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

                     A S I A   P A C I F I C

          Tuesday, October 19, 2021, Vol. 24, No. 203

                           Headlines



A U S T R A L I A

FORUM FINANCE: Liquidators Dig Deeper Into Alleged Financial Fraud
GRAND METAL: Second Creditors' Meeting Set for Oct. 26
RESIMAC 2021-2NC: S&P Assigns Prelim B (sf) Rating to Cl. F Notes
RYE 100: First Creditors' Meeting Set for Oct. 27


C H I N A

BEIJING CAPITAL: Fitch Places 'BB' LT IDRs on Watch Evolving
CHINA AOYUAN: S&P Downgrades ICR to 'B', Outlook Negative
CHINA EVERGRANDE: Risks Controllable, China Central Bank Says
CHINA PROPERTIES: Defaults on Notes Worth US$226 Million
CHINA ZHONGWANG: Two Units Face Severe Operation Difficulties



I N D I A

AGRI BEST: CARE Lowers Rating on INR10.00cr LT Loan to D
ARG HOUSING: CARE Keeps D Debt Rating in Not Cooperating
AROWANA EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
ASHA ENTERPRISE: CARE Lowers Rating on INR8.65cr LT Loan to D
CAUVERY BUILDTECH: CARE Lowers Rating on INR2.50cr LT Loan to C

DEEP PLAST: CARE Lowers Rating on INR10.00cr LT Loan to C
DKM AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating
ECOMOTEL HOTEL: CARE Keeps D Debt Rating in Not Cooperating
EXCEL METAL: CARE Keeps D Debt Ratings in Not Cooperating
GALI BHANU: CARE Keeps C Debt Rating in Not Cooperating Category

GANESH RICE: CARE Lowers Rating on INR13.30cr LT Loan to C
GURANDITTA MAL: CARE Keeps C Debt Rating in Not Cooperating
HEALTHFORE TECHNOLOGIES: CARE Keeps D Ratings in Not Cooperating
LAXMI ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
LEMON ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating

LIGARE AVIATION: CARE Keeps D Debt Ratings in Not Cooperating
MAHASHAKTHI CHEMICALS: CARE Cuts Rating on INR7.50cr LT Loan to D
OM PACKAGING: CARE Keeps C Debt Rating in Not Cooperating
ORBIT AVIATION: CARE Keeps D Debt Rating in Not Cooperating
PRERNA SERVICES: CARE Keeps D Debt Ratings in Not Cooperating

RELIABLE POLYESTER: CARE Keeps D Debt Rating in Not Cooperating
RUBY FASHION: CARE Keeps D Debt Ratings in Not Cooperating
S. S. RICE: CARE Keeps C Debt Rating in Not Cooperating Category
SAI TRADERS: CARE Lowers Rating on INR3.00cr LT Loan to C
SHIV RICE: CARE Lowers Rating on INR8.65cr LT Loan to C

SUMAN AUTOS: CARE Lowers Rating on INR4.70cr LT Loan to C
TIGER STEEL: CARE Keeps D Debt Ratings in Not Cooperating
VODAFONE IDEA: Risks of Financial Profile Worsening Receding


M A L A Y S I A

AIRASIA X: Proposes Paying 0.5% of US$8.1 Billion Debt
HIBISCUS PETROLEUM: S&P Assigns Prelim 'B+' ICR, Outlook Stable


P H I L I P P I N E S

PHILIPPINE AIRLINES: To Receive PHP13BB in Fresh Capital


S I N G A P O R E

IBC CAPITAL: S&P Lowers ICR to 'B-' on Refinancing Risk
LEAP EDUCATION: Court to Hear Wind-Up Petition on Oct. 29
METALS COMMODITIES: Court Enters Wind-Up Order
PUKU SINGAPORE: Court Enters Wind-Up Order
SKY OIL: Court Enters Wind-Up Order

