---

       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, August 17, 2021, Vol. 24, No. 158

                           Headlines



A U S T R A L I A

BAKARTI PTY: Second Creditors' Meeting Set for Aug. 24
CORONADO GLOBAL: Moody's Alters Outlook on B2 CFR to Positive
CUBEX AUSTRALIA: First Creditors' Meeting Set for Aug. 24
GOLLANS LOGISTICS: First Creditors' Meeting Set for Aug. 24
LA TROBE 2021-2: Moody's Assigns Ba3 Rating to AUD3.75MM F Notes

PLENTI AUTO 2021-1: Moody's Assigns B1 Rating to AUD2.25MM F Notes
PROSPAROUS TRUST 2021-1: Moody's Gives (P)B3 Rating to Cl. E Notes
REDWOOD CONSTRUCTION: Second Creditors' Meeting Set for Aug. 24


C H I N A

SHINSUN HOLDINGS: Moody's Assigns B3 Rating to Proposed USD Notes


I N D I A

ABDUL JALEEL: CRISIL Reaffirms B Rating on INR4cr Cash Loan
AISHWARYA CHICKEN: CRISIL Lowers Rating on INR14cr Loans to D
AISHWARYA FEEDS: CRISIL Lowers Rating on INR30cr Cash Loan to D
ANNAI INFRA: CRISIL Withdraws B Rating on INR60.82cr Cash Loan
ASIAN VENTURES: CRISIL Withdraws B+ Rating on INR8.02cr Loan

AZEN MEDICAL: CARE Keeps D Debt Rating in Not Cooperating
BHARAT UDYOG: CRISIL Migrates B+ Rating from Not Cooperating
COMBINE DIAMONDS: CARE Keeps D Debt Rating in Not Cooperating
DEVANS MODERN: CRISIL Withdraws D Rating on INR50.7cr Loan
DHARANI SUGARS: NCLT Admits Insolvency Petition

DUGGAL AUTOMOBILES: CRISIL Assigns B+ Rating to INR7cr Loans
ELLJAY TEXTILES: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
GKB OPHTHALMICS: CRISIL Cuts Rating on INR9.0cr Cash Loan to D
GO GREEN: CARE Keeps D Debt Rating in Not Cooperating
HMP HOTELS: CRISIL Assigns B- Rating to INR6.0cr Loans

K. G. LAKSHMIPATHI: CARE Keeps D Debt Ratings in Not Cooperating
KARANJA TERMINAL: CRISIL Moves D Ratings from Not Cooperating
LAHOTY BROTHERS: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
LEKHYA MOTORS: CARE Lowers Rating on INR12.50cr LT Loan to C
LOKMANGAL MAULI: CARE Keeps D Debt Rating in Not Cooperating

MECORDS INDIA: CRISIL Reaffirms B+ Rating on INR43.43cr Loan
MUSKAN OVERSEAS: CRISIL Withdraws B Rating on INR24.5cr Loan
NEUEON TOWERS: CARE Keeps D Debt Ratings in Not Cooperating
NIMBUS HARBOR: CRISIL Withdraws B Rating on INR3cr Cash Loan
R.A. MOTORS: CRISIL Withdraws D Rating on INR9.5cr Loan

RAJDEEP BUILDCON: CRISIL Lowers Rating on INR310.35cr Loan to D
RANSAN PACKAGING: CRISIL Lowers Rating on INR5.1cr Loan to D
ROLEX PROCESSORS: CARE Keeps B- Debt Rating in Not Cooperating
SAI PAVANI: Ind-Ra Moves B- LT Issuer Rating to Non-Cooperating
SIMOLA TILES: CRISIL Assigns B Rating to INR38cr Term Loan

SIVA ENGINEERING: CRISIL Reaffirms B+ Rating on INR17cr Loan
SKV INFRATECH: CRISIL Withdraws B Rating on INR4cr Cash Loan
SPLENDID METAL: CARE Keeps D Debt Ratings in Not Cooperating
VAIBHAVA LAKSHMI: CRISIL Withdraws C Rating on INR17.2cr Loan
VANTA BIOSCIENCES: Ind-Ra Affirms 'D' Long-Term Issuer Rating

VEDASRI GREEN: CARE Lowers Rating on INR10cr LT Loan to B
VIDEOCON INDUSTRIES: Top Court Declines to Lift Stay on Insolvency


S I N G A P O R E

ACP BUILDING: Commences Wind-Up Proceedings
GREAT CIRCLE: Creditors' Meetings Set for Aug. 27
PROSPECT COBALT SUB 1: Creditors' Proofs of Debt Due on Sept. 13


X X X X X X X X

[*] BOND PRICING: For the Week Aug. 9, 2021 to Aug. 13, 2021

                           - - - - -


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

BAKARTI PTY: Second Creditors' Meeting Set for Aug. 24
------------------------------------------------------
A second meeting of creditors in the proceedings of:

    - Bakarti Pty Ltd;
    - McMaster Holdings Pty Limited;
    - Morondu Pty Ltd;
    - Solaru Pty Ltd; and
    - Wrapaway Transport Pty Ltd

has been set for Aug. 24, 2021, at 1:00 p.m. via teleconference
only.

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 Aug. 23, 2021, at 5:00 p.m.

Sule Arnautovic of Hall Chadwick was appointed as administrator of
Bakarti Pty on July 20, 2021.


CORONADO GLOBAL: Moody's Alters Outlook on B2 CFR to Positive
-------------------------------------------------------------
Moody's Investors Service has affirmed Coronado Global Resources
Inc.'s B2 Corporate Family Rating. At the same time, Moody's has
affirmed the B2 backed senior secured bond rating assigned to
Coronado Finance Pty Ltd, a wholly owned subsidiary of Coronado.
Moody's has also changed the outlook on all ratings to positive
from negative.

RATINGS RATIONALE

The outlook change to positive reflects meaningful improvements in
Coronado's capital structure and liquidity, as well as the strong
recovery in Australian metallurgical (met) coal prices which
Moody's expect will underpin strong cash generation.

The action also considers the restrictions placed by the secured
bond on large dividend payouts, which have in the past weakened
Coronado's balance sheet. Moody's views this as an improvement in
the company's governance risk profile, which was a factor in
today's rating action.

In May 2021, Coronado carried out an equity raising, put in place a
$350 million secured bond and entered into a $100 million senior
secured asset-based revolving credit facility (ABL). At the same
time, the company repaid and cancelled its syndicated facility
agreement. These steps have improved Coronado's capital structure
and liquidity meaningfully, as well as relieved the company from
risk of covenant breaches given the secured bond does not have
maintenance covenants.

The company also benefits from higher prices for Australian met
coal, which have increased to around $200/tonne from a low of
around $103/tonne. Under Moody's base price assumption of
$180/tonne through June 2022 and the mid-point of Moody's
medium-term price sensitivity range of $100-$160/tonne, the rating
agency expects Coronado to maintain leverage (debt/EBITDA) below 3x
over the next 12-18 months.

The B2 rating is supported by Coronado's position as a high-quality
met coal producer with geographically diversified operations in
Australia and the United States.

At the same time, the rating is constrained by the company's
exposure to met coal prices, and reliance on two operations for
about 80% of earnings.

Further, Coronado's margins and cash generation are constrained by
high royalty arrangements, primarily reflecting the long-term
agreement in place with the Queensland government's Stanwell
Corporation at its Curragh operation (the Stanwell agreement). The
Stanwell agreement requires Coronado to supply thermal coal to
Stanwell at an agreed contract price, which is currently less than
the cost of supply. The agreement also requires Coronado to pay a
rebate on metallurgical coal exported from the Curragh mine.

ENVIRONMENTAL, SOCIAL, GOVERNANCE CONSIDERATIONS

Coronado's ESG credit impact score is very highly negative (CIS-5).
The score reflects its high exposure to environmental risk and very
high exposure to social risks stemming from coal mining operations,
and very high exposure to governance risks stemming from Coronado's
majority private equity ownership and a history of paying
debt-funded dividends.

The environment risk score for Coronado is E-4 (highly negative).
Coronado generates around 90% of its revenues from met coal.
However, the environment risk score is driven by the carbon
transition risk for thermal coal and customers of met coal.

The social risk score for Coronado is S-5 (very highly negative).
The social risk score is driven primarily by coal mining's high
exposure to human capital, health and safety, responsible
production and demographic and societal trends. Coronado's safety
performance in Australia, as measured by Total Recordable Injury
Frequency Rate (TRIFR), has been below industry average in the
past, including the occurrence of a fatality in 2020. But Moody's
notes that there has been a considerable improvement in recent
months.

The governance risk score for Coronado is G-4 (highly negative).
The governance risk score reflects the company's majority private
equity ownership, albeit reduced to just over 50% following recent
equity raisings. Moody's notes shareholder-friendly initiatives
have occurred in the past, but that the secured bond now places
restrictions on any material dividend payouts.

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

Moody's could upgrade Coronado's rating if the company's
debt/EBITDA is sustained comfortably below 4x through the cycle. A
potential upgrade would also consider the company's free cash flow
generation, maintenance of a good liquidity profile, and commitment
to a conservative financial policy.

Moody's could downgrade Coronado's rating if debt/EBITDA exceeds
5x, free cash flow generation remains negative, material
debt-funded acquisitions or dividends are undertaken, and/or if the
company's liquidity deteriorates.

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

Coronado Global Resources Inc. (ASX:CRN) was founded in 2011 with
the intention to acquire and develop existing met coal operations.
It is majority-owned by The Energy & Minerals Group (EMG), a
private investment firm. CRN has been listed on the Australian
Securities Exchange (ASX) since 2018.


CUBEX AUSTRALIA: First Creditors' Meeting Set for Aug. 24
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Cubex
Australia Pty Limited will be held on Aug. 24, 2021, at 11:00 a.m.
via telephone conference.

Sule Arnautovic and John Vouris of Hall Chadwick were appointed as
administrators of Cubex Australia on Aug. 12, 2021.


GOLLANS LOGISTICS: First Creditors' Meeting Set for Aug. 24
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Gollans
Logistics Pty Ltd, trading as 'B E McDonald Transport' and 'Gollans
Removals', will be held on Aug. 24, 2021, at 10:00 a.m. via virtual
meeting technology.  

Simon Thorn of PKF was appointed as administrator of Gollans
Logistics on Aug. 12, 2021.


LA TROBE 2021-2: Moody's Assigns Ba3 Rating to AUD3.75MM F Notes
----------------------------------------------------------------
Moody's Investors Service has assigned the following definitive
ratings to the notes issued by Perpetual Corporate Trust Limited
(the Trustee) as trustee of La Trobe Financial Capital Markets
Trust 2021-2.

Issuer: La Trobe Financial Capital Markets Trust 2021-2

AUD975 million Class A1 Notes, Definitive Rating Assigned Aaa
(sf)

AUD138.75 million Class A2 Notes, Definitive Rating Assigned Aaa
(sf)

AUD88.75 million Class B Notes, Definitive Rating Assigned Aa2
(sf)

AUD7.5 million Class C Notes, Definitive Rating Assigned A1 (sf)

AUD22.5 million Class D Notes, Definitive Rating Assigned Baa1
(sf)

AUD10 million Class E Notes, Definitive Rating Assigned Ba1 (sf)

AUD3.75 million Class F Notes, Definitive Rating Assigned Ba3
(sf)

AUD3.12 million Equity 1 Notes are not rated by Moody's

AUD0.63 million Equity 2 Notes are not rated by Moody's

The transaction is a securitisation of first-ranking mortgage loans
secured over residential properties located in Australia. The loans
were originated and are serviced by La Trobe Financial Services Pty
Limited (La Trobe Financial, unrated).

La Trobe Financial has been an originator of mortgage loans in
Australia since 1952. As of June 30, 2021, La Trobe Financial had
AUD12.3 billion in total funds under management consisting of a
portfolio of Australian mortgage assets. New York-based asset
management firm Blackstone holds 80% equity stake in the La Trobe
Financial group.

La Trobe Financial has extensive securitisation experience through
its various warehouse funding arrangements and twelve term RMBS
transactions it has completed since 2014. This will be its 13th
term RMBS transaction and the second for 2021.

RATINGS RATIONALE

The definitive ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 1.50% of the notes balance, the legal structure, and the
experience of La Trobe Financial as servicer.

Moody's MILAN CE — representing the loss that Moody's expects the
portfolio to suffer in the event of a severe recession scenario —
is 9.7%. Moody's expected loss for this transaction is 1.2%.

Key transactional features are as follows:

While the Class A2 Notes are subordinate to the Class A1 Notes in
relation to charge-offs, Class A2 and Class A1 Notes rank pari
passu in relation to principal payments, based on their stated
amounts, before the call option date. This feature reduces the
absolute amount of credit enhancement available to the Class A1
Notes.

Once step-down conditions are satisfied, all notes will receive
their pro-rata share of principal, with equity notes share
allocated towards repayment of notes in reverse sequential order,
i.e. starting from Class F Notes. Step down conditions include,
among others, no unreimbursed charge-offs.

The servicer is required to maintain the weighted-average interest
rates on the mortgage loans at least at 3.5% above one-month BBSW,
which is within the current portfolio yield of 4.4%. This generates
a high level of excess spread available to cover losses in the
pool.

Key pool features are as follows:

There are no loans with a scheduled loan-to-value (LTV) ratio over
80.7%, however the pool has a relatively high weighted-average
scheduled LTV ratio of 70.8%.

Around 64.6% of loans are to self-employed borrowers. The income
of these borrowers is subject to higher volatility than employed
borrowers, and they may experience higher default rates.

Around 50.0% of the loans were extended on an alternative
documentation basis.

Loans secured by investment properties represent 45.2% of the
pool.

Based on Moody's classifications, around 8.7% of borrowers have
adverse credit histories.

Methodology Underlying the Rating Action:

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

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

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

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


PLENTI AUTO 2021-1: Moody's Assigns B1 Rating to AUD2.25MM F Notes
------------------------------------------------------------------
Moody's Investors Service has assigned definitive ratings to notes
issued by Perpetual Corporate Trust Limited in its capacity as the
trustee of the Plenti Auto ABS Trust 2021-1.

Issuer: Plenti Auto ABS Trust 2021-1

AUD262.5 million Class A Notes, Definitive Rating Assigned Aaa
(sf)

AUD6.3 million Class A-X Notes, Definitive Rating Assigned Aaa
(sf)

AUD15 million Class B Notes, Definitive Rating Assigned Aa2 (sf)

AUD6 million Class C Notes, Definitive Rating Assigned A1 (sf)

AUD7.5 million Class D Notes, Definitive Rating Assigned Baa2
(sf)

AUD5.25 million Class E Notes, Definitive Rating Assigned Ba2
(sf)

AUD2.25 million Class F Notes, Definitive Rating Assigned B1 (sf)

The AUD1.5 million Class G Notes are not rated by Moody's.

Plenti Auto ABS Trust 2021-1 (Plenti 2021-1) transaction is a
static cash securitisation of consumer auto loan receivables
extended to prime borrowers in Australia by Plenti Finance Pty
Limited (Plenti, unrated).

Plenti is a 100% owned Australian subsidiary of Plenti Group
Limited. The Plenti business was established in 2014 focusing on
unsecured consumer lending before commencing automotive lending in
2017. Following strong growth in its automotive finance book,
Plenti is issuing its inaugural auto ABS transaction. Plenti is a
technology-led lending business, offering creditworthy borrowers
automotive, renewable energy and personal loans, delivered via its
proprietary technology platform.

RATINGS RATIONALE

The limited amount of historical data. Plenti was established in
2014, with significant origination growth beginning in 2017
onwards. The collateral performance data used in Moody's analysis
reflects Plenti's short origination history and does not cover a
full economic cycle.

The evaluation of the capital structure. The transaction features
a sequential/pro rata paydown structure. The notes will be repaid
on a sequential basis until the pro rata paydown conditions are
satisfied, principal will be distributed pro rata among Class A
through Class F Notes. Following the call date, or if the pro rata
conditions are otherwise not satisfied, the principal collections
will be distributed sequentially starting with Class A Notes.
Initially, the Class A, Class B, Class C, Class D, Class E and
Class F Notes benefit from 12.50%, 7.50%, 5.50%, 3.00%, 1.25% and
0.50% of note subordination, respectively.

The Class A-X Notes are repaid according to a scheduled
amortisation profile. These notes are not collateralised and are
repaid through the interest waterfall only. The notes are sensitive
to very high prepayment rates, which could see the underlying asset
portfolio repay in full before the notes have fully amortised in
June 2024. If the deal is called by the sponsor before repayment of
the Class A-X Notes under the amortisation schedule in June 2024,
the Class A-X Notes will be made whole and repaid in full. The
notes also benefit from access to principal draw providing the
Class A Notes stated amount is above zero.

The availability of excess spread over the life of the
transaction. The portfolio yield of 6.87% providing significant
excess spread to cure portfolio losses. The transaction also
contains a loss reserve which traps excess spread up to a maximum
of AUD0.75 million if 90+ arrears are greater than 2% and class A-X
notes are outstanding.

The liquidity facility in the amount of 1.50% of the note
balances.

The interest rate swap provided by National Australia Bank Limited
("NAB", Aa3/P-1/Aa2(cr)/P-1(cr)).

The experience of Plenti as servicer, and the back-up servicing
arrangements with Perpetual Corporate Trust Limited.

MAIN MODEL ASSUMPTIONS

Moody's base case assumptions are a mean default rate of 2.80%, a
recovery rate of 35.0%, and a Aaa portfolio credit enhancement
("PCE") of 13.50%. The expected defaults and recoveries capture
Moody's expectations of performance considering the current
economic outlook, while the PCE captures the loss Moody's expect
the portfolio to suffer in the event of a severe recession
scenario. Expected defaults and PCE are parameters used by Moody's
to calibrate its lognormal portfolio default distribution curve and
to associate a probability with each potential future default
scenario in its ABSROM cash flow model.

Moody's assumed mean default rate is stressed compared to the
extrapolated observed levels of default, estimated at 0.91%. The
stress Moody's has applied in determining its mean default rate
reflects the limited historical data available for Plenti's
portfolio. It also reflects the current macroeconomic trends, and
other similar transactions used as a benchmark.

The PCE of 13.50% is broadly in line with other Australian auto ABS
deals and is based on Moody's assessment of the pool taking into
account (i) historical data variability, (ii) quantity, quality and
relevance of historical performance data, (iii) originator quality,
(iv) servicer quality, (v) certain pool characteristics, such as
asset concentration.

Methodology Underlying the Rating Action

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

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

Up

Levels of credit protection that are greater than necessary to
protect investors against current expectations of loss could lead
to an upgrade of the ratings. Moody's current expectations of loss
could be better than its original expectations because of fewer
defaults by underlying obligors. The Australian job market is a
primary driver of performance.

Down

Levels of credit protection that are insufficient to protect
investors against current expectations of loss could lead to a
downgrade of the ratings. Moody's current expectations of loss
could be worse than its original expectations because of more
defaults by underlying obligors. The Australian job market is a
primary driver of performance. Other reasons for worse performance
than Moody's expects include poor servicing, error on the part of
transaction parties, a deterioration in credit quality of
transaction counterparties, lack of transactional governance and
fraud.


PROSPAROUS TRUST 2021-1: Moody's Gives (P)B3 Rating to Cl. E Notes
------------------------------------------------------------------
Moody's Investors Service has assigned the following provisional
ratings to the notes to be issued by PROSPArous Trust 2021-1.

Issuer: PROSPArous Trust 2021-1

AUD134.0 million Class A Note, Assigned (P)Aa3 (sf)

AUD4.0 million Class B Notes, Assigned (P)A3 (sf)

AUD23.0 million Class C Notes, Assigned (P)Baa3 (sf)

AUD12.0 million Class D Notes, Assigned (P)Ba3 (sf)

AUD11.0 million Class E Notes, Assigned (P)B3 (sf)

The AUD6.0 million Class F Notes and the AUD10.0 million Seller
Notes are not rated by Moody's.

PROSPArous Trust 2021-1 is a securitisation of Australian small
business loans and line of credit facilities. All portfolio
receivables were originated by Prospa Advance Pty Limited (Prospa,
unrated). This is Prospa's first term securitisation.

Prospa is an Australian online small business lender offering
high-yielding, unsecured short-term loans, line of credit and
business-to-business payment solutions to small businesses in
Australia and New Zealand. Prospa started originating loans in
2012. As of June 2021, Prospa had originated over AUD2.1 billion of
loans and has 11,900 active customers.

RATINGS RATIONALE

The provisional ratings take into account, among other factors,
evaluation of the underlying receivables and their expected
performance, evaluation of the capital structure and credit
enhancement provided to the notes, availability of excess spread
over the life of the transaction, the liquidity facility in the
amount of 3.00% of the rated notes balance, the legal structure,
and the experience of Prospa as servicer.

Key transactional features are as follows:

A 12-month revolving period during which principal proceeds can be
used to fund additional line of credit facility draws or
re-invested in new small business loans subject to portfolio
parameters. Notably, principal proceeds cannot be re-invested in
new line of credit facilities. The revolving period is subject to
termination events which include any unreimbursed charge offs,
90-day arrears ratio exceeding 4% and failure of any portfolio
parameters.

An asset funding facility established to fund line of credit
facility draws in excess of available principal proceeds. The asset
funding facility will be repaid senior to the rated notes. Line of
credit facility draws in excess of available principal proceeds
will be funded by the asset funding facility in conjunction with
the issuance of Class L notes to Prospa. Class L notes will be
repaid subordinate to the rated notes post revolving period. The
utilisation of asset funding facility draws and Class L notes
issuance will be proportioned to maintain Class A notes credit
enhancement levels.

The utilisation of interest rate caps to hedge the interest rate
mismatch between the assets bearing a fixed rate of interest, and
floating rate liabilities. The notional balance of the interest
rate caps will be sized to ensure asset funding facility draws and
the rated notes are hedged at all times.

Excess Spread reserve: If the portfolio yield is lower than 23.92%
or the 90-day arrears rate is greater than 4%, excess spread will
be used to fund the excess spread reserve up to the excess spread
reserve target balance. The excess spread reserve target balance is
calculated as follows: 23.92% less the required payments expressed
as a percentage of the total outstanding principal balance of
receivables, multiplied by the aggregate invested amount of the
Class A, Class B, Class C, Class D and Class E notes. The excess
spread reserve can be utilised to cure portfolio losses and
unreimbursed charge offs

Perpetual Corporate Trust Limited is the back-up servicer. If
Prospa is terminated as servicer, Perpetual will take over the
servicing role in accordance with the standby servicing deed and
its back-up servicing plan.

Notable underlying portfolio features are as follows:

The portfolio obligors are micro-size companies and individual
entrepreneurs.

20.3% of the collateral pool are line of credit facilities with a
maximum redraw period of 24 months.

Granularity of the portfolio: The securitised portfolio is highly
granular, with the largest borrower representing 0.25% of the pool
and the 10 largest borrowers representing 1.8% of the pool. The
total number of borrowers is 4,983.

Short weighted average life of the portfolio: 79.7% of the
collateral pool are fully amortising term loans. The maximum loan
maturity is 38 months. The portfolio weighted average life is 10.3
months, calculated on the assumption that all line of credit
facilities are refinanced out of the portfolio on the expiry of
their redraw period.

High portfolio yield: The transaction benefits from the collateral
pool's high weighted average interest rate of 30.95%.

Portfolio concentration in certain industry sectors: Borrowers
active in the Construction Services and Other Store-Based Retailing
industries, as defined by the Australian and New Zealand Standard
Industrial Classification (ANZSIC), account for 19.8% and 14.3% of
the loan portfolio, respectively.

Unsecured loans: Loans in the portfolio are collateralised by
personal guarantees only, and recoveries on defaulted loans often
rely on the realization of this personal guarantee.

Key collateral assumptions:

Mean default rate: Moody's assumed a mean default rate of 5.86% for
the initial and subsequent portfolios over a weighted average life
(WAL) of 0.86 years (equivalent to a B2 proxy rating as per Moody's
Idealized Default Rates). This default assumption is based on: (1)
the available historical vintage data; (2) the performance of
previous warehouse transactions originated by the originator,
including Prospa Trust Series 2018-1; (3) the characteristics of
the loan-by-loan portfolio information; and (4) the revolving
period parameters. Moody's took also into account the current
economic environment and its potential impact on the portfolio's
future performance, as well as industry outlooks or past observed
cyclicality of sector-specific delinquency and default rates.

Default rate volatility and recovery rate: Moody's assumed a
coefficient of variation (i.e. the ratio of standard deviation over
the mean default rate explained above) of 64.24%, as a result of
the analysis of the portfolio concentrations in terms of single
obligors and industry sectors. Moody's assumes a recovery rate of
10%, primarily based on the characteristics of the
collateral-specific loan-by-loan portfolio information,
complemented by the available historical vintage data.

Methodology Underlying the Rating Action

The principal methodology used in these ratings was "Moody's Global
Approach to Rating SME Balance Sheet Securitizations" published in
July 2021.

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

Factors that could lead to an upgrade of the notes include
better-than-expected collateral performance. The Australian economy
is a primary driver of performance.

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


REDWOOD CONSTRUCTION: Second Creditors' Meeting Set for Aug. 24
---------------------------------------------------------------
A second meeting of creditors in the proceedings of Redwood
Construction Services 7 Pty Ltd has been set for Aug. 24, 2021, at
11:00 a.m. via virtual facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Aug. 23, 2021, at 4:00 p.m.

Shumit Banerjee of Westburn Advisory was appointed as administrator
of Redwood Construction on
July 23, 2021.




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

SHINSUN HOLDINGS: Moody's Assigns B3 Rating to Proposed USD Notes
-----------------------------------------------------------------
Moody's Investors Service has assigned a B3 senior unsecured rating
to Shinsun Holdings (Group) Co., Ltd. (B2 stable) proposed USD
notes.

The outlook on the rating is stable.

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

RATINGS RATIONALE

"The proposed issuance will extend Shinsun's debt maturity profile
without materially affecting its credit metrics, because the
proceeds will be primarily used by the company to refinance debt,"
says Kelly Chen, a Moody's Assistant Vice President and Analyst.

Shinsun's B2 corporate family rating (CFR) reflects the company's
(1) sizable operating scale, (2) established track record in its
key markets of Yangtze River Delta, (3) solid credit metrics
compared with its B2-rated peers, and (4) adequate liquidity.

On the other hand, the B2 CFR is constrained by Shinsun's high
exposure to lower-tier cities, low profit margin and heavy reliance
on trust financing.

The B2 CFR also considers the company's strategy to increase the
use of joint ventures (JVs). This strategy will lower the company's
transparency and increase the uncertainties over its contingent
liabilities, despite the benefits of reducing the capital outlay
for new property projects.

Moody's expects Shinsun's attributable contracted sales to grow by
8% and 6% in 2021 and 2022, respectively, from RMB78.2 billion in
2020, given its sufficient saleable resources. It has achieved
solid sales growth of a compound annual growth rate of 27% between
2017-2020 on a gross basis. This sales growth will support the
company's liquidity and revenue growth over the next 12-18 months.

Moody's expects Shinsun's revenue growth to be in line with its
debt growth, because the company is likely to limit its land
acquisition spending at 40%-45% of attributable pre-sale proceeds
in 2021 and 2022. As a result, its debt leverage, as measured by
revenue/adjusted debt, will remain stable at 95%-100%, compared
with 98% in 2020.

Meanwhile, Shinsun has a low profit margin given its rapid asset
turnover business model. Moody's expects that Shinsun's reported
gross margin will decline slightly to 16% over the next 12-18
months from 18% in 2020, in line with the industry trend. As a
result, Shinsun's adjusted EBIT/interest coverage will drop to 1.8x
over the next one to two years from 2.1x in 2020.

Shinsun's land bank in lower-tier cities accounts for more than 70%
of its total land bank as of the end of 2020. The risk of volatile
housing demand associated with lower-tier cities is mitigated by
the fact that most of these cities are in Yangtze River Delta, a
region with an affluent economy.

Moreover, Shinsun primarily relies on bank loans and non-bank
financing to fund its business operations. As of the end of 2020,
non-bank loans accounted for 59% of the company's reported debt.
Given the government's tight policy stance on shadow banking
activities, the company's non-bank loan exposure will increase its
liquidity risk if sustained at high levels.

However, Shinsun's adequate liquidity partly mitigates its material
non-bank loan exposure. Its total cash balance of RMB24.3 billion
as of the end of 2020 covered 1.1x of its short-term debt of
RMB22.2 billion as of the same date. Moody's expects that the
company's cash holdings, along with its projected operating cash
flow, will be sufficient to cover its short-term debt, committed
land premiums and dividend payments over the next 12 months.

The B3 senior unsecured debt rating is one notch lower than the CFR
due to structural subordination risk. This risk reflects the fact
that most of the claims are at the operating subsidiary level and
have priority over claims at the holding company level in a
bankruptcy scenario. In addition, the holding company lacks
significant mitigating factors for structural subordination. As a
result, the expected recovery rate for claims at the holding
company will be lower.

In terms of environmental, social and governance (ESG) factors,
Moody's has considered the company's concentrated ownership.
Mr.Chen, Shinsun's largest shareholder, holds a 78% equity stake in
the company as of December 31, 2020. Moody's has also considered
(1) the presence of three independent nonexecutive directors out of
a total of seven board members, (2) the presence of other internal
governance structures and standards as required by the Hong Kong
Stock Exchange (HKEX), and (3) the company's dividend policy to pay
out 20%-25% of its attributable net income.

In addition, Moody's has considered Shinsun's large amount of
related party transactions -- including advances to/from related
parties and its purchase of services from related parties. These
transactions are governed by the Listings Rules of the HKEX and the
Securities and Futures Ordinance in Hong Kong SAR, China.

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

The stable rating outlook reflects Moody's expectation that Shinsun
will maintain sufficient liquidity, while adhering to a disciplined
approach to land acquisitions.

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

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

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

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

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

Established in 1995, Shinsun is a Zhejiang based Chinese property
developer with over 20 years of property development experience.
The company's attributable contracted sales reached RMB78.2 billion
in 2020. As of the end of 2020, the company had 218 property
development projects with an attributable land bank of 23.3 million
square meters.




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

ABDUL JALEEL: CRISIL Reaffirms B Rating on INR4cr Cash Loan
-----------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B/Stable/CRISIL A4'
ratings on the bank facilities of Abdul Jaleel MM (AJ).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          2        CRISIL A4 (Reaffirmed)

   Cash Credit             4        CRISIL B/Stable (Reaffirmed)

   Long Term Loan          1.4      CRISIL B/Stable (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      2.6      CRISIL B/Stable (Reaffirmed)   


   Proposed Long Term
   Bank Loan Facility      3.0      CRISIL B/Stable (Reaffirmed)

The ratings continue to reflect the firm's modest scale of
operations in the highly fragmented construction industry, limited
scale of operations owing to presence in a single state and a
below-average financial risk profile. These rating weaknesses are
partially offset by the long-standing industry experience of its
promoter.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in a highly fragmented industry: AJ's
scale of operations is modest, as reflected in its revenues of
around INR3 crores in fiscal 2021. This is due to tender-based
nature of operations. This also results in volatility in revenue
profile and also makes the firm susceptible to volatility in
operating margins as the same vary across various tenders.
Furthermore, the civil construction industry is highly fragmented
and marked by low entry barriers, due to which AJ faces intense
competition from other players. CRISIL Ratings believes that the
modest scale of its operations will continue to impinge on the
credit profile of AJ.

* Limited scalability owing to presence in a single state: The firm
undertakes all of its projects in Kerala, limiting the scale of
operations to new projects across a limited geography. Any events
such as slowdown in the infrastructure spending in Kerala or
operational delays may affect the flow of orders for the firm and
thus impact its revenue growth. The operations of AJ shall remain
constrained owing to its presence in a single state.

* Below-average financial risk profile: AJ's financial risk profile
is marked by a small net worth, of around INR4.3 crores for fiscal
2021. Moreover, the capital structure of the firm exhibits moderate
level of gearing, as marked by total outside liabilities to
tangible net worth (TOLTNW) ratio at 2.5 times as on March 31,
2021. Debt protection metrics is average with interest coverage
ratio of less than 2 times and net cash accruals to total debt
(NCATD) of 5% for fiscal 2021, the firm's debt protection metrics
remain average. CRISIL Ratings believes that AJ's financial risk
profile shall continue to remain below-average in the medium term.

Strength:

* Promoter's long-standing experience in the civil construction
industry: Mr. Abdul Jaleel MM has more than three decades of
experience in the civil construction industry. The promoter's
extensive industry experience has helped AJ bag projects frequently
from PWD. CRISIL Ratings believes that AJ shall continue to benefit
over the medium term from its promoter's extensive industry
experience and its strong revenue visibility.

Liquidity: Stretched

Bank limit utilization is high at around 96.95 percent for the past
twelve months ended June 2021. Cash accrual are expected to be over
INR0.3 crores which are sufficient against term debt obligation of
INR0.2 crores over the medium term. In addition, it will be act as
cushion to the liquidity of the company. Current ratio are moderate
at 1.25 times on March 31, 2021.

Outlook Stable

CRISIL Ratings believes that AJ will benefit over the medium term
from the experience of its promoters in civil construction
industry.

Rating Sensitivity factors

Upward factor

* Sustained improvement in scale of operation and order book of
more than INR10 crores

* Improvement in working capital cycle with GCA days of less than
200 days

Downward factor

* Decline in scale of operation or operating margin of less than
8%

* Stretch in working capital cycle resulting in full bank limit
utilization

AJ is a proprietorship firm involved in civil construction works
such as construction of roads, bridges and construction and
maintenance for irrigation facilities in Kerala. The firm is
managed by Mr. Abdul Jaleel MM.

