JIANGSU WUZHONG ECONOMI    5.49      11/19/21      CNY     20.32
JIANGSU XISHAN ECONOMIC    5.78      07/20/22      CNY     40.48
JIANGSU XISHAN ECONOMIC    5.78      07/20/22      CNY     40.50
JIANGSU YANGKOU PORT CO    6.23      04/10/22      CNY     20.24
JIANGSU YANGKOU PORT CO    6.23      04/10/22      CNY     27.50
JIANGSU YINGZHOU DEVELO    4.33      09/21/23      CNY     57.59
JIANGSU YINGZHOU DEVELO    4.33      09/21/23      CNY     57.75
JIANGSU ZHANGJIAGANG EC    3.95      03/22/23      CNY     40.00
JIANGSU ZHANGJIAGANG EC    3.95      03/22/23      CNY     40.14
JIANGSU ZHONGAN CONSTRU    5.65      03/24/24      CNY     60.91
JIANGSU ZHONGAN CONSTRU    5.65      03/24/24      CNY     62.40
JIANGSU ZHUFU INDUSTRIA    4.47      07/20/23      CNY     56.30
JIANGSU ZHUFU INDUSTRIA    4.47      07/20/23      CNY     58.60
JIANGXI HEJI INVESTMENT    5.09      12/17/22      CNY     39.40
JIANGXI HEJI INVESTMENT    5.09      12/17/22      CNY     40.00
JIANGXI HUIHENG PROPERT    4.43      08/30/21      CNY     39.85
JIANGXI HUIHENG PROPERT    4.43      08/30/21      CNY     39.98
JIANGXI LONGHU MOUNTAIN    4.35      03/16/23      CNY     39.51
JIANGXI LONGHU MOUNTAIN    4.35      03/16/23      CNY     39.52
JIANGXI PINGXIANG CHANG    6.00      08/11/24      CNY     60.00
JIANGYOU HONGFEI INVEST    6.55      09/02/22      CNY     39.86
JIANGYOU HONGFEI INVEST    6.55      09/02/22      CNY     40.31
JIANHU COUNTY DEVELOPME    7.29      09/25/21      CNY     20.01
JIANHU COUNTY DEVELOPME    7.29      09/25/21      CNY     22.75
JIANHU URBAN CONSTRUCTI    6.30      06/01/22      CNY     39.78
JIANHU URBAN CONSTRUCTI    3.28      10/13/21      CNY     39.82
JIANHU URBAN CONSTRUCTI    3.28      10/13/21      CNY     41.00
JIANHU URBAN CONSTRUCTI    6.30      06/01/22      CNY     42.86
JIANYANG DEVELOPMENT HO    3.93      11/10/23      CNY     57.14
JIANYANG DEVELOPMENT HO    3.93      11/10/23      CNY     57.50
JIANYANG MODERN INDUSTR    6.00      04/24/24      CNY     60.32
JIAXING XIANGJIADANG DE    3.87      09/21/23      CNY     57.71
JIAXING XIANGJIADANG DE    4.13      07/20/23      CNY     58.56
JIAXING XIANGJIADANG DE    3.87      09/21/23      CNY     58.80
JIAXING XIANGJIADANG DE    4.13      07/20/23      CNY     59.35
JIAYU COUNTY URBAN TOWN    5.70      01/19/23      CNY     39.99
JIAYU COUNTY URBAN TOWN    5.70      01/19/23      CNY     40.18
JIAYU COUNTY URBAN TOWN    5.70      03/23/24      CNY     60.43
JIAYU COUNTY URBAN TOWN    5.70      03/23/24      CNY     60.44
JIAYU COUNTY URBAN TOWN    6.50      01/19/24      CNY     60.79
JIAYU COUNTY URBAN TOWN    6.50      01/19/24      CNY     61.16
JIAYUGUAN CITY INFRASTR    7.83      09/23/21      CNY     20.00
JIAYUGUAN CITY INFRASTR    7.83      09/23/21      CNY     20.01
JIEYANG CITY INVESTMENT    6.55      08/27/21      CNY     20.14
JIEYANG CITY INVESTMENT    6.55      08/27/21      CNY     20.25
JILIN CITY CONSTRUCTION    3.80      01/27/23      CNY     39.28
JILIN ECONOMIC AND TECH    6.20      04/29/23      CNY     59.65
JILIN ECONOMIC AND TECH    6.20      04/29/23      CNY     59.89
JILIN NORTHEAST SOCK IN    7.50      05/19/22      CNY     70.31
JINAN CITY LICHENG DIST    5.00      06/23/22      CNY     39.51
JINAN CITY LICHENG DIST    5.00      06/23/22      CNY     40.29
JINAN HI-TECH HOLDING G    6.38      06/19/21      CNY     20.07
JINAN HI-TECH HOLDING G    6.38      06/19/21      CNY     20.20
JINCHANG CONSTRUCTION I    6.79      12/21/22      CNY     20.00
JINCHANG CONSTRUCTION I    6.79      12/21/22      CNY     39.97
JINCHENG STATE-OWNED CA    4.99      11/11/21      CNY     20.00
JINCHENG STATE-OWNED CA    4.99      11/11/21      CNY     20.10
JINGDEZHEN CERAMIC CULT    5.38      11/27/22      CNY     39.85
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     20.04
JINGJIANG CITY INVESTME    4.55      03/30/23      CNY     39.22
JINGJIANG CITY INVESTME    4.55      03/30/23      CNY     39.43
JINGJIANG HARBOUR GROUP    7.30      08/05/21      CNY     19.98
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     30.51
JINGMEN HIGH-TECH DEVEL    5.48      08/11/22      CNY     39.80
JINGMEN HIGH-TECH DEVEL    5.48      08/11/22      CNY     40.09
JINGMEN HIGH-TECH DEVEL    4.15      07/28/23      CNY     58.34
JINGMEN HIGH-TECH DEVEL    4.15      07/28/23      CNY     58.98
JINGSHAN JINGCHENG INVE    4.38      08/29/23      CNY     58.68
JINGSHAN JINGCHENG INVE    4.38      08/29/23      CNY     60.02
JINGZHOU DEVELOPMENT ZO    4.87      09/23/26      CNY     75.19
JINGZHOU URBAN CONSTRUC    3.97      03/10/23      CNY     39.06
JINGZHOU URBAN CONSTRUC    3.97      03/10/23      CNY     39.95
JINHU COUNTY STATE-OWNE    7.75      08/25/21      CNY     20.16
JINHU COUNTY STATE-OWNE    7.75      08/25/21      CNY     21.33
JINHU COUNTY STATE-OWNE    4.00      07/26/22      CNY     49.72
JINHU COUNTY STATE-OWNE    4.00      07/26/22      CNY     50.12
JINING CITY SHIZHONG DI    6.39      01/29/22      CNY     20.08
JINING CITY SHIZHONG DI    6.39      01/29/22      CNY     24.44
JINING CITY SHIZHONG DI    3.52      09/14/23      CNY     58.43
JINING CITY SHIZHONG DI    3.52      09/14/23      CNY     59.36
JINING HIGH TECH URBAN     6.09      04/30/22      CNY     40.30
JINING HIGH TECH URBAN     6.09      04/30/22      CNY     41.50
JINING HIGH TECH URBAN     5.88      04/25/23      CNY     70.83
JINSHA COUNTY CONSTRUCT    6.01      09/05/23      CNY     59.72
JINSHA COUNTY CONSTRUCT    6.01      09/05/23      CNY     59.73
JINTANG MODERN AGRICULT    5.49      07/14/23      CNY     58.79
JINTANG MODERN AGRICULT    5.49      07/14/23      CNY     59.00
JINZHAI URBAN DEVELOPME    5.90      04/25/23      CNY     40.90
JINZHAI URBAN DEVELOPME    5.90      04/25/23      CNY     40.91
JINZHOU CITY INVESTMENT    6.44      08/18/21      CNY     19.95
JINZHOU CITY INVESTMENT    6.44      08/18/21      CNY     24.91
JISHOU HUATAI STATE OWN    7.18      02/09/22      CNY     20.03
JISHOU HUATAI STATE OWN    7.18      02/09/22      CNY     22.82
JIUJIANG CITY CONSTRUCT    5.50      05/22/22      CNY     39.55
JIUJIANG CITY CONSTRUCT    5.50      05/22/22      CNY     40.39
JIUJIANG LAND INVESTMEN    6.20      03/23/22      CNY     20.36
JIUJIANG LAND INVESTMEN    6.20      03/23/22      CNY     20.42
JIUJIANG LIANXI DISTRIC    4.58      03/30/23      CNY     39.58
JIUJIANG LIANXI DISTRIC    4.58      03/30/23      CNY     39.68
JIXI STATE OWN ASSET MA    6.87      01/19/22      CNY     19.54
JIXI STATE OWN ASSET MA    6.87      01/19/22      CNY     20.85
KAIFENG URBAN OPERATION    6.35      03/23/22      CNY     19.92
KAIFENG URBAN OPERATION    6.35      03/23/22      CNY     19.92
KAIFU CITY DEVELOPMENT     4.20      01/21/23      CNY     38.50
KAIFU CITY DEVELOPMENT     4.20      01/21/23      CNY     39.95
KAIFU CITY DEVELOPMENT     3.73      08/22/23      CNY     59.14
KAIFU CITY DEVELOPMENT     3.73      08/22/23      CNY     59.49
KAILI GUIZHOU TOWN CONS    5.29      12/17/22      CNY     38.70
KAILI GUIZHOU TOWN CONS    5.29      12/17/22      CNY     40.00
KAILI GUIZHOU TOWN CONS    4.20      10/13/23      CNY     56.34
KAILI GUIZHOU TOWN CONS    4.20      10/13/23      CNY     56.92
KANGMEI PHARMACEUTICAL     5.50      04/20/21      CNY      5.28
KANGMEI PHARMACEUTICAL     6.80      06/28/21      CNY      5.63
KANGMEI PHARMACEUTICAL     6.28      03/20/21      CNY     20.50
KANGMEI PHARMACEUTICAL     6.10      03/28/21      CNY     20.50
KANGMEI PHARMACEUTICAL     5.20      07/17/22      CNY     20.50
KANGMEI PHARMACEUTICAL     5.29      08/16/22      CNY     20.50
KANGMEI PHARMACEUTICAL     5.47      09/15/22      CNY     20.50
KANGMEI PHARMACEUTICAL     7.00      06/21/21      CNY     20.69
KANGMEI PHARMACEUTICAL     6.33      01/27/22      CNY     36.69
KASHI URBAN CONSTRUCTIO    5.80      07/20/22      CNY     39.74
KASHI URBAN CONSTRUCTIO    5.80      07/20/22      CNY     40.00
KUNMING DONGJUN REAL ES    4.50      11/02/21      CNY     24.70
KUNSHAN COMMUNICATION D    6.95      05/22/21      CNY     20.07
KUNSHAN COMMUNICATION D    6.95      05/22/21      CNY     25.45
LANZHOU STATE OWNED ASS    6.32      09/10/21      CNY     14.90
LANZHOU STATE OWNED ASS    6.32      09/10/21      CNY     19.90
LAOHEKOU CITY CONSTRUCT    6.75      08/12/22      CNY     39.82
LAOHEKOU CITY CONSTRUCT    6.75      08/12/22      CNY     39.94
LEIYANG CITY AND RURAL     7.80      04/10/22      CNY     20.58
LEIYANG CITY AND RURAL     7.80      04/10/22      CNY     20.58
LEPING STATE-OWNED ASSE    3.70      10/20/23      CNY     58.50
LEPING STATE-OWNED ASSE    3.70      10/20/23      CNY     59.04
LEQING CITY STATE OWNED    5.99      10/20/21      CNY     20.21
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     20.20
LIANYUNGANG TRANSPORT G    5.47      11/17/21      CNY     20.21
LIANYUNGANG TRANSPORT G    5.47      11/17/21      CNY     25.00
LIAOCHENG ANTAI URBAN R    4.58      04/11/23      CNY     38.82
LIAOCHENG ANTAI URBAN R    5.16      04/11/23      CNY     39.11
LIAOCHENG ANTAI URBAN R    5.16      04/11/23      CNY     39.15
LIAOCHENG ANTAI URBAN R    4.58      04/11/23      CNY     39.84
LIAOCHENG XINGYE ECONOM    5.20      04/13/23      CNY     38.94
LIAOCHENG XINGYE ECONOM    5.20      04/13/23      CNY     38.99
LIAONING GUANLONG CONST    4.70      11/10/23      CNY     58.17
LIAONING GUANLONG CONST    4.70      11/10/23      CNY     58.21
LIAONING YAODU DEVELOPM    6.50      04/29/23      CNY     59.99
LILING HIGH-TECH INDUST    4.93      01/19/23      CNY     38.81
LILING HIGH-TECH INDUST    4.93      01/19/23      CNY     39.80
LINFEN YAODU DISTRICT I    7.19      03/13/22      CNY     20.02
LINYI CITY DEVELOPMENT     3.85      11/22/23      CNY     59.48
LINYI CITY DEVELOPMENT     3.85      11/22/23      CNY     60.04
LISHUI CITY CULTURAL TO    5.67      08/13/22      CNY     40.51
LISHUI CITY CULTURAL TO    5.67      08/13/22      CNY     40.55
LIUPANSHUI DEVELOPMENT     3.74      01/20/23      CNY     38.70
LIUPANSHUI DEVELOPMENT     3.74      01/20/23      CNY     39.74
LIUPANSHUI MINSHENG INV    5.08      01/29/23      CNY     38.10
LIUPANSHUI MINSHENG INV    5.08      01/29/23      CNY     39.19
LIUYANG MODERN MANUFACT    4.72      01/19/23      CNY     39.53
LIUYANG MODERN MANUFACT    4.72      01/19/23      CNY     39.71
LIUYANG URBAN CONSTRUCT    6.98      08/22/21      CNY     16.77
LIUYANG URBAN CONSTRUCT    6.98      08/22/21      CNY     20.20
LIUYANG URBAN CONSTRUCT    4.45      05/24/23      CNY     60.17
LIUYANG URBAN CONSTRUCT    4.45      05/24/23      CNY     60.38
LIUZHOU CITY INVESTMENT    7.18      12/31/22      CNY     29.40
LIUZHOU CITY INVESTMENT    7.18      12/31/22      CNY     29.90
LIUZHOU DONGTONG INVEST    4.45      07/22/23      CNY     57.64
LIUZHOU DONGTONG INVEST    4.45      07/22/23      CNY     57.81
LIUZHOU INVESTMENT HOLD    4.28      03/08/23      CNY     38.84
LIUZHOU INVESTMENT HOLD    4.28      03/08/23      CNY     39.75
LIUZHOU LONGJIAN INVEST    8.28      04/30/24      CNY     49.58
LIUZHOU LONGJIAN INVEST    8.28      04/30/24      CNY     61.46
LIYANG KUNLUN URBAN CON    5.90      10/24/21      CNY     18.00
LIYANG KUNLUN URBAN CON    5.90      10/24/21      CNY     20.20
LONGHAI STATE-OWNED ASS    6.58      08/15/21      CNY     20.08