T-WERKZ PTE: Court Enters Wind-Up Order


X X X X X X X X

[*] BOND PRICING: For the Week Oct. 11, 2021 to Oct. 15, 2021

                           - - - - -


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A U S T R A L I A
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FORUM FINANCE: Liquidators Dig Deeper Into Alleged Financial Fraud
------------------------------------------------------------------
ARN reports that liquidators appointed to Forum Finance and its
related entities have uncovered further details of the extent of
the alleged financial fraud undertaken by its owner, Bill Papas,
suggesting it might have dated as far back as 2013, with the
alleged fraudulent contracts in excess of AUD500 million.

According to ARN, the Forum saga began to unravel in May following
a discovery by Westpac of a significant potential fraud of more
than AUD250 million involving allegations of forged customer
invoices involving managed print services and computer leasing
equipment along with environmental services, to obtain bank loans.

Sydney-based managed services provider Forum Group and associated
company Forum Finance are just two of the many businesses owned by
Basile Papadimitriou - a.k.a Bill Papas - who is reported to have
fled to Greece following Westpac's investigation and subsequent
civil proceedings, ARN says.

Jason Preston and Jason Ireland of McGrath Nicol were appointed as
provisional liquidators on July 15 by the Federal Court, ARN
discloses.

In a detailed report lodged with the Australian Securities and
Investments Commission (ASIC), the liquidators poured over 110,000
transactions across 150 bank accounts held by Forum Finance, Forum
Group Financial Services (FGFS) and related entities, persons and
beneficiaries. While the investigation focused on the period from
July 1, 2018 to June 30, 2021, the liquidators also discovered
materials dating as far back to 2013, ARN relates.

"The extent of the alleged fraudulent activity and scheme escalated
throughout the period of focus between 2018 to 2021, with new
financiers being introduced to meet ongoing operation and financial
obligations," the report, as cited by ARN, said. "FSFG was set up
in 2017 as the scheme was escalating, predominantly to disguise the
source and applications of the funds that had been obtained under
the scheme within the group."

ARN relates that the report pointed to allegedly deliberate
attempts by Papas and others to avoid the scheme being uncovered,
including intentionally omitting entries into the accounts of Forum
Finance to conceal the funds obtained; manipulating financial
accounts; establishing FGFS outside the Forum Group to account for
the alleged fraud and using various tactics to disguise the source
of funds.

The report revealed that the scale of funds obtained in respect to
the alleged fraudulent contracts across the entire group was in
excess of AUD500 million, ARN discloses.

According to the liquidators, a significant portion of the funding
was ultimately applied to meeting obligations to financiers arising
out of that funding to repay historical financiers with the balance
used to support operations, establish new businesses or invest in
new activities; act as a financier to associated entities; fund
acquisitions in businesses, properties and interests in a soccer
club, high end vehicles, race cars, vessels and race horses along
with lifestyle and personal expenses for Papas and his fellow
associate, Vince Tesoriero.

The report also points towards the company allegedly breaching its
duties to maintain proper financial records that correctly reported
and explained transactions, financial position and performance,
adds ARN. This led liquidators to believe Forum Finance was likely
insolvent from July 2018, with FGFS insolvent since its inception.


So far, the liquidators have said Papas had only engaged with them
to a limited extent, hadn't provided any meaningful assistance in
regards to the investigation and eventually shut down the email
address used to contact him, further adding to the fact that he was
no longer represented in various proceedings against him in respect
of the fraudulent activities.

The liquidators claimed, as a result of the investigation, to have
identified that a vast majority of funding secured by Forum Finance
was allegedly transferred to FSFG, which itself wasn't a trading
business, but was a treasury entity, acting as the conduit for fund
transfers between Forum Group entities, as well as providing loans
to associated entities and associates of Messrs. Papas and
Tesoriero, according to ARN.

To date, the liquidators claim to have identified receipts in
excess of AUD350 million from various financiers.

