/raid1/www/Hosts/bankrupt/TCRAP_Public/210914.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, September 14, 2021, Vol. 24, No. 178

                           Headlines



A U S T R A L I A

COCONUT BROTHERS: First Creditors' Meeting Set for Sept. 22
MINERAL RESOURCES: S&P Withdraws 'B+' LT Issuer Credit Rating
MM & DC AZZOPARDI: Second Creditors' Meeting Set for Sept. 20
MORTGAGE HOUSE 1: S&P Assigns B Rating on Class F Notes
TORRENS TRUST 2021-2: S&P Assigns BB Rating on Class E Notes



C H I N A

AIRPOWER TECHNOLOGIES: Moody's Affirms Ba2 CFR Amid Baosteel Deal
CHINA EVERGRANDE: Restructuring Unavoidable as Debt Binge Ends
CHINA SOUTH CITY: Moody's Withdraws B3 Corporate Family Rating
EHI CAR SERVICES: Fitch Rates Proposed USD Unsec. Notes 'B'
EHI CAR: S&P Puts 'B' LongTerm ICR on CreditWatch Positive

JIUQUAN IRON: Fitch Affirms and Then Withdraws BB+ Ratings
REDSUN PROPERTIES: Fitch Rates Proposed USD Green Notes 'B+'
SINIC HOLDINGS: S&P Alters Outlook to Negative & Affirms 'B' ICR


I N D I A

ADORE SUITINGS: CARE Keeps B Debt Rating in Not Cooperating
ANNAPURNA TRADING: ICRA Keeps D Debt Ratings in Not Cooperating
AUKLAND CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating
G.G. FASHIONS: CARE Reaffirms B+ Rating on INR12.58cr LT Loan
GANGAPADA SUPER: CARE Lowers Rating on INR10cr LT Loan to B-

GOUR FLOUR: CARE Keeps B Debt Rating in Not Cooperating Category
GUPTA AGRO: CARE Lowers Rating on INR6.50cr LT Loan to B
GURU RAMDASS: CARE Lowers Rating on INR6cr LT Loan to B-
JSW STEEL: Fitch Assigns BB- Rating on Proposed USD Unsec. Notes
MANDEEP INDUSTRIES: CARE Keeps D Debt Ratings in Not Cooperating

MTE INDUSTRIES: CARE Lowers Rating on INR13.87cr LT Loan to B-
NAGESH ENTERPRISES: CARE Assigns B+ Rating to INR3.40cr LT Loan
PADMAVATHI RICE: CARE Raises Rating on INR6.30cr LT Loan to BB-
PALATHRA CONSTRUCTIONS: CARE Keeps B+ Rating in Not Cooperating
QUADROS MOTORS: CARE Keeps D Debt Rating in Not Cooperating

RAGHAV SULZCON: CARE Keeps B+ Debt Rating in Not Cooperating
RAMESHWARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating
REVA ENTERPRISE: CRISIL Lowers Rating on INR9.5cr Loan to D
REX PIPES: CRISIL Withdraws B+ Rating on INR4cr Cash Loan
RNR IMPORTS: CARE Keeps D Debt Ratings in Not Cooperating

S.P.Y. AGRO: CARE Keeps D Debt Ratings in Not Cooperating
SATYAM COTTEX: CARE Keeps B- Debt Rating in Not Cooperating
SHAH PACKWELL: CRISIL Reaffirms B- Rating on INR7cr Cash Loan
SHIVALIK INFRASTRUCTURE: CARE Keeps D Rating in Not Cooperating
SHREERAJ ROTO: CARE Keeps B- Debt Rating in Not Cooperating

SSV PHARMA: CRISIL Assigns B Rating to INR24cr Term Loan
SUBICO FOOD: CARE Keeps B- Debt Ratings in Not Cooperating
SUN AGRIFRESH: CARE Keeps D Debt Ratings in Not Cooperating
UNIVERSAL QUARTZ: CRISIL Assigns B+ Rating to INR38cr LT Loan
VIJAYA DURGA: CARE Keeps D Debt Ratings in Not Cooperating



J A P A N

JAPAN AIRLINES: Australian Regulator Blocks Qantas-JAL Deal
JAPAN AIRLINES: Raises US$2.7 Billion as Buffer
SHINSEI BANK: Far From Repaying Public Funds Amid Low Stock Price


S I N G A P O R E

GLOBAL STEEL: Creditors' Proofs of Debt Due on Oct. 11
HUADA NANYANG: Creditors' Proofs of Debt Due on Sept. 24
REEBONZ LIMITED: Commences Wind-Up Proceedings
T-WERKZ PTE: Court to Hear Wind-Up Petition on Sept. 24


S O U T H   K O R E A

SSANGYONG MOTOR: SM Group, Edison Motors Lead Acquisition Race


S R I   L A N K A

SRI LANKA: Running Out of Money for Imports as Delta Rages


X X X X X X X X

[*] BOND PRICING: For the Week Sept. 6, 2021 to Sept. 10, 2021

                           - - - - -


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A U S T R A L I A
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COCONUT BROTHERS: First Creditors' Meeting Set for Sept. 22
-----------------------------------------------------------
A first meeting of the creditors in the proceedings of Coconut
Brothers Pty Ltd will be held on Sept. 22, 2021, at 10:30 a.m. at
the offices of Worrells Solvency & Forensic Accountants, Bryant
House, Suite 4, Level 3, 26 Duporth Avenue, in Maroochydore,
Queensland.

Paul Eric Nogueira of Worrells Solvency & Forensic Accountants was
appointed as administrator of Coconut Brotherson Sept. 10, 2021.


MINERAL RESOURCES: S&P Withdraws 'B+' LT Issuer Credit Rating
-------------------------------------------------------------
S&P Global Ratings has withdrawn its 'B+' long-term issuer and
issue credit ratings on Mineral Resources Ltd. at the issuer's
request. The outlook was stable at the time of the withdrawal and
reflects S&P's view that Mineral Resources will appropriately
manage its sizable execution risks with sufficient financial buffer
to absorb near-term volatility in lithium and iron ore prices.


MM & DC AZZOPARDI: Second Creditors' Meeting Set for Sept. 20
-------------------------------------------------------------
A second meeting of creditors in the proceedings of MM & DC
Azzopardi Pty Ltd ATF M & D Azzopardi Trust, trading as Rocket
Catering, has been set for Sept. 20, 2021, at 2:30 p.m. virtual
meeting technology.

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

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

Stephen Dixon of Hamilton Murphy Advisory was appointed as
administrator of MM & DC Azzopardi on Aug. 16, 2021.


MORTGAGE HOUSE 1: S&P Assigns B Rating on Class F Notes
-------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for Mortgage House Capital Mortgage
Trust No.1 - Mortgage House RMBS Series 2021-2.

Mortgage House RMBS Series 2021-2 is a securitization of
residential mortgages originated by Mortgage House of Australia Pty
Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support provided to
each class of notes is commensurate with the ratings assigned.
Credit support for the rated notes comprises note subordination,
lenders' mortgage insurance (LMI) on 5.9% of the loans in the
portfolio, and excess spread.

-- The underwriting standard and centralized approval process of
the seller, Mortgage House of Australia.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 1.2% of the outstanding balance of the notes, principal
draws, and a loss reserve that builds from excess spread, are
sufficient under our stress assumptions.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by Westpac Banking Corp. to hedge the mismatch between
receipts from any fixed-rate mortgage loans and the variable-rate
RMBS.

  Ratings Assigned

  Mortgage House Capital Mortgage Trust No.1 - Mortgage House RMBS

Series 2021-2

  Class A1, A$510.00 million: AAA (sf)
  Class A2, A$42.00 million: AAA (sf)
  Class AB, A$9.90 million: AAA (sf)
  Class B, A$12.60 million: AA (sf)
  Class C, A$10.50 million: A (sf)
  Class D, A$6.60 million: BBB (sf)
  Class E, A$3.90 million: BB (sf)
  Class F, A$2.40 million: B (sf)
  Class G, A$2.10 million: Not rated


TORRENS TRUST 2021-2: S&P Assigns BB Rating on Class E Notes
------------------------------------------------------------
S&P Global Ratings assigned its ratings to six classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Trustee Co. Ltd. as trustee for TORRENS Series 2021-2 Trust.

The ratings assigned to the prime floating-rate RMBS reflect the
following factors.

The credit risk of the underlying collateral portfolio and the
credit support provided to each class of notes are commensurate
with the ratings assigned. Credit support is provided by
subordination, lenders' mortgage insurance (LMI), and excess
spread, if any. S&P's assessment of credit risk takes into account
Bendigo and Adelaide Bank Ltd.'s (BEN's) underwriting standards and
approval process, which are consistent with industry-wide
practices; BEN's servicing quality; and the support provided by the
LMI policies on 15.4% of the portfolio.

The rated notes can meet timely payment of interest and ultimate
payment of principal under the rating stresses. Key rating factors
are the level of subordination provided, the LMI cover, the
trapping of excess yield in the excess revenue reserve (subject to
conditions), the interest-rate swaps, the liquidity facility, and
the principal draw function. All rating stresses are made on the
basis that the trust does not call the notes at or beyond the
call-option date, and that all rated notes must be fully redeemed
via the principal waterfall mechanism under the transaction
documents.

S&P said, "Our rating also takes into account the counterparty
exposure to BEN as interest-rate swap provider and liquidity
facility provider, as well as to National Australia Bank Ltd. (NAB)
as standby fixed-rate swap provider and collections account
provider. Interest-rate swaps are provided to hedge the fixed-rate
mortgage loans and the floating-rate obligations on the notes. The
transaction documents for the swaps and facilities include
downgrade language consistent with S&P Global Ratings' counterparty
criteria.

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

"In 2020, we updated our outlook assumptions for Australian RMBS in
response to changing macroeconomic conditions as a result of the
COVID-19 outbreak. As of Aug. 25, 2021, there are no borrowers with
COVID-19-related hardship arrangements present within the pool.

  Ratings Assigned

  TORRENS Series 2021-2 Trust

  Class A, A$920.000 million: AAA (sf)
  Class AB, A$38.500 million: AAA (sf)
  Class B, A$16.500 million: AA (sf)
  Class C, A$11.500million: A (sf)
  Class D, A$5.300million: BBB (sf)
  Class E, A$4.200 million: BB (sf)
  Class F, A$4.000 million: Not rated




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C H I N A
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AIRPOWER TECHNOLOGIES: Moody's Affirms Ba2 CFR Amid Baosteel Deal
-----------------------------------------------------------------
Moody's Investors Service has affirmed the Ba2 corporate family
rating of AirPower Technologies Limited (AirPower Tech), formerly
named Yingde Gases Group Company Limited.

At the same time, Moody's has affirmed the Ba2 backed senior
unsecured rating on the bonds issued by Yingde Gases Investment
Limited and guaranteed by AirPower Tech.

The outlook on the ratings remains stable.

"The rating affirmation reflects Moody's view that AirPower Tech's
acquisition of Shanghai Baosteel Gases Co., Ltd. (Baosteel Gases)
helps improve its operating scale and business diversification. In
addition, the company's potential IPO could bring improvement to
its governance structure. It has sufficient financial buffers to
weather the uncertainty of the IPO process," says Roy Zhang, a
Moody's Vice President and Senior Analyst.

"On the other hand, the acquisition and special dividend will
increase the company's financial leverage and reduce its liquidity
buffer. These risks are mitigated by the company's strong
financials and long-term funding access," adds Zhang.

RATINGS RATIONALE

AirPower Tech's Ba2 CFR reflects the company's strong market
position as the largest industrial gas supplier in China, its
stable business operation, and its steady cash flow generation,
supported by its long-term contracts with on-site customers.

At the same time, AirPower Tech's CFR is constrained by the
company's private status with 100% ownership by private equity
owners, as it is not subject to the same financial disclosure
obligations and regulatory supervisions as listed companies.

Moody's believes that the acquisition of Baosteel Gases will
improve AirPower Tech's business profile in terms of operating
scale, market coverage, operation diversification and client
concentration risks. The combined entity ranks top in China and
fifth globally by revenue in 2020 among industrial gas producers,
according to Frost & Sullivan.

Baosteel Gases reported RMB2.1 billion in revenue in the first half
of 2021, which accounted for about 20% of the pro forma revenue of
the combined entity. Baosteel Gases is now 64.82% owned by AirPower
Tech and 35.18% owned by Baowu Clean Energy.

If the IPO is successful, AirPower Tech will become a listed
company and be required to comply with listing rules, which will
improve its disclosure transparency. It will also need to comply
with various regulatory requirements, which could result in a
better corporate governance structure. For example, the company
will need to appoint three independent members on its board of
directors in preparing for its IPO.

Despite this, Moody's expects that given that PAGAC II-2 Limited
will remain the largest shareholder with control of the board,
AirPower Tech's ownership concentration risks will remain even
after the IPO has been completed.

Moody's expects AirPower Tech's debt to EBITDA ratio to stay at
around 2.0x-2.5x in the next 12-18 months, without considering the
IPO proceeds. Such a leverage level is strong for the company's
rating category.

The company's liquidity will remain adequate, supported by its
steady cash flow generation and ability to secure long-term
financing. The acquisition was funded by a mix of cash and
long-term debt due in 2028.

Moody's will continue to monitor the company's IPO progress in
terms of timeline, financial arrangement, size and use of proceeds,
future strategy and commitment to a prudent financial policy.

The senior unsecured bond rating is unaffected by subordination to
claims at the operating company level, based on Moody's expectation
that the majority of claims will remain at the holding company
level. AirPower Tech's creditors also benefit from the group's
highly diversified business profile — with cash flow generation
across a large number of operating subsidiaries — which mitigates
structural subordination risk.

AirPower Tech's rating also considers the following environmental,
social and governance (ESG) factors.

Industrial gas firms have lower direct environmental risks related
to manufacturing processes compared with other specialty chemical
companies. However, they supply customers that have high risks,
including steelmakers and chemical producers, and in some cases,
they are directly integrated into their clients' facilities.

The rating also considers AirPower Tech's private company status
and concentrated ownership, with PAGAC II-2 Limited owning a 100%
stake. As a private company, AirPower Tech is not subject to the
same strict disclosure requirements as listed companies.
Nevertheless, based on the company's track record, Moody's expects
it to manage its financial profile prudently.

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

The stable rating outlook reflects Moody's expectation that
AirPower Tech will grow its revenue and maintain its profitability
and positive free cash flow generation, as well as maintain its
prudent financial management, with disciplined capital spending,
acquisitions and shareholder distributions. At the same time,
Moody's expects the company to maintain its adequate liquidity
profile.

Upward rating pressure could emerge if the company's shareholding
structure changes, including but not limited to a public listing,
resulting in better public disclosure and commitment on financial
policy regarding its capital structure, liquidity, acquisition and
shareholder distribution.

