---

       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, May 11, 2021, Vol. 24, No. 88

                           Headlines



A U S T R A L I A

BLACKWATTLE RMBS 2021-1: S&P Assigns B(sf) Rating on Class F Notes
BRICOL BUILDING: Second Creditors' Meeting Set for May 14
GREENSILL CAPITAL: Seeks to Hire Matthew Tocks as CRO
GREENSILL CAPITAL: Seeks to Hire Mayer Brown as Special Counsel
GREENSILL CAPITAL: Seeks to Hire Togut Segal as Legal Counsel

INFRABUILD AUSTRALIA: Moody's Cuts CFR to B2, Alters Outlook to Neg
INTRACON PTY: Second Creditors' Meeting Set for May 14
NATIONAL RMBS 2018-1: Moody's Raises Cl. E Notes Rating From Ba1
NOVOQ AUSTRALIA: Second Creditors' Meeting Set for May 18
SPI ENERGY: Posts $6.5 Million Net Loss in 2020

VEEVE BUYING: First Creditors' Meeting Set for May 19


C H I N A

BEIJING HONGKUN: Fitch Alters Outlook on 'B' IDR to Negative
POWERLONG REAL: Moody's Rates New Senior Unsecured USD Notes 'B2'
SICHUAN LANGUANG: S&P Alters Outlook on 'B+' ICR to Negative
TD HOLDINGS: Siyuan Zhu Quits as Director, Audit Committee Chair


I N D I A

ACADEMY OF ENGINEERING: Ind-Ra Keeps 'D' Rating in Non-Cooperating
AHLUWALIA CONTRACTS: NCLT Initiates Insolvency Proceedings
AJANTA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
ALBA INDUSTRIES: Insolvency Resolution Process Case Summary
BHAGWATI INDUSTRIES: CRISIL Cuts Rating on INR3cr Cash Loan to B

CHHABRA ISPAT: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
CROWN ROTMAX: Insolvency Resolution Process Case Summary
D. S. DEVELOPERS: ICRA Keeps B Debt Rating in Not Cooperating
ECO HEALTH: CRISIL Migrates B Rating from Not Cooperating
ESSAL INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating

EXQUISITE PRINT: CRISIL Migrates B+ Rating from Not Cooperating
FORTUNE MIX: Insolvency Resolution Process Case Summary
FORZA CASTING: Insolvency Resolution Process Case Summary
G K DAIRY AND MILK: Insolvency Resolution Process Case Summary
G.S.R.: CRISIL Keeps B+ Debt Ratings in Not Cooperating

GANGES FORD: ICRA Keeps D Debt Ratings in Not Cooperating
GOVINDA INDUSTRIES: Insolvency Resolution Process Case Summary
HAVA WIN: Insolvency Resolution Process Case Summary
INDORE DEWAS: Ind-Ra Affirms 'D' Bank Loan Rating
JACOBS INFRASTRUCTURE: Insolvency Resolution Process Case Summary

KANNAN DEPARTMENTAL: Ind-Ra Cuts Long-Term Issuer Rating to 'BB'
KEZER FOODS: CRISIL Lowers Rating on INR5cr Cash Loan to B
LAKSHMI KAMAKSHI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
LEITWIND SHRIRAM: Ind-Ra Keeps 'D' Issuer Rating in Non-Cooperating
MAHABIR DYG: Ind-Ra Downgrades Long-Term Issuer Rating to 'BB-'

METRIK INFRAPROJECTS: Insolvency Resolution Process Case Summary
NAVNEETA STEELS: ICRA Lowers Rating on INR46cr Loans to D
NIZAMIYA CONSTRUCTION: Insolvency Resolution Process Case Summary
ONGOLE LOGISTICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
PARAMOUNT RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating

RAM MEHER: CRISIL Keeps D Debt Ratings in Not Cooperating
REENA TINAAZ: CRISIL Keeps D Debt Rating in Not Cooperating
SAMPARK LAND DEVELOPERS: Insolvency Resolution Case Summary
SAMPARK LAND: Insolvency Resolution Process Case Summary
SATYA SURYA: CRISIL Keeps B Debt Ratings in Not Cooperating

SAVARIYA INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
SHRIRAM EPC: Ind-Ra Affirms 'D' Long-Term Issuer Rating
SHUBHAM INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating
SIMANDHAR BROKING: Insolvency Resolution Process Case Summary
SIRI CONSTRUCTIONS: Ind-Ra Moves 'BB-' Rating to Non-Cooperating

SMITA STEELS: Ind-Ra Downgrades Long-Term Issuer Rating to 'BB'
SRINAGAR BANIHAL: ICRA Keeps D Debt Rating in Not Cooperating
SRR PROJECTS: Ind-Ra Cuts Long-Term Issuer Rating to 'BB'
SUBH SANKET: CRISIL Keeps B+ Rating in Not Cooperating Category
SUKATA TRACTOR: CRISIL Keeps B+ Debt Ratings in Not Cooperating

SURYA NARAYAN: CRISIL Keeps B- Debt Ratings in Not Cooperating
T2T DESIGNS PRIVATE: Insolvency Resolution Process Case Summary
VICTORY SPINNING: Ind-Ra Downgrades Long-Term Issuer Rating to 'BB'
VIJAY AGROTECH: CRISIL Lowers Rating on INR8cr Loans to B
VINAYAGA CONSTRUCTION: CRISIL Keeps B+ Ratings in Not Cooperating

ZIRCON TECHNOLOGIES: Ind-Ra Cuts Long-Term Issuer Rating to 'BB'


I N D O N E S I A

ABM INVESTAMA: Fitch Alters Outlook on 'B+' IDR to Stable


N E W   Z E A L A N D

[*] NZD200 Million Support Package for Struggling Tour Operators


S I N G A P O R E

BLVD HOLDING: Court to Hear Wind-Up Petition on May 21
EAGLE HOSPITALITY: Sale of Dallas Hotel Falls Through
IMPERIAL REALTY: Creditors' Proofs of Debt Due June 8
PUMA ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
SINGLESOURCE PLATFORM: Creditors' Proofs of Debt Due June 7

UNIVERSAL CARRIERS: Creditors' Proofs of Debt Due June 7


X X X X X X X X

[*] BOND PRICING: For the Week May 3, 2021 to May 9, 2021

                           - - - - -


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

BLACKWATTLE RMBS 2021-1: S&P Assigns B(sf) Rating on Class F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to seven classes of
residential mortgage-backed securities (RMBS) issued by Permanent
Custodians Ltd. as trustee for Blackwattle Series RMBS Trust
2021-1. Blackwattle Series RMBS Trust 2021-1 is a securitization of
prime residential mortgages originated by Sintex Consolidated Pty
Ltd. (Sintex).

The 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. Credit support is provided by
subordination, lenders' mortgage insurance (LMI), and excess
spread. S&P's assessment of credit risk takes into account Sintex's
underwriting standards and approval process, the servicing quality
of Sintex, and the support provided by the LMI policies on 12.8% of
the loans in the portfolio.

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 LMI cover, the
interest-rate swaps, the loss reserve, the liquidity facility, the
principal draw function, and the provision of an extraordinary
expense reserve. S&P's analysis is on the basis that the notes are
fully redeemed by their legal final maturity date, and it assumes
the notes are not called at or beyond the call-option date.
S&P said, "Our ratings also take into account the counterparty
exposure to Westpac Banking Corp. as interest-rate swap provider,
bank account provider, and liquidity facility provider.
Interest-rate swaps are provided to hedge the mismatch between the
fixed-rate mortgage loans and the floating-rate obligations on the
notes. The transaction documents for the swap and facilities
include downgrade language consistent with S&P Global Ratings'
counterparty criteria.

"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."

  Ratings Assigned

  Blackwattle Series RMBS Trust 2021-1

  Class A1, A$255.00 million: AAA (sf)
  Class A2, A$18.90 million: AAA (sf)
  Class B, A$10.65 million: AA (sf)
  Class C, A$6.15 million: A (sf)
  Class D, A$4.05 million: BBB (sf)
  Class E, A$2.40 million: BB (sf)
  Class F, A$1.50 million: B (sf)
  Class G, A$1.35 million: Not rated


BRICOL BUILDING: Second Creditors' Meeting Set for May 14
---------------------------------------------------------
A second meeting of creditors in the proceedings of Bricol Building
Projects Pty Ltd has been set for May 14, 2021, at 11:00 a.m. via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 13, 2021, at 4:00 p.m.

Stephen Robert Dixon of Hamilton Murphy was appointed as
administrator of Bricol Building on April 9, 2021.


GREENSILL CAPITAL: Seeks to Hire Matthew Tocks as CRO
-----------------------------------------------------
Greensill Capital Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Matthew Tocks
as chief restructuring officer.

Mr. Tocks was the head of workouts and restructuring at Greensill
Capital and served in that role between September 2020 and April
2021.

Mr. Tocks' services include:

   a. directing the operation of the Debtor, including without
limitation, being designated as an authorized signatory for the
Debtor to execute all documents and agreements;

   b. reporting directly to the board of directors, attending
meetings of the board, and taking all actions related thereto;

   c. directing the preparation of financial information;

   d. assisting with short-term cash management procedures and
liquidity forecasting, including developing and maintaining the
Debtor's cash flow forecasts and budgets delivered to the lender
under the post-petition  debtor-in-possession financing
facilities;

   e. approving all material cash disbursements, in coordination
with the Debtor's obligations under the DIP facility;

   f. approving sales of assets in the ordinary course and
authorizing motions and applications for the sale of assets outside
of the ordinary course of business needing bankruptcy court
approval;

   g. overseeing the process governing the sale of the Debtor's
100% equity interest in Finacity Corporation;

   h. assisting the Debtor and its advisors with the due diligence
process for the Finacity sale and discussions with potential
bidders in connection therewith;

   i. assisting the Debtor and its advisors in seeking obtaining
court approval for the Finacity sale and closing such sale to the
successful bidder;

   j. managing the claims reconciliation process;

   k. attending hearings, meetings, and other events related to the
Chapter 11 case as the Debtor's representative;

   l. retaining or terminating employees, contractors and non-legal
professionals employed by the Debtor;

   m. directing the preparation of information, including any
reports and the schedules needed for the Chapter 11 case, and
having access to all of the Debtor's controlled materials necessary
for such preparation;

   n. participating in meetings with third parties and their
respective representatives on all material matters related to the
Debtor and the administration of the case;

   o. assisting in the administration of the Debtor's Chapter 11
case, including, but not limited to, developing and confirming a
Chapter 11 plan; and

   p. other restructuring services.

The firm will be paid as follows:

   a. Base Salary.  The CRO will receive a base salary of $250,000
per annum, paid monthly in arrears.

   b. Sale Payment.  In the event an eligible Finacity sale
transaction occurs during the term or within 18 months after the
term unless the term is terminated by the Debtor for cause or by
the CRO, the Debtor shall pay the CRO from the proceeds of the sale
closing, an amount  equal to (i) 3.0 percent of cash proceeds in
excess of $3.5 million until cash proceeds equal the aggregate
amount of (x) allowed administrative expenses and (y) allowed
claims of unsecured creditors, provided, however, that the "claims
threshold" shall not include any claims or interests of any
affiliates of the Debtor; plus (ii) 4.0 percent of cash proceeds in
excess of the claims threshold.  The Debtor's obligation to make
the sale payment is contingent upon and subject to the approval of
the court.

   c. Notice Pay. Following the termination of the CRO at the
conclusion of the term, if terminated by the Debtor without cause,
the CRO shall be entitled to receive an amount equal to $62,500, in
lieu of the three months' notice period as set forth in the
existing employment agreement.  The CRO will be paid in a lump sum
contingent upon, and pursuant to the Chapter 11 plan.

The CRO will also be reimbursed for out-of-pocket expenses
incurred.

As disclosed in court filings, Mr. Tocks is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

                      About Greensill Capital

Greensill is an independent financial services firm and principal
investor group based in the United Kingdom and Australia.  It
offers structures trade finance, working capital optimization,
specialty financing and contract monetization. Greensill Capital
Pty is the parent company for the Greensill Group.

Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021.  Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.

Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia.  Matt Byrnes, Phil Campbell-Wilson, and Michael McCann
of Grant Thornton Australia Ltd, were appointed as voluntary
administrators in Australia.

Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021.  Jill M. Frizzley,
director, signed the petition.  In the petition, the Debtor listed
assets of between $10 million and $50 million and liabilities of
between $50 million and $100 million. The case is handled by Judge
Michael E. Wiles.

The Debtor tapped Segal & Segal LLP as bankruptcy counsel, Mayer
Brown LLP as special counsel, and GLC Advisors & Co., LLC and GLCA
Securities, LLC as investment bankers and financial advisors.
Matthew Tocks is the chief restructuring officer.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on April 7, 2021. The committee is represented
by George P. Angelich, Esq.


GREENSILL CAPITAL: Seeks to Hire Mayer Brown as Special Counsel
---------------------------------------------------------------
Greensill Capital Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Mayer Brown,
LLP as special counsel.

The Debtor needs the firm's legal services in connection with its
ongoing efforts to sell 100 percent of its equity interests in
Finacity Corporation.

Mayer Brown will be paid at these rates:

     Partners         $865 to $1200 per hour
     Associates       $505 to $805 per hour
     Paralegals        $400 per hour

Prior to the petition date, the firm received from the Debtor a
retainer in the amount of $30,000.

The firm will also be reimbursed for out-of-pocket expenses
incurred.

Charles Regan, Jr., Esq., a partner at Mayer Brown, disclosed in a
court filing that his firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Charles F. Regan, Jr., Esq.
     Mayer Brown LLP
     71 South Wacker Drive
     Chicago, IL 60606
     Tel: (312) 701-7997/(312) 701 7329
     Email: cregan@mayerbrown.com

                      About Greensill Capital

Greensill is an independent financial services firm and principal
investor group based in the United Kingdom and Australia.  It
offers structures trade finance, working capital optimization,
specialty financing and contract monetization. Greensill Capital
Pty is the parent company for the Greensill Group.

Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021.  Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.

Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia.  Matt Byrnes, Phil Campbell-Wilson, and Michael McCann
of Grant Thornton Australia Ltd, were appointed as voluntary
administrators in Australia.

Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021.  Jill M. Frizzley,
director, signed the petition.  In the petition, the Debtor listed
assets of between $10 million and $50 million and liabilities of
between $50 million and $100 million. The case is handled by Judge
Michael E. Wiles.

The Debtor tapped Segal & Segal LLP as bankruptcy counsel, Mayer
Brown LLP as special counsel, and GLC Advisors & Co., LLC and GLCA
Securities, LLC as investment bankers and financial advisors.
Matthew Tocks is the chief restructuring officer.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on April 7, 2021. The committee is represented
by George P. Angelich, Esq.


GREENSILL CAPITAL: Seeks to Hire Togut Segal as Legal Counsel
-------------------------------------------------------------
Greensill Capital Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to employ Togut Segal &
Segal LLP as legal counsel.

The firm's services include:

   a. advising the Debtor regarding its powers and duties under the
Bankruptcy Code;

   b. preparing and filing legal papers;

   c. attending meetings and negotiating with representatives of
creditors and other parties-in-interest;

   d. preparing and filing the Debtor's schedules of assets and
liabilities and statement of financial affairs;

   e. seeking court approval for the retention of professionals
needed in the Debtor's Chapter 11 case;

   f. reconciling and, if appropriate, objecting to claims filed
against the Debtor in its bankruptcy case;

   g. effectuating the assumption, assignment and rejection, as
appropriate, of executory contracts and unexpired leases;

   h. negotiating, consummating, and seeking court approval of the
transaction involving the sale of the Debtor's 100% equity interest
in Finacity Corporation;

   i. negotiating a Chapter 11 plan and seeking confirmation of the
plan;

   j. appearing before the bankruptcy court and any appellate
courts in connection with restructuring matters;

   k. responding to inquiries and calls from creditors and their
legal counsel; and

   l. other legal services necessary to administer the case.

Togut Segal & Segal will be paid at hourly rates ranging from $890
to $1,270 for partners, $795 to $975 for counsel, $435 to $830 for
associates, and $195 to $400 for paralegals and law clerks.  The
firm will also be reimbursed for out-of-pocket expenses incurred.

The retainer fee is $200,000.