AISHWARYA CHICKEN: CRISIL Lowers Rating on INR14cr Loans to D
-------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Aishwarya Chicken (AC) to 'CRISIL D' from 'CRISIL B+/Stable'. The
rating downgrade reflects delays in servicing debt obligations.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Open Cash Credit     10.50       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Term Loan             0.67       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Working Capital       2.83       CRISIL D (Downgraded from
   Term Loan                        'CRISIL B+/Stable')

The ratings continue to reflect AC's vulnerability to risks
inherent in the poultry industry and intense competition and weak
financial risk profile. These weaknesses are partially offset by
the extensive industry experience of the partners.

Key Rating Drivers & Detailed Description

Weaknesses:

* Exposure to intense competition and to risks inherent in the
poultry industry: The poultry industry has players from both the
organized and unorganized segments leading to intense competition.
This constrains the scalability and profitability. Furthermore, the
industry is driven by regional demand-and-supply factors because of
transportation constraints and the perishable nature of products.
It is also vulnerable to outbreak of diseases, which could lead to
a decline in sales volume and realizations. Furthermore, due to
religious sentiments, demand for poultry products is seasonal.

* Weak financial risk profile: Debt protection metrics were modest,
as indicated by estimated interest coverage and net cash accrual to
adjusted debt ratio of 1.6 times and 0.06 time, respectively, in
fiscal 2020. The capital structure is moderate, as reflected in
estimated gearing of 0.93 times as of March 31, 2020 while the net
worth is moderate at INR12.21 crore.

Strength:

* Extensive industry experience of the partners: The partners'
experience of over three decades in the poultry industry has given
them an understanding of the market dynamics and helped establish
relationships with suppliers and customers.

Liquidity: Poor

With average month-end bank limits almost fully utilized, liquidity
is likely to remain under pressure over the medium term, mainly due
to sizeable working capital requirements. Given the economic
slowdown because of Covid-19, sales have been modest resulting in
lower than expected profitability.

The company has applied for one-time restructuring of its bank
facilities on 15th June 2021 under the restructuring scheme as
prescribed by the Reserve Bank of India (RBI), in June 2021. As
confirmed by the bank, the application has been invoked and
implemented on 24th June 2021. As per terms of the OTR, overdrawn
CC limits have been converted into a funded interest term loan to
be repaid over 4 years after a 1-year moratorium. The tenure of the
existing term loan and GECL (Covid-relief) loans have also been
increased to 5.5 and 3 years respectively, after a 1 year
moratorium

Rating Sensitivity factors

Upward Factors:

* Track record of timely payments on working capital limits and
term loan obligations for more than three months

* Sustained improvement in scale of operations by 20% and
sustenance of operating margins at over 6%, leading to higher cash
accruals

* Improvement in working capital cycle

Aishwarya Chicken was set up in the year 2011. AC is engaged in the
poultry and hatchery business. AC is owned & managed by Mr. G
Nallusamy and Mr. R Gunasekaran.


AISHWARYA FEEDS: CRISIL Lowers Rating on INR30cr Cash Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Aishwarya Feeds (AF) to 'CRISIL D/CRISIL D' from 'CRISIL
B+/Stable/CRISIL A4'.'

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             30       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Cash Credit &           9.5      CRISIL D (Downgraded from
   Working Capital                  'CRISIL B+/Stable')
   Demand Loan              
                                    
   Long Term Loan          2.21     CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Packing Credit           4       CRISIL D (Downgraded from
                                    'CRISIL A4 ')

   Proposed Long Term       0.29    CRISIL D (Downgraded from
   Bank Loan Facility               'CRISIL B+/Stable')

The rating reflects delays in the last 3 months due to poor
liquidity. This was caused by impact on operating performance due
to the second wave covid-19 pandemic.'

The rating reflect AF's susceptibility to regulatory risks and
volatility in raw material prices, geographic concentration in
revenue, limited pricing power, and weak financial risk profile.
The weaknesses are partially offset by the extensive experience of
the promoter in the breweries and distilleries industry.

Key Rating Drivers & Detailed Description

Weakness:

* Delays in debt servicing: There has been delay in repayment of
term loan in the last 3 months mainly on account of weak liquidity
arising from pandemic led impact on the operating performance.

* Exposure to intense competition and to risks inherent in the
poultry industry: The poultry industry has players from both the
organized and unorganized segments leading to intense competition.
This constrains the scalability and profitability. Furthermore, the
industry is driven by regional demand-and-supply factors because of
transportation constraints and the perishable nature of products.
It is also vulnerable to outbreak of diseases, which could lead to
a decline in sales volume and realisations. Furthermore, due to
religious sentiments, demand for poultry products is seasonal.

* Weak financial risk profile: Debt protection metrics were modest,
as indicated by estimated interest coverage of 1.25 time and net
cash accrual to adjusted debt ratio of 0,02 time in fiscal 2021.
The capital structure is leveraged, as reflected in high gearing of
2 times as estimated on 31st March 2021.

Strengths:

* Extensive industry experience of the partners: The partners'
experience of over three decades in the poultry industry has given
them an understanding of the market dynamics and helped establish
relationships with suppliers and customers.

Liquidity: Poor

Liquidity is poor, as reflected in delays in the repayment of loans
in the last 3 months. With impact on operating performance because
of the second wave Covid-19, the working capital requirements have
increased. As a result, the firm has approached bank for
restructuring of their debt.

Rating Sensitivity factors

Upward factor

* 90-day track record of timely repayment of debt obligations
* Increase in revenue and operating margin

Established as a partnership firm in 1996, AF manufactures poultry
feed at its plant at Namakkal in Tamil Nadu. The firm also trades
in eggs in the domestic and overseas markets. Its operations are
managed by managing partner, Mr. R Gunasekaran, and his family
members.


ANNAI INFRA: CRISIL Withdraws B Rating on INR60.82cr Cash Loan
--------------------------------------------------------------
CRISIL Ratings has reaffirmed its ratings on the bank facilities
Annai Infra Developers Limited (AIDL) and simultaneously withdrawn
the ratings at the company's request and on receipt of a 'No
Objection Certificate' from the banker. The withdrawal is in line
with CRISIL Ratings' policy on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee       169.18      CRISIL A4 (Rating Reaffirmed
                                    and Withdrawn)

   Cash Credit           60.82      CRISIL B/Stable (Rating
                                    Reaffirmed and Withdrawn)

   Proposed Cash         51.00      CRISIL B/Stable (Rating
   Credit Limit                     Reaffirmed and Withdrawn)

Established in 2008, AIDL is an Erode-based Class 1 civil
contractor. The company primarily undertakes projects related to
water supply, irrigation, and drainage. Day-to-day operations are
managed by Mr. S Ashok Kumar.


ASIAN VENTURES: CRISIL Withdraws B+ Rating on INR8.02cr Loan
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Asian Ventures (AV) to
'CRISIL B+/Stable Issuer not cooperating'. CRISIL Ratings has
withdrawn its rating on bank facility of AV following a request
from the company and on receipt of a 'no dues certificate' from the
banker. Consequently, CRISIL Ratings is migrating the ratings on
bank facilities of AV from ' CRISIL B+/Stable Issuer Not
Cooperating to 'CRISIL B+/Stable'. The rating action is in line
with CRISIL Ratings' policy on withdrawal of bank loan ratings.

                    Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Term Loan          8.02       CRISIL B+/Stable (Migrated from   
   
                                 'CRISIL B+/Stable ISSUER NOT
                                 COOPERATING'; Rating Withdrawn)

AV, incorporated in 2011 is engaged in real estate business. Asian
is a Joint Venture between Khurana family (40%) and Bobinmaker
family (60%). Currently the firm is developing one residential
project in Pune, Maharashtra.

AZEN MEDICAL: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Azen
Medical Welfare and Research Society (AMWRS) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       16.85      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 14, 2020, placed the
rating(s) of AMWRS under the 'issuer non-cooperating' category as
AMWRS had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. AMWRS continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 30, 2021, June 9, 2021, June 19, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Azen Medical Welfare & Research Society, registered under
Registration of Societies Act, 1860 was established in March, 2000.
The society remained non-operational till 2011. In the year 2011,
AMWRS has undertaken a project to setup a general hospital with
cancer treatment center with other facilities like pathology
center, outdoor and indoor patient treatment etc. at Dimapur in
Nagaland. During June 2015 the project has got completed with a
project cost of INR45.00 crore and the operation has started in
July 2015. In this initial stage, the hospital has started with 100
beds and daily average 225 indoor and outdoor patient consultation.
The day-to-day affairs of the hospital is looked after by Mr.
Yashitsungba Ao, Chairman, with the help of the Managing Director
Mr. Y. Along Aier and other 16 members.

BHARAT UDYOG: CRISIL Migrates B+ Rating from Not Cooperating
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with the
Securities and Exchange Board of India guidelines, had migrated its
rating on the long-term bank facilities of Bharat Udyog (BU) to
'CRISIL B+/Stable/CRISIL A4 Issuer Not Cooperating'. However, the
management has subsequently started sharing information necessary
for carrying out a comprehensive review of the rating.
Consequently, CRISIL Ratings is migrating its rating to 'CRISIL
B+/Stable' from 'CRISIL B+/Stable Issuer Not Cooperating'.

                     Amount
   Facilities     (INR Crore)    Ratings
   ----------     -----------    -------
   Cash Credit          25       CRISIL B+/Stable (Migrated from
                                 'CRISIL B+/Stable ISSUER NOT
                                 COOPERATING')

The rating continues to reflect BU's below-average financial risk
profile because of average capital structure and subdued debt
protection metrics, large working capital requirement, and
susceptibility of operating margin to regulatory risk pertaining to
duty structure and compliance with environmental norms. These
weaknesses are partially offset by the extensive industry
experience of the partners.

Analytical Approach

Estimated unsecured loans of INR2.9 crore (as of March 31, 2021)
from the partners have been treated as neither debt nor equity as
these are expected to be maintained in the firm.

Key Rating Drivers & Detailed Description

Weaknesses

* Below-average financial risk profile: Networth is estimated to be
modest at INR6.92 crore while total outside liabilities to tangible
networth ratio was weak at 3.55 times (despite improving over the
years), as on March 31, 2021. Large external borrowings led to
muted debt protection metrics, with estimated interest coverage and
net cash accrual to total debt ratios of 1.07 times and 0.01 time,
respectively, in fiscal 2021. The metrics are expected to remain
average over the medium term.

* Exposure to regulatory risk pertaining to duty structure and
compliance with environmental norms: Lead is environmentally
hazardous and its recycling is subject to stringent government
regulations under the Batteries (Management and Handling) Rules,
2001, framed by the ministry of environment and forests. Any change
in regulations could negatively affect the industry and the
performance of the company. Nonetheless, the recycling segment is
considered less susceptible to regulations compared to refineries.

* Stretched working capital cycle: Gross current assets are
estimated at 200 days as of March 31, 2021, because of stretched
receivables and sizeable inventory. This is compounded by limited
credit from suppliers, resulting in high dependence on bank limit.

Strength

* Extensive experience of the partners: Presence of over 15 years
in the diversified metals and mining industry has enabled the
partners to understand market dynamics and establish strong
relationships with suppliers and customers.

Liquidity: Stretched

Bank limit was almost fully utilized (97.58%) during the 12 months
through February 2021. Expected cash accrual of over INR60 lakh
will be insufficient to meet term debt obligation of INR2.7 crore
annually, over the medium term. However, equity and unsecured loans
from the promoters will help meet working capital requirement and
debt obligation. Current ratio is estimated to be moderate at 1.4
times as of March 31, 2021.

Outlook: Stable

The firm will continue to benefit from the extensive experience of
its partners and established relationships with clients.

Rating Sensitivity Factors

Upward Factors

* Sustained growth in revenue and better operating margin leading
to sizeable cash accrual
* Improvement in financial risk profile, especially liquidity, with
NCA/RO operating above 1.1 times

Downward factors

* Weakening of operating performance leading to cash accrual less
than INR40 lakh
* Large, debt-funded capital expenditure or further stretch in
working capital cycle adversely affecting financial risk profile

Established in 2005 as a partnership firm by Mr. Suresh Pal and Mr.
Lalit Gupta, BU manufactures pure lead, lead alloy and lead oxide.
The firm is based in Kathua, Jammu & Kashmir.

COMBINE DIAMONDS: CARE Keeps D Debt Rating in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Combine
Diamonds Private Limited (CDPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       55.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 9, 2020, placed the
rating(s) of CDPL under the 'issuer non-cooperating' category as
CDPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. CDPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated April 25,
2021, May 5, 2021, May 15, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which,
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Combine Diamonds Private Ltd. (CDPL) is promoted by Mr. Dinesh
Shantilal Desai. CDPL is engaged in trading and processing of cut &
polished diamonds whereby 80% of the income is derived through
trading activity. The company is an export-oriented unit with 90%
of its revenue from overseas markets. The company was initially
established in 1998 as a proprietary concern and later converted
into closely held public limited company in the year 2000. Later in
2016, the constitution changed to Private Limited.


DEVANS MODERN: CRISIL Withdraws D Rating on INR50.7cr Loan
----------------------------------------------------------
Due to inadequate information and in line with the guidelines of
the Securities and Exchange Board of India, CRISIL Ratings had
migrated the ratings on the bank facilities and fixed deposits of
Devans Modern Breweries Ltd (DMBL) to 'CRISIL D/CRISIL D/FD Issuer
Not Cooperating'. However, the management has subsequently started
sharing the requisite information necessary for carrying out a
comprehensive review of the ratings. Consequently, CRISIL Ratings
is migrating the ratings of DMBL to 'CRISIL D/CRISIL D/FD' and is
subsequently withdrawn the ratings at the company's request and on
receipt of a no-objection certificate from the bankers. The Company
has not raised any fixed deposit nor there any outstanding dues on
deposits. The withdrawal is in line with CRISIL Ratings' policy on
withdrawal of bank loan ratings.

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

   Cash Credit            45        CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Proposed Long Term     22.3      CRISIL D (Migrated from
   Bank Loan Facility               'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Term Loan              50.7      CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Fixed Deposits          4.0      FD (Migrated from 'FD ISSUER
                                    NOT COOPERATING'; Rating
                                    Withdrawn)

Analytical Approach

CRISIL Ratings has consolidated the business and financial risk
profiles of DPL as both companies (together referred to as the
Devson group) have common promoters and close business and
operational linkages.

DMBL was set up in 1962 as a liquor-bottling unit. The company
manufactures malt spirit, beer and Indian-made foreign liquor
(IMFL). Its facilities are in Kotputli, Rajasthan, and Sambha,
Jammu.

DPL was incorporated in 1952 by the late Mr. G. C. Deewan and late
Mr. Baisakhi Deewan and is currently being managed by Mrs Renu
Deewan (Managing Director) and Mr. Lalit Deewan (Director). The
company is a wholesaler of IMFL, country liquor and beer in the
state of Jammu and Kashmir.

DHARANI SUGARS: NCLT Admits Insolvency Petition
-----------------------------------------------
The Hindu reports that the National Company Law Tribunal (NCLT) has
admitted the insolvency petition against Tamil Nadu-based Dharani
Sugars and Chemicals Ltd. The insolvency petition was filed by Bank
of India for non-payment of dues totaling INR28.24 crore.

In its petition, Bank of India said the company had three
integrated sugar plants with a combined crushing capacity of 10,000
tonnes a day, a co-generation plant with a capacity to generate 35
MW of power and a distillery with a capacity of 160 kilo litres a
day, the report discloses.

According to The Hindu, Dharani Sugars had availed credit
facilities from a consortium led by Bank of India for projects
across Tamil Nadu. The account was declared a non-performing asset
on October 31, 2018, and the dues had not been settled, Bank of
India said.

In its response, the company said sugar industry in the State had
been facing major challenges because of the vagaries of monsoon and
government policies, The Hindu relates. The sugarcane availability
too had been declining due to inadequate rainfall. As a result, its
sugarcane crushing levels had continuously come down in the last
five years, in line with the general decline faced by the sugar
industry. Hence the company said it was not able to repay debt.

According to the report, the NCLT said the consortium of lenders
had not accepted the one-time settlement proposed by the company.
It said the reasons cited by the company were not acceptable to
delay the insolvency process.

Under the insolvency process, a maximum of 330 days is provided to
find a way to revive the company. If no solution is found, then
liquidation proceedings would be initiated against the company, the
report notes.

Dharani Sugars and Chemicals Limited (DSCL), part of the PGP group
of companies based in Tamil Nadu was established in the year 1987
by Dr Palani G Periyasamy and his NRI Associates. The company is
engaged in the manufacture of sugar, industrial alcohol and
co-generation of power. DSCL has three sugar mills located across
Tamil Nadu. These units are located in Dharani Nagar (Tirunelveli
Dist.), Sankarapuram (Villupuram Dist.) and Polur (Thiruvannamalai
Dist.). Aggregate capacity of the company as on March 31, 2018, was
10,000 tonnes of cane crushed per day (TCD), 160 Kilo Liter per day
(KLPD) Distillery and 37 MW co-generation plant.


DUGGAL AUTOMOBILES: CRISIL Assigns B+ Rating to INR7cr Loans
------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable' rating to the
long-term bank facilities of Duggal Automobiles (DA).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             3        CRISIL B+/Stable (Assigned)

   Working Capital
   Term Loan               4        CRISIL B+/Stable (Assigned)

The rating reflects the firm's modest scale of operations,
susceptibility to intense competition in the automobile dealership
industry, large working capital requirement and below-average
financial profile. These weaknesses are partially offset by the
extensive industry experience of the proprietor and sound operating
efficiencies.

Key rating drivers and detailed description

Weaknesses:

* Modest scale of operations and susceptibility to intense
competition in the automobile dealership industry: The automobile
sector is intensely competitive, as indicated by the large number
of players in the executive and premium two-wheeler segments. DA's
business performance is linked to the performance of its principal
in their product categories. The firm's subdued scale is reflected
in revenue of INR28 crore in fiscal 2021. It faces competition from
dealers of other leading and established players in the segment,
such as Honda Motorcycle and Scooter India Pvt Ltd, Bajaj Auto Ltd
(rated 'CRISIL AAA/Stable/CRISIL A1+') and others, as well as the
unorganized used vehicle market. Principals are also likely to
encourage more dealerships to improve penetration and sales. The
firm's scale of operations is expected to gradually improve but
will remain modest over the medium term. CRISIL Ratings believes
DA's business risk profile will remain susceptible to intense
competition existing in the automobile dealership and spares
industry.

* Working capital-intensive operations: Gross current assets (GCAs)
were 147-170 days over the three fiscals ended March 31, 2021. GCAs
were 147 days as of March 31, 2020, against 75 days for some of its
peers. The large working capital requirement arises from high
debtor and inventory levels. The firm is required to extend long
credit period. Furthermore, due to its business need, it holds
large inventory.

* Below-average financial profile: DA has average financial
profile, as reflected by gearing of 3 times in fiscal 2021 and
total outside liabilities to adjusted networth (TOLANW) ratio of
3.91 times as on March 31, 2021. The firm's debt protection
measures have been average in the past because of high gearing and
low accrual from operations. The interest coverage and net cash
accrual to total debt ratios were 1.09 times and 0.03 time,
respectively, for fiscal 2020. The debt protection measures are
expected to remain at similar level with high debt levels.

Strengths:

* Extensive experience of the proprietor in the automotive
dealership industry: The proprietor has experience of around 40
years in the automotive dealership industry. This has given him a
strong understanding of the market dynamics and enabled him to
establish healthy relationships with suppliers and customers.

* Sound operating efficiencies: DA has healthy operating
efficiencies, as indicated by healthy return on capital employed
(RoCE) of 13.45 times in fiscal 2021, driven by high economies of
scale and experienced management.

Liquidity: Stretched

Bank limit utilization was high at 96% on average for the 12 months
through June 2021. Cash accrual is expected to be INR0.31 crore,
which is tightly matched against term debt obligation of
INR0.30-0.76 crore over the medium term. Current ratio is healthy
at 1.89 times as on March 31, 2020. The proprietor is likely to
extend support in the form of unsecured loans to meet the working
capital requirement and debt obligation. The firm did not avail any
moratorium but availed guaranteed emergency credit line (GECL) of
INR1.4 crore in fiscal 2021.

Outlook: Stable

CRISIL Ratings believes DA will continue to benefit, over the
medium term, from its longstanding relationship with the principal
and experience of the proprietor to mitigate the inherent risk in
the trading business.

Rating Sensitivity Factors

Upward factors

* Sustained revenue growth over the medium term while ensuring
improvement in the financial risk profile
* Sustainable increase in revenue and stable operating margin,
leading to cash accrual of more than INR1.2 crore
Improvement in the overall working capital cycle

Downward factors

* Decline in revenue or profitability, leading to lower net cash
accrual of less than INR0.30 crore
* Weakening of the financial risk profile due to withdrawal of
unsecured loans or stretch in the working capital cycle            
        

DA is an authorised dealer for all two wheelers of Hero MotoCorp
Ltd in Gurdaspur, Punjab. The firm has one 3S (sales, service,
spares) showroom and around 13 sub dealers in the region. It was
established and commenced its dealership operations in 1980. The
firm is promoted by Mr. Navneet Duggal.

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

The instrument-wise rating actions are:

-- INR80 mil. Fund-based facilities migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- INR32.5 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4 (ISSUER NOT COOPERATING)
     rating; and

-- INR2.1 mil. Term loan due on December 2020 migrated to non-
     cooperating category with IND B+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 9, 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 1995, Elljay Textiles is a Tamil Nadu-based cotton
yarn manufacturer with a total installed capacity of 27,440
spindles.


GKB OPHTHALMICS: CRISIL Cuts Rating on INR9.0cr Cash Loan to D
--------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
GKB Ophthalmics Limited to 'CRISIL D/CRISIL D' from 'CRISIL
B/Stable/CRISIL A4'. The downgrade reflects poor liquidity profile
marked by delay in servicing of term debt obligation.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         0.9       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            9.0       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Letter of Credit       4.2       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Export Packing         1.0       CRISIL D (Downgraded from
   Credit                           'CRISIL B/Stable')

The ratings continue to reflect the GKB's modest scale of
operations, large working capital requirement and weak debt
protection metrics. These weaknesses are partially offset by the
extensive experience of the promoters in the ophthalmic lenses
industry.

Analytical Approach

CRISIL Ratings has continued with non-consolidation of GKB with its
wholly-owned subsidiaries, namely GKB Ophthalmics Products FZE
(Sharjah, UAE) and GSV Ophthalmics Pvt Ltd, based on the following
factors:

* Management-stated stance to view the company on a standalone
basis
* Transactions with subsidiaries are at an arm's length
* There appears to be no cash flow fungibility between GKB and
these companies

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in servicing debt obligation: There have been delays in
term loan servicing on account of poor liquidity position.

* Modest scale and large working capital requirement: Revenue
declined to INR21 crore in fiscal 2021 from INR25 crore in the
previous fiscal due to lockdown-related restriction and is expected
to remain subdued because of intense competition from the Chinese
market. Also, operations are working capital-intensive, as
reflected in high gross current asset days estimated at 326 days as
of March 31, 2021, driven by receivables and inventory of 128 and
112 days estimated respectively. Payables estimated at 187 days
extended by the suppliers eased some of the pressure on the working
capital. The remaining requirement is to be met through the working
capital limit.

* Weak debt protection metrics: GKB has reported losses at the
operating level, resulting in weak debt protection metrics,
indicated by interest coverage and net cash accrual to adjusted
debt ratios of 1.43 time and 0.05 time, estimated respectively, in
fiscal 2021.

Strengths:

* Promoters' extensive experience: The three-decade-long experience
of the promoters and their longstanding relationships with
suppliers and customers have helped the company successfully
navigate business cycles over the years.

Liquidity: Poor

Liquidity is poor as reflected in delays in debt servicing.

Rating Sensitivity factors

Upward factors:

* Track record of timely debt servicing for 90 days or more
* Sharp and sustained improvement in working capital cycle

Incorporated in 1981, GKB commenced operations in 1983. The company
manufactures ophthalmic lenses, such as single-vision glass,
single-vision plastic, bifocal plastic and photochromic plastic
lenses. Mr. KG Gupta, Mr. Vikram Gupta and Mr. Gaurav Gupta are the
promoters of the company.

GO GREEN: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------
CARE Ratings said the rating for the bank facilities of The Go
Green Build Tech Private Limited (GBP) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       9.56       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide press release dated June 18, 2020, had placed the
ratings of GBP under the 'Issuer Non-cooperating' category as the
company had failed to provide information for monitoring of the
ratings and had not paid the surveillance fees for the rating
exercise as agreed to in its rating agreement. GBP continues to be
non-cooperative despite requests for submission of information
through phone calls and e-mails dated May 4, 2021, May 14, 2021 and
May 24, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The Go Green Build Tech Private Limited (GBP) was incorporated in
December 26, 2012. The company is promoted by Mr. Umesh Chand Jain,
Mr. Rishabh Jain and Mr. Nikhil Jain. GBP is a part of the
"Velveleen Group" which has interests in the manufacturing of
velvet and fabric, real estate infrastructure development,
manufacturing of concrete bricks and education. GBP is engaged in
the manufacturing of civil construction materials such as fly ash
bricks at its manufacturing unit at Dadri, Uttar-Pradesh with
installed capacity of 5 crore pieces per annum. GBP sells its
product to real estate and commercial space developers mainly
located in Delhi NCR region.


HMP HOTELS: CRISIL Assigns B- Rating to INR6.0cr Loans
------------------------------------------------------
CRISIL Rating has assigned its 'CRISIL B-/Stable' to the bank
facilities of HMP Hotels Private Limited (HMPH).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            0.5       CRISIL B-/Stable (Assigned)
   Long Term Loan         5.0       CRISIL B-/Stable (Assigned)
   Proposed Long Term
   Bank Loan Facility     0.5       CRISIL B-/Stable (Assigned)

The rating reflects HMPH's vulnerability to cyclicality in
hospitality industry, geographic concentration in revenue profile
and small scale of operation. These weaknesses are partially offset
by its extensive industry experience of the promoters.

Analytical Approach:

Unsecured loans of around INR5.2 crore (outstanding as of March
2021) from promoters, and friends are treated as NDNE (neither debt
nor equity), as these are expected to be maintained in the business
over the medium term

Key Rating Drivers & Detailed Description

Weakness:

* Vulnerability to cyclicality in hospitality industry: The hotel
industry is vulnerable to changes in the domestic and international
economy. Typically, the industry follows a six-year cycle.
Companies which have a high financial leverage are more vulnerable
to cyclicality due to their fixed financial commitments.

* Geographic concentration in revenue profile: The entity operates
only a hotels in Punjab, any natural calamities and disasters will
impact the business adversely.                 

* Small scale of operation: HMPHs business profile is constrained
by its scale of operations in the intensely competitive Hotels &
Resorts industry.  HMPHs scale of operations will continue to limit
its operating flexibility.

Strengths:

* Extensive industry experience of the promoters: The promoters
have an experience of over 15 years in Hotels & Resorts industry.
This has given them an understanding of the dynamics of the market,
and enabled them to establish relationships with suppliers and
customers.

Liquidity: Poor

Bank limit utilization is high at around 90 percent for the past
ten months ended May 2021. Cash accrual are expected to be
insufficient against the term debt obligations over the medium
term. The promoters are likely to extend support in the form of
equity and unsecured loans to meet its working capital requirements
and repayment obligations. Negative net worth limits its's
financial flexibility, and restrict the financial cushion available
to the company in case of any adverse conditions or downturn in the
business.

Outlook Stable

CRISIL Ratings believe HMPH will continue to benefit from the
extensive experience of its promoter, and established relationships
with clients.

Rating Sensitivity factors

Upward factor

* Sustained improvement in scale of operation by 50% and sustenance
of operating margin, leading to higher cash accruals

* Improvement in working capital cycle

Downward factor

* Decline in operating profitability by over 200 basis points

* Large debt-funded capital expenditure weakens capital structure

Incorporated in 2007, HMPH, is engaged in the operation of a hotels
under a franchise agreement with Continental Hotel under the
"Continent" brand. The hotel has 20 rooms (Standard and Deluxe),
along with 3 banquet halls, 1 conference rooms, a bar & a
restaurant. The hotel is located at Nawanshahr, Punjab. HMPH is
owned & managed by   Kamaljit Singh Hayre Jaspal Nagra & Harmesh
Chand Dhiman.


K. G. LAKSHMIPATHI: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of K. G.
Lakshmipathi and Company (KGLC) continues to remain in the 'Issuer
Not Cooperating' category.

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

   Short Term Bank      2.25       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 23, 2020, placed the
rating(s) of KGLC under the 'issuer non-cooperating' category as
KGLC had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. KGLC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 8, 2021, June 18, 2021, and June 28, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Chennai-based K.G. Lakshmipathi and Co. (KGLC) was established in
1951 as a partnership firm by Mr. K.G. Lakshmipathi along with his
family members. After the demise of Mr. K.G. Lakshmipathi in 2010,
the firm was reconstituted and presently it is governed by the
partnership deed dated December 24, 2010 wherein the partners
include Mr. L. Soundar Rajan (son of Mr. Lakshmipathi) and his two
sons Mr. S. Vikram and Mr. S. Karthik. KGLC is a Class I contractor
registered with Central Public Works Department (CPWD), Chennai
Corporation and Southern Railway. The firm is engaged in the
business of civil construction for various government organizations
and private companies for works like road and airport runway
construction and maintenance, earthwork, building construction etc.
The firm executes work orders of about 90% for Governments (State
as well as Central) and the remaining for private companies such as
laying roads on the site developed by the private builders. The
day-to-day affairs of the firm are looked after by Mr. S. Vikram,
the Managing Partner, with adequate support from other two
partners.


KARANJA TERMINAL: CRISIL Moves D Ratings from Not Cooperating
-------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated its ratings on bank facilities of Karanja
Terminal & Logistics Private Limited (KTLPL) to 'CRISIL D Issuer
Not Cooperating'. However, the management has subsequently started
sharing the information, necessary for carrying out a comprehensive
review of the rating. Consequently, the rating is migrated to
'CRISIL D'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Funded Interest         57       CRISIL D (Migrated from
   Term Loan                        'CRISIL D ISSUER NOT
                                    COOPERATING')

   Term Loan              413       CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING')

   Working Capital         10       CRISIL D (Migrated from
   Term Loan                        'CRISIL D ISSUER NOT
                                    COOPERATING')

The rating continues to reflect KTLPL's weak liquidity, with delay
in servicing of debt obligations and delay in stabilization of
operations. This is partially offset by strategic location of the
terminal and its comfortable capital structure.

Analytical Approach

Unsecured loans from promoters and related parties, outstanding at
INR70.3 crore as on March 31, 2021, have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delay in term debt obligations: KTLPL's weak liquidity is
reflected in delays in servicing of interest and principal on the
term loans till May-2021. Subsequently, as part of the one-time
restructuring (OTR) scheme related to Covid-19 announced by the
Reserve Bank of India (RBI), it has a restructured its debt of
INR494 crore (anticipated as of Feb. 28, 2022) in Jun-2021 majorly
incorporating term loan tenure extension and interest rate
reduction. As a result, KTLPL has a limited track record of timely
payments and with repayment obligations of INR2.3 crore in fiscal
2022 and INR12.8 crore in fiscal 2023, it will need significant
ramp-up in operations to ensure timely debt servicing in future.

* Delay in stabilization of operations: Project implementation was
delayed with revised commercial operation date (COD) achieved in
Sept-2019, as against the originally scheduled COD of Oct-2015. The
company is yet to stabilize operations and display track record of
steady cash flows to support debt servicing.

Strengths:

* Strategic location of the terminal: KTLPL's offerings at its
terminal include ship-related services, port conservancy services,
and cargo-related services and is expected to have a diversified
revenue profile. Moreover, the terminal is strategically located 25
kilometres away from Jawaharlal Nehru Port Trust, Navi Mumbai. As a
result, it has signed agreements with few of its customers in the
recent past.

* Comfortable capital structure: KTPLP's capital structure is
marked by comfortable gearing and total outside liabilities to
adjusted networth ratios of 0.68 time and 0.89 time, respectively,
as of March 31, 2021, supported by strong equity support from
promoters. Despite PAT losses anticipated over the medium term,
leading to further reduction in networth, capital structure is
expected to remain comfortable.

Liquidity: Poor

Liquidity is poor marked by delay in repayment of term debt
obligations in past. For the restructured debt, repayments will
commence from March-2022. Against repayment obligations of INR2.3
crore in fiscal 2022 and INR12.8 crore in fiscal 2023, it is
expected to generate cash accruals of more than INR15 crore per
fiscal supported by expected ramp-up in operations. It had cash and
cash equivalents of INR17.1 crore as of March 31, 2021.

Rating Sensitivity factors

Upward Factor

* Track record of timely debt servicing for at least 90 days.
* Stabilisation of operations leading to healthy accruals and
improved financial risk profile.

KTLPL, incorporated in 2010 and promoted by Mr. Jay Mehta, operates
a multipurpose terminal and ship repair facility at Karanja creek
in Raigad, Maharashtra.


LAHOTY BROTHERS: Ind-Ra Affirms & Withdraws BB+ LT Issuer Rating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Lahoty Brothers
Private Limited's (LBPL) Long-Term Issuer Rating at 'IND BB+' and
has simultaneously withdrawn the rating.