Moody's could downgrade the ratings if (1) the company's revenue or
profitability declines; (2) its liquidity or credit profile
deteriorates, such that its adjusted debt/EBITDA exceeds 3.0x-3.5x
on a sustained basis; or (3) it demonstrates poor information
disclosure or an aggressive financial policy.

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

AirPower Technologies Limited is one of the largest companies in
the independent on-site industrial gas market in China. As of
December 2020, the company had 100 gas production facilities in
operation and another 21 under development. PAGAC II-2 Limited, a
special purpose vehicle managed by a private equity firm, held a
100% stake in AirPower Tech as of December 2020.


CHINA EVERGRANDE: Restructuring Unavoidable as Debt Binge Ends
--------------------------------------------------------------
South China Morning Post reports that investors focusing on Asian
high yield and distressed bonds are circling China Evergrande Group
as the developer seeks fresh capital to pull through its biggest
survival test after accumulating more than US$300 billion of
liabilities.

The firm, struggling to contain a market sell-off and regulatory
warning, may have to restructure its debt to prevent a fire-sale of
key assets, some analysts said, the Post relates. Distressed debt
investors are weighing the odds of the Shenzhen-based developer
beating the drop as multiple credit rating downgrades point to a
higher probability of default.

The Post says the developer boosted its chances of survival after
regulators in Beijing handed it some breathing space. The Financial
Stability and Development Committee approved the company's proposal
to negotiate repayment deadlines with lenders and other creditors,
Bloomberg reported last week.

"We have traded the bonds very actively in the last few sessions,
including with new investors," the Post quotes Michel Lowy, chief
executive of SC Lowy Financial in Hong Kong, which focuses on junk
bonds and distressed credit, as saying. "We believe Evergrande will
survive, but that some form of debt restructuring is quasi
unavoidable."

Lowy, a former Cargill and Deutsche Bank trader, co-founded the
privately-owned investment bank and asset management firm in 2009
after the Lehman Brothers crisis, the report notes. The firm traded
US$10.5 billion of high yield bonds globally in the first half this
year and US$22.5 billion in 2020.

China Evergrande's 8.75 per cent notes due in June 2025, its
most-active dollar-denominated bonds, traded at about 31 cents on
the dollar on Friday, according to Bloomberg data. Still, they have
fallen from 84 cents at the end of May as its billionaire founder
Hui Ka-yan signalled urgency by putting some of its key assets up
for sale to raise cash.

Its shortest-maturity bonds due in March 2022 fetched 35 cents on
the dollar, versus 99.6 cents at the end of May, showing that
markets have already priced in the risks of default and haircut,
according to Jackson Chan, assistant manager of fixed income
research in Hong Kong at iFast Financial, the Post relays.

"Although the probability of any debt restructuring involving
maturity extension and haircut is increasing, we believe that the
current price is already reflecting the maximum haircut level," he
said in a report. "The incentive to sell the bond now is quite low,
and investors will miss the opportunity for a possible rebound."

According to the Post, Evergrande's debt reckoning was long in
coming even as its borrowings ballooned and China started clipping
the wings of Anbang Insurance, HNA Group, CEFC Group and the
Tomorrow Group from 2016, groups known for their debt-funded
rapacious growth. Other entities linked to shadow financing, such
as China Huarong Asset Management, are now facing severe financial
stress and struggling to avoid bankruptcy.

"For the first several years of the crackdown, Evergrande seemed
immune from pressures to deleverage, becoming one of China's
largest and riskiest corporate borrowers," Nicholas Borst, director
of China Research at Seafarer Capital Partners, wrote in a report
last month, the Post relays. "Evergrande's free pass, however, now
appears to be over as regulators target it and other property
developers with the 'three red lines' borrowing regulation."

Late last month, Hui warned of default risks if its effort to raise
cash falls short and may face legal actions, the Post recalls. The
firm has reportedly put up its headquarters in
Hong Kong for sale, as well as its equity stakes in listed
car-making and property management units.

China Evergrande had CNY1.97 trillion (US$305 billion) of
liabilities on June 30, a source of consternation for policymakers
trying to contain any potential systemic risk to the financial
system, the Post discloses. The amount included CNY240 billion of
borrowings and CNY951 billion of payables, both due by June next
year.

Hui has at least about four months to figure out his next moves.
Evergrande does not have any bonds coming due until January when
investors can ask for repayment on CNY8.2 billion of local bonds,
according to iFast Financial. However, it still needs to service
CNY3.8 billion of bond interest until then.

"At this point, we still think Evergrande has the resilience to
survive for a longer period," the report quotes Chan at iFast
Financial as saying. "However, if it really gets into any legal
process, it may take a long time to come up with a recovery plan
for the relevant bonds."

                       About China Evergrande

China Evergrande Group is an integrated residential property
developer. The Company, through its subsidiaries, operates in
property development, investment, management, finance, internet,
health, culture, and tourism markets.

As reported in the Troubled Company Reporter-Asia Pacific, S&P
Global Ratings, on Aug. 5, 2021, downgraded China Evergrande Group
and its subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji
Holding Ltd. to 'CCC' from 'B-'. S&P also lowered its long-term
issue rating on the U.S. dollar notes issued by Evergrande and
guaranteed by Tianji to 'CCC-' from 'CCC+'. The negative outlook
reflects Evergrande's increasing strained liquidity and nonpayment
risk. It also reflects S&P's view that its asset disposal plan,
though potentially substantial, lacks visibility or certainty.


CHINA SOUTH CITY: Moody's Withdraws B3 Corporate Family Rating
--------------------------------------------------------------
Moody's Investors Service has withdrawn the B3 corporate family
rating of China South City Holdings Limited. The rating outlook
prior to the withdrawal was negative.

RATINGS RATIONALE

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

COMPANY PROFILE

China South City is a developer and operator of large-scale
integrated logistics and trade centers in China. The company, which
listed on the Hong Kong Stock Exchange in 2009, also develops
supporting residential properties and commercial facilities
surrounding its trade centers, and provides various value-added
services to occupants of its trade centers and other facilities.


EHI CAR SERVICES: Fitch Rates Proposed USD Unsec. Notes 'B'
-----------------------------------------------------------
Fitch Ratings has assigned China-based eHi Car Services Limited's
(B/Rating Watch Positive) proposed US dollar senior unsecured notes
a 'B' rating with a Recovery Rating of 'RR4'. The rating is on
Rating Watch Positive (RWP). The proposed notes are rated at the
same level as eHi's senior unsecured rating because they will
constitute its direct and senior unsecured obligations. The final
rating on the proposed notes is subject to the receipt of final
documentation conforming to information already received.

The proposed issuance would further improve eHi's debt maturity
profile and reduce its refinancing risk. It would increase the
liquidity headroom for debt repayment, including its August 2022
bond, which has an outstanding balance of USD252 million as of 1
September 2021. eHi's Issuer Default Rating and senior unsecured
rating could potentially be removed from the RWP and be upgraded to
'B+' if the proposed issuance is successful.

KEY RATING DRIVERS

Financial Flexibility, Liquidity Buffer: eHi bolstered its
financial flexibility through the USD300 million and USD150 million
bonds issued in May and June 2021, respectively. Fitch believes the
proposed bond issuance and a cash tender offer for the August 2022
bond, if completed, will widen the company's liquidity buffer to
cover debt due within two years, including the August 2022 bond,
and provide eHi with ample financial flexibility to improve its
capital structure.

Improving Debt Maturity Schedule: Fitch expects the proposed
issuance to further balance eHi's debt maturity profile towards
longer-term debt. At end-2020, 99% of the company's debt maturities
were in 2021 and 2022. eHi improved its debt structure in 1H21
after signing a new CNY750 million onshore syndicated loan in April
2021, and making the cash tender offer for the August 2022 bond and
issuing a new bond at the same time in 2Q21. Short-term debt has
been reduced to 34% of total adjusted debt and debt due within two
years cut to 62% by end-June 2021.

Stable Leverage During Expansion: Fitch expects leverage to be
stable, although this would depend on the company's net expansion
of its vehicle fleet relative to sales growth and the impact on
free cash flow. eHi's leverage has improved in the past two years
as management exercised more capital discipline in the net
expansion of its vehicle fleet, including increasing sales of used
vehicles. However, it may rise slightly in 2021 as eHi resumed
fleet expansion in 1H21. Its FFO adjusted net leverage fell to 3.3x
by end-2020 from 3.6x at end-2019.

Investments in Growth: Fitch assumes eHi will resume capex to
accommodate rising demand and favourable growth prospects as
domestic travel resumes. Revenue growth rebounded to 21% in 1H21
from a trough of -12% in 1H20 during the Covid-19 lockdowns. The
company had limited its fleet expansion in 2020 as it tried to
manage its business under Covid-19 while maintaining high
utilisation rates and balancing its refinancing needs, but a
resumption in demand could require capex.

Leadership in Competitive Market: eHi remains one of China's
leading car-rental companies with a record of market share gains.
Fitch believes China's car-rental market can maintain robust growth
in the medium term, supported by rising incomes, the large gap
between the number of people holding drivers' licences and owning
cars, and the rapid growth in domestic self-driving trips. Major
companies such as eHi can reinforce their leading positions, which
are underpinned by their well-recognised brands, large and
expanding fleets and national coverage.

DERIVATION SUMMARY

eHi's ratings are supported by its leading market position in
China's car-rental industry, although it has a smaller operating
scale and weaker financial profile than other Fitch-rated
car-rental operators, such as Localiza Rent a Car S.A.
(BB/Negative), the leading car-rental operator in Brazil. eHi also
has a smaller operating scale and higher capex requirements than
China Grand Automotive Services Group Co., Ltd. (B+/Stable), the
largest auto dealer in China.

KEY ASSUMPTIONS

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

-- Revenue to increase by CAGR of 4% in 2021-2024 (2020: -7%);

-- EBITDA margin of 44% (2020: 46.3%);

-- Capex of CNY1.6 billion in 2021 (2020: gross capex of CNY1.5
    billion).

Recovery Rating Assumptions:

Our recovery analysis is based on liquidation value, as it is
higher than the going-concern value. The liquidation value is
derived from the value of eHi's vehicle fleet. eHi has a solid
record of disposing of its used cars with minimal gains or losses
from disposal, and there is a large and liquid market for used cars
in China. Hence, Fitch believes the 70% advance rate is achievable
and a fair assumption.

The allocation of value in the liability waterfall results in
recovery corresponding to a Recovery Rating of 'RR2' for the bank
loans and the senior unsecured notes. However, the Recovery Rating
for the senior unsecured debt is capped at 'RR4' because under
Fitch's Country-Specific Treatment of Recovery Ratings Criteria,
China falls into Group D of creditor friendliness, and the Recovery
Ratings of issuers with assets in this group are subject to a cap
of 'RR4'.

RATING SENSITIVITIES

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

-- eHi's ratings would be upgraded if the company successfully
    refinances more than half of its senior notes due August 2022
    through the proposed tender and concurrent new issuance or
    other avenues while maintaining its FFO net leverage,
    including accounts payable for vehicle purchases, below 5.0x
    (2020: 3.3x).

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

-- eHi's ratings would be affirmed at 'B' with a Stable Outlook
    if the company is unable to meet the conditions set in the
    positive sensitivity.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Refinancing Improves Liquidity: eHi had readily available cash of
CNY1.9 billion at end-1H21, against short-term debt of CNY1.5
billion (or CNY2.96 billion if payables for vehicles purchased are
included). eHi's new CNY750 million onshore syndicated loan signed
in April 2021, the tender offer and concurrent new issuance in 2Q21
helped to ease the company's refinancing pressure and improve its
liquidity. Fitch believes eHi's liquidity is supported by its solid
banking relationships and the ability to liquidate its vehicle
fleet quickly to fund any shortfalls.

ISSUER PROFILE

eHi is a leading car rental and chauffeur operator in China. It had
a total fleet of about 69,000 vehicles and covered more than 300
cities in China by end-2020. The company was listed on the New York
Stock Exchange before it was privatised in April 2019.

ESG CONSIDERATIONS

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


EHI CAR: S&P Puts 'B' LongTerm ICR on CreditWatch Positive
----------------------------------------------------------
S&P Global Ratings, on Sept. 13, 2021, placed its 'B' long-term
issuer credit rating and its 'B' issue level rating on eHi Car
Services Ltd. on CreditWatch with positive implications.

S&P also assigned its preliminary 'B+' issue level rating on the
company's proposed U.S. dollar-denominated senior unsecured notes.
The issue rating is subject to our review of the final issuance
documentation.

The CreditWatch with positive implications is based on the likely
improvement in eHi's capital structure and liquidity following a
successful issuance of its proposed notes.

The proposed notes issuance and tender offer for 2022 notes will
improve the company's maturity profile and liquidity. S&P's
CreditWatch placement with positive implications reflects the
lengthening of eHi's weighted average debt maturities to more than
three years, following the issuance of its proposed notes. This
represents a material improvement in its weighted average
maturities, which were under two years at the end of 2020. eHi's
maturity profile also benefited from the issuances in May and June
2021 of US$450 million senior unsecured notes due November 2024 and
its new RMB750 million three-year onshore syndicated loan facility.
The company used proceeds from these issuances to refinance
maturing debts, repay overseas syndicated loans, and tender a
portion of its August 2022 senior unsecured notes.

The proposed notes issuance should provide the company with enough
liquidity to refinance its debts and support a car fleet expansion,
within S&P's base-case scenario, until at least the end of June
2023. The company is likely to use its proceeds for refinancing,
notwithstanding the success of its tender offer for its 2022 senior
unsecured notes. Should the tender offer not materialize, or if the
tender is less-than-expected, the company could still use the
proceeds to refinance some of its higher-interest lease liabilities
from its program-car arrangements.

However, eHi will become increasingly reliant on overseas capital
markets after the issuance, given the proportion of debt from
overseas notes. This could weigh on the company's future liquidity,
should capital market conditions deteriorate. The company's
utilization of program-car agreements and bank loans could help
alleviate some of these risks.