Kyle Ortiz, Esq., a partner at Togut Segal & Segal, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached at:

     Kyle J. Ortiz, Esq.
     Togut Segal & Segal LLP
     One Penn Plaza
     New York, NY 10119
     Tel: (212) 594-5000

                      About Greensill Capital

Greensill is an independent financial services firm and principal
investor group based in the United Kingdom and Australia.  It
offers structures trade finance, working capital optimization,
specialty financing and contract monetization. Greensill Capital
Pty is the parent company for the Greensill Group.

Greensill began to unravel in March 2021 when its main insurer
stopped providing credit insurance on US$4.1 billion of debt in
portfolios it had created for clients including Swiss bank Credit
Suisse.

Greensill Capital (UK) Limited and Greensill Capital Management
Company (UK) Limited filed for insolvency in Britain on March 8,
2021.  Matthew James Byrnes, Philip Campbell-Wilson and Michael
McCann of Grant Thornton were appointed as administrators.

Greensill Capital Pty Ltd. filed insolvency proceedings in
Australia.  Matt Byrnes, Phil Campbell-Wilson, and Michael McCann
of Grant Thornton Australia Ltd, were appointed as voluntary
administrators in Australia.

Greensill Capital Inc. filed for Chapter 11 bankruptcy (Bankr.
S.D.N.Y. Case No. 21-10561) on March 25, 2021.  Jill M. Frizzley,
director, signed the petition.  In the petition, the Debtor listed
assets of between $10 million and $50 million and liabilities of
between $50 million and $100 million. The case is handled by Judge
Michael E. Wiles.

The Debtor tapped Segal & Segal LLP as bankruptcy counsel, Mayer
Brown LLP as special counsel, and GLC Advisors & Co., LLC and GLCA
Securities, LLC as investment bankers and financial advisors.
Matthew Tocks is the chief restructuring officer.

The U.S. Trustee for Region 2 appointed an official committee of
unsecured creditors on April 7, 2021. The committee is represented
by George P. Angelich, Esq.


INFRABUILD AUSTRALIA: Moody's Cuts CFR to B2, Alters Outlook to Neg
-------------------------------------------------------------------
Moody's Investors Service has downgraded the corporate family
rating and backed senior secured notes rating of InfraBuild
Australia Pty Ltd to B2 from B1. The outlook has been changed to
negative from review for downgrade.

The downgrade concludes Moody's review for downgrade on
InfraBuild's ratings initiated on March 11, 2021, when InfraBuild's
ratings were downgraded by one notch and kept under review for
further downgrade.

"The rating downgrade and negative outlook reflect our view that,
while InfraBuild's operating performance is currently strong, the
potential for contagion risk from the financial difficulties facing
the GFG Alliance have weakened InfraBuild's overall credit
profile," says Matthew Moore, a Moody's Senior Vice President.
"Additionally, we anticipate that liquidity, while adequate, will
reduce on increased working capital usage and could also be
affected if ongoing supplier relationships and payment terms
weaken," adds Moore.

RATINGS RATIONALE

The downgrade and negative outlook reflect Moody's ongoing concerns
around the potential contagion risks from funding issues facing the
GFG Alliance (GFG), which ultimately wholly owns InfraBuild.
Moody's has limited visibility into the overall financial strength
of the GFG group of companies, but the rating agency understands
that GFG has significant refinancing requirements following the
collapse of Greensill Capital. While InfraBuild did not have any
financing arrangements in place with Greensill, Moody's expects
that the financial difficulties facing the broader GFG Group are
contributing to a further weakening of InfraBuild's already reduced
liquidity buffer. Moody's classifies the risks from InfraBuild's
concentrated ownership as governance risk under its General
Principles for Assessing Environmental, Social and Governance Risks
Methodology.

Moody's currently considers InfraBuild's liquidity profile as
adequate, benefitting from cash in excess of AUD200 million and
availability under its credit facilities of around AUD140 million
as at December 2020. However, Moody's expects that liquidity has
deteriorated since December 2020 as working capital outflows have
increased and the company essentially exhausted its AUD35 million
restricted payments carveout in its financing documents to
distribute cash earlier in the second half of the fiscal year ended
June 2021 (fiscal 2021). While Moody's had expected increased
working capital outflows, reflecting typical seasonality and the
strong pricing environment for raw materials and finished goods,
the agency also expects that InfraBuild has seen some tightening in
supplier terms relating to concerns around its owner's financial
strength.

Liquidity should start to improve throughout fiscal 2022, as the
company improves its working capital position and cash flow from
previous higher price sales are collected, but Moody's believes
that the current weakening in InfraBuild's liquidity profile
provides for a limited buffer to withstand any further material
negative movements over the next three to six months. The company
has a track record in implementing initiatives to improve its
liquidity profile and to reduce cash outflows and Moody's
understands the company is currently implementing additional levers
to preserve liquidity.

InfraBuild's AUD250 million ABL facility, which it relies on for
intra-period working capital funding, will expire in October 2022.
Moody's expects InfraBuild to look to refinance this facility in a
timely manner. If InfraBuild is unable to complete a refinancing at
least twelve months prior to maturity this would lead to further
downward pressure on its ratings.

Moody's believes that the terms in InfraBuild's financing
arrangements will limit the amount of additional cash flow leakage
to its owner in the near term. However, as operating performance
continues to improve InfraBuild's ability to make restricted
payments will increase and could lead to additional distributions
in the future, as permitted under its financing arrangements.
Additional distributions prior to substantial improvements in
InfraBuild's liquidity buffer could further pressure ratings.

The ratings remain supported by InfraBuild's strong operating
performance and the current solid steel demand and pricing in
Australia. Operationally the company's credit and business profiles
have been improving and Moody's expects volume and revenue growth
in the mid to high single digits with EBITDA likely to increase by
over 30% in fiscal 2021. This improved operating performance should
drive strengthening across all credit metrics, including
Debt/EBITDA falling to around 2.50-2.75x and EBIT/Interest
increasing to around 2.0x. Given the solid demand environment,
Moody's expect that this improved operating performance will
continue into fiscal 2022.

InfraBuild's credit profile also benefits from its strong market
position in steel long products in Australia and a vertically
integrated business model with a flexible operating profile. The
company's successful cost reduction initiatives and Moody's
expectation that governments will look to use infrastructure
spending as a tool to aid economic recovery provide further
support.

Moody's understands that GFG has potentially secured funding to
refinance debt at InfraBuild's related party, Liberty Primary
Metals Australia (LPMA), which if executed should reduce the risk
of potential disruptions to InfraBuild's billet and hot rolled
structural steel supply. LPMA owns the Whyalla steelworks in South
Australia, which supplies around 30% of InfraBuild's billet
requirements. LPMA is facing wind up proceedings in Australia,
which had increased Moody's concerns around the security of supply
of InfraBuild's raw material and finished goods requirements. A
successful refinancing at this entity would significantly reduce
these concerns and the rating agency will continue to monitor the
progress around the refinancing being executed.

Greensill's registration of a security interest in the shares of
Liberty Holdings Australia Ltd and Liberty InfraBuild Ltd, the
direct parent of the issuer, increases uncertainty around the
potential for a change of control event to occur. However, Moody's
currently views the risk of a change of control occurring, without
adequate agreements with creditors and/or refinancing in place, as
low.

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

Given the current negative outlook and the uncertainty surrounding
the potential contagion risks from the financial difficulties
facing its ultimate parent, a ratings upgrade is unlikely.

However, the rating could be stabilized if the company is able to
improve its liquidity buffer. Further upward rating movement would
require greater clarity around the ultimate impact of its GFG's
financial issues on InfraBuild. To stabilize the ratings, Moody's
would also expect InfraBuild to sustain debt/EBITDA less than 4.5x
and EBIT/interest above 1.5x.

The ratings would likely be downgraded if InfraBuild's liquidity
profile weakens further or the issues facing GFG start to impact
more meaningfully on its business and financial profile. The
ratings could also be downgraded if market conditions deteriorate
significantly and/or InfraBuild is unable to sustain Debt/EBITDA
below 4.5x and EBIT interest coverage above 1.5x.

A ratings downgrade is also likely if the company is unable to
refinance its current credit facilities on similar terms at least
twelve months prior to the ABL maturing in October 2022.

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

BACKGROUND

InfraBuild Australia Pty Ltd is Australia's largest and only
vertically integrated EAF manufacturer and supplier of steel long
products. The company supplies around 2.2 million tonnes per annum
of steel long products to over 15,000 active customers in
Australia. The company's integrated operations reflect its position
as the second largest ferrous and non-ferrous recycling business in
Australia by volume and its large distribution network.

InfraBuild is a private company, and is ultimately owned by GFG
Alliance, a United Kingdom based international industrial, energy,
natural resources and financial services group.

INTRACON PTY: Second Creditors' Meeting Set for May 14
------------------------------------------------------
A second meeting of creditors in the proceedings of Intracon Pty
Ltd has been set for May 14, 2021, at 3:00 p.m. via a Zoom meeting
at the office of GS Andrews Advisory, 22 Drummond Street, in
Carlton, Victoria.

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 13, 2021, at 4:00 p.m.

Gregory Stuart Andrews of G S Andrews Advisory was appointed as
administrator of Intracon Pty on April 9, 2021.


NATIONAL RMBS 2018-1: Moody's Raises Cl. E Notes Rating From Ba1
----------------------------------------------------------------
Moody's Investors Service has upgraded the ratings on three classes
of notes issued by National RMBS Trust 2018-1.

Issuer: National RMBS Trust 2018-1

Class C Notes, Upgraded to Aa2 (sf); previously on Nov 8, 2019
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to A2 (sf); previously on Jan 10, 2019
Upgraded to Baa1 (sf)

Class E Notes, Upgraded to Baa2 (sf); previously on Jan 10, 2019
Upgraded to Ba1 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in the credit enhancement
available to the affected notes and the good collateral performance
to date.

Following the April 2021 payment date, note subordination available
for the Class C Notes has increased to 3.2% from 2.1% at the time
of the last rating action for these notes in November 2019. Note
subordination for the Class D and Class E Notes has increased to
1.6% and 0.7%, respectively from 0.9% and 0.4% at the time of the
last rating action for these notes in January 2019.

The deal has also been performing well. As of the end of March
2021, 1.9% of the outstanding pool was 30-plus day delinquent, and
1.0% was 90-plus day delinquent. No loans were under
COVID-19-related hardship payment arrangements. The deal has
incurred no losses to date.

Based on the observed performance to date, loan attributes, and
considering the gradual and uneven economic recovery, Moody's
expected loss assumption is 0.4% as a percentage of the outstanding
pool.

Moody's has maintained its MILAN CE assumption at 4.0%, based on
the current portfolio characteristics.

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

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

The transaction is an Australian prime RMBS originated and serviced
by National Australia Bank Limited (Aa3/P-1/Aa2(cr)/P-1(cr)).

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

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

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

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


NOVOQ AUSTRALIA: Second Creditors' Meeting Set for May 18
---------------------------------------------------------
A second meeting of creditors in the proceedings of Novoq Australia
Pty. Ltd. ATF Novoq Australia Unit Trust has been set for May 18,
2021, at 10:30 a.m. via teleconference.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by May 17, 2021, at 4:00 p.m.

Glenn Jeffrey Franklin and Paul Anthony Allen of PKF Melbourne were
appointed as administrators of Novoq Australia on April 13, 2021.


SPI ENERGY: Posts $6.5 Million Net Loss in 2020
-----------------------------------------------
SPI Energy Co., Ltd. filed with the Securities and Exchange
Commission its Annual Report on Form 20-F disclosing a net loss
attributable to shareholders of the company of $6.52 million on
$138.63 million of net sales for the year ended Dec. 31, 2020,
compared to a net loss attributable to shareholders of the company
of $15.26 million on $97.88 million of net sales for the year ended
Dec. 31, 2019.

As of Dec. 31, 2020, the Company had $217.03 million in total
assets, $168.65 million in total liabilities, and $48.38 million in
total equity.

As of Dec. 31, 2020, the Group had a working capital deficit of
$72,245,000 and the cash flow used in the operation activities for
the year ended Dec. 31, 2020 was $5,650,000. The Group's operating
results for future periods are subject to numerous uncertainties
and it is uncertain if the Group will be able to reduce or
eliminate its net losses for the foreseeable future. If management
is not able to increase revenue and/or manage operating expenses in
line with revenue forecasts, the Group may not be able to achieve
profitability.

For the next 12 months from the issuance date of this report, the
Group plans to continue implementing various measures to boost
revenue and control the cost and expenses within an acceptable
level. Such measures include: (1) negotiate with potential buyers
on PV solar systems; (2) negotiate for postponing of convertible
bond payments; (3) closely monitor the Group's capital spending
level; (4) strictly control and reduce business, marketing and
advertising expenses in United States and Australia; (5) lower the
remuneration of the Group's management team; and (6) seek for
certain credit facilities. Given the significant increase in net
sales and the considerable amount of cash raised from convertible
bond and direct offering in 2021, the Group assesses current
working capital is sufficient to meet its obligations for the next
12 months from the issuance date of this report.

A full-text copy of the Form 20-F is available for free at:

                      https://bit.ly/33BVtuI

                    About SPI Energy Co., Ltd.

SPI Energy Co., Ltd. (SPI) is a global renewable energy company and
provider of solar storage and electric vehicle (EV) solutions for
business, residential, government, logistics and utility customers
and investors. The Company provides a full spectrum of EPC services
to third-party project developers, as well as develops, owns and
operates solar projects that sell electricity to the grid in
multiple countries, including the U.S., the U.K., Greece, Japan and
Italy. The Company has its US headquarters in Santa Clara,
California and maintains global operations in Asia, Europe, North
America and Australia. SPI is also targeting strategic investment
opportunities in green industries such as battery storage and
charging stations, leveraging the Company's expertise and growing
base of cash flow from solar projects and funding development of
projects in agriculture and other markets with significant growth
potential.

SPI Energy reported a net loss attributable to shareholders of the
Company of $12.28 million for the year ended Dec. 31, 2018, a net
loss attributable to shareholders of the company of $91.08 million
for the year ended Dec. 31, 2017, and a net loss attributable to
shareholders of the company of $220.69 million for the year ended
Dec. 31, 2016.


VEEVE BUYING: First Creditors' Meeting Set for May 19
-----------------------------------------------------
A first meeting of the creditors in the proceedings of Veeve Buying
Group Pty Ltd and Veeve Energy Pty Ltd will be held on May 19,
2021, at 10:00 a.m. and 11:00 a.m. via virtual meeting technology.

Stephen Robert Dixon of Hamilton Murphy Advisory was appointed as
administrators of Veeve Buying on May 7, 2021.




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

BEIJING HONGKUN: Fitch Alters Outlook on 'B' IDR to Negative
------------------------------------------------------------
Fitch Ratings has revised the rating Outlook on China-based
homebuilder Beijing Hongkun Weiye Real Estate Development Co., Ltd.
(Hongkun) to Negative from Stable, and affirmed the Long-Term
Foreign-Currency Issuer Default Rating (IDR) at 'B'. The agency has
also affirmed the senior unsecured rating for Hongkun and
subsidiary Hongkong Ideal Investment Limited and the ratings of all
its outstanding bonds at 'B' with a Recovery Rating of 'RR4'.

The Outlook revision reflects the company's increased refinancing
risks amid a challenging funding environment, especially in
refinancing its unsecured onshore and offshore bonds maturing this
year. The revision also reflects its increase in leverage -
measured by net debt to adjusted inventory - to 59.6% in 2020 from
53.6% in 2019, as a result of a decrease in cash collection.

Hongkun's profitability declined in 2020 due to the delivery of
projects with higher land costs. Its EBITDA margin, excluding
capitalised interest, narrowed to 26% in 2020 from 39% in 2019.
Fitch expects its EBITDA margin to recover to 30% from 2021, as it
starts delivering projects that carry a lower land cost.

KEY RATING DRIVERS

Refinancing Risk: Hongkun has CNY2.8 billion in onshore bonds that
are due or puttable in 2H21. Fitch believes it can refinance the
CNY1.3 billion in onshore bonds due July 2021, as they are secured
against an investment property. It has CNY1.2 billion and CNY0.3
billion in bonds maturing and puttable, respectively, in October
and November 2021. Investors may not exercise the put option, but
the challenging capital-market environment may limit access,
raising refinancing risks. Hongkun also has a USD205 million note
puttable in October 2021.