LONGYAN RAILWAY CONSTRU    4.98      04/13/23      CNY     39.05
LONGYAN RAILWAY CONSTRU    4.98      04/13/23      CNY     39.78
LOUDI TIDU INVESTMENT D    7.18      08/27/21      CNY     20.00
LOUDI TIDU INVESTMENT D    7.18      08/27/21      CNY     20.07
LOUDI TIDU INVESTMENT D    4.83      01/20/23      CNY     39.43
LOUDI TIDU INVESTMENT D    4.83      01/20/23      CNY     39.75
LOUDI WANBAO NEW DISTRI    5.13      02/01/23      CNY     39.01
LOUDI WANBAO NEW DISTRI    5.13      02/01/23      CNY     39.25
LOUDI WANBAO NEW DISTRI    4.42      08/01/23      CNY     57.63
LOUDI WANBAO NEW DISTRI    4.42      08/01/23      CNY     58.28
LU'AN CITY CONSTRUCTION    5.05      04/26/21      CNY     50.01
LUJIANG CITY CONSTRUCTI    6.70      04/16/22      CNY     20.00
LUJIANG CITY CONSTRUCTI    6.70      04/16/22      CNY     20.49
LUOYANG CITY COUNTRY CO    4.28      04/26/23      CNY     36.67
LUOYANG CITY COUNTRY CO    4.28      04/26/23      CNY     39.79
LUOYANG CITY DEVELOPMEN    4.47      12/02/22      CNY     40.00
LUOYANG CITY DEVELOPMEN    4.47      12/02/22      CNY     40.18
LUZHOU FUYANG INVESTMEN    5.00      08/11/23      CNY     59.79
LUZHOU FUYANG INVESTMEN    5.00      08/11/23      CNY     59.80
LUZHOU XINGLU INVESTMEN    6.41      04/23/25      CNY     60.00
LUZHOU XINGLU INVESTMEN    6.41      04/23/25      CNY     73.49
LUZHOU XINGYANG INVESTM    4.87      01/28/23      CNY     39.25
LUZHOU XINGYANG INVESTM    4.87      01/28/23      CNY     39.34
MA'ANSHAN CIHU HIGH TEC    6.85      09/09/21      CNY     20.19
MA'ANSHAN CIHU HIGH TEC    6.85      09/09/21      CNY     23.00
MA'ANSHAN CIHU HIGH TEC    3.90      11/28/23      CNY     59.19
MA'ANSHAN CIHU HIGH TEC    3.90      11/28/23      CNY     60.40
MAANSHAN ECONOMIC TECHN    6.49      03/06/22      CNY     20.11
MAANSHAN ECONOMIC TECHN    6.49      03/06/22      CNY     24.99
MAANSHAN HUASHAN DISTRI    6.07      04/20/22      CNY     16.93
MAANSHAN HUASHAN DISTRI    6.07      04/20/22      CNY     19.88
MAANSHAN NINGBO INVESTM    7.50      04/18/26      CNY     40.00
MAANSHAN SOUTHERN INDUS    4.53      07/25/23      CNY     57.83
MAANSHAN SOUTHERN INDUS    4.43      09/02/23      CNY     58.22
MAANSHAN SOUTHERN INDUS    4.53      07/25/23      CNY     58.39
MAANSHAN SOUTHERN INDUS    4.43      09/02/23      CNY     58.50
MEISHAN CITY DONGPO DEV    5.90      06/30/23      CNY     58.37
MEISHAN CITY DONGPO DEV    5.90      06/30/23      CNY     58.57
MEISHAN HONGDA CONSTRUC    4.18      03/28/23      CNY     38.80
MEISHAN HONGDA CONSTRUC    4.18      03/28/23      CNY     38.90
MEIZHOU CITY XIN JIN YE    6.02      04/22/22      CNY     20.40
MEIZHOU CITY XIN JIN YE    6.02      04/22/22      CNY     25.32
MEIZHOU MEI COUNTY DIST    5.00      12/30/22      CNY     39.80
MEIZHOU MEI COUNTY DIST    5.00      12/30/22      CNY     40.00
MUDANJIANG AREA URBAN D    6.48      06/30/22      CNY     39.84
MUDANJIANG AREA URBAN D    6.48      06/30/22      CNY     45.00
MUNICIPALITY OF SHENZHE    3.00      03/29/22      CNY     20.00
MUNICIPALITY OF SHENZHE    3.00      03/29/22      CNY     20.00
MUNICIPALITY OF SHENZHE    3.37      03/29/26      CNY     69.66
MUNICIPALITY OF SHENZHE    3.37      03/29/26      CNY     69.66
MUNICIPALITY OF SHENZHE    3.37      03/29/26      CNY     70.12
MUNICIPALITY OF SHENZHE    3.37      03/29/26      CNY     75.00
MUNICIPALITY OF SHENZHE    3.37      03/29/26      CNY     75.00
NANCHANG ECONOMY TECHNO    3.83      09/22/23      CNY     59.21
NANCHANG ECONOMY TECHNO    3.83      09/22/23      CNY     59.73
NANCHONG AIRPORT INVEST    6.80      01/26/22      CNY     19.95
NANCHONG AIRPORT INVEST    6.80      01/26/22      CNY     19.99
NANJING BAIXIA STATE-OW    3.98      03/29/23      CNY     40.11
NANJING BAIXIA STATE-OW    3.98      03/29/23      CNY     40.24
NANJING HEXI NEW TOWN A    3.20      07/22/21      CNY     39.76
NANJING JIANGNING ECONO    7.94      04/14/24      CNY     39.91
NANJING JIANGNING ECONO    7.94      04/14/24      CNY     48.10
NANJING JIANGNING URBAN    3.48      11/11/23      CNY     59.71
NANJING JIANGNING URBAN    3.48      11/11/23      CNY     59.84
NANJING JIANYE SCIENCE     4.37      06/24/23      CNY     59.84
NANJING JIANYE SCIENCE     4.37      06/24/23      CNY     60.16
NANJING LISHUI ECONOMIC    6.27      09/22/21      CNY     20.09
NANJING LISHUI ECONOMIC    6.27      09/22/21      CNY     21.29
NANJING LISHUI ECONOMIC    3.41      11/09/23      CNY     59.37
NANJING LISHUI ECONOMIC    3.41      11/09/23      CNY     59.50
NANJING LISHUI URBAN CO    4.97      04/28/23      CNY     59.16
NANJING LISHUI URBAN CO    4.97      04/28/23      CNY     59.95
NANJING METRO GROUP CO     3.29      08/29/23      CNY     59.50
NANJING METRO GROUP CO     3.29      08/29/23      CNY     60.03
NANJING QIXIA STATE-OWN    4.10      06/24/23      CNY     60.05
NANJING QIXIA STATE-OWN    4.10      06/24/23      CNY     60.40
NANJING STATE OWNED ASS    5.60      03/06/23      CNY     30.77
NANJING STATE OWNED ASS    5.60      03/06/23      CNY     30.85
NANJING TANGSHAN CONSTR    6.80      06/30/21      CNY     20.12
NANJING TANGSHAN CONSTR    6.80      06/30/21      CNY     26.80
NANNING HI-TECH INDUSTR    4.28      03/25/23      CNY     35.20
NANNING HI-TECH INDUSTR    4.28      03/25/23      CNY     39.50
NANNING HI-TECH INDUSTR    3.82      10/20/23      CNY     57.56
NANNING HI-TECH INDUSTR    3.82      10/20/23      CNY     58.74
NANNING LVGANG CONSTRUC    7.30      06/27/21      CNY     20.06
NANNING LVGANG CONSTRUC    7.30      06/27/21      CNY     24.80
NANPING CITY WUYI NEW D    4.96      09/28/22      CNY     40.16
NANPING CITY WUYI NEW D    4.96      09/28/22      CNY     40.20
NANTONG CHONGCHUAN URBA    5.70      07/21/22      CNY     70.00
NANTONG CHONGCHUAN URBA    5.70      07/21/22      CNY     70.75
NANTONG CITY TONGZHOU D    4.88      04/10/24      CNY     50.51
NANTONG CITY TONGZHOU D    3.75      07/07/23      CNY     59.90
NANTONG CITY TONGZHOU D    3.75      07/07/23      CNY     59.93
NANTONG CITY TONGZHOU D    4.88      04/10/24      CNY     61.17
NANTONG CITY XINGCHUAN     3.80      09/06/21      CNY     39.84
NANTONG CITY XINGCHUAN     3.80      09/06/21      CNY     40.01
NANTONG HIGH TECHNOLOGY    5.00      10/19/22      CNY     40.21
NANTONG HIGH TECHNOLOGY    5.00      10/19/22      CNY     41.52
NANTONG SUTONG SCIENCE     6.20      03/18/22      CNY     19.95
NANTONG SUTONG SCIENCE     6.20      03/18/22      CNY     20.00
NANYANG HIGH-TECH DISTR    6.45      04/29/23      CNY     59.68
NANYANG HIGH-TECH DISTR    6.45      04/29/23      CNY     60.71
NANZHANG COUNTY CONSTRU    6.00      01/20/24      CNY     59.92
NANZHANG COUNTY CONSTRU    6.00      01/20/24      CNY     61.22
NEIJIANG CITY XINGYUAN     4.28      08/16/23      CNY     57.69
NEIJIANG CITY XINGYUAN     4.28      08/16/23      CNY     58.04
NEIJIANG STATE-OWNED AS    6.20      04/12/23      CNY     39.35
NEIJIANG STATE-OWNED AS    6.20      04/12/23      CNY     39.51
NEIJINAG CONSTRUCTION E    5.03      12/25/22      CNY     36.36
NEIJINAG CONSTRUCTION E    5.03      12/25/22      CNY     39.50
NEOGLORY HOLDING GROUP     8.00      10/22/20      CNY     56.00
NEOGLORY HOLDING GROUP     8.00      09/25/20      CNY     60.00
NEOGLORY HOLDING GROUP     8.10      11/23/18      CNY     72.00
NINGBO CITY ZHENHAI INV    5.85      12/04/21      CNY     20.15
NINGBO CITY ZHENHAI INV    5.85      12/04/21      CNY     20.17
NINGBO FENGHUA INVESTME    4.58      03/28/22      CNY     50.00
NINGBO FENGHUA INVESTME    4.58      03/28/22      CNY     50.38
NINGBO MEISHAN ISLAND D    6.27      03/23/22      CNY     20.20
NINGBO MEISHAN ISLAND D    6.27      03/23/22      CNY     28.29
NINGGUO CITY STATE OWNE    8.70      04/28/21      CNY     20.00
NINGGUO CITY STATE OWNE    8.70      04/28/21      CNY     20.00
NINGXIA SHENG YAN INDUS    7.50      09/27/23      CNY     42.45
NINGXIANG CITY CONSTRUC    6.70      01/20/22      CNY     20.20
NINGXIANG CITY CONSTRUC    6.70      01/20/22      CNY     20.37
NINGXIANG ECONOMIC TECH    3.87      01/27/23      CNY     39.79
NINGXIANG ECONOMIC TECH    3.87      01/27/23      CNY     40.00
NINGXIANG STATE-OWNED A    3.88      11/02/23      CNY     57.98
NINGXIANG STATE-OWNED A    3.88      11/02/23      CNY     58.12
NINGXIANG STATE-OWNED A    4.89      06/03/23      CNY     58.76
NINGXIANG STATE-OWNED A    4.89      06/03/23      CNY     58.91
ONE BELT ONE ROAD JIANG    4.70      07/15/23      CNY     60.17
ONE BELT ONE ROAD JIANG    4.70      07/15/23      CNY     60.18
PANJIN WATER GROUP CO L    5.18      10/28/23      CNY     57.30
PANJIN WATER GROUP CO L    5.18      10/28/23      CNY     58.99
PANSHAN COUNTY STATE-OW    7.48      01/21/22      CNY     20.17
PANSHAN COUNTY STATE-OW    7.48      01/21/22      CNY     20.17
PANZHIHUA STATE OWNED A    8.18      03/13/22      CNY     20.20
PANZHIHUA STATE OWNED A    8.18      03/13/22      CNY     20.53
PEIXIAN CITY INVESTMENT    5.20      11/10/22      CNY     40.00
PEIXIAN CITY INVESTMENT    5.20      11/10/22      CNY     40.13
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     56.69
PENGZHOU STATE-PENGZHOU    3.95      10/20/23      CNY     57.60
PINGHU CITY INVESTMENT     5.13      04/29/23      CNY     60.23
PINGHU CITY INVESTMENT     5.13      04/29/23      CNY     60.62
PINGLIANG CULTURAL & TO    6.85      11/30/22      CNY     36.00
PINGLIANG CULTURAL & TO    6.85      11/30/22      CNY     40.02
PINGTAN COMPREHENSIVE P    3.92      01/29/23      CNY     39.64
PINGTAN COMPREHENSIVE P    3.92      01/29/23      CNY     40.10
PINGXIANG CHANGXING INV    5.26      04/11/23      CNY     38.83
PINGXIANG CHANGXING INV    5.26      04/11/23      CNY     39.37
PINGXIANG HUIFENG INVES    6.60      01/26/22      CNY     19.96
PINGXIANG HUIFENG INVES    6.60      01/26/22      CNY     20.54
PINGYANG STATE-OWNED AS    4.97      01/08/23      CNY     40.00
PINGYANG STATE-OWNED AS    4.97      01/08/23      CNY     40.30
PIZHOU CITY HENGRUN INV    6.46      12/05/21      CNY     20.25
PIZHOU CITY HENGRUN INV    6.46      12/05/21      CNY     22.46
PIZHOU ECONOMIC DEVELOP    5.00      10/29/22      CNY     39.50
PIZHOU ECONOMIC DEVELOP    5.00      10/29/22      CNY     40.00
PUTIAN HIGH TECHNOLOGY     5.90      05/03/22      CNY     25.17
PUTIAN HIGH TECHNOLOGY     5.90      05/03/22      CNY     25.19
QIANAN URBAN CONSTRUCTI    7.19      08/11/21      CNY     20.00
QIANAN URBAN CONSTRUCTI    7.19      08/11/21      CNY     20.09
QIANAN XINGYUAN WATER I    6.25      04/22/22      CNY     20.38
QIANAN XINGYUAN WATER I    6.25      04/22/22      CNY     40.36
QIANDONGNAN TRANSPORTAT    5.79      12/21/22      CNY     37.20
QIANDONGNAN TRANSPORTAT    5.79      12/21/22      CNY     38.05
QIANDONGNANZHOU KAIHONG    5.30      09/22/26      CNY     64.49
QIANDONGNANZHOU KAIHONG    5.30      09/22/26      CNY     64.59
QIANJIANG URBAN CONSTRU    5.19      12/21/22      CNY     39.77
QIANJIANG URBAN CONSTRU    5.19      12/21/22      CNY     40.00
QIANNAN AUTONOMOUS PREF    6.99      04/19/24      CNY     58.13
QIANNAN AUTONOMOUS PREF    6.99      04/19/24      CNY     58.26
QIANNANZHOU INVESTMENT     6.43      03/09/22      CNY     19.00
QIANNANZHOU INVESTMENT     6.43      03/09/22      CNY     19.41