Good operating performance should improve eHi's interest coverage
ratios, despite fleet expansion.We believe eHi can maintain its
high fleet utilization of about 74% for its car rental business and
average daily net revenue per available car (RevPac) of
RMB180-RMB185 over the second half of 2021, despite travel
restrictions in China during August 2021 due to new COVID-19 cases.
The company is managing its car fleet to ensure the supply of
rental cars in areas with stronger demand.

eHi's car fleet expansion efforts to capture recovering demand
could weigh on its EBIT interest coverage ratios. It is likely that
the company's EBIT coverage ratio will remain at 1.2x-1.3x over the
next 12 to 24 months, even though its operating performance should
improve. eHi's last 12-month EBIT coverage ratio was 1.26x in the
first half of 2021. Our forecast incorporates faster growth in
depreciation and interest costs, temporarily offsetting
improvements in operating margins from higher rental pricing and
recovering demand.

eHi's cash and cash flow can support its fleet expansion and
maturing debt. S&P said, "We estimate that the company's RMB1.85
billion of cash and equivalents and operating cash flow of RMB1.4
billion-RMB1.5 billion should cover its short-term debt of RMB1.5
billion, and net capital expenditures (capex) of about RMB1.4
billion. Our assessment also includes a RMB270 million payment to
remaining dissenting minority shareholders that disputed the
valuation for eHi's privatization in April 2019. This estimate does
not include the proposed senior notes, which would further support
its liquidity. We also note that the company has flexibility with
its fleet expansion by utilizing its direct program-car
arrangements to reduce capital outlays, albeit at the expense of
slightly higher interest costs."

S&P said, "We aim to resolve the CreditWatch upon the issuance of
the proposed notes and after reviewing final terms of the
transaction and documentation.

"We would raise our long-term issuer credit rating on eHi to 'B+'
with a stable outlook if the company completes the issuance in a
timely manner on terms that are generally in line with our base
case.

"Failure to complete the proposed issuance, or to do so on terms
that materially deviate from, or are much weaker than our base
case, would likely lead us to affirm the rating at the current
level, or even lower the rating."


JIUQUAN IRON: Fitch Affirms and Then Withdraws BB+ Ratings
----------------------------------------------------------
Fitch Ratings has affirmed China-based Jiuquan Iron and Steel
(Group) Co., Ltd.'s (JISCO) Long-Term Foreign-Currency Issuer
Default Rating (IDR) and senior unsecured rating at 'BB+'. The
Outlook on the IDR is Stable. Fitch has also affirmed the 'BB+'
rating of the USD300 million 7% senior notes due 2022 issued by the
wholly owned subsidiary, Jisco SR Pearl Ltd., and fully guaranteed
by JISCO.

Concurrently, Fitch has chosen to withdraw JISCO's ratings for
commercial reasons.

KEY RATING DRIVERS

There has been no material change in JISCO's credit profile since
the previous rating action on 30 August 2021.

RATING SENSITIVITIES

Rating sensitivities are not applicable as the ratings have been
withdrawn.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

JISCO, wholly owned by the Gansu government, is the second-largest
state-owned enterprise under the provincial State-owned Assets
Supervision and Administration Commission by revenue. About 80% of
gross profit is from steelmaking and aluminium smelting, with the
rest from property, logistics, machinery and agricultural
products.

ESG CONSIDERATIONS

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

Following the withdrawal of ratings for JISCO, Fitch will no longer
be providing the associated ESG Relevance Scores.


REDSUN PROPERTIES: Fitch Rates Proposed USD Green Notes 'B+'
------------------------------------------------------------
Fitch Ratings has assigned China-based Redsun Properties Group
Limited's (B+/Stable) proposed US-dollar senior green notes a
rating of 'B+' and a Recovery Rating of 'RR4'.

The notes are rated at the same level as Redsun's senior unsecured
rating as they constitute its direct and senior unsecured
obligations. Redsun plans to use the proceeds to refinance existing
debt.

Redsun is a subsidiary of Hong Yang Group Company Limited
(B+/Stable). Fitch rates both companies on a consolidated basis in
accordance with its Parent and Subsidiary Linkage Rating Criteria.

KEY RATING DRIVERS

Healthy Leverage: Fitch believes group leverage, measured by net
debt/adjusted inventory that proportionately consolidates joint
ventures and associates, will rise to around 40% in 2021 (2020:
35%), which remains reasonable among 'B+' rated peers. The group
expects to spend about half of its contracted sales proceeds on
land in 2021, similar to that in 2020. The group has been able to
control its leverage at a healthy level while expanding its scale
over the past two years.

Short Land-Bank Life: The group's land-bank life of around two
years at end-2020 - defined by saleable land bank at
end-2020/Fitch's expected gross floor area sold in 2021 - is
shorter than that of 'B+' and 'BB-' peers. Therefore, Fitch
believes the company will seek to acquire land to sustain
contracted sales growth, which may lead to an increase in leverage.
Fitch expects leverage to rise to about 40% in 2021 due to higher
land acquisition outflow during the year.

Rising Sales: The group's total contracted sales were about CNY62
billion in January-August 2021. Fitch expects the group's total
contracted sales to rise by about 15% to CNY100 billion in 2021,
driven by its sufficient saleable resources, mainly in Jiangsu
province and other cities in the Yangtze River Delta, where demand
is resilient. The group's 2020 attributable sales and revenue of
CNY43 billion and CNY20 billion, respectively, was lower than the
above CNY55 billion and CNY30 billion of 'BB-' rated peers.

Margin to Stabilise: Fitch expects the group's EBITDA margin, after
adding back capitalised interest in cost of goods sold, to
stabilise at about 18% in 2021 and for the gross profit margin for
property development, before the capitalised interest adjustment,
to stabilise at about 21%. The overall gross profit margin was
21.1% in 1H21, compared with 22.4% in 2020. The selling and
administrative expense/revenue ratio dropped to 6.3% in 1H21, from
9.5% in 2020.

Increasing NCIs: The ratio of Hong Yang's non-controlling interest
(NCI)/equity, excluding the NCI due to listed subsidiaries,
increased to 30% in 2020, from 20% in 2019. This reflects Hong
Yang's reliance on cash from contracted sales and capital
contributions from non-controlling shareholders, which are mainly
developers, to finance its expansion. This lowers Hong Yang's need
for debt funding, but creates potential cash leakage and reduces
further financial flexibility because homebuilders with lower NCIs
can dispose of stakes in projects to reduce leverage.

Moderate Parent-Subsidiary Linkage: Fitch rates Hong Yang Group and
Redsun on a consolidated basis, based on its Parent and Subsidiary
Linkage Rating Criteria, as Fitch assesses overall linkage as
'Moderate'. This reflects 'Weak' legal ties and 'Moderate'
operational ties. Hong Yang Group holds 72% of Redsun, which
represents the group's entire exposure to the China homebuilding
business. The chairman of Redsun is the sole director of Hong Yang
Group.

DERIVATION SUMMARY

The group's leverage of 35% at end-2020 was similar to that of
Zhenro Properties Group Limited (B+/Positive). However, the group's
attributable contracted sales scale of CNY43 billion is smaller
than Zhenro's CNY78 billion. The group's EBITDA margin of at 17%,
after adding back capitalised interest, is weaker than Zhenro's
22%.

Peers rated at 'BB-' generally have attributable contracted sales
of more than CNY55 billion and revenue of more than CNY30 billion.
The group's attributable contracted sales of CNY43 billion and
revenue of CNY20 billion was lower than that for 'BB-' peers.

KEY ASSUMPTIONS

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

-- Total contracted sales by gross floor area to increase by 5% a

    year in 2021 -2024;

-- Contracted average selling price to increase by 8% in 2021, 5%
    in 2022 and 3% in 2023-2024;

-- Property-development gross profit margin of about 21% in 2021-
    2024;

-- Land-acquisition cash outflow to account for about 50% of
    annual pre-sales proceeds in 2021-2024.

RATING SENSITIVITIES

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

-- Attributable contracted sales and revenue comparable with that
    of 'BB-' peers;

-- Leverage, measured by proportionately consolidated net
    debt/adjusted inventory, sustained below 40%;

-- No decrease in land bank life, as defined by saleable land
    bank at year-end/Fitch's expected gross floor area sold in the
    next year.

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

-- EBITDA margin, excluding capitalised interest from cost of
    goods sold, below 18% for a sustained period;

-- Leverage, measured by proportionately consolidated net
    debt/adjusted inventory, above 50% for a sustained period;

-- All ratios are based on the parent's - Hong Yang Group –
    consolidated financial data.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Redsun had an available cash balance of CNY14
billion, excluding restricted cash and pledged deposits of CNY2.5
billion and CNY1.1 billion, respectively, sufficient to cover
short-term borrowings of CNY10.4 billion at end-June 2021.

ISSUER PROFILE

Hong Yang Group, the parent company, and owns 72% of Hong
Kong-listed Redsun. Hong Yang Group (excluding Redsun) also has a
property management services company, which was separately listed
in Hong Kong in July 2020, as well as a large retail and wholesale
centre for home decoration materials and furniture in Nanjing,
Jiangsu province.

Redsun focuses on developing residential properties in Jiangsu
province and has expanded into other regions. It also operates
retail malls, offices and hotels.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY58.4 billion of adjusted inventory used
in the leverage calculations includes: CNY52.3 billion in property
under development and inventory, CNY0.7 billion in prepaid land-use
rights, CNY21.5 billion in investment properties, CNY0.3 billion in
property, plant and equipment (land and buildings), joint-venture
adjusted inventory of CNY13 billion, less CNY0.2 billion in net
amount due to NCIs and CNY29.4billion in contract liabilities.

Fitch included joint-venture net debt of CNY2 billion in the
proportionately consolidated leverage calculation.

ESG CONSIDERATIONS

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


SINIC HOLDINGS: S&P Alters Outlook to Negative & Affirms 'B' ICR
----------------------------------------------------------------
S&P Global Ratings revised its rating outlook on Sinic Holdings
(Group) Co. Ltd. to negative from stable. At the same time, S&P
affirmed its 'B' long-term issuer credit rating on the company.

The negative rating outlook on Sinic reflects S&P's view that
continuous repayment of maturities with cash will hamper the
company's liquidity standing.

S&P revised the outlook to negative as Sinic's financing channels
have narrowed with impaired capital market access. Given the
volatility in its U.S.-dollar bond prices and the current downbeat
market mood, we believe Sinic Holdings (Group) Co. Ltd.'s access to
the offshore capital market is uncertain. The company will likely
need to repay offshore maturities with internal resources. Sinic
has US$246 million coming due in October 2021 and two other U.S.
dollar bonds (totaling US$453 million) due January and June 2022
that are trading well below par.

Sinic also faces repayment pressure on its nonbank financing.

Given its high exposure to nonbank financing, S&P expects Sinic may
face uncertainty in refinancing most of such debt with traditional
bank loans. This is because policy clampdowns are making trust
companies more selective in extending such financings. Sinic has
Chinese renminbi (RMB) 4.7 billion of trust and other financings
due within the next 12 months, representing 35% of its short-term
debt as of end-June 2021.

Sinic's exposure to joint venture projects will also limit cash
mobilization. A high involvement in joint venture projects could
lower the company's autonomy in the mobilization of cash from
project companies. Sinic's attributable ratio of sales is only at
60%-70% against its joint venture partners. It consolidated its
projects at an even lower range of about 45% in the first half of
2021.

S&P said, "We affirmed the rating on Sinic as it should be able to
manage near-term repayments. This is partly supported by its cash
on hand of RMB14 billion as of end June 2021, fully covering its
RMB13.3 billion in short-term maturities. However, some of the cash
is still sitting at the subsidiary level or in joint venture
companies.

"We expect Sinic to cut land acquisitions to preserve liquidity for
debt repayment. We estimate the company to cut the land acquisition
budget for 2021 to be equal to just only 15%-20% of its cash
receipt from contracted sales, a significant drop from about 40% in
2020. This reduced budget should not create any immediate problems
for Sinic's land bank sufficiency given its land reserve size of
14.4 million square meters as of end June 2021. This enough to
cover more than two years of sales."

Sinic should continue to maintain its traditional bank financing
channels.

Less spending on land and the repayment of offshore notes in the
second half of 2021 would reduce the debt balance of the company.
This should help Sinic to progress toward the full compliance of
the so-called "three red lines" guidance, which would help it
secure access to traditional bank financing. Sinic's first half
results have already complied with two of the three
thresholds--specifically, those pertaining to cash to short-term
debt, and net gearing ratios.

S&P expects Sinic's leverage to mildly rise due to a likely margin
decline. Despite its debt reduction, it expects Sinic's leverage
will tick up to 5.8x and 6.1x in 2021 and 2022, respectively. This
is due to the drag from an expected gross margin decline to 20%-21%
in 2021 and 2022, from 24.4% in 2020. Sinic's construction
expenditure is also likely to decline somewhat, tempering the
delivery of properties over the next one to two years.

The negative ratings outlook on Sinic encompasses S&P's expectation
that the company should be able to manage the repayment obligations
over the next one year including its offshore maturities. This will
be likely achieved by its satisfactory cash collection as well as a
cut in land and construction spending, moderately tempering sales
and deliveries. However, the continuous repayment of maturities
with cash will likely hamper the company's liquidity standing.

S&P may lower the rating if:

-- Sinic's liquidity shows signs of marked deterioration amid
continuous debt repayment with cash. This may be reflected in a
reduction in bank or trust financing beyond S&P's expectation of
its deleveraging pace, or in delays in covering its payables and
other liabilities;

-- Sinic's leverage as measured by debt to EBITDA increases to
above 8x without signs of improvement due to material revenue
slippage or margin decline beyond S&P's expectation.

S&P could revise the outlook back to stable if:

-- Sinic consistently demonstrates adequate liquidity with
sufficient cash on hand to cover short-term maturities even after
paying down offshore maturities; and

-- Its debt to EBITDA remains stable at the current level of
5x-6x.

Sinic is a midsize residential property developer based in the
Chinese city of Nanchang. As of end-2020, the company had an
attributable land bank of 15.21 million square meters (gross floor
area) across 39 cities with 150 projects in its pipeline.

According to property research institution CRIC, Sinic ranked 35th
among the top property developers in China in terms of its sales in
2020. The company was founded in 2010 and listed on the Hong Kong
stock exchange in 2019. Founder and chairman Zhang Yuanlin is the
largest shareholder with a 78.99% stake.




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

ADORE SUITINGS: CARE Keeps B Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Adore
Suitings Private Limited (ASPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.73       CARE B; 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 28, 2020, placed the
rating(s) of ASPL under the 'issuer non-cooperating' category as
ASPL 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. ASPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 13, 2021, June 23, 2021, July 3, 2021.

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

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

ASPL was incorporated in 2003 by Mr Paras Mal Gokhru and Mr Roop
Chand Gokhru of Bhilwara, Rajasthan. ASPL is engaged in the
business of manufacturing of synthetic grey fabrics with an
installed capacity of 19.20 Lakh Meter Per Annum (LMPA) as on March
31, 2015 at its sole manufacturing facility located at Bhilwara,
Rajasthan, a textile hub. It procures viscose indigenously from
local market, weaves it under its own manufacturing capacity and
gets bleaching, printing, dyeing and finishing work done on
job-work basis from processing houses. The company is also engaged
in the trading of finished synthetic fabrics and job work. The
company markets its product under the brand name 'Admire'.