The instrument-wise rating actions are:

-- INR75 mil. Fund based working capital limit* affirmed and
     withdrawn; and

-- INR110 mil. Non-fund based working capital limit** affirmed
     and withdrawn.

*Affirmed at 'IND BB+' before being withdrawn.

**Affirmed at 'IND A4+' before being withdrawn.

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

KEY RATING DRIVERS

The affirmation reflects LBPL's continued small scale of
operations, even as its revenue improved to INR1,755.60 million
according to the provisional financials for FY21 (FY20: INR1,605.9
million).

The ratings further reflect LBPL's continued moderate credit
metrics with the gross interest coverage (operating EBITDA/gross
interest expense) of 1.81x in FY21 (FY20: 1.36x) and the net
financial leverage (adjusted net debt/operating EBITDA) of 2.78x
(4.43x). The credit metrics improved yoy in FY21 due to an increase
in the absolute EBITDA to INR45.3 million (FY20: INR30.43
million).

Liquidity Indicator – Stretched: LBPL's average maximum
utilization of fund-based limits was 43.51% during the 12 months
ended June 2021. The company's moderate net working capital cycle
deteriorated to 38 days in FY21 (FY20: 32 days), due to a delay in
receivables. The cash flow from operations improved to negative
INR6.88 million in FY21 (FY20: negative INR13.62 million) due to
favorable changes in its working capital  and an increase in the
absolute EBITDA. Furthermore, the free cash flow improved to
negative INR4.88 million in FY21 (FY20: INR53.28 million) due to no
planned capex in FY21. LBPL's cash and cash equivalents improved to
INR39.6 million at FYE21 (FYE20: INR7.20 million). LBPL does not
have any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

The ratings are supported by LBPL's healthy EBITDA margin, which
improved to 2.58% in FY21 (FY20: 1.89%). The return on capital
employed was 16.6% in FY21 (FY20: 11.5%).

The ratings continue to be supported by LBPL's promoters' over
three decades of experience in the trading industry.

COMPANY PROFILE

Incorporated in 1943, LBPL is engaged in various trading activities
such as product distribution for Orient Electric and Osram India in
Assam, and commodity trading of raw jute. It also operates six
petrol pumps in Assam. The firm is managed by Vijay Singh Sarda,
Arvind Jatia, Savita Lahoty and Sangeeta Jatia.  


LEKHYA MOTORS: CARE Lowers Rating on INR12.50cr LT Loan to C
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Lekhya Motors Private Limited (LMPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       12.50      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 22, 2020, placed the
rating(s) of LMPL under the 'issuer non-cooperating' category as
LMPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. LMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 7, 2021, June 17, 2021 and June 27, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which,
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings assigned to the bank facilities of LMPL have been
revised on account of non-availability of requisite information.

Incorporated on May 2, 2016, Lekhya Motors Private Limited (LMPL)
is promoted by Mr. Goluguri Srirama Reddy Lekhya and Ms. Jwalitha
Goluguri Lekhya. LMPL is a part of Reddy and Reddy Group which has
7 other associate companies engaged in trading of seafood and
dealers of automobiles. LMPL is an authorized dealer of Maruthi
Suzuki India Limited. The company is engaged in sale of new cars,
servicing of vehicles and sale of spare parts (3S) and operates
through its NEXA showroom situated in Hubballi, Karnataka.

LOKMANGAL MAULI: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lokmangal
Mauli Industries Limited (LMIL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      210.85      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 18, 2020, placed the
rating(s) of LMIL under the 'issuer non-cooperating' category as
LMIL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. LMIL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated
May 4, 2021, May 14, 2021, May 24, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

LMIL was incorporated in August 2007 to undertake sugar and
sugar-related production by Mr. Subhash Deshmukh (Founder chairman)
and Mr. Ravikant Patil (Managing Director) with an installed
capacity of 6,000 Tonnes of Cane Crushed Per Day (TCD). To mitigate
the seasonal and cyclical nature of sugar industry, LMIL has also
installed Cogeneration unit of 30 Megawatt (MW). The partially
integrated sugar factory of LMIL is located at Post Khed, Taluka
Lohara.


MECORDS INDIA: CRISIL Reaffirms B+ Rating on INR43.43cr Loan
------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B+/Stable/CRISIL A4'
ratings on the bank facilities of Mecords India Pvt Ltd (MIPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            25        CRISIL B+/Stable (Reaffirmed)

   Letter of Credit       17.57     CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility     43.43     CRISIL B+/Stable (Reaffirmed)

Operating performance has improved in the first quarter of fiscal
2022, reflected in revenue of around INR24 crore and operating
margin estimated above 25%, driven by price revision from key
customers and healthy order book. The improvement will likely be
sustained over the medium term. However, timely addition of new
machines and availability of enhanced capacities will be critical
to sustain healthy order book and revenue growth over the medium
term.

The financial risk profile, especially capital structure, and
liquidity remain constrained. Although gearing declined to 2.56
times as on March 31, 2021, from around 3 times a year earlier, it
will remain high over the medium term owing to planned debt-funded
capital expenditure (capex). Furthermore, bank lines were fully
utilized. Enhanced working capital limit and financial closure for
capex are critical and will be closely monitored.

The ratings continue to reflect the company's below-average capital
structure because of large working capital requirement and capex,
and end-user industry concentration in revenue. These weaknesses
are partially offset by the extensive experience of the promoters
in the tire and rubber industry, healthy relationships with reputed
clients and adequate debt protection metrics.

Key rating drivers and detailed description

Weaknesses:

* Below-average capital structure: Networth was modest at INR28
crore, while gearing was high at 2.56 times, as on March 31, 2021.
The company is undertaking large, debt-funded expansion capex of
INR120 crore. Over the past two fiscals, INR30-35 crore has been
invested towards purchase of land and shed construction; the
balance for purchase of machinery will be incurred in the medium
term.  The debt-funded capex and large working capital requirement
will likely keep gearing high at 2.5-3 times over the medium term.

* Large working capital requirement: Gross current assets were
large at 288-362 days over the three fiscals ended March 31, 2021,
driven by sizeable receivables and inventory.

* End-user industry concentration in revenue: Revenue primarily
comes from tire manufacturing players. The company's business and
earnings are dependent on the demand for tires, and in turn for
automobiles, though it is partly insulated from replacement demand.
Although strong revenue growth is expected in fiscal 2022 given the
healthy order book, sustenance of revenue growth, timely capacity
enhancement and efficient management of working capital will be key
monitorables.

Strengths:

* Extensive experience of the promoters: The promoters' experience
of three decades in the tire and rubber industry, understanding of
the technical aspects of business and dynamics of the market, and
healthy relationships with suppliers and reputed customers will
continue to support the business.

* Reputed clientele: The company derives majority of its revenue
from reputed tire companies such as MRF Ltd, TVS Srichakra Ltd,
CEAT Ltd, Apollo Tyres Ltd ('CRISIL AA+/Stable/CRISIL A1+') and JK
Tyre & Industries Ltd. Longstanding relationships with these
customers is likely to result in steady offtake over the medium
term. MIPL has orders of around INR217 crore, which provide
adequate revenue visibility.

* Adequate debt protection: Despite high gearing, debt protection
metrics were comfortable owing to healthy profitability. The
interest coverage and net cash accrual to total debt ratios were
2.13 times and 0.09 time, respectively, in fiscal 2021. Despite
expected increase in debt because of the planned capex, the metrics
will remain adequate over the medium term supported by improvement
in profitability.

Liquidity: Stretched

Cash accrual, expected at INR13-16 crore per annum over the medium
term, will adequately cover yearly term debt obligation of INR10-12
crore. The accrual and repayment will remain largely linked with
capex loan disbursement.

Bank limit utilization was high at 99% on average in the 12 months
through July 2021. Enhancement in working capital lines to support
growth in revenue will be critical. Current ratio was moderate at
1.1 times as on March 31, 2021.

Outlook: Stable

CRISIL Ratings believes MIPL will continue to benefit from the
extensive experience of the promoters and established relationships
with clients.

Rating sensitivity factors

Upward factors

* Increase in revenue and healthy operating margin, leading to cash
accrual of around INR18 crore

* Significant improvement in the capital structure

* Timely and adequate enhancement in bank lines, and improved
liquidity

Downward factors

* Net cash accrual drops below INR7 crore on account of decline in
revenue or operating profit

* Stretched working capital cycle or delay in capex completion
weakening the liquidity

Incorporated in 1990, MIPL manufactures woven tire-reinforcing
technical textiles, industrial fabrics and specialty fabrics. The
registered office is in Mumbai, and manufacturing unit is in
Tarapur, Maharashtra, which has an installed capacity of 2,475
MTPA. The company is promoted by Mr. Nitin G Mehta and Mr. Ajit G
Mehta.


MUSKAN OVERSEAS: CRISIL Withdraws B Rating on INR24.5cr Loan
------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the long term bank
facilities of Muskan Overseas Private Limited (MOPL) on the request
of the company and receipt of a no objection certificate from its
bank. The rating action is in line with CRISIL Ratings' policy on
withdrawal of its ratings on bank loans.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Bill Discounting      4.5       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Cash Credit           1.0       CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Export Packing       24.5       CRISIL B/Stable (ISSUER NOT
   Credit                          COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with MOPL for
obtaining information through letters and emails dated January 30,
2021 and May 19, 2021, among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MOPL was established in 2001 as a partnership firm and was
reconstituted as a private limited company in 2010. Presently, the
promoters and directors are Mr. Dinesh Gupta and Mr. Manish Gupta.
MOPL undertakes processing of and trading in basmati rice in the
domestic market and mainly exports to Saudi Arabia, Dubai, Kuwait,
and Malaysia. The manufacturing unit is in Karnal, Haryana.


NEUEON TOWERS: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Neueon
Towers Limited (NTL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     1,420.24     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      200.02     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 15, 2020, placed the
rating(s) of NTL under the 'issuer non-cooperating' category as NTL
had failed to provide information for monitoring of the rating. NTL
continues to be noncooperative despite repeated requests for
submission of information through e-mails, phone calls and an email
dated May 31, 2021, June 10, 2021 and June 20, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of the last rating on July 15, 2020, the following were
the rating strengths and weaknesses (updated for the information
available from BSE Filing):

Key Rating Weaknesses

* Stretched liquidity position with ongoing delays in debt
servicing: Stretched liquidity position along with delays in
meeting the debt obligation and the accounts are classified are
NonPerforming Assets and the company is currently under resolution
process.

Neueon Towers Limited (erstwhile Sujana Towers Limited) was
established in April 2006 after demerger of Towers Division of
Splendid Metal Products Limited (erstwhile Sujana Metal Products
Limited), pursuant to the scheme of arrangement and amalgamation as
approved by the High Court Andhra Pradesh. Neueon Towers Limited
(NTL) is engaged in manufacturing of galvanized steel towers used
in the power transmission and telecom tower sector. NTL was
initially a part of the Sujana group, promoted by Y.S. Chowdhary
who has more than 23 years of experience in steel products
manufacturing and trading. The group has diversified business
activity with presence in construction & structural steel, power
transmission & telecom towers and allied services, energy
(generation, distribution, green energy consulting and manufacture
of energy-saving LEDs), basic and urban infrastructure development,
precision engineering components, domestic appliances and
international trade.


NIMBUS HARBOR: CRISIL Withdraws B Rating on INR3cr Cash Loan
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of Nimbus Harbor Facilities
Management Private Limited (Nimbus) to 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'. CRISIL Ratings has withdrawn its ratings
on bank facility of Nimbus following a request from the company and
on receipt of a 'no dues certificate' from the banker.
Consequently, CRISIL Ratings is migrating the ratings on bank
facilities of Nimbus from 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating to 'CRISIL B/Stable/CRISIL A4'. The rating action is in
line with CRISIL Ratings' policy on withdrawal of bank loan
ratings.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          7        CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Cash Credit             3        CRISIL B/Stable (Migrated
                                    from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING'; Rating
                                    Withdrawn)

Incorporated in July 2004 and promoted by Mr. Naveen Srivastava and
his wife, Ms Samta Srivastava, Gurugram-based Nimbus provides
integrated facility management services such as housekeeping,
cleaning, maintenance and engineering, and pest control.


R.A. MOTORS: CRISIL Withdraws D Rating on INR9.5cr Loan
-------------------------------------------------------
Because of inadequate information and in line with the Securities
and Exchange Board of India guidelines, CRISIL Ratings had migrated
its ratings on the bank facilities of R.A. Motors Pvt Ltd (RAMPL)
to 'CRISIL D; issuer not cooperating'. However, the management has
subsequently started sharing the information required for carrying
out a comprehensive review of the rating. Consequently, CRISIL
Rating is migrating the rating to 'CRISIL D'.             

CRISIL Ratings has withdrawn its rating on the bank facilities of
RAMPL at the company's request and on receipt of a no-objection
certificate from its bankers. The rating action is in line with the
withdrawal policy of CRISIL Ratings regarding bank loan
facilities.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Channel Financing      9.5       CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Corporate Loan         3.0       CRISIL D (Migrated from
                                    'CRISIL D ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

RAMPL, incorporated in 2004, is an authorized dealer for commercial
vehicles of Tata Motors Ltd (TML), with four showrooms and nine
sales offices covering Etah, Moradabad, Badaun, Kasganj, Sambhal,
Amroha and Bareilly in Uttar Pradesh. The Etah-based company deals
in the entire range of commercial as well as passenger vehicles of
TML. Mr. Ajay Chaturvedi is the promoter of the company.


RAJDEEP BUILDCON: CRISIL Lowers Rating on INR310.35cr Loan to D
---------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Rajdeep Buildcon Private Limited (RBPL; part of the Rajdeep group)
to 'CRISIL D/CRISIL D' from 'CRISIL B/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee        310.35     CRISIL D (Downgraded from
                                    'CRISIL A4')

   Cash Credit            61.00     CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects poor liquidity profile marked by delay in
payments towards invoked bank guarantees (BGs) and devolved letters
of credit (LCs). RBPL's account was classified as a non-performing
asset (NPA) by few of its bankers in April 2021 and July 2021.
CRISIL notes that RBPL confirmed timeliness in debt servicing to
CRISIL Ratings for the month of May 2021, when in fact there were
irregularities in debt servicing during this period, leading to the
current rating action.

The ratings reflect the Rajdeep group's large working capital
requirements resulting in stretched liquidity and exposure to
intense competition in the construction industry. These weaknesses
are partially offset by the extensive experience of the promoters.

Analytical Approach

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of RBPL and five more entities
of the Rajdeep group. That's because all these entities receive
funds from the same source and have a common management. CRISIL
Ratings has also consolidated other entities that are joint
ventures (JVs) RBPL has formed with the Rohan group. All
interest-bearing mobilization advances have been treated as debt.

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in servicing debt obligation: There have been delays in
payment towards invoked BGs and devolved LCs as a result of which
RBPL's account has been classified as NPA by few of its bankers.

* Working capital-intensive operations: Gross current assets of the
group have remained high on account of large receivables and
inventory. Receivables of RBPL (standalone) increased to over 230
days as of March 31, 2020, from 181 days as of March 31, 2019, due
to a stretch in receivables which got intensified on account of the
lockdown. Further, lower business activity has led to a stretch in
liquidity and devolvement of LCs and invocation of BGs.

* Exposure to intense competition and to cyclicality in the
construction industry: Cyclicality is inherent in the industry, and
with intense competition in the
engineering-procurement-construction segment, leads to volatile
profitability. The industry is dominated by large players such as
Larsen & Toubro Ltd, Dilip Buildcon Ltd, Ashoka Buildcon Ltd,
Sadbhav Engineering Ltd and Nagarjuna Construction Co. Ltd, which
have an edge over small and medium-sized players. The smaller
players mainly have a regional presence. Given the group's
expanding geographical reach, it could face competition from
entrenched regional players, which would put pressure on the
operating margin.

Strengths

* Promoters' extensive experience: With an established track record
of almost three decades in the construction sector, RBPL has Class
IA (highest level) status in Karnataka, Gujarat, Rajasthan and
Maharashtra. The company has a diversified revenue profile, and
proven project-execution capabilities.

Liquidity: Poor

Liquidity is poor as reflected in delays in debt servicing.

Rating Sensitivity Factors

Upward factors:

* Track record of timely debt servicing for 90 days or more
* Sharp and sustained improvement in working capital cycle

Based in Ahmednagar, Maharashtra, RBPL is the flagship company of
the Rajdeep group that undertakes industrial and infrastructure
construction projects through affiliates. The company was set up by
Mr. Dilip Dhadiwal, Mr. Kishor Dhadiwal and Mr. Rajesh Kataria as a
partnership firm in 1992, but was reconstituted as a private
limited company in 1997. In infrastructure construction, the group
makes bridges, gantries and roads. In the rural electrification
segment, it has taken up projects for supply, testing, transport,
construction, erection, and commissioning of sub-transmission
lines, power transformers, and new substations. In the industrial
segment, it constructs factories, structures and warehouses.

The Rajdeep group operates through 15 entities, of which six are
standalone companies and nine are JVs with the Rohan group. The
Rajdeep group tied up with the Rohan group (for
build–operate–transfer road projects) primarily to qualify for
large bids.

On a standalone basis, the company's revenue for fiscal 2020 stood
at INR230 crore against INR305 crore for fiscal 2019; revenue was
about INR50 crore in the first half of fiscal 2021.

RANSAN PACKAGING: CRISIL Lowers Rating on INR5.1cr Loan to D
------------------------------------------------------------
CRISIL Ratings has downgraded its ratings on the bank facilities of
Ransan Packaging Private Limited (RPPL) to 'CRISIL D/CRISIL D' from
'CRISIL B+/Stable/CRISIL A4'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            5.1       CRISIL D (Downgraded from
                                    'CRISIL B+/Stable')

   Letter of Credit       4.5       CRISIL D (Downgraded from
                                    'CRISIL A4')

   Working Capital        0.4       CRISIL D (Downgraded from
   Term Loan                        'CRISIL B+/Stable')

The rating reflects delays in the last 3 months due to poor
liquidity. This was caused by impact on operating performance due
to the second wave Covid-19 pandemic.

The ratings reflect the company's small scale of operations amid
intense competition in the packaging industry and its weak
financial risk profile. The weaknesses are partially offset by the
extensive experience of the promoters.

Key Rating Drivers & Detailed Description

Weakness:

* Delays in debt servicing: There has been delay in repayment of
term loan in the last 3 months mainly on account of weak liquidity
arising from pandemic led impact on the operating performance.

* Modest scale of operations in competitive segment: Revenue is
estimated at around INR25 crore in fiscal 2021 indicates the
company's small scale. This, along with intense competition, will
continue to constrain the business risk profile.

* Weak financial risk profile: Capital structure was leveraged
marked by estimated high gearing of 12.41 times as of March 31,
2021, because of large term loans and small net worth of INR1.21
crore. Debt protection metrics were weak, reflected in estimated
interest coverage and net cash accrual to adjusted debt ratios of
1.29 times and 0.04 time, respectively, for fiscal 2021.

Strengths:

* Promoters' extensive experience: Presence of more than 40 years
in the printing and packaging industry has enabled the promoters to
develop a strong insight into market dynamics and establish healthy
relationship with customers and suppliers.

Liquidity: Poor

Liquidity is poor, as reflected in delays in debt servicing in the
last 3 months. With impact on operating performance because of the
second wave Covid-19, the working capital requirements have
increased.

Rating Sensitivity factors

Upward factor

* 90-day track record of timely repayment of debt obligations
* Increase in revenue and operating margin

Incorporated in 2013 and promoted by Mr. V A Prabhakaran and Mr. A
Srenivasan, Chennai-based RPPL manufactures and prints mono-cartons
and corrugated boxed used in the packaging industry.


ROLEX PROCESSORS: CARE Keeps B- Debt Rating in Not Cooperating
--------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rolex
Processors Private Limited (RPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       45.17      CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated June 8, 2020, placed the
rating(s) of RPPL under the 'issuer non-cooperating' category as
RPPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RPPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
April 24, 2021, May 4, 2021, May 14, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Bhilwara (Rajasthan) based Rolex Processor Private Limited (RPPL),
incorporated in October 1998, was acquired by Ajay Group, based out
of Bhilwara, Rajasthan, in June 2010. Ajay Group is promoted by
Kabra family of Bhilwara is engaged in the business of weaving of
synthetic fabrics from polyester yarn since 1987 through its group
concerns which includes Ajay Synthetics Private Limited (ASPL,
established in 1987), Shubh Fabrics Limited (SFL, established in
1994, Ajay India Limited (AIL, established in 1996) and Ajay Syntex
Ltd (ASL, established in 2006). RPPL is engaged in the business of
processing and dyeing of synthetic fabrics on job work basis as
well as in the trading of finished fabrics. The processing facility
of the company is located at Bhilwara district in Rajasthan with an
installed capacity of 384 lakh metric tonnes per annum (MTPA).


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

The instrument-wise rating actions are:

-- INR200 mil. Fund-based facilities migrated to non-cooperating
     category with IND B- (ISSUER NOT COOPERATING)/IND A4 (ISSUER
     NOT COOPERATING) rating; and

-- INR300 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4 (ISSUER NOT COOPERATING)  
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
July 2, 2020. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the ratings.

COMPANY PROFILE

Sai Pavani Constructions was incorporated in 1990 as a
proprietorship concern by T. Duggi Reddy in Andhra Pradesh. In
2006, the company was converted into a private limited company. It
is engaged in civil engineering construction.


SIMOLA TILES: CRISIL Assigns B Rating to INR38cr Term Loan
----------------------------------------------------------
CRISIL Rating has assigned its 'CRISIL B/Stable/CRISIL A4' ratings
on the bank facilities of Simola Tiles LLP (STL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee         4         CRISIL A4 (Assigned)
   Cash Credit           15         CRISIL B/Stable (Assigned)
   Term Loan             38         CRISIL B/Stable (Assigned)

The ratings reflect leverage financial risk profile, working
capital intensive operations, high bank limit utilization and
sizable term debt repayment. These rating weaknesses are partially
offset by promoters' extensive experience.

Key Rating Drivers & Detailed Description

Weakness:

* Leverage financial risk profile: Financial risk profile remain
average with Networth of INR22.64 crore and adjusted gearing of
3.05 times as on March 31, 2021. Debt protection metrics also
remain satisfactory as reflected in interest coverage and net cash
accrual to adjusted debt ratio of 2.14 times and 0.04 time,
respectively, in fiscal 2021. In absence of large debt-funded
capex, it is expected to improve over the medium term.

* Working capital intensive operations, high bank limit utilization
and sizable repayment: The operations are working capital intensive
as reflected in GCA days of 224 days in FY21 due to inventory of
137 days and debtors of 99 days. Working capital is expected to
remain over 200 days over the medium term. Subsequently, reliance
on bank lines are high. Also, term debt obligation of the company
expected in range of INR7-9 crore as against expected accruals of
INR10-12 crore over the medium term, indicating lower buffer.

Strengths:

* Extensive experience of the management: The management has
extensive experience in ceramic industry. This has given them an
understanding of the dynamics of the market, and enabled them to
successfully ramp up scale of operation backed by established
relationships with suppliers and customers.

Liquidity: Stretched

The liquidity is stretch with expected accruals over INR10-12 crore
to meet debt obligation of INR7-9 crore over the medium term. The
firm has access to bank limits of INR15 crore, which was utilized
99% on an average over the six months through May 2021

Outlook Stable

CRISIL Ratings believes the STL will continue to benefit from the
extensive experience of its promoter.

Rating Sensitivity factors

Upward factors

* Sustained improvement in net cash accruals over INR11 crore
* Improvement in financial risk profile

Downward factors

* Decline in interest coverage ratio below 1.5 times
* Large debt-funded capex and/or capital withdrawal weakening
TOL/ANW ratio

STL was established in 2016 and manufactures glazed vitrified tiles
which are sold under the brand name, Simola. The manufacturing
facility is at Morbi.


SIVA ENGINEERING: CRISIL Reaffirms B+ Rating on INR17cr Loan
------------------------------------------------------------
CRISIL Ratings rating on the bank facility of Siva Engineering
Company (Siva) continues to reflect moderate scale of operation and
susceptibility to risks inherent in tender-based operations in a
highly competitive segment. These weaknesses are partially offset
by the extensive experience of the partners and moderate financial
risk profile.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          9        CRISIL A4 (Reaffirmed)

   Proposed Long Term
   Bank Loan Facility      3.34     CRISIL B+/Stable (Reaffirmed)

   Secured Overdraft
   Facility                17       CRISIL B+/Stable (Reaffirmed)

   Working Capital
   Term Loan               3        CRISIL B+/Stable (Reaffirmed)

CRISIL Ratings had on June 24, 2021, upgraded the rating on the
long term bank facility of Siva to 'CRISIL B+/Stable' from 'CRISIL
B-/Stable' while the short term rating is reaffirmed at 'CRISIL
A4'.

Key Rating Drivers & Detailed Description

Weakness:

* Moderate scale of operation: The business risk profile is
constrained by moderate scale of operations in the intensely
competitive infrastructure construction sector. Revenues stood at
INR82 crores for fiscal 2021. Business performance continues to
improve despite disruptions due to COVID backed by healthy order
book position. The moderate scale will continue to limit operating
flexibility.

* Susceptibility to risks inherent in tender-based operations in a
highly competitive segment: Revenue and profitability depend
entirely on ability to win tenders. Also, entities in this segment
face intense competition, and have to bid aggressively to get
contracts, which restricts the operating margin. Also, given the
cyclicality inherent in the construction industry, ability to
maintain profitability through operating efficiency becomes
critical.

Strengths:

* Extensive industry experience of the promoters: The promoters'
experience of over three decades in the infrastructure construction
business which has given them an understanding of the dynamics of
the market, and enabled them to establish relationships with
suppliers and customers.

* Moderate financial risk profile: The financial risk profile is
moderate marked by moderate capital structure, as indicated by
estimated networth and gearing of INR16.26 crore and 1.57 times,
respectively, as on March 31, 2021. Debt protection metrics is also
moderate, as reflected in estimated interest coverage ratio of 2.26
times and net cash accruals to adjusted debt ratio of 0.1 time for
fiscal 2021.

Liquidity Stretched

Bank limit utilization of INR17 crore is moderate at around 70
percent for the past twelve months ended May-2021. Cash accrual is
expected to be in the range of INR3.5 to 4.5 crore which are
adequate against term debt obligation of INR0.67 crore in Fiscal
2022 and INR1 crore in Fiscal 2023.

Outlook Stable

CRISIL Ratings believe Siva will continue to benefit from the
extensive experience of its promoters and their established
relationships with clients.

Rating Sensitivity factors

Upward factors

* Sustenance of revenue and improvement in operating profitability
leading to cash accruals of more than INR2.5 crore
* Sustained improvement in financial risk profile

Downward factors

* Decrease in revenues to less than INR50 crore and/or decline in
profitability leading to lower than expected cash accruals

* Deterioration in liquidity and financial risk profile due to
substantial increase in working capital requirement or debt-funded
capex plans.

Siva, set up in 1978 as a partnership firm, constructs bridges,
buildings, and water-treatment plants, primarily in Tamil Nadu. Its
operations are managed by Mr. R Muthuswamy and Mr. Siva
Subramaniam.


SKV INFRATECH: CRISIL Withdraws B Rating on INR4cr Cash Loan
------------------------------------------------------------
Due to inadequate information, CRISIL Ratings, in line with SEBI
guidelines, had migrated the rating of SKV Infratech Private
Limited (SIPL) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'. CRISIL Ratings has withdrawn its ratings on bank
facility of SIPL following a request from the company and on
receipt of a 'no dues certificate' from the banker. Consequently,
CRISIL Ratings is migrating the ratings on bank facilities of SIPL
from 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating to 'CRISIL
B/Stable/CRISIL A4'. The rating action is in line with CRISIL
Ratings' policy on withdrawal of bank loan ratings.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Bank Guarantee          20       CRISIL A4 (Migrated from
                                    'CRISIL A4 ISSUER NOT
                                    COOPERATING'; Rating
                                    Withdrawn)

   Cash Credit/             4       CRISIL B/Stable (Migrated
   Overdraft facility               from 'CRISIL B/Stable ISSUER
                                    NOT COOPERATING'; Rating
                                    Withdrawn)

SIPL was set up as a partnership firm named SK Builders in the
early 1990s, and was reconstituted as a private limited company
named SIPL in August 2012. The operations are managed by Mr. Varun
Garg and Mr. Satish Garg. The company undertakes civil construction
works, mainly road construction for the Public Works Department,
National Highways Authority of India, New Okhla Industrial
Development Authority, and Greater Noida Industrial Development
Authority.

SPLENDID METAL: CARE Keeps D Debt Ratings in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Splendid
Metal Products Limited (SMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank     1,701.84     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      269.13     CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 15, 2020, placed the
rating(s) of SMPL under the 'issuer non-cooperating' category as
SMPL had failed to provide information for monitoring of the
rating. SMPL continues to be non-cooperative despite repeated
requests for submission of information through e-mails, phone calls
and an email dated May 31, 2021, June 10, 2021 and June 20, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

Detailed description of the key rating drivers

At the time of the last rating on July 15, 2020, the following were
the rating strengths and weaknesses (updated for the information
available from BSE Filing):

Key Rating Weaknesses

* Stretched liquidity position with ongoing delays in debt
servicing: Stretched liquidity position along with delays in
meeting the debt obligation and the accounts are classified are
NonPerforming Assets and the company is currently under resolution
process.

Splendid Metal Products Limited (Erstwhile Sujana Metal Products
Limited), belongs to Hyderabad-based Sujana Group. SMPL was
incorporated in May 1988 under the name of Sujana Steel Re-Rolling
Industries (P) Limited. The name of the company was later changed
to Sujana Steels Private Limited in March 1992 and got converted
into public limited company in April 1992. SMPL is engaged in
trading of steel products and manufacturing of TMT bars &
structural steel products at its facilities located in Hyderabad,
Chennai and Vizag. Sujana group, belonging to Y. S. Chowdhary, is a
South India-based industrial house having about two decades of
experience in the steel industry. The group is involved in
manufacturing of Thermo Mechanical Treated (TMT) bars, Structural
Steels, Galvanised Steel towers (used in power transmission &
telecom sector) and steel trading through its companies; Sujana
Universal Industries Ltd, Sujana Towers Ltd. etc.


VAIBHAVA LAKSHMI: CRISIL Withdraws C Rating on INR17.2cr Loan
-------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Sri Vaibhava Lakshmi Enterprises Private Limited (SVLEPL) on the
request of the company and after receiving no objection certificate
from the bank. The rating action is in-line with CRISIL Rating's
policy on withdrawal of its rating on bank loan facilities.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan        17.2      CRISIL C (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

   Open Cash Credit       2.8      CRISIL C (ISSUER NOT
                                   COOPERATING; Rating Withdrawn)

CRISIL Ratings has been consistently following up with SVLEPL for
obtaining information through letters and emails dated February 22,
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 SVLEPL. This restricts CRISIL
Ratings' ability to take a forward-looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SVLEPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
SVLEPL to 'CRISIL C Issuer not cooperating'.

Set up in 2013, SVLEPL is engaged in the poultry business. It has
farms in Nandigama Village, Krishna District (Andhra Pradesh). Mr.
Venkata Narayan and his family are the promoters.


VANTA BIOSCIENCES: Ind-Ra Affirms 'D' Long-Term Issuer Rating
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Vanta Bioscience
Ltd.'s Long-Term Issuer Rating at 'IND D'.

The instrument-wise rating actions are:

-- INR23 mil. Fund based facilities (long term) affirmed with
     IND D rating; and

-- INR187.1 mil. Term loan (long term) due on December 2027
     affirmed with IND D rating.

Analytical Approach: To arrive at the ratings, Ind-Ra has continued
taking consolidated view of VBL, its fully owned subsidiary Vanta
Clinical Research Ltd. and step subsidiary Vayam Research Solutions
Ltd. in view of the strong management, legal, financial and
operational linkages between the entities.

KEY RATING DRIVERS

The affirmation reflects continued delays in the repayment of
principal and interest amount in June 2021, due to delayed
realization of receivables from customers in China.

RATING SENSITIVITIES

Positive: Timely debt servicing for at least three consecutive
months could result in an upgrade.

COMPANY PROFILE

Promoted by Mohan Krishna and Dopesh Raja, VBL was incorporated in
2010. The company acquired facilities from the Kemin Industries
South Asia Private Limited at end-March 2017 under an asset
purchase arrangement. VBL, which commenced operations in FY18,
undertakes research and development, clinical and pre-clinical
studies in the field of genetic toxicology, animal toxicology,
inhalation toxicology and eco toxicology. On September 12, 2018,
VBL incorporated its fully owned subsidiary VCRL to carry out its
clinical research business viz. bio equivalence, bio analytical
studies, etc.  

VBL has two subsidiaries - Vanta Clinical Research Ltd. (VCRL) and
Vayam Research Solutions Ltd. (VRSL) which is step subsidiary of
VBL.


VEDASRI GREEN: CARE Lowers Rating on INR10cr LT Loan to B
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Vedasri Green Energy Private Limited (VGEPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE B; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B+; Stable;
          
Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 17, 2020, placed the
rating(s) of VGEPL under the 'issuer non-cooperating' category as
VGEPL had failed to provide information for monitoring of the
rating and had not paid the surveillance fees for the rating
exercise as agreed to in its Rating Agreement. VGEPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 2, 2021, June 12, 2021 and June 22, 2021.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which,
however, in CARE's opinion is not sufficient to arrive at a fair
rating.