QIANNANZHOU INVESTMENT     6.77      07/28/24      CNY     71.75
QIANXINAN AUTONOMOUS RE    5.90      06/22/23      CNY     59.33
QIANXINAN AUTONOMOUS RE    5.90      06/22/23      CNY     59.43
QICHUN COUNTY CONSTRUCT    4.96      10/18/23      CNY     58.17
QICHUN COUNTY CONSTRUCT    4.96      10/18/23      CNY     58.25
QIDONG COMMUNICATIONS I    4.00      03/18/23      CNY     39.85
QIDONG COMMUNICATIONS I    4.00      03/18/23      CNY     39.95
QIDONG STATE-OWNED ASSE    7.30      11/20/22      CNY     30.87
QIDONG STATE-OWNED ASSE    7.30      11/20/22      CNY     31.00
QIDONG STATE-OWNED ASSE    4.00      03/09/23      CNY     39.72
QIDONG STATE-OWNED ASSE    4.00      03/09/23      CNY     40.28
QIDONG URBAN CONSTRUCTI    7.90      04/28/21      CNY     20.00
QIHE CITY OPERATION CON    5.10      03/07/23      CNY     39.14
QIHE CITY OPERATION CON    5.10      03/07/23      CNY     39.62
QINGDAO CHANGYANG INVES    3.73      09/12/23      CNY     57.62
QINGDAO CHANGYANG INVES    3.73      09/12/23      CNY     58.20
QINGDAO CONSON DEVELOPM    6.40      12/12/22      CNY     30.76
QINGDAO CONSON DEVELOPM    6.40      12/12/22      CNY     31.05
QINGDAO HICREAT DEVELOP    6.88      04/25/21      CNY     20.00
QINGDAO HICREAT DEVELOP    6.88      04/25/21      CNY     21.13
QINGDAO JIAOZHOU BAY DE    6.33      09/18/21      CNY     20.23
QINGDAO JIAOZHOU BAY DE    6.33      09/18/21      CNY     21.30
QINGDAO JIMO CITY TOURI    5.47      11/17/21      CNY     20.17
QINGDAO JIMO CITY TOURI    5.47      11/17/21      CNY     20.40
QINGDAO OCEAN INVESTMEN    4.36      05/12/23      CNY     60.05
QINGDAO OCEAN INVESTMEN    4.36      05/12/23      CNY     60.06
QINGDAO WEST COAST DEVE    4.26      06/06/23      CNY     59.60
QINGDAO WEST COAST DEVE    4.26      06/06/23      CNY     60.25
QINGHAI PROVINCIAL INVE    7.88      03/22/21      USD     30.00
QINGHAI PROVINCIAL INVE    7.25      02/22/20      USD     30.00
QINGHAI PROVINCIAL INVE    6.40      07/10/21      USD     33.88
QINGHAI STATE-OWNED ASS    5.40      05/21/23      CNY     32.88
QINGHAI STATE-OWNED ASS    6.38      08/14/28      CNY     36.00
QINGHAI STATE-OWNED ASS    7.20      11/25/28      CNY     36.00
QINGHAI STATE-OWNED ASS    6.70      10/10/29      CNY     36.00
QINGHAI STATE-OWNED ASS    5.90      12/17/22      CNY     36.10
QINGZHOU CITY CONSTRUCT    6.80      08/25/24      CNY     65.01
QINGZHOU HONGYUAN PUBLI    7.59      05/29/21      CNY     20.01
QINHUANGDAO CITY DEVELO    4.69      04/14/23      CNY     38.88
QINHUANGDAO CITY DEVELO    4.69      04/14/23      CNY     40.38
QINHUANGDAO DEVELOPMENT    4.07      08/26/23      CNY     57.33
QINHUANGDAO DEVELOPMENT    4.07      08/26/23      CNY     57.97
QINZHOU BINHAI NEW CITY    6.99      07/07/21      CNY     20.00
QINZHOU BINHAI NEW CITY    6.99      07/07/21      CNY     20.01
QIONGLAI CITY CONSTRUCT    6.98      03/25/22      CNY     20.27
QIONGLAI CITY CONSTRUCT    6.98      03/25/22      CNY     20.80
QUANJIAO URBAN INFRASTR    5.10      05/18/23      CNY     59.85
QUANJIAO URBAN INFRASTR    5.10      05/18/23      CNY     59.88
QUJING CITY QILIN DISTR    5.37      11/26/22      CNY     39.42
QUJING CITY QILIN DISTR    5.37      11/26/22      CNY     41.95
QUJING DEVELOPMENT INVE    7.48      04/28/21      CNY     20.00
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     20.02
QUJING ECO TECH DEVELOP    5.75      06/01/23      CNY     59.00
QUJING ECO TECH DEVELOP    5.75      06/01/23      CNY     59.35
RENHUAI CITY DEVELOPMEN    8.09      05/16/21      CNY     20.03
RENHUAI CITY DEVELOPMEN    8.09      05/16/21      CNY     20.04
RENHUAI CITY DEVELOPMEN    5.12      04/14/23      CNY     38.55
RENHUAI CITY DEVELOPMEN    5.12      04/14/23      CNY     38.56
RENQIU CONSTRUCTION INV    5.68      11/18/22      CNY     40.26
RENQIU CONSTRUCTION INV    5.68      11/18/22      CNY     41.09
RENSHOU DEVELOPMENT OF     6.42      12/22/22      CNY     38.47
RENSHOU DEVELOPMENT OF     6.42      12/22/22      CNY     40.00
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     39.72
RIZHAO CITY CONSTRUCTIO    3.98      12/07/22      CNY     39.78
RUCHENG COUNTY URBAN CO    5.69      02/23/24      CNY     71.67
RUCHENG COUNTY URBAN CO    5.69      02/23/24      CNY     71.68
RUDONG COUNTY DONGTAI S    6.99      06/20/21      CNY     20.05
RUDONG COUNTY DONGTAI S    6.99      06/20/21      CNY     25.90
RUDONG COUNTY JINXIN TR    4.57      07/26/23      CNY     59.53
RUDONG COUNTY JINXIN TR    3.80      07/26/23      CNY     59.65
RUDONG COUNTY JINXIN TR    3.80      07/26/23      CNY     59.69
RUDONG COUNTY JINXIN TR    4.57      07/26/23      CNY     60.10
RUDONG COUNTY KAITAI CI    4.57      01/08/23      CNY     40.11
RUDONG NEW WORLD INVEST    4.37      07/18/23      CNY     58.31
RUDONG NEW WORLD INVEST    4.37      07/18/23      CNY     58.68
RUGAO COMMUNICATIONS CO    3.74      03/23/23      CNY     40.07
RUGAO COMMUNICATIONS CO    3.74      03/23/23      CNY     40.13
RUGAO ECONOMIC & TRADE     3.95      03/24/23      CNY     39.58
RUGAO ECONOMIC & TRADE     3.95      03/24/23      CNY     39.76
RUIAN STATE OWNED ASSET    4.56      01/27/23      CNY     39.66
RUIAN STATE OWNED ASSET    4.56      01/27/23      CNY     40.35
RUICHANG CITY INVESTMEN    5.68      03/25/23      CNY     38.78
RUICHANG CITY INVESTMEN    5.68      03/25/23      CNY     40.21
RUICHANG CITY INVESTMEN    5.50      06/17/23      CNY     58.98
RUICHANG CITY INVESTMEN    5.50      06/17/23      CNY     60.14
RUIJIN URBAN DEVELOPMEN    4.13      09/06/23      CNY     58.78
RUIJIN URBAN DEVELOPMEN    4.13      09/06/23      CNY     58.82
RUZHOU CITY XINYUAN INV    6.30      09/16/21      CNY     24.00
RUZHOU CITY XINYUAN INV    6.30      09/16/21      CNY     24.83
RUZHOU CITY XINYUAN INV    4.43      09/26/23      CNY     56.57
RUZHOU CITY XINYUAN INV    4.43      09/26/23      CNY     56.63
SANMEN COUNTY STATE-OWN    6.85      10/29/21      CNY     20.00
SANMEN COUNTY STATE-OWN    6.80      03/18/22      CNY     20.00
SANMEN COUNTY STATE-OWN    6.85      10/29/21      CNY     20.19
SANMEN COUNTY STATE-OWN    6.80      03/18/22      CNY     20.21
SANMING STATE-OWNED ASS    5.10      04/17/24      CNY     60.94
SANMING STATE-OWNED ASS    5.10      04/17/24      CNY     61.38
SANMING TRANSPORTATION     3.68      03/29/23      CNY     39.00
SANMING TRANSPORTATION     3.68      03/29/23      CNY     39.74
SHAANXI ANKANG HIGH TEC    8.78      09/17/21      CNY     20.29
SHAANXI ANKANG HIGH TEC    8.78      09/17/21      CNY     27.00
SHAANXI XIXIAN NEW AREA    5.10      06/06/23      CNY     59.35
SHAANXI XIXIAN NEW AREA    5.10      06/06/23      CNY     59.35
SHAANXI XIXIAN NEW AREA    6.85      08/15/21      CNY     20.00
SHAANXI XIXIAN NEW AREA    6.85      08/15/21      CNY     20.04
SHAANXI XIXIAN NEW AREA    6.89      01/05/22      CNY     19.98
SHAANXI XIXIAN NEW AREA    6.89      01/05/22      CNY     25.10
SHAANXI XIXIAN NEW AREA    5.15      11/27/22      CNY     39.79
SHAANXI XIXIAN NEW AREA    5.15      11/27/22      CNY     41.01
SHANDONG BORUN INDUSTRI    6.50      11/02/21      CNY     33.19
SHANDONG BOXING COUNTY     8.00      12/22/21      CNY     20.50
SHANDONG BOXING COUNTY     8.00      12/22/21      CNY     20.50
SHANDONG CENTURY SUNSHI    8.19      07/21/21      CNY     20.04
SHANDONG CENTURY SUNSHI    8.19      07/21/21      CNY     20.19
SHANDONG FUYU CHEMICAL     7.70      09/18/22      CNY     70.00
SHANDONG GAOCHUANG CONS    6.05      06/18/22      CNY     40.37
SHANDONG GAOCHUANG CONS    6.05      06/18/22      CNY     42.45
SHANDONG HONGHE HOLDING    8.50      06/23/21      CNY     20.14
SHANDONG HONGHE HOLDING    8.50      06/23/21      CNY     24.00
SHANDONG RUYI TECHNOLOG    7.90      09/18/23      CNY     52.10
SHANDONG SNTON GROUP CO    5.18      09/08/21      CNY      8.52
SHANDONG SNTON GROUP CO    6.20      05/30/21      CNY      9.50
SHANDONG TENGJIAN INVES    6.00      06/08/22      CNY     40.00
SHANDONG TENGJIAN INVES    6.00      06/08/22      CNY     40.08
SHANDONG WANTONG PETROL    7.97      11/29/21      CNY      0.20
SHANGHAI MINHANG URBAN     5.63      04/20/22      CNY     20.45
SHANGHAI MINHANG URBAN     5.63      04/20/22      CNY     20.47
SHANGHAI MUNICIPAL INVE    4.80      11/05/24      CNY     60.41
SHANGHAI MUNICIPAL INVE    4.80      11/05/24      CNY     61.45
SHANGHAI NANHUI URBAN C    6.04      08/20/21      CNY     20.13
SHANGHAI NANHUI URBAN C    6.04      08/20/21      CNY     20.33
SHANGHAI URBAN CONSTRUC    3.50      01/06/23      CNY     39.62
SHANGHAI URBAN CONSTRUC    3.50      01/06/23      CNY     40.03
SHANGRAO CITY STATE-OWN    4.65      01/29/23      CNY     39.94
SHANGRAO CITY STATE-OWN    4.65      01/29/23      CNY     40.33
SHANTOU CITY CONSTRUCTI    8.57      03/23/22      CNY     15.60
SHANTOU CITY CONSTRUCTI    8.57      03/23/22      CNY     15.65
SHANTOU INVESTMENT HOLD    7.99      03/04/24      CNY     48.05
SHANTOU INVESTMENT HOLD    7.99      03/04/24      CNY     48.10
SHANXI INTERNATIONAL EL    5.88      05/24/22      CNY     51.83
SHANXI XIANG KUANG GROU    8.80      02/11/22      CNY     24.50
SHANXI XIANG KUANG GROU    8.80      02/11/22      CNY     41.13
SHAODONG NEW AREA DEVEL    7.10      04/19/24      CNY     62.09
SHAODONG NEW AREA DEVEL    7.10      04/19/24      CNY     62.10
SHAOGUAN URBAN INVESTME    3.67      10/25/24      CNY     68.28
SHAOGUAN URBAN INVESTME    3.67      10/25/24      CNY     68.58
SHAOWU URBAN CONSTRUCTI    5.88      09/11/22      CNY     40.04
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     40.44
SHAOXING CITY INVESTMEN    5.75      04/17/22      CNY     20.50
SHAOXING CITY INVESTMEN    5.75      04/17/22      CNY     28.00
SHAOXING CITY KEQIAO DI    6.40      08/20/21      CNY     20.18
SHAOXING CITY KEQIAO DI    6.40      08/20/21      CNY     20.48
SHAOXING JINGHU NEW DIS    6.13      04/30/22      CNY     33.57
SHAOXING JINGHU NEW DIS    6.13      04/30/22      CNY     40.55
SHAOXING KEQIAO CITY CO    3.64      09/19/23      CNY     59.58
SHAOXING KEQIAO CITY CO    3.64      09/19/23      CNY     59.60
SHAOXING KEQIAO ECONOMI    7.00      12/10/21      CNY     20.00
SHAOXING KEQIAO ECONOMI    7.00      12/10/21      CNY     20.40
SHAOXING KEYAN CONSTRUC    6.28      03/24/22      CNY     20.00
SHAOXING KEYAN CONSTRUC    6.28      03/24/22      CNY     20.22
SHAOXING PAOJIANG INDUS    6.98      05/29/21      CNY     20.08
SHAOXING PAOJIANG INDUS    6.98      05/29/21      CNY     23.90
SHAOXING SHANGYU ECONOM    4.76      04/11/23      CNY     40.02
SHAOXING SHANGYU ECONOM    4.76      04/11/23      CNY     40.14
SHAOXING SHANGYU URBAN     6.80      08/07/21      CNY     20.19
SHAOXING SHANGYU URBAN     6.80      08/07/21      CNY     21.15
SHAOYANG BAOQING INDUST    5.78      07/04/26      CNY     68.10
SHAOYANG DULIANG INVEST    5.50      04/13/23      CNY     36.67
SHAOYANG DULIANG INVEST    5.50      04/13/23      CNY     39.33
SHENGZHOU INVESTMENT HO    7.60      07/17/21      CNY     20.17
SHENGZHOU INVESTMENT HO    7.60      07/17/21      CNY     20.59
SHENMU CITY STATE-OWNED    7.28      06/23/21      CNY     20.09
SHENMU CITY STATE-OWNED    7.28      06/23/21      CNY     20.19
SHENYANG DADONG STATE-O    6.05      03/20/22      CNY     20.00