Concentrated Debt Maturities: Hongkun had CNY5.5 billion in
short-term maturities at end-2020. Fitch believes Hongkun can
extend its bank loan maturities, as they are usually development
loans secured to projects. However, if capital market access
continues to be limited, Hongkun will need to utilise its cash
balance of CNY2.8 billion at end-2020 and cash collection to pay
the remaining debt maturities, including bonds and trust loans.
This could decrease the company's ability to replenish land and
sustain sales.

The final maturity dates of the onshore and offshore bonds puttable
in 2021 are in 2023 and 2022, respectively. Therefore, Hongkun may
also face significant refinancing risks in 2022, unless it is able
to raise long-dated funding to refinance its bond maturities amid a
challenging credit environment.

Rise in Leverage: Hongkun's higher leverage in 2020 was due to
lower cash collection caused by slower loan approvals as the Bohai
Rim was affected by the pandemic. Hongkun continued to reduce cash
outflow, using only 9% of its contracted sales to buy land in 2020.
Hongkun plans to normalise land replenishment in 2021. Fitch
forecasts Hongkun's leverage will drop to below 55% by 2021 on
improved cash collection, disciplined land acquisitions and
moderate contracted sales growth.

Land Bank Concentration: Hongkun is more exposed to policy risk
than geographically diversified peers. It faces stringent and tight
home-purchase restrictions across the Beijing region. It started
buying land in Bohai Rim cities - Beijing, Tianjin and Hebei - from
2012, establishing a strong record and customer relationships. As a
result, the area contributed around 80% of 2020 contracted sales.
The rest were from other regions, including Guangdong (Foshan) and
central China (Anhui, Hubei). Fitch expects a similar land-bank
distribution in the next two years.

Healthy Margins: Fitch expects Hongkun to maintain its EBITDA
margin (excluding capitalised interest) at around 30% in 2021-2022,
although it fell to 26% in 2020. The high margins can help improve
its liquidity position. Beijing accounted for 21% of Hongkun's land
bank and Tier 2 cities made up another 34%. The average cost of its
land reserves was low at CNY2,007 per sq m, or 15% of its average
selling price, at end-2020. The company has been prudent in
expanding contracted sales and land acquisitions.

Weaker Oversight: Hongkun is not a listed company. Fitch believes
limited regulatory oversight and only one independent board
director weaken creditor protection. Its only regulatory oversight
is through the two stock exchanges, where Hongkun's domestic bonds
are traded, and the Hong Kong Exchanges and Clearing, where the US
dollar bonds are traded. Creditors are protected by the terms of
Hongkun's borrowings, including the covenants, with domestic or
offshore bond issuance as the source of investors' financial
reports.

Parent Hongkun Group does not have any material investments other
than its Hongkun ownership. However, Hongkun's ratings may come
under pressure if it is required to support its parent's other
investments. Fitch believes corporate governance does not constrain
the ratings on Hongkun, but any material weakening of the strength
of its debt covenants or any gaps in its corporate governance could
place constraints on its rating.

ESG - Financial Transparency and Governance: Hongkun has an ESG
Relevance Score of '4' for Financial Transparency and Governance
Structure, as it is not a listed company and full financial
information is not widely available, although bondholders of its US
dollar and domestic bonds receive full financial information.
Hongkun has appointed one independent director on the board and
ownership is concentrated. These factors constrain the rating.

DERIVATION SUMMARY

Hongkun's attributable sales of CNY14 billion in 2020 is smaller
than Modern Land (China) Co., Limited's (B/Stable) CNY22 billion
and Jiayuan International Group Limited's (B/Positive) CNY23
billion. Hongkun's land quality in Tier 1 and 2 cities is stronger
than that of some 'B' rated peers, but the limited geographical
diversification of the land constrains its rating.

Hongkun's 2020 EBITDA margin, excluding capitalised interest, of
26% is higher than Modern Land's as its lower land cost supports
its margin. Its 2020 leverage ratio of 59.6% is at the high end of
that of 'B' rated peers. Hongkun's available cash to short term
debt of 44% in 2020 is weaker than that of 'B' category peers,
although it has improved to 66% in 3M21.

Hongkun has larger attributable sales compared with 'B-' rated
peers Guorui Properties Limited (B-/Negative) and Skyfame Realty
(Holdings) Limited (B-/Stable). Hongkun's leverage is similar to
that of both Guorui and Skyfame. Hongkun has stronger profitability
than Guorui. All three companies have significant capital-market
maturities in 2021.

KEY ASSUMPTIONS

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

-- Attributable contracted sales to increase by 10% yoy in 2021
    and by 5% in 2022 and 2023;

-- EBITDA margin to stay at around 30% in 2021-2023;

-- Land-bank life to stay at around three years in 2021-2023
    (2020: 2.8 years);

-- Land purchase cost at below 30% of contracted sales in 2021
    2023 (2020: 9%);

-- Construction cash outflow of below 45% of contracted sales in
    2021-2023 (2020: 33%).

KEY RECOVERY RATING ASSUMPTIONS

-- The recovery analysis assumes that Hongkun would be liquidated
    in a bankruptcy rather than reorganised as a going-concern
    because it is an asset-trading company.

-- Fitch assumes a 10% administrative claim.

Liquidation Approach:

-- The liquidation estimate reflects Fitch's view of the value of
    balance-sheet assets that can be realised in a sale or
    liquidation process conducted during a bankruptcy or
    insolvency proceeding and distributed to creditors;

-- Cash balance is adjusted such that only cash in excess of the
    higher of accounts payable and three months of contracted
    sales is factored in;

-- Advance rate of 75% is applied to adjusted inventory, as
    Hongkun has an EBITDA margin of above 25%;

-- Property, plant and equipment advance rate at 60%;

-- Investment property advance rate at 40%;

-- 70% advance rate applied to accounts receivable;

-- Advance rate of 100% applied to restricted cash, which is
    mainly guarantee deposits for construction and buyers'
    mortgages for pre-sold properties.

Fitch estimates the recovery rate for the offshore senior unsecured
debt to be within the 'RR4' Recovery Rating range, based on Fitch's
calculation of adjusted liquidation value after administrative
claims. The allocation of value in the liability waterfall results
in a recovery corresponding to 'RR1' for the offshore senior notes,
but the recovery is capped at 'RR4', according to Fitch's
Country-Specific Treatment of Recovery Ratings Criteria. This is
because China falls into Group D of creditor friendliness, and the
Recovery Ratings on instruments of issuers with assets in this
group are subject to a cap of 'RR4'.

RATING SENSITIVITIES

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

-- The Outlook may be revised to Stable if the negative
    guidelines are not met.

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

-- Failure to address upcoming capital-market debt maturities
    through refinancing with long-term capital and/or asset sales;

-- Deterioration in the debt maturity profile and access to
    funding;

-- Leverage, measured by net debt/adjusted inventory, sustained
    above 55%.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Tight Liquidity: Hongkun had cash and cash equivalents of CNY2.8
billion as of end-2020, of which CNY2.4 billion was available cash,
insufficient to cover the CNY5.5 billion of debt that will mature
in the coming 12 months (short-term debt includes the CNY0.3
billion onshore bond puttable in 2021 and USD 205 million offshore
bond puttable in 2021).

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY20 billion in adjusted inventory at
end-2020 includes properties under development, completed
properties held for sale, land-use rights, prepayments for the
acquisition of land-use rights, buildings, properties under
construction, investment properties, amounts due from
non-controlling interests as well as investment in and amounts due
from joint ventures and associates. Customer deposits, amounts due
to non-controlling interests and amounts due to joint ventures and
associates are deducted from the summation of items mentioned
previously. Fitch has adjusted the value of investment properties
based on the higher of 4% rental yield or cost.

ESG CONSIDERATIONS

Hongkun has an ESG Relevance Score of '4' for Financial
Transparency and Governance Structure as its ownership is
concentrated on one individual, and it has only one independent
director on its board. These factors have a negative impact on the
credit profile and are relevant to the ratings in conjunction with
other factors.

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


POWERLONG REAL: Moody's Rates New Senior Unsecured USD Notes 'B2'
-----------------------------------------------------------------
Moody's Investors Service has assigned a B2 senior unsecured rating
to Powerlong Real Estate Holdings Limited's (B1 positive) proposed
senior unsecured USD notes.

Powerlong plans to use the proceeds from the proposed notes to
refinance its offshore debt.

RATINGS RATIONALE

"Powerlong's B1 corporate family rating (CFR) reflects the
company's strong sales execution and long track record of
successfully developing and selling commercial and residential
properties in its key markets in China; low-cost land bank, which
underpins its profitability; growing nondevelopment income, which
improves the stability of its debt servicing; and good liquidity,"
says Cedric Lai, a Moody's Vice President and Senior Analyst.

"However, its credit profile is constrained by the company's
moderate geographic concentration, the execution risks associated
with its business expansion, the high level of capital demand
associated with its business strategy and its moderate debt
leverage," adds Lai.

The proposed issuance will improve Powerlong's liquidity and debt
maturity profile without materially affecting its credit metrics,
because the company will use the proceeds to refinance its existing
debt.

Moody's expects Powerlong's debt leverage — as measured by
revenue/adjusted debt — will improve to 55%-65% over the next
12-18 months from 51% in 2020, supported by revenue growth from
solid contracted sales in the past 1-2 years and controlled debt
increases. Similarly, Moody's expects the company's adjusted
EBIT/interest will rise to 3.0x-3.5x from about 3.1x over the same
period.

The company's total contracted sales grew 35% to RMB81.6 billion in
the 2020. Moody's expects its contracted sales to grow to
RMB90-RMB95 billion in 2021, supported by solid sales execution and
good-quality land bank in the Yangtze River Delta region.

Strong contracted sales will support Powerlong's future revenue
recognition and liquidity.

Powerlong's rental income will also grow 25% to around RMB1.9
billion in 2021 from RMB1.6 billion in 2020, underpinned by the
scheduled opening of its new retail malls. This growing rental
income will strengthen Powerlong's stable cash flow and
debt-servicing obligations. The company opened nine retail malls in
2020 and plans to open 13 more malls in 2021.

The B2 senior unsecured debt rating is one notch lower than
Powerlong's CFR due to structural subordination risk. This risk
reflects the fact that the majority of claims are at the operating
subsidiaries and have priority over Powerlong's senior unsecured
claims 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.

Powerlong's liquidity is good. Its total cash holdings of RMB28.3
billion at the end of 2020 could cover 1.4x of its RMB20.9 billion
short-term debt as of the same date. Moody's expects the company's
cash holdings, together with expected operating cash flow, will be
able to cover its committed land purchases, dividend payments,
capital spending and payables for its previous acquisitions over
the next 12-18 months.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership in its
controlling shareholders, Hoi Kin Hong and Hoi Wa Fong, who held a
59% stake in the company as of December 31, 2020.

Moody's has also considered (1) the oversight of the company's
special committees, of which its audit and remuneration committees
are chaired by two independent nonexecutive directors; (2)
Powerlong's stable dividend payout ratio of below 40% over the past
three years; and (3) the application of the Listing Rules of the
Hong Kong Stock Exchange and the Securities and Futures Commission
Ordinance in Hong Kong to oversee related-party transactions.

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

The positive rating outlook reflects Moody's expectations that
Powerlong's credit metrics will improve over the next 12-18 months,
driven by strong revenue recognition and good profit margins. It
also reflects Moody's expectation that Powerlong's growing
investment property portfolio will strengthen its recurring rental
income, which in turn will support cash flow stability and
profitability.

Moody's could upgrade the ratings if Powerlong (1) continues to
grow in scale while maintaining adequate liquidity and sound credit
metrics; and (2) improves its debt leverage to a level that matches
its business model of holding investment properties.

Credit metrics indicative of an upgrade include: (1) adjusted
EBIT/interest rising above 3.0x; and (2) revenue/adjusted debt in
excess of 60%-65%.

A downgrade of the rating is unlikely, given the positive outlook.
However, Moody's could revise Powerlong's outlook to stable if the
company's sales weaken or if it pursues a more aggressive expansion
strategy that weakens its credit metrics. Credit metrics indicative
of an outlook change include: (1) adjusted EBIT/interest falling
below 2.5x; and (2) revenue/adjusted debt failing to trend toward
55%.

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

Powerlong Real Estate Holdings Limited is a Chinese property
developer focused on building large-scale integrated residential
and commercial properties in China. The company, which is 59% owned
by the founding Hoi family as of December 31, 2020, listed on the
Hong Kong Exchange in October 2009.

As of December 31, 2020, Powerlong's land bank for development
totaled around 36.5 million square meters in gross floor area under
development and for future development.


SICHUAN LANGUANG: S&P Alters Outlook on 'B+' ICR to Negative
------------------------------------------------------------
S&P Global Ratings, on May 6, 2021, revised its outlook on
China-based property developer Sichuan Languang Development Co.
Ltd. (Languang) to negative from stable. At the same time, S&P
affirmed its 'B+' long-term issuer credit rating on the company and
its 'B' long-term issue rating on the company's outstanding senior
unsecured notes.

S&P said, "The negative outlook reflects Languang's tighter funding
access, as well as our view that its leverage might deteriorate
over the next 12 months given a drop in property deliveries and
margin erosion. This is because it will prioritize managing its
short-term debt at the expense of cutting land and other
expenditures.

"We revised the outlook to negative because we see higher risk
associated with Languang's strategic shift to development projects
in higher-tier cities. We believe this could cause more severe
margin erosion as well as some issues for funding. Its capital
structure is weakening, with an increased use of shorter-dated and
more expensive alternative nonbank financing to support the
strategic shift to higher tier cities. Due to cash receipts from
projects in higher-tier cities being more stringently held at
project companies for construction loan repayments, Languang is
being pushed to use more alternative financing for land and
construction spending. As a relatively new player in higher tier
cities, Languang's access to bank financing in these markets might
lag well-established players.

"We affirmed the rating because we believe Languang has the ability
to repay its upcoming maturities despite market volatilities
potentially preventing refinancing."

Languang's increasing use of nonbank financing will weaken its
capital structure and lower its interest servicing ability.

S&P said, "We view Languang's capital structure as deteriorating
due to the increasing exposure to nonbank financing. Normally, this
type of financing can be refinanced by rolling over the debt with a
new project or replacing it with traditional bank loans at a later
stage of development. However, policy changes and market sentiment
over Languang will make refinancing more uncertain. If Languang
cannot refinance smoothly, the company will need to repay partly or
even fully such maturities with internal resources, adding pressure
to its liquidity profile.

"We estimate Languang's nonbank financing to have increased to over
Chinese renminbi (RMB) 22 billion from RMB16 billion in 2019,
contributing to half of its increased debt in 2020." In comparison,
its bank financing (typically development loans) only increased
moderately. The nonbank financing carries a cost of 8%-13% a year
and is also short-dated with over RMB12 billion due within one
year. As a result, Languang's EBITDA interest coverage dropped to
1.5x in 2020 from 1.8x in 2019.

Domestic and offshore bond maturities remain manageable, supported
by the disposal of Languang Justbon. Including puttable dates,
Languang faces a total of RMB5.3 billion in domestic bond
maturities in the remainder of 2021. However, S&P believes the
company has the ability to manage the maturities through
refinancing and repaying via internal resources. Apart from its
cash position of RMB29.7 billion as of end 2020, Languang also
further brought in liquidity of RMB4.9 billion through the sale of
Languang Justbon in April 2021. In addition, management is also in
the process of selling some stakes in projects to further boost its
liquidity position.

Languang has fully repaid its bonds due between January and April
2021, including its US$550 million offshore senior notes and a
total of RMB2.8 billion in domestic bonds. That said, Languang
still has US$750 million in U.S. dollar notes maturing in the first
half of 2022, and the company will need to devise further plans,
especially if the offshore financing situation does not improve.
Its U.S. dollar bonds are currently trading at only about 60%-75%
to par, which impacts its access to the offshore bond market.