ANNAPURNA TRADING: ICRA Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Annapurna
Trading Company in the 'Issuer Not Cooperating' category. The
rating is denoted as '[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING'.

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Fund Based-         8.00      [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                   Rating continues to remain under
                                 'Issuer Not Cooperating'
                                 Category

   Fund Based-         2.00      [ICRA]D/[ICRA]D ISSUER NOT
   Cash Credit                   COOPERATING; Rating continues to
   against pledge                remain under 'Issuer Not
   of warehouse                  Cooperating'Category
   receipts                      

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

Established in 2011 and promoted by Mr. Ritesh kumar Singh, ATC is
a proprietorship entity involved in trading agro commodities
namely, maize, cotton-seed cake, wheat, rice and paddy. Based out
of Nagpur, the entity sources the trading products from western and
northern India, which are sold to traders, cattle feed and
poultry-feed factories and starch factories based out of
Maharashtra and Chhattisgarh.


AUKLAND CERAMIC: ICRA Keeps B Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Aukland
Ceramic Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B(Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Term loan           4.13        [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Cash Credit         2.00        [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non Fund            1.40        [ICRA] A4; ISSUER NOT
   Based Limits                    COOPERATING; Rating continues
                                   To remain under 'Issuer Not
                                   Cooperating' category

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

Aukland Ceramic Private Limited (ACPL) was incorporated in January
2014 and had commenced its commercial operations from July 2015
onwards. The company is engaged in manufacturing of parking tiles
which has wide usage for commercial as well as domestic buildings,
malls, railway stations, bus stations, etc. The plant of the
company is located in Morbi, Gujarat. The plant has an installed
capacity of 35,000 MTPA for tiles. It currently manufactures
parking tiles of two sizes with the current set of machineries and
production facilities.

G.G. FASHIONS: CARE Reaffirms B+ Rating on INR12.58cr LT Loan
-------------------------------------------------------------
CARE Ratings reaffirmed the ratings on certain bank facilities of
G.G. Fashions (GGF), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank
   Facilities           12.58      CARE B+; Stable Reaffirmed

   Short Term Bank
   Facilities            0.09      CARE A4 Reaffirmed

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of GGF continue to be
constrained by the small scale of operations moderate capital
structure, weak debt protection metrics and proprietorship
constitution of the entity with inherent risk of withdrawal of
capital and profitability margins susceptible to volatility in raw
material prices.

The ratings however derive strength from experience of promoter in
the textile industry and long track record of operations.

Rating sensitivities

Positive Factors

* Ability to scale up the operations to over INR50 crores while
maintaining the PBILDT margin of over 9% on sustained
basis.

* Generate adequate accruals and improve debt coverage metrics of
total debt to GCA below 7x.

Negative Factors

* Any sizable decline in scale of operations along with decline in
profitability margins on sustained basis.

* Any debt-funded capex or withdrawal of partner capital funds
leading to deterioration in overall gearing to above 3x.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations: Although the firm is operating since
2001, the scale of operations remained small marked by total
operating income at INR31.88 crore in FY21 (Prov.) (PY: INR33.08
crore) coupled with low networth base of INR8.82 crore as of March
31, 2021 (Prov.). During FY21(Prov.), the firm's total operating
income has dropped marginally by 4% on account of COVID lockdown
for around 2 months in Q1FY21.

* Moderate capital structure and weak debt protection metrics: The
capital structure of the company stood moderate with overall
gearing of 2.10x as of March 31, 2021 as against 2.02x as of March
31, 2020. Due to low accruals in the past, the debt protection
metrics remained weak marked by Total debt/GCA of 23.95x as of
March 31, 2021 which deteriorated from 14.04x in FY20 due availment
of covid loans and working capital term loan.

* Constitution of the entity as proprietorship with inherent risk
of withdrawal of capital: Proprietorship nature of business has an
inherent risk of withdrawal of capital by the proprietor at the
time of their personal contingencies resulting in reduction of
capital base leading to adverse effect on capital structure. The
proprietor has withdrawn the capital to the extent of INR0.31 crore
as of March 31, 2021 for personal contingencies.

* Profit margin exposed to volatility in raw material prices:
During the past years, the market has seen volatility in cotton
yarn production due to the unstable cotton prices and inconsistent
cotton yarn export policy. The profitability of the entity depends
largely on the prices of the raw material cotton yarn which are
governed by various factors such as prices of cotton fiber,
international demand-supply situation, etc. The prices of 40x
combed yarn had increased significantly post release of covid
lockdown from INR215 per kg in September 2020 to INR253 per kg in
June 2021 thereby impacting the margins of the firm. The PBILDT
margin of GGF had declined from 9.87% in FY20 to 8.66% in FY21 due
to increased yarn prices.

Key Rating Strengths

* Experience of the promoter in the textile industry and
established track record of operations: Mr. G. Kannan has more than
two decades of experience in fabric manufacturing and with the
experience derived from the industry he enjoys a good relationship
with his suppliers and customers. GGF also has long track record of
around two decades of operations.

Liquidity- Poor

Liquidity is poor marked by lower accruals compared to repayment
obligations, fully utilized working capital limits and modest cash
balance of INR2.86 crore as on March 31, 2021. The inventory
holding stood high at 144 days in FY21(Prov.) (PY:138days) due to
higher finished goods and work in progress. The current ratio stood
below unity at 0.94x as of March 31, 2021. As per RBI announcement,
the firm has availed COVID-19 emergency loans of 2.68 crore on July
2020 to meet working capital requirements.

* Industry Outlook and COVID impact: The Fabric production in India
stood at 7,436 million sq. mtr, which has grown at 2% CAGR in the
past five years. The production of fabric from decentralized sector
has also grown at a CAGR of 5%, while production of mill sector has
decreased at 3% CAGR. India exported fabric worth US$ 5,066 million
in 2019-20, which has grown at 1% CAGR since 2015-16. However,
exports of knitted fabric has grown at 15% CAGR since 2015-16. With
several states started easing COVID-19 related restrictions, the
employment-intensive textile industry is expected to witness
resumption in operations from Q2FY22 onwards, though at a curtailed
level.

G.G. Fashions (GGF) was established in 2001 as a proprietorship
concern by Mr. G. Kannan at Salem, Tamil Nadu. The firm is engaged
in manufacturing of grey fabrics and supplies them to the garment
manufacturers. Apart from manufacturing in its own facilities, the
firm also outsources, for processing of fabrics viz dyeing,
bleaching, warping, sizing etc. as of June 30, 2021, the firm has
installed capacity of producing 22 Lakhs mts of fabrics per annum.


GANGAPADA SUPER: CARE Lowers Rating on INR10cr LT Loan to B-
------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gangapada Super Speciality Hospital Private Limited (GSSHPL), 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 August 28, 2020, placed the
rating(s) of GSSHPL under the 'issuer non-cooperating' category as
GSSHPL 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. GSSHPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 14, 2021, July 24, 2021, August 3, 2021.

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

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

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

Gangapada Super Speciality Hospital Private Limited (GSSHPL),
incorporated on August, 5, 2015, was promoted by Mr. Goutam Sarkar
and Mrs. Soma Sarkar for providing healthcare services by setting
up a super specialty hospital in Murshidabad, West Bengal. The
hospital will be equipped with state of the art technology and well
qualified & experienced doctors, surgeons and support staffs, also
there will be 65 beds including 10 ICU beds, 10 NICU beds, 5 HTU
beds, 4 dialysis beds, 2 emergency beds and rest general and cabin
beds. The aggregate estimated project cost for setting up the
aforesaid project is INR21.39 crore which is to be financed by term
loans of INR13.91 crore and promoter's capital of INR7.48 crore.
The financial closure for the debt portion of the project is yet to
be tied –up. However, the company has already spent around
INR7.00 crore (32.73% of total project cost) on the aforesaid
project funded by promoter's contribution till May 15, 2019. The
commercial operation is estimated to commence from November 2019.

GOUR FLOUR: CARE Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gour Flour
Mills Private Limited (GFMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       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 August 28, 2020, placed the
rating(s) of GFMPL under the 'issuer non-cooperating' category as
GFMPL 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. GFMPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 14, 2021, July 24, 2021, August 3, 2021.

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

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

GFM was incorporated in January 2000, by Mr Jaydeb Saha and his
family members based out of Malda, West Bengal, with the objective
to operate a flour mill. The company is engaged in processing and
milling of wheat grains. The flour mill manufactures atta, maida,
suji, and wheat bran, having an installed capacity of 30,000 metric
tonnes per annum (MTPA) being located at Malda, West Bengal. The
company sells its product to traders and wholesalers located in
West Bengal only and also to state Government.

GUPTA AGRO: CARE Lowers Rating on INR6.50cr LT Loan to B
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Gupta Agro Products (GAP), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.50       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 July 31, 2020, placed the
rating(s) of GAP under the 'issuer noncooperating' category as GAP
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. GAP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 16, 2021, June 26, 2021, July 6, 2021.

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

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 have been revised on account of non-availability of
requisite information.

Gupta Agro Products (GAP) was established in 2013 as a partnership
firm. The firm is being currently managed by Mr. Puneet Gupta and
Ms. Tanvi Gupta as its partners. GAP has setup Integrated cold
chain with Individual Quick Freezing (IQF) and with installed
capacity of 4 MT/hr of Multi Vegetable Processing Line, 4 MT/hr of
Individual Quick Freezing and 3,000 MT per annum of Frozen Cold
Storage Facility. The aim of GAP is to establish direct linkages
from farm to processing and to consumer market, through network of
collection centers and supported by backward linkages with farmers.

GURU RAMDASS: CARE Lowers Rating on INR6cr LT Loan to B-
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Guru
Ramdass Ji Stone Crasher (GRSC), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       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 press release dated August 6, 2020, had placed the
ratings of GRSC under the 'Issuer Non-cooperating' category as the
firm 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. GRSC continues to be
non-cooperative despite requests for submission of information
through phone calls and e-mails dated June 22, 2021, July 2, 2021
and July 12, 2021.

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

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

The ratings have been revised on account of non-availability of
requisite information.

Uttar Pradesh-based Guru Ramdass Ji Stone Crasher (GRSC) was
established on February 8, 2011 as a partnership firm and is
currently being managed by Mr. Jagjeet Singh and Mr. Harpreet
Singh. The firm was established with the objective of stone
crushing, washing, grading & natural screening of stones. The firm
procure the raw material i.e. river boulders from private
contractor (truckers) who procure the material through payment of
royalty to Uttarakhand Forest Department and Kumaun Mandal Vikas
Nigam for Kosi river, Haldwani. The finished product i.e. stone
grit, sand, stone dust etc. of various sizes which are being used
in roads, bridges and other cement-based products like RCC pipes,
PSC poles, etc. and sells it to small and large players in
construction industry and civil contractors.

JSW STEEL: Fitch Assigns BB- Rating on Proposed USD Unsec. Notes
----------------------------------------------------------------
Fitch Ratings has assigned ratings of 'BB-' and Recovery Ratings of
'RR4' to India-based JSW Steel Limited's (JSWS, BB-/Positive)
proposed US dollar senior unsecured notes. The notes will be issued
in two tranches and the proceeds will be used for capex or other
purposes in accordance with regulations.

The Positive Outlook on JSWS is driven by Fitch's expectation that
the company's gross debt/EBITDA leverage is on track to remain
below 3.5x in the financial year ending March 2023 (FY23) and
thereafter, despite Fitch's expectation of a significant reduction
in EBITDA and margins from the FY22 level. However, JSWS's focus on
growth may result in its spending being materially higher than
Fitch's expectations. This could cause its free-cash flows to turn
negative and is a key risk to a further improvement in its credit
profile.

KEY RATING DRIVERS

High Margins, Likely to Decline: JSWS's margins for standalone
operations, which contribute over 90% of consolidated EBITDA, have
continued to climb since 2QFY21 driven by the rally in global steel
prices and stood at around USD350/tonne (t) in 1QFY22. Higher
margin drove an 18% qoq improvement in reported standalone EBITDA
in 1QFY22. However, Fitch thinks current levels are unsustainable
and assume standalone margin will narrow to around USD140/t by
FY23.

Sales Volume to Increase: Due to the resurgence in coronavirus
infections in India in 1QFY22, JSWS's standalone sales dipped 11%
qoq while output was 2% lower. However, sales and output were
significantly higher than in 1QFY21, up 29% and 39%, respectively.

While risks due to the continuing pandemic remain, Fitch assumes
JSWS's standalone sales volume will rise by 15% in FY22, driven by
capacity addition and a pick-up in the Indian economy from 2QFY22.
JSWS also has the ability to increase exports to significantly
offset any weakness in domestic demand, which is helped by its
globally competitive cost position.

Turnaround at Overseas Assets: JSWS's overseas operations, which
comprise mainly the plate and pipe mill in Baytown and a flat
steelmaking facility in Mingo Junction, both in the US, and the
Aferpi rolling mill in Italy, were unprofitable in FY20 and FY21.
However, the US operations started contributing to JSWS's EBITDA in
1QFY22 after operations were restarted in 4QFY21 following
equipment upgrade. The US facilities are now vertically integrated
as Mingo Junction supplies slabs to Baytown. JSWS is also aiming to
achieve breakeven in Italy by 2HFY22.

Limited Impact from BPSL Acquisition: JSWS acquired a 49% equity
stake in BPSL in March 2021 and Fitch has included BPSL's debt and
EBITDA in Fitch's analysis. Fitch estimates the impact on JSWS's
leverage from FY22 will be limited as Fitch expects BPSL, which has
a steelmaking capacity of 2.75 million tonnes per annum (mtpa), to
continue generating healthy EBITDA. JSWS plans to incur limited
capex to reduce costs and increase capacity at BPSL in the next
12-18 months, aided by its experience with similar cases, which is
likely to mitigate the impact of weaker industry margins.

Significant Capex Plans: JSWS plans to spend around INR300 billion
in India in FY22 and FY23, after excluding payment of acceptances,
which Fitch has treated as debt. JSWS intends to spend on capacity
expansion at its Vijayanagar plant by 5mtpa, mining equipment and
facilities and other efficiency-improvement projects, apart from
projects that are near-completion, such as the expansion of crude
steel capacity at the Dolvi plant. Fitch estimates JSWS's FCF
margin will turn neutral from FY23 due to lower EBITDA and
sustained capex.

Cost-Efficient Operations: JSWS's cost position benefits from high
yields and low labour costs. JSWS's main plant at Vijayanagar
(12mtpa) was in the first quartile of research group CRU's liquid
steel site cost curve for 2020 and Fitch estimates that the
weighted-average cost position of its steelmaking operations was
within the first half of the cost curve. Fitch thinks JSWS's cost
position should improve in 2021 due to a higher share of blast
furnace-based steelmaking capacity at Dolvi following the
expansion, equipment upgrades in the US and cost-saving projects.