SHENYANG DADONG STATE-O    6.05      03/20/22      CNY     20.17
SHENYANG ECONOMIC AFFOR    7.17      04/29/22      CNY     38.01
SHENYANG ECONOMIC AFFOR    7.17      04/29/22      CNY     39.72
SHENYANG TIEXI STATE-OW    6.00      01/14/22      CNY     20.20
SHENYANG TIEXI STATE-OW    6.00      01/14/22      CNY     27.50
SHENZHEN METRO GROUP CO    5.40      03/25/23      CNY     30.87
SHENZHEN METRO GROUP CO    5.40      03/25/23      CNY     31.50
SHENZHEN METRO GROUP CO    6.75      01/24/24      CNY     39.24
SHENZHEN METRO GROUP CO    6.75      01/24/24      CNY     48.76
SHIJIAZHUANG HUTUO NEW     5.28      12/24/25      CNY     54.93
SHIJIAZHUANG HUTUO NEW     5.28      12/24/25      CNY     55.00
SHIJIAZHUANG STATE-OWNE    5.75      04/09/22      CNY     20.37
SHIJIAZHUANG STATE-OWNE    5.75      04/09/22      CNY     27.20
SHISHI CITY CONSTRUCTIO    6.10      05/04/22      CNY     40.20
SHISHI CITY CONSTRUCTIO    6.10      05/04/22      CNY     40.43
SHIYAN ECO DEVELOPMENT     3.98      08/05/23      CNY     59.12
SHIYAN ECO DEVELOPMENT     3.98      08/05/23      CNY     59.19
SHIYAN STATE-OWNED CAPI    6.58      08/20/21      CNY     20.21
SHIYAN STATE-OWNED CAPI    6.58      08/20/21      CNY     20.29
SHIYAN STATE-OWNED CAPI    4.88      01/11/26      CNY     69.72
SHIYAN STATE-OWNED CAPI    4.88      01/11/26      CNY     70.40
SHIZHU TUJIA HONGSHENG     7.00      11/13/24      CNY     64.00
SHUCHENG COUNTY URBAN C    5.50      04/29/23      CNY     60.70
SHUCHENG COUNTY URBAN C    5.50      04/29/23      CNY     60.71
SHUYANG JINGYUAN ASSET     5.49      09/11/22      CNY     39.00
SHUYANG JINGYUAN ASSET     5.49      09/11/22      CNY     40.11
SICHUAN COAL GASIFICATI    7.00      04/18/23      CNY     39.74
SICHUAN COAL GASIFICATI    7.00      12/14/23      CNY     59.49
SICHUAN COAL INDUSTRY G    7.70      01/09/18      CNY     45.00
SICHUAN LANGZHONG FAMOU    5.60      04/19/23      CNY     39.39
SICHUAN LANGZHONG FAMOU    5.60      04/19/23      CNY     39.46
SICHUAN LONGYANG TIANFU    5.45      05/27/23      CNY     59.58
SICHUAN LONGYANG TIANFU    5.45      05/27/23      CNY     59.62
SICHUAN NAXING INDUSTRI    7.17      09/11/21      CNY     20.00
SICHUAN NAXING INDUSTRI    7.17      09/11/21      CNY     20.03
SICHUAN NAXING INDUSTRI    4.68      03/31/23      CNY     38.56
SICHUAN NAXING INDUSTRI    4.68      03/31/23      CNY     39.15
SICHUAN NAXING INDUSTRI    6.80      08/18/22      CNY     50.79
SICHUAN NAXING INDUSTRI    6.80      08/18/22      CNY     50.80
SICHUAN TIANYIN INDUSTR    6.79      03/25/22      CNY     20.03
SICHUAN TIANYIN INDUSTR    6.79      03/25/22      CNY     28.00
SIHONG COUNTY HONG YUAN    6.15      03/16/22      CNY     20.11
SIHONG COUNTY HONG YUAN    6.15      03/16/22      CNY     20.35
SIHUI STATE OWNED ASSET    4.59      01/14/23      CNY     39.17
SIHUI STATE OWNED ASSET    4.59      01/14/23      CNY     40.00
SIYANG COUNTY MINKANG R    4.94      01/21/23      CNY     40.23
SIYANG COUNTY MINKANG R    4.94      01/21/23      CNY     40.56
SLENDER WEST LAKE TOURI    6.80      06/25/21      CNY     20.00
SLENDER WEST LAKE TOURI    6.80      06/25/21      CNY     20.06
SONGYUAN URBAN DEVELOPM    5.79      12/04/21      CNY     19.87
SONGYUAN URBAN DEVELOPM    5.79      12/04/21      CNY     20.78
SUINING COUNTY RUNQI IN    7.10      06/25/21      CNY     20.04
SUINING COUNTY RUNQI IN    7.10      06/25/21      CNY     20.25
SUINING COUNTY RUNQI IN    5.42      11/20/22      CNY     39.73
SUINING COUNTY RUNQI IN    5.42      11/20/22      CNY     40.00
SUINING FUYUAN INDUSTRY    6.39      03/17/22      CNY     19.75
SUINING FUYUAN INDUSTRY    6.39      03/17/22      CNY     24.18
SUINING FUYUAN INDUSTRY    5.34      12/02/23      CNY     55.29
SUINING FUYUAN INDUSTRY    5.34      12/02/23      CNY     58.65
SUINING KAIDA INVESTMEN    4.89      04/08/23      CNY     38.25
SUINING KAIDA INVESTMEN    4.89      04/08/23      CNY     38.26
SUINING ROUGANG INVESTM    5.65      01/24/24      CNY     58.33
SUINING TIANTAI INDUSTR    5.98      03/28/24      CNY     58.05
SUINING TIANTAI INDUSTR    5.98      03/28/24      CNY     59.34
SUIZHOU DEVELOPMENT INV    8.40      04/30/21      CNY     20.01
SUIZHOU DEVELOPMENT INV    8.40      04/30/21      CNY     20.71
SUIZHOU DEVELOPMENT INV    5.70      04/07/24      CNY     59.03
SUIZHOU DEVELOPMENT INV    5.70      04/07/24      CNY     59.43
SUIZHOU HIGH-TECH INDUS    4.47      03/25/23      CNY     38.76
SUIZHOU HIGH-TECH INDUS    4.47      03/25/23      CNY     38.91
SUIZHOU URBAN CONSTRUCT    7.18      09/02/21      CNY     20.05
SUIZHOU URBAN CONSTRUCT    7.18      09/02/21      CNY     21.20
SUIZHOU YULONG WATER SU    6.10      03/28/23      CNY     42.46
SUQIAN ECONOMIC DEVELOP    5.40      04/20/24      CNY     61.94
SUQIAN ECONOMIC DEVELOP    5.40      04/20/24      CNY     62.45
SUQIAN YUFENG ASSET MAN    5.50      04/21/24      CNY     61.23
SUQIAN YUFENG ASSET MAN    5.50      04/21/24      CNY     64.26
SUZHOU CITY CONSTRUCTIO    3.89      03/24/23      CNY     40.05
SUZHOU CITY CONSTRUCTIO    3.89      03/24/23      CNY     40.16
SUZHOU CITY HENGCHENG C    4.40      03/01/23      CNY     40.05
SUZHOU CITY HENGCHENG C    4.40      03/01/23      CNY     40.16
SUZHOU NEW & HIGH-TECH     4.18      03/23/23      CNY     38.82
SUZHOU NEW & HIGH-TECH     4.18      03/23/23      CNY     39.84
SUZHOU SND GROUP CO LTD    6.20      07/22/21      CNY     20.11
SUZHOU SND GROUP CO LTD    6.20      07/22/21      CNY     20.23
SUZHOU WUJIANG COMMUNIC    3.75      05/26/23      CNY     75.00
SUZHOU WUJIANG DISTRICT    5.25      07/08/22      CNY     40.40
SUZHOU WUJIANG DISTRICT    5.25      07/08/22      CNY     40.52
TAIAN TAISHAN HOLDINGS     5.50      04/26/23      CNY     39.32
TAIAN TAISHAN HOLDINGS     5.50      04/26/23      CNY     39.56
TAICANG SCIENCE EDUCATI    5.54      08/28/22      CNY     40.53
TAICANG SCIENCE EDUCATI    5.54      08/28/22      CNY     44.65
TAIXING CITY HONGQIAO Y    5.03      10/29/22      CNY     39.72
TAIXING CITY HONGQIAO Y    5.03      10/29/22      CNY     43.87
TAIZHOU CITY CONSTRUCTI    6.92      10/16/23      CNY     46.89
TAIZHOU CITY CONSTRUCTI    6.92      10/16/23      CNY     47.15
TAIZHOU HAILING CITY DE    4.60      12/14/22      CNY     39.40
TAIZHOU HAILING CITY DE    4.60      12/14/22      CNY     40.08
TAIZHOU JIAOJIANG STATE    6.18      07/06/22      CNY     40.48
TAIZHOU JIAOJIANG STATE    6.18      07/06/22      CNY     44.00
TAIZHOU JINDONG URBAN C    5.10      06/02/23      CNY     59.40
TAIZHOU JINDONG URBAN C    5.10      06/02/23      CNY     59.51
TAIZHOU XINTAI GROUP CO    4.07      03/23/23      CNY     39.64
TAIZHOU XINTAI GROUP CO    4.07      03/23/23      CNY     39.79
TIANCHANG CITY CONSTRUC    4.99      12/05/23      CNY     55.84
TIANCHANG CITY CONSTRUC    4.99      12/05/23      CNY     59.71
TIANJIN BEICHEN TECHNOL    6.87      08/20/21      CNY     19.84
TIANJIN BEICHEN TECHNOL    6.87      08/20/21      CNY     27.00
TIANJIN BINHAI NEW AREA    6.10      11/23/21      CNY     19.88
TIANJIN BINHAI NEW AREA    6.10      11/23/21      CNY     23.87
TIANJIN BOHAI STATE-OWN    3.82      04/18/23      CNY     39.06
TIANJIN BOHAI STATE-OWN    4.10      04/18/26      CNY     67.13
TIANJIN BOHAI STATE-OWN    4.10      04/18/26      CNY     70.00
TIANJIN DONGFANG CAIXIN    5.19      01/29/22      CNY     19.20
TIANJIN DONGFANG CAIXIN    5.19      01/29/22      CNY     19.86
TIANJIN DONGLI CITY INF    4.28      12/02/22      CNY     40.11
TIANJIN ECONOMIC TECHNO    6.50      12/03/22      CNY     30.48
TIANJIN ECONOMIC TECHNO    6.50      12/03/22      CNY     31.30
TIANJIN GUANGCHENG INVE    7.45      07/24/21      CNY     29.00
TIANJIN GUANGCHENG INVE    6.97      02/22/23      CNY     29.15
TIANJIN GUANGCHENG INVE    5.40      04/20/23      CNY     39.64
TIANJIN GUANGCHENG INVE    5.40      04/20/23      CNY     40.00
TIANJIN HARBOR CONSTRUC    6.29      10/21/21      CNY     39.78
TIANJIN HUANCHENG URBAN    5.75      04/27/22      CNY     39.60
TIANJIN HUANCHENG URBAN    5.75      04/27/22      CNY     40.50
TIANJIN INFRASTRUCTURE     5.70      02/26/23      CNY     24.43
TIANJIN INFRASTRUCTURE     5.70      02/26/23      CNY     30.53
TIANJIN JINNAN CITY CON    6.50      06/03/21      CNY     20.00
TIANJIN JINNAN CITY CON    6.50      06/03/21      CNY     20.00
TIANJIN METRO GROUP CO     4.27      10/16/25      CNY     68.66
TIANJIN METRO GROUP CO     4.27      10/16/25      CNY     74.00
TIANJIN NINGHE DISTRICT    7.00      05/30/21      CNY     19.99
TIANJIN NINGHE DISTRICT    7.00      05/30/21      CNY     27.50
TIANJIN NINGHE INVESTME    5.50      04/22/23      CNY     38.98
TIANJIN NINGHE INVESTME    5.50      04/22/23      CNY     40.17
TIANJIN RAILWAY CONSTRU    5.58      04/13/25      CNY     60.28
TIANJIN REAL ESTATE GRO    4.50      09/29/20      USD     73.75
TIANJIN WATER INVESTMEN    6.60      07/28/21      CNY     19.73
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     19.93
TIANJIN WUQING STATE-OW    4.15      11/17/22      CNY     33.12
TIANJIN WUQING STATE-OW    4.15      11/17/22      CNY     40.12
TIANMEN CITY CONSTRUCTI    8.20      08/28/21      CNY     20.23
TIANMEN CITY CONSTRUCTI    8.20      08/28/21      CNY     25.16
TIANMEN CITY CONSTRUCTI    3.98      11/15/23      CNY     58.09
TIANMEN CITY CONSTRUCTI    3.98      11/15/23      CNY     58.85
TONGLING CONSTRUCTION I    4.12      03/14/23      CNY     40.00
TONGLING CONSTRUCTION I    4.12      03/14/23      CNY     40.07
TSINGHUA HOLDINGS CORP     4.95      08/08/22      CNY     36.40
TSINGHUA HOLDINGS CORP     3.15      10/25/21      CNY     48.64
TSINGHUA HOLDINGS CORP     5.30      03/26/23      CNY     50.00
TSINGHUA HOLDINGS CORP     4.10      08/24/21      CNY     66.77
TSINGHUA UNIGROUP CO LT    5.20      12/10/23      CNY     11.65
TSINGHUA UNIGROUP CO LT    5.11      01/25/24      CNY     13.00
TSINGHUA UNIGROUP CO LT    4.94      03/25/22      CNY     16.55
TSINGHUA UNIGROUP CO LT    5.85      03/27/22      CNY     16.88
TSINGHUA UNIGROUP CO LT    6.15      12/26/21      CNY     28.03
TSINGHUA UNIGROUP CO LT    5.60      11/15/20      CNY     28.13
TSINGHUA UNIGROUP CO LT    6.20      03/16/21      CNY     28.13
TSINGHUA UNIGROUP CO LT    6.00      08/14/22      CNY     28.13
TULUFAN DISTRICT STATE-    6.20      03/19/22      CNY     20.21
TULUFAN DISTRICT STATE-    6.20      03/19/22      CNY     20.39
TUNGHSU GROUP CO LTD       6.55      03/13/22      CNY     45.00
TUNGHSU OPTOELECTRONIC     5.09      11/17/21      CNY     22.81
ULANQAB CITY INVESTMENT    8.39      04/25/22      CNY     25.51
ULANQAB JINING DISTRICT    6.16      03/24/23      CNY     40.35
ULANQAB JINING DISTRICT    6.16      03/24/23      CNY     40.39
URUMQI ECO&TECH DEVELOP    6.40      04/13/22      CNY     20.00
URUMQI ECO&TECH DEVELOP    6.40      04/13/22      CNY     20.28
WAFANGDIAN COASTAL PROJ    3.98      02/01/23      CNY     39.18
WANGCHENG ECONOMIC DEVE    6.57      01/22/22      CNY     20.43
WANGCHENG ECONOMIC DEVE    6.57      01/22/22      CNY     28.81
WANGCHENG ECONOMIC DEVE    3.75      07/13/23      CNY     59.96
WANGCHENG ECONOMIC DEVE    3.75      07/13/23      CNY     61.05
WEIHAI LANCHUANG CONSTR    4.80      12/17/22      CNY     39.09
WEIHAI LANCHUANG CONSTR    4.80      12/17/22      CNY     39.39