S&P said, "Languang's shift to higher tier cities will cause
further margin erosion, in our view. We believe this strategic
change is aimed at steering away from more volatile and potentially
weaker property demand in lower-tier cities, where Languang's
sell-through rate has been lower. As a result, Languang is
targeting more projects in the Yangtze River Delta (YRD) region,
where property demand is more resilient. Thirty-eight percent of
new projects acquired last year were in the YRD region, with
average land price per square meter (sqm) of newly acquired land
jumping to RMB5,800, compared with previous land cost averaging
RMB3,700 per sqm.

"Hence, we also expect Languang's margins to slide to 18%-19% in
2021 and 2022 from 22.6% in 2020 due to price restrictions in the
YRD and higher tier cities. We also expect Languang will provide
discounts to boost the sales of some existing, slow-moving
inventory such as projects in very small cities and also carpark
spaces as well as ground floor shops for sale. These discounts will
add to the margin drag.

"We expect Languang's leverage to edge up despite likely cuts in
spending. Restoring market confidence will likely be a priority for
Languang in 2021. We therefore expect the company to cut land
spending and very likely construction spending to conserve
resources for capital market repayments. We estimate the company
will trim land spending to RMB23 billion-RMB24 billion on an
attributable basis, versus RMB30 billion in 2020. Also, the
attributable ratio of its sales will likely decrease to around
60%-65% in 2021 from 70%, with the company using more joint
ventures for expansion given the funding limitations."

As of end 2020, Languang had only RMB280 billion in saleable
resources, enough for only two to 2.5 years of development for its
scale. Excluding slow-moving and low-margin inventory, such as
carpark spaces and ground floor shops, such sufficiency could be
close to two years, in our view.

S&P said, "As a result, we expect Languang's leverage, as measured
by debt to EBITDA, will rise to 7.0x-7.5x in 2021, compared with
6.5x in 2020. Apart from lower margins, leverage deterioration also
considers the potential delay in construction progress given the
priority for debt repayment.

"The negative outlook reflects Languang's tighter funding access,
as well as our view that its leverage will likely deteriorate over
the next 12 months. This stems from slower property deliveries and
margin erosion from a cut in land and construction spending in
order to prioritize the repayment of upcoming maturities,
particularly nonbank trust financing and capital market debt
securities.

"We could downgrade Languang if the company's funding access in
both onshore and offshore continues to be restricted such that it
cannot refinance the majority of its maturities and use its
internal resources to repay debt. An indication of this would be
its cash level falling faster than expected due to continuous debt
repayments, and its liquidity sources over uses falling below
1.2x.

"We could also downgrade the company if the company's debt to
EBITDA rose to above 7.0x due to worse-than-expected margin erosion
and a drop in property deliveries.

"We may revise the outlook to stable if Languang can fully restore
market confidence and issue onshore and offshore securities to
refinance its upcoming maturities. As a result, its spending in
land acquisition and properties construction spending will return
to regular levels. We would also expect its liquidity uses over
sources to stay continuously above 1.2x with any drop in cash
level; and for debt to EBITDA to trend back below 7.0x."

Languang is a midsize developer based in Sichuan province. The
company achieved RMB103.5 billion in total contracted sales in
2020. Languang has expanded its operations nationwide in the past
few years, namely in the central and eastern China regions. Its
2020 contracted sales came from Chengdu region (15%), Yunan and
Kunming region (13%), Hua Zhong and Hua Dong region (50%), Hua Bei
region (11%), and Hua Nan region (11%).

Languang has been listed on the Shanghai Stock Exchange since 2015.
Languang's founder, together with affiliates, holds 59% of the
total shareholding, with the remainder held by public investors.


TD HOLDINGS: Siyuan Zhu Quits as Director, Audit Committee Chair
----------------------------------------------------------------
Ms. Siyuan Zhu resigned from her position as a director of TD
Holdings, Inc.'s board of directors and chairwoman of the audit
committee effective April 27, 2021.  Ms. Zhu's resignation is not
as a result of any disagreement with the company relating to its
operations, policies or practices.

                  Appointment of Heung Ming Wong

Effective April 27, 2021, the Board appointed Mr. Heung Ming
(Henry) Wong as a director of the Board and chairman of the Audit
Committee to fill the vacancy created by the resignation of Ms.
Siyuan Zhu.

Mr. Henry Heung Ming Wong, aged 51, was the independent
non-executive director of Shifang Holding Limited (stock code:
1831) and Raffles Interiors Limited (stock code: 1376) since 8
November 2010 and 30 March 2020 respectively.  Both companies
listed on the Hong Kong Main Board of the Stock Exchange.  Mr. Wong
has more than 27 years of experience in finance, accounting,
internal controls and corporate governance in the United States,
Singapore, China and Hong Kong.  Prior to that, Mr. Wong was the
CFO of a Nasdaq listed Company, Meten EdtechX Group Ltd (stock
ticker: METX) from June 2020 to March 2021.  Mr. Wong was also the
CFO and senior finance executives of various company including
being the CFO of the Frontier Services Group Limited, a company
listed on the Main Board of the Stock Exchange (stock code: 0500)
and the CFO of Beijing Oriental Yuhong Waterproof Technology Co.,
Ltd., the leading waterproof materials manufacturer in China and a
company listed on the Shenzhen Stock Exchange (stock code: 2271).

Mr. Wong began his career in an international accounting firm and
moved along in audit fields by taking some senior positions both in
internal and external audits including being a senior manager and a
manager in PricewaterhouseCoopers, Beijing office and Deloitte
Touche Tohmatsu, Hong Kong, respectively.  Mr. Wong graduated from
City University of Hong Kong in 1993 with a bachelor's degree in
Accountancy and also obtained a master's degree in Electronic
Commerce from The Open University of Hong Kong in 2003.  He is a
fellow member of the Association of Chartered Certified Accountants
and the Hong Kong Institute of Certified Public Accountants.

Mr. Wong does not have a family relationship with any director or
executive officer of the Company and has not been involved in any
transaction with the Company during the past two years that would
require disclosure under Item 404(a) of Regulation S-K.

Mr. Wong also entered into a director offer letter with the
Company, which sets his annual compensation at 30,000 shares of the
Company's common stock and establishes other terms and conditions
governing his service to the Company.

                         About TD Holdings

Headquartered in Beijing, People's Republic of China, TD Holdings,
Inc., (formerly known as Bat Group, Inc.) has become a used
luxurious car leasing business as well as a commodities trading
business operating in China since the disposition of its direct
loans, loan guarantees and financial leasing services to
small-to-medium sized businesses, farmers and individuals in July
2018.  The Company's current operations consist of leasing of
luxurious pre-owned automobiles and operation of a non-ferrous
metal commodities trading business.

For the year ended Dec. 31, 2019, the Company incurred net loss
from continuing operations of approximately $6.94 million, and
reported cash outflows of approximately $2.17 million from
operating activities.  The Company said these factors caused
concern as to its liquidity as of Dec. 31, 2019.




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

ACADEMY OF ENGINEERING: Ind-Ra Keeps 'D' Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained The Academy of
Engineering and Management Trust's (AEMT) bank loan ratings in the
non-cooperating category and has simultaneously withdrawn the same.


The detailed rating actions are:

-- INR79.69 mil. Bank loans (Long-term) * maintained in non-
     cooperating category and withdrawn; and

-- INR250.00 mil. Fund-based working capital limits (Long-term) *

     maintained in non-cooperating category and withdrawn.

*Maintained in 'IND D (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

The rating has been maintained in the non-cooperating category as
AEMT  did not participate in the rating exercise despite continuous
requests and follow-ups by Ind-Ra.  

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

COMPANY PROFILE

Established in 1999 under the Indian Trust Act, 1882, AEMT manages
an engineering and management college, eight CBSE schools and a
state board school.

AHLUWALIA CONTRACTS: NCLT Initiates Insolvency Proceedings
----------------------------------------------------------
Business Standard reports that the National Company Law Tribunal
(NCLT) has initiated insolvency proceedings against construction
firm Ahluwalia Contracts India Ltd for defaulting on payments to an
operational creditor.

Business Standard relates that the New Delhi-based NCLT bench
allowed the insolvency plea filed by A2 Interiors Products Pvt Ltd
against Ahluwalia Contracts, claiming default of INR14.10 crore,
and appointed an interim resolution professional.

Ahluwalia Contracts had engaged A2 Interiors Products for interior,
furnishing and allied civil and electrical works at various project
sites. It had supplied materials to Ahluwalia Contracts as part of
various work orders issued for six projects at different locations
in the country, Business Standard citing NCLT order.

It had raised invoices against each work order, which were duly
received by Ahluwalia Contracts, however, it failed to release the
full payment, the report relays.

Later, in May 2019, A2 Interiors had issued a notice to Ahluwalia
Contracts under the Insolvency & Bankruptcy Code (IBC) demanding
INR12.54 crore along with an interest of 18 per cent per annum,
which was rejected by Ahluwalia Contracts in its reply and raised
disputes.

Following this, A2 Interiors approached the NCLT under section 9 of
IBC, which allows operational creditors to file an insolvency plea,
claiming a total outstanding debt of INR14.10 crore against
Ahluwalia Contracts, the report notes.

This was opposed by Ahluwalia Contracts, contending it as not
maintainable, on the grounds that it is arising out of different
work orders, which cannot be claimed under one single application
and of different service in nature and each contract gives rise to
separate alleged debt, Business Standard says.

It also alleged that the applicant has concealed certain facts and
documents and not disclosed all work orders executed between the
parties, adds Business Standard.

Ahluwalia Contracts India Ltd offers construction services and
executes turnkey projects for civil construction, electrical,
plumbing, and fire-fighting. The Company also constructs super
structures, integrated townships, hospitals, hotels, commercial
complexes, manufacturing facilities, and pipelines.


AJANTA INDUSTRIES: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ajanta
Industries (AI) continue to be 'CRISIL D/CRISIL D Issuer not
cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         CRISIL D (Issuer Not
                                     Cooperating)

   Packing Credit          6         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with AI for
obtaining information through letters and emails dated September
28, 2020 and March 31, 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 AI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on AI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of AI
continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

AI was established in 1982 by Mr. A S Kamath as a proprietorship
firm. It processes and exports certified organic cashew kernels.
The manufacturing facility is in Goa.


ALBA INDUSTRIES: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: Alba Industries Limited
        BMC House
        32/2 Halls Road
        Egmore
        Chennai 600008
        Tamil Nadu

Insolvency Commencement Date: April 27, 2021

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: Mr. Nagalingam Muthiah

Interim Resolution
Professional:            Mr. Nagalingam Muthiah
                         B-8, Gems Court
                         25/14, Khadar Nawas Khan Road
                         Nungambakkam
                         Tamil Nadu 600006
                         E-mail: mnaga2050@gmail.com

                            - and -

                         Sankalp Resolution Professionals LLP
                         504, 5th Floor, The Central Building
                         Shell Colony Road, Chembur (East)
                         Mumbai 400071
                         E-mail: alba@sankalp-ipe.com

Last date for
submission of claims:    May 11, 2021


BHAGWATI INDUSTRIES: CRISIL Cuts Rating on INR3cr Cash Loan to B
----------------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Shree
Bhagwati Industries - Baddi (SHBI) to 'CRISIL B/Stable Issuer Not
Cooperating' from 'CRISIL BB+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit              3        CRISIL B /Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB+/Stable ISSUER
                                     NOT COOPERATING')

CRISIL Ratings has been consistently following up with SHBI for
obtaining information through letters and emails dated September
28, 2020 and March 31, 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 SHBI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SHBI
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SHBI Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB+/Stable Issuer Not Cooperating'.

SHBI was set up at Baddi, Himachal Pradesh, by the promoter, Mr.
Shubhash Chand. The firm manufactures corrugated boxes used for
packaging in the FMCG, and consumer durables industries.

CHHABRA ISPAT: Ind-Ra Moves BB+ Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Chhabra Ispat Pvt
Ltd's Long-Term Issuer Rating to the non-cooperating category. The
issuer did not participate in the surveillance 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 BB+
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR3.25 mil. Term loans due on June 2021 migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR190 mil. Fund-based working capital limits migrated to non-
     cooperating category with IND BB+ (ISSUER NOT COOPERATING)
     rating;

-- INR122 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR10 mil. Fund-based working capital limits* assigned;
     migrated to non-cooperating category with IND BB+ (ISSUER NOT

     COOPERATING) rating; and

-- INR14.75 mil. Non-fund-based limits* assigned; migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

*The final ratings have been assigned following the receipt of
executed financing documents by Ind-Ra.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 22, 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 2005, Chhabra Ispat manufactures Mild Steel billets
at its plant in Burdwan, West Bengal. These billets are used by
rolling mills to manufacture thermos-mechanically treated bars.

CROWN ROTMAX: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Crown Rotmax Engineering Private Limited
        No. 5, Seethammal Colony
        4th Cross Street
        Chennai 600018
        TN

Insolvency Commencement Date: April 27, 2021

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: R. Velu

Interim Resolution
Professional:            R. Velu
                         New No. 28 Old No. 22
                         Menod Street
                         Purasawalkam
                         Chennai 600007
                         E-mail: ramavelu@gmail.com

Last date for
submission of claims:    May 11, 2021


D. S. DEVELOPERS: ICRA Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of D. S.
Developers in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable) ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Fund-based          10.00       [ICRA]B (Stable) ISSUER NOT
   limits/Term                     COOPERATING; Rating continues
   Loan                            to remain under 'Issuer Not
                                   Cooperating' category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available/dated/
limited information on the issuers' performance. Accordingly, the
lenders, investors and other market participants are advised to
exercise appropriate caution while using this rating as the rating
may not adequately reflect the credit risk profile of the entity.
The rating action has been taken in accordance with ICRA's policy
in respect of non-cooperation by a rated entity available at
www.icra.in.
  
Incorporated in FY2012, D S Developers is a special purpose vehicle
based in Jodhpur, Rajasthan. The firm is promoted by the Jajra
family of Jodhpur and is undertaking its maiden project in the name
of "Marwar Heights" at Dileep Garden, PWD Road, Jodhpur. The
project comprises 80 flats with a total built up area of 1, 39,100
Square Feet.


ECO HEALTH: CRISIL Migrates B Rating from Not Cooperating
---------------------------------------------------------
Due to inadequate information and in-line with the Securities and
Exchange Board of India guidelines, CRISIL Ratings had migrated its
rating on the long-term bank facilities of Eco Health Products
Private Limited (EHPPL) to 'CRISIL B/Stable Issuer Not
Cooperating'. However, the company's management has started sharing
the information necessary for a comprehensive review of the rating.
Consequently, CRISIL Ratings has migrated the long term rating to
'CRISIL B/Stable' from 'CRISIL B/Stable Issuer Not Cooperating'.

                     Amount
   Facilities      (INR Crore)     Ratings
   ----------      -----------     -------
   Cash Credit           1         CRISIL B/Stable (Migrated from
                                   'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Proposed Long Term    3.83      CRISIL B/Stable (Migrated from
   Bank Loan Facility              'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

   Working Capital       0.17      CRISIL B/Stable (Migrated from
   Term Loan                       'CRISIL B/Stable ISSUER NOT
                                   COOPERATING')

The rating reflects EHPPL's modest scale of operation in a
competitive segment and the company's weak financial risk profile.
These weaknesses are partially offset by its extensive industry
experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Modest scale of operation in a competitive segment: The estimated
revenue of INR5.5 crore for fiscal 2021, reflecting modest scale of
operations. Further, the current scale of operations renders the
company vulnerable to competition from several unorganized players.
The industry is characterized by presence of several unorganized
players.

Weak Financial Profile

* The financial risk profile is weak marked by eroded networth due
to operating losses in the past 3 years ending fiscal 2021.
Although the company is likely to report cash profits in the medium
term, resulting in better accretions to reserves, but the financial
risk profile is expected to remain weak.

Strength:

* Extensive industry experience of the promoters: The promoters
have an extensive experience of more than 10 years in specialty
chemicals segment. This has given them an understanding of the
dynamics of the market, and enabled them to establish relationships
with suppliers.

Liquidity- Stretched

EHPPL has stretched liquidity marked by expected accruals in the
range of INR0.07 - 0. 15 crore. The company has access to fund
based limits of INR1 crore, which are utilized at around 21 percent
over past twelve months ended February 2021.  However, there is no
long term bank obligations and promoters have ability to bring
funds in case of any requirement.