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

The ratings assigned to the bank facilities of VGEPL have been
revised on account of non-availability of requisite information.
The ratings also factored in decline in scale of operations and
capital structure during FY20 over FY19.

VGEPL is a Special Purpose Vehicle (SPV) incorporated for setting
up a 2.2 MW solar project at Bidar district, Karnataka and became
operational in January 2017. Ms. Sridevi G Tonne and Mr. Prakash
Tonne are the managing directors of the company and Mr. Avinash M
Yeolikar & Mr. Kavindra Avinash Yeolikar are other directors of the
company. Ms. Sridevi was allotted 2.2 MW solar project under the
1-3MW Farmer Solar Scheme by the Karnataka Renewable Energy
Development Energy Limited (KREDEL) and a Power Purchase Agreement
(PPA) was signed with Mangalore Electricity Supply Company Limited
(MESCOM). The PPA was signed with a tariff rate of INR 8.4 per kWh
for a period of 25 years. M/s Aditya Green Energy Pvt Ltd was
appointed as the EPC contractor for installation of the power
plant.


VIDEOCON INDUSTRIES: Top Court Declines to Lift Stay on Insolvency
------------------------------------------------------------------
BloombergQuint reports that the Supreme Court declined to interfere
with the stay on the insolvency resolution process of Videocon
Industries Ltd.

BloombergQuint relates that the top court was not inclined to
express any opinion on the merits of the case, a bench presided by
Justice L Nageswara Rao said while hearing a petition filed by the
successful bidder, Twin Star Technologies Ltd.—owned by
billionaire Anil Agarwal's Volcan Investments Ltd., the parent of
Vedanta Group.

The bench, also comprising Justice Aniruddha Bose, asked the
National Company Law Appellate Tribunal to expeditiously decide on
the issue. The NCLAT is likely to take up the case for hearing on
Sept. 7, BloombergQuint says.

According to BloombergQuint, Twin Star has offered to pay about
INR2,900 crore compared to INR61,000 crore in dues claimed by
creditors, a recovery rate of 5%. In July, the NCLAT ordered a stay
on the implementation of the resolution plan on petitions filed by
some of the creditors.

BloombergQuint says the resolution plan was challenged financial
creditors including Bank of Maharashtra and IFCI Ltd. Part of the
creditors' committee, both had voted against the resolution plan.

Bank of Maharashtra's Chief Executive AS Rajeev had earlier told
BloombergQuint that the plan was being opposed because of the low
value ascribed to Videocon by the resolution applicant.

The dissenting creditors are asking that the committee of creditors
review the plan and negotiate a higher recovery rate than what is
currently being promised by Twin Star Technologies, he said,
BloombergQuint relays.

In their challenge, the dissenting creditors also pointed to a
breach of the confidentiality clause in the resolution process.
Twin Star's bid is surprisingly close to the liquidation value of
INR2,568 crore.

BloombergQuint notes that the valuation and confidentiality issue
was also flagged by the NCLT. The tribunal, while approving the
offer in June, asked the Insolvency & Bankruptcy Board of India to
examine the matter.

                     About Videocon Industries

Videocon Industries sells consumer products like color televisions,
washing machines, air conditioners, refrigerators, microwave ovens
and many other home appliances in India.

Videocon was among the first 12 companies pushed into bankruptcy
after directions from the Reserve Bank of India in 2017.

On June 6, 2018, National Company Law Tribunal (NCLT), Mumbai
bench, admitted a petition for initiating insolvency resolution
process against the company under the Insolvency and Bankruptcy
Code, 2016.

The company's total debt stood at over INR635 billion in 2019,
Business Standard discloses citing bankruptcy case related
disclosures on the company's website.




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

ACP BUILDING: Commences Wind-Up Proceedings
-------------------------------------------
Members of ACP Building Services Pte Ltd, on Aug. 4, 2021, passed a
resolution to voluntarily wind up the company's operations and
appointed Messrs. Leow Quek Shiong and and Gary Loh Weng Fatt of
BDO Advisory were appointed as liquidators.

The company's liquidators can be reached at:

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


GREAT CIRCLE: Creditors' Meetings Set for Aug. 27
-------------------------------------------------
Great Circle Line Pte Limited, which is in compulsory liquidation,
will hold a meeting for its creditors on Aug. 27, 2021, at 9:00
a.m. via Zoom.

Agenda of the meeting includes:

   a. to provide an update on the status of liquidation;;

   b. to consider and if thought fit, appoint a Committee of
      Inspection for the purpose of such winding up; and

   c. to consider any other matter which may properly be brought
      before the meeting.

The company's liquidator can be reached at:

         Farooq Ahmad Mann
         M/s Mann & Associates PAC
         3 Shenton Way
         #03-06C Shenton House
         Singapore 068805
         E-mail: farooq.mann@mann.com.sg


PROSPECT COBALT SUB 1: Creditors' Proofs of Debt Due on Sept. 13
----------------------------------------------------------------
Creditors of Prospect Cobalt Sub 1 Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Sept. 13,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on June 24, 2021.

The company's liquidators are:

         Leow Quek Shiong
         Gary Loh Weng Fatt
         c/o BDO Advisory
         600 North Bridge Road
         #23-01 Parkview Square
         Singapore 188778




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

[*] BOND PRICING: For the Week Aug. 9, 2021 to Aug. 13, 2021
------------------------------------------------------------
Issuer                   Coupon     Maturity    Currency    Price
------                   ------     --------    --------    -----

  AUSTRALIA
  ---------

ACN 113 874 712 PTY LT     13.25      02/15/18     USD       0.15
ACN 113 874 712 PTY LT     13.25      02/15/18     USD       0.15
CLEAN SEAS SEAFOOD LTD      8.00      11/18/22     AUD       1.01
CLIME CAPITAL LTD/FUND      6.25      11/30/21     AUD       0.97
GLENNON SMALL COS LTD       5.60      09/30/30     AUD      10.50
VIRGIN AUSTRALIA HOLDI      8.08      03/05/24     AUD       7.11
VIRGIN AUSTRALIA HOLDI      8.25      05/30/23     AUD       7.56
VIRGIN AUSTRALIA HOLDI      8.00      11/26/24     AUD       8.22
VIRGIN AUSTRALIA HOLDI      8.13      11/15/24     USD       8.97
VIRGIN AUSTRALIA HOLDI      7.88      10/15/21     USD       9.06
VIRGIN AUSTRALIA HOLDI      7.88      10/15/21     USD       9.11
VIRGIN AUSTRALIA HOLDI      8.13      11/15/24     USD       9.25