WEIHAI URBAN CONSTRUCTI    3.33      03/02/23      CNY     38.40
WEIHAI URBAN CONSTRUCTI    3.33      03/02/23      CNY     39.48
WEIHAI WENDENG DISTRICT    3.64      10/26/23      CNY     58.57
WEIHAI WENDENG DISTRICT    3.64      10/26/23      CNY     58.63
WEIHAI WENDENG URBAN PR    4.80      05/26/23      CNY     58.75
WEIHAI WENDENG URBAN PR    4.80      05/26/23      CNY     59.15
WEINAN CITY INVESTMENT     6.09      03/11/22      CNY     20.00
WEINAN CITY INVESTMENT     6.09      03/11/22      CNY     20.17
WENDENG GOLDEN BEACH IN    3.97      03/21/23      CNY     39.10
WENDENG GOLDEN BEACH IN    3.97      03/21/23      CNY     39.19
WENSHAN URBAN CONSTRUCT    4.50      09/13/23      CNY     56.84
WENSHAN URBAN CONSTRUCT    4.50      09/13/23      CNY     58.24
WENZHOU CITY CONSTRUCTI    4.05      01/25/23      CNY     40.15
WENZHOU CITY CONSTRUCTI    4.05      01/25/23      CNY     40.16
WENZHOU CITY CONSTRUCTI    5.00      04/26/23      CNY     40.80
WENZHOU CITY CONSTRUCTI    5.00      04/26/23      CNY     60.87
WENZHOU GANGCHENG DEVEL    5.19      03/29/23      CNY     40.26
WENZHOU GANGCHENG DEVEL    5.19      03/29/23      CNY     40.32
WENZHOU HIGH-TECH INDUS    7.30      05/30/21      CNY     20.00
WENZHOU HIGH-TECH INDUS    7.30      05/30/21      CNY     20.01
WENZHOU LUCHENG CITY DE    5.58      11/03/21      CNY     20.06
WENZHOU LUCHENG CITY DE    5.58      11/03/21      CNY     20.17
WENZHOU OUHAI NEW CITY     3.98      10/26/23      CNY     59.72
WENZHOU OUHAI NEW CITY     3.98      10/26/23      CNY     59.75
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
WUHAN CITY HUANPI DISTR    6.43      09/17/21      CNY     20.28
WUHAN CITY HUANPI DISTR    6.43      09/17/21      CNY     25.00
WUHAN CITY HUANPI DISTR    5.48      04/19/24      CNY     61.55
WUHAN CITY HUANPI DISTR    5.48      04/19/24      CNY     62.00
WUHAN JIANGXIA URBAN CO    4.80      06/03/23      CNY     60.02
WUHAN JIANGXIA URBAN CO    4.80      06/03/23      CNY     60.04
WUHAN METRO GROUP CO LT    5.25      04/14/22      CNY     20.19
WUHAN METRO GROUP CO LT    5.25      04/14/22      CNY     20.33
WUHAN QIAOKOU STATE OWN    3.48      08/29/23      CNY     58.93
WUHAN QIAOKOU STATE OWN    3.48      08/29/23      CNY     59.94
WUHU COMMUNICATIONS INV    3.58      09/23/23      CNY     59.08
WUHU COMMUNICATIONS INV    4.50      04/28/23      CNY     59.84
WUHU COMMUNICATIONS INV    3.58      09/23/23      CNY     60.02
WUHU COMMUNICATIONS INV    4.50      04/28/23      CNY     60.58
WUHU COUNTY CONSTRUCTIO    6.60      12/08/21      CNY     20.11
WUHU COUNTY CONSTRUCTIO    6.60      12/08/21      CNY     26.35
WUHU JINGHU CONSTRUCTIO    4.37      07/20/23      CNY     59.67
WUHU JINGHU CONSTRUCTIO    4.37      07/20/23      CNY     59.96
WUHU JIUJIANG CONSTRUCT    3.96      03/21/23      CNY     39.51
WUHU XINMA INVESTMENT C    4.87      11/04/22      CNY     40.00
WUHU YIJU INVESTMENT GR    6.45      08/11/21      CNY     20.18
WUHU YIJU INVESTMENT GR    6.45      08/11/21      CNY     20.30
WUXI HUIKAI ECONOMIC DE    4.16      04/08/23      CNY     39.83
WUXI HUIKAI ECONOMIC DE    4.16      04/08/23      CNY     40.09
WUXI HUNING METRO HUISH    4.38      06/08/21      CNY     39.99
WUXI HUNING METRO HUISH    4.38      06/08/21      CNY     40.45
WUXI TAIHU NEW CITY DEV    3.47      08/29/23      CNY     59.50
WUXI TAIHU NEW CITY DEV    3.47      08/29/23      CNY     59.90
WUXI TAIHU NEW CITY DEV    4.49      05/03/23      CNY     60.47
WUXI TAIHU NEW CITY DEV    4.49      05/03/23      CNY     60.50
WUXI XIDONG NEW TOWN CO    3.92      11/09/23      CNY     59.31
WUXI XIDONG NEW TOWN CO    3.92      11/09/23      CNY     59.35
WUYANG CONSTRUCTION GRO    7.80      09/11/20      CNY     32.48
XIAN FENGDONG DEVELOPME    4.67      01/08/23      CNY     39.33
XIAN FENGDONG DEVELOPME    4.67      01/08/23      CNY     39.40
XI'AN INTERNATIONAL HOR    6.20      10/21/21      CNY     20.00
XI'AN INTERNATIONAL HOR    6.20      10/21/21      CNY     21.46
XI'AN INTERNATIONAL INL    7.90      09/23/21      CNY     22.28
XIANGSHUI GUANJIANG HOL    4.98      12/24/22      CNY     36.60
XIANGSHUI GUANJIANG HOL    4.98      12/24/22      CNY     38.63
XIANGTAN CITY CONSTRUCT    7.60      04/02/22      CNY     62.20
XIANGTAN CITY CONSTRUCT    7.80      03/12/22      CNY     64.87
XIANGTAN CITY CONSTRUCT    7.80      01/30/22      CNY     67.80
XIANGTAN CITY INFRASTRC    3.95      08/04/23      CNY     55.47
XIANGTAN CITY INFRASTRC    3.60      08/04/23      CNY     55.67
XIANGTAN CITY INFRASTRC    3.95      08/04/23      CNY     57.97
XIANGTAN CITY INFRASTRC    3.60      08/04/23      CNY     59.47
XIANGTAN JIUHUA ECONOMI    6.59      01/21/22      CNY     19.11
XIANGTAN JIUHUA ECONOMI    6.59      01/21/22      CNY     19.15
XIANGTAN JIUHUA ECONOMI    5.00      07/25/26      CNY     70.17
XIANGTAN WANLOU XINCHEN    6.90      01/14/22      CNY     15.49
XIANGTAN WANLOU XINCHEN    6.90      01/14/22      CNY     19.60
XIANGXIANG ECONOMIC DIS    5.28      09/09/23      CNY     57.30
XIANGXIANG ECONOMIC DIS    5.28      09/09/23      CNY     57.49
XIANGXIANG URBAN CONSTR    5.84      05/18/23      CNY     59.82
XIANGXIANG URBAN CONSTR    5.84      05/18/23      CNY     60.14
XIANGYANG CITY XIANGZHO    5.18      04/28/23      CNY     60.23
XIANGYANG CITY XIANGZHO    5.18      04/28/23      CNY     60.35
XIANGYANG HIGH TECH STA    7.00      05/29/21      CNY     20.01
XIANGYANG HIGH TECH STA    7.00      05/29/21      CNY     23.38
XIANGYANG STATE-OWNED C    4.62      01/25/23      CNY     39.43
XIANGYANG STATE-OWNED C    4.62      01/25/23      CNY     39.68
XIANNING HIGH-TECH INVE    6.29      02/10/22      CNY     20.28
XIANNING HIGH-TECH INVE    6.29      02/10/22      CNY     20.56
XIANTAO CITY CONSTRUCTI    4.59      04/18/23      CNY     39.57
XIANTAO CITY CONSTRUCTI    4.59      04/18/23      CNY     40.36
XIAOCHANG SHUNHE DEVELO    4.15      10/17/23      CNY     57.42
XIAOGAN GAOCHUANG INVES    6.87      09/22/21      CNY     20.04
XIAOGAN GAOCHUANG INVES    7.43      06/23/21      CNY     20.10
XIAOGAN GAOCHUANG INVES    6.87      09/22/21      CNY     26.69
XIAOGAN GAOCHUANG INVES    7.43      06/23/21      CNY     32.72
XIAOGAN URBAN CONSTRUCT    6.89      05/29/21      CNY     19.90
XIAOGAN URBAN CONSTRUCT    6.89      05/29/21      CNY     20.05
XIAOGAN URBAN CONSTRUCT    3.94      07/05/21      CNY     62.98
XIAOXIAN COUNTY DEVELOP    4.85      06/22/23      CNY     60.31
XIAOXIAN COUNTY DEVELOP    4.85      06/22/23      CNY     60.31
XINDONGGANG HOLDING GRO    5.53      04/27/23      CNY     59.29
XINDONGGANG HOLDING GRO    5.53      04/27/23      CNY     59.48
XINGAN COUNTY URBAN CON    5.48      08/03/23      CNY     58.39
XINGAN COUNTY URBAN CON    5.48      08/03/23      CNY     58.74
XINGAN LEAGUE URBAN DEV    6.18      12/21/22      CNY     23.15
XINGAN LEAGUE URBAN DEV    6.18      12/21/22      CNY     27.32
XINGHUA CITY ECONOMIC D    5.28      06/13/22      CNY     49.50
XINGHUA CITY ECONOMIC D    5.28      06/13/22      CNY     49.68
XINGYI XINHENG URBAN CO    5.40      12/16/22      CNY     38.40
XINGYI XINHENG URBAN CO    5.40      12/16/22      CNY     39.00
XINMI CAIYUAN CITY CONS    4.35      02/28/23      CNY     39.77
XINMI CAIYUAN CITY CONS    4.35      02/28/23      CNY     39.77
XINMIN CITY LUXIN MUNIC    6.41      07/29/21      CNY     13.69
XINMIN CITY LUXIN MUNIC    6.41      07/29/21      CNY     13.79
XINTAI CITY COORDINATIN    6.35      03/23/22      CNY     20.19
XINTAI CITY COORDINATIN    6.35      03/23/22      CNY     20.75
XINYI CITY INVESTMENT &    4.30      01/19/23      CNY     38.65
XINYI CITY INVESTMENT &    4.30      01/19/23      CNY     40.00
XINYI URBAN TRANSPORTAT    6.14      02/06/22      CNY     20.29
XINYI URBAN TRANSPORTAT    6.14      02/06/22      CNY     21.53
XINYI URBAN TRANSPORTAT    5.35      04/24/24      CNY     60.67
XINYU CHENGDONG CONSTRU    8.48      05/27/21      CNY     20.02
XINYU CITY SHANTYTOWN Z    6.50      11/13/22      CNY     70.04
XINYU CITY YUSHUI DISTR    7.70      06/24/22      CNY     40.53
XINYU CITY YUSHUI DISTR    7.70      06/24/22      CNY     41.39
XIWANG GROUP CO LTD        7.80      12/03/22      CNY     49.94
XUANCHENG CITY ECONOMY     7.95      09/22/21      CNY     20.22
XUANCHENG CITY ECONOMY     7.95      09/22/21      CNY     26.00
XUANCHENG STATE-OWNED A    4.12      04/07/23      CNY     39.71
XUANCHENG STATE-OWNED A    4.12      04/07/23      CNY     40.28
XUZHOU BOCHANT DEVELOPM    5.69      07/28/21      CNY     33.27
XUZHOU CITY JIAWANG CON    4.00      03/23/23      CNY     32.78
XUZHOU CITY JIAWANG CON    4.00      03/23/23      CNY     39.89
XUZHOU CITY TONGSHAN DI    5.23      09/18/22      CNY     40.00
XUZHOU CITY TONGSHAN DI    5.23      09/18/22      CNY     40.39
XUZHOU HI-TECH INDUSTRI    3.78      11/11/23      CNY     57.77
XUZHOU HI-TECH INDUSTRI    3.78      11/11/23      CNY     59.43
XUZHOU TRANSPORTATION H    7.09      05/15/21      CNY     20.03
XUZHOU TRANSPORTATION H    7.09      05/15/21      CNY     20.20
XUZHOU XINSHENG INVESTM    5.13      08/12/22      CNY     40.64
XUZHOU XINSHENG INVESTM    5.13      08/12/22      CNY     44.46
YAN'AN NEW CITY CONSTRU    5.60      04/21/24      CNY     49.26
YAN'AN NEW CITY CONSTRU    5.60      04/21/24      CNY     59.73
YANCHENG HIGH-TECH ZONE    3.90      12/14/22      CNY     39.67
YANCHENG HIGH-TECH ZONE    3.90      12/14/22      CNY     39.90
YANCHENG ORIENTAL INVES    6.48      09/15/21      CNY     20.03
YANCHENG SOUTH DISTRICT    6.70      07/30/21      CNY     16.90
YANCHENG SOUTH DISTRICT    6.70      07/30/21      CNY     20.12
YANCHENG YANDU DISTRICT    3.67      03/17/23      CNY     39.18
YANCHENG YANDU DISTRICT    3.67      03/17/23      CNY     39.44
YANGJIANG HENGCAI CITY     6.24      04/14/22      CNY     20.14
YANGJIANG HENGCAI CITY     6.24      04/14/22      CNY     21.20
YANGZHONG TRANSPORTATIO    4.95      04/07/23      CNY     39.33
YANGZHONG TRANSPORTATIO    4.95      04/07/23      CNY     39.86
YANGZHONG TRANSPORTATIO    4.98      04/07/23      CNY     40.32
YANGZHONG TRANSPORTATIO    4.98      04/07/23      CNY     40.36
YANGZHOU GUANGLING NEW     3.62      09/07/23      CNY     57.93
YANGZHOU GUANGLING NEW     3.62      09/07/23      CNY     58.17
YANGZHOU HANJIANG CONST    5.88      06/15/22      CNY     40.56
YANGZHOU HANJIANG CONST    5.88      06/15/22      CNY     46.63
YI CHENG CONSTRUCTION I    5.44      04/27/23      CNY     39.55
YI ZHENG CITY DEVELOPME    4.63      01/08/23      CNY     40.00
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     40.11
YICHANG HIGH-TECH INVES    3.74      07/21/23      CNY     58.92
YICHANG HIGH-TECH INVES    3.74      07/21/23      CNY     59.41
YICHANG WUJIA NEW CITY     6.50      04/20/24      CNY     60.10
YICHANG WUJIA NEW CITY     6.50      04/20/24      CNY     61.36
YICHUN URBAN CONSTRUCTI    7.09      05/15/21      CNY     20.06
YICHUN URBAN CONSTRUCTI    7.09      05/15/21      CNY     23.47
YICHUN VENTURE CAPITAL     6.70      03/23/22      CNY     20.05
YICHUN VENTURE CAPITAL     6.70      03/23/22      CNY     20.61
YIHUA ENTERPRISE GROUP     7.00      04/29/22      CNY     54.00
YIHUA LIFESTYLE TECHNOL    6.88      07/23/20      CNY     35.00