Limited Vertical Integration Benefit: JSWS does not produce coking
coal. The company produces around 2 million tonnes of iron ore per
month from its mines in Odisha and Karnataka states in India and
volume from its mines constituted 42% of JSWS's total iron ore
consumption in 1QFY22 on a standalone basis. JSWS should derive the
benefit of improved supply certainty and lower logistics costs.
However, the cost of production for JSWS's mines, including
royalties, will remain close to Indian benchmark prices due to the
royalty structure that links it to domestic iron ore prices.

DERIVATION SUMMARY

JSWS's close Indian peer Tata Steel Limited's (TSL, BB/Stable)
rating incorporates a one-notch uplift from its Standalone Credit
Profile (SCP) of 'bb-' due to potential support from the parent
Tata Group. TSL's SCP factors in robust operations in India, which
have better vertical integration and a higher EBITDA margin than
that of JSWS. However, this is partly counterbalanced by JSWS's
efficient operations.

Fitch thinks TSL's overall business profile is weaker than that of
JSWS, dragged down by structural weaknesses of higher costs and
weak demand at its significant European operations. JSWS's total
debt to EBITDA leverage, after including acceptances, was higher
than TSL's in FY21, but Fitch estimates it will decline thereafter
to a similar level.

JSWS is rated lower than ArcelorMittal S.A. (AM, BB+/Positive) and
EVRAZ plc (BB+/Positive). AM's business profile is stronger as it
is the world's most diversified steel producer by product type,
industrial application and geography. AM is the second-largest
steel producer by output and capacity and benefits from vertical
integration into iron ore. In addition, it has a strong product mix
with a significant share of high value-added products, being the
global leader in automotive steels. Fitch also expects AM's
leverage and coverage metrics to be stronger than that of JSWS. The
higher rating of EVRAZ, which is one of the leading long steel
producers in Russia, reflects the integrated nature of its
operations, high self-sufficiency in raw materials and a
competitive cost profile, as well as lower leverage and higher
coverage ratios.

JSWS is rated higher than United States Steel Corporation (US
Steel, B/Positive), which suffered an EBITDA loss in 2020 due to
significantly weaker profitability. US Steel's margins and leverage
have been highly volatile. Prior to its weak performance in 2020,
the company had an EBITDA margin of 4% in 2019 and 11% in 2018. Its
total debt to EBITDA leverage stood at around 7x in 2019 and 2x in
2018.

KEY ASSUMPTIONS

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

-- Standalone sales volume to increase by CAGR of 13% over FY22
    FY24;

-- Annual standalone EBITDA per tonne of around INR17,300 in
    FY22, and INR10,400 in FY23 and FY24;

-- Annual EBITDA contribution from subsidiaries of INR28 billion
    on average over FY22-FY24;

-- Average annual consolidated capex of around INR160 billion
    over FY22-FY24, excluding payment of acceptances;

-- Average annual dividend outflow of INR17 billion over FY22
    FY24.

RATING SENSITIVITIES

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

-- Total gross debt to EBITDA leverage remaining on track to be
    3.5x or lower from FY23;

-- Sustained neutral to positive FCF.

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

-- Fitch may revise the Outlook to Stable if performance is
    weaker than the sensitivities for positive rating action.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Manageable Liquidity: JSWS had readily available cash and cash
equivalents of INR125 billion as of 31 March 2021. It had
short-term borrowings, mainly for working capital debt, and
acceptances of INR147 billion and long-term debt maturities
(including long-term capital acceptances and a customer advance) of
INR94 billion in FY22 and INR133 billion in FY23.

Fitch expects JSWS to refinance or roll over its short-term working
capital debt and acceptances, as is usually the case, supported by
its healthy business profile and industry conditions. Fitch expects
JSWS to largely rely on refinancing for long-term debt maturities,
but it should be able to meet its repayment obligations by using
cash freed from draw down of available capex and working-capital
facilities and by cutting discretionary capex, should market
conditions deter refinancing efforts.

JSWS had undrawn capex facilities of INR39 billion as of 30 June
2021 and fund- and non-fund-based working facilities in India of
INR139 billion. Fitch estimates its annual maintenance capex
requirements to be around INR25 billion.

ISSUER PROFILE

JSWS is among the top-three steelmakers in India, based on FY21
sales volumes of 15 million tonnes, with a flat-products focused
portfolio. It had an installed capacity of 18mtpa in India as of
end-FY21, as well as smaller assets in the US and Italy.

SUMMARY OF FINANCIAL ADJUSTMENTS

Material Financial Adjustments Include:

-- Payment (FY21: INR30.4 billion) by Duferco S.A. under a five
    year advance payment and supply agreement for supply of steel
    products has been treated as debt.

-- Short-term acceptances, related to trade payables and payables
    for capital projects, have been treated as debt (FY21:
    INR127.3 billion).

-- Unamortised upfront fees on borrowing (FY21: INR3.8 billion)
    have been added back to debt.

-- EBITDA has been adjusted for a) one-time disputed claims
    settlement income (FY21: INR2.6 billion), b) forex gains
    (FY21: INR1.0 billion), c) depreciation of right of use assets
    (FY21: INR2.9 billion), d) export obligation deferred income
    amortisation (FY21: 2.4 billion), and e) interest on lease
    liabilities (FY21: INR2.4 billion).

-- The increase in short-term capital acceptances has been
    treated as capex (FY21: INR16.7 billion).

-- Guarantees (FY21: INR108.5 billion) have been treated as off
    balance sheet debt.

ESG CONSIDERATIONS

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


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

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      44.09       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      3.00       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 August 17, 2020, placed the
rating(s) of MI under the 'issuer non-cooperating' category as MI
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. MI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 3, 2021, July 13, 2021, July 23, 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).

Upleta (Dist. Rajkot), Gujarat-based M/s. Mandeep Industries (MI)
was setup as a partnership firm in 1973 by members of the Talaviya
family. MI is mainly engaged in groundnut processing which includes
crushing of groundnuts to produce raw oil and oiled cake, solvent
extraction of groundnut oiled cake to produce groundnut oil &
de-oiled cake and refining of groundnut oil. Furthermore, MI is
also engaged in opportunity-based trading of agro-commodity
products including de-oiled rice bran (DORB) poultry feeds.


MTE INDUSTRIES: CARE Lowers Rating on INR13.87cr LT Loan to B-
--------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of MTE
Industries Private Limited (MIPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.87       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      1.00       CARE A4; 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 August 27, 2020, placed the
rating(s) of MIPL under the 'issuer non-cooperating' category as
MIPL 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. MIPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 13, 2021, July 23, 2021, and August 2, 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 MTEI have been
revised on account of non-availability of requisite information.

Hyderabad-based, MTE Forming Machines Private Limited (MFMPL) was
incorporated on June 07, 1996 and promoted by Mr. Ch. Sathi Reddy,
Ch. Jayasimha Reddy and Ch. Gayathri. Later on October 24, 2002,
the name of the company changed to current nomenclature i.e. MTE
Industries Private Limited (MIPL). Currently, the company is mainly
engaged in manufacturing of Thread Rolling machines, CNC Spline and
Rack Rolling machines and their spare parts.

NAGESH ENTERPRISES: CARE Assigns B+ Rating to INR3.40cr LT Loan
---------------------------------------------------------------
CARE Ratings has assigned ratings to the bank facilities of Nagesh
Enterprises (NE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.40       CARE B+; Stable Assigned
   Facilities           

   Long Term Bank      23.00       CARE B+; Stable Rating removed
   Facilities                      From ISSUER NOT COOPERATING
                                   Category and Reaffirmed

   Short Term Bank      1.36       CARE A4 Assigned
   Facilities           

Detailed Rationale & Key Rating Drivers

The ratings assigned to the bank facilities of Nagesh Enterprises
factors continue to be tempered by modest scale of operations,
leveraged capital structure and weak debt coverage indicators
during FY21 (refers to period from April 01 to March 31). Further,
the ratings are constrained by working capital intensive nature of
operations, seasonal availability of paddy and margins susceptible
to raw material price fluctuations, presence in highly fragmented
and competitive nature of industry and constitution of the entity
as a partnership firm. The ratings, however, continue to derive
strength from experienced promoters in the rice industry for more
than 3 decades and location advantage with presence in cluster and
easy availability of paddy.

Rating Sensitivities

Positive rating sensitivities

* Increase in scale of operations above INR120 crore on sustained
basis

* Improvement in overall gearing below 2x

Negative rating sensitivities

* Any significant increase in debt levels results in further
deterioration in overall gearing beyond 3x

* Decline in scale of operations beyond 20% of FY21 TOI.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Leveraged capital structure and weak debt coverage indicators:
The financial risk profile of the company moderated during FY21 as
reflected from decline in the scale of operations during FY21 due
to loss of sales during April and May on account of lockdown
constraints which impacted the transportation of raw materials and
availability of labor for production. The overall gearing remains
leveraged at 2.29x as on Mach 31, 2021. Total debt increased due to
availing GECL and FITL facilities and net worth decreased due to
withdrawal of capital. TDGCA of the firm stood high at 23.49 times
due to lower GCA and increase in debt in FY21 and the profitability
margins continue to be thin. The total debt/cash flow from
operations stood positive at 8.59 in FY21.

* Working capital intensive nature of operations: The working
capital cycle days of the firm deteriorated and stood moderate at
138 days during FY21(Prov.) as against 109 days during FY20(A) due
to higher level of inventory days at 118 days in FY21(Prov.) as
compared to 95 days in FY20(A) which is due to purchase of large
quantities during harvest funded through the GECL loan. The firm
generally pays for the raw materials as and when purchased and
extends credit period of 15-20 days its customers but also varies
based on costumers and their relationship with such costumers.

* Seasonal nature of availability of paddy and margins susceptible
to raw material price fluctuations and Regulations by Government:
Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi (November
to April). The major procurement of Paddy happens during the months
of October to January and April to July.  The firm's raw material
being paddy, for proper harvest and availability of paddy, the
weather conditions should be adequate. Adverse weather conditions
directly affect the supply and availability of the paddy and raw
material price fluctuations. The central Government of India (GOI),
every year decides a minimum support price of paddy which limits
the bargaining power of rice millers over the farmers. The sale of
rice in the open market is also regulated by the government through
levy quota and fixed prices. Due to the above said regulations
along with the intense competition, the bargaining power of the
rice millers against the suppliers of paddy and the customers is
limited.

* Project Risk: The firm is planning to setup a second unit at the
existing location of the plant owing to the increased demand in the
products sold by the firm. The firm is expecting to incur a cost of
INR2 cr for construction of second unit and for the
purchase of machinery. The debt equity ratio of the project to be
3x and the firm has not yet achieved the financial closure for the
project.

* Constitution of entity as partnership firm: NE, being a
partnership firm, is exposed to inherent risk of the partner's
capital being withdrawn at time of personal contingency and firm
being dissolved upon the death/retirement/insolvency of the
partners. Moreover, partnership firm business has restricted
avenues to raise capital which could prove a hindrance to its
growth.

* Highly fragmented and competitive nature of industry: The Indian
rice mill industry is highly unorganized and fragmented in nature.
Based on product type, the rice and paddy market can be segmented
into variety of products and features a fragmented and competitive
landscape owing to the presence of many small-scale companies. The
market also features some large companies holding prominent
positions, making the market intensely competitive.

Key Rating Strengths

* Experienced promoters in the rice industry for more than 3
decades: The firm was promoted by Mr. S Anil who is the managing
partner of the firm. He is a B.com graduate with around three
decades of experience in rice industry. The other two partners Mr.
Suprith and Mr. Sumanth are also actively involved in the day to
day operations of the firm.

* Location advantage with presence in cluster and easy availability
of paddy:  The rice milling unit of NE is located at Kolar district
which is the top district for producing rice in Karnataka. The
manufacturing unit is located near the rice producing region, which
ensures easy raw material access and smooth supply of raw materials
at competitive prices and lower logistic expenditure and the firm
procures raw material from Andhra Pradesh, Tamil Nadu and north
Karnataka region and maintain a good relationship with suppliers
which helps them to get discounts in the prices of paddy.

* Diversified customer base and moderate geographical presence and
Operating in the brand name of SSS: The operations of the firm are
spread across India in the states of Karnataka, Maharashtra and
Gujarat. The firm exports its product using an agent to the
countries like Malaysia and Thailand and firm is in the process of
getting their export licenses for the purpose of export sales. The
diversified customer base mitigates the firm from customer
concentration risk. The firm is also sells using zomato and swiggy
instasmart service in the region of Karnataka. The firm sells under
its own brand SSS.

Liquidity analysis: Stretched

Liquidity is stretched marked by tightly matched accruals to
repayment obligations, expected GCA to be INR1.44 cr against
repayment obligations of INR1.42 cr, further working capital limit
were fully utilized for the period last 12 months ending July 31,
2021. The firm has availed moratorium extended by the RBI from
March 1, 2020 to August 31, 2020 on its debt obligations and the
firm has also availed the GECL loan of Rs 1.90 cr.

Nagesh Enterprises (NE) was established in the year 1992 as a
proprietorship firm by Mr. S. Anil. The entity was reconstituted as
a partnership firm with effect from April 1, 2015 with Mr. Supreeth
and Mr. Sumanth (sons of Mr. S Anil) being the other two partners.
Mr. Anil has an experience of over 30 years in the rice industry.
Initially, the firm was engaged into only cleaning and processing
of rice, rice milling was commenced from February 2016.


PADMAVATHI RICE: CARE Raises Rating on INR6.30cr LT Loan to BB-
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sri
Padmavathi Rice Mill (SPRM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.30       CARE BB-; 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

The revision in rating assigned to the bank facilities of SPRM
factors takes into account improvement in profitability and debt
coverage indicators during FY21(refers to period from April 1 to
March 31). While the firm's operations were impacted in Q1FY21 due
to Covid, 4MFY22 performance have been satisfactory. The rating
also derives strength from Experience of the partners for more than
two decades in Rice Mill Industry, Location advantages and stable
outlook demand for rice industry. These rating strengths are
partially offset by firm's small scale of operations, seasonal
nature of availability of paddy, regulations by Government,
presence in highly fragmented and competitive nature of industry,
geographical and customer concentration risk and constitution of
the entity as a partnership firm.

Rating Sensitivities

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

* Increase in scale of operations marked by total operating income
above INR55 crore

* Maintaining the profitability margins at similar level on
sustained basis.