   CHINA
   -----

AKESU DISTRICT GREEN I      4.09      03/11/23     CNY      39.53
AKESU DISTRICT GREEN I      4.09      03/11/23     CNY      40.06
AKESU TEXTILE CITY DEV      7.50      06/21/24     CNY      61.28
AKESU TEXTILE CITY DEV      7.50      06/21/24     CNY      62.31
AKESU XINCHENG ASSET I      6.40      04/20/22     CNY      20.22
AKESU XINCHENG ASSET I      6.40      04/20/22     CNY      20.24
ALTAY PREFECTURE STATE      4.85      01/22/23     CNY      36.00
ALTAY PREFECTURE STATE      4.85      01/22/23     CNY      39.62
AN SHUN YU KUN REAL ES      5.48      11/10/21     CNY      37.90
ANHUI HUAAN FOREIGN EC      7.30      07/13/21     CNY      70.01
ANHUI JIANGNAN INDUSTR      4.76      07/08/23     CNY      39.45
ANHUI JIANGNAN INDUSTR      4.76      07/08/23     CNY      40.01
ANJI NORTHWEST DEVELOP      5.90      07/18/23     CNY      59.98
ANJI NORTHWEST DEVELOP      5.90      07/18/23     CNY      60.31
ANLU CONSTRUCTION DEVE      5.45      06/15/23     CNY      39.74
ANLU CONSTRUCTION DEVE      5.45      06/15/23     CNY      40.03
ANQING ECONOMIC&TECHNO      4.09      03/09/23     CNY      39.42
ANQING ECONOMIC&TECHNO      4.09      03/09/23     CNY      40.18
ANQING URBAN CONSTRUCT      6.01      04/27/22     CNY      20.00
ANQING URBAN CONSTRUCT      6.01      04/27/22     CNY      20.46
ANSHUN CITY CONSTRUCTI      7.30      09/15/24     CNY      70.59
ANSHUN STATE-RUN ASSET      4.48      07/18/23     CNY      55.50
ANSHUN STATE-RUN ASSET      4.48      07/18/23     CNY      57.15
ANSHUN XIXIU CITY INVE      4.70      11/22/23     CNY      54.04
ANSHUN XIXIU CITY INVE      4.70      11/22/23     CNY      59.46
BAOJI INVESTMENT GROUP      5.05      04/18/24     CNY      60.97
BAOTOU CITY SCIENCE ED      6.48      03/25/22     CNY      18.38
BAOYING CITY CONSTRUCT      4.50      03/24/23     CNY      39.59
BAOYING CITY CONSTRUCT      4.50      03/24/23     CNY      40.37
BAYAN ZHUOER HETAO WAT      8.54      03/31/22     CNY      14.71
BAZHONG STATE-OWNED AS      5.13      12/02/22     CNY      39.02
BAZHONG STATE-OWNED AS      5.13      12/02/22     CNY      40.00
BAZHOU GUOHUI CONSTRUC      6.08      06/19/24     CNY      61.09
BAZHOU GUOHUI CONSTRUC      6.08      06/19/24     CNY      61.28
BEIJING FUTURE SCIENCE      4.20      08/13/22     CNY      39.97
BEIJING FUTURE SCIENCE      4.20      08/13/22     CNY      40.20
BEIJING SHIJINGSHAN ST      6.08      08/18/21     CNY      20.07
BEIJING SHIJINGSHAN ST      6.08      08/18/21     CNY      23.87
BEIPIAO CITY CONSTRUCT      6.70      03/25/23     CNY      40.67
BEIPIAO CITY CONSTRUCT      6.70      03/25/23     CNY      40.70
BENGBU URBAN INVESTMEN      5.80      04/13/24     CNY      62.08
BENGBU URBAN INVESTMEN      5.80      04/13/24     CNY      62.12
BIJIE CONSTRUCTION INV      6.50      01/28/22     CNY      19.70
BIJIE CONSTRUCTION INV      6.50      01/28/22     CNY      20.06
BIJIE CONSTRUCTION INV      5.78      07/06/24     CNY      60.42
BIJIE CONSTRUCTION INV      5.78      07/06/24     CNY      60.79
BIJIE DEXI CONSTRUCTIO      5.10      12/05/23     CNY      54.79
BIJIE DEXI CONSTRUCTIO      4.60      11/17/23     CNY      56.98
BIJIE DEXI CONSTRUCTIO      4.60      11/17/23     CNY      59.38
BIJIE DEXI CONSTRUCTIO      5.10      12/05/23     CNY      59.76
BINZHOU ZHANHUA DISTRI      4.93      11/29/23     CNY      58.58
BINZHOU ZHANHUA DISTRI      4.93      11/29/23     CNY      58.71
BINZHOU ZHONGHAI VENTU      6.65      04/13/22     CNY      20.00
BINZHOU ZHONGHAI VENTU      6.65      04/13/22     CNY      20.16
BOHAI LEASING CO LTD        7.00      09/10/21     CNY      46.00
BORALA MONGOL AUTONOMO      5.77      08/26/22     CNY      38.30
BORALA MONGOL AUTONOMO      5.77      08/26/22     CNY      40.31
BOZHOU URBAN CONSTRUCT      4.78      04/14/23     CNY      40.18
BOZHOU URBAN CONSTRUCT      4.78      04/14/23     CNY      40.51
BOZHOU YIJU REAL ESTAT      4.82      10/27/21     CNY      49.89
BOZHOU YIJU REAL ESTAT      4.82      10/27/21     CNY      49.93
BRILLIANCE AUTO GROUP       5.80      03/20/24     CNY      54.80
BRILLIANCE AUTO GROUP       5.40      09/14/23     CNY      55.80
BRILLIANCE AUTO GROUP       6.30      09/14/23     CNY      56.93
BRILLIANCE AUTO GROUP       5.80      11/05/23     CNY      59.80
BRILLIANCE AUTO GROUP       5.80      06/17/24     CNY      60.78
BRILLIANCE AUTO GROUP       5.30      10/23/20     CNY      68.50
BRILLIANCE AUTO GROUP       6.50      01/22/22     CNY      68.50
BRILLIANCE AUTO GROUP       6.50      03/13/22     CNY      68.50
BRILLIANCE AUTO GROUP       6.50      04/18/22     CNY      68.50
BRILLIANCE AUTO GROUP       6.50      06/03/22     CNY      68.50
BRILLIANCE AUTO GROUP       6.30      09/14/23     CNY      68.50
BRILLIANCE AUTO GROUP       5.80      11/05/23     CNY      68.50
CANGNAN COUNTY STATE O      5.58      11/11/22     CNY      40.20
CANGNAN COUNTY STATE O      5.58      11/11/22     CNY      40.51
CEFC SHANGHAI INTERNAT      4.08      09/09/21     CNY      60.00
CEFC SHANGHAI INTERNAT      4.98      12/10/20     CNY      61.29
CHANG DE DING LI INDUS      4.30      03/10/23     CNY      40.08
CHANG DE DING LI INDUS      4.30      03/10/23     CNY      40.11
CHANGCHUN MODERN AGRIC      7.00      07/25/21     CNY      19.50
CHANGCHUN MODERN AGRIC      7.00      07/25/21     CNY      20.00
CHANGDE DE YUAN SHANTY      5.33      09/13/23     CNY      68.23
CHANGDE URBAN CONSTRUC      3.59      01/12/23     CNY      39.91
CHANGDE URBAN CONSTRUC      3.59      01/12/23     CNY      40.00
CHANGGE JINCAI PUBLIC       7.10      04/19/24     CNY      59.02
CHANGGE JINCAI PUBLIC       7.10      04/19/24     CNY      61.89
CHANGJI URBAN CONSTRUC      4.24      11/18/23     CNY      57.18
CHANGJI URBAN CONSTRUC      4.24      11/18/23     CNY      59.66
CHANGLE COUNTY NEWTOWN      5.18      12/16/22     CNY      37.00
CHANGLE COUNTY NEWTOWN      5.18      12/16/22     CNY      40.00
CHANGSHA COUNTY XINGCH      7.90      03/25/22     CNY      25.62
CHANGSHA COUNTY XINGCH      7.90      03/25/22     CNY      25.62
CHANGSHA ECONOMIC & TE      8.45      04/13/22     CNY      15.37
CHANGSHA ECONOMIC & TE      4.78      03/03/24     CNY      60.62
CHANGSHA ECONOMIC & TE      4.78      03/03/24     CNY      61.26
CHANGSHA FURONG CITY D      3.88      01/26/23     CNY      40.27
CHANGSHA FURONG CITY D      3.88      01/26/23     CNY      40.67
CHANGSHA METRO GROUP C      6.20      04/23/23     CNY      31.02
CHANGSHA METRO GROUP C      5.97      04/03/25     CNY      63.11
CHANGSHA METRO GROUP C      5.97      04/03/25     CNY      63.15
CHANGSHA METRO GROUP C      5.40      07/14/25     CNY      70.00
CHANGSHA METRO GROUP C      4.10      12/21/25     CNY      70.86
CHANGSHA METRO GROUP C      4.10      12/21/25     CNY      70.92
CHANGSHA METRO GROUP C      5.40      07/14/25     CNY      72.79
CHANGSHA TIANXIN CITY       4.20      11/06/22     CNY      40.00
CHANGSHA TIANXIN CITY       4.20      11/06/22     CNY      40.05
CHANGSHA TIANXIN CITY       3.43      08/08/23     CNY      59.13
CHANGSHA TIANXIN CITY       3.43      08/08/23     CNY      59.83
CHANGSHA YUHUA JINGKAI      4.17      09/06/23     CNY      59.45
CHANGSHA YUHUA JINGKAI      4.17      09/06/23     CNY      59.71
CHANGSHA YUHUA URBAN C      3.80      01/28/23     CNY      39.98
CHANGSHA YUHUA URBAN C      3.80      01/28/23     CNY      40.11
CHANGSHU BINJIANG URBA      6.39      09/11/21     CNY      20.00
CHANGSHU BINJIANG URBA      6.39      09/11/21     CNY      20.08
CHANGSHU DONGNAN ASSET      6.53      03/26/22     CNY      20.32
CHANGSHU DONGNAN ASSET      6.53      03/26/22     CNY      27.32
CHANGXING URBAN CONSTR      6.00      12/03/21     CNY      19.00
CHANGXING URBAN CONSTR      6.00      12/03/21     CNY      20.21
CHANGZHOU TIANNING CON      6.48      02/12/22     CNY      20.00
CHANGZHOU TIANNING CON      6.48      02/12/22     CNY      20.24
CHANGZHOU XINGANG ECON      3.42      10/20/23     CNY      59.12
CHANGZHOU XINGANG ECON      3.42      10/20/23     CNY      59.83
CHANGZHOU ZHONGLOU ECO      3.64      10/26/23     CNY      59.66
CHANGZHOU ZHONGLOU ECO      3.64      10/26/23     CNY      59.96
CHAOHU URBAN TOWN CONS      6.50      04/30/22     CNY      20.53
CHAOHU URBAN TOWN CONS      6.50      04/30/22     CNY      21.95
CHENGDU GARDEN WATER C      6.15      05/03/23     CNY      39.83
CHENGDU GARDEN WATER C      6.15      05/03/23     CNY      40.38
CHENGDU PIDU DISTRICT       6.95      04/01/22     CNY      20.33
CHENGDU PIDU DISTRICT       6.95      04/01/22     CNY      28.83
CHENGDU SHUZHOU CITY C      6.58      05/26/22     CNY      20.05
CHENGDU SHUZHOU CITY C      6.58      05/26/22     CNY      20.50
CHENGDU XINGCHENGJIAN       6.00      03/20/22     CNY      20.00
CHENGDU XINGCHENGJIAN       6.00      03/20/22     CNY      20.39
CHENGDU XINGJIN ECOLOG      3.65      10/13/23     CNY      58.87
CHENGDU XINGJIN ECOLOG      3.65      10/13/23     CNY      59.96
CHENGDU XINJIN COUNTY       6.40      07/05/24     CNY      58.61
CHENGDU XINJIN COUNTY       6.40      07/05/24     CNY      61.17
CHENGDU XINKAIYUAN URB      7.43      08/12/21     CNY      20.06
CHENGDU XINKAIYUAN URB      7.43      08/12/21     CNY      21.00
CHENGDU XINKAIYUAN URB      5.29      04/27/23     CNY      39.25
CHENGDU XINKAIYUAN URB      5.29      04/27/23     CNY      39.99
CHENZHOU BAIFU INVESTM      6.54      08/28/21     CNY      19.90
CHENZHOU BAIFU INVESTM      6.54      08/28/21     CNY      20.00
CHENZHOU BAIFU INVESTM      4.96      03/22/26     CNY      61.03
CHENZHOU BAIFU INVESTM      4.96      03/22/26     CNY      61.46
CHENZHOU FUCHENG HIGH       4.73      01/22/23     CNY      40.03
CHENZHOU FUCHENG HIGH       4.73      01/22/23     CNY      40.22
CHENZHOU INDUSTRY INVE      6.45      01/23/22     CNY      20.05
CHENZHOU INDUSTRY INVE      6.45      01/23/22     CNY      28.60
CHENZHOU WENLV INDUSTR      5.34      11/28/23     CNY      58.40
CHENZHOU XINTIAN INVES      5.38      03/08/26     CNY      62.40
CHENZHOU XINTIAN INVES      5.38      03/08/26     CNY      65.47
CHIBI LANTIAN URBAN CO      4.38      08/10/23     CNY      59.41
CHIBI LANTIAN URBAN CO      4.38      08/10/23     CNY      59.94
CHINA FORTUNE LAND DEV      7.40      03/24/21     CNY      25.13
CHINA FORTUNE LAND DEV      7.20      04/18/21     CNY      25.13
CHINA FORTUNE LAND DEV      5.60      09/10/21     CNY      25.13
CHINA FORTUNE LAND DEV      5.80      05/23/22     CNY      25.13
CHINA FORTUNE LAND DEV      5.00      05/30/22     CNY      68.15
CHINA HUARONG ASSET MA      4.05      11/14/24     CNY      73.10
CHINA OCEANWIDE HOLDIN      8.90      12/13/21     CNY      48.00
CHINA OCEANWIDE HOLDIN      8.60      09/21/21     CNY      64.50
CHINA SECURITY CO LTD       4.45      11/11/19     CNY      31.00
CHINA YIXING ENVIRONME      4.08      09/14/23     CNY      59.98
CHINA YIXING ENVIRONME      4.08      09/14/23     CNY      60.04
CHONGQIN BAIYAN INVEST      5.75      05/03/23     CNY      39.98
CHONGQIN BAIYAN INVEST      5.75      05/03/23     CNY      40.20
CHONGQIN XINLIANG INVE      4.76      08/26/23     CNY      37.67
CHONGQIN XINLIANG INVE      4.76      08/26/23     CNY      38.83
CHONGQING BANAN ECONOM      6.17      03/13/22     CNY      19.90
CHONGQING BANAN ECONOM      7.00      08/20/21     CNY      20.00
CHONGQING BANAN ECONOM      7.00      08/20/21     CNY      20.04
CHONGQING BANAN ECONOM      6.17      03/13/22     CNY      20.19
CHONGQING BAYUAN CONST      4.99      08/16/23     CNY      59.55
CHONGQING BISHAN DISTR      4.93      03/29/23     CNY      40.11
CHONGQING BISHAN DISTR      4.93      03/29/23     CNY      40.34
CHONGQING CHANGSHOU EC      7.20      07/15/21     CNY      20.00
CHONGQING CHANGSHOU EC      7.20      07/15/21     CNY      20.17
CHONGQING DAZU INDUSTR      6.30      04/28/22     CNY      20.00
CHONGQING DAZU INDUSTR      6.30      04/28/22     CNY      20.13
CHONGQING ECO&TECH DEV      3.95      04/13/23     CNY      39.90
CHONGQING ECO&TECH DEV      3.95      04/13/23     CNY      39.94
CHONGQING FULING TRAFF      6.68      02/03/22     CNY      20.00
CHONGQING FULING TRAFF      6.68      02/03/22     CNY      20.23
CHONGQING HECHUAN CITY      3.95      09/06/23     CNY      59.63
CHONGQING HECHUAN CITY      3.95      09/06/23     CNY      59.64
CHONGQING JIANGBEIZUI       6.50      07/21/21     CNY      20.04
CHONGQING JIN TONG IND      4.44      11/16/23     CNY      56.36
CHONGQING JIN TONG IND      4.44      11/16/23     CNY      59.06
CHONGQING JINYUN ASSET      4.50      12/31/22     CNY      40.09
CHONGQING JINYUN ASSET      4.50      12/31/22     CNY      40.15
CHONGQING JIULONG HI-T      6.60      08/19/21     CNY      20.06
CHONGQING JIULONG HI-T      6.60      08/19/21     CNY      20.26
CHONGQING KAIQIAN INVE      4.64      03/21/23     CNY      38.19
CHONGQING KAIQIAN INVE      4.64      03/21/23     CNY      39.66
CHONGQING LAND PROPERT      3.36      03/21/23     CNY      40.05
CHONGQING LAND PROPERT      3.36      03/21/23     CNY      40.10
CHONGQING LIANGJIANG N      5.88      09/16/21     CNY      20.09
CHONGQING LIANGJIANG N      3.10      08/05/21     CNY      40.00
CHONGQING LIANGJIANG N      3.10      08/05/21     CNY      40.00
CHONGQING MAIRUI URBAN      4.95      04/21/23     CNY      40.19
CHONGQING MAIRUI URBAN      4.95      04/21/23     CNY      40.21
CHONGQING NANCHUAN CIT      4.20      07/11/23     CNY      39.73
CHONGQING NANCHUAN CIT      4.20      07/11/23     CNY      39.74
CHONGQING QIJIANG EAST      4.00      09/05/23     CNY      58.28
CHONGQING QIJIANG EAST      4.00      09/05/23     CNY      59.11
CHONGQING SHUANGQIAO E      5.99      11/19/21     CNY      20.10
CHONGQING SHUANGQIAO E      5.99      11/19/21     CNY      26.25
CHONGQING TONGLIANG JI      6.59      04/08/22     CNY      20.00
CHONGQING TONGLIANG JI      6.59      04/08/22     CNY      20.26
CHONGQING TONGNAN DIST      4.99      12/31/22     CNY      39.51
CHONGQING TONGNAN DIST      4.99      12/31/22     CNY      40.00
CHONGQING WANSHENG ECO      6.95      08/25/21     CNY      20.03
CHONGQING WANSHENG ECO      6.95      08/25/21     CNY      25.00
CHONGQING WANSHENG ECO      5.40      11/18/21     CNY      39.91
CHONGQING WANZHOU SANX      4.95      08/25/22     CNY      40.24
CHONGQING WANZHOU SANX      4.95      08/25/22     CNY      40.80
CHONGQING WULONG DISTR      6.80      09/21/24     CNY      75.00
CHONGQING XINGRONG HOL      4.86      03/31/23     CNY      38.50
CHONGQING XINGRONG HOL      4.86      03/31/23     CNY      39.61
CHONGQING XIYONG MICRO      6.58      07/25/21     CNY      20.02
CHONGQING XIYONG MICRO      6.58      07/25/21     CNY      22.33
CHONGQING YUELAI INVES      6.09      04/29/22     CNY      20.00
CHONGQING YUELAI INVES      6.09      04/29/22     CNY      20.36
CHUN'AN XINANJIANG DEV      6.10      03/11/22     CNY      20.24
CHUN'AN XINANJIANG DEV      6.10      03/11/22     CNY      24.55
CHUN'AN XINANJIANG DEV      3.84      11/04/23     CNY      58.92
CHUN'AN XINANJIANG DEV      3.84      11/04/23     CNY      59.13
CHUZHOU CITY INVESTMEN      6.40      08/22/21     CNY      20.01
CHUZHOU CITY INVESTMEN      6.40      08/22/21     CNY      20.07
CHUZHOU CITY INVESTMEN      6.30      11/30/21     CNY      30.37
CHUZHOU CITY INVESTMEN      6.30      11/30/21     CNY      30.40
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      20.05
CIXI CITY CONSTRUCTION      6.18      08/18/21     CNY      28.80
CIXI STATE OWNED ASSET      4.90      04/07/24     CNY      60.76
CIXI STATE OWNED ASSET      4.90      04/07/24     CNY      63.13
DAFANG COUNTY CONSTRUC      6.00      09/26/23     CNY      57.90
DAFANG COUNTY CONSTRUC      6.00      09/26/23     CNY      60.41
DALI HAIDONG DEVELOPME      6.01      01/25/23     CNY      39.50
DALI HAIDONG DEVELOPME      6.01      01/25/23     CNY      39.82
DALIAN RONGDA INVESTME      5.69      12/05/21     CNY      20.13
DALIAN SHITAI CITY CON      4.50      02/01/23     CNY      37.09
DALIAN SHITAI CITY CON      4.50      02/01/23     CNY      39.85
DANGTU COUNTY CONSTRUC      5.38      08/10/22     CNY      40.43
DANGYANG XINYUAN INVES      4.97      03/29/23     CNY      39.66
DANGYANG XINYUAN INVES      4.97      03/29/23     CNY      40.16
DANYANG HI-TECH INDUST      6.40      04/24/22     CNY      19.83
DANYANG HI-TECH INDUST      6.40      04/24/22     CNY      20.00
DANYANG INVESTMENT GRO      3.99      01/25/23     CNY      39.70
DATONG ECONOMIC CONSTR      4.49      10/22/22     CNY      39.95
DAWA COUNTY CITY CONST      6.29      06/12/22     CNY      19.56
DAYE ZHENHENG CITY DEV      4.50      03/28/23     CNY      39.13
DAYE ZHENHENG CITY DEV      4.50      03/28/23     CNY      39.62
DAYE ZHENHENG CITY DEV      4.05      08/31/23     CNY      58.34
DAYE ZHENHENG CITY DEV      4.05      08/31/23     CNY      58.46
DAZHOU DEVELOPMENT HOL      6.55      01/14/22     CNY      20.00
DAZHOU DEVELOPMENT HOL      6.55      01/14/22     CNY      20.13
DAZHOU DEVELOPMENT HOL      5.10      11/27/22     CNY      40.00
DAZHOU DEVELOPMENT HOL      5.10      11/27/22     CNY      40.06
DEHONGZHOU HONGKANG IN      6.68      01/23/22     CNY      20.12
DEHONGZHOU HONGKANG IN      6.68      01/23/22     CNY      20.14
DEQING CONSTRUCTION IN      3.60      11/11/23     CNY      59.50
DEQING CONSTRUCTION IN      3.60      11/11/23     CNY      59.86
DEXING INVESTMENT HOLD      5.99      03/21/23     CNY      39.85
DEXING INVESTMENT HOLD      5.99      03/21/23     CNY      40.00
DONGLING GROUP INC CO       8.00      07/14/22     CNY      40.00
DONGLING GROUP INC CO       8.00      07/14/22     CNY      40.52
DONGTAI STATE-OWNED AS      3.04      11/16/23     CNY      58.42
DONGYING CITY URBAN AS      5.57      03/31/22     CNY      20.22
DONGYING CITY URBAN AS      5.57      03/31/22     CNY      20.33
DONGZHI COUNTY CITY OP      4.88      06/20/23     CNY      40.37
DONGZHI COUNTY CITY OP      4.88      06/20/23     CNY      40.38
DUJIANGYAN NEW CITY CO      6.90      10/19/24     CNY      71.50
DUJIANGYAN XINGYAN INV      6.10      03/12/22     CNY      19.00
DUJIANGYAN XINGYAN INV      6.10      03/12/22     CNY      19.47
DUNYUN STATE-OWNED ASS      6.60      12/28/22     CNY      39.74
ENSHI URBAN CONSTRUCTI      3.84      11/01/23     CNY      59.40
ENSHI URBAN CONSTRUCTI      3.84      11/01/23     CNY      59.48
EZHOU CITY CONSTRUCTIO      6.68      09/19/21     CNY      20.15
EZHOU CITY CONSTRUCTIO      6.68      09/19/21     CNY      20.53
FEICHENG CITY ASSETS M      4.04      03/23/23     CNY      39.44
FEICHENG CITY ASSETS M      4.04      03/23/23     CNY      39.74
FEIXI COUNTY URBAN & R      4.45      06/03/23     CNY      39.80
FEIXI COUNTY URBAN & R      4.45      06/03/23     CNY      41.24
FENG COUNTY ECONOMIC D      5.18      06/21/23     CNY      38.10
FENG COUNTY ECONOMIC D      5.18      06/21/23     CNY      39.89
FENGCHENG CITY CONSTRU      6.49      02/10/22     CNY      20.23
FENGCHENG CITY CONSTRU      6.49      02/10/22     CNY      20.34
FENGCHENG CITY MODERN       5.76      12/17/22     CNY      39.60
FENGCHENG CITY MODERN       5.76      12/17/22     CNY      40.00
FENGDU COUNTY STATE-OW      6.38      09/05/24     CNY      60.00
FENGHUANG MINGCHENG CO      6.50      03/23/24     CNY      61.05
FENGHUANG MINGCHENG CO      6.50      03/23/24     CNY      61.06
FENGTAI HUAXING CITY D      5.60      03/13/24     CNY      61.39
FENGTAI HUAXING CITY D      5.60      03/13/24     CNY      61.45
FENGXIAN URBAN INVESTM      4.23      07/13/21     CNY      20.00
FENGXIAN URBAN INVESTM      4.23      07/13/21     CNY      20.00
FENGXIAN URBAN INVESTM      6.48      03/20/22     CNY      20.00
FENGXIAN URBAN INVESTM      6.48      03/20/22     CNY      20.13
FENYI CITY CONSTRUCTIO      4.54      08/22/23     CNY      58.65
FENYI CITY CONSTRUCTIO      4.54      08/22/23     CNY      59.52
FUJIAN FUSHENG GROUP C      7.90      11/19/21     CNY      60.00
FUJIAN FUSHENG GROUP C      7.90      12/17/21     CNY      70.99
FUJIAN JINJIANG URBAN       3.35      08/24/23     CNY      59.70
FUJIAN JINJIANG URBAN       3.35      08/24/23     CNY      60.06
FUJIAN PROVINCE LIANJI      6.29      04/30/22     CNY      20.00
FUJIAN PROVINCE LIANJI      6.29      04/30/22     CNY      20.33
FUJIAN ZHANGLONG GROUP      4.99      08/07/22     CNY      40.00
FUJIAN ZHANGLONG GROUP      4.99      08/07/22     CNY      40.44
FUNING URBAN INVESTMEN      7.19      08/15/21     CNY      20.05
FUNING URBAN INVESTMEN      7.19      08/15/21     CNY      21.15
FUNING URBAN INVESTMEN      6.00      03/14/24     CNY      61.19
FUNING URBAN INVESTMEN      6.00      03/14/24     CNY      61.23
FUQING CITY STATE-OWNE      5.94      11/26/22     CNY      40.09
FUXIN INFRASTRUCTURE C      6.18      03/18/22     CNY      19.77
FUZHOU CHANGLE DISTRIC      4.50      04/11/23     CNY      39.59
FUZHOU CHANGLE DISTRIC      4.50      04/11/23     CNY      40.01
FUZHOU DEVELOPMENT ZON      3.53      08/25/23     CNY      59.65
FUZHOU DEVELOPMENT ZON      3.53      08/25/23     CNY      59.73
FUZHOU DONGXIANG INVES      6.20      03/20/24     CNY      59.14
FUZHOU DONGXIANG INVES      6.20      03/20/24     CNY      61.90
FUZHOU LINCHUAN URBAN       5.68      07/05/23     CNY      40.02
FUZHOU LINCHUAN URBAN       5.68      07/05/23     CNY      40.08
FUZHOU URBAN AND RURAL      5.48      01/26/22     CNY      20.00
FUZHOU URBAN AND RURAL      5.48      01/26/22     CNY      20.19
FUZHOU URBAN AND RURAL      4.89      07/08/22     CNY      20.35
FUZHOU URBAN AND RURAL      4.89      07/08/22     CNY      20.55
GANSU PROVINCIAL HIGHW      6.58      09/24/22     CNY      71.50
GANSU PROVINCIAL HIGHW      6.20      03/28/23     CNY      72.12
GANZHOU CITY DEVELOPME      5.50      06/16/22     CNY      20.00
GANZHOU CITY DEVELOPME      5.50      06/16/22     CNY      20.44
GANZHOU DEVELOPMENT IN      8.10      12/11/23     CNY      63.56
GAOMI STATE-OWNED ASSE      4.69      01/26/23     CNY      39.89
GAOMI STATE-OWNED ASSE      4.69      01/26/23     CNY      40.11
GAOYOU CITY CONSTRUCTI      5.48      09/15/22     CNY      40.00
GAOYOU CITY CONSTRUCTI      5.48      09/15/22     CNY      40.31
GAOYOU CITY ECONOMY DE      3.65      09/02/23     CNY      59.72
GAOYOU CITY ECONOMY DE      3.65      09/02/23     CNY      60.00
GONG'AN COUNTY CITY CO      4.30      08/30/23     CNY      59.28
GONG'AN COUNTY CITY CO      4.30      08/30/23     CNY      59.28
GONGQINGCHENG FINANCIA      5.85      03/25/23     CNY      40.26
GONGQINGCHENG FINANCIA      5.85      03/25/23     CNY      40.27
GUANGAN DEVELOPMENT AN      6.39      03/24/22     CNY      20.39
GUANGAN DEVELOPMENT AN      6.39      03/24/22     CNY      24.00
GUANGAN ECONOMIC & TEC      7.10      09/22/21     CNY      20.07
GUANGAN ECONOMIC & TEC      7.10      09/22/21     CNY      20.07
GUANGAN ECONOMIC & TEC      5.16      04/14/23     CNY      39.94
GUANGAN ECONOMIC & TEC      5.16      04/14/23     CNY      40.00
GUANGAN TRANSPORTATION      5.39      12/01/23     CNY      59.84
GUANGDONG HUIZHOU COMM      4.16      05/17/23     CNY      40.48
GUANGDONG HUIZHOU COMM      4.16      05/17/23     CNY      40.49
GUANGDONG HUIZHOU COMM      4.95      12/27/23     CNY      61.40
GUANGDONG HUIZHOU COMM      4.95      12/27/23     CNY      61.48
GUANGRAO COUNTY ECONOM      3.61      09/08/23     CNY      60.01
GUANGSHUI CITY DEVELOP      6.19      03/01/24     CNY      61.37
GUANGSHUI CITY DEVELOP      6.19      03/01/24     CNY      61.37
GUANGXI LAIBIN INDUSTR      5.97      11/26/21     CNY      20.00
GUANGXI LAIBIN INDUSTR      5.97      11/26/21     CNY      20.04
GUANGYUAN YUANQU CONST      8.35      08/26/21     CNY      20.08
GUANGYUAN YUANQU CONST      8.35      08/26/21     CNY      27.00
GUANGYUAN YUANQU CONST      4.48      03/10/23     CNY      38.85
GUANGYUAN YUANQU CONST      4.48      03/10/23     CNY      39.43
GUANGZHOU HUANTOU NANS      6.38      11/18/24     CNY      60.97
GUANGZHOU HUANTOU NANS      6.38      11/18/24     CNY      61.36
GUANGZHOU METRO GROUP       6.45      04/02/24     CNY      45.00
GUANGZHOU METRO GROUP       6.05      06/03/24     CNY      46.46
GUANGZHOU METRO GROUP       6.45      04/02/24     CNY      46.63
GUCHENG CONSTRUCTION I      7.88      04/27/25     CNY      75.00
GUILIN ECONOMIC CONSTR      5.60      04/22/22     CNY      20.00
GUILIN ECONOMIC CONSTR      5.60      04/22/22     CNY      20.32
GUIRENNIAO CO LTD           7.00      12/03/19     CNY      49.50
GUIXI STATE OWNED HOLD      4.18      08/18/23     CNY      59.41
GUIXI STATE OWNED HOLD      4.18      08/18/23     CNY      59.48
GUIYANG BAIYUN INDUSTR      7.30      03/27/22     CNY      20.14
GUIYANG BAIYUN INDUSTR      7.30      03/27/22     CNY      25.00
GUIYANG BAIYUN URBAN C      4.75      09/13/26     CNY      71.31
GUIYANG BAIYUN URBAN C      4.75      09/13/26     CNY      72.66
GUIYANG CITY CONSTRUCT      4.37      03/25/26     CNY      66.50
GUIYANG CITY CONSTRUCT      4.37      03/25/26     CNY      66.68
GUIYANG CITY CONSTRUCT      4.00      11/14/26     CNY      74.61
GUIYANG CITY CONSTRUCT      4.00      11/14/26     CNY      74.63
GUIYANG GUANCHENG INDU      7.50      12/25/22     CNY      71.39
GUIYANG GUANSHANHU DIS      4.87      01/28/23     CNY      38.62
GUIYANG GUANSHANHU DIS      4.48      03/09/23     CNY      38.89
GUIYANG GUANSHANHU DIS      4.48      03/09/23     CNY      39.58
GUIYANG GUANSHANHU DIS      4.87      01/28/23     CNY      39.79
GUIYANG GUANSHANHU DIS      6.49      06/22/24     CNY      58.53
GUIYANG GUANSHANHU DIS      6.49      06/22/24     CNY      58.69
GUIYANG URBAN CONSTRUC      5.23      12/02/22     CNY      39.70
GUIYANG URBAN CONSTRUC      5.23      12/02/22     CNY      39.84
GUIZHOU EAST LAKE CITY      5.18      01/06/23     CNY      38.88
GUIZHOU EAST LAKE CITY      5.18      01/06/23     CNY      39.98
GUIZHOU FANJINGSHAN IN      6.95      01/28/22     CNY      19.82
GUIZHOU GUIAN CONSTRUC      4.17      10/28/22     CNY      40.08
GUIZHOU GUIAN CONSTRUC      4.17      10/28/22     CNY      41.00
GUIZHOU GUILONG INDUST      7.80      04/28/22     CNY      25.45
GUIZHOU GUILONG INDUST      7.80      04/28/22     CNY      25.49
GUIZHOU HONGCAI INVEST      6.00      06/07/23     CNY      28.92
GUIZHOU HONGCAI INVEST      6.00      06/07/23     CNY      29.14
GUIZHOU KAILI KAIYUAN       7.30      05/26/24     CNY      58.31
GUIZHOU KAILI KAIYUAN       7.30      05/26/24     CNY      62.03
GUIZHOU LIUPANSHUI PAN      7.30      07/24/24     CNY      60.95
GUIZHOU RAILWAY INVEST      7.20      03/27/22     CNY      20.36
GUIZHOU RAILWAY INVEST      7.50      04/23/24     CNY      47.53
GUIZHOU SHUICHENG CITY      4.98      11/22/23     CNY      55.02
GUIZHOU SHUICHENG CITY      4.98      11/22/23     CNY      59.78
GUIZHOU SHUICHENG ECON      7.50      10/26/25     CNY      59.50
GUIZHOU XINDONGGUAN CI      7.70      09/05/24     CNY      67.00
GULIN STATE-OWNED ASSE      4.18      08/04/23     CNY      59.10
GULIN STATE-OWNED ASSE      4.18      08/04/23     CNY      59.25
HAIAN DEVELOPMENT ZONE      4.47      11/16/23     CNY      58.88
HAIAN DEVELOPMENT ZONE      4.47      11/16/23     CNY      59.31
HAIAN ECONOMIC TECHNOL      5.45      04/13/23     CNY      40.03
HAIAN ECONOMIC TECHNOL      5.45      04/13/23     CNY      40.32
HAIAN URBAN DEMOLITION      5.08      11/27/22     CNY      40.22
HAIAN URBAN DEMOLITION      5.08      11/27/22     CNY      40.88
HAICHENG URBAN JINCAI       5.37      08/10/23     CNY      60.21
HAIFENG MARINE INFRAST      6.84      04/29/22     CNY      20.26
HAIKOU MEILAN INTERNAT      5.25      09/06/19     USD      17.15
HAINAN AIRLINES HOLDIN      6.20      05/24/21     CNY      51.00
HAINING CITY DEVELOPME      5.58      10/22/21     CNY      20.10
HAINING CITY DEVELOPME      5.58      10/22/21     CNY      20.70
HAIYAN COUNTY STATE-OW      5.80      06/12/24     CNY      61.10
HAMI JIANHUI STATE-OWN      3.90      09/21/23     CNY      58.99
HAMI JIANHUI STATE-OWN      3.90      09/21/23     CNY      59.67
HANCHENG CITY INVESTME      4.69      12/05/23     CNY      57.11
HANCHENG CITY INVESTME      4.69      12/05/23     CNY      57.65
HANCHUAN CITY HANRONG       4.25      07/18/23     CNY      59.39
HANCHUAN CITY HANRONG       4.25      07/18/23     CNY      59.71
HANDAN CONSTRUCTION &       5.48      05/27/22     CNY      20.26
HANDAN CONSTRUCTION &       5.48      05/27/22     CNY      27.20
HANGZHOU CANAL COMPREH      3.40      10/17/23     CNY      58.95
HANGZHOU CANAL COMPREH      3.40      10/17/23     CNY      60.10
HANGZHOU CITY CONSTRUC      3.80      03/14/23     CNY      40.00
HANGZHOU CITY CONSTRUC      3.80      03/14/23     CNY      40.01
HANGZHOU FUYANG DEVELO      4.76      01/27/23     CNY      39.87
HANGZHOU FUYANG DEVELO      4.76      01/27/23     CNY      40.42
HANGZHOU GONGSHU DISTR      6.90      07/21/21     CNY      20.02
HANGZHOU GONGSHU DISTR      6.90      07/21/21     CNY      20.13
HANGZHOU METRO GROUP C      5.97      09/17/24     CNY      63.64
HANGZHOU WEST LAKE INV      4.30      04/25/23     CNY      40.37
HANGZHOU WEST LAKE INV      4.30      04/25/23     CNY      40.59
HANGZHOU XIAOSHAN QIAN      4.00      03/22/23     CNY      40.14
HANGZHOU XIAOSHAN QIAN      4.00      03/22/23     CNY      40.35
HANJIANG STATE-OWNED-A      5.40      04/21/24     CNY      61.64
HANJIANG STATE-OWNED-A      5.40      04/21/24     CNY      61.92
HAWTAI MOTOR GROUP LTD      6.10      10/26/21     CNY      74.00
HEBEI ZHONGYUE CITY CO      4.10      11/16/21     CNY      19.92
HEBEI ZHONGYUE CITY CO      4.10      11/16/21     CNY      19.95
HEBI INVESTMENTS GROUP      7.88      08/01/21     CNY      20.03
HEBI INVESTMENTS GROUP      7.88      08/01/21     CNY      20.99
HECHI CITY CONSTRUCTIO      5.58      11/13/22     CNY      36.00
HECHI CITY CONSTRUCTIO      5.58      11/13/22     CNY      39.28
HECHI STATE-OWNED CAPI      4.37      11/04/23     CNY      58.47
HECHI STATE-OWNED CAPI      4.37      11/04/23     CNY      58.96
HEFEI CONSTRUCTION INV      7.20      04/29/24     CNY      48.79
HEFEI XINCHENG STATE-O      4.13      07/15/23     CNY      59.38
HEFEI XINCHENG STATE-O      4.13      07/15/23     CNY      59.89
HEILONGJIANG HECHENG C      7.05      06/21/22     CNY      15.26
HEILONGJIANG HECHENG C      5.60      11/11/21     CNY      20.03
HEISHAN TONGHE ASSET M      6.79      09/18/22     CNY      39.28
HEISHAN TONGHE ASSET M      6.79      09/18/22     CNY      39.55
HENGDONG URBAN & RURAL      6.60      12/27/23     CNY      60.90
HENGDONG URBAN & RURAL      6.60      12/27/23     CNY      60.97
HENGYANG BAISHAZHOU DE      6.87      08/22/21     CNY      20.05
HENGYANG BAISHAZHOU DE      6.87      08/22/21     CNY      24.50
HENGYANG COMMUNICATION      4.28      01/21/23     CNY      39.72
HENGYANG COMMUNICATION      4.28      01/21/23     CNY      40.00
HESHAN PUBLIC ASSET MA      4.08      09/28/23     CNY      58.85
HESHAN PUBLIC ASSET MA      4.08      09/28/23     CNY      59.44
HESHAN PUBLIC ASSET MA      5.08      12/07/23     CNY      60.19
HESHAN PUBLIC ASSET MA      5.08      12/07/23     CNY      60.24
HETIAN YUXIN STATE-OWN      4.65      03/28/23     CNY      39.12
HETIAN YUXIN STATE-OWN      4.65      03/28/23     CNY      39.55
HEYUAN CITY RUNYE INVE      6.20      12/03/21     CNY      20.20
HEYUAN CITY RUNYE INVE      6.20      12/03/21     CNY      25.88
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      61.97
HUACHEN ENERGY CO LTD       6.63      05/18/20     USD      43.82
HUAIAN CITY HUAIAN DIS      4.63      05/03/23     CNY      40.00
HUAIAN CITY HUAIAN DIS      4.63      05/03/23     CNY      40.53
HUAIAN CITY URBAN ASSE      5.70      04/23/22     CNY      20.40
HUAIAN CITY URBAN ASSE      5.70      04/23/22     CNY      21.54
HUAIAN CITY XUYI URBAN      5.10      04/15/23     CNY      39.95
HUAIAN CITY XUYI URBAN      5.10      04/15/23     CNY      40.08
HUAIAN HONGRI TRANSPOR      5.09      04/20/23     CNY      38.69
HUAIAN HONGRI TRANSPOR      5.09      04/20/23     CNY      38.77
HUAIAN HONGZE DISTRICT      4.37      07/18/23     CNY      59.40
HUAIAN HONGZE DISTRICT      4.37      07/18/23     CNY      59.41
HUAI'AN NEW CITY INVES      6.95      07/28/21     CNY      20.01
HUAI'AN NEW CITY INVES      6.95      07/28/21     CNY      27.50
HUAIHUA CITY CONSTRUCT      4.18      08/31/23     CNY      57.32
HUAIHUA CITY CONSTRUCT      4.18      08/31/23     CNY      57.67
HUAIHUA ECONOMIC DEVEL      6.80      03/26/22     CNY      20.00
HUAIHUA ECONOMIC DEVEL      6.80      03/26/22     CNY      20.18
HUAIHUA TRANSPORTATION      4.96      04/12/23     CNY      38.87
HUAIHUA TRANSPORTATION      4.96      04/12/23     CNY      39.81
HUANGGANG CITY CONSTRU      4.08      01/18/23     CNY      40.17
HUANGGANG CITY CONSTRU      4.08      01/18/23     CNY      40.20
HUANGSHAN CHENGTOU GRO      5.95      05/06/22     CNY      20.33
HUANGSHAN CHENGTOU GRO      5.95      05/06/22     CNY      20.65
HUANGSHI CIHU HIGH-TEC      4.97      06/08/23     CNY      39.92
HUANGSHI CIHU HIGH-TEC      4.97      06/08/23     CNY      40.10
HUANGSHI CIHU HIGH-TEC      4.50      06/08/23     CNY      40.22
HUANGSHI CIHU HIGH-TEC      4.50      06/08/23     CNY      43.00
HUANGSHI URBAN CONSTRU      5.99      04/29/22     CNY      20.00
HUANGSHI URBAN CONSTRU      5.99      04/29/22     CNY      20.42
HUANGSHI ZHONGBANG CIT      5.95      06/02/24     CNY      61.96
HUANGSHI ZHONGBANG CIT      5.95      06/02/24     CNY      63.00
HUBEI PROVINCE CHANGJI      6.15      04/03/22     CNY      20.32
HUBEI PROVINCE CHANGJI      6.15      04/03/22     CNY      22.40
HUBEI SONGZI JINSONG I      6.60      06/21/24     CNY      60.84
HUBEI SONGZI JINSONG I      6.60      06/21/24     CNY      61.56
HULUDAO INVESTMENT GRO      7.50      10/18/23     CNY      45.78
HULUNBEIER INVESTMENT       6.31      04/30/22     CNY      19.50
HULUNBEIER INVESTMENT       6.31      04/30/22     CNY      19.60
HUNAN CHUZHISHENG HOLD      5.60      12/18/22     CNY      39.74
HUNAN CHUZHISHENG HOLD      5.60      12/18/22     CNY      40.55
HUNAN JINYANG INVESTME      5.70      11/27/21     CNY      18.60
HUNAN JINYANG INVESTME      5.70      11/27/21     CNY      20.16
HUNAN JINYANG INVESTME      4.37      01/19/23     CNY      39.67
HUNAN JINYANG INVESTME      4.37      01/19/23     CNY      39.71
HUNAN JINYANG INVESTME      4.39      04/06/23     CNY      39.85
HUNAN JINYANG INVESTME      4.39      04/06/23     CNY      40.05
HUNAN JINYANG NEW CITY      4.43      10/23/22     CNY      40.12
HUNAN LINGANG DEVELOPM      3.94      10/26/23     CNY      58.35
HUNAN LINGANG DEVELOPM      4.24      07/21/23     CNY      58.60
HUNAN LINGANG DEVELOPM      4.24      07/21/23     CNY      58.88
HUNAN LINGANG DEVELOPM      3.94      10/26/23     CNY      59.04
HUNAN LOUDI ECONOMIC &      6.36      03/13/22     CNY      19.53
HUNAN LOUDI ECONOMIC &      6.36      03/13/22     CNY      27.00
HUNAN LOUDI ECONOMIC &      4.89      03/30/23     CNY      37.72
HUNAN LOUDI ECONOMIC &      4.89      03/30/23     CNY      38.07
HUNAN PROVINCIAL RAILW      6.09      04/30/25     CNY      60.00
HUNAN PROVINCIAL RAILW      6.09      04/30/25     CNY      61.76
HUNAN SENTE INDUSTRIAL      6.90      11/28/24     CNY      40.00
HUNAN SHAODONG ECO-IND      6.58      12/13/23     CNY      61.01
HUNAN SHAODONG ECO-IND      6.58      12/13/23     CNY      61.34
HUNAN TIER GROUP CO LT      4.20      03/17/23     CNY      38.49
HUNAN TIER GROUP CO LT      4.20      03/17/23     CNY      39.30
HUNAN YOUZHOU INVESTME      4.80      07/07/23     CNY      39.76