YIHUA LIFESTYLE TECHNOL    6.88      07/16/20      CNY     35.90
YINCHUAN URBAN CONSTRUC    6.88      05/12/21      CNY     20.00
YINCHUAN URBAN CONSTRUC    6.88      05/12/21      CNY     20.02
YINGCHENG CITY PUYANG D    6.50      04/14/24      CNY     61.36
YINGCHENG CITY PUYANG D    6.50      04/14/24      CNY     61.37
YINGKOU COASTAL DEVELOP    6.45      01/26/22      CNY     20.29
YINGKOU ECO & TECH DEVE    5.20      08/05/23      CNY     58.97
YINGKOU ECO & TECH DEVE    5.20      08/05/23      CNY     59.14
YINGKOU ECO & TECH DEVE    6.98      04/19/24      CNY     60.72
YINGKOU ECO & TECH DEVE    6.98      04/19/24      CNY     79.00
YINGKOU LAOBIAN CITY CO    4.98      03/11/23      CNY     38.49
YINGKOU LAOBIAN CITY CO    5.63      12/16/22      CNY     39.61
YINGKOU LAOBIAN CITY CO    4.98      03/11/23      CNY     40.00
YINGTAN LONGGANG ASSET     6.75      07/31/22      CNY     40.35
YINGTAN LONGGANG ASSET     6.75      07/31/22      CNY     41.18
YINGTAN STATE-OWNED ASS    7.50      12/12/22      CNY     30.71
YINGTAN STATE-OWNED ASS    7.50      12/12/22      CNY     30.71
YINGTAN STATE-OWNED ASS    3.63      08/12/21      CNY     40.02
YINING CITY STATE OWNED    5.37      09/24/22      CNY     39.20
YINING CITY STATE OWNED    5.37      09/24/22      CNY     39.53
YIWU CITY CONSTRUCTION     4.31      12/07/22      CNY     39.94
YIWU CITY CONSTRUCTION     4.31      12/07/22      CNY     40.40
YIWU URBAN & RURAL NEW     4.25      11/24/21      CNY     24.99
YIXING CITY CONSTRUCTIO    6.16      03/30/22      CNY     20.00
YIXING CITY CONSTRUCTIO    6.16      03/30/22      CNY     20.43
YIXING TUOYE INDUSTRIAL    7.60      05/28/21      CNY     20.04
YIXING TUOYE INDUSTRIAL    7.60      05/28/21      CNY     23.50
YIYANG ADVANCED INDUSTR    7.00      03/30/22      CNY     19.94
YIYANG ADVANCED INDUSTR    7.00      03/30/22      CNY     28.00
YIYANG PROVINCE AREA IN    4.95      10/13/23      CNY     56.31
YIYANG PROVINCE AREA IN    5.16      11/23/23      CNY     56.39
YIYANG PROVINCE AREA IN    4.95      10/13/23      CNY     56.44
YIYANG PROVINCE AREA IN    5.16      11/23/23      CNY     57.61
YIZHANG XINGYI CONSTRUC    5.49      09/02/24      CNY     68.24
YIZHANG XINGYI CONSTRUC    5.49      09/02/24      CNY     68.43
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     20.11
YONGXING YINDU INVESTME    5.60      03/24/23      CNY     39.29
YONGXING YINDU INVESTME    5.60      03/24/23      CNY     40.14
YONGZHOU ECONOMIC CONST    3.55      01/14/23      CNY     39.30
YONGZHOU ECONOMIC CONST    3.55      01/14/23      CNY     39.64
YUANAN COUNTY QIFENG CI    5.50      05/27/23      CNY     60.70
YUANAN COUNTY QIFENG CI    5.50      05/27/23      CNY     60.70
YUEYANG CITY DONGTING N    6.15      03/20/22      CNY     19.90
YUEYANG CITY DONGTING N    6.15      03/20/22      CNY     20.10
YUEYANG HUIHUA URBAN IN    5.78      04/18/24      CNY     60.75
YUEYANG HUIHUA URBAN IN    5.78      04/18/24      CNY     61.20
YUEYANG HUILIN INVESTME    5.50      11/03/21      CNY     16.24
YUEYANG HUILIN INVESTME    5.50      11/03/21      CNY     19.65
YUEYANG URBAN CONSTRUCT    4.80      01/27/26      CNY     73.31
YUEYANG URBAN CONSTRUCT    4.80      01/27/26      CNY     73.42
YUEYANG YUNXI CITY CONS    5.18      11/21/23      CNY     56.49
YUEYANG YUNXI CITY CONS    6.00      07/08/23      CNY     59.30
YUEYANG YUNXI CITY CONS    6.00      07/08/23      CNY     59.44
YUHUAN CITY COMMUNICATI    5.65      11/03/21      CNY     20.22
YUHUAN CITY COMMUNICATI    5.65      11/03/21      CNY     20.22
YUHUAN CITY COMMUNICATI    6.18      03/20/22      CNY     20.36
YUHUAN CITY COMMUNICATI    6.18      03/20/22      CNY     24.47
YUHUAN CITY CONSTRUCTIO    3.72      10/21/23      CNY     58.65
YUHUAN CITY CONSTRUCTIO    3.72      10/21/23      CNY     59.16
YUHUAN CITY CONSTRUCTIO    5.10      05/03/23      CNY     59.90
YUHUAN CITY CONSTRUCTIO    5.10      05/03/23      CNY     60.56
YUNCHENG SHUIHU CITY CO    4.54      11/21/23      CNY     57.66
YUNCHENG SHUIHU CITY CO    4.54      11/21/23      CNY     58.05
YUNNAN HEALTH & CULTURA    6.77      05/23/21      CNY     19.76
YUNNAN HEALTH & CULTURA    6.77      05/23/21      CNY     20.02
YUNNAN PROVINCIAL INVES    4.36      08/21/23      CNY     70.00
YUNNAN PROVINCIAL INVES    4.63      11/05/23      CNY     70.00
YUNNAN PROVINCIAL INVES    4.66      08/21/24      CNY     77.10
YUYAO CITY CONSTRUCTION    7.09      05/19/21      CNY     20.04
YUYAO CITY CONSTRUCTION    7.09      05/19/21      CNY     20.40
YUZHOU GENERAL INVESTME    4.68      01/19/23      CNY     39.92
YUZHOU GENERAL INVESTME    4.68      01/19/23      CNY     40.00
ZAOYANG CITY CONSTRUCTI    5.50      03/22/23      CNY     39.84
ZAOYANG CITY CONSTRUCTI    5.50      03/22/23      CNY     40.10
ZHANGJIAGANG JINCHENG I    6.88      04/28/21      CNY     16.61
ZHANGJIAGANG JINCHENG I    6.88      04/28/21      CNY     20.00
ZHANGQIU STATE OWNED AS    3.69      08/09/23      CNY     58.50
ZHANGQIU STATE OWNED AS    3.69      08/09/23      CNY     59.63
ZHANGSHU STATE-OWNED AS    4.80      06/22/23      CNY     59.70
ZHANGSHU STATE-OWNED AS    4.80      06/22/23      CNY     62.67
ZHANGYE CITY INVESTMENT    6.92      09/22/21      CNY     20.14
ZHANGYE CITY INVESTMENT    6.92      09/22/21      CNY     20.90
ZHANGZHOU ECONOMIC DEVE    6.17      04/27/22      CNY     20.30
ZHANGZHOU JIULONGJIANG     6.48      06/20/21      CNY     16.81
ZHANGZHOU JIULONGJIANG     6.48      06/20/21      CNY     20.07
ZHAODONG DONGSHENG CONS    6.50      01/20/24      CNY     61.26
ZHAODONG DONGSHENG CONS    6.50      01/20/24      CNY     61.27
ZHAOQING GAOYAO DISTRIC    6.68      04/14/22      CNY     20.00
ZHAOQING GAOYAO DISTRIC    6.68      04/14/22      CNY     40.47
ZHAOQING HI-TECH ZONE C    3.97      08/26/23      CNY     57.90
ZHAOQING HI-TECH ZONE C    3.97      08/26/23      CNY     59.21
ZHEJIANG BINHAI NEW CIT    4.65      12/23/22      CNY     40.33
ZHEJIANG BINHAI NEW CIT    4.65      12/23/22      CNY     40.35
ZHEJIANG GUOXING INVEST    6.94      08/01/21      CNY     20.10
ZHEJIANG GUOXING INVEST    6.94      08/01/21      CNY     28.50
ZHEJIANG HUISHENG INVES    4.49      03/15/24      CNY     54.50
ZHEJIANG HUISHENG INVES    4.49      03/15/24      CNY     55.00
ZHEJIANG OUHAI CONSTRUC    6.45      04/23/22      CNY     20.20
ZHEJIANG OUHAI CONSTRUC    4.83      01/21/23      CNY     39.90
ZHEJIANG OUHAI CONSTRUC    4.83      01/21/23      CNY     40.39
ZHEJIANG OUHAI CONSTRUC    6.45      04/23/22      CNY     40.57
ZHEJIANG XINCHANG INVES    5.88      10/30/21      CNY     20.18
ZHEJIANG XINCHANG INVES    6.95      12/31/21      CNY     20.38
ZHEJIANG XINCHANG INVES    5.88      10/30/21      CNY     21.06
ZHEJIANG XINCHANG INVES    6.95      12/31/21      CNY     21.20
ZHENGZHOU AIRPORT ECONO    4.27      07/20/26      CNY     67.63
ZHENGZHOU AIRPORT ECONO    4.27      07/20/26      CNY     68.32
ZHENGZHOU JINGKAI INVES    5.48      07/31/22      CNY     40.00
ZHENGZHOU JINGKAI INVES    5.48      07/31/22      CNY     40.46
ZHENGZHOU MOUZHONG DEVE    7.48      12/11/21      CNY     20.25
ZHENGZHOU MOUZHONG DEVE    7.48      12/11/21      CNY     26.20
ZHENGZHOU MOUZHONG DEVE    4.59      04/18/23      CNY     39.76
ZHENGZHOU MOUZHONG DEVE    4.59      04/18/23      CNY     39.85
ZHENJIANG DANTU DISTRIC    5.89      11/03/21      CNY     19.80
ZHENJIANG DANTU DISTRIC    5.89      11/03/21      CNY     20.00
ZHENJIANG NEW AREA URBA    5.31      07/14/23      CNY     58.67
ZHENJIANG NEW AREA URBA    5.31      07/14/23      CNY     60.39
ZHIJIANG STATE-OWNED AS    4.38      03/28/23      CNY     39.38
ZHIJIANG STATE-OWNED AS    4.78      01/11/23      CNY     39.65
ZHIJIANG STATE-OWNED AS    4.38      03/28/23      CNY     44.70
ZHONGGUANCUN DEVELOPMEN    4.20      08/12/22      CNY     40.32
ZHONGGUANCUN DEVELOPMEN    4.20      08/12/22      CNY     40.54
ZHONGMINTOU LEASING HOL    7.55      09/21/21      CNY     49.49
ZHONGSHAN TORCH DEVELOP    5.79      03/23/24      CNY     61.01
ZHONGSHAN TORCH DEVELOP    5.79      03/23/24      CNY     61.36
ZHONGSHAN TRANSPORTATIO    5.25      11/26/21      CNY     20.00
ZHONGSHAN TRANSPORTATIO    5.25      11/26/21      CNY     20.24
ZHONGYUAN ASSET MANAGEM    4.20      11/29/22      USD     67.24
ZHONGYUAN ASSET MANAGEM    4.40      10/25/22      CNY     74.70
ZHOUSHAN DINGHAI CITY C    6.67      07/20/22      CNY     40.09
ZHOUSHAN DINGHAI STATE-    7.13      08/04/21      CNY     20.07
ZHOUSHAN DINGHAI STATE-    7.13      08/04/21      CNY     20.18
ZHOUSHAN ISLANDS NEW DI    6.98      10/22/22      CNY     40.55
ZHOUSHAN ISLANDS NEW DI    6.98      10/22/22      CNY     40.80
ZHOUSHAN PUTUO DISTRICT    7.18      06/20/22      CNY     40.59
ZHOUSHAN PUTUO DISTRICT    7.18      06/20/22      CNY     41.90
ZHUHAI HUIHUA INFRASTRU    4.70      06/27/23      CNY     59.71
ZHUHAI HUIHUA INFRASTRU    4.70      06/27/23      CNY     60.06
ZHUJI CITY EAST NEW TOW    3.89      08/26/23      CNY     59.81
ZHUJI CITY YUEDU INVEST    6.38      04/07/22      CNY     20.30
ZHUJI CITY YUEDU INVEST    6.38      04/07/22      CNY     20.40
ZHUZHOU CITY CONSTRUCTI    8.36      11/10/21      CNY     23.75
ZHUZHOU GECKOR GROUP CO    6.38      04/17/22      CNY     20.00
ZHUZHOU GECKOR GROUP CO    6.38      04/17/22      CNY     20.07
ZHUZHOU GECKOR GROUP CO    6.95      08/11/21      CNY     20.12
ZHUZHOU GECKOR GROUP CO    6.95      08/11/21      CNY     20.86
ZHUZHOU GECKOR GROUP CO    3.78      09/28/23      CNY     58.20
ZHUZHOU GECKOR GROUP CO    3.78      09/28/23      CNY     58.59
ZHUZHOU HI-TECH AUTO EX    4.47      11/03/23      CNY     73.96
ZHUZHOU RECYCLING ECONO    4.38      03/24/23      CNY     37.37
ZHUZHOU RECYCLING ECONO    4.38      03/24/23      CNY     38.47
ZHUZHOU XIANGJIANG SCEN    5.39      11/25/22      CNY     37.36
ZHUZHOU XIANGJIANG SCEN    5.39      11/25/22      CNY     37.42
ZIBO BANYANG CITY URBAN    5.50      09/09/22      CNY     39.70
ZIBO BANYANG CITY URBAN    5.50      09/09/22      CNY     40.00
ZIBO BOSHAN STATE OWNED    5.63      03/29/24      CNY     58.95
ZIBO BOSHAN STATE OWNED    5.63      03/29/24      CNY     61.03
ZIXING CHENGCHENG INVES    6.20      03/16/24      CNY     61.68
ZIXING CHENGCHENG INVES    6.20      03/16/24      CNY     61.72
ZIYANG WATER INVESTMENT    3.97      03/17/23      CNY     37.49
ZIYANG WATER INVESTMENT    3.97      03/17/23      CNY     37.49
ZIZHONG COUNTY XINGZI I    5.97      01/18/23      CNY     38.68
ZIZHONG COUNTY XINGZI I    5.97      01/18/23      CNY     39.68
ZONGYANG INVESTMENT DEV    5.85      04/25/24      CNY     61.60
ZUNYI ECONOMIC DEVELOPM    4.87      01/22/23      CNY     38.22
ZUNYI ECONOMIC DEVELOPM    4.87      01/22/23      CNY     40.00
ZUNYI HONGHUAGANG DISTR    5.05      06/27/23      CNY     57.90
ZUNYI HONGHUAGANG DISTR    5.05      06/27/23      CNY     58.80
ZUNYI NEW DISTRICT DEVE    5.99      04/07/26      CNY     44.68
ZUNYI NEW DISTRICT DEVE    5.99      04/07/26      CNY     54.24
ZUNYI ROAD & BRIDGE CON    6.10      04/27/23      CNY     36.74
ZUNYI ROAD & BRIDGE CON    6.10      04/27/23      CNY     45.00
ZUNYI TRAFFIC TRAVEL IN    7.70      09/27/27      CNY     67.00
ZUNYI TRAFFIC TRAVEL IN    7.70      09/27/27      CNY     70.67