Negative rating sensitivities- Factors that could lead to negative
rating action/ downgrade

* Any major debt funded capex resulting to deterioration in capital
structure with overall gearing leveraging beyond 2
times.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Small scale of operations: FY19 was 1st full year of operations
of Sri Padmavathi Rice Mill. The firm after registering 48.57% of
sales growth in FY20, sales remained at similar level of INR36
crore in FY21 due to impact of operations in Q1FY21. Nevertheless,
the firm achieved sales of INR17.28 crore in 4MFY22 and is likely
to post reasonable growth during FY22.

* Seasonal nature of availability of paddy and margins susceptible
to raw material price fluctuations and Regulations by Government:
Paddy in India is harvested mainly at the end of two major
agricultural seasons Kharif (June to September) and Rabi (November
to April). The major procurement of Paddy happens during the months
of October to January and April to July. The firm's raw material
being paddy, for proper harvest and availability of paddy, the
weather conditions should be adequate. Adverse weather conditions
directly affect the supply and availability of the paddy and raw
material price fluctuations. The central Government of India (GOI),
every year decides a minimum support price of paddy which limits
the bargaining power of rice millers over the farmers. The sale of
rice in the open market is also regulated by the government through
levy quota and fixed prices. Due to the above said regulations
along with the intense competition, the bargaining power of the
rice millers against the suppliers of paddy and the customers is
limited.

* Presence in Highly fragmented and competitive nature of industry:
The Indian rice mill industry is highly unorganized and fragmented
in nature. Based on product type, the rice and paddy
market can be segmented into variety of products and features a
fragmented and competitive landscape owing to the presence of many
small-scale companies. The market also features some large
companies holding prominent positions, making the market intensely
competitive.

* Geographical and Customer concentration risk: Firm's sales are
concentrated with top five customers of firm constituting around
30% of total sales in the FY21 though has significantly reduced
when compared to 58% in FY20. Most of the customers are from in and
around the state of Karnataka which increase the geographical risk
to the firm.

* Constitution of the entity as a partnership firm: Sri Padmavathi
Rice Mill, being a partnership firm, is exposed to inherent risk of
the partner's capital being withdrawn at time of personal
contingency and firm being dissolved upon the
death/retirement/insolvency of the partners. Moreover, partnership
firm business has restricted avenues to raise capital which could
prove a hindrance to its growth.

Key Rating Strengths

* Experience of the partners for more than two decades in Rice Mill
Industry: Sri Padmavathi Rice Mill is promoted by Mr. P. Gururaj
and by his other family members. The partners of the firm are well
qualified and have vast experience of more than two decades in rice
mill industry. The firm is likely to be benefited by its qualified
and experienced partners.

* Location advantage: The rice milling unit of Sri Padmavathi Mill
is located at Karatagi, Koppal district, which is one of the major
paddy markets in Karnataka. The manufacturing unit is located near
the rice-producing region, which ensures easy raw material access
and smooth supply of raw materials at competitive prices and lower
logistic expenditure.

* Satisfactory profitability margins, Comfortable capital structure
and satisfactory debt coverage indicators: PBDIT margins improved
to 7.17% in FY21 (Prov.) as compared to 5.15% in FY20 due to
decrease in raw material cost. The capital structure marked by
overall gearing improved and stood at 0.85x as of March 31, 2021
(Prov.) as compared to 1.02x as on March 31, 2020 due to lower
utilization of working capital borrowings and repayment of term
loan.

* Stable demand outlook for rice industry: Agriculture is the
primary source of livelihood for about 58 percent of India's
population. The Indian food industry is poised for huge growth,
increasing its contribution to world food trade every year due to
its immense potential for value addition, particularly within the
food processing industry. Rice is consumed in large quantity in
India which provides favorable opportunity for the rice millers and
thus the demand is expected to remain healthy over medium to long
term. India is the second largest producer of rice in the world
after China and the largest producer and exporter of basmati rice
in the world. The rice industry in India is broadly divided into
two segments – basmati (drier and long-grained) and nonbasmati
(sticky and short-grained). Demand of Indian basmati rice has
traditionally been export-oriented where South India caters about
one-fourth share of India's exports. However, with a growing
consumer class and increasing disposable incomes, demand for
premium rice products is on the rise in the domestic market. Demand
for non-basmati segment is primarily domestic market-driven in
India. Initiatives taken by government to increase paddy acreage
and better monsoon conditions will be the key factors which will
boost the supply of rice to the rice processing units.

Liquidity analysis: Adequate

Liquidity of the firm stood adequate marked by moderate utilization
of bank limits to the extent of 40-50% and high cash balance of
INR3.63 crore as of March 31, 2021 (Prov.). The firm's cash
accruals are likely to sufficiently cover the upcoming debt
repayments. The current ratio of the firm stood above unity at
2.05x as of March 31, 2021 (Prov.). Further, the firm had not
availed for the moratorium on its debt obligations and has not
availed any GECL loans during the COVID period.

Koppal based, Sri Padmavathi Rice Mill (SPRM) was established in
2017 as a partnership firm by Mr.P.Gururaj (Managing Partner) and
his family members. The firm is engaged in milling and processing
of rice. The rice milling unit of the firm is located at Koppal
district, Karnataka on a land area of 3.5 acres. Apart from rice
processing, the firm is also engaged in selling of by-products such
as broken rice, husk and bran. The main input, paddy, is directly
procured from local farmers  located in and around Koppal District
and the firm sells rice and other by-products in the states of
Karnataka, Tamil Nadu and Maharashtra. The firm started its
commercial operations from May 2018. As of July 31, 2021 the firm
has an installed capacity of 6 tons of rice per hour.


PALATHRA CONSTRUCTIONS: CARE Keeps B+ Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Palathra
Constructions Private Limited (PCPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      52.00       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 August 31, 2020, placed the
rating(s) of Palathra Constructions Private Limited (PCPL) under
the 'issuer non-cooperating' category as PCPL 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. PCPL continues to be noncooperative despite
repeated requests for submission of information through e-mails,
phone calls and email dated July 17, 2021, July 27, 2021, August
06, 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).

Palathra Constructions Private Limited (PCPL) was incorporated on
December 12, 2012 by Mr. Sony Mathew and his two brothers. PCPL,
based at Changanacherry, Kerala is engaged in civil and electrical
construction works with expertise in projects including Major
Roads, Bridges, Multi-storeyed buildings, mobile towers, villa
projects etc. PCPL had an order book of INR66.93 crore as of May
24, 2019.


QUADROS MOTORS: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Quadros
Motors Private Limited (QMPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        6.20      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 6, 2020, placed the
rating(s) of QMPL under the 'issuer non-cooperating' category as
QMPL 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. QMPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
May 22, 2021, June 1, 2021, June 11, 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.

Incorporated in the year 2005, QMPL is an authorized dealer for
Suzuki Motors India Private Limited for its two-wheelers and covers
the whole Goa State, being a '3-S' dealer, it also provides spares
and services. QMPL had four showrooms located at Margao, Ponda,
Mapusa and Vasco.


RAGHAV SULZCON: CARE Keeps B+ Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Raghav
Sulzcon Private Limited (RSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       8.00       CARE B+; 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 29, 2020, placed the
rating(s) of RSPL under the 'issuer non-cooperating' category as
RSPL 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. RSPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 14, 2021, June 24, 2021 and July 4, 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).

Bhilwara (Rajasthan) based Raghav Sulzcon Private Limited (RSPL)
was incorporated in 2000 by Mr. Rameshwar Lal Samdhani and Mr.
Kapil Samdhani. RSPL is engaged in the business of manufacturing of
grey fabrics and trading of finished fabrics. It also manufactures
grey fabrics on job work basis for others. The company outsources
the processing work required for the manufacturing of finished
fabrics. The weaving unit of RSPL is located at Bhilwara, Rajasthan
and has 58 sulzer looms and 26 airjet looms with total installed
capacity of 60 Lakh Meters Per Annum (LMPA) as of March 31, 2015.


RAMESHWARAM COTTON: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Rameshwaram
Cotton Mills (RCM) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 19, 2020, placed the
rating(s) of RCM under the 'issuer non-cooperating' category as RCM
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. RCM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 5, 2021, July 15, 2021, July 25, 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).

Aurangabad (Maharashtra) based Rameshwaram Cotton Mills (RCM) was
incorporated on December 31, 2015 by Mr. Ravikumar Rameshwar Garg
and Mr. Girdharilal Rameshwar Garg with an objective to set up
greenfield project for cotton ginning and pressing at Melasangem,
Andhra Pradesh. RCM envisaged total project cost of INR4.88 crore
towards the project which was envisaged to be funded through term
loan of INR3.25 crore and remaining of INR1.63 crore through
unsecured loans and share capital.

REVA ENTERPRISE: CRISIL Lowers Rating on INR9.5cr Loan to D
-----------------------------------------------------------
CRISIL Ratings has downgraded its rating on the bank facilities of
Reva Enterprise (RE) to 'CRISIL D' from 'CRISIL B/Stable'.


                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit            1.5       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

   Long Term Loan         8.0       CRISIL D (Downgraded from
                                    'CRISIL B/Stable')

The downgrade reflects delays in repayment of term loan from June
2021 because of weak liquidity. The rating continues to reflect
below average financial risk profile and weak operating
performances. These weaknesses are partially offset by extensive
experience of the partners.

Analytical Approach

Unsecured loans (USL) from partners and family amounting to INR5.85
crore as of March 31, 2021 are treated as neither debt nor equity
to the tune of INR2 crore (minimum level expected to remain in the
business).

Key Rating Drivers & Detailed Description

Weaknesses:

* Delays in servicing debt obligation: There have been continuous
delays in servicing term loan obligations by the firm since June
202.

* Below average financial risk profile: Small net worth and high
total outside liabilities to adjusted net worth ratio estimated at
INR2.44 crores and 4.62 times respectively as on March 31, 2021
represents leveraged capital structure. Operating losses has also
resulted in weak debt protection metrics.

* Weak operating performance: Firms operating performance is weak
as indicated by estimated to report modest revenue of INR0.08 crore
in fiscal 2021 with operating loss of around 47%.

Strength:

* Extensive experience of the partners: Partners have extensive
experience in the industry and over the years, has established
relations with customer base of dealers from operations of other
group entities. Partners have provided funding support to the firm
through unsecured loans.

Liquidity: Poor

Liquidity is poor given continued cash losses as against repayment
obligation of around INR0.7 crore per annum in fiscal 2022.
Accordingly, there have been delays in servicing of repayment
obligations for term loan by the firm. The firm has negligible cash
and bank balances (both encumbered and unencumbered) of INR0.74
crore as of March 31, 2021. No major capex is expected over the
medium term. Liquidity is partially supported by USL from partners
and family, which stood at around INR5.85 crore as of March 31,
2021. Reliance on fund support from promoters to meet repayment
obligations is expected to continue.

Rating Sensitivity Factors

Upward factors:

* Track record of timely debt servicing for at least over 90 days

* Significant improvement in liquidity on back of substantial
improvement in operating performance, restructuring of debt or
infusion of equity.

RE is engaged in manufacturing of optical whitening agents. Mr
Pranesh M Maru and Mr Mahesh Chothani are the partners. The
manufacturing facility is in Bharuch, Gujarat, with installed
capacity of 2,400 tons per annum.

REX PIPES: CRISIL Withdraws B+ Rating on INR4cr Cash Loan
---------------------------------------------------------
CRISIL Ratings has withdrawn its ratings on the bank facilities of
Rex Pipes And Cables Industries Limited (KELP) 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
   ----------        -----------    -------
   Cash Credit             4        CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Cash Credit             2        CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Letter of credit        1        CRISIL A4/Issuer Not
   & Bank Guarantee                 Cooperating (Withdrawn)

   Proposed Long Term      2.69     CRISIL B+/Stable/Issuer Not
   Bank Loan Facility               Cooperating (Withdrawn)

   Term Loan               2.81     CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with KELP for
obtaining information through letters and emails dated October 24,
2020 and April 20, 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 KELP. This restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KELP
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
KELP continues to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

KELP, incorporated in 2002 and promoted by Mr. Shrawan Kaler,
trades in water pumps, flat cables, and pipes. It started
manufacturing polyvinyl chloride (PVC) and high-density
polyethylene (HDPE) pipes and electrical cables in June 2011. Its
manufacturing unit is in Sikar, Rajasthan. Before commencement of
manufacturing operations, KEPL derived its entire revenue from the
trading segment.

RNR IMPORTS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of RNR Imports
& Exports (Partnership) (RIEP) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank      12.00      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, placed the rating(s) of
RIEP under the 'issuer non-cooperating' category as RIEP 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. RIEP continues to be non-cooperative despite
repeated requests for submission of information through e-mails,
phone calls and a letter/email dated July 11, 2021,  July 21, 2021,
and July 31, 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).

RNR Imports & Exports (RIE) was established in October 2017 as a
Proprietorship firm and converted to partnership firm in December
2017. The firm is promoted by Mrs. Madhavi Latha, Mrs. Aruna Kumari
and Mr. Ravinder Reddy. The firm is managed by Mrs. Madhavi Latha,
who is an MBA graduate and has more than two decades of experience
in packing industry in edible oils segment and is also a director
in Vyshnavi Fillers Private Limited, which is engaged in
manufacturing of 15Kg capacity empty tins, small cans and barrels
used for packing of edible oils. The registered office of the firm
is located at Guntur, Andhra Pradesh. RIE is engaged in trading of
Rice and ethanol to African countries. The firm purchases, rice
from Raipur and Chhattisgarh, and Ethanol from Pune. The firm
purchases from the wholesaler located in and around Gunture and
directly export to foreign countries like Ghana. Also in 8MFY19 the
firm has achieved a turnover of INR5.00 crore. The financial
closure of the firm has achieved in January 2018 and the firm has
started its commercial in February 2018.

S.P.Y. AGRO: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of S.P.Y.
Agro Industries Limited (SAIL) continue to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      163.44      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      14.40      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 21, 2020, placed the
rating(s) of SAIL under the 'issuer non-cooperating' category as
SAIL 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. SAIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 06, 2021, June 16, 2021, June 26, 2021.

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

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

SPY Agro Industries Limited (SPYAI), incorporated in 1955, belong
to the Nandi group of companies. SPYAI is engaged in manufacturing
of alcohol and related products and has a grain-and-molasses-based
distillery unit with installed capacity of 145-kilo litres per day
at its manufacturing facilities located at Nandyal, Andhra Pradesh.
The group is based out of Nandyal (Andhra Pradesh) and has presence
in other businesses such as cement, dairy, PVC pipes, construction,
TMT bars etc.


SATYAM COTTEX: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Satyam
Cottex (SC) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.81       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 July 24, 2020, placed the
rating(s) of SC under the 'issuer noncooperating' category as SC
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. SC continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 9, 2021, June 19, 2021, June 29, 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).