Outlook Stable

CRISIL Ratings believe EHPPL will continue to benefit from the
extensive experience of its promoters

Rating Sensitivity factors

Upward factor

* Increase in revenue and operating margins resulting in cash
accruals of more than INR0.5 crore
* Improvement in working capital cycle

Downward factor

* Deterioration in gross current asset days (GCA) to more than 250
days
* Cash losses impacting the business profile

EHPPL was incorporated in 2008. It is owned & managed by Mr. K P
Sunil (Chairman & Managing Director) and is engaged in
manufacturing of herbal based (organic) reagents for diverse
industrial application i.e., water treatment & pollution mitigants,
agricultural development & health.


ESSAL INFRA: CRISIL Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Essal
Infrastructure Private Limited (EIPL) continue to be 'CRISIL
D/CRISIL D Issuer not cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Bank Guarantee         17         CRISIL D (Issuer Not
                                     Cooperating)

   Cash Credit             6         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with EIPL for
obtaining information through letters and emails dated September
28, 2020 and March 17, 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 EIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on EIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
EIPL continues to be 'CRISIL D/CRISIL D Issuer not cooperating'.

EIPL, based in Raipur (Chhattisgarh), was established in 2004 by
Mr. Anand Aggarwal and his father. The company is engaged in civil
construction and executes projects for state government authorities
such as Naya Raipur Development Authority and Chhattisgarh Housing
Board.


EXQUISITE PRINT: CRISIL Migrates B+ Rating from Not Cooperating
---------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with
Securities and Exchange Board of India guidelines, had migrated its
rating on the long-term bank facilities of Exquisite Print and Pack
Pvt Ltd (EPPPL) to 'CRISIL B+/Stable Issuer Not Cooperating'.
However, EPPPL has subsequently started sharing requisite
information for carrying out a comprehensive review of the rating.
Consequently, CRISIL Ratings is migrating its rating on the
long-term bank facilities of EPPPL to 'CRISIL B+/Stable' from
'CRISIL B+/Stable Issuer Not Cooperating'.

                    Amount
   Facilities     (INR Crore)     Ratings
   ----------     -----------     -------
   Cash Credit         7.5        CRISIL B+/Stable (Migrated from
                                  'CRISIL B+/Stable ISSUER NOT
                                  COOPERATING')

The rating reflects the limited scale of operations amidst intense
competition and large working capital requirement. These weaknesses
are partially mitigated by extensive experience of the promoters in
the packaging industry, an established clientele and proximity to
customers.

Analytical approach

Unsecured loans of INR29 crores from promoters, friends and
relatives have been treated as quasi equity (75% equity and 25%
debt) as these loans will be retained in the business over the
medium term.

Key Rating Drivers & Detailed Description

Weaknesses

* Limited scale of operations amid intense competition: Intense
competition in the packaging industry, continues to constrain the
scale of operations, as indicated by operating income of INR24.11
crore in fiscal 2020, the second full year of operations.

* Highly working capital-intensive operations: Gross current assets
stood at 214 days as on March 31, 2020, driven by sizeable
inventory and stretched receivables, given the extended credit
period offered to customers in the second full year of operations.

Strengths

* Extensive experience of promoters: The three decade-long
experience of the promoters in the packaging paper industry, their
keen grasp over dynamics of the industry and local market and
strong relationships with customers will continue to support the
business. These factors have supported healthy revenue growth in
the first full year of operations, and helped the company establish
a diversified pool of 25 customers across various industries. Flow
of repeat orders expected from these customers should help ramp-up
the scale of operations over the medium term.

* Established clientele and proximity to customers:  The
diversified pool of customers from various industries (such as
food, electronics and fast-moving consumer goods) and longstanding
association with these players will continue to support the
business.

Liquidity: Stretched

Bank limit utilisation is moderate at around 66.02 percent for the
past twelve months ended 31st March 2021.  Cash accrual though
expected to be insufficient against the repayment obligations,
liquidity is supported by unsecured loans from promoters . Current
ratio was low at 0.96 time on March 31, 2020. However, the timely,
need-based funds extended by the promoters will continue to aid
operations.

Outlook: Stable

EPPPL will continue to benefit from the extensive experience of the
promoters and its established clientele.

Rating sensitivity factors

Upward factors

* Substantial and sustainable increase in revenue and
profitability, leading to cash accrual of over INR2 crore
* Significant improvement in the working capital cycle

Downward factors

* Steep decline in profitability or further stretch in the working
capital cycle
* Large, debt-funded capital expenditure

EPPPL was incorporated in 2011 by Mr. Anirudha Khemka and Mr.
Abhinav Agarwal. The company is based in Kolkata and commenced
commercial operations from July 2014. It manufactures printed
corrugated and non-corrugated boxes.

FORTUNE MIX: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Fortune Mix India Private Limited
        No. 1 Thirunagar
        1st JN Salai
        100 feet Road
        Vadapalani, Chennai
        TN 600026

Insolvency Commencement Date: April 15, 2021

Court: National Company Law Tribunal, Chennai Bench

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

Insolvency professional: S. Kamaraj

Interim Resolution
Professional:            S. Kamaraj
                         New No. 28, Old No. 22
                         Menod Street
                         Purasawalkam
                         Chennai 600007
                         Mobile: 9444758260
                         E-mail: rsadasivanandco@yahoo.com

Last date for
submission of claims:    May 6, 2021


FORZA CASTING: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Forza Casting Private Limited
        23, Kongu Nagar
        Coimbatore 641045
        Tamilnadu

Insolvency Commencement Date: March 23, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: September 19, 2021
                               (180 days from commencement)

Insolvency professional: CA S Dehaleesan

Interim Resolution
Professional:            CA S Dehaleesan
                         4/22 First Cross Street
                         Raghavan Colony
                         Ashoknagar
                         Chennai 600083
                         E-mail: dehaleesan@gmail.com
                                 cirpforza@gmail.com

Last date for
submission of claims:    April 13, 2021


G K DAIRY AND MILK: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: G K Dairy and Milk Products Private Limited
        B-5/6 Pragati Chambers
        Ranjit Nagar
        New Delhi 110008

Insolvency Commencement Date: April 29, 2021

Court: National Company Law Tribunal, New Delhi (Court IV) Bench

Estimated date of closure of
insolvency resolution process: October 26, 2021

Insolvency professional: Prabhakar Kumar

Interim Resolution
Professional:            Prabhakar Kumar
                         E-18, Ground Floor
                         Guru Nanak Pura
                         Janakpuri
                         New Delhi 110058
                         E-mail: prabhakar_acs@rediffmail.com
                                 cirpkdairy@gmail.com

Last date for
submission of claims:    May 14, 2021


G.S.R.: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of G.S.R. &
T.S.R. Educational Society (GSR) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

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

   Long Term Loan          5.1       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with GSR for
obtaining information through letters and emails dated January 30,
2021 and March 17, 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 GSR, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on GSR
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
GSR continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

GSR was established in 2001 by Mr. Ravi Kumar in Guntur, Andhra
Pradesh. GSR offers undergraduate and post graduate courses in
engineering, business management and a school.

GANGES FORD: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ganges
Ford (Proprietor Lexicon Commercial Enterprises Limited) in the
'Issuer Not Cooperating' category. The rating is denoted as "[ICRA]
D; ISSUER NOT COOPERATING".

                      Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based          2.00       [ICRA]D ISSUER NOT COOPERATING;
   Limits Cash                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

   Fund based          3.50       [ICRA]D ISSUER NOT COOPERATING;
   Limits Dropline                Rating continues to remain
   Overdrafts                     under 'Issuer Not Cooperating'
                                  category

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

Incorporated in 2004, Ganges Ford (Proprietor: Lexicon Commercial
Enterprises Limited) (GF) is an authorised dealer of Ford India
Private Limited (FIPL). The company sells and services vehicles
along with spare parts and accessories. GF has a showroom and two
workshops in Kolkata, and a showroom with an exclusive sales and
service outlet (ESSO) in Berhampore, West Bengal. The company is
promoted by the Kolkata-based Mr. Harish Himatsingka, who has long
experience in the automotive dealership industry.

GOVINDA INDUSTRIES: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Govinda Industries Private Limited
        401, Devpooja North Avenue Road
        Santacruz (W)
        Mumbai 400054

Insolvency Commencement Date: April 30, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: October 26, 2021

Insolvency professional: S. Gopalakrishnan

Interim Resolution
Professional:            S. Gopalakrishnan
                         R-2/202
                         Moraj Riverside Park
                         Takka, Panvel 410206
                         Raigad Zilla
                         Maharashtra
                         E-mail: gopi63.ip@gmail.com
                                 govindaindustries.cirp@
                                 sparkresolutions.co.in

Last date for
submission of claims:    May 19, 2021


HAVA WIN: Insolvency Resolution Process Case Summary
----------------------------------------------------
Debtor: Hava Win India Private Limited
        New No. 15, Old No. 14
        2nd Street Thiru Nagar
        Vadapalani, Chennai 600026

Insolvency Commencement Date: April 29, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: October 26, 2021
                               (180 days from commencement)

Insolvency professional: G. Gunasekaran

Interim Resolution
Professional:            G. Gunasekaran
                         36, Indu Nagar
                         Vilankurichi Road
                         Vilankurichi Post
                         Coimbatore 641035
                         E-mail: cagunasekar@yahoo.com

Last date for
submission of claims:    May 15, 2021


INDORE DEWAS: Ind-Ra Affirms 'D' Bank Loan Rating
-------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Indore Dewas
Tollways Limited's (IDTL) bank loans' rating at 'IND D', as
follows:

-- INR5,933.39 bil. (increased from INR5,698.53 bil.)* Bank loans

     (Long-term) affirmed with IND D rating.

*Outstanding as of March 31, 2021; includes accrued interest due
on moratorium under the COVID-19 package for March-August 2020.

KEY RATING DRIVERS

The affirmation reflects IDTL's continued delays in debt servicing
during FY21 due to a tight liquidity position, resulting from
lower-than-expected toll collection during the year. The project
has been placed under the non-performing assets and special mention
accounts 2 categories with its lenders.  

Furthermore, the National Highways Authority of India ('IND
AAA'/Stable) had issued a notice of intention to terminate dated 20
November 2020. Accordingly, the project's termination is underway.

RATING SENSITIVITIES

Positive: Timely debt servicing for three consecutive months will
be positive for the rating.

COMPANY PROFILE

IDTL is a special purpose vehicle incorporated to implement a lane
expansion (from four to six lanes) project on a design, build,
finance, operate and transfer basis under a 25-year concession from
the National Highways Authority of India. IDTL is owned by the
Gayatri group.

JACOBS INFRASTRUCTURE: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: Jacobs Infrastructure Private Limited
        HIG-37, KPHB 5th Phase
        Kukatpally, Hyderabad
        Telangana 500072

Insolvency Commencement Date: April 26, 2021

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: October 23, 2021

Insolvency professional: Chandra Sekhar Arasada

Interim Resolution
Professional:            Chandra Sekhar Arasada
                         Flat No. 304
                         Siri Nivas Apartments
                         Balaji Park Town, Nizampet
                         Hyderabad 500090
                         E-mail: chandra61ca@gmail.com

                            - and -

                         HIG-37, KPHB 5th Phase
                         Kukatpally, Hyderabad
                         Telangana 500072

Last date for
submission of claims:    May 13, 2021


KANNAN DEPARTMENTAL: Ind-Ra Cuts Long-Term Issuer Rating to 'BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shri Kannan
Departmental Store Private Limited's (SKDS) Long-Term Issuer Rating
to 'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.


The instrument-wise rating actions are:

-- INR545 mil. Fund-based working capital limits downgraded with
     IND BB (ISSUER NOT COOPERATING)/ IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR156.7 mil. Term loans due on June 2025 downgraded with IND

     BB (ISSUER NOT COOPERATING) rating; and

-- INR110 mil. Short-term loan downgraded with IND A4+ (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer not cooperating; based on the
best available information

KEY RATING DRIVERS

The downgrade is pursuant to the SEBI Circular
SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3, 2020. As per the
circular, any issuer with an investment grade rating remaining
non-cooperative with the rating agency for more than six months
should be downgraded to a sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect SKDS's credit strength as the company has been
non-cooperative with the agency since October 7, 2020. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

COMPANY PROFILE

SKDS is engaged in the retailing of food and vegetables, groceries
and other household items.

KEZER FOODS: CRISIL Lowers Rating on INR5cr Cash Loan to B
----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of Kezer
Foods (KF) to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             5         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Cash           1.3       CRISIL B/Stable (ISSUER NOT
   Credit Limit                      COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

   Proposed Term Loan      1         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

   Term Loan               2.7       CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING')

CRISIL Ratings has been consistently following up with KF for
obtaining information through letters and emails dated September
28, 2020 and March 17, 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 KF, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KF is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KF
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.

KF was set up in October 2014 as a proprietorship firm, by the
promoter Mr. R K Upadhyaya. The firm manufactures products such as
maida (refined all-purpose flour), atta (whole wheat flour), suji
(semolina), and bran from wheat, at its facility in Lucknow.

LAKSHMI KAMAKSHI: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri Lakshmi
Kamakshi Raw & Boiled Rice Mill (SLKRBRM) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             8         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan          1.8       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SLKRBRM for
obtaining information through letters and emails dated September
28, 2020 and March 17, 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 SLKRBRM, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on
SLKRBRM is consistent with 'Assessing Information Adequacy Risk'.
Based on the last available information, the ratings on bank
facilities of SLKRBRM continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

Set up in 2017 as a partnership firm, SLKRBRM is engaged in milling
and processing of paddy into rice, rice bran, broken rice and husk.
It has an installed paddy milling capacity of 6 tonne per hour. The
mill is located in Nellore (Andhra Pradesh). The day to day
operations are looked by by Mr. M. Chaitanya.

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

The instrument-wise rating actions are:

-- INR2,465.9 bil. Term loans (long-term) due on March 31, 2024
     maintained in non-cooperating category with IND D (ISSUER NOT

     COOPERATING) rating;

-- INR1,900.0 bil. Fund-based working capital facilities (long-
     and short-term) maintained in non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR1,620.1 bil. Non-fund-based working capital facilities
     (long- and short-term) maintained in non-cooperating category
     with IND D (ISSUER NOT COOPERATING) rating.

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

COMPANY PROFILE

Leitwind Shriram Manufacturing, a joint venture between
Chennai-based Shriram Industrial Holdings Limited and Italy-based
WindFin BV, manufactures wind turbine generators.

MAHABIR DYG: Ind-Ra Downgrades Long-Term Issuer Rating to 'BB-'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Shri Mahabir Dyg
& Ptg Mills Pvt. Ltd.'s (SMDPM) Long-Term Issuer Rating to 'IND
BB-' from 'IND BB+ (ISSUER NOT COOPERATING)'. The Outlook is
Stable.

The instrument-wise rating action is:

-- INR300 mil. Fund-based limits downgraded with IND BB-/Stable   

     rating.

KEY RATING DRIVERS

Liquidity Indicator - Poor: The downgrade reflects SMDPM's poor
liquidity position, as indicated by the average working capital
utilization of 97.8% during the 12 months ended March 2021. Also,
the net cash conversion cycle deteriorated in FY20 to 245 days
(FY19: 223 days) due to higher inventory days, whereas the
receivable days increased to 88 days (79 days) as payments are
received after goods are sold. The increase in the working capital
cycle further led to a decline in the cash flow from operations to
INR18.32 million in FY20 (FY19: INR53.84 million). In FY21, the
agency expects the working capital cycle to have further elongated
due to delays in receivables because of the business disruptions
led by COVID-19.

Moreover, the scale of operations remains small, with the revenue
falling 8.9% yoy in FY20 to INR681.65 million. The revenue is
likely to have further declined by 31.7% yoy to INR465.7 million in
FY21, due to the closure of factories for more than three months
due to the pandemic-led lockdown. The production line resumed from
mid-June with less than 50% of the installed capacity, as per the
government regulations. Business normalization took longer than
expected, due to continued disruptions to the work flow whereas the
fixed cost such as employee benefit expenses remained the same. The
EBITDA margins remained modest but improved to 6.8% in FY20 (FY19:
6.6%) due to a decline in the cost of raw materials procured with
an ROCE of 8% (8%). In FY21, the agency expects the EBITDA margins
to have declined slightly in FY21. The second wave of COVID-19 is
likely to impact the businesses further during 1QFY22.