HUNAN YOUZHOU INVESTME      4.80      07/07/23     CNY      39.77
HUZHOU URBAN CONSTRUCT      6.48      08/28/21     CNY      20.11
HUZHOU URBAN CONSTRUCT      6.48      08/28/21     CNY      22.38
INNER MONGOLIA JINLONG      7.30      11/19/22     CNY      39.50
INNER MONGOLIA JINLONG      7.30      11/19/22     CNY      40.44
INNER MONGOLIA KE'ERQI      6.50      03/11/22     CNY      19.40
INNER MONGOLIA KE'ERQI      6.50      03/11/22     CNY      20.00
INNER MONGOLIA KE'ERQI      6.45      04/30/22     CNY      20.00
INNER MONGOLIA KE'ERQI      6.45      04/30/22     CNY      20.00
INNER MONGOLIA SHENGXI      8.18      08/21/21     CNY      20.06
INNER MONGOLIA SHENGXI      8.18      08/21/21     CNY      24.00
INNER MONGOLIA ZHUNGEE      6.54      12/31/21     CNY      20.30
INNER MONGOLIA ZHUNGEE      6.54      12/31/21     CNY      22.10
JIAHE ZHUDU DEVELOPMEN      6.50      05/25/24     CNY      61.41
JIAHE ZHUDU DEVELOPMEN      6.50      05/25/24     CNY      61.42
JIAN CITY JINGANGSHAN       4.87      01/27/23     CNY      39.30
JIAN CITY JINGANGSHAN       4.87      01/27/23     CNY      39.84
JIANAN INVESTMENT HOLD      4.30      03/08/23     CNY      39.89
JIANAN INVESTMENT HOLD      4.30      03/08/23     CNY      40.34
JIANAN INVESTMENT HOLD      3.50      09/05/23     CNY      59.40
JIANAN INVESTMENT HOLD      3.85      09/05/23     CNY      59.53
JIANAN INVESTMENT HOLD      3.50      09/05/23     CNY      59.85
JIANAN INVESTMENT HOLD      3.85      09/05/23     CNY      60.07
JIANGMEN NEW HI-TECH I      6.03      04/22/22     CNY      20.35
JIANGMEN NEW HI-TECH I      6.03      04/22/22     CNY      20.41
JIANGSU BEIGU INDUSTRI      5.80      06/20/23     CNY      40.22
JIANGSU BEIGU INDUSTRI      5.80      06/20/23     CNY      40.36
JIANGSU DAHANG LINGANG      5.18      09/22/23     CNY      59.45
JIANGSU DAHANG LINGANG      5.18      09/22/23     CNY      59.58
JIANGSU GAOCHUN ECONOM      3.67      09/23/23     CNY      59.39
JIANGSU GAOCHUN ECONOM      3.92      11/23/23     CNY      59.40
JIANGSU GAOCHUN ECONOM      3.67      09/23/23     CNY      59.42
JIANGSU GAOCHUN ECONOM      3.92      11/23/23     CNY      59.77
JIANGSU GAOCHUN ECONOM      5.66      06/26/24     CNY      60.93
JIANGSU GAOCHUN ECONOM      5.66      06/26/24     CNY      61.18
JIANGSU HAIRUN CITY DE      6.22      04/03/22     CNY      20.32
JIANGSU HAIRUN CITY DE      6.22      04/03/22     CNY      22.20
JIANGSU HAIZHOU DEVELO      4.67      06/06/23     CNY      40.13
JIANGSU HAIZHOU DEVELO      4.67      06/06/23     CNY      40.29
JIANGSU HANRUI INVESTM      4.63      04/15/23     CNY      39.95
JIANGSU HANRUI INVESTM      4.63      04/15/23     CNY      40.51
JIANGSU HANRUI INVESTM      5.00      08/31/23     CNY      58.06
JIANGSU HANRUI INVESTM      5.00      08/31/23     CNY      58.17
JIANGSU JINTAN GUOFA I      4.60      08/22/23     CNY      59.38
JIANGSU JINTAN GUOFA I      4.60      08/22/23     CNY      59.51
JIANGSU RUNCHENG ASSET      5.65      04/19/24     CNY      60.67
JIANGSU RUNCHENG ASSET      5.65      04/19/24     CNY      62.65
JIANGSU RUNQI WANGUO I      4.14      10/21/21     CNY      29.74
JIANGSU RUNQI WANGUO I      4.14      10/21/21     CNY      29.97
JIANGSU WUZHONG ECONOM      5.49      11/19/21     CNY      20.18
JIANGSU WUZHONG ECONOM      5.49      11/19/21     CNY      20.32
JIANGSU XISHAN ECONOMI      5.78      07/20/22     CNY      40.34
JIANGSU XISHAN ECONOMI      5.78      07/20/22     CNY      40.50
JIANGSU YANGKOU PORT C      6.23      04/10/22     CNY      20.17
JIANGSU YANGKOU PORT C      6.23      04/10/22     CNY      27.50
JIANGSU YINGZHOU DEVEL      4.33      09/21/23     CNY      58.33
JIANGSU YINGZHOU DEVEL      4.33      09/21/23     CNY      59.04
JIANGSU ZHANGJIAGANG E      3.95      03/22/23     CNY      40.00
JIANGSU ZHANGJIAGANG E      3.95      03/22/23     CNY      40.26
JIANGSU ZHONGAN CONSTR      5.65      03/24/24     CNY      61.85
JIANGSU ZHONGAN CONSTR      5.65      03/24/24     CNY      62.40
JIANGSU ZHUFU INDUSTRI      4.47      07/20/23     CNY      58.40
JIANGSU ZHUFU INDUSTRI      4.47      07/20/23     CNY      58.91
JIANGXI HEJI INVESTMEN      5.09      12/17/22     CNY      39.66
JIANGXI HEJI INVESTMEN      5.09      12/17/22     CNY      40.00
JIANGXI HUIHENG PROPER      4.43      08/30/21     CNY      29.80
JIANGXI HUIHENG PROPER      4.43      08/30/21     CNY      40.02
JIANGXI LONGHU MOUNTAI      4.35      03/16/23     CNY      39.59
JIANGXI LONGHU MOUNTAI      4.35      03/16/23     CNY      39.68
JIANGXI PINGXIANG CHAN      6.00      08/11/24     CNY      60.00
JIANGYOU HONGFEI INVES      6.55      09/02/22     CNY      39.92
JIANGYOU HONGFEI INVES      6.55      09/02/22     CNY      40.31
JIANHU COUNTY DEVELOPM      7.29      09/25/21     CNY      20.06
JIANHU COUNTY DEVELOPM      7.29      09/25/21     CNY      22.75
JIANHU URBAN CONSTRUCT      6.30      06/01/22     CNY      19.92
JIANHU URBAN CONSTRUCT      6.30      06/01/22     CNY      22.86
JIANHU URBAN CONSTRUCT      3.28      10/13/21     CNY      39.94
JIANHU URBAN CONSTRUCT      3.28      10/13/21     CNY      41.00
JIANLI FENGYUAN CITY I      6.78      04/28/24     CNY      61.66
JIANLI FENGYUAN CITY I      6.78      04/28/24     CNY      61.67
JIANYANG DEVELOPMENT H      3.93      11/10/23     CNY      57.96
JIANYANG DEVELOPMENT H      3.93      11/10/23     CNY      58.85
JIANYANG MODERN INDUST      6.00      04/24/24     CNY      60.03
JIANYANG MODERN INDUST      6.00      04/24/24     CNY      60.03
JIAXING XIANGJIADANG D      3.87      09/21/23     CNY      58.96
JIAXING XIANGJIADANG D      4.13      07/20/23     CNY      59.46
JIAXING XIANGJIADANG D      3.87      09/21/23     CNY      59.48
JIAXING XIANGJIADANG D      4.13      07/20/23     CNY      60.31
JIAYU COUNTY URBAN TOW      5.70      01/19/23     CNY      39.96
JIAYU COUNTY URBAN TOW      5.70      01/19/23     CNY      40.16
JIAYU COUNTY URBAN TOW      5.70      03/23/24     CNY      60.45
JIAYU COUNTY URBAN TOW      5.70      03/23/24     CNY      60.45
JIAYU COUNTY URBAN TOW      6.50      01/19/24     CNY      60.98
JIAYU COUNTY URBAN TOW      6.50      01/19/24     CNY      61.08
JIAYUGUAN CITY INFRAST      7.83      09/23/21     CNY      20.00
JIAYUGUAN CITY INFRAST      7.83      09/23/21     CNY      20.03
JIEYANG CITY INVESTMEN      6.55      08/27/21     CNY      20.12
JIEYANG CITY INVESTMEN      6.55      08/27/21     CNY      20.17
JILIN CITY CONSTRUCTIO      3.80      01/27/23     CNY      37.00
JILIN CITY CONSTRUCTIO      3.80      01/27/23     CNY      39.57
JILIN ECONOMIC AND TEC      6.20      04/29/23     CNY      40.11
JILIN ECONOMIC AND TEC      6.20      04/29/23     CNY      40.23
JINAN CITY LICHENG DIS      5.00      06/23/22     CNY      19.96
JINAN CITY LICHENG DIS      5.00      06/23/22     CNY      20.29
JINCHANG CONSTRUCTION       6.79      12/21/22     CNY      20.00
JINCHANG CONSTRUCTION       6.79      12/21/22     CNY      40.49
JINCHENG STATE-OWNED C      4.99      11/11/21     CNY      20.06
JINCHENG STATE-OWNED C      4.99      11/11/21     CNY      20.10
JINGDEZHEN CERAMIC CUL      5.38      11/27/22     CNY      40.00
JINGDEZHEN CERAMIC CUL      5.38      11/27/22     CNY      40.27
JINGJIANG CITY INVESTM      4.55      03/30/23     CNY      39.50
JINGJIANG CITY INVESTM      4.55      03/30/23     CNY      39.80
JINGJIANG HARBOUR GROU      7.30      08/05/21     CNY      20.02
JINGJIANG HARBOUR GROU      7.30      08/05/21     CNY      20.16
JINGMEN CITY CONSTRUCT      6.85      07/09/22     CNY      15.00
JINGMEN CITY CONSTRUCT      6.85      07/09/22     CNY      15.39
JINGMEN HIGH-TECH DEVE      5.48      08/11/22     CNY      39.80
JINGMEN HIGH-TECH DEVE      5.48      08/11/22     CNY      40.21
JINGMEN HIGH-TECH DEVE      4.15      07/28/23     CNY      59.37
JINGMEN HIGH-TECH DEVE      4.15      07/28/23     CNY      59.56
JINGSHAN JINGCHENG INV      4.38      08/29/23     CNY      59.02
JINGSHAN JINGCHENG INV      4.38      08/29/23     CNY      60.17
JINGZHOU URBAN CONSTRU      3.97      03/10/23     CNY      39.60
JINGZHOU URBAN CONSTRU      3.97      03/10/23     CNY      39.94
JINHU COUNTY STATE-OWN      7.75      08/25/21     CNY      20.09
JINHU COUNTY STATE-OWN      7.75      08/25/21     CNY      21.33
JINHU COUNTY STATE-OWN      4.00      07/26/22     CNY      49.73
JINHU COUNTY STATE-OWN      4.00      07/26/22     CNY      49.95
JINING CITY SHIZHONG D      6.39      01/29/22     CNY      19.98
JINING CITY SHIZHONG D      6.39      01/29/22     CNY      24.44
JINING CITY SHIZHONG D      3.52      09/14/23     CNY      59.61
JINING HIGH TECH URBAN      6.09      04/30/22     CNY      20.30
JINING HIGH TECH URBAN      6.09      04/30/22     CNY      21.50
JINING HIGH TECH URBAN      5.88      04/25/23     CNY      71.59
JINSHA COUNTY CONSTRUC      6.01      09/05/23     CNY      60.18
JINSHA COUNTY CONSTRUC      6.01      09/05/23     CNY      60.19
JINTANG MODERN AGRICUL      5.49      07/14/23     CNY      59.91
JINTANG MODERN AGRICUL      5.49      07/14/23     CNY      60.01
JINZHAI URBAN DEVELOPM      5.90      04/25/23     CNY      40.89
JINZHAI URBAN DEVELOPM      5.90      04/25/23     CNY      40.90
JINZHOU CITY INVESTMEN      6.44      08/18/21     CNY      20.05
JINZHOU CITY INVESTMEN      6.44      08/18/21     CNY      24.91
JISHOU HUATAI STATE OW      7.18      02/09/22     CNY      19.98
JISHOU HUATAI STATE OW      7.18      02/09/22     CNY      22.82
JISHOU HUATAI STATE OW      6.50      06/21/24     CNY      62.50
JISHOU HUATAI STATE OW      6.50      06/21/24     CNY      62.53
JIUJIANG CITY CONSTRUC      5.50      05/22/22     CNY      19.55
JIUJIANG CITY CONSTRUC      5.50      05/22/22     CNY      20.25
JIUJIANG LAND INVESTME      6.20      03/23/22     CNY      20.36
JIUJIANG LAND INVESTME      6.20      03/23/22     CNY      20.40
JIUJIANG LIANXI DISTRI      4.58      03/30/23     CNY      39.66
JIUJIANG LIANXI DISTRI      4.58      03/30/23     CNY      39.90
JIXI STATE OWN ASSET M      6.87      01/19/22     CNY      19.91
JIXI STATE OWN ASSET M      6.87      01/19/22     CNY      20.85
KAIFENG URBAN OPERATIO      6.35      03/23/22     CNY      20.13
KAIFENG URBAN OPERATIO      6.35      03/23/22     CNY      20.13
KAIFU CITY DEVELOPMENT      4.20      01/21/23     CNY      39.85
KAIFU CITY DEVELOPMENT      4.20      01/21/23     CNY      40.14
KAIFU CITY DEVELOPMENT      3.73      08/22/23     CNY      59.48
KAIFU CITY DEVELOPMENT      3.73      08/22/23     CNY      59.77
KAILI GUIZHOU TOWN CON      5.29      12/17/22     CNY      38.99
KAILI GUIZHOU TOWN CON      5.29      12/17/22     CNY      40.00
KAILI GUIZHOU TOWN CON      4.20      10/13/23     CNY      56.00
KAILI GUIZHOU TOWN CON      4.20      10/13/23     CNY      57.21
KANGMEI PHARMACEUTICAL      6.28      03/20/21     CNY      20.50
KANGMEI PHARMACEUTICAL      6.10      03/28/21     CNY      20.50
KANGMEI PHARMACEUTICAL      5.50      04/20/21     CNY      20.50
KANGMEI PHARMACEUTICAL      7.00      06/21/21     CNY      20.50
KANGMEI PHARMACEUTICAL      6.80      06/28/21     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      6.33      01/27/22     CNY      36.69
KASHI URBAN CONSTRUCTI      5.80      07/20/22     CNY      40.00
KASHI URBAN CONSTRUCTI      5.80      07/20/22     CNY      40.28
KUNMING DONGJUN REAL E      4.50      11/02/21     CNY      24.85
LANZHOU STATE OWNED AS      6.32      09/10/21     CNY      14.90
LANZHOU STATE OWNED AS      6.32      09/10/21     CNY      19.97
LAOHEKOU CITY CONSTRUC      6.75      08/12/22     CNY      40.24
LAOHEKOU CITY CONSTRUC      6.75      08/12/22     CNY      40.30
LEIYANG CITY AND RURAL      7.80      04/10/22     CNY      20.49
LEIYANG CITY AND RURAL      7.80      04/10/22     CNY      20.50
LEPING STATE-OWNED ASS      3.70      10/20/23     CNY      59.19
LEPING STATE-OWNED ASS      3.70      10/20/23     CNY      59.31
LEQING CITY STATE OWNE      5.99      10/20/21     CNY      20.16
LEQING CITY STATE OWNE      5.99      10/20/21     CNY      20.85
LESHAN STATE-OWNED ASS      5.68      10/22/21     CNY      20.00
LESHAN STATE-OWNED ASS      5.68      10/22/21     CNY      20.15
LIANYUNGANG TRANSPORT       5.47      11/17/21     CNY      20.16
LIANYUNGANG TRANSPORT       5.47      11/17/21     CNY      25.00
LIAOCHENG ANTAI URBAN       5.16      04/11/23     CNY      39.39
LIAOCHENG ANTAI URBAN       4.58      04/11/23     CNY      39.60
LIAOCHENG ANTAI URBAN       5.16      04/11/23     CNY      39.85
LIAOCHENG ANTAI URBAN       4.58      04/11/23     CNY      39.94
LIAOCHENG XINGYE HOLDI      5.20      04/13/23     CNY      39.20
LIAOCHENG XINGYE HOLDI      5.20      04/13/23     CNY      39.95
LIAONING GUANLONG CONS      4.70      11/10/23     CNY      57.91
LIAONING GUANLONG CONS      4.70      11/10/23     CNY      59.45
LIAONING YAODU DEVELOP      6.50      04/29/23     CNY      40.66
LILING HIGH-TECH INDUS      4.93      01/19/23     CNY      39.78
LILING HIGH-TECH INDUS      4.93      01/19/23     CNY      39.81
LINFEN YAODU DISTRICT       7.19      03/13/22     CNY      20.22
LINYI CITY DEVELOPMENT      3.85      11/22/23     CNY      58.95
LINYI CITY DEVELOPMENT      3.85      11/22/23     CNY      60.10
LISHUI CITY CULTURAL T      5.67      08/13/22     CNY      40.35
LISHUI CITY CULTURAL T      5.67      08/13/22     CNY      40.85
LIUPANSHUI CITY TRAFFI      5.98      05/02/24     CNY      58.50
LIUPANSHUI CITY TRAFFI      5.98      05/02/24     CNY      60.82
LIUPANSHUI DEVELOPMENT      3.74      01/20/23     CNY      39.70
LIUPANSHUI DEVELOPMENT      3.74      01/20/23     CNY      39.87
LIUPANSHUI MINSHENG IN      5.08      01/29/23     CNY      37.98
LIUPANSHUI MINSHENG IN      5.08      01/29/23     CNY      39.88
LIUYANG MODERN MANUFAC      4.72      01/19/23     CNY      39.74
LIUYANG MODERN MANUFAC      4.72      01/19/23     CNY      39.77
LIUYANG MODERN MANUFAC      5.75      05/02/24     CNY      61.02
LIUYANG MODERN MANUFAC      5.75      05/02/24     CNY      61.64
LIUYANG URBAN CONSTRUC      6.98      08/22/21     CNY      20.10
LIUYANG URBAN CONSTRUC      6.98      08/22/21     CNY      20.25
LIUYANG URBAN CONSTRUC      4.45      05/24/23     CNY      39.79
LIUYANG URBAN CONSTRUC      4.45      05/24/23     CNY      40.49
LIUZHOU CITY INVESTMEN      7.18      12/31/22     CNY      29.00
LIUZHOU CITY INVESTMEN      7.18      12/31/22     CNY      30.00
LIUZHOU DONGTONG INVES      4.45      07/22/23     CNY      57.85
LIUZHOU DONGTONG INVES      4.45      07/22/23     CNY      57.95
LIUZHOU INVESTMENT HOL      4.28      03/08/23     CNY      38.81
LIUZHOU INVESTMENT HOL      4.28      03/08/23     CNY      39.89
LIUZHOU LONGJIAN INVES      8.28      04/30/24     CNY      44.00
LIUZHOU LONGJIAN INVES      8.28      04/30/24     CNY      46.26
LIYANG KUNLUN URBAN CO      5.90      10/24/21     CNY      18.00
LIYANG KUNLUN URBAN CO      5.90      10/24/21     CNY      20.10
LONGHAI STATE-OWNED AS      6.58      08/15/21     CNY      20.02
LONGYAN RAILWAY CONSTR      4.98      04/13/23     CNY      39.81
LONGYAN RAILWAY CONSTR      4.98      04/13/23     CNY      40.23
LOUDI TIDU INVESTMENT       7.18      08/27/21     CNY      20.00
LOUDI TIDU INVESTMENT       7.18      08/27/21     CNY      20.05
LOUDI TIDU INVESTMENT       4.83      01/20/23     CNY      39.66
LOUDI TIDU INVESTMENT       4.83      01/20/23     CNY      39.79
LOUDI WANBAO NEW DISTR      5.13      02/01/23     CNY      39.26
LOUDI WANBAO NEW DISTR      5.13      02/01/23     CNY      39.98
LOUDI WANBAO NEW DISTR      4.42      08/01/23     CNY      58.43
LOUDI WANBAO NEW DISTR      4.42      08/01/23     CNY      59.40
LUJIANG CITY CONSTRUCT      6.70      04/16/22     CNY      20.00
LUJIANG CITY CONSTRUCT      6.70      04/16/22     CNY      20.49
LUOYANG CITY COUNTRY C      4.28      04/26/23     CNY      39.78
LUOYANG CITY DEVELOPME      4.47      12/02/22     CNY      40.00
LUOYANG CITY DEVELOPME      4.47      12/02/22     CNY      40.27
LUZHOU FUYANG INVESTME      5.00      08/11/23     CNY      59.86
LUZHOU FUYANG INVESTME      5.00      08/11/23     CNY      59.87
LUZHOU XINGLU INVESTME      6.41      04/23/25     CNY      60.00
LUZHOU XINGLU INVESTME      6.41      04/23/25     CNY      63.40
LUZHOU XINGYANG INVEST      4.87      01/28/23     CNY      39.50
LUZHOU XINGYANG INVEST      4.87      01/28/23     CNY      39.64
MA'ANSHAN CIHU HIGH TE      6.85      09/09/21     CNY      20.07
MA'ANSHAN CIHU HIGH TE      6.85      09/09/21     CNY      23.00
MA'ANSHAN CIHU HIGH TE      3.90      11/28/23     CNY      59.08
MA'ANSHAN CIHU HIGH TE      3.90      11/28/23     CNY      60.40
MAANSHAN ECONOMIC TECH      6.49      03/06/22     CNY      20.22
MAANSHAN ECONOMIC TECH      6.49      03/06/22     CNY      24.99
MAANSHAN HUASHAN DISTR      6.07      04/20/22     CNY      20.12
MAANSHAN HUASHAN DISTR      6.07      04/20/22     CNY      20.45
MAANSHAN NINGBO INVEST      7.50      04/18/26     CNY      40.00
MAANSHAN SOUTHERN INDU      4.53      07/25/23     CNY      58.85
MAANSHAN SOUTHERN INDU      4.43      09/02/23     CNY      59.17
MAANSHAN SOUTHERN INDU      4.43      09/02/23     CNY      59.38
MAANSHAN SOUTHERN INDU      4.53      07/25/23     CNY      59.96
MEISHAN CITY DONGPO DE      5.90      06/30/23     CNY      38.69
MEISHAN CITY DONGPO DE      5.90      06/30/23     CNY      38.95
MEISHAN HONGDA CONSTRU      4.18      03/28/23     CNY      39.28
MEISHAN HONGDA CONSTRU      4.18      03/28/23     CNY      39.52
MEIZHOU CITY XIN JIN Y      6.02      04/22/22     CNY      20.33
MEIZHOU CITY XIN JIN Y      6.02      04/22/22     CNY      25.32
MEIZHOU MEI COUNTY DIS      5.00      12/30/22     CNY      39.78
MEIZHOU MEI COUNTY DIS      5.00      12/30/22     CNY      40.00
MUDANJIANG AREA URBAN       6.48      06/30/22     CNY      20.18
MUDANJIANG AREA URBAN       6.48      06/30/22     CNY      25.00
MUNICIPALITY OF SHENZH      3.00      03/29/22     CNY      20.00
MUNICIPALITY OF SHENZH      3.00      03/29/22     CNY      20.00
MUNICIPALITY OF SHENZH      3.37      03/29/26     CNY      69.66
MUNICIPALITY OF SHENZH      3.37      03/29/26     CNY      69.66
MUNICIPALITY OF SHENZH      3.37      03/29/26     CNY      70.20
MUNICIPALITY OF SHENZH      3.37      03/29/26     CNY      75.00
MUNICIPALITY OF SHENZH      3.37      03/29/26     CNY      75.00
NANCHANG ECONOMY TECHN      3.83      09/22/23     CNY      59.49
NANCHANG ECONOMY TECHN      3.83      09/22/23     CNY      60.23
NANCHONG AIRPORT INVES      6.80      01/26/22     CNY      19.58
NANCHONG AIRPORT INVES      6.80      01/26/22     CNY      20.15
NANCHONG JIALING DEVEL      7.80      12/12/24     CNY      75.00
NANJING BAIXIA STATE-O      3.98      03/29/23     CNY      40.18
NANJING BAIXIA STATE-O      3.98      03/29/23     CNY      40.35
NANJING HEXI NEW TOWN       3.20      07/22/21     CNY      40.02
NANJING JIANGNING ECON      7.94      04/14/24     CNY      48.20
NANJING JIANGNING URBA      3.48      11/11/23     CNY      59.40
NANJING JIANGNING URBA      3.48      11/11/23     CNY      59.67
NANJING JIANYE SCIENCE      4.37      06/24/23     CNY      40.25
NANJING JIANYE SCIENCE      4.37      06/24/23     CNY      40.38
NANJING LISHUI ECONOMI      6.27      09/22/21     CNY      20.04
NANJING LISHUI ECONOMI      6.27      09/22/21     CNY      21.29
NANJING LISHUI ECONOMI      3.41      11/09/23     CNY      59.52
NANJING LISHUI URBAN C      4.97      04/28/23     CNY      39.88
NANJING LISHUI URBAN C      4.97      04/28/23     CNY      39.88
NANJING METRO GROUP CO      3.29      08/29/23     CNY      59.98
NANJING QIXIA STATE-OW      4.10      06/24/23     CNY      39.71
NANJING QIXIA STATE-OW      4.10      06/24/23     CNY      40.41
NANJING STATE OWNED AS      5.60      03/06/23     CNY      30.48
NANNING HI-TECH INDUST      4.28      03/25/23     CNY      35.20
NANNING HI-TECH INDUST      4.28      03/25/23     CNY      39.89
NANNING HI-TECH INDUST      3.82      10/20/23     CNY      58.86
NANNING HI-TECH INDUST      3.82      10/20/23     CNY      59.08
NANPING CITY WUYI NEW       4.96      09/28/22     CNY      40.20
NANPING CITY WUYI NEW       4.96      09/28/22     CNY      40.30
NANTONG CHONGCHUAN URB      5.70      07/21/22     CNY      70.00
NANTONG CHONGCHUAN URB      5.70      07/21/22     CNY      70.84
NANTONG CITY TONGZHOU       3.75      07/07/23     CNY      39.86
NANTONG CITY TONGZHOU       3.75      07/07/23     CNY      40.00
NANTONG CITY TONGZHOU       4.88      04/10/24     CNY      60.90
NANTONG CITY XINGCHUAN      3.80      09/06/21     CNY      40.03
NANTONG CITY XINGCHUAN      3.80      09/06/21     CNY      40.04
NANTONG HIGH TECHNOLOG      5.00      10/19/22     CNY      40.19
NANTONG HIGH TECHNOLOG      5.00      10/19/22     CNY      41.52
NANTONG SUTONG SCIENCE      6.20      03/18/22     CNY      20.00
NANTONG SUTONG SCIENCE      6.20      03/18/22     CNY      20.36
NANYANG HIGH-TECH DIST      6.45      04/29/23     CNY      39.72
NANYANG HIGH-TECH DIST      6.45      04/29/23     CNY      40.64
NANZHANG COUNTY CONSTR      6.00      01/20/24     CNY      60.70
NANZHANG COUNTY CONSTR      6.00      01/20/24     CNY      61.05
NEIJIANG CITY XINGYUAN      4.28      08/16/23     CNY      59.08
NEIJIANG CITY XINGYUAN      4.28      08/16/23     CNY      59.26
NEIJIANG STATE-OWNED A      6.20      04/12/23     CNY      39.52
NEIJIANG STATE-OWNED A      6.20      04/12/23     CNY      40.39
NEIJINAG CONSTRUCTION       5.03      12/25/22     CNY      36.36
NEIJINAG CONSTRUCTION       5.03      12/25/22     CNY      39.20
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 IN      5.85      12/04/21     CNY      20.11
NINGBO CITY ZHENHAI IN      5.85      12/04/21     CNY      20.16
NINGBO FENGHUA INVESTM      4.58      03/28/22     CNY      50.12
NINGBO FENGHUA INVESTM      4.58      03/28/22     CNY      50.39
NINGBO MEISHAN ISLAND       6.27      03/23/22     CNY      20.21
NINGBO MEISHAN ISLAND       6.27      03/23/22     CNY      28.29
NINGXIA SHENG YAN INDU      7.50      09/27/23     CNY      42.45
NINGXIANG CITY CONSTRU      6.70      01/20/22     CNY      20.20
NINGXIANG CITY CONSTRU      6.70      01/20/22     CNY      20.20
NINGXIANG CITY CONSTRU      6.00      06/02/26     CNY      71.92
NINGXIANG CITY CONSTRU      6.00      06/02/26     CNY      72.67
NINGXIANG ECONOMIC TEC      3.87      01/27/23     CNY      39.92
NINGXIANG ECONOMIC TEC      3.87      01/27/23     CNY      40.00
NINGXIANG STATE-OWNED       4.89      06/03/23     CNY      39.71
NINGXIANG STATE-OWNED       4.89      06/03/23     CNY      39.78
NINGXIANG STATE-OWNED       3.88      11/02/23     CNY      59.07
NINGXIANG STATE-OWNED       3.88      11/02/23     CNY      59.13
ONE BELT ONE ROAD JIAN      4.70      07/15/23     CNY      60.42
ONE BELT ONE ROAD JIAN      4.70      07/15/23     CNY      60.43
PANJIN WATER GROUP CO       5.18      10/28/23     CNY      55.46
PANJIN WATER GROUP CO       5.18      10/28/23     CNY      59.94
PANSHAN COUNTY STATE-O      7.48      01/21/22     CNY      20.20
PANSHAN COUNTY STATE-O      7.48      01/21/22     CNY      20.21
PANZHIHUA STATE OWNED       8.18      03/13/22     CNY      20.40
PANZHIHUA STATE OWNED       8.18      03/13/22     CNY      20.45
PEIXIAN CITY INVESTMEN      5.20      11/10/22     CNY      40.00
PEIXIAN CITY INVESTMEN      5.20      11/10/22     CNY      40.13
PEKING UNIVERSITY FOUN      6.20      05/31/20     CNY      11.00
PEKING UNIVERSITY FOUN      6.15      07/23/20     CNY      11.00
PEKING UNIVERSITY FOUN      6.30      09/12/20     CNY      11.00
PEKING UNIVERSITY FOUN      4.80      07/26/21     CNY      11.00
PEKING UNIVERSITY FOUN      6.10      08/22/21     CNY      11.00
PEKING UNIVERSITY FOUN      5.99      11/02/21     CNY      11.00
PEKING UNIVERSITY FOUN      5.80      01/28/22     CNY      11.00
PEKING UNIVERSITY FOUN      6.68      08/09/23     CNY      11.00
PEKING UNIVERSITY FOUN      6.50      11/16/23     CNY      11.00
PEKING UNIVERSITY FOUN      6.30      03/04/24     CNY      11.00
PENGZHOU STATE-PENGZHO      3.95      10/20/23     CNY      57.51
PENGZHOU STATE-PENGZHO      3.95      10/20/23     CNY      58.92
PINGHU CITY INVESTMENT      5.13      04/29/23     CNY      40.39
PINGHU CITY INVESTMENT      5.13      04/29/23     CNY      40.66
PINGJIANG COUNTY WATER      6.64      06/27/26     CNY      70.05
PINGLIANG CULTURAL & T      6.85      11/30/22     CNY      36.00
PINGLIANG CULTURAL & T      6.85      11/30/22     CNY      40.49
PINGTAN COMPREHENSIVE       3.92      01/29/23     CNY      40.60
PINGXIANG CHANGXING IN      5.26      04/11/23     CNY      39.41
PINGXIANG CHANGXING IN      5.26      04/11/23     CNY      40.28
PINGXIANG HUIFENG INVE      6.60      01/26/22     CNY      19.92
PINGXIANG HUIFENG INVE      6.60      01/26/22     CNY      20.54
PINGYANG STATE-OWNED A      4.97      01/08/23     CNY      40.00
PINGYANG STATE-OWNED A      4.97      01/08/23     CNY      40.43
PIZHOU CITY HENGRUN IN      6.46      12/05/21     CNY      20.19
PIZHOU CITY HENGRUN IN      6.46      12/05/21     CNY      22.46
PIZHOU ECONOMIC DEVELO      5.00      10/29/22     CNY      39.54
PIZHOU ECONOMIC DEVELO      5.00      10/29/22     CNY      40.00
PUTIAN HIGH TECHNOLOGY      5.90      05/03/22     CNY      25.13
PUTIAN HIGH TECHNOLOGY      5.90      05/03/22     CNY      25.16
QIANAN URBAN CONSTRUCT      7.19      08/11/21     CNY      20.00
QIANAN URBAN CONSTRUCT      7.19      08/11/21     CNY      20.04
QIANAN XINGYUAN WATER       6.25      04/22/22     CNY      20.30
QIANAN XINGYUAN WATER       6.25      04/22/22     CNY      20.40
QIANDONGNAN TRANSPORTA      5.79      12/21/22     CNY      38.28
QIANDONGNANZHOU KAIHON      5.30      09/22/26     CNY      65.69
QIANDONGNANZHOU KAIHON      5.30      09/22/26     CNY      70.56
QIANJIANG URBAN CONSTR      5.19      12/21/22     CNY      39.81
QIANJIANG URBAN CONSTR      5.19      12/21/22     CNY      40.00
QIANNAN AUTONOMOUS PRE      6.99      04/19/24     CNY      58.60
QIANNAN AUTONOMOUS PRE      6.99      04/19/24     CNY      59.30
QIANNAN AUTONOMOUS PRE      6.98      07/06/24     CNY      61.96
QIANNAN AUTONOMOUS PRE      6.98      07/06/24     CNY      61.97
QIANNANZHOU INVESTMENT      6.43      03/09/22     CNY      18.89
QIANNANZHOU INVESTMENT      6.43      03/09/22     CNY      19.02
QIANNANZHOU INVESTMENT      6.77      07/28/24     CNY      69.79
QIANXINAN AUTONOMOUS R      5.90      06/22/23     CNY      39.47
QIANXINAN AUTONOMOUS R      5.90      06/22/23     CNY      40.25
QICHUN COUNTY CONSTRUC      4.96      10/18/23     CNY      58.30
QICHUN COUNTY CONSTRUC      4.96      10/18/23     CNY      59.16
QIDONG COMMUNICATIONS       4.00      03/18/23     CNY      39.97
QIDONG COMMUNICATIONS       4.00      03/18/23     CNY      40.00
QIDONG STATE-OWNED ASS      7.30      11/20/22     CNY      30.70
QIDONG STATE-OWNED ASS      7.30      11/20/22     CNY      30.95
QIDONG STATE-OWNED ASS      4.00      03/09/23     CNY      40.24
QIDONG STATE-OWNED ASS      4.00      03/09/23     CNY      40.28
QIHE CITY OPERATION CO      5.10      03/07/23     CNY      39.82
QIHE CITY OPERATION CO      5.10      03/07/23     CNY      39.87
QINGDAO CHANGYANG INVE      3.73      09/12/23     CNY      58.89
QINGDAO CHANGYANG INVE      3.73      09/12/23     CNY      59.59
QINGDAO CONSON DEVELOP      6.40      12/12/22     CNY      30.71
QINGDAO CONSON DEVELOP      6.40      12/12/22     CNY      31.05
QINGDAO JIAOZHOU BAY D      6.33      09/18/21     CNY      20.11
QINGDAO JIAOZHOU BAY D      6.33      09/18/21     CNY      21.30
QINGDAO JIMO CITY TOUR      5.47      11/17/21     CNY      20.08
QINGDAO JIMO CITY TOUR      5.47      11/17/21     CNY      20.25
QINGDAO JIMO CITY TOUR      5.35      07/10/24     CNY      61.85
QINGDAO OCEAN INVESTME      4.36      05/12/23     CNY      40.19
QINGDAO OCEAN INVESTME      4.36      05/12/23     CNY      40.39
QINGDAO WEST COAST DEV      4.26      06/06/23     CNY      39.56
QINGDAO WEST COAST DEV      4.26      06/06/23     CNY      40.12
QINGHAI PROVINCIAL INV      7.25      02/22/20     USD      28.11
QINGHAI PROVINCIAL INV      7.88      03/22/21     USD      30.26
QINGHAI PROVINCIAL INV      6.40      07/10/21     USD      33.44
QINGHAI STATE-OWNED AS      5.40      05/21/23     CNY      50.90
QINGHAI STATE-OWNED AS      5.90      12/17/22     CNY      53.10
QINGHAI STATE-OWNED AS      6.38      08/14/28     CNY      55.00
QINGHAI STATE-OWNED AS      7.20      11/25/28     CNY      55.00
QINGHAI STATE-OWNED AS      6.70      10/10/29     CNY      55.00
QINHUANGDAO CITY DEVEL      4.69      04/14/23     CNY      39.68
QINHUANGDAO CITY DEVEL      4.69      04/14/23     CNY      40.48
QINHUANGDAO DEVELOPMEN      4.07      08/26/23     CNY      58.51
QINHUANGDAO DEVELOPMEN      4.07      08/26/23     CNY      59.16
QIONGLAI CITY CONSTRUC      6.98      03/25/22     CNY      20.22
QIONGLAI CITY CONSTRUC      6.98      03/25/22     CNY      20.80
QUANJIAO URBAN INFRAST      5.10      05/18/23     CNY      39.92
QUANJIAO URBAN INFRAST      5.10      05/18/23     CNY      39.92
QUJING CITY QILIN DIST      5.37      11/26/22     CNY      39.97
QUJING CITY QILIN DIST      5.37      11/26/22     CNY      41.95
QUJING ECO TECH DEVELO      7.48      07/21/21     CNY      19.92
QUJING ECO TECH DEVELO      7.48      07/21/21     CNY      20.01
QUJING ECO TECH DEVELO      5.75      06/01/23     CNY      39.24
QUJING ECO TECH DEVELO      5.75      06/01/23     CNY      40.19
RENHUAI CITY DEVELOPME      5.12      04/14/23     CNY      38.80
RENHUAI CITY DEVELOPME      5.12      04/14/23     CNY      38.80
RENQIU CONSTRUCTION IN      5.68      11/18/22     CNY      40.30
RENQIU CONSTRUCTION IN      5.68      11/18/22     CNY      40.82
RENSHOU DEVELOPMENT OF      6.42      12/22/22     CNY      38.00
RENSHOU DEVELOPMENT OF      6.42      12/22/22     CNY      39.76
REWARD SCIENCE AND TEC      5.53      07/05/21     CNY      29.10
REWARD SCIENCE AND TEC      6.40      03/03/22     CNY      70.00
RIGHT WAY REAL ESTATE       8.00      07/15/21     CNY      43.89
RIZHAO CITY CONSTRUCTI      3.98      12/07/22     CNY      39.93
RUCHENG COUNTY URBAN C      5.69      02/23/24     CNY      71.73
RUCHENG COUNTY URBAN C      5.69      02/23/24     CNY      71.74
RUDONG COUNTY JINXIN T      3.80      07/26/23     CNY      59.78
RUDONG COUNTY JINXIN T      4.57      07/26/23     CNY      59.81
RUDONG COUNTY JINXIN T      3.80      07/26/23     CNY      60.01
RUDONG COUNTY JINXIN T      4.57      07/26/23     CNY      60.31
RUDONG COUNTY KAITAI C      4.57      01/08/23     CNY      40.26
RUDONG NEW WORLD INVES      4.37      07/18/23     CNY      59.25
RUDONG NEW WORLD INVES      4.37      07/18/23     CNY      59.46
RUGAO COMMUNICATIONS C      3.74      03/23/23     CNY      39.82
RUGAO COMMUNICATIONS C      3.74      03/23/23     CNY      40.14
RUGAO ECONOMIC & TRADE      3.95      03/24/23     CNY      39.77
RUGAO ECONOMIC & TRADE      3.95      03/24/23     CNY      39.78
RUIAN STATE OWNED ASSE      4.56      01/27/23     CNY      39.73
RUIAN STATE OWNED ASSE      4.56      01/27/23     CNY      40.53
RUICHANG CITY INVESTME      5.50      06/17/23     CNY      39.59
RUICHANG CITY INVESTME      5.68      03/25/23     CNY      39.71
RUICHANG CITY INVESTME      5.50      06/17/23     CNY      40.18
RUICHANG CITY INVESTME      5.68      03/25/23     CNY      40.21
RUIJIN URBAN DEVELOPME      4.13      09/06/23     CNY      59.12
RUIJIN URBAN DEVELOPME      4.13      09/06/23     CNY      59.13
RUZHOU CITY XINYUAN IN      6.30      09/16/21     CNY      24.75
RUZHOU CITY XINYUAN IN      6.30      09/16/21     CNY      25.05
RUZHOU CITY XINYUAN IN      4.43      09/26/23     CNY      57.18
RUZHOU CITY XINYUAN IN      4.43      09/26/23     CNY      57.21
SANMEN COUNTY STATE-OW      6.85      10/29/21     CNY      20.00
SANMEN COUNTY STATE-OW      6.80      03/18/22     CNY      20.00
SANMEN COUNTY STATE-OW      6.85      10/29/21     CNY      20.12
SANMEN COUNTY STATE-OW      6.80      03/18/22     CNY      20.25
SANMING STATE-OWNED AS      5.10      04/17/24     CNY      61.28
SANMING TRANSPORTATION      3.68      03/29/23     CNY      40.02
SHAANXI ANKANG HIGH TE      8.78      09/17/21     CNY      20.16
SHAANXI ANKANG HIGH TE      8.78      09/17/21     CNY      27.00
SHAANXI XIXIAN NEW ARE      5.10      06/06/23     CNY      39.62
SHAANXI XIXIAN NEW ARE      5.10      06/06/23     CNY      39.62
SHAANXI XIXIAN NEW ARE      6.85      08/15/21     CNY      20.04
SHAANXI XIXIAN NEW ARE      6.85      08/15/21     CNY      20.05
SHAANXI XIXIAN NEW ARE      6.89      01/05/22     CNY      19.50
SHAANXI XIXIAN NEW ARE      6.89      01/05/22     CNY      20.18
SHAANXI XIXIAN NEW ARE      5.15      11/27/22     CNY      40.05
SHAANXI XIXIAN NEW ARE      5.15      11/27/22     CNY      41.01
SHANDONG BORUN INDUSTR      6.50      11/02/21     CNY      33.39
SHANDONG BOXING COUNTY      8.00      12/22/21     CNY      20.36
SHANDONG BOXING COUNTY      8.00      12/22/21     CNY      20.50
SHANDONG CENTURY SUNSH      8.19      07/21/21     CNY      20.01
SHANDONG CENTURY SUNSH      8.19      07/21/21     CNY      20.02
SHANDONG FUYU CHEMICAL      7.70      09/18/22     CNY      70.00
SHANDONG GAOCHUANG CON      6.05      06/18/22     CNY      20.26
SHANDONG GAOCHUANG CON      6.05      06/18/22     CNY      22.45
SHANDONG RUYI TECHNOLO      7.90      09/18/23     CNY      52.10
SHANDONG SNTON GROUP C      5.18      09/08/21     CNY       8.52
SHANDONG TENGJIAN INVE      6.00      06/08/22     CNY      20.00
SHANDONG TENGJIAN INVE      6.00      06/08/22     CNY      20.16
SHANDONG WANTONG PETRO      7.97      11/29/21     CNY       0.20
SHANGHAI MINHANG URBAN      5.63      04/20/22     CNY      20.32
SHANGHAI MINHANG URBAN      5.63      04/20/22     CNY      20.48
SHANGHAI MUNICIPAL INV      4.80      11/05/24     CNY      61.05
SHANGHAI MUNICIPAL INV      4.80      11/05/24     CNY      61.46
SHANGHAI NANHUI URBAN       6.04      08/20/21     CNY      20.07
SHANGHAI NANHUI URBAN       6.04      08/20/21     CNY      20.15
SHANGHAI URBAN CONSTRU      3.50      01/06/23     CNY      39.78
SHANGHAI URBAN CONSTRU      3.50      01/06/23     CNY      40.03
SHANGRAO CITY STATE-OW      4.65      01/29/23     CNY      40.19
SHANGRAO CITY STATE-OW      4.65      01/29/23     CNY      40.40
SHANTOU CITY CONSTRUCT      8.57      03/23/22     CNY      15.52
SHANTOU INVESTMENT HOL      7.99      03/04/24     CNY      48.04
SHANXI XIANG KUANG GRO      8.80      02/11/22     CNY      24.50
SHANXI XIANG KUANG GRO      8.80      02/11/22     CNY      40.85
SHAODONG NEW AREA DEVE      7.10      04/19/24     CNY      62.20
SHAODONG NEW AREA DEVE      7.10      04/19/24     CNY      62.21
SHAOGUAN URBAN INVESTM      3.67      10/25/24     CNY      68.34
SHAOGUAN URBAN INVESTM      3.67      10/25/24     CNY      69.17
SHAOWU URBAN CONSTRUCT      5.88      09/11/22     CNY      40.01
SHAOWU URBAN CONSTRUCT      5.88      09/11/22     CNY      43.39
SHAOXING CHENGZHONGCUN      6.09      04/27/22     CNY      20.39
SHAOXING CHENGZHONGCUN      6.09      04/27/22     CNY      20.43
SHAOXING CITY INVESTME      5.75      04/17/22     CNY      20.27
SHAOXING CITY INVESTME      5.75      04/17/22     CNY      28.00
SHAOXING CITY KEQIAO D      6.40      08/20/21     CNY      20.08
SHAOXING JINGHU NEW DI      6.13      04/30/22     CNY      20.47
SHAOXING JINGHU NEW DI      6.13      04/30/22     CNY      20.53
SHAOXING KEQIAO CITY C      3.64      09/19/23     CNY      59.93
SHAOXING KEQIAO CITY C      3.64      09/19/23     CNY      59.97