Satyam Cottex (Satyam) was setup as a partnership firm in April
2013 by Mr. Mehul R. Sanghani, Mr. Ashok K. Bhagiya, Mr.
Mansukhbhai V. Sanghani and Shri Bhaveshbhal G.Chandat, along with
five other non-executive partners, based out of Rajkot, Gujarat.
The firm is engaged in the business of cotton ginning and pressing
to produce cotton bales and cotton seeds. The products are mainly
used in the manufacturing of cotton yarn in the textile industry
and oil extraction companies. The manufacturing unit of the firm is
located at Tankara, Gujarat. The unit commenced commercial
production from November 2013 with an installed capacity to produce
5,850 Metric Tonnes Per Annum (MTPA) for cotton bales and 11,925
MTPA for cotton seeds.

SHAH PACKWELL: CRISIL Reaffirms B- Rating on INR7cr Cash Loan
-------------------------------------------------------------
CRISIL Ratings has reaffirmed its 'CRISIL B-/Stable' rating on the
long-term bank loan facilities of Shah Packwell Industries (SPI).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             7        CRISIL B-/Stable (Reaffirmed)

   Funded Interest
   Term Loan               0.31     CRISIL B-/Stable (Reaffirmed)

   Term Loan               0.19     CRISIL B-/Stable (Reaffirmed)

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

The rating continues to reflect the firm's modest scale of
operations in highly fragmented industry and highly working
capital-intensive operations. These rating weaknesses are partially
offset by the extensive experience of SPI's partners in the
packaging industry.

Analytical Approach

CRISIL Ratings has treated unsecured loans of INR3.38 crore from
the partners outstanding as of March 31, 2021 out of which INR2
crore is treated as neither debt nor equity, and balance as debt on
account of track record of withdrawal in the past.

Key Rating Drivers & Detailed Description

Weaknesses:

* Modest scale of operations in highly fragmented industry: The
packaging industry is highly fragmented as it has low entry
barriers due to minimal capital and technology requirements. The
consequent intense competitive pressure may continue to constrain
scalability, pricing power and profitability. Revenue was modest at
INR16.53 crore in fiscal 2021.

* Large working capital requirements: Gross current assets were
sizeable at 528 days as of March 31, 2021, driven by huge inventory
of 466 days. The working capital cycle although expected to correct
slightly over the medium term, is likely to remain elongated.

Strength:

* Extensive industry experience of the partners: The partners have
been in the packaging industry for over three decades; their
expertise, strong understanding of market dynamics and healthy
relations with customers and suppliers should continue to support
the business.

Liquidity: Poor

Liquidity is poor, marked fully utilized bank limit for the past
twelve months through April 2021. However, supported by expected
cash accrual in the range of INR1.0-1.5 crore per annum in fiscal
2022 and fiscal 2023 as against repayment obligation of INR0.96
crore per annum. Current ratio was comfortable at 1.70 times as of
March 31, 2021. Further, liquidity is also supported by unsecured
loan of INR3.38 crore from partners as of March 31, 2021. Such
funding support from partners is expected to support liquidity over
medium term. Moreover, the firm has no capex plans over medium
term.

Outlook Stable

CRISIL Ratings believes SPI will continue to benefit over the
medium term from the extensive experience of its partners

Rating Sensitivity factors

Upward factors

* Sustained improvement in scale of operation by over 30% while
maintaining operating margin resulting in higher accruals.

* Sharp and sustained improvement in working capital cycle leading
to moderate utilization of working capital limits.

Downward factors

* Drop in operating performance resulting in lower accruals
inadequate to meet repayment obligations

* Further stretch in the working capital cycle or large debt funded
capex or capital withdrawals, weakens the financial risk profile
and/or liquidity position.

Incorporated in 1996 as a partnership firm, SPI manufactures
corrugated boxes using kraft paper. The firm is promoted by Mr.
Kapoor Shah, and his son Mr. Khilin Shah.

SHIVALIK INFRASTRUCTURE: CARE Keeps D Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shivalik
Infrastructure (SI) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.00       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 July 15, 2020, placed the
rating(s) of SI under the 'issuer noncooperating' category as SI
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. SI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 31,
2021, June 10, 2021, 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).

Rajkot-based (Gujarat) Shivalik Infrastructure (SI) was established
in April 2016 as a partnership firm by Mr. Amish Ramani and Mr.
Madhav Dave. Key promoters of SI are having an experience of around
two decades in various industries. SI mainly executes projects for
various civil construction projects like different types of
buildings, roads, pipeline, earthwork etc. on a sub-contracting
basis, largely for the Government of Gujarat.

SHREERAJ ROTO: CARE Keeps B- Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Shreeraj
Roto India Limited (SRIL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.32       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 July 28, 2020, placed the
rating(s) of SRIL under the 'issuer non-cooperating' category as
SRIL 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. SRIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 13, 2021, June 23, 2021, July 3, 2021.

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

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

Delhi-based Shreeraj Roto India Limited (SRIL), public limited
company (closely held), was incorporated in 2004 and is managed by
Mr. Raj Kumar, Ms. Punam Raj and Ms. Kritika Raj. SRIL manufactures
cylinders and printing roller for rotogravure printing. The company
has its manufacturing facility located at Rohtak Road, Delhi. The
company procures its raw material i.e. Copper, Ink, Chemicals, etc.
from manufacturers domestically though 10% of raw-material is
imported from Netherlands, China and Japan namely, Stylus and
Grinding Wheels.


SSV PHARMA: CRISIL Assigns B Rating to INR24cr Term Loan
--------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B/Stable' rating to the
long term bank facilities of SSV Pharma Private Limited (SSVPPL).

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Cash Credit             6        CRISIL B/Stable (Assigned)
   Term Loan              24        CRISIL B/Stable (Assigned)
   Term Loan              18        CRISIL B/Stable (Assigned)

The rating reflect SSVPPL's exposure to off take related risk,
susceptibility to fluctuations in raw material prices, intense
competition, and regulatory risks and leveraged capital structure.
These weaknesses are partially offset by its extensive industry
experience of the promoters.

Key Rating Drivers & Detailed Description

Strength:

* Extensive industry experience of the promoters: The promoters
have an experience of more than 20 years in real estate,
infrastructure, ginning & spinning industry. This has given them an
understanding of the dynamics of the market and enabled them to
establish relationships with suppliers and customers.

Weaknesses:

* Exposure to off-take-related risk: SSVPPL is commencing its
operation in April 2021. Demand risk is also expected to be
moderate as the industry is highly fragmented marked by low entry
barriers with small capital and technological requirements. Also,
will be exposed to intense competition from other players in the
segment.  The project has timely completed however successful
stabilization of its operations at the unit will remain a key
rating sensitivity factor.

* Susceptibility to fluctuations in raw material prices, intense
competition, and regulatory risks:  The bulk drugs industry is
highly competitive due to presence of numerous domestic as well as
global players, which exerts pricing pressure on individual
entities. This necessitates the company to remain cost-competitive
to maintain profitability.

* Leveraged capital structure: SSVPPL has an average financial risk
profile with high gearing and moderate debt protection metrics. The
project is aggressively funded

Liquidity: Stretched

The company started using CC limits in March 2021.

The average bank limit utilization is low for the past three months
ended July 31, 2021.

Cash accrual are expected to be around INR0.97 crore for financial
year 2022 against debt repayment of INR0.20 lakhs. Cash accruals
are expected to be above INR2.50 crores against repayment of INR1
crore in fiscal year 2023. Current ratio is low at 0.22 times on
March 31, 2020.

The promoters are likely to extend support in the form of unsecured
loans to meet its working capital requirements and repayment
obligations.

Outlook: Stable

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

Rating Sensitivity Factors

Upward factor

* Stabilizes operations at its plant in time and reports
significant revenue and profitability.
* Company able to generates sufficient accruals to meet its debt
repayment on time

Downward factor

* Generates significantly low cash accruals during its initial
phase of operations, or
* Witnesses a substantial increase in its working capital
requirements thus weakening its liquidity & financial profile.

SSVPPL was incorporated in the year 2016. SSVPPL has recently set a
plant to manufacture bulk drug intermediaries in Visakhapatnam-
Andhra Pradesh.  The company commences its commercial operation
from April 2021. SSVPPL is owned & managed by Mr. Venkateswara Rao,
Mrs. Subhashini and Mr. Sai Phanendra.

SUBICO FOOD: CARE Keeps B- Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Subico
Food Products (SFP) continue to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       7.47       CARE B-; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category  

   Long Term/           2.50       CARE B-; Stable/CARE A4;
   Short Term                      ISSUER NOT COOPERATING;
   Bank 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 SFP under the 'issuer noncooperating' category as SFP
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. SFP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and email dated May 31,
2021, June 10, 2021, 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

Banaskantha-based (Gujarat) SFP was established in June 2015. It
had proposed to take up the business of manufacturing of biscuits
with a total project cost of INR11.11 crore which was expected to
be funded via debt equity mix of 2.05 times. The commercial
production was expected to be commenced from October 2017.


SUN AGRIFRESH: CARE Keeps D Debt Ratings in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the ratings for the bank facilities of Sun
Agrifresh Industries Private Limited (SAIPL) continue to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       57.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/            2.50      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated July 30, 2020, placed the
rating(s) of SAIPL under the 'issuer non-cooperating' category as
SAIPL 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. SAIPL continues to
be noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 15, 2021, June 25, 2021 and July 5, 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).

New Delhi-based, Sun Agrifresh Industries Private Limited (SAIPL)
was incorporated in 2007 and is currently being managed by Mr
Nilesh Singh and Mr Ritesh Singh Pundir. SAIPL is engaged in the
agriculture and retail industry which involves agricultural farming
(cultivation and processing of vegetables, fruits, wheat, paddy,
etc.), dairy farming (raw milk) and retailing of fast moving
consumer goods including own products.


UNIVERSAL QUARTZ: CRISIL Assigns B+ Rating to INR38cr LT Loan
-------------------------------------------------------------
CRISIL Ratings has assigned its 'CRISIL B+/Stable/CRISIL A4'
ratings to the bank facilities of Universal Quartz and Natural
Stone Private Limited (UQNSPL).

                          Amount
   Facilities          (INR Crore)    Ratings
   ----------          -----------    -------
   Proposed Long Term
   Bank Loan Facility        38       CRISIL B+/Stable (Assigned)

   Proposed Short Term
   Bank Loan Facility        10       CRISIL A4 (Assigned)

The rating reflects UQNSPL's exposure to risks related to ongoing
project and its expected leveraged capital structure. These
weaknesses are partially offset by its extensive industry
experience of the promoters and adoption of latest machinery in
steady industry.

Key Rating Drivers & Detailed Description

Weakness:

* Exposure to risks related to ongoing project: UQNPL is scheduled
to commence its operations in April 2022. The company has already
infused funds upto INR15.4 crores in the form of unsecured loans.
The company is expected to fund the remaining equity and unsecured
loans by the end of this fiscal. Timely completion and successful
stabilization of its operations at the new unit will remain a key
rating sensitivity factor.    

* Expected leveraged capital structure: UQNPL is expected to have
an average financial risk profile with high gearing and moderate
debt protection metrics. The project is aggressively funded through
a debt/equity ratio by more than 3.5 times.

Strengths:

* Extensive industry experience of the promoters: The promoters
have an experience of over 30 years in the granite and marble
industry through various firms. This has given them an
understanding of the dynamics of the market and enabled them to
establish relationships with suppliers and customers.

* Adoption of latest machinery in steady industry: UQNPL is
currently in process of setting a new unit, the unit installed is
equipped with latest equipment & technology. Company has also
imported high-quality machineries from various countries.
Therefore, the adoption of latest machinery in the building
industry would support its business profile.

Liquidity: Stretched

The promoters are likely to extend support in the form of equity
and unsecured loans to meet working capital requirement and
repayment obligation.

Outlook Stable

CRISIL Ratings believes that UQNPL will benefit over the medium
term from its promoter extensive industry experience.

Rating Sensitivity factors

Upward factor

* Commencement of operation as per the plan and generation of
revenues of over INR90 crores in FY23.

* Stabilizes operations at its proposed plant in time and reports
significant revenue and profitability.

Downward factor

* Faces delay of more than 6 months in the commencement of its
operations,

* Generates significantly low cash accruals during its initial
phase of operations

UQNPL was incorporated in August 2020. It is setting up
manufacturing unit for producing different varieties of
slabs/engineered stone from quartz and related products. These
slabs will be customised according to the customer requirements. It
has a total capacity of 3370000 sq ft per annum and has its
facility located at Jaipur (Rajasthan)

UQNPL is promoted and directed by Mr. Narendra Agarwal, Mr Ajay
Agarwal and Mrs Seema Agarwal. It is expected to commence its
operation from April 2022.

VIJAYA DURGA: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Vijaya
Durga Green Fields Private Limited (VDGFPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank       8.00      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 July 20, 2020 , placed the
rating(s) of VDGFPL under the 'issuer non-cooperating' category as
VDGFPL 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. VDGFPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
June 5, 2021, June 15, 2021, and June 25, 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).

Vijaya Durga Green Fields Private Limited was promoted by Smt.
Nandamuri Meenalatha and Smt. Potluru Sita Ratnam in December 2013.
The company is engaged in trading of cotton lint and cotton yarn
and is the supplier of cotton lint to various spinning units in the
major cotton growing region in Krishna District, Andhra Pradesh.
The company started commercial operations from January 2014
onwards.



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

JAPAN AIRLINES: Australian Regulator Blocks Qantas-JAL Deal
-----------------------------------------------------------
Reuters reports that Australia's competition regulator on Sept. 13
denied authorisation for Qantas Airways and Japan Airlines to
coordinate flights between the two countries, citing competition
concerns as international travel is set to resume.

Reuters relates that Australian Competition and Consumer Commission
(ACCC) Chairman Rod Sims said the regulator was not satisfied that
the public benefits of the proposed joint business agreement would
outweigh harm to competition.

"Preserving competition between airlines is the key to the
long-term recovery of the aviation and tourism sectors, once
international travel restrictions are eased," he said in a
statement, Reuters relays.

The agreement - which would allow the airlines to coordinate fares
and schedules - would make it very difficult for other airlines to
operate on routes between Australia and Japan, ACCC said.

Japan's ANA Holdings is the only other airline that flies non-stop
between Japan and Australia.

"Virgin Australia told the ACCC that it would be more difficult to
enter the Australia-Japan route if it is required to compete with
Qantas and Japan Airlines acting jointly rather than as individual
competing airlines," the regulator, as cited by Reuters, said.

After a negative draft decision by the ACCC in May, Qantas had
offered to commit to a new service between Cairns and Tokyo once
demand thresholds were reached.

According to the report, Qantas and JAL expressed disappointment
with the ACCC decision in a joint statement on Sept. 13, though
they said they would continue their codeshare arrangements and
oneworld alliance partnership.