Furthermore, the credit metrics remain weak, as indicated by an
interest cover (operating EBITDA/gross interest expenses) of 1.5x
in FY20 (FY19: 1.4x) and net financial leverage (adjusted net
debt/operating EBITDA) of 9.8x (9.96x). Ind-Ra expects the metrics
to have deteriorated in FY21 due to a substantial decline in the
absolute EBITDA and increase in short-term working capital
utilization. The company also availed debt moratorium over its
fund-based facilities over March to July 2020 which was paid off by
March 2021.

The ratings also factor in the prevailing intense competition as
there are several large, organized players in the garments
manufacturing industry. Also, the company has 90% of its customers
base concentrated mostly in India, and derives the remaining
revenue from the international markets.

The ratings are further supported by SMDPM's more than two decades
of experience in the dyeing, printing and garment manufacturing
business.

RATING SENSITIVITIES

Negative: Deterioration in the scale of operations, leading to a
decline in the credit metrics, or deterioration in the liquidity
position will be negative for the ratings.  

Positive: Substantial growth in the scale of operations, leading to
an improvement in the credit metrics, with the interest coverage
exceeding 1.5x, and an improvement in the liquidity position will
be positive for the ratings.

COMPANY PROFILE

Incorporated in 1982, SMDPM manufactures sarees and dress materials
at its 1,00,000 meters per day plant. The company has a registered
office in Mumbai. Subhash Kumar Ganeriwal, Saroj S Ganeriwal,
Naresh Kumar Agarwal and Shiv Prakash Agarwal are the directors.

METRIK INFRAPROJECTS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Metrik Infraprojects Private Ltd
        No. 2, "SOLUS" 11th Floor
        1st Cross, J.C. Road
        Bengaluru KA 560027
        IN

Insolvency Commencement Date: April 16, 2021

Court: National Company Law Tribunal, Bengaluru Bench

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

Insolvency professional: Kanekal Chandrasekhar

Interim Resolution
Professional:            Kanekal Chandrasekhar
                         No. 6, "Shree" 9th Cross
                         Bhuvaneshwari Nagar
                         Hebbalkempapura
                         H.A. Farm Post
                         Bengaluru 560024
                         E-mail: kanekal.chandru@gmail.com

Last date for
submission of claims:    May 9, 2021


NAVNEETA STEELS: ICRA Lowers Rating on INR46cr Loans to D
---------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of Navneeta
Steels Private Limited (NSPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund-based–        40.00       [ICRA]D ISSUER NOT
COOPERATING;
   Working capital                Rating downgraded from
   Limits                         [ICRA]BB-(Stable), Rating
                                  continues to remain under
                                  'Issuer Not Cooperating'
                                  Category

   Non fund           6.00        [ICRA]D ISSUER NOT COOPERATING;
   Based limits                   Rating downgraded from
                                  [ICRA]A4, Rating continues to
                                  remain under 'Issuer Not
                                  Cooperating' category

Rationale

The ratings downgrade considers the continuous delays in debt
servicing by the company.  The rating is based on limited
information on the entity's performance since the time it was last
rated in March 2020. The lenders, investors and other market
participants are thus advised to exercise appropriate caution while
using this rating as the rating may not adequately reflect the
credit risk profile of the entity, despite the downgrade.

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

NSPL, incorporated in 1999, trades in steel and allied products
such as mild steel (MS) ingots, billets, MS bars, MS angles, MS
flats, scrap, sponge iron etc. The company also sells steel scrap.
NSPL was promoted by Mr. Shankerlal Agarwal and family and is based
in Hyderabad, Telangana. The warehouse facility is in
Vishakapatnam, Andhra Pradesh, with a storage capacity of
5,000-7000 MT.

NIZAMIYA CONSTRUCTION: Insolvency Resolution Process Case Summary
-----------------------------------------------------------------
Debtor: M/s. Nizamiya Construction Private Limited
        C-802 Mangalkirti Complex
        Cross Road Fatehgunj
        Vadorada, Gujarat 390002
        India

Insolvency Commencement Date: April 28, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

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

Insolvency professional: Mr. Keyur Jagdishbhai Shah

Interim Resolution
Professional:            Mr. Keyur Jagdishbhai Shah
                         1007, Sun Avenue One
                         Near Shreyas Foundation
                         Manekbaug Society, Ambawadi
                         Ahmedabad, Gujarat 380015
                         E-mail: cs.keyurshah@gmail.com
                                 cirp.nizamiya@gail.com

Last date for
submission of claims:    May 12, 2021


ONGOLE LOGISTICS: CRISIL Keeps B+ Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ongole
Logistics Private Limited (OLPL) continue to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Long Term Loan         23         CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term      0.5       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with OLPL for
obtaining information through letters and emails dated September
28, 2020 and March 17, 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 OLPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on OLPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
OLPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

OLPL, incorporated in 2018, provides warehouse facilities to rice
and cotton farmers. The company is owned by Mr. Radha Krishna
Dastari, who has over 10 years of experience in this business.

PARAMOUNT RICE: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Paramount
Rice Pvt. Ltd. in the 'Issuer Not Cooperating' category. The rating
is denoted as "[ICRA] B+(Stable); ISSUER NOT COOPERATING".

                      Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term           15.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term            6.86       [ICRA]B+ (Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

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

Paramount Rice Pvt. Ltd. (PRPL) was established by Mr. Narayan
Prasad Jhanwar & Mr. Girraj Mal Nyati as a partnership firm,
however in the year 1998 partnership firm was converted into a
private limited company with all the partners as shareholders. The
directors of the company are Mr. P.L. Jhanwar, Mr. K.C. Jhanwar,
Mr. M.P. Jhanwar and Ms. Lalita Devi Nyati. PRPL is engaged in
processing and trading of rice. Head office of the company is
located at Chittor road, Bundi Rajasthan. Manufacturing plant of
PRPL is located at Bundi (Rajasthan) which has a milling capacity
of 2 tonnes per hour. Company sells rice in the domestic market
only however there are few dealers who are exporting the rice of
PRPL to countries like Middle East, Saudi Arabia, Dubai, Europe and
Kuwait.

RAM MEHER: CRISIL Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Ram Meher
Infradevelopers Private Limited (RMIPL) continue to be 'CRISIL D
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility     1.4        CRISIL D (Issuer Not
                                     Cooperating)

   Proposed Long Term     5.1        CRISIL D (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              5.0        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RMIPL for
obtaining information through letters and emails dated September
28, 2020 and March 17, 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 RMIPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RMIPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RMIPL continues to be 'CRISIL D Issuer Not Cooperating'.

RMIPL was incorporated in 2009, promoted by Mr. Ram Vinod Singh,
Mr. Ravi Singhal, Mr. Girish Chand Goyal, and Mr. Nitish Goyal,
based in Agra. The company undertakes residential real estate
development in this city.

REENA TINAAZ: CRISIL Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Reena Tinaaz
Private Limited (RTPL) continues to be 'CRISIL D Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             90        CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with RTPL for
obtaining information through letters and emails dated September
28, 2020 and March 17, 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 RTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
RTPL continues to be 'CRISIL D Issuer Not Cooperating'.

Incorporated in 2014, RTPL is a Mumbai based company promoted by
Mr. Uday Kantilal Desai. The company is engaged the trading of
Cigarettes (various brands) and FMCG products such as soaps,
shampoos, biscuits, and mosquito coils etc. Mr. Desai was earlier
undertaking the business under his proprietorship firm Reena
Agency. In Jan 2015, the entire business was transferred to RTPL.

SAMPARK LAND DEVELOPERS: Insolvency Resolution Case Summary
-----------------------------------------------------------
Debtor: Sampark Land Developers Private Limited
        P-535, Raja Basant Roy Road
        1st Floor
        Kolkata 700029
        West Bengal

Insolvency Commencement Date: April 30, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: October 26, 2021

Insolvency professional: Kamal Nayan Jain

Interim Resolution
Professional:            Kamal Nayan Jain
                         Klass Insolvency Resolution
                         Professionals Pvt. Ltd.
                         2/7, Sarat Bose Road
                         Vasundhara Apartment
                         2nd Floor
                         Kolkata 700020
                         E-mail: knjain@knjainco.com
                                 cirp.ssspl@gmail.com

Classes of creditors:    Land Allottees

Insolvency
Professionals
Representative of
Creditors in a class:    Anneel Saraogi
                         P1 Hyde Lane
                         7th Floor, Suite-7B
                         Kolkata, West Bengal 700073
                         E-mail: anneelsaraogi@gmail.com

                         Anup Kumar Sanghai
                         Centre Point
                         Sanghai and Company
                         Chartered Accountants
                         21 Hemanta Basu Sarani
                         2nd Floor, Suite No. 204
                         Kolkata, West Bengal 700001
                         E-mail: sanghaianup@gmail.com

                         Subhajit Guha
                         E3/402, Victoria Greens Apartment
                         385 Garia Main Road
                         Kolkata, West Bengal 700084
                         E-mail: subhajitguha9@gmail.com

Last date for
submission of claims:    May 15, 2021


SAMPARK LAND: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Sampark Land and Builders Private Limited
        P-535, Raja Basant Roy Road
        1st Floor
        Kolkata 700029
        West Bengal

Insolvency Commencement Date: April 30, 2021

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: October 26, 2021

Insolvency professional: Kamal Nayan Jain

Interim Resolution
Professional:            Kamal Nayan Jain
                         Klass Insolvency Resolution
                         Professionals Pvt. Ltd.
                         2/7, Sarat Bose Road
                         Vasundhara Apartment
                         2nd Floor
                         Kolkata 700020
                         E-mail: knjain@knjainco.com
                                 cirp.ssspl@gmail.com

Classes of creditors:    Land Allottees

Insolvency
Professionals
Representative of
Creditors in a class:    Anneel Saraogi
                         P1 Hyde Lane
                         7th Floor, Suite-7B
                         Kolkata, West Bengal 700073
                         E-mail: anneelsaraogi@gmail.com

                         Anup Kumar Sanghai
                         Centre Point
                         Sanghai and Company
                         Chartered Accountants
                         21 Hemanta Basu Sarani
                         2nd Floor, Suite No. 204
                         Kolkata, West Bengal 700001
                         E-mail: sanghaianup@gmail.com

                         Subhajit Guha
                         E3/402, Victoria Greens Apartment
                         385 Garia Main Road
                         Kolkata, West Bengal 700084
                         E-mail: subhajitguha9@gmail.com

Last date for
submission of claims:    May 15, 2021


SATYA SURYA: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Satya Surya
Towers Private Limited (STPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            4.71       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Long Term Loan         2.41       CRISIL B/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     2.88       CRISIL B/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

CRISIL Ratings has been consistently following up with STPL for
obtaining information through letters and emails dated January 30,
2021 and March 17, 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 STPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STPL continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Incorporated in 2009, STPL is engaged in the processing of raw
cashew nuts and sale of cashew kernels. The company is based out of
Vizianagaram in Andhra Pradesh and promoted by Mr. Anil Kumar
Mamidipaka and his family.

SAVARIYA INDUSTRIES: CRISIL Keeps D Rating in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Savariya
Industries (SI) continues to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL D (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SI for
obtaining information through letters and emails dated September
28, 2020 and March 17, 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 SI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SI
continues to be 'CRISIL D Issuer Not Cooperating'.

Formed in 1996 as a proprietorship firm by Mr. Rajkumar Kakraniya,
SI is engaged in cotton seed oil extraction and trading of pulses.
The firm is based in Amravati, Maharashtra.

SHRIRAM EPC: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Shriram EPC Ltd's
(SEPC) Long-Term Issuer Rating at 'IND D (ISSUER NOT COOPERATING)'.
The issuer did not participate in the surveillance exercise,
despite continuous requests and follow-ups by the agency. Thus, the
rating is based on the best available information. Therefore,
investors and other users are advised to take appropriate caution
while using the rating.

The instrument-wise rating actions are:

-- INR4.24 bil. Fund-based working capital limits (Long-
     term/Short-term) affirmed with IND D (ISSUER NOT COOPERATING)

     rating;

-- INR6.706 bil. Non-fund-based limits (Long-term/Short-term)
     affirmed with IND D (ISSUER NOT COOPERATING) rating; and

-- INR18,231.7 bil. Term loan (Long-term) affirmed with IND D
     (ISSUER NOT COOPERATING) rating.

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

KEY RATING DRIVERS

The affirmation reflects SEPC's continued delays in debt
servicing.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three continuous
months could result in a rating upgrade.

COMPANY PROFILE

Set up in 2000, SEPC is an engineering, procurement and
construction company that operates in the renewable energy, process
and metallurgy, and municipal service segments.

SHUBHAM INDUSTRIES: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shubham
Industries - Kadi (SI) continues to be 'CRISIL B/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             14        CRISIL B/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SI for
obtaining information through letters and emails dated September
28, 2020 and March 17, 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 SI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of SI
continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

Set up in 2005, SI is promoted by Mr. Ashok Patel and family. The
firm gins and presses cotton at its facility in Kadi (Gujarat).

SIMANDHAR BROKING: Insolvency Resolution Process Case Summary
-------------------------------------------------------------
Debtor: Simandhar Broking Limited
        801, Wall Street-1
        Opp. Orient Club
        Ellisbridge
        Ahmedabad 380006
        Gujarat, India

Insolvency Commencement Date: April 26, 2021

Court: National Company Law Tribunal, Ahmedabad Bench

Estimated date of closure of
insolvency resolution process: October 23, 2021

Insolvency professional: Mr. Omkar Maloo

Interim Resolution
Professional:            Mr. Omkar Maloo
                         403, 4th Floor, Shaival Plaza
                         Gujarat College Road
                         Ellisbridge
                         Ahmedabad 380006
                         E-mail: omkar@ormaloo.com
                                 ipsimandharbroking@gmail.com

Last date for
submission of claims:    May 13, 2021


SIRI CONSTRUCTIONS: Ind-Ra Moves 'BB-' Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Siri Constructions
Infrastructure Private Limited's (SCIPL) 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 the rating. The rating will now
appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's
website.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating;

-- INR250 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating; and

-- INR100 mil. Proposed non-fund-based facilities* migrated to
     non-cooperating category and withdrawn.

* Ind-Ra has withdrawn, as per its updated policy, the provisional
ratings on SCIPL's  non-fund-based facilities, as they were
outstanding for more than 180 days and the company did not provide
the agency with a sanction letter for the same.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
April 8, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

SCIPL executes civil construction projects, namely construction of
buildings, roads, underground drainage system and Irrigation
project among others.

SMITA STEELS: Ind-Ra Downgrades Long-Term Issuer Rating to 'BB'
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Smita Steels
Rolling Mills Private Limited's (SSRMPL) Long-Term Issuer Rating to
'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT
COOPERATING)'. The issuer did not participate in the rating
exercise despite continuous requests and follow-ups by the agency.


The instrument-wise rating actions are:       

-- INR150 mil. Fund-based working capital limits downgraded with  

     IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR35 mil. Non-fund-based working capital limits downgraded
     with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer not cooperating; based on the
best available information

KEY RATING DRIVERS

The downgrade is pursuant to the SEBI Circular
SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3, 2020. As per the
circular, any issuer with an investment grade rating remaining non-
cooperative with the rating agency for more than six months should
be downgraded to a sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect SSRMPL's credit strength, as the company has been
non-cooperative with the agency since November 6, 2020. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

COMPANY PROFILE

SSRMPL manufactures hot-rolled round and flat steel bars.


SRINAGAR BANIHAL: ICRA Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Srinagar
Banihal Expressway Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D ISSUER NOT COOPERATING".


                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based         1,440       [ICRA]D ISSUER NOT COOPERATING;
   Facilities–                    Rating continues to remain
   Term Loan                      under 'Issuer Not Cooperating'
                                  category

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

Srinagar Banihal Expressway Limited is a special purpose vehicle
promoted by Ramky Infrastructure Ltd. (74%) and Jiangsu Provincial
Transportation Engineering Group Company Limited (JTEG) (26%) for
construction, operation and maintenance of the four Lanning of the
Srinagar-Banihal section of National Highway – 1A from km 187.00
to km 189.350 (Banihal bypass) and km 220.700 to km 286.110
(approximately 67.76 km) on design, build, finance, operate and
transfer (annuity) basis under the National Highways Development
Project (NHDP Phase II). The total revised cost of the project is
Rs. 2000 crore. The total concession period is 20 years including
the construction period of 3 years. SBEL will receive a fixed
annuity payment of INR134.82 crores semi-annually for a period of
17 years. The project is being funded by Rs. 1440 crore debt and
Rs. 360 crore of promoters' contribution and one time fund infusion
from NHAI of Rs. 200 crore. The project achieved provisional
commercial operations date (PCOD) in April 2018. As against planned
financial progress of 100.00%, actual financial progress is 95.20%
as on September 2018.