SHAOXING KEQIAO ECONOM      7.00      12/10/21     CNY      20.00
SHAOXING KEQIAO ECONOM      7.00      12/10/21     CNY      20.20
SHAOXING KEYAN CONSTRU      6.28      03/24/22     CNY      20.00
SHAOXING KEYAN CONSTRU      6.28      03/24/22     CNY      20.37
SHAOXING SHANGYU ECONO      4.76      04/11/23     CNY      39.85
SHAOXING SHANGYU ECONO      4.76      04/11/23     CNY      40.36
SHAOXING SHANGYU URBAN      6.80      08/07/21     CNY      20.04
SHAOXING SHANGYU URBAN      6.80      08/07/21     CNY      21.15
SHAOYANG BAOQING INDUS      5.78      07/04/26     CNY      70.43
SHAOYANG DULIANG INVES      5.50      04/13/23     CNY      39.43
SHAOYANG DULIANG INVES      5.50      04/13/23     CNY      40.05
SHENGZHOU INVESTMENT H      7.60      07/17/21     CNY      20.01
SHENGZHOU INVESTMENT H      7.60      07/17/21     CNY      20.59
SHENYANG DADONG STATE-      6.05      03/20/22     CNY      20.00
SHENYANG DADONG STATE-      6.05      03/20/22     CNY      20.18
SHENYANG ECONOMIC AFFO      7.17      04/29/22     CNY      20.13
SHENYANG ECONOMIC AFFO      7.17      04/29/22     CNY      20.39
SHENYANG TIEXI STATE-O      6.00      01/14/22     CNY      20.19
SHENYANG TIEXI STATE-O      6.00      01/14/22     CNY      27.50
SHENZHEN METRO GROUP C      5.40      03/25/23     CNY      30.44
SHENZHEN METRO GROUP C      6.75      01/24/24     CNY      46.68
SHIJIAZHUANG HUTUO NEW      5.28      12/24/25     CNY      55.00
SHIJIAZHUANG HUTUO NEW      5.28      12/24/25     CNY      55.70
SHIJIAZHUANG STATE-OWN      5.75      04/09/22     CNY      20.21
SHIJIAZHUANG STATE-OWN      5.75      04/09/22     CNY      27.20
SHISHI CITY CONSTRUCTI      6.10      05/04/22     CNY      20.45
SHISHOU BOYA CITY CONS      6.98      06/15/24     CNY      61.90
SHIYAN ECO DEVELOPMENT      3.98      08/05/23     CNY      59.68
SHIYAN ECO DEVELOPMENT      3.98      08/05/23     CNY      59.90
SHIYAN STATE-OWNED CAP      6.58      08/20/21     CNY      20.09
SHIYAN STATE-OWNED CAP      6.58      08/20/21     CNY      20.29
SHIYAN STATE-OWNED CAP      4.88      01/11/26     CNY      70.98
SHIYAN STATE-OWNED CAP      4.88      01/11/26     CNY      71.04
SHIYAN YUNYANG INVESTM      6.40      07/10/24     CNY      61.33
SHIZHU TUJIA HONGSHENG      7.00      11/13/24     CNY      64.00
SHUCHENG COUNTY URBAN       5.50      04/29/23     CNY      40.70
SHUCHENG COUNTY URBAN       5.50      04/29/23     CNY      40.71
SHUYANG JINGYUAN ASSET      5.49      09/11/22     CNY      39.50
SHUYANG JINGYUAN ASSET      5.49      09/11/22     CNY      40.14
SICHUAN COAL GASIFICAT      7.00      04/18/23     CNY      40.58
SICHUAN COAL INDUSTRY       7.70      01/09/18     CNY      45.00
SICHUAN LANGUANG DEVEL      7.15      03/16/23     CNY      24.00
SICHUAN LANGUANG DEVEL      7.40      09/14/21     CNY      30.45
SICHUAN LANGUANG DEVEL      7.50      07/11/21     CNY      33.40
SICHUAN LANGUANG DEVEL      7.50      07/23/22     CNY      42.00
SICHUAN LANGUANG DEVEL      6.50      07/29/21     CNY      47.50
SICHUAN LANGUANG DEVEL      7.00      09/29/22     CNY      47.50
SICHUAN LANGUANG DEVEL      7.00      10/26/22     CNY      47.50
SICHUAN LANGUANG DEVEL      7.50      11/22/22     CNY      47.50
SICHUAN LANGUANG DEVEL      7.20      03/11/23     CNY      47.50
SICHUAN LANGUANG DEVEL      7.20      05/11/23     CNY      47.50
SICHUAN LANGUANG DEVEL      7.50      08/12/21     CNY      50.00
SICHUAN LANGZHONG FAMO      5.60      04/19/23     CNY      39.54
SICHUAN LANGZHONG FAMO      5.60      04/19/23     CNY      40.16
SICHUAN LONGYANG TIANF      5.45      05/27/23     CNY      39.74
SICHUAN LONGYANG TIANF      5.45      05/27/23     CNY      39.81
SICHUAN NAXING INDUSTR      7.17      09/11/21     CNY      20.00
SICHUAN NAXING INDUSTR      7.17      09/11/21     CNY      20.05
SICHUAN NAXING INDUSTR      4.68      03/31/23     CNY      38.92
SICHUAN NAXING INDUSTR      4.68      03/31/23     CNY      39.50
SICHUAN NAXING INDUSTR      6.80      08/18/22     CNY      50.00
SICHUAN NAXING INDUSTR      6.80      08/18/22     CNY      50.36
SICHUAN QINBA NEWCITY       6.68      07/07/24     CNY      58.52
SICHUAN QINBA NEWCITY       6.68      07/07/24     CNY      60.00
SICHUAN RENSHOU XINLON      7.00      06/27/24     CNY      61.21
SICHUAN RENSHOU XINLON      7.00      06/27/24     CNY      61.80
SICHUAN TIANYIN INDUST      6.79      03/25/22     CNY      20.11
SICHUAN TIANYIN INDUST      6.79      03/25/22     CNY      28.00
SIHONG COUNTY HONG YUA      6.15      03/16/22     CNY      20.12
SIHONG COUNTY HONG YUA      6.15      03/16/22     CNY      20.35
SIHUI STATE OWNED ASSE      4.59      01/14/23     CNY      39.22
SIHUI STATE OWNED ASSE      4.59      01/14/23     CNY      40.18
SIYANG COUNTY MINKANG       4.94      01/21/23     CNY      40.32
SIYANG COUNTY MINKANG       4.94      01/21/23     CNY      40.56
SONGYUAN URBAN DEVELOP      5.79      12/04/21     CNY      19.95
SONGYUAN URBAN DEVELOP      5.79      12/04/21     CNY      20.78
SUINING COUNTY RUNQI I      5.42      11/20/22     CNY      39.89
SUINING COUNTY RUNQI I      5.42      11/20/22     CNY      40.00
SUINING FUYUAN INDUSTR      6.39      03/17/22     CNY      19.63
SUINING FUYUAN INDUSTR      6.39      03/17/22     CNY      24.18
SUINING FUYUAN INDUSTR      5.34      12/02/23     CNY      57.18
SUINING FUYUAN INDUSTR      5.34      12/02/23     CNY      59.91
SUINING KAIDA INVESTME      4.89      04/08/23     CNY      38.56
SUINING KAIDA INVESTME      4.89      04/08/23     CNY      38.59
SUINING ROUGANG INVEST      5.65      01/24/24     CNY      59.87
SUINING TIANTAI INDUST      5.98      03/28/24     CNY      60.72
SUINING TIANTAI INDUST      5.98      03/28/24     CNY      60.73
SUIZHOU DEVELOPMENT IN      5.70      04/07/24     CNY      60.31
SUIZHOU DEVELOPMENT IN      5.70      04/07/24     CNY      60.52
SUIZHOU HIGH-TECH INDU      4.47      03/25/23     CNY      39.57
SUIZHOU HIGH-TECH INDU      4.47      03/25/23     CNY      39.77
SUIZHOU URBAN CONSTRUC      7.18      09/02/21     CNY      20.06
SUIZHOU URBAN CONSTRUC      7.18      09/02/21     CNY      21.20
SUIZHOU YULONG WATER S      6.10      03/28/23     CNY      43.20
SUQIAN CITY CONSTRUCTI      5.30      07/11/24     CNY      61.16
SUQIAN ECONOMIC DEVELO      5.40      04/20/24     CNY      61.46
SUQIAN ECONOMIC DEVELO      5.40      04/20/24     CNY      61.88
SUQIAN YUFENG ASSET MA      5.50      04/21/24     CNY      62.01
SUQIAN YUFENG ASSET MA      5.50      04/21/24     CNY      64.26
SUZHOU CITY CONSTRUCTI      3.89      03/24/23     CNY      40.02
SUZHOU CITY CONSTRUCTI      3.89      03/24/23     CNY      40.11
SUZHOU CITY HENGCHENG       4.40      03/01/23     CNY      40.28
SUZHOU CITY HENGCHENG       4.40      03/01/23     CNY      40.29
SUZHOU NEW & HIGH-TECH      4.18      03/23/23     CNY      40.08
SUZHOU NEW & HIGH-TECH      4.18      03/23/23     CNY      40.29
SUZHOU SND GROUP CO LT      6.20      07/22/21     CNY      20.01
SUZHOU SND GROUP CO LT      6.20      07/22/21     CNY      20.03
SUZHOU WUJIANG COMMUNI      3.75      05/26/23     CNY      52.69
SUZHOU WUJIANG DISTRIC      5.25      07/08/22     CNY      40.44
TAIAN TAISHAN HOLDINGS      5.50      04/26/23     CNY      40.06
TAIAN TAISHAN HOLDINGS      5.50      04/26/23     CNY      40.28
TAICANG SCIENCE EDUCAT      5.54      08/28/22     CNY      40.84
TAICANG SCIENCE EDUCAT      5.54      08/28/22     CNY      44.60
TAIXING HONGQIAO PARK       5.03      10/29/22     CNY      39.60
TAIXING HONGQIAO PARK       5.03      10/29/22     CNY      39.68
TAIZHOU CITY CONSTRUCT      6.92      10/16/23     CNY      46.84
TAIZHOU GAOGANG HI-TEC      5.54      06/22/24     CNY      61.65
TAIZHOU GAOGANG HI-TEC      5.54      06/22/24     CNY      63.70
TAIZHOU HAILING CITY D      4.60      12/14/22     CNY      39.99
TAIZHOU HAILING CITY D      4.60      12/14/22     CNY      40.22
TAIZHOU JIAOJIANG STAT      6.18      07/06/22     CNY      20.56
TAIZHOU JIAOJIANG STAT      6.18      07/06/22     CNY      24.00
TAIZHOU JINDONG URBAN       5.10      06/02/23     CNY      39.71
TAIZHOU JINDONG URBAN       5.10      06/02/23     CNY      39.81
TAIZHOU XINTAI GROUP C      4.07      03/23/23     CNY      39.69
TAIZHOU XINTAI GROUP C      4.07      03/23/23     CNY      39.73
TIANCHANG CITY CONSTRU      4.99      12/05/23     CNY      56.41
TIANCHANG CITY CONSTRU      4.99      12/05/23     CNY      59.78
TIANJIN BEICHEN TECHNO      6.87      08/20/21     CNY      19.96
TIANJIN BEICHEN TECHNO      6.87      08/20/21     CNY      27.00
TIANJIN BINHAI NEW ARE      6.10      11/23/21     CNY      24.00
TIANJIN BOHAI STATE-OW      3.82      04/18/23     CNY      36.29
TIANJIN BOHAI STATE-OW      3.82      04/18/23     CNY      39.29
TIANJIN BOHAI STATE-OW      4.10      04/18/26     CNY      64.28
TIANJIN BOHAI STATE-OW      4.10      04/18/26     CNY      70.00
TIANJIN DONGFANG CAIXI      5.19      01/29/22     CNY      16.65
TIANJIN DONGFANG CAIXI      5.19      01/29/22     CNY      19.94
TIANJIN DONGLI CITY IN      4.28      12/02/22     CNY      40.19
TIANJIN ECONOMIC TECHN      6.50      12/03/22     CNY      29.92
TIANJIN ECONOMIC TECHN      6.50      12/03/22     CNY      30.54
TIANJIN GUANGCHENG INV      6.97      02/22/23     CNY      28.60
TIANJIN HARBOR CONSTRU      6.29      10/21/21     CNY      40.13
TIANJIN HUANCHENG URBA      5.75      04/27/22     CNY      20.00
TIANJIN HUANCHENG URBA      5.75      04/27/22     CNY      20.50
TIANJIN INFRASTRUCTURE      5.70      02/26/23     CNY      24.22
TIANJIN INFRASTRUCTURE      5.70      02/26/23     CNY      30.51
TIANJIN INFRASTRUCTURE      4.22      10/15/26     CNY      73.11
TIANJIN INFRASTRUCTURE      3.95      09/14/32     CNY      73.50
TIANJIN INFRASTRUCTURE      3.30      08/02/32     CNY      73.68
TIANJIN INFRASTRUCTURE      5.00      10/26/23     CNY      74.14
TIANJIN INFRASTRUCTURE      4.20      09/03/23     CNY      74.20
TIANJIN INFRASTRUCTURE      3.99      08/10/23     CNY      74.53
TIANJIN INFRASTRUCTURE      4.64      05/21/29     CNY      98.50
TIANJIN METRO GROUP CO      4.27      10/16/25     CNY      69.17
TIANJIN METRO GROUP CO      4.27      10/16/25     CNY      74.00
TIANJIN NINGHE INVESTM      5.50      04/22/23     CNY      38.64
TIANJIN NINGHE INVESTM      5.50      04/22/23     CNY      40.16
TIANJIN RAILWAY CONSTR      5.58      04/13/25     CNY      60.47
TIANJIN RAILWAY CONSTR      5.58      04/13/25     CNY      64.40
TIANJIN REAL ESTATE GR      4.50      09/29/20     USD      73.75
TIANJIN WATER INVESTME      6.60      07/28/21     CNY      19.95
TIANJIN WATER INVESTME      6.60      07/28/21     CNY      21.80
TIANJIN WUQING ECONOMI      6.65      09/12/21     CNY      19.53
TIANJIN WUQING ECONOMI      6.65      09/12/21     CNY      19.99
TIANJIN WUQING STATE-O      4.15      11/17/22     CNY      39.91
TIANJIN WUQING STATE-O      4.15      11/17/22     CNY      40.00
TIANMEN CITY CONSTRUCT      8.20      08/28/21     CNY      20.10
TIANMEN CITY CONSTRUCT      8.20      08/28/21     CNY      25.16
TIANMEN CITY CONSTRUCT      3.98      11/15/23     CNY      58.28
TIANMEN CITY CONSTRUCT      3.98      11/15/23     CNY      59.80
TONGLING CONSTRUCTION       4.12      03/14/23     CNY      40.00
TONGLING CONSTRUCTION       4.12      03/14/23     CNY      40.14
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      57.10
TSINGHUA HOLDINGS CORP      4.10      08/24/21     CNY      66.77
TSINGHUA UNIGROUP CO L      5.20      12/10/23     CNY      11.65
TSINGHUA UNIGROUP CO L      5.11      01/25/24     CNY      13.00
TSINGHUA UNIGROUP CO L      4.94      03/25/22     CNY      16.55
TSINGHUA UNIGROUP CO L      5.85      03/27/22     CNY      16.88
TSINGHUA UNIGROUP CO L      5.60      11/15/20     CNY      26.63
TSINGHUA UNIGROUP CO L      6.20      03/16/21     CNY      26.63
TSINGHUA UNIGROUP CO L      6.15      12/26/21     CNY      26.63
TSINGHUA UNIGROUP CO L      6.00      08/14/22     CNY      26.63
TULUFAN DISTRICT STATE      6.20      03/19/22     CNY      20.26
TULUFAN DISTRICT STATE      6.20      03/19/22     CNY      20.39
TUNGHSU GROUP CO LTD        6.55      03/13/22     CNY      45.00
ULANQAB CITY INVESTMEN      8.39      04/25/22     CNY      25.54
URUMQI ECO&TECH DEVELO      6.40      04/13/22     CNY      20.00
URUMQI ECO&TECH DEVELO      6.40      04/13/22     CNY      20.19
WANGCHENG ECONOMIC DEV      6.57      01/22/22     CNY      20.34
WANGCHENG ECONOMIC DEV      6.57      01/22/22     CNY      28.81
WANGCHENG ECONOMIC DEV      3.75      07/13/23     CNY      39.44
WANGCHENG ECONOMIC DEV      3.75      07/13/23     CNY      61.05
WEIHAI CITY SHUANGDAO       5.32      04/28/24     CNY      61.84
WEIHAI LANCHUANG CONST      4.80      12/17/22     CNY      39.39
WEIHAI LANCHUANG CONST      4.80      12/17/22     CNY      39.62
WEIHAI URBAN CONSTRUCT      3.33      03/02/23     CNY      38.40
WEIHAI URBAN CONSTRUCT      3.33      03/02/23     CNY      39.95
WEIHAI WENDENG DISTRIC      3.64      10/26/23     CNY      58.85
WEIHAI WENDENG DISTRIC      3.64      10/26/23     CNY      59.01
WEIHAI WENDENG URBAN P      4.80      05/26/23     CNY      39.65
WEIHAI WENDENG URBAN P      4.80      05/26/23     CNY      39.69
WEINAN CITY INVESTMENT      6.09      03/11/22     CNY      20.00
WEINAN CITY INVESTMENT      6.09      03/11/22     CNY      20.22
WENDENG GOLDEN BEACH I      3.97      03/21/23     CNY      39.42
WENDENG GOLDEN BEACH I      3.97      03/21/23     CNY      39.43
WENSHAN URBAN CONSTRUC      4.50      09/13/23     CNY      57.34
WENSHAN URBAN CONSTRUC      4.50      09/13/23     CNY      59.42
WENZHOU CITY CONSTRUCT      4.05      01/25/23     CNY      40.34
WENZHOU CITY CONSTRUCT      4.05      01/25/23     CNY      40.37
WENZHOU CITY CONSTRUCT      5.00      04/26/23     CNY      40.88
WENZHOU CITY CONSTRUCT      5.00      04/26/23     CNY      40.94
WENZHOU GANGCHENG DEVE      5.19      03/29/23     CNY      40.42
WENZHOU GANGCHENG DEVE      5.19      03/29/23     CNY      40.43
WENZHOU LUCHENG CITY D      5.58      11/03/21     CNY      20.15
WENZHOU LUCHENG CITY D      5.58      11/03/21     CNY      20.17
WENZHOU OUHAI NEW CITY      3.98      10/26/23     CNY      60.20
WENZHOU OUHAI NEW CITY      3.98      10/26/23     CNY      60.20
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 DIST      6.43      09/17/21     CNY      20.12
WUHAN CITY HUANPI DIST      6.43      09/17/21     CNY      24.00
WUHAN CITY HUANPI DIST      5.48      04/19/24     CNY      61.67
WUHAN CITY HUANPI DIST      5.48      04/19/24     CNY      61.75
WUHAN JIANGXIA URBAN C      4.80      06/03/23     CNY      40.10
WUHAN JIANGXIA URBAN C      4.80      06/03/23     CNY      40.32
WUHAN METRO GROUP CO L      5.25      04/14/22     CNY      20.18
WUHAN METRO GROUP CO L      5.25      04/14/22     CNY      20.36
WUHAN QIAOKOU STATE OW      3.48      08/29/23     CNY      58.93
WUHAN QIAOKOU STATE OW      3.48      08/29/23     CNY      59.76
WUHAN URBAN CONSTRUCTI      4.99      06/15/24     CNY      75.00
WUHU COMMUNICATIONS IN      4.50      04/28/23     CNY      39.72
WUHU COMMUNICATIONS IN      4.50      04/28/23     CNY      40.20
WUHU COMMUNICATIONS IN      3.58      09/23/23     CNY      59.00
WUHU COMMUNICATIONS IN      3.58      09/23/23     CNY      59.99
WUHU COUNTY CONSTRUCTI      6.60      12/08/21     CNY      20.26
WUHU COUNTY CONSTRUCTI      6.60      12/08/21     CNY      26.35
WUHU JINGHU CONSTRUCTI      4.37      07/20/23     CNY      59.90
WUHU JINGHU CONSTRUCTI      4.37      07/20/23     CNY      60.06
WUHU JIUJIANG CONSTRUC      3.96      03/21/23     CNY      39.60
WUHU JIUJIANG CONSTRUC      3.96      03/21/23     CNY      40.15
WUHU XINMA INVESTMENT       4.87      11/04/22     CNY      40.22
WUHU YIJU INVESTMENT G      6.45      08/11/21     CNY      20.08
WUHU YIJU INVESTMENT G      6.45      08/11/21     CNY      20.30
WUXI HUIKAI ECONOMIC D      4.16      04/08/23     CNY      39.83
WUXI HUIKAI ECONOMIC D      4.16      04/08/23     CNY      40.10
WUXI TAIHU NEW CITY DE      4.49      05/03/23     CNY      40.33
WUXI TAIHU NEW CITY DE      4.49      05/03/23     CNY      40.50
WUXI TAIHU NEW CITY DE      3.47      08/29/23     CNY      59.50
WUXI TAIHU NEW CITY DE      3.47      08/29/23     CNY      59.89
WUXI XIDONG NEW TOWN C      3.92      11/09/23     CNY      59.79
WUXI XIDONG NEW TOWN C      3.92      11/09/23     CNY      60.04
WUYANG CONSTRUCTION GR      7.80      09/11/20     CNY      32.48
XIAN FENGDONG DEVELOPM      4.67      01/08/23     CNY      39.65
XIAN FENGDONG DEVELOPM      4.67      01/08/23     CNY      39.68
XI'AN INTERNATIONAL HO      6.20      10/21/21     CNY      20.09
XI'AN INTERNATIONAL HO      6.20      10/21/21     CNY      21.46
XI'AN INTERNATIONAL IN      7.90      09/23/21     CNY      22.28
XI'AN PIONEERING PARK       6.20      05/02/24     CNY      61.44
XI'AN PIONEERING PARK       6.20      05/02/24     CNY      61.45
XIANGSHUI GUANJIANG HO      4.98      12/24/22     CNY      38.00
XIANGSHUI GUANJIANG HO      4.98      12/24/22     CNY      39.56
XIANGTAN CITY CONSTRUC      7.60      04/02/22     CNY      71.00
XIANGTAN CITY INFRASTR      3.60      08/04/23     CNY      54.20
XIANGTAN CITY INFRASTR      3.95      08/04/23     CNY      56.97
XIANGTAN CITY INFRASTR      3.95      08/04/23     CNY      57.29
XIANGTAN CITY INFRASTR      3.60      08/04/23     CNY      59.71
XIANGTAN JIUHUA ECONOM      6.59      01/21/22     CNY      19.31
XIANGTAN JIUHUA ECONOM      5.00      07/25/26     CNY      69.08
XIANGTAN WANLOU XINCHE      6.90      01/14/22     CNY      15.49
XIANGTAN WANLOU XINCHE      6.90      01/14/22     CNY      19.73
XIANGXIANG ECONOMIC DI      5.28      09/09/23     CNY      56.32
XIANGXIANG ECONOMIC DI      5.28      09/09/23     CNY      57.88
XIANGXIANG URBAN CONST      5.84      05/18/23     CNY      39.47
XIANGXIANG URBAN CONST      5.84      05/18/23     CNY      40.26
XIANGXIANG URBAN CONST      7.50      10/27/24     CNY      60.00
XIANGYANG CITY XIANGZH      5.18      04/28/23     CNY      40.01
XIANGYANG CITY XIANGZH      5.18      04/28/23     CNY      40.27
XIANGYANG HIGH TECH ST      6.25      06/12/24     CNY      61.92
XIANGYANG HIGH TECH ST      6.25      06/12/24     CNY      62.28
XIANGYANG STATE-OWNED       4.62      01/25/23     CNY      39.69
XIANGYANG STATE-OWNED       4.62      01/25/23     CNY      39.69
XIANNING HIGH-TECH INV      6.29      02/10/22     CNY      20.16
XIANNING HIGH-TECH INV      6.29      02/10/22     CNY      20.56
XIANNING HIGH-TECH INV      6.60      06/01/27     CNY      70.55
XIANNING HIGH-TECH INV      6.60      06/01/27     CNY      72.25
XIANTAO CITY CONSTRUCT      4.59      04/18/23     CNY      39.59
XIANTAO CITY CONSTRUCT      4.59      04/18/23     CNY      40.49
XIAOCHANG SHUNHE DEVEL      4.15      10/17/23     CNY      58.67
XIAOGAN GAOCHUANG INVE      6.87      09/22/21     CNY      20.10
XIAOGAN GAOCHUANG INVE      6.87      09/22/21     CNY      26.69
XIAOXIAN COUNTY DEVELO      4.85      06/22/23     CNY      40.37
XIAOXIAN COUNTY DEVELO      4.85      06/22/23     CNY      40.40
XINDONGGANG HOLDING GR      5.53      04/27/23     CNY      39.62
XINDONGGANG HOLDING GR      5.53      04/27/23     CNY      40.02
XINGAN COUNTY URBAN CO      5.48      08/03/23     CNY      58.41
XINGAN COUNTY URBAN CO      5.48      08/03/23     CNY      59.90
XINGAN LEAGUE URBAN DE      6.18      12/21/22     CNY      26.97
XINGAN LEAGUE URBAN DE      6.18      12/21/22     CNY      27.16
XINGHUA CITY ECONOMIC       5.28      06/13/22     CNY      25.01
XINGHUA CITY ECONOMIC       5.28      06/13/22     CNY      25.11
XINGYI XINHENG URBAN C      5.40      12/16/22     CNY      18.40
XINGYI XINHENG URBAN C      5.40      12/16/22     CNY      39.82
XINMI CAIYUAN CITY CON      4.35      02/28/23     CNY      39.89
XINMI CAIYUAN CITY CON      4.35      02/28/23     CNY      39.95
XINMIN CITY LUXIN MUNI      6.41      07/29/21     CNY      13.72
XINMIN CITY LUXIN MUNI      6.41      07/29/21     CNY      13.76
XINTAI CITY COORDINATI      6.35      03/23/22     CNY      20.12
XINTAI CITY COORDINATI      6.35      03/23/22     CNY      20.75
XINYI CITY INVESTMENT       4.30      01/19/23     CNY      39.11
XINYI CITY INVESTMENT       4.30      01/19/23     CNY      40.00
XINYI ECONOMIC DEVELOP      6.66      09/27/24     CNY      74.50
XINYI URBAN TRANSPORTA      6.14      02/06/22     CNY      20.19
XINYI URBAN TRANSPORTA      6.14      02/06/22     CNY      20.34
XINYI URBAN TRANSPORTA      5.35      04/24/24     CNY      60.58
XINYI URBAN TRANSPORTA      5.35      04/24/24     CNY      62.57
XINYU CITY SHANTYTOWN       6.50      11/13/22     CNY      70.76
XINYU CITY YUSHUI DIST      7.70      06/24/22     CNY      20.34
XINYU CITY YUSHUI DIST      7.70      06/24/22     CNY      21.39
XIWANG GROUP CO LTD         7.80      12/03/22     CNY      49.94
XUANCHENG CITY ECONOMY      7.95      09/22/21     CNY      20.14
XUANCHENG CITY ECONOMY      7.95      09/22/21     CNY      26.00
XUANCHENG STATE-OWNED       4.12      04/07/23     CNY      39.82
XUANCHENG STATE-OWNED       4.12      04/07/23     CNY      40.37
XUZHOU BOCHANT DEVELOP      5.69      07/28/21     CNY      33.33
XUZHOU CITY JIAWANG CO      4.00      03/23/23     CNY      40.03
XUZHOU CITY TONGSHAN D      5.23      09/18/22     CNY      40.00
XUZHOU CITY TONGSHAN D      5.23      09/18/22     CNY      40.59
XUZHOU HI-TECH INDUSTR      3.78      11/11/23     CNY      59.99
XUZHOU HI-TECH INDUSTR      3.78      11/11/23     CNY      60.06
XUZHOU XINSHENG INVEST      5.13      08/12/22     CNY      40.45
XUZHOU XINSHENG INVEST      5.13      08/12/22     CNY      44.46
YAN'AN NEW CITY CONSTR      5.60      04/21/24     CNY      60.67
YANCHENG GUANDONG ECON      6.42      05/16/24     CNY      62.39
YANCHENG HIGH-TECH ZON      3.90      12/14/22     CNY      39.90
YANCHENG HIGH-TECH ZON      3.90      12/14/22     CNY      39.94
YANCHENG ORIENTAL INVE      6.48      09/15/21     CNY      20.05
YANCHENG ORIENTAL INVE      6.48      09/15/21     CNY      20.07
YANCHENG SOUTH DISTRIC      6.70      07/30/21     CNY      20.05
YANCHENG SOUTH DISTRIC      6.70      07/30/21     CNY      20.10
YANCHENG YANDU DISTRIC      3.67      03/17/23     CNY      39.18
YANCHENG YANDU DISTRIC      3.67      03/17/23     CNY      39.34
YANGJIANG HENGCAI CITY      6.24      04/14/22     CNY      20.45
YANGJIANG HENGCAI CITY      6.24      04/14/22     CNY      21.20
YANGXIN TOWN CONSTRUCT      6.50      04/26/24     CNY      60.87
YANGXIN TOWN CONSTRUCT      6.50      04/26/24     CNY      61.32
YANGZHONG TRANSPORTATI      4.95      04/07/23     CNY      39.53
YANGZHONG TRANSPORTATI      4.95      04/07/23     CNY      39.58
YANGZHONG TRANSPORTATI      4.98      04/07/23     CNY      40.39
YANGZHONG TRANSPORTATI      4.98      04/07/23     CNY      40.42
YANGZHOU ECONOMIC & TE      5.28      07/06/24     CNY      60.56
YANGZHOU ECONOMIC & TE      5.28      07/06/24     CNY      62.40
YANGZHOU GUANGLING NEW      3.62      09/07/23     CNY      57.93
YANGZHOU GUANGLING NEW      3.62      09/07/23     CNY      59.36
YANGZHOU HANJIANG CONS      5.88      06/15/22     CNY      20.36
YANGZHOU HANJIANG CONS      5.88      06/15/22     CNY      26.63
YI CHENG CONSTRUCTION       5.44      04/27/23     CNY      39.73
YI ZHENG CITY DEVELOPM      4.63      01/08/23     CNY      40.00
YI ZHENG CITY DEVELOPM      4.63      01/08/23     CNY      40.15
YICHANG HIGH-TECH INVE      4.80      12/15/22     CNY      40.00
YICHANG HIGH-TECH INVE      4.80      12/15/22     CNY      40.51
YICHANG HIGH-TECH INVE      3.74      07/21/23     CNY      59.12
YICHANG HIGH-TECH INVE      3.74      07/21/23     CNY      60.30
YICHANG HIGH-TECH INVE      6.10      05/18/24     CNY      60.99
YICHANG HIGH-TECH INVE      6.10      05/18/24     CNY      61.25
YICHANG WUJIA NEW CITY      6.50      04/20/24     CNY      60.94
YICHANG WUJIA NEW CITY      6.50      04/20/24     CNY      61.30
YICHUN VENTURE CAPITAL      6.70      03/23/22     CNY      20.00
YICHUN VENTURE CAPITAL      6.70      03/23/22     CNY      20.22
YIHUA ENTERPRISE GROUP      7.00      04/29/22     CNY      54.00
YIHUA LIFESTYLE TECHNO      6.88      07/23/20     CNY      35.00
YIHUA LIFESTYLE TECHNO      6.88      07/16/20     CNY      35.90
YINGCHENG CITY PUYANG       6.50      04/14/24     CNY      61.30
YINGCHENG CITY PUYANG       6.50      04/14/24     CNY      61.31
YINGKOU BEIHAI NEW CIT      7.19      07/12/24     CNY      61.03
YINGKOU COASTAL DEVELO      6.45      01/26/22     CNY      20.14
YINGKOU ECO & TECH DEV      5.20      08/05/23     CNY      58.16
YINGKOU ECO & TECH DEV      5.20      08/05/23     CNY      58.41
YINGKOU ECO & TECH DEV      6.98      04/19/24     CNY      58.80
YINGKOU ECO & TECH DEV      6.98      04/19/24     CNY      58.83
YINGKOU LAOBIAN CITY C      4.98      03/11/23     CNY      37.47
YINGKOU LAOBIAN CITY C      4.98      03/11/23     CNY      40.00
YINGKOU LAOBIAN CITY C      5.63      12/16/22     CNY      40.18
YINGTAN JUNENG INVESTM      6.75      07/31/22     CNY      20.56
YINGTAN JUNENG INVESTM      6.75      07/31/22     CNY      41.18
YINGTAN STATE-OWNED AS      7.50      12/12/22     CNY      30.87
YINGTAN STATE-OWNED AS      7.50      12/12/22     CNY      30.88
YINGTAN STATE-OWNED AS      3.63      08/12/21     CNY      40.02
YINING CITY STATE OWNE      5.37      09/24/22     CNY      38.99
YINING CITY STATE OWNE      5.37      09/24/22     CNY      39.40
YIWU CITY CONSTRUCTION      4.31      12/07/22     CNY      40.16
YIWU CITY CONSTRUCTION      4.31      12/07/22     CNY      40.40
YIWU URBAN & RURAL NEW      4.25      11/24/21     CNY      24.95
YIXING CITY CONSTRUCTI      6.16      03/30/22     CNY      20.00
YIXING CITY CONSTRUCTI      6.16      03/30/22     CNY      20.33
YIYANG ADVANCED INDUST      7.00      03/30/22     CNY      20.19
YIYANG ADVANCED INDUST      7.00      03/30/22     CNY      28.00
YIYANG PROVINCE AREA I      5.16      11/23/23     CNY      56.87
YIYANG PROVINCE AREA I      5.16      11/23/23     CNY      56.92
YIYANG PROVINCE AREA I      4.95      10/13/23     CNY      56.95
YIYANG PROVINCE AREA I      4.95      10/13/23     CNY      57.00
YIZHANG XINGYI CONSTRU      5.49      09/02/24     CNY      67.47
YIZHANG XINGYI CONSTRU      5.49      09/02/24     CNY      70.10
YONGCHENG COAL & ELECT      7.50      02/02/21     CNY     100.00
YONGJIA INVESTMENT GRO      6.50      11/12/21     CNY      20.00
YONGJIA INVESTMENT GRO      6.50      11/12/21     CNY      20.17
YONGXING YINDU INVESTM      5.60      03/24/23     CNY      39.39
YONGXING YINDU INVESTM      5.60      03/24/23     CNY      40.13
YONGXING YINDU INVESTM      6.93      07/07/24     CNY      59.84
YONGXING YINDU INVESTM      6.93      07/07/24     CNY      60.00
YONGZHOU ECONOMIC CONS      3.55      01/14/23     CNY      39.33
YONGZHOU ECONOMIC CONS      3.55      01/14/23     CNY      39.79
YUANAN COUNTY QIFENG C      5.50      05/27/23     CNY      40.71
YUANAN COUNTY QIFENG C      5.50      05/27/23     CNY      40.71
YUEYANG DONGTING XINCH      6.15      03/20/22     CNY      20.12
YUEYANG DONGTING XINCH      6.15      03/20/22     CNY      20.17
YUEYANG HUIHUA URBAN I      5.78      04/18/24     CNY      60.52
YUEYANG HUIHUA URBAN I      5.78      04/18/24     CNY      60.98
YUEYANG HUILIN INVESTM      5.50      11/03/21     CNY      19.89
YUEYANG URBAN CONSTRUC      4.80      01/27/26     CNY      73.28
YUEYANG URBAN CONSTRUC      4.80      01/27/26     CNY      73.29
YUEYANG YUNXI CITY CON      6.00      07/08/23     CNY      38.43
YUEYANG YUNXI CITY CON      6.00      07/08/23     CNY      40.32
YUEYANG YUNXI CITY CON      5.18      11/21/23     CNY      57.16
YUHUAN CITY COMMUNICAT      5.65      11/03/21     CNY      20.21
YUHUAN CITY COMMUNICAT      5.65      11/03/21     CNY      20.22
YUHUAN CITY COMMUNICAT      6.18      03/20/22     CNY      20.59
YUHUAN CITY COMMUNICAT      6.18      03/20/22     CNY      24.47
YUHUAN CITY CONSTRUCTI      5.10      05/03/23     CNY      39.94
YUHUAN CITY CONSTRUCTI      5.10      05/03/23     CNY      40.74
YUHUAN CITY CONSTRUCTI      3.72      10/21/23     CNY      58.89
YUHUAN CITY CONSTRUCTI      3.72      10/21/23     CNY      59.83
YUNCHENG SHUIHU CITY C      4.54      11/21/23     CNY      56.05
YUNCHENG SHUIHU CITY C      4.54      11/21/23     CNY      59.42
YUZHOU GENERAL INVESTM      4.68      01/19/23     CNY      40.00
YUZHOU GENERAL INVESTM      4.68      01/19/23     CNY      40.04
ZAOYANG CITY CONSTRUCT      5.50      03/22/23     CNY      40.02
ZAOYANG CITY CONSTRUCT      5.50      03/22/23     CNY      40.11
ZHANGQIU STATE OWNED A      3.69      08/09/23     CNY      59.31
ZHANGQIU STATE OWNED A      3.69      08/09/23     CNY      59.83
ZHANGSHU STATE-OWNED A      4.80      06/22/23     CNY      39.90
ZHANGSHU STATE-OWNED A      4.80      06/22/23     CNY      42.67
ZHANGYE CITY INVESTMEN      6.92      09/22/21     CNY      20.11
ZHANGYE CITY INVESTMEN      6.92      09/22/21     CNY      20.90
ZHANGZHOU ECONOMIC DEV      6.17      04/27/22     CNY      20.20
ZHANGZHOU ECONOMIC DEV      6.17      04/27/22     CNY      20.38
ZHAODONG DONGSHENG CON      6.50      01/20/24     CNY      61.16
ZHAODONG DONGSHENG CON      6.50      01/20/24     CNY      61.17
ZHAOQING GAOYAO DISTRI      6.68      04/14/22     CNY      20.00
ZHAOQING GAOYAO DISTRI      6.68      04/14/22     CNY      20.36
ZHAOQING HI-TECH ZONE       3.97      08/26/23     CNY      59.09
ZHAOQING HI-TECH ZONE       3.97      08/26/23     CNY      59.56
ZHEJIANG BINHAI NEW CI      4.65      12/23/22     CNY      40.25
ZHEJIANG BINHAI NEW CI      4.65      12/23/22     CNY      40.45
ZHEJIANG GUOXING INVES      6.94      08/01/21     CNY      20.04
ZHEJIANG GUOXING INVES      6.94      08/01/21     CNY      28.50
ZHEJIANG HANGZHOU QING      5.99      06/30/24     CNY      62.57
ZHEJIANG HANGZHOU QING      5.99      06/30/24     CNY      62.57
ZHEJIANG HUISHENG INVE      4.49      03/15/24     CNY      55.00
ZHEJIANG HUISHENG INVE      4.49      03/15/24     CNY      55.32
ZHEJIANG OUHAI CONSTRU      6.45      04/23/22     CNY      20.20
ZHEJIANG OUHAI CONSTRU      6.45      04/23/22     CNY      20.38
ZHEJIANG OUHAI CONSTRU      4.83      01/21/23     CNY      40.10
ZHEJIANG OUHAI CONSTRU      4.83      01/21/23     CNY      40.46
ZHEJIANG XINCHANG INVE      5.88      10/30/21     CNY      20.12
ZHEJIANG XINCHANG INVE      6.95      12/31/21     CNY      20.29
ZHEJIANG XINCHANG INVE      6.95      12/31/21     CNY      20.44
ZHEJIANG XINCHANG INVE      5.88      10/30/21     CNY      21.06
ZHENGZHOU AIRPORT ECON      4.27      07/20/26     CNY      68.33
ZHENGZHOU AIRPORT ECON      4.27      07/20/26     CNY      69.13
ZHENGZHOU GENERAL AVIA      5.98      06/27/24     CNY      60.00
ZHENGZHOU GENERAL AVIA      5.98      06/27/24     CNY      61.97
ZHENGZHOU JINGKAI INVE      5.48      07/31/22     CNY      40.00
ZHENGZHOU JINGKAI INVE      5.48      07/31/22     CNY      40.37
ZHENGZHOU MOUZHONG DEV      7.48      12/11/21     CNY      20.31
ZHENGZHOU MOUZHONG DEV      7.48      12/11/21     CNY      26.20
ZHENGZHOU MOUZHONG DEV      4.59      04/18/23     CNY      39.75
ZHENGZHOU MOUZHONG DEV      4.59      04/18/23     CNY      40.19
ZHENJIANG DANTU DISTRI      5.89      11/03/21     CNY      20.00
ZHENJIANG DANTU DISTRI      5.89      11/03/21     CNY      20.04
ZHENJIANG NEW AREA URB      5.31      07/14/23     CNY      57.18
ZHENJIANG NEW AREA URB      5.31      07/14/23     CNY      59.58
ZHIJIANG STATE-OWNED A      4.78      01/11/23     CNY      37.00
ZHIJIANG STATE-OWNED A      4.38      03/28/23     CNY      39.25
ZHIJIANG STATE-OWNED A      4.38      03/28/23     CNY      39.65
ZHIJIANG STATE-OWNED A      4.78      01/11/23     CNY      39.93
ZHONGGUANCUN DEVELOPME      4.20      08/12/22     CNY      40.13
ZHONGGUANCUN DEVELOPME      4.20      08/12/22     CNY      40.54
ZHONGMINTOU LEASING HO      7.55      09/21/21     CNY      49.49
ZHONGSHAN TORCH DEVELO      5.79      03/23/24     CNY      60.87
ZHONGSHAN TORCH DEVELO      5.79      03/23/24     CNY      61.02
ZHONGSHAN TRANSPORTATI      5.25      11/26/21     CNY      20.00
ZHONGSHAN TRANSPORTATI      5.25      11/26/21     CNY      20.17
ZHONGYUAN ASSET MANAGE      4.48      09/16/23     CNY      74.59
ZHOUSHAN DINGHAI CITY       6.67      07/20/22     CNY      40.24
ZHOUSHAN DINGHAI STATE      7.13      08/04/21     CNY      20.06
ZHOUSHAN DINGHAI STATE      7.13      08/04/21     CNY      20.13
ZHOUSHAN ISLANDS NEW D      6.98      10/22/22     CNY      40.48
ZHOUSHAN ISLANDS NEW D      6.98      10/22/22     CNY      40.80
ZHOUSHAN PUTUO DISTRIC      7.18      06/20/22     CNY      25.84
ZHOUSHAN PUTUO DISTRIC      7.18      06/20/22     CNY      26.90
ZHUCHENG ECONOMIC DEVE      5.37      07/12/24     CNY      80.18
ZHUHAI HUIHUA INFRASTR      4.70      06/27/23     CNY      39.76
ZHUHAI HUIHUA INFRASTR      4.70      06/27/23     CNY      40.07
ZHUJI CITY EAST NEW TO      3.89      08/26/23     CNY      60.57
ZHUJI CITY YUEDU INVES      6.38      04/07/22     CNY      20.45
ZHUJI STATE-OWNED ASSE      5.34      06/28/24     CNY      61.86
ZHUJI STATE-OWNED ASSE      5.34      06/28/24     CNY      62.50
ZHUZHOU CITY CONSTRUCT      8.36      11/10/21     CNY      23.75
ZHUZHOU GECKOR GROUP C      6.38      04/17/22     CNY      20.00
ZHUZHOU GECKOR GROUP C      6.95      08/11/21     CNY      20.04
ZHUZHOU GECKOR GROUP C      6.38      04/17/22     CNY      20.22
ZHUZHOU GECKOR GROUP C      6.95      08/11/21     CNY      20.86
ZHUZHOU GECKOR GROUP C      3.78      09/28/23     CNY      59.12
ZHUZHOU GECKOR GROUP C      3.78      09/28/23     CNY      59.17
ZHUZHOU HI-TECH AUTO E      4.47      11/03/23     CNY      74.16
ZHUZHOU RECYCLING ECON      4.38      03/24/23     CNY      37.63
ZHUZHOU RECYCLING ECON      4.38      03/24/23     CNY      38.38
ZHUZHOU XIANGJIANG SCE      5.39      11/25/22     CNY      38.90
ZHUZHOU XIANGJIANG SCE      5.39      11/25/22     CNY      38.95
ZIBO BANYANG CITY URBA      5.50      09/09/22     CNY      40.00
ZIBO BANYANG CITY URBA      5.50      09/09/22     CNY      40.04
ZIBO BOSHAN STATE OWNE      5.63      03/29/24     CNY      60.24
ZIBO BOSHAN STATE OWNE      5.63      03/29/24     CNY      61.40
ZIXING CHENGCHENG INVE      6.20      03/16/24     CNY      61.84
ZIXING CHENGCHENG INVE      6.20      03/16/24     CNY      61.85
ZIXING CITY DEVELOPMEN      6.00      05/03/24     CNY      60.78
ZIXING CITY DEVELOPMEN      6.00      05/03/24     CNY      60.79
ZIYANG WATER INVESTMEN      3.97      03/17/23     CNY      36.43
ZIYANG WATER INVESTMEN      3.97      03/17/23     CNY      37.82
ZIZHONG COUNTY XINGZI       5.97      01/18/23     CNY      38.97
ZIZHONG COUNTY XINGZI       5.97      01/18/23     CNY      39.68
ZONGYANG INVESTMENT DE      5.85      04/25/24     CNY      60.00
ZONGYANG INVESTMENT DE      5.85      04/25/24     CNY      61.65
ZUNYI BOZHOU URBAN CON      6.60      07/06/24     CNY      60.95
ZUNYI BOZHOU URBAN CON      6.60      07/06/24     CNY      61.38
ZUNYI ECONOMIC DEVELOP      4.87      01/22/23     CNY      38.35
ZUNYI ECONOMIC DEVELOP      4.87      01/22/23     CNY      40.00
ZUNYI HONGHUAGANG DIST      5.05      06/27/23     CNY      37.82
ZUNYI HONGHUAGANG DIST      5.05      06/27/23     CNY      39.79
ZUNYI NEW DISTRICT DEV      5.99      04/07/26     CNY      44.65
ZUNYI NEW DISTRICT DEV      5.99      04/07/26     CNY      55.62
ZUNYI ROAD & BRIDGE CO      6.10      04/27/23     CNY      34.20
ZUNYI TRAFFIC TRAVEL I      7.70      09/27/27     CNY      67.00