   HONG KONG
   ---------

CAIYUN INTERNATIONAL IN    5.50      04/08/22      USD     58.43
DR PENG HOLDING HONGKON    7.55      12/01/22      USD     62.70
HNA GROUP INTERNATIONAL    6.25      10/05/21      USD     54.50


   INDONESIA
   ---------

DAVOMAS INTERNATIONAL F   11.00      05/09/11      USD      0.00
DAVOMAS INTERNATIONAL F   11.00      05/09/11      USD      0.00
DAVOMAS INTERNATIONAL F   11.00      12/08/14      USD      0.00
DAVOMAS INTERNATIONAL F   11.00      12/08/14      USD      0.00
DELTA MERLIN DUNIA TEKS    1.50      06/26/28      USD     10.92
MNC INVESTAMA TBK PT       9.00      05/11/21      USD     68.37
SRI REJEKI ISMAN TBK PT    7.25      01/16/25      USD     26.92
SRI REJEKI ISMAN TBK PT    7.25      01/16/25      USD     27.17


   INDIA
   -----

3I INFOTECH LTD            2.50      03/31/25      USD      9.88
ACME MEDAK SOLAR ENERGY    0.01      08/29/46      INR     16.85
ACME RANGA REDDY SOLAR     0.01      08/31/46      INR     16.74
AMPSOLAR SOLUTION PVT L    0.01      11/03/37      INR     29.03
AMPSOLAR SOLUTION PVT L    0.01      10/27/37      INR     29.07
APG HABITAT PVT LTD        1.00      09/09/28      INR     62.97
APG INTELLI HOMES PVT L    1.25      02/04/35      INR     46.07
APG INTELLI HOMES PVT L    1.25      02/04/35      INR     46.71
ASSETS CARE & RECONSTRU    2.00      03/30/29      INR     68.22
AUTOMOTIVE EXCHANGE PVT    4.00      10/11/30      INR     63.41
AUTOMOTIVE EXCHANGE PVT    4.00      06/01/30      INR     63.62
BREEZE CONSTRUCTIONS PV    0.01      06/29/30      INR     47.97
BRITANNIA INDUSTRIES LT    8.00      08/28/22      INR     31.10
CHANDRAJYOTI ESTATE DEV    0.01      07/06/30      INR     49.18
CREIXENT SPECIAL STEELS    0.01      08/28/25      INR     72.02
CUMULUS TRADING CO PVT     0.01      05/21/32      INR     41.77
CUMULUS TRADING CO PVT     0.01      01/23/30      INR     65.68
DEWAN HOUSING FINANCE C    8.50      04/18/23      INR     26.79
DLF ASPINWAL HOTELS PVT    0.01      10/15/30      INR     45.47
DLF EMPORIO RESTAURANTS    0.01      08/12/30      INR     48.78
DLF EMPORIO RESTAURANTS    0.01      06/29/30      INR     49.23
DLF HOME DEVELOPERS LTD    0.01      06/29/30      INR     51.37
DLF HOMES SERVICES PVT     0.01      06/29/30      INR     47.97
DLF REAL ESTATE BUILDER    0.01      06/23/30      INR     49.22
DLF RECREATIONAL FOUNDA    0.01      10/15/30      INR     45.92
DLF RESIDENTIAL BUILDER    0.01      06/23/30      INR     48.00
DLF RESIDENTIAL DEVELOP    0.01      06/28/30      INR     49.12
DLF SOUTHERN TOWNS PVT     0.01      07/09/30      INR     49.30
DOMUS REAL ESTATE PVT L    0.01      07/11/30      INR     49.31
ECAP EQUITIES LTD          0.01      03/26/31      INR     48.65
EDEL LAND LTD              0.01      03/22/26      INR     68.93
EDELWEISS ASSET RECONST    2.00      07/22/29      INR     66.47
EDELWEISS ASSET RECONST    2.00      03/28/29      INR     67.53
EDELWEISS ASSET RECONST    2.00      01/15/29      INR     68.23
EDELWEISS ASSET RECONST    2.00      10/07/28      INR     69.22
EDELWEISS ASSET RECONST    2.00      11/20/27      INR     72.56
ESSAR POWER TRANSMISSIO    3.00      03/31/43      INR     51.57
ESSAR POWER TRANSMISSIO    3.00      03/31/43      INR     51.57
GREEN URJA PVT LTD         0.01      02/14/30      INR     51.19
GTL INFRASTRUCTURE LTD     6.73      10/26/22      USD     10.38
HITODI INFRASTRUCTURE L    0.01      06/30/27      INR     62.18
JAIPRAKASH ASSOCIATES L    5.75      09/08/17      USD     55.13
JAIPRAKASH POWER VENTUR    7.00      05/15/17      USD      4.58
JCT LTD                    2.50      04/08/11      USD     25.75
JSM CORP PVT LTD           0.01      08/31/36      INR     30.99
JTPM ATSALI LTD            0.01      08/29/48      INR     14.19
KANAKADURGA FINANCE LTD    0.01      04/15/36      INR     29.74
KRIBHCO INFRASTRUCTURE     1.00      04/15/26      INR     73.92
MARIS POWER SUPPLY CO P    2.00      04/18/28      INR     70.52
MELOSA BUILDERS & DEVEL    0.01      06/29/30      INR     48.01
MENS BUILDCON PVT LTD      0.01      06/29/30      INR     48.01
MYTRAH AADHYA POWER PVT    0.01      07/05/35      INR     34.42
MYTRAH ADVAITH POWER PV    0.01      07/13/36      INR     31.93
MYTRAH AKSHAYA ENERGY P    0.01      07/13/36      INR     31.93
NEEMUCH SOLAR POWER PVT    0.01      08/29/46      INR     16.85
ORIGAMI CELLULO PVT LTD    0.01      11/14/36      INR     30.61
PRAKASH INDUSTRIES LTD     5.25      04/30/15      USD     22.63
PUNJAB INFRASTRUCTURE D    0.40      10/15/33      INR     45.50
PUNJAB INFRASTRUCTURE D    0.40      10/15/32      INR     48.40
PUNJAB INFRASTRUCTURE D    0.40      10/15/31      INR     51.65
PUNJAB INFRASTRUCTURE D    0.40      10/15/30      INR     55.23
PUNJAB INFRASTRUCTURE D    0.40      10/15/29      INR     59.14
PUNJAB INFRASTRUCTURE D    0.40      10/15/28      INR     63.39
PUNJAB INFRASTRUCTURE D    0.40      10/15/27      INR     68.01
PUNJAB INFRASTRUCTURE D    0.40      10/15/26      INR     72.97
PURVANCHAL SOLAR POWER     0.01      08/29/46      INR     16.85
PYRAMID SAIMIRA THEATRE    1.75      07/04/12      USD      0.26
R L FINE CHEM PVT LTD      0.10      08/19/36      INR     31.53
RAMANI ICECREAM CO LTD     0.01      12/29/35      INR     33.82
REDKITE CAPITAL PVT LTD    2.50      03/30/29      INR     70.37
REDKITE CAPITAL PVT LTD    2.50      01/15/28      INR     74.47
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      8.96
REWANCHAL SOLAR POWER P    0.01      08/29/46      INR     16.85
SAKET HOLIDAYS RESORTS     0.01      06/29/30      INR     49.03
SHIVAJI MARG MAINTENANC    0.01      06/28/30      INR     48.06
SINTEX INDUSTRIES LTD      3.50      05/25/22      USD     23.63
SUNWORLD SOLAR POWER PV    0.01      08/31/46      INR     16.74
SURBHI INVESTMENTS & TR    2.50      10/21/28      INR     71.17
SUTARA ROADS & INFRA LT    0.01      08/31/30      INR     56.63
SUZLON ENERGY LTD          5.75      07/16/19      USD     23.50
SUZLON ENERGY LTD          5.75      07/16/19      USD     23.50
SVOGL OIL GAS & ENERGY     5.00      08/17/15      USD      0.61
TATA SMARTFOODZ LTD        0.01      04/18/26      INR     67.56
TATA SMARTFOODZ LTD        0.01      11/23/25      INR     70.08
TATA SMARTFOODZ LTD        0.01      07/15/25      INR     72.36
TN URJA PVT LTD            0.10      02/22/36      INR     33.82
WATSUN INFRABUILD PVT L    4.00      10/16/37      INR     62.60
WS T&D LTD                 0.10      03/24/29      INR     54.97