SRR PROJECTS: Ind-Ra Cuts Long-Term Issuer Rating to 'BB'
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded SRR Projects
Private Limited's Long-Term Issuer Rating to 'IND BB (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'. The issuer
did not participate in the rating exercise despite continuous
requests and follow-ups by the agency.

The instrument-wise rating actions are:

-- INR430.0 mil. Fund-based limits downgraded with IND BB (ISSUER

     NOT COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating;

-- INR1,562.5 bil. Non-fund-based limits downgraded with IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR162.5 mil. Proposed non-fund-based limits* downgraded with
     IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer not cooperating; based on the
best-available information

KEY RATING DRIVERS

The downgrade is pursuant to Securities and Exchange of Board
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, if  any issuer with an investment grade
rating remains non-cooperative with the rating agency for more than
six months should be downgraded to sub-investment grade rating. SRR
has been non cooperative with the agency since September 25, 2020.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect the company's credit strength as it has been
non-cooperative with the agency, therefore, investors and other
users are advised to take appropriate caution while using these
ratings.

COMPANY PROFILE

SRR was formed in 2006 by engineers experienced in the execution of
diverse projects such as power projects, pipeline works, steel
plants, roads and highways, transmission lines, along with
substations, and elevated commercial and housing projects.

SUBH SANKET: CRISIL Keeps B+ Rating in Not Cooperating Category
---------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Subh Sanket
Traders Private Limited (SSTPL) continues to be 'CRISIL B+/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Drop Line              9.6        CRISIL B+/Stable (Issuer Not
   Overdraft                         Cooperating)
   Facility               
                                     
CRISIL Ratings has been consistently following up with SSTPL for
obtaining information through letters and emails dated September
30, 2020 and March 17, 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 SSTPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SSTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SSTPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

Incorporated in 2005, SSTPL trades in domestic coal. Registered
office is in Kolkata.

SUKATA TRACTOR: CRISIL Keeps B+ Debt Ratings in Not Cooperating
---------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sukata
Tractor Parts Private Limited (STPPL) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit            5.95       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term     3.70       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan              0.35       CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with STPPL for
obtaining information through letters and emails dated September
28, 2020 and March 17, 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 STPPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on STPPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
STPPL continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

STPPL was incorporated in 1996, by the promoters, Mr. Kunal Arora
and Mr. Anish Arora. The company manufactures seats, handles,
compartment doors, and other auto components, mainly for the
tractor industry and the railways, and has three manufacturing
units at Panchkula (Haryana).

SURYA NARAYAN: CRISIL Keeps B- Debt Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Surya Narayan
Agro Private Limited (SNAPL) continue to be 'CRISIL B-/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit              2        CRISIL B-/Stable (Issuer Not
                                     Cooperating)

   Proposed Long Term       0.5      CRISIL B-/Stable (Issuer Not
   Bank Loan Facility                Cooperating)

   Term Loan                3.0      CRISIL B-/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SNAPL for
obtaining information through letters and emails dated September
28, 2020 and March 17, 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 SNAPL, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SNAPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SNAPL continues to be 'CRISIL B-/Stable Issuer Not Cooperating'.

Incorporated in 2014, Surya Narayan Agro Private Limited (SNAPL),
has set up 8 ton per hour (TPH) non-basmati rice mill unit at
Burdwan,West Bengal having an estimated cost of around INR7.19
crores (including working capital margin). The project was funded
by term loan of INR3 crores and remaining through funding support
from promoters in the form of equity or unsecured loan. When the
case was discussed in the committee last time the company was in
the process for contracting the necessary funding support from the
bank, but the promoters had already infused their part equity
capital in the company. SNAPL's day to day operations are looked
after by its promoter director Mr. Subhash Ghosh.

T2T DESIGNS PRIVATE: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: T2T Designs Private Limited
        No. 2, Kasthuri Industrial Estate
        Ponniamman Koil Street
        Ponniamman Nagar
        Ayanambakkam, Chennai
        Tamilnadu 600095
        IN

Insolvency Commencement Date: April 12, 2021

Court: National Company Law Tribunal, Division Bench, Chennai

Estimated date of closure of
insolvency resolution process: October 9, 2021
                               (180 days from commencement)

Insolvency professional: L. Bhadri

Interim Resolution
Professional:            L. Bhadri
                         No. 8/12 (Old 16/12)
                         Kesava Perumal Sannadhi Street
                         Mylapore, Chennai 600004
                         E-mail: l.bhadri@gmail.com

                            - and -

                         MMPDA Towers 2nd Floor
                         No. 184 (Old 214)
                         Royapettah High Road
                         Royapettah
                         Chennai 600014
                         E-mail: l.bhadri.rp.t2t@gmail.com

Last date for
submission of claims:    May 23, 2021


VICTORY SPINNING: Ind-Ra Downgrades Long-Term Issuer Rating to 'BB'
-------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Victory Spinning
Mills Limited's (VSML) Long-Term Issuer Rating to 'IND BB (ISSUER
NOT COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency.

The instrument-wise rating actions are:

-- INR297.9 mil. Term loan due on March 2025 downgraded with IND
     BB (ISSUER NOT COOPERATING) rating;

-- INR360 mil. Fund-based Working capital limits downgraded with
     IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating; and

-- INR32.3 mil. Non-fund-based facilities downgraded with IND A4+

     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer not cooperating; based on the
best available information

KEY RATING DRIVERS

The downgrade is pursuant to the SEBI Circular
SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3, 2020. As per the
circular, any issuer with an investment grade rating remaining
non-cooperative with the rating agency for more than six months
should be downgraded to a sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect VSML's  credit strength as the company has been
non-cooperative with the agency since October 1, 2020. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

COMPANY PROFILE

VSML, incorporated in 2003, manufactures viscose yarn. The company
is located in Namakkal, Tamil Nadu.


VIJAY AGROTECH: CRISIL Lowers Rating on INR8cr Loans to B
---------------------------------------------------------
CRISIL has revised the ratings on bank facilities of Vijay AgroTech
Revised to 'CRISIL B/Stable Issuer Not Cooperating' from 'CRISIL
BB/Stable Issuer Not Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Cash Credit             6         CRISIL B/Stable (ISSUER NOT
                                     COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING)

   Proposed Long Term      2         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility                COOPERATING; Revised from
                                     'CRISIL BB/Stable ISSUER NOT
                                     COOPERATING)

CRISIL Ratings has been consistently following up with Vijay for
obtaining information through letters and emails dated September
28, 2020 and March 17, 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 Vijay, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on Vijay
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
Vijay Revised to 'CRISIL B/Stable Issuer Not Cooperating' from
'CRISIL BB/Stable Issuer Not Cooperating'.

Vijay was set up as a partnership firm in 2013 The Balod,
(Chhattisgarh)-based firm mills and processes non-basmati parboiled
rice.

VINAYAGA CONSTRUCTION: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Sree Vinayaga
Construction (SVC) continues to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

                       Amount
   Facilities        (INR Crore)     Ratings
   ----------        -----------     -------
   Overdraft Facility       5        CRISIL B+/Stable (Issuer Not
                                     Cooperating)

CRISIL Ratings has been consistently following up with SVC for
obtaining information through letters and emails dated September
28, 2020 and March 17, 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 SVC, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SVC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SVC continues to be 'CRISIL B+/Stable Issuer Not Cooperating'.

SVC was established in May 2013 as a partnership firm by Mr.
Reghunathan, Mr. Gopikrishna, Mr. Murugan and Mr. Pandian. The firm
undertakes civil construction works, primarily for Tamil Nadu
Public Works Department.

ZIRCON TECHNOLOGIES: Ind-Ra Cuts Long-Term Issuer Rating to 'BB'
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Zircon
Technologies (India) Limited's (ZTIL) Long-Term Issuer Rating to
'IND BB (ISSUER NOT COOPERATING)' from 'IND BBB- (ISSUER NOT
COOPERATING)'. The issuer did not participate in the surveillance
exercise despite continuous requests and follow-ups by the agency.
Thus, the rating is based on the best available information.
Therefore, investors and other users are advised to take
appropriate caution while using these ratings.

The instrument-wise rating actions are:

-- INR200 mil. Fund-based working capital limits downgraded with
     IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR214 mil. Term loan due on May 28, 2020- April 1, 2036
     downgraded with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR10 mil. Non-fund-based limits downgraded with IND A4+
     (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: Issuer not cooperating; based on the
best-available information.

KEY RATING DRIVERS

The downgrade is pursuant to the Securities and Exchange Board of
India's circular SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3,
2020. As per the circular, any issuer having an investment-grade
rating remaining non-cooperative with a rating agency for over six
months should be downgraded to a sub-investment grade rating.

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect ZTIL's credit strength as the issuer has been
non-cooperative with the agency since July 22, 2020. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

COMPANY PROFILE

ZTIL, incorporated in 1999, is engaged in label printing, brand
protection and decoration. The company operates from two locations
- Dehradun and Chennai. In Dehradun, the company has two plants of
which one is engaged in label printing and the other manufactures
canisters.



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

ABM INVESTAMA: Fitch Alters Outlook on 'B+' IDR to Stable
---------------------------------------------------------
Fitch Ratings has revised the Outlook on Indonesia-based PT ABM
Investama Tbk's Long-Term Foreign-Currency Issuer Default Rating
(IDR) to Stable, from Negative, and has affirmed the rating at
'B+'. Fitch has also affirmed ABM's outstanding senior notes at
'B+' with a Recovery Rating of 'RR4'.

The Outlook revision reflects a strong improvement in ABM's
coal-contracting business; Fitch expects further volume growth from
new contracts and a ramp-up in production by existing customers
after a decline in 2020 to support operating cash flows and partly
offset the deterioration in the mining segment's profitability.
Leverage should improve modestly and remain adequate for the rating
over the next three years, excluding any acquisitions.

ABM's rating reflects its position as an integrated coal producer.
Its coal-contracting business and coal mines, which together
account for more than 65% of EBITDA, benefit from synergies and
diversification from its logistics and engineering arms.

KEY RATING DRIVERS

Improved Contracting Volume: Fitch expects overburden removal
volume at PT Cipta Kridatama (CK), ABM's coal-contracting
subsidiary, to increase to around 200 million bank cubic metres
(mbcm) in the next three to four years. CK recorded 140mbcm
overburden volume in 2020, higher than Fitch's expectation and
similar to 2018, before CK lost its key customer, Toba Bara, in
early 2019. CK's new contracts are signed for life of mine,
providing better visibility of long-term volumes and lower renewal
risk, relative to its earlier short-term contracts.

Weakening Coal Mining Operations: Fitch expects mining segment
profitability, measured by EBITDA/tonne, to decline to around
USD2.5 (2020: USD3.0) from lower production volume at its PT Tunas
Indi Abadi (TIA) mine. ABM's other mines - PT MIFA Bersaudara
(MIFA) and PT Bara Energi Lestari (BEL) - produce lower calorific
value coal, leading to lower realisations and profitability.
Production volume should rise to about 15 million tonnes (MT) in
next two to three years (2020: 12MT), with higher volume at MIFA
and BEL offsetting TIA's decline.

Acquisition an Event Risk: ABM plans to acquire a coal mine to
improve the profile of its coal mining portfolio and replenish the
depleting coal reserves at its key mine, TIA, but has not yet
finalised any deal. TIA has only a three-year reserve life at 2020
production levels of 3.4MT. Fitch has not factored in any
acquisitions in its assessment and will treat any acquisitions as
an event risk. MIFA and BEL had coal reserves of about 203MT and
32MT, respectively, as of end-2020.

Stronger Cash Flow: Fitch expects higher coal contracting volume to
improve ABM's operating cash flow, despite weaker profit from the
coal mining segment based on Fitch's coal-price assumptions. Fitch
forecasts ABM's EBITDAR to range between USD180 million-200 million
over the next three years, after deteriorating over the last two
years (2020: USD97 million).

Moderate Capex, Improving Credit Metrics: Fitch expects average
annual capex of around USD75 million (2020: USD71 million) over the
next four years. The capex is mainly for maintenance and capacity
expansion at CK. The moderate capex, together with stronger
operating cash flow, should see FFO adjusted net leverage improve
to and remain at around 2.5x (2020: 2.9x) over the next three
years. However, rising operating lease expenses, which form part of
ABM's asset-light strategy, will constrain FFO fixed-charge
coverage to or below 2.5x (2020: 2.2x).

Integrated Business Model: ABM benefits from an integrated business
model, with four businesses across the value chain. These
businesses - coal mining contracting, coal mining, logistics and
engineering - create synergies and enable ABM to offer services
across the value chain.

ABM also benefits from relationships with affiliated companies,
including PT Trakindo Utama, a long-term distributor of Caterpillar
Inc. (A/Stable), which provides most of the equipment, spare parts
and servicing for ABM's coal contracting business. Trakindo is also
an important customer of ABM's logistics and engineering
businesses.

Exposure to Cyclical Coal Industry: ABM is vulnerable to the
commodity cycle, as around 80% of its EBITDA and cash flow is
derived from the coal industry. This risk is mitigated by its
integrated business model.

DERIVATION SUMMARY

ABM's closest peer is PT Bukit Makmur Mandiri Utama (BUMA,
BB-/Negative). ABM benefits from diversification across business
segments and a stronger financial profile, but its core contracting
business is weaker than BUMA's, justifying a notch difference in
its credit assessment, in Fitch's view. BUMA enjoys higher market
share and a better customer base. It ranks as Indonesia's
second-largest mining contractor, with annual overburden volume
that is almost twice that of ABM. The Negative Outlook on BUMA's
rating reflects its low rating headroom, as Fitch expects its
credit metrics to remain close to the negative sensitivities.

Within coal mining peers, ABM can be compared with PT Golden Energy
Mines Tbk (B+/Stable), which Fitch assesses based on the
consolidated credit profile of Golden Energy and Resources Limited
(GEAR, B+/Stable). GEAR has a longer reserve life, higher
operational flexibility and a lower cost position than ABM, but ABM
benefits from its portfolio of diversified businesses.

KEY ASSUMPTIONS

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

-- Newcastle coal price in line with Fitch's price deck; 2021:
    USD72/tonne; 2022-2024: USD66/tonne. ABM's coal prices are
    adjusted for calorific value.

-- Overburden volume to increase by 23% to around 170mbcm in
    2021, thereafter Fitch assumes an average annual increase of
    3% for the next three years.

-- Coal mining sales volume to increase by 15% in 2021 and about
    8% in 2022, and thereafter start to decline.

-- Cumulative capex of around USD300 million in 2021-2024.

RATING SENSITIVITIES

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

-- An upgrade is unlikely over the short term, although a
    material improvement in ABM's coal contracting or mining
    business, while maintaining an appropriate financial profile
    in relation to the business profile, may lead to an upgrade.

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

-- Deterioration in the company's core operating segment,
    including, but not limited to, failure in retaining major
    customers.

-- Cash flow generation falling short of Fitch's expectations,
    leading to a sustained deterioration in credit metrics, as
    follows: FFO adjusted net leverage above 3.0x and FFO fixed
    charge cover below 2.0x.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Refinancing Due in 2022: ABM had cash and cash equivalents of
around USD110 million against outstanding short-term debt of USD40
million as of end-2020. The company entered a loan agreement in
March 2021 for a working-capital facility of USD50 million with a
one-year expiry to support its short-term liquidity profile. Its
only US-dollar note will mature in 2022, which ABM is likely to
refinance, as Fitch believes it will have insufficient internal
cash flow to cover the repayment. Nevertheless, the company is
already in discussions about issuing a new US-dollar note to
refinance the 2022 bond.