   HONG KONG
   ---------

CAIYUN INTERNATIONAL I      5.50      04/08/22     USD      68.25
DR PENG HOLDING HONGKO      7.55      12/01/22     USD      63.41
HNA GROUP INTERNATIONA      6.25      10/05/21     USD      18.87


   INDONESIA
   ---------

DAVOMAS INTERNATIONAL      11.00      12/08/14     USD       1.14
DAVOMAS INTERNATIONAL      11.00      12/08/14     USD       1.14
DAVOMAS INTERNATIONAL      11.00      05/09/11     USD       1.14
DAVOMAS INTERNATIONAL      11.00      05/09/11     USD       1.14
DELTA MERLIN DUNIA TEK      2.50      06/26/28     USD      13.95
SRI REJEKI ISMAN TBK P      7.25      01/16/25     USD      20.43
SRI REJEKI ISMAN TBK P      7.25      01/16/25     USD      20.53


   INDIA
   -----

3I INFOTECH LTD             2.50      03/31/25     USD       9.88
ACME MEDAK SOLAR ENERG      0.01      08/29/46     INR      14.12
ACME RANGA REDDY SOLAR      0.01      08/31/46     INR      14.04
AMPSOLAR SOLUTION PVT       0.01      11/03/37     INR      27.68
AMPSOLAR SOLUTION PVT       0.01      10/27/37     INR      27.72
APG HABITAT PVT LTD         1.00      09/09/28     INR      63.61
APG INTELLI HOMES PVT       1.25      02/04/35     INR      45.61
APG INTELLI HOMES PVT       1.25      02/04/35     INR      45.65
ASSETS CARE & RECONSTR      1.00      03/30/29     INR      62.90
ASSETS CARE & RECONSTR      2.00      03/30/29     INR      68.75
ASSETS CARE & RECONSTR      2.00      03/30/29     INR      68.75
AUTOMOTIVE EXCHANGE PV      4.00      10/11/30     INR      62.38
AUTOMOTIVE EXCHANGE PV      4.00      06/01/30     INR      62.73
BODY CUPID PVT LTD          0.01      03/31/31     INR      48.09
BREEZE CONSTRUCTIONS P      0.01      06/29/30     INR      48.31
BRITANNIA INDUSTRIES L      5.50      06/03/24     INR      29.00
BRITANNIA INDUSTRIES L      8.00      08/28/22     INR      30.97
CHANDRAJYOTI ESTATE DE      0.01      07/06/30     INR      49.46
CREIXENT SPECIAL STEEL      0.01      08/28/25     INR      73.40
CUMULUS TRADING CO PVT      0.01      05/21/32     INR      41.69
CUMULUS TRADING CO PVT      0.01      01/23/30     INR      66.52
DEWAN HOUSING FINANCE       8.50      04/18/23     INR      28.71
DLF ASPINWAL HOTELS PV      0.01      10/15/30     INR      45.90
DLF EMPORIO RESTAURANT      0.01      08/12/30     INR      49.07
DLF EMPORIO RESTAURANT      0.01      06/29/30     INR      49.55
DLF HOME DEVELOPERS LT      0.01      06/29/30     INR      51.68
DLF HOMES SERVICES PVT      0.01      06/29/30     INR      48.31
DLF REAL ESTATE BUILDE      0.01      06/23/30     INR      49.49
DLF RECREATIONAL FOUND      0.01      10/15/30     INR      46.02
DLF RESIDENTIAL BUILDE      0.01      06/23/30     INR      48.25
DLF RESIDENTIAL DEVELO      0.01      06/28/30     INR      49.40
DLF SOUTHERN TOWNS PVT      0.01      07/09/30     INR      49.59
DOMUS REAL ESTATE PVT       0.01      07/11/30     INR      49.57
ECAP EQUITIES LTD           0.01      03/26/31     INR      48.79
EDEL LAND LTD               0.01      03/22/26     INR      70.19
EDELWEISS ASSET RECONS      2.00      07/22/29     INR      67.07
EDELWEISS ASSET RECONS      2.00      03/28/29     INR      68.19
EDELWEISS ASSET RECONS      2.00      01/15/29     INR      68.90
EDELWEISS ASSET RECONS      2.00      10/07/28     INR      69.89
EDELWEISS ASSET RECONS      2.00      11/20/27     INR      73.26
EDELWEISS RURAL & CORP      0.01      03/25/31     INR      49.60
ESSAR POWER TRANSMISSI      3.00      03/31/43     INR      49.16
ESSAR POWER TRANSMISSI      3.00      03/31/43     INR      49.16
FUTURE RETAIL LTD           5.60      01/22/25     USD      74.66
GREEN URJA PVT LTD          0.01      02/14/30     INR      51.60
GTL INFRASTRUCTURE LTD      6.73      10/26/22     USD       9.88
HCL INFOTECH LTD            0.10      03/31/36     INR      32.14
HITODI INFRASTRUCTURE       0.01      06/30/27     INR      63.00
JAIPRAKASH ASSOCIATES       5.75      09/08/17     USD      55.13
JAIPRAKASH POWER VENTU      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      29.87
JTPM ATSALI LTD             0.01      08/29/48     INR      12.50
JUNO MONETA TECHNOLOGI      0.01      05/18/26     INR      70.48
KANAKADURGA FINANCE LT      0.01      04/15/36     INR      28.62
KRIBHCO INFRASTRUCTURE      1.00      04/15/26     INR      74.88
KUSHALS RETAIL PVT LTD      1.00      05/13/29     INR      60.97
MARIS POWER SUPPLY CO       2.00      04/18/28     INR      71.45
MELOSA BUILDERS & DEVE      0.01      06/29/30     INR      48.33
MENS BUILDCON PVT LTD       0.01      06/29/30     INR      48.33
MYTRAH AADHYA POWER PV      0.01      07/05/35     INR      33.40
MYTRAH ADVAITH POWER P      0.01      07/13/36     INR      30.72
MYTRAH AKSHAYA ENERGY       0.01      07/13/36     INR      30.72
NANI VIRANI WIND ENERG      2.00      06/30/39     INR      43.81
NEEMUCH SOLAR POWER PV      0.01      08/29/46     INR      14.12
ORIGAMI CELLULO PVT LT      0.01      11/14/36     INR      29.44
POLY TOUGH TUBES LTD        1.00      04/19/26     INR      74.80
PRAKASH INDUSTRIES LTD      5.25      04/30/15     USD      22.63
PUNJAB INFRASTRUCTURE       0.40      10/15/33     INR      44.89
PUNJAB INFRASTRUCTURE       0.40      10/15/32     INR      47.92
PUNJAB INFRASTRUCTURE       0.40      10/15/31     INR      51.31
PUNJAB INFRASTRUCTURE       0.40      10/15/30     INR      55.04
PUNJAB INFRASTRUCTURE       0.40      10/15/29     INR      59.09
PUNJAB INFRASTRUCTURE       0.40      10/15/28     INR      63.48
PUNJAB INFRASTRUCTURE       0.40      10/15/27     INR      68.25
PUNJAB INFRASTRUCTURE       0.40      10/15/26     INR      73.35
PURVANCHAL SOLAR POWER      0.01      08/29/46     INR      14.12
PYRAMID SAIMIRA THEATR      1.75      07/04/12     USD       0.26
R L FINE CHEM PVT LTD       0.10      08/19/36     INR      30.31
RAMANI ICECREAM CO LTD      0.01      12/29/35     INR      32.57
REDKITE CAPITAL PVT LT      2.50      03/30/29     INR      70.59
REDKITE CAPITAL PVT LT      2.50      01/15/28     INR      74.91
REI AGRO LTD                5.50      11/13/14     USD       0.96
REI AGRO LTD                5.50      11/13/14     USD       0.96
RELIANCE COMMUNICATION      6.50      11/06/20     USD      10.09
REWANCHAL SOLAR POWER       0.01      08/29/46     INR      14.12
SAKET HOLIDAYS RESORTS      0.01      06/29/30     INR      49.34
SANJWIN CONSULTING SOL      0.01      06/01/28     INR      59.07
SHIVAJI MARG MAINTENAN      0.01      06/28/30     INR      48.28
SINTEX INDUSTRIES LTD       3.50      05/25/22     USD      23.63
STPL HORTICULTURE PVT       0.01      03/31/31     INR      56.78
SUNWORLD SOLAR POWER P      0.01      08/31/46     INR      14.04
SURBHI INVESTMENTS & T      2.50      10/21/28     INR      71.53
SUTARA ROADS & INFRA L      0.01      08/31/30     INR      56.77
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      68.95
TATA SMARTFOODZ LTD         0.01      11/23/25     INR      71.57
TATA SMARTFOODZ LTD         0.01      07/15/25     INR      73.93
TN URJA PVT LTD             0.10      02/22/36     INR      31.92
WATSUN INFRABUILD PVT       4.00      10/16/37     INR      60.07
WS T&D LTD                  0.10      03/24/29     INR      55.76


   JAPAN
   -----

AVANSTRATE INC              0.15      10/29/32     JPY       9.75
HIS CO LTD                  0.58      02/19/27     JPY      65.67
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       1.10      11/28/24     JPY      34.54
UNIZO HOLDINGS CO LTD       0.99      11/27/26     JPY      38.24
UNIZO HOLDINGS CO LTD       1.20      05/28/27     JPY      38.24
UNIZO HOLDINGS CO LTD       1.50      11/26/27     JPY      38.24
UNIZO HOLDINGS CO LTD       0.89      05/29/24     JPY      45.49
UNIZO HOLDINGS CO LTD       0.80      11/29/23     JPY      47.16
UNIZO HOLDINGS CO LTD       0.75      11/28/22     JPY      51.54
UNIZO HOLDINGS CO LTD       0.85      05/26/23     JPY      52.40
UNIZO HOLDINGS CO LTD       0.52      05/27/22     JPY      53.26
UNIZO HOLDINGS CO LTD       0.43      11/29/21     JPY      65.40


   MALAYSIA
   --------

ASIAN PAC HOLDINGS BHD      3.00      05/25/22     MYR       0.65
BERJAYA CORP BHD            2.00      05/29/26     MYR       0.25
BERJAYA CORP BHD            5.00      04/22/22     MYR       0.27
ELK-DESA RESOURCES BHD      3.25      04/14/22     MYR       1.10
HUME CEMENT INDUSTRIES      5.00      05/29/24     MYR       1.42
MALAYAN FLOUR MILLS BH      5.00      01/24/24     MYR       1.50
PENGURUSAN AIR SPV BHD      1.00      11/05/35     MYR      63.24
PENGURUSAN AIR SPV BHD      1.00      02/05/36     MYR      63.43
PENGURUSAN AIR SPV BHD      1.00      09/28/35     MYR      64.38
PMB TECHNOLOGY BHD          3.00      07/12/23     MYR       5.20
SD INTERNATIONAL SUKUK      7.00      03/12/25     USD      37.07
SD INTERNATIONAL SUKUK      6.30      05/09/22     USD      44.52
SENAI-DESARU EXPRESSWA      1.35      06/30/31     MYR      70.10
SENAI-DESARU EXPRESSWA      1.35      12/31/30     MYR      71.71
SENAI-DESARU EXPRESSWA      1.35      06/28/30     MYR      73.34
SENAI-DESARU EXPRESSWA      1.35      12/31/29     MYR      74.92
VIZIONE HOLDINGS BHD        3.00      08/08/21     MYR       0.02


   NEW ZEALAND
   -----------

PRECINCT PROPERTIES NE      4.80      09/27/21     NZD       1.18


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICATIO     15.00      07/15/06     USD      19.63


   SINGAPORE
   ---------

APL REALTY HOLDINGS PT      5.95      06/02/24     USD      72.38
ASL MARINE HOLDINGS LT      3.00      03/28/25     SGD      41.34
ASL MARINE HOLDINGS LT      3.00      10/01/26     SGD      41.38
BAKRIE TELECOM PTE LTD     11.50      05/07/15     USD       0.59
BAKRIE TELECOM PTE LTD     11.50      05/07/15     USD       0.59
BANYAN TREE HOLDINGS L      7.50      08/06/22     SGD       1.32
BLD INVESTMENTS PTE LT      8.63      03/23/15     USD       4.88
BLUE OCEAN RESOURCES P      8.00      12/31/21     USD      21.73
BLUE OCEAN RESOURCES P      8.00      12/31/21     USD      21.73
BLUE OCEAN RESOURCES P      8.00      12/31/21     USD      21.73
ENERCOAL RESOURCES PTE      9.25      08/05/14     USD      45.75
ETERNA CAPITAL PTE LTD      8.00      12/11/22     USD      45.98
ETERNA CAPITAL PTE LTD      7.50      12/11/22     USD      69.98
EZRA HOLDINGS LTD           4.88      04/24/18     SGD       5.00
GOLDEN LEGACY PTE LTD       6.88      03/27/24     USD      20.21
GOLDEN LEGACY PTE LTD       6.88      03/27/24     USD      20.27
INDO INFRASTRUCTURE GR      2.00      07/30/10     USD       1.00
INNOVATE CAPITAL PTE L      6.00      12/11/24     USD      27.13
ITNL OFFSHORE PTE LTD       7.50      01/18/21     CNY      18.06
JGC VENTURES PTE LTD       10.75      08/30/21     USD      54.63
MICLYN EXPRESS OFFSHOR      8.75      11/25/18     USD       8.10
MODERNLAND OVERSEAS PT      6.95      04/13/24     USD      45.83
NT RIG HOLDCO PTE LTD       7.50      12/20/21     USD      55.41
ORO NEGRO DRILLING PTE      7.50      01/24/19     USD      14.68
PACIFIC RADIANCE LTD        4.30      03/31/20     SGD      10.00
RICKMERS MARITIME           8.45      05/15/17     SGD       5.00
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
  -----------

CJ CGV CO LTD               1.00      06/08/51     KRW      70.25
FIRST 5G SECURITIZATIO      1.71      02/28/25     KRW      28.20
FIRST 5G SECURITIZATIO      1.89      11/28/25     KRW      28.57
HEUNGKUK FIRE & MARINE      5.70      12/29/46     KRW      41.13
KIBO ABS SPECIALTY CO       5.00      02/24/24     KRW      69.68
KIBO ABS SPECIALTY CO       5.00      02/24/23     KRW      72.38
KIBO ABS SPECIALTY CO       5.00      02/28/22     KRW      73.57
KIBO ABS SPECIALTY CO       5.00      02/24/22     KRW      74.43
KIBO ABS SPECIALTY CO       5.00      08/28/21     KRW      75.35
LOTTE CARD CO LTD           3.95      06/28/49     KRW      37.34
POSCO ENERGY CO LTD         5.21      08/29/43     KRW      64.45
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 S      5.00      06/27/22     KRW      61.81
SINBO SECURITIZATION S      5.00      02/23/22     KRW      63.31
SINBO SECURITIZATION S      5.00      07/24/22     KRW      63.37
SINBO SECURITIZATION S      5.00      07/26/22     KRW      63.44
SINBO SECURITIZATION S      5.00      08/29/22     KRW      64.24
SINBO SECURITIZATION S      5.00      08/31/22     KRW      64.28
SINBO SECURITIZATION S      3.00      11/21/23     KRW      64.32
SINBO SECURITIZATION S      5.00      01/26/22     KRW      64.36
SINBO SECURITIZATION S      5.00      01/25/22     KRW      64.42
SINBO SECURITIZATION S      5.00      09/26/22     KRW      64.63
SINBO SECURITIZATION S      4.00      12/25/23     KRW      65.91
SINBO SECURITIZATION S      4.00      12/25/23     KRW      65.91
SINBO SECURITIZATION S      5.00      06/30/23     KRW      65.93
SINBO SECURITIZATION S      5.00      06/27/23     KRW      65.96
SINBO SECURITIZATION S      4.00      06/30/24     KRW      66.00
SINBO SECURITIZATION S      4.00      06/30/24     KRW      66.00
SINBO SECURITIZATION S      4.00      09/29/24     KRW      66.57
SINBO SECURITIZATION S      4.00      09/29/24     KRW      66.57
SINBO SECURITIZATION S      5.00      01/25/23     KRW      66.68
SINBO SECURITIZATION S      4.00      08/28/24     KRW      66.70
SINBO SECURITIZATION S      4.00      08/28/24     KRW      66.70
SINBO SECURITIZATION S      4.00      07/29/24     KRW      66.82
SINBO SECURITIZATION S      4.00      04/15/24     KRW      66.86
SINBO SECURITIZATION S      5.00      09/26/23     KRW      67.06
SINBO SECURITIZATION S      5.00      09/26/23     KRW      67.06
SINBO SECURITIZATION S      5.00      09/26/23     KRW      67.06
SINBO SECURITIZATION S      5.00      07/24/23     KRW      67.07
SINBO SECURITIZATION S      5.00      07/29/23     KRW      67.08
SINBO SECURITIZATION S      5.00      08/29/23     KRW      67.09
SINBO SECURITIZATION S      5.00      08/29/23     KRW      67.09
SINBO SECURITIZATION S      5.00      09/09/23     KRW      67.25
SINBO SECURITIZATION S      3.00      01/29/24     KRW      67.44
SINBO SECURITIZATION S      5.00      11/21/23     KRW      67.98
SINBO SECURITIZATION S      5.00      06/30/24     KRW      68.13
SINBO SECURITIZATION S      5.00      10/24/23     KRW      68.19
SINBO SECURITIZATION S      5.00      10/24/23     KRW      68.19
SINBO SECURITIZATION S      5.00      02/27/24     KRW      68.34
SINBO SECURITIZATION S      5.00      08/31/21     KRW      68.40
SINBO SECURITIZATION S      5.00      09/29/24     KRW      68.87
SINBO SECURITIZATION S      5.00      08/28/24     KRW      69.03
SINBO SECURITIZATION S      5.00      07/29/24     KRW      69.17
SINBO SECURITIZATION S      5.00      07/29/24     KRW      69.17
SINBO SECURITIZATION S      4.00      01/29/24     KRW      69.44
SINBO SECURITIZATION S      4.00      01/29/24     KRW      69.44
SINBO SECURITIZATION S      5.00      07/26/21     KRW      69.63
SINBO SECURITIZATION S      5.00      01/29/23     KRW      71.11
SINBO SECURITIZATION S      5.00      12/25/22     KRW      71.37
SINBO SECURITIZATION S      5.00      12/25/23     KRW      71.69
SINBO SECURITIZATION S      5.00      02/28/22     KRW      73.56
SINBO SECURITIZATION S      5.00      03/20/23     KRW      73.90
SINBO SECURITIZATION S      5.00      02/28/23     KRW      74.06
SINBO SECURITIZATION S      5.00      12/27/21     KRW      74.25


  SRI LANKA
  ---------

SRI LANKA DEVELOPMENT       4.72      01/22/25     USD      62.66
SRI LANKA DEVELOPMENT       5.98      01/22/25     USD      64.60
SRI LANKA DEVELOPMENT       6.02      01/22/25     USD      64.69
SRI LANKA DEVELOPMENT       6.05      01/22/25     USD      64.76
SRI LANKA DEVELOPMENT       6.50      01/22/25     USD      65.84
SRI LANKA DEVELOPMENT       6.75      01/22/25     USD      66.44
SRI LANKA DEVELOPMENT       6.80      01/22/25     USD      66.56
SRI LANKA DEVELOPMENT       6.82      01/22/25     USD      66.61
SRI LANKA DEVELOPMENT       6.87      01/22/25     USD      66.73
SRI LANKA DEVELOPMENT       6.99      01/22/25     USD      67.02
SRI LANKA DEVELOPMENT       7.68      01/22/25     USD      68.68
SRI LANKA DEVELOPMENT       7.95      05/01/24     USD      72.29
SRI LANKA DEVELOPMENT       7.99      05/01/24     USD      72.46
SRI LANKA DEVELOPMENT       4.04      05/01/23     USD      73.35
SRI LANKA DEVELOPMENT       4.08      05/01/23     USD      73.41
SRI LANKA DEVELOPMENT       4.17      03/16/23     USD      74.91
SRI LANKA GOVERNMENT I      6.20      05/11/27     USD      62.78
SRI LANKA GOVERNMENT I      6.20      05/11/27     USD      62.83
SRI LANKA GOVERNMENT I      6.75      04/18/28     USD      62.83
SRI LANKA GOVERNMENT I      6.75      04/18/28     USD      62.83
SRI LANKA GOVERNMENT I      7.55      03/28/30     USD      62.89
SRI LANKA GOVERNMENT I      7.55      03/28/30     USD      62.90
SRI LANKA GOVERNMENT I      7.85      03/14/29     USD      63.01
SRI LANKA GOVERNMENT I      7.85      03/14/29     USD      63.06
SRI LANKA GOVERNMENT I      6.83      07/18/26     USD      64.44
SRI LANKA GOVERNMENT I      6.83      07/18/26     USD      64.56
SRI LANKA GOVERNMENT I      6.13      06/03/25     USD      65.28
SRI LANKA GOVERNMENT I      6.13      06/03/25     USD      65.37
SRI LANKA GOVERNMENT I      6.85      11/03/25     USD      65.40
SRI LANKA GOVERNMENT I      6.85      11/03/25     USD      65.42
SRI LANKA GOVERNMENT I      6.35      06/28/24     USD      66.20
SRI LANKA GOVERNMENT I      6.35      06/28/24     USD      66.31
SRI LANKA GOVERNMENT I      6.85      03/14/24     USD      66.32
SRI LANKA GOVERNMENT I      6.85      03/14/24     USD      66.34
SRI LANKA GOVERNMENT I      5.75      04/18/23     USD      72.69
SRI LANKA GOVERNMENT I      5.75      04/18/23     USD      72.72
SRILANKAN AIRLINES LTD      7.00      06/25/24     USD      64.06


   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 ***