Reuters relates that Qantas domestic and international chief
executive, Andrew David, said the decision was unfortunate for
Cairns, because without the ability to coordinate with JAL, the
planned Tokyo flights would not be commercially viable.

JAL senior vice president Ross Leggett said the joint venture with
Qantas would have accelerated the recovery of leisure and business
traffic between Japan and Australia, Reuters adds.

                         About Japan Airlines

Japan Airlines Co., Ltd. engages in scheduled and non-scheduled air
transport, aerial work, and aircraft maintenance services. It
operates through the Air Transport and Others segments. The Air
Transport segment engages in air transport business, airport
passenger service, ground handling service, maintenance service,
cargo service, passenger transport service and airport area
business. The Others segment includes travel planning and sales.

As reported in the Troubled Company Reporter-Asia Pacific, in late
May 2021, Egan-Jones Ratings Company downgraded foreign currency
and local currency senior unsecured ratings on debt issued by Japan
Airlines Co. Ltd. to B- from BB. EJR also downgraded the rating on
commercial paper issued by the Company to B from A2.


JAPAN AIRLINES: Raises US$2.7 Billion as Buffer
-----------------------------------------------
Bloomberg News reports that Japan Airlines Co. plans to raise about
JPY300 billion (US$2.7 billion) via subordinated bonds and loans to
shore up its capital in case the coronavirus pandemic hurts travel
demand longer than it expects.

According to Bloomberg, the Tokyo-based carrier said it secured
around JPY200 billion in loans from four Japanese banks and plans
to sell JPY100 billion of bonds. The financing is partly a
"preventive measure" to counter the long-term business impact of
Covid-19, general manager of finance Yuichiro Kito told reporters.

Bloomberg relates that the funds will also be used to upgrade its
fleet by procuring Airbus SE's A350-1000 aircraft as its flagship
for international lines, JAL said.

The Japanese carrier suffered big losses in the fiscal year ended
March after the coronavirus outbreak paralyzed the global aviation
industry, the report notes. While JAL expects that domestic tourism
will rebound later this year as vaccination rates rise, the planned
fundraising highlights how the outlook for travel remains
uncertain.

Japan Airlines, which declared bankruptcy a decade ago and is
seeking to weather the coronavirus pandemic without making any
major job cuts, is seeking cash to bolster its finances and avoid
another crunch, Bloomberg says.

"We don't want to lament that something was unexpected, no matter
what happens," the report quotes Kito as saying. "That feeling may
be strong for us because we experienced bankruptcy."

                         About Japan Airlines

Japan Airlines Co., Ltd. engages in scheduled and non-scheduled air
transport, aerial work, and aircraft maintenance services. It
operates through the Air Transport and Others segments. The Air
Transport segment engages in air transport business, airport
passenger service, ground handling service, maintenance service,
cargo service, passenger transport service and airport area
business. The Others segment includes travel planning and sales.

As reported in the Troubled Company Reporter-Asia Pacific, in late
May 2021, Egan-Jones Ratings Company downgraded foreign currency
and local currency senior unsecured ratings on debt issued by Japan
Airlines Co. Ltd. to B- from BB. EJR also downgraded the rating on
commercial paper issued by the Company to B from A2.


SHINSEI BANK: Far From Repaying Public Funds Amid Low Stock Price
-----------------------------------------------------------------
The Japan Times reports that Shinsei Bank, which has captured the
spotlight recently due to a sudden takeover bid from major Japanese
online financial service firm SBI Holdings Inc., continues to
struggle to shore up its operations, with its share prices
remaining low for a long period of time.

The Japan Times says the bank has little prospect of repaying about
JPY350 billion in public funds, or taxpayer money, provided by the
government in the past. In 2009, it agreed with Aozora Bank on
their merger for survival. But the merger accord broke down the
following year.

According to the report, Long-Term Credit Bank of Japan, Shinsei's
predecessor, had supported Japan's miraculous economic growth after
World War II, but went bankrupt in October 1998 in the wake of the
collapse of the country's asset inflation-driven bubble economy at
the time and was temporarily put under state control. The bank made
a fresh start with its current name under the lead of a foreign
fund in 2000.

Shinsei's stock prices topped JPY8,000 shortly after it was
relisted on the first section of the Tokyo Stock Exchange in
February 2004, the report recalls. Following the collapse of U.S.
investment bank Lehman Brothers in September 2008, Shinsei stock
sank and traded around between JPY1,000 and JPY2,000.

In 2009, the Financial Services Agency mapped out a plan to merge
Shinsei and Aozora, formerly Nippon Credit Bank, which also
underpinned Japan's postwar economic boom and went bust about two
months after the collapse of LTCB, in an effort to collect the
public funds pumped into the bank. But the plan ended in failure.

The Japan Times adds that SBI announced on Sept. 9 a tender offer
for Shinsei, saying that it will buy shares in the bank at JPY2,000
apiece.

Shinsei has been facing difficulties revving up its earnings as its
consumer loan business is struggling and its operations for
business clients, including institutional investors, are also
lacking luster, the report notes.

It is believed that the government would be unable to collect the
public funds used for the bank unless its stock prices rise to
around JPY7,500, far higher than the level set by SBI in the tender
offer and the stock's current prices below JPY2,000.

At Shinsei's general shareholders meeting in June, its president,
Hideyuki Kudo, failed to show when it would be able to repay the
public funds, saying only that its current share prices are not
high enough to allow the bank to pay back the funds, The Japan
Times says.

The Japan Times adds that Shinsei needs to show a clear path to
jacking up its share prices if it plans to reject SBI's takeover
bid, analysts said.

Shinsei Bank, Ltd., -- https://www.shinseibank.com/ -- provides
banking services including deposits, loans, and foreign exchange
transaction, as well as investment trust service and issuance of
long-term bonds.




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

GLOBAL STEEL: Creditors' Proofs of Debt Due on Oct. 11
------------------------------------------------------
Creditors of Global Steel Industries Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Oct. 11,
2021, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Sept. 1, 2021.

The company's liquidator is:

         Ho Lon Gee
         Tay Tuan Leng
         80 Robinson Road
         Singapore 068898


HUADA NANYANG: Creditors' Proofs of Debt Due on Sept. 24
--------------------------------------------------------
A petition to wind up the operations of Huada Nanyang College Pte
Ltd will be heard before the High Court of Singapore on Sept. 24,
2021, at 10:00 a.m.

Ismart Synergy Pte. Ltd. filed the petition against the company on
Aug. 31, 2021.

The Petitioner's solicitors are:

         Robin Tan & Co.
         133 New Bridge Road
         #11-07 Chinatown Point
         Singapore 059413


REEBONZ LIMITED: Commences Wind-Up Proceedings
----------------------------------------------
Members of Reebonz Limited, on Sept. 3, 2021, passed a resolution
to voluntarily wind up the company's operations and appointed Mr.
Tee Wey Lih of Acres Advisory Pte Ltd as provisional liquidator.

The company's provisional liquidator can be reached at:

         Tee Wey Lih
         Acres Advisory Pte Ltd
         531A Upper Cross Street
         #03-128 Hong Lim Complex
         Singapore 051531


T-WERKZ PTE: Court to Hear Wind-Up Petition on Sept. 24
-------------------------------------------------------
A petition to wind up the operations of T-werkz Pte Ltd will be
heard before the High Court of Singapore on Sept. 24, 2021, at
10:00 a.m.

United Overseas Bank Limited filed the petition against the company
on Aug. 30, 2021.

The Petitioner's solicitors are:

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




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

SSANGYONG MOTOR: SM Group, Edison Motors Lead Acquisition Race
--------------------------------------------------------------
The Korea Times reports that as the deadline approaches for the
selection of a preferred bidder to acquire debt-ridden SsangYong
Motor, SM Group and a consortium led by Edison Motors are drawing
attention again as the two strongest candidates, considering their
ability to raise funds for the purchase, as well as for their
business capabilities.

SsangYong Motor is set to receive bids from potential buyers until
Sept. 15, the report says. Currently, 11 candidates submitted
letters of interest, with the sale process being handled by
accounting firm, EY Han Young. Seven candidates conducted due
diligence on the carmaker, according to industry sources.

The Korea Times relates that the potential bidders include SM
Group, electric bus maker Edison Motors and U.S.-based Cardinal One
Motors. Given the fact that an acquirer is required to invest
between KRW800 billion ($683.5 million) and KRW1 trillion in order
to operate SsangYong Motor smoothly, the ability to mobilize these
funds is mentioned as a prerequisite condition for the
acquisition.

SsangYong Motor previously unveiled a plan to strengthen its
electric car business in order to keep up with the changing
industry conditions and to solidify its status as the country's
leading SUV maker by launching more sport utility vehicles, the
report relays.

According to The Korea Times, industry sources said that SM Group
and Edison Motors are likely to become key players in the
acquisition race, given the fact that they are capable of raising
enough money and have solid plans to revive the cash-strapped
automaker.

"To produce new car models, a constant influx of funds must be made
available. In that sense, industry insiders view that the
financially viable candidates are being mentioned as the strong
candidates for the acquisition," the report quotes an industry
source as saying. "Given the fact that SM Group has cash-equivalent
assets of around KRW1 trillion, the group would have no problem
acquiring SsangYong Motor."

The source said that SsangYong Motor may hope for SM Group to
become its new owner, as the domestic company has a strong
financial structure and plans to link its existing businesses, such
as auto parts, aluminum production, battery manufacturing and
chemical materials, with the automotive business, the report
relays.

Also, Edison Motors is being mentioned as another strong candidate,
as the electric bus maker has teamed up with the private equity
fund, Korea Corporate Governance Improvement (KCGI). But
considering the fact that private equity funds always normalize
companies and draw up exit plans in order to sell acquired
companies to make a profit from them, this option may not be as
attractive for SsangYong Motor, relates The Korea Times.

SsangYong Motor has been looking for a new owner after its Indian
partner, Mahindra & Mahindra, failed to attract an investor amidst
the the COVID-19 pandemic, and the Korean automaker's financial
situation worsened. In April, SsangYong was placed under court
receivership.

With the carmaker struggling with financial problems, sales also
declined. From January to July, sales fell 15 percent to 48,229
vehicles, from 56,849 in 2020.

                       About SsangYong Motor

Headquartered in Kyeonggi-Do, South Korea, Ssangyong Motor Co. Ltd.
engages in the manufacture and sale of automobiles. The Company
mainly manufactures and sells recreational vehicles (RVs), sports
utility vehicles (SUVs), multi-purpose vehicles (CDVs) and
passenger cars under the brand name of rexton sports, korando,
korando sports, korando turismo, tivoli, tivoli air and others. The
Company also provides automobile parts. The Company distributes its
products within domestic market and to overseas markets.

Mahindra acquired a 70% stake in SsangYong for KRW523 billion in
2011 and now holds a 74.65% stake in the carmaker.

SsangYong Motor Co. on Dec. 21, 2020, filed for court receivership
as it struggles with snowballing debts amid the COVID-19 pandemic,
according to Yonhap News Agency. The decision comes after SsangYong
Motor failed to pay KRW60 billion (US$54.8 million) worth of debts
to its three creditor banks.

On April 15, 2021, SsangYong Motor Co. was placed under court
receivership as its Indian parent Mahindra & Mahindra Ltd. failed
to attract an investor amid the prolonged COVID-19 pandemic and its
financial status is further worsening.

Under court receivership, SsangYong's survival depends on whether
there will be a new investor to acquire a streamlined SsangYong
after debt settlement and other restructuring efforts, Yonhap
said.

The SUV-focused carmaker has been in the debt-rescheduling process
since April, as its Indian parent Mahindra & Mahindra Ltd. failed
to attract an investor amid the prolonged COVID-19 pandemic and its
worsening financial status.




=================
S R I   L A N K A
=================

SRI LANKA: Running Out of Money for Imports as Delta Rages
----------------------------------------------------------
Bloomberg News reports that Sri Lanka's dwindling foreign exchange
reserves risk spiraling into a crisis that could force the South
Asian nation to tighten policy more aggressively and seek an
International Monetary Fund bailout.

After meeting a $1 billion debt repayment in July from reserves,
the government has only enough dollars to cover less than two
months of imports, Bloomberg relates. The nation buys wheat, sugar
and milk powder from abroad and, with the Sri Lankan rupee down
7.3% this year, the import bill is soaring, stoking inflation and
raising concerns about panic buying and hoarding.

"For investors it's a question of when, not if, they run out of FX
reserves," Bloomberg quotes Nivedita Sunil, senior analyst for
Emerging Markets at Lombard Odier in Singapore as saying. "If you
see where the bonds are trading, they are clearly telling you that
they are no longer taking a longer term view."

While authorities maintain they will repay $1.5 billion of foreign
bond payments due in January and July, a Bloomberg gauge of
one-year default probability has risen almost 20 percentage points,
to Asia's highest level at about 28%.  

Government revenue is far short of its target as pandemic curbs
hurt economic activity, Finance Minister Basil Rajapaksa told
parliament on Sept. 7, Bloomberg relays. With a third wave of
Covid-19 running across the island, the administration has taken
increasingly draconian measures to deal with the crisis, from
declaring a state of emergency to seizing rice stocks from private
mills. Policy makers have extended lockdowns, raised interest
rates, restricted imports and asked banks to offer foreign currency
loans. Central bank Governor Weligamage Don Lakshman will step down
Sept. 14.

Bloomberg relates that the IMF has not received a request for
financial support from Sri Lanka, Masahiro Nozaki, the mission
chief for Sri Lanka, said in an email. "We stand ready to discuss
options if requested. We continue to closely monitor economic and
policy developments in Sri Lanka."

Bloomberg says the emergency measures are necessary "to give legal
backing to stop hoarding. But with emergency and sudden lockdowns
comes rumors and panic, and that creates excess buying," said
Adrian Perera, chief executive officer of Lanka Rating Agency.
"Rates will need to be raised again this year to keep inflation
under control and support the rupee."

Travel restrictions have hammered the tourism industry, which makes
up about 5% of the economy, while an extended lockdown to try to
halt the spread of the delta variant has hurt commerce and
industry, Bloomberg notes.

As reported in the Troubled Company Reporter-Asia Pacific in late
August 2021, S&P Global Ratings revised its outlook on Sri Lanka's
long-term ratings to negative from stable. S&P also affirmed its
'CCC+' long-term sovereign credit ratings and 'C' short-term
ratings on Sri Lanka. The negative outlook reflects S&P's
expectation that Sri Lanka's financing environment may get more
difficult over the next 12 months. This would affect Sri Lanka's
ability to service its debt.




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

[*] BOND PRICING: For the Week Sept. 6, 2021 to Sept. 10, 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.



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