CRITERIA VARIATION

Fitch applied a variation under Fitch's Corporate Rating Criteria
by using multiple-based lease-adjusted credit metrics to assess
ABM's rating, instead of unadjusted ratios as defined in the
criteria, to better reflect ABM's financial profile, given its
strategy of using operating leases for its core assets in its
mining contracting business.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.




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

[*] NZD200 Million Support Package for Struggling Tour Operators
----------------------------------------------------------------
Otago Daily Times reports that the New Zealand Government has
unveiled a $200 million support package for hard-hit tourism
players to ensure their long-term transformation and, ultimately,
their survival.

Some businesses will be eligible for a NZD5,000 grant to help them
plan for the future; they could also receive a further NZD5,000 to
help put those plans in action, the report says.

ODT relates that Tourism Minister Stuart Nash has also made
available more than NZD25 million to help tourism players plan,
promote and market activities in their regions.

And almost NZD50 million has been made available for a kick-start
fund so businesses, which suspended operations due to the pandemic,
can reopen once international visitors return.

The package also contains NZD20 million which will be used to
diversify the Queenstown-Wanaka region's economy - an economy which
Nash said was "over-reliant" on international tourism.

According to ODT, the move is all part of the Government's Tourism
Communities plan, which is made up of NZD127 million from this
month's Budget and NZD73 million which has been reallocated from
last year's Tourism Recovery Package.

ODT says the funding is mainly targeted at providing support for
small tourism businesses, providing infrastructure, as well as
maintaining and creating conservation estate.

There will also be specific funding for Māori tourism development,
to be announced next month, ODT notes.

The money will be dished out between now and 2023, Nash told the
TRENZ annual conference on May 6.

"[The plan] is an opportunity for Government, councils, iwi,
businesses and tourism communities to work together and re-set the
industry on a more sustainable model for the future."

According to ODT, Mr. Nash said the focus of this plan is on five
"vulnerable" South Island regions: Fiordland, South Westland,
Queenstown Lakes, Mackenzie District and Kaikōura.

ODT says the funding is targeted at a number of areas:

     * NZD49 million kick-start fund for tourism businesses to
restart ahead of international visitors arriving

     * NZD26 million for Regional Tourism Organisations to plan,
promote and market tourism activities

     * NZD20 million to diversify the Queenstown-Wanaka region away
from tourism

     * NZD16.5 million for local councils to apply for new
spending

     * NZD15 million to transform Milford Sound-Piopiotahi

     * NZD14 million which will be used to convert loans from
Inbound Tour Operators, allocated last year, to grants

     * NZD10 million in grants for tourism businesses to get expert
planning advice

     * NZD10 million in grants to help businesses implement those
plans

     * NZD10 million in waived concession fees for around 1000
tourism business operators, trading on public conservation land

     * NZD10 million for a Tourism Industry Transformation Plan to
create a more sustainable tourism model

     * NZD4.5 million for psychological and social wellbeing
support and training

ODT adds that Mr. Nash said a further announcement on funding for
Māori tourism businesses, which will help them expand their
businesses, will be made next month.




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

BLVD HOLDING: Court to Hear Wind-Up Petition on May 21
------------------------------------------------------
A petition to wind up the operations of BLVD Holding Pte Ltd will
be heard before the High Court of Singapore on May 21, 2021, at
10:00 a.m.

MayBev Pte. Ltd filed the petition against the company on April 27,
2021.

The Petitioner's solicitors are:

        Genesis Law Corporation
        1 Coleman Street
        #07-02 The Adelphi
        Singapore 179803


EAGLE HOSPITALITY: Sale of Dallas Hotel Falls Through
-----------------------------------------------------
The Business Times reports that Eagle Hospitality Real Estate
Investment Trust (EH-Reit) will not be going ahead with the planned
sale of a property in Texas, as the buyer missed the deadline for a
deposit.

BT relates that the sale and purchase agreement for Crowne Plaza
Dallas Near Galleria-Addison (CPDG) was thus terminated on May 4,
REIT trustee DBS Trustee said on May 7.

According to the report, EH-Reit's wholly-owned subsidiary will
hold on to initial deposits of US$1.45 million in the aborted
US$18.5 million deal with buyer Lockwood Development Partners.

Now that the April agreement has fallen through, DBS Trustee said
that it is working with its professional advisers to explore "all
available options in respect of CPDG, and will provide further
updates on any material developments as and when appropriate," BT
relays.

BT says the freehold 428-room hotel is part of the portfolio of
troubled Eagle Hospitality Trust (EHT), which comprises EH-Reit and
the dormant Eagle Hospitality Business Trust.

Numerous EHT entities had filed for Chapter 11 bankruptcy in a
Delaware court in 2021. But CPDG is not directly owned by a Chapter
11 entity, so it does not enjoy bankruptcy protection under Section
363 of the United States Bankruptcy Code, the report notes.

Amid the Chapter 11 entities' "limited ability to support CPDG",
the decision was made to sell off CPDG, in the face of potential
difficulty fetching a higher price in an auction, and the risk that
a lender would foreclose on the property after mortgage loan
defaults.

But the EH-Reit unit involved in the sale axed the agreement as the
buyer did not meet the May 3 deadline for an extra deposit of
US$1.05 million, DBS Trustee has now said, BT relays.

The buyer and the seller have no further rights or obligations to
each other under the sale and purchase agreement, except for
"certain surviving provisions".

Trading in EHT has been suspended since March 2020, the report
notes.

                   About Eagle Hospitality Group

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

EHT US1, Inc., and 26 affiliates, including 15 LLC entities that
each owns hotels in the U.S., sought Chapter 11 protection (Bankr.
D. Del. Lead Case No. 21-10036) on Jan. 18, 2021.

EHT US1, Inc., estimated $500 million to $1 billion in assets and
liabilities as of the bankruptcy filing.

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


IMPERIAL REALTY: Creditors' Proofs of Debt Due June 8
-----------------------------------------------------
Creditors of Imperial Realty Limited Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by June 8,
2021, to be included in the company's dividend distribution.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         BDO Advisory Pte. Ltd.
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778


PUMA ENERGY: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable
-------------------------------------------------------------
Fitch Ratings has affirmed Puma Energy Holdings Pte. Ltd's (Puma
Energy) Long-Term Issuer Default Rating (IDR) at 'BB-'. Fitch also
affirmed Puma International Financing S.A.'s senior unsecured debt
instruments at 'BB-' with a Recovery Rating of 'RR4'. All ratings
have been removed from Rating Watch Negative (RWN). The Outlook on
the IDR is Stable.

The rating action reflects the removal of immediate refinance risk
following the repayment of Puma Energy's USD500 million term loan B
(TLB) and the refinancing of the company's revolving credit
facility (RCF).

Despite cash injection from parent Trafigura, and a share purchase
from major shareholder Sonangol, which would take Trafigura's own
stake in Puma Energy to over 90%, Fitch continues to assess Puma
Energy's rating on a standalone basis. Fitch views Trafigura as
more akin to a supportive financial investor looking to dispose of
its controlling stake in the foreseeable future. Fitch may reassess
Fitch's approach if the parent's behaviour changes, leading to
detrimental impact on Puma Energy's creditor group.

Puma Energy's 'BB-' rating encapsulates Fitch's view of the
company's improved capital structure and increased financial
flexibility following the cash injection and expected disposal of
Angolan operations. Further positive rating momentum is contingent
on a record of sustained improvement in margins, healthy cash
generation with positive free cash flow (FCF) and a conservative
financial policy while maintaining leverage below 4.0x on a funds
from operations (FFO) readily marketable inventory (RMI) lease
adjusted basis. The ratings continue to reflect the group's
geographical and business diversification, partly offset by
inherent cash flow volatility from its sizeable emerging-market
exposure.

KEY RATING DRIVERS

Refinancing Risk Resolved: The TLB was repaid with proceeds from a
USD500 million right issue to which Trafigura was the major
subscriber. Its RCF was extended at a similar level of around
USD600 million by a wide pool of banks, it benefits from two
one-year extension options, however is not included in Fitch's
liquidity ratio due to its 12-month maturity.

Standalone Ratings Approach Retained: Fitch considers Trafigura's
shareholding in Puma Energy as more aligned with an investment that
it is looking to dispose of over the four-year rating horizon
rather than a fully integrated business. Changes in Trafigura's
behaviour leading to a material cash leakage from Puma Energy may
lead us to reassess Fitch's view of linkage under Fitch's Parent
and Subsidiary Linkage (PSL) Criteria.

Strengthened Capital Structure: Fitch believes Puma Energy's
standalone capital structure has notably improved, following the
rights issue and Angolan operations disposal. Fitch expects FFO RMI
lease adjusted leverage to improve to around 3.0x in 2021, which is
below Fitch's positive sensitivity threshold of 4.0x and Fitch's
previous forecast of around 5.0x. Despite a strengthened financial
structure, which allows the company to operate well within its
target net debt/ EBITDA (adjusted for inventories) of 2.5x, Fitch
will look for a commitment post-pandemic to maintain low leverage
to compensate for profit-and cash- flow volatility before
considering any positive rating action.

Profitability Maintained: Fitch expects EBITDA to trend towards
USD470 million over the next three years (pre-IFRS 16). This
incorporates deconsolidation of the Angolan operations (5% of
volumes in 2020) and slow volume growth over the rating horizon
following a 10% decline in volumes in 2020. Fitch's rating case
does not assume a material impact on trading from the spread of
coronavirus in 2021. Pandemic impact on fuel demand in 2Q20 (-18%)
was largely offset by USD82 million of shareholder support through
an interim price adjustment on fuel supply, leading to a flat 2020
EBITDA.

Diversification Unaffected: Fitch does not view the disposal of
Angolan operations as a material reduction of the company's
diversification. Angolan operations have seen their contribution
reduce over the years to around 5% in 2020 from around 25% in 2017.
Puma Energy has operations in over 40 countries, mainly in emerging
markets, with the top 10 contributing around half of its EBITDA.
Exposure to emerging markets can make cash flows more volatile due
to currency movements, as experienced in 2020, among other factors.
As a result, even post-rights issue, the company's FFO (and
RMI-adjusted) fixed charge cover of around 2.2x (Fitch forecast for
2021) is weak for a higher rating.

Limited Oil Price Risk: Puma Energy hedges its physical fuel
supply. All of its supply stock is either pre-sold or hedged
against price fluctuations. Therefore, in evaluating leverage and
fixed charge coverage ratios, Fitch excludes debt associated with
financing RMI and reclassifies the related interest costs as cost
of goods sold. The difference between RMI lease-adjusted and
RMI-unadjusted lease-adjusted FFO net leverage is 0.5x-1.5x.

DERIVATION SUMMARY

Puma Energy's closest peer is Vivo Energy plc (BB+/Stable), which
operates on a smaller scale with limited midstream activities and
high concentration in Africa (over 20 countries). Vivo Energy's
capital intensity is lower than that of Puma Energy, whose
significant investments in midstream infrastructure did not yield
sufficient cash flows and led to increased leverage. Subsequent to
the rights issue and Angola disposal Fitch expects Puma Energy's
RMI lease-adjusted leverage to reduce to 3x from around 5x. This
remains above the leverage of Vivo Energy, whose rating is
supported by a cash-generative and conservative financial profile,
with RMI lease-adjusted net leverage below 1x.

Puma Energy's retail operations can be compared, to some extent,
with those of EG Group Limited (B-/Stable), a global petrol fuel
station and convenience retail/ food services operator. EG Group is
larger than Puma Energy, its overall scale and diversification have
improved through acquisitions and the group is present in the
mature European, US and Australian markets. EG has higher exposure
to more profitable convenience and food-to-go retail than Puma
Energy, leading to higher expected EBITDA and FFO margin of around
5.5% and 3% versus below 4% and 2.4% for Puma Energy. EG's rating
reflects a weaker financial profile following a period of mainly
debt-funded acquisitions with FFO lease-adjusted gross leverage at
8.2x in 2020 (12.6x in 2019), and still developing corporate
governance and internal controls that are appropriate for its
size.

KEY ASSUMPTIONS

-- Sales volumes to grow 2% in 2021, and around 2%-3% in 2022
    2024;

-- Stable gross profit unit margin over 2022-2024, slightly above
    2019 levels;

-- Working capital outflow of USD85 million in 2021 as payables
    terms normalise. Net working-capital remaining broadly neutral
    on average in 2022/2023;

-- Capex at USD250 million in 2021, followed by USD200 million
    per year in 2022-2024;

-- Disposals to yield USD600 million gross proceeds from Angola
    and USD50 million from other non-core assets in 2021 and 2022;

-- Rights issue proceeds of USD500 million in 2021;

-- Annual dividends to Puma Energy's JV partners of USD25 million
    in 2021, followed by USD20 million in the following three
    years, broadly aligned with the annual average in 2017-2020;
    and

-- Foreign-exchange impact of USD50 million per year until 2024.

RATING SENSITIVITIES

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

-- Evidence of sustained operational turnaround leading to a
    material and sustained improvement in unit margins and FFO
    margin;

-- FFO RMI- and lease-adjusted net leverage sustained below 4.0x
    in combination with a more conservative financial policy;

-- FFO RMI- and lease-adjusted fixed charge cover sustainably
    above 2.5x;

-- Enhanced financial flexibility translated into record of
    positive FCF generation and a more sustainable standalone
    liquidity profile.

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

-- Lack of progress to refinance / extend its RCF and upcoming
    debt maturities by 1Q22;

-- FFO RMI- and lease-adjusted net leverage sustained above 5.0x;

-- Change in Trafigura's behaviour or policy towards Puma Energy
    leading to a potential material cash leakage from the
    subsidiary, resulting in Fitch reviewing the linkage with
    Trafigura under its PSL criteria. Assessment of moderate ties
    between the parent and subsidiary, especially in combination
    with the above-mentioned factors, could result in negative
    rating action.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Immediate Liquidity Risk Resolved: The USD500 million proceeds from
the recently concluded rights issue, mainly subscribed by its main
shareholder Trafigura, allowed Puma Energy to fully repay the
USD500 million three-year term on 30 April 2021 without
compromising its liquidity. Moreover, Puma Energy secured one-year
syndicated facilities of USD586 million to refinance its two RCFs
comprising USD596 million due in May, and announced a sale
agreement of its Angolan business and assets to Sonangol for USD600
million. Puma Energy's liquidity score improved to above 1x due to
these transactions.

As of 31 December 2020, Puma Energy had USD343 million readily
available cash, after deducting USD164 million restricted cash
related to guarantees granted following the sale of Australian
business and to operations in Papua New Guinea where cash
repatriation restricts cash balance availability for the group. In
addition, it benefits from a USD500 million committed shareholder
loan facility from Trafigura until September 2023.

Under Fitch's methodology, Fitch excludes the undrawn part of
one-year RCFs from Fitch's liquidity score calculation. Fitch also
excludes the USD1 billion undrawn facility from Trafigura as it is
uncommitted, but which could help Puma Energy to service its debt
obligations.

ESG CONSIDERATIONS

Unless otherwise disclosed in this section, the highest level of
ESG credit relevance is a score of '3'. This means ESG issues are
credit-neutral or have only a minimal credit impact on the entity,
either due to their nature or the way in which they are being
managed by the entity.


SINGLESOURCE PLATFORM: Creditors' Proofs of Debt Due June 7
-----------------------------------------------------------
Creditors of Singlesource Platform Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by June 7,
2021, to be included in the company's dividend distribution.

The company's liquidator is:

          Ho Lon Gee
          80 Robinson Road
          Singapore 068898


UNIVERSAL CARRIERS: Creditors' Proofs of Debt Due June 7
--------------------------------------------------------
Creditors of Universal Carriers Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by June 7,
2021, to be included in the company's dividend distribution.

The company's liquidator is:

         Masao Yamashika
         Akira Obata
         24 Peck Seah Street #04-01
         Singapore 079314




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

[*] BOND PRICING: For the Week May 3, 2021 to May 9, 2021
---------------------------------------------------------
Issuer                  Coupon    Maturity    Currency    Price
------                  ------    --------    --------    -----

  AUSTRALIA
  ---------

ACN 113 874 712 PTY LTD   13.25      02/15/18      USD      0.15
ACN 113 874 712 PTY LTD   13.25      02/15/18      USD      0.15
CLEAN SEAS SEAFOOD LTD     8.00      11/18/22      AUD      1.05
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.



                *** End of Transmission ***