   JAPAN
   -----

AVANSTRATE INC             0.15      10/29/32      JPY      9.75
HIS CO LTD                 0.58      02/19/27      JPY     65.37
MITSUI E&S HOLDINGS CO     0.70      09/15/23      JPY     73.91
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      1.50      11/26/27      JPY     25.09
UNIZO HOLDINGS CO LTD      1.20      05/28/27      JPY     25.90
UNIZO HOLDINGS CO LTD      0.99      11/27/26      JPY     26.19
UNIZO HOLDINGS CO LTD      1.10      11/28/24      JPY     31.06
UNIZO HOLDINGS CO LTD      0.89      05/29/24      JPY     32.05
UNIZO HOLDINGS CO LTD      0.80      11/29/23      JPY     35.00
UNIZO HOLDINGS CO LTD      0.85      05/26/23      JPY     35.98
UNIZO HOLDINGS CO LTD      0.75      11/28/22      JPY     42.01
UNIZO HOLDINGS CO LTD      0.52      05/27/22      JPY     49.14
UNIZO HOLDINGS CO LTD      0.43      11/29/21      JPY     58.39


   MALAYSIA
   --------

ASIAN PAC HOLDINGS BHD     3.00      05/25/22      MYR      0.90
BERJAYA CORP BHD           2.00      05/29/26      MYR      0.26
BERJAYA CORP BHD           5.00      04/22/22      MYR      0.35
ELK-DESA RESOURCES BHD     3.25      04/14/22      MYR      1.08
HIAP TECK VENTURE BHD      5.00      06/23/21      MYR      0.50
HUME CEMENT INDUSTRIES     5.00      05/29/24      MYR      1.79
MALAYAN FLOUR MILLS BHD    5.00      01/24/24      MYR      1.86
MEX II SDN BHD             6.40      04/28/34      MYR     66.01
MEX II SDN BHD             6.30      04/29/33      MYR     66.84
MEX II SDN BHD             6.20      04/29/32      MYR     67.90
MEX II SDN BHD             6.10      04/29/31      MYR     69.25
MEX II SDN BHD             6.00      04/29/30      MYR     69.69
MEX II SDN BHD             5.90      04/27/29      MYR     70.73
MEX II SDN BHD             5.80      04/28/28      MYR     72.06
MEX II SDN BHD             5.70      04/29/27      MYR     73.20
PENGURUSAN AIR SPV BHD     1.00      02/05/36      MYR     61.99
PENGURUSAN AIR SPV BHD     1.00      11/05/35      MYR     62.49
PENGURUSAN AIR SPV BHD     1.00      09/28/35      MYR     62.90
PMB TECHNOLOGY BHD         3.00      07/12/23      MYR      5.60
SENAI-DESARU EXPRESSWAY    1.35      06/30/31      MYR     69.81
SENAI-DESARU EXPRESSWAY    1.35      12/31/30      MYR     71.31
SENAI-DESARU EXPRESSWAY    1.35      06/28/30      MYR     72.78
SENAI-DESARU EXPRESSWAY    1.35      12/31/29      MYR     74.21
VIZIONE HOLDINGS BHD       3.00      08/08/21      MYR      0.02


   NEW ZEALAND
   -----------

PRECINCT PROPERTIES NEW    4.80      09/27/21      NZD      1.14


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICATION   15.00      07/15/06      USD     22.75


   SINGAPORE
   ---------

ASL MARINE HOLDINGS LTD    3.00      03/28/25      SGD     41.75
ASL MARINE HOLDINGS LTD    3.00      10/01/26      SGD     41.75
BAKRIE TELECOM PTE LTD    11.50      05/07/15      USD      0.07
BAKRIE TELECOM PTE LTD    11.50      05/07/15      USD      0.07
BLD INVESTMENTS PTE LTD    8.63      03/23/15      USD      4.88
BLUE OCEAN RESOURCES PT    8.00      12/31/21      USD     22.00
BLUE OCEAN RESOURCES PT    8.00      12/31/21      USD     22.00
BLUE OCEAN RESOURCES PT    8.00      12/31/21      USD     22.00
ENERCOAL RESOURCES PTE     9.25      08/05/14      USD     45.75
ETERNA CAPITAL PTE LTD     8.00      12/11/22      USD     46.90
ETERNA CAPITAL PTE LTD     7.50      12/11/22      USD     68.82
EZRA HOLDINGS LTD          4.88      04/24/18      SGD      5.00
GOLDEN LEGACY PTE LTD      6.88      03/27/24      USD     27.39
GOLDEN LEGACY PTE LTD      6.88      03/27/24      USD     27.46
INDO INFRASTRUCTURE GRO    2.00      07/30/10      USD      1.00
INNOVATE CAPITAL PTE LT    6.00      12/11/24      USD     25.41
ITNL OFFSHORE PTE LTD      7.50      01/18/21      CNY     17.25
JGC VENTURES PTE LTD      10.75      08/30/21      USD     39.00
MICLYN EXPRESS OFFSHORE    8.75      11/25/18      USD     16.23
MODERNLAND OVERSEAS PTE    6.95      04/13/24      USD     40.12
NT RIG HOLDCO PTE LTD      7.50      12/20/21      USD     58.13
ORO NEGRO DRILLING PTE     7.50      01/24/19      USD     14.28
PACIFIC RADIANCE LTD       4.30      03/31/20      SGD     10.00
RICKMERS MARITIME          8.45      05/15/17      SGD      5.00
SSMS PLANTATION HOLDING    7.75      01/23/23      USD     69.81
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        7.13      04/18/17      SGD      6.13
SWIBER HOLDINGS LTD        7.75      09/18/17      CNY      6.13
SWIBER HOLDINGS LTD        5.55      10/10/16      SGD     12.25


   SOUTH KOREA
   -----------

HEUNGKUK FIRE & MARINE     5.70      12/29/46      KRW     42.14
KIBO ABS SPECIALTY CO L    5.00      02/24/23      KRW     71.81
KIBO ABS SPECIALTY CO L    5.00      02/28/22      KRW     73.01
KIBO ABS SPECIALTY CO L    5.00      02/24/22      KRW     73.87
KIBO ABS SPECIALTY CO L    5.00      08/28/21      KRW     74.59
LOTTE CARD CO LTD          0.18      06/28/49      KRW     37.34
POSCO ENERGY CO LTD        5.21      08/29/43      KRW     64.57
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      01/26/22      KRW     62.49
SINBO SECURITIZATION SP    5.00      01/25/22      KRW     62.50
SINBO SECURITIZATION SP    5.00      02/23/22      KRW     62.76
SINBO SECURITIZATION SP    5.00      06/27/22      KRW     64.48
SINBO SECURITIZATION SP    3.00      11/21/23      KRW     64.58
SINBO SECURITIZATION SP    5.00      07/24/22      KRW     64.75
SINBO SECURITIZATION SP    5.00      07/26/22      KRW     64.76
SINBO SECURITIZATION SP    5.00      08/31/21      KRW     65.29
SINBO SECURITIZATION SP    5.00      09/26/22      KRW     65.77
SINBO SECURITIZATION SP    5.00      08/29/22      KRW     65.86
SINBO SECURITIZATION SP    5.00      01/25/23      KRW     65.86
SINBO SECURITIZATION SP    5.00      08/31/22      KRW     65.88
SINBO SECURITIZATION SP    4.00      04/15/24      KRW     66.03
SINBO SECURITIZATION SP    4.00      12/25/23      KRW     66.26
SINBO SECURITIZATION SP    4.00      12/25/23      KRW     66.26
SINBO SECURITIZATION SP    4.00      06/30/24      KRW     66.65
SINBO SECURITIZATION SP    4.00      06/30/24      KRW     66.65
SINBO SECURITIZATION SP    3.00      01/29/24      KRW     66.92
SINBO SECURITIZATION SP    5.00      07/24/23      KRW     67.07
SINBO SECURITIZATION SP    5.00      06/30/23      KRW     67.13
SINBO SECURITIZATION SP    5.00      06/27/23      KRW     67.13
SINBO SECURITIZATION SP    5.00      10/24/23      KRW     67.67
SINBO SECURITIZATION SP    5.00      10/24/23      KRW     67.67
SINBO SECURITIZATION SP    5.00      07/26/21      KRW     67.88
SINBO SECURITIZATION SP    5.00      09/26/23      KRW     67.88
SINBO SECURITIZATION SP    5.00      09/26/23      KRW     67.88
SINBO SECURITIZATION SP    5.00      09/26/23      KRW     67.88
SINBO SECURITIZATION SP    5.00      08/29/23      KRW     68.07
SINBO SECURITIZATION SP    5.00      08/29/23      KRW     68.07
SINBO SECURITIZATION SP    5.00      11/21/23      KRW     68.61
SINBO SECURITIZATION SP    5.00      02/27/24      KRW     68.75
SINBO SECURITIZATION SP    4.00      01/29/24      KRW     68.90
SINBO SECURITIZATION SP    4.00      01/29/24      KRW     68.90
SINBO SECURITIZATION SP    5.00      06/30/24      KRW     68.97
SINBO SECURITIZATION SP    5.00      01/29/23      KRW     70.55
SINBO SECURITIZATION SP    5.00      12/25/22      KRW     70.81
SINBO SECURITIZATION SP    5.00      12/25/23      KRW     71.15
SINBO SECURITIZATION SP    5.00      02/28/22      KRW     73.01
SINBO SECURITIZATION SP    5.00      03/20/23      KRW     73.31
SINBO SECURITIZATION SP    5.00      02/28/23      KRW     73.48
SINBO SECURITIZATION SP    5.00      12/27/21      KRW     73.69
SINBO SECURITIZATION SP    5.00      06/29/21      KRW     74.88
STANDARD CHARTERED BANK    3.02      11/10/35      KRW     74.78
STANDARD CHARTERED BANK    3.00      10/16/35      KRW     74.92


   SRI LANKA
   ---------

SRI LANKA DEVELOPMENT B    4.77      01/22/25      USD     63.25
SRI LANKA DEVELOPMENT B    5.98      01/22/25      USD     65.25
SRI LANKA DEVELOPMENT B    6.02      01/22/25      USD     65.35
SRI LANKA DEVELOPMENT B    6.05      01/22/25      USD     65.43
SRI LANKA DEVELOPMENT B    6.50      01/22/25      USD     66.57
SRI LANKA DEVELOPMENT B    6.75      01/22/25      USD     67.20
SRI LANKA DEVELOPMENT B    6.80      01/22/25      USD     67.33
SRI LANKA DEVELOPMENT B    6.82      01/22/25      USD     67.38
SRI LANKA DEVELOPMENT B    6.87      01/22/25      USD     67.51
SRI LANKA DEVELOPMENT B    4.09      05/01/23      USD     72.94
SRI LANKA DEVELOPMENT B    4.13      05/01/23      USD     73.00
SRI LANKA DEVELOPMENT B    4.22      03/16/23      USD     74.28
SRI LANKA GOVERNMENT IN    6.75      04/18/28      USD     62.87
SRI LANKA GOVERNMENT IN    6.20      05/11/27      USD     62.99
SRI LANKA GOVERNMENT IN    7.85      03/14/29      USD     62.99
SRI LANKA GOVERNMENT IN    6.20      05/11/27      USD     63.05
SRI LANKA GOVERNMENT IN    7.55      03/28/30      USD     63.09
SRI LANKA GOVERNMENT IN    7.85      03/14/29      USD     63.10
SRI LANKA GOVERNMENT IN    6.75      04/18/28      USD     63.14
SRI LANKA GOVERNMENT IN    7.55      03/28/30      USD     63.15
SRI LANKA GOVERNMENT IN    6.83      07/18/26      USD     64.16
SRI LANKA GOVERNMENT IN    6.83      07/18/26      USD     64.20
SRI LANKA GOVERNMENT IN    6.85      11/03/25      USD     65.04
SRI LANKA GOVERNMENT IN    6.13      06/03/25      USD     65.09
SRI LANKA GOVERNMENT IN    6.85      11/03/25      USD     65.12
SRI LANKA GOVERNMENT IN    6.13      06/03/25      USD     65.19
SRI LANKA GOVERNMENT IN    6.35      06/28/24      USD     68.09
SRI LANKA GOVERNMENT IN    6.35      06/28/24      USD     68.13
SRI LANKA GOVERNMENT IN    6.85      03/14/24      USD     68.21
SRI LANKA GOVERNMENT IN    6.85      03/14/24      USD     68.27
SRI LANKA GOVERNMENT IN    5.75      04/18/23      USD     71.06
SRI LANKA GOVERNMENT IN    5.75      04/18/23      USD     71.09
SRILANKAN AIRLINES LTD     7.00      06/25/24      USD     61.17


   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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