Despite the liquidators' requests to directors to provide Report on
Company Activities and Property (ROCAPs), Mr. Papas and former CFO
Tony Bouchahine have allegedly failed to provide completed reports
with Bouchahine in particular not answering certain queries "on the
basis he wishes to involve privilege against self-crimination."

Mr. Tesoriero hasn't provided a report which, if he fails to do so,
will see him reported to ASIC for non-compliance.

Even without these complete reports, the liquidators claim to have
uncovered a number of manual adjustments made between 30 June and
their July appointment, and slammed Forum Finance accounting
records as 'misleading.'

This was especially true considering the liquidators identified 'in
and out' transfers totalling about AUD290 million from Forum
Finance to FGFS, which aren't recorded in the accounting system,
the report suggested, ARN relays.

ARN adds that the liquidators noted that in conversations with
Papas he "suggested the failure of Forum Finance as part of the
broader Forum Group, was a result of the impact of COVID, and the
resulting disruption and inability for the companies to operate
effectively."

However, this was inconsistent with McGrath Nicol's findings, which
stated the real reason for the companies' failure was the business
they were operating included the preparation of false customer
contracts which were financed by third parties.

In July, an administrators report showed a lengthy list of at least
112 creditors that claimed to be owed more than AUD580 million.

The comprehensive creditor's list includes HP Financial Services,
claiming AUD22.4 million; Commonwealth Bank, claiming AUD9.7
million; Judo Bank, claiming AUD7.07 million; and Konica Minolta,
claiming AUD806,930, ARN discloses.

ARN relates that Forum Group also had Forum Finance listed as a
creditor, claiming AUD16.3 million; FGFS claiming AUD75.89 million;
Forum Enviro Aus, claiming AUD78.1 million and Forum Enviro Pty
Ltd, claiming AUD21.06 million.

This is alongside Westpac's initial AUD258 million exposure claim,
Japanese bank Sumitomo Mitsui's AUD98.9 million claim and French
bank Societe Generale, which estimates AUD9 million exposure.

Administrators Mackay Goodwin sold the managed IT services
component of the company to Sydney-based IT and voice service
provider Our Kloud in July, which is owned by Papas' cousin Eric
Constantinidis - a separate business that isn't otherwise related
to or associated with Forum Group, adds ARN.

Forum Group was a managed services provider offering integrated B2B
solutions, including IT, print, environment, fleet and security.

GRAND METAL: Second Creditors' Meeting Set for Oct. 26
------------------------------------------------------
A second meeting of creditors in the proceedings of Grand Metal Pty
Ltd has been set for Oct. 26, 2021, at 11:00 a.m. via virtual
meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by Oct. 25, 2021, at 4:00 p.m.

Desmond Teng and Gavin Moss of Chifley Advisory Pty Ltd were
appointed as administrators of Grand Metal on Sept. 20, 2021.


RESIMAC 2021-2NC: S&P Assigns Prelim B (sf) Rating to Cl. F Notes
-----------------------------------------------------------------
S&P Global Ratings assigned its preliminary ratings to nine classes
of residential mortgage-backed securities (RMBS) to be issued by
Perpetual Trustee Co. Ltd. as trustee for RESIMAC Bastille Trust -
RESIMAC Series 2021-2NC. RESIMAC Bastille Trust - RESIMAC Series
2021-2NC is a securitization of nonconforming and prime residential
mortgages originated by RESIMAC Ltd.

The preliminary ratings assigned reflect the following factors.

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

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

S&P's ratings also take into account the counterparty exposure to
National Australia Bank Ltd. (NAB) as liquidity facility provider
and cross-currency swap provider and Westpac Banking Corp.
(Westpac) as bank account provider. Currency swaps will be provided
to hedge the Australian dollar receipts from the underlying assets
and the U.S. dollar payments on the class A1 notes. The transaction
documents for the swaps and facilities include downgrade language
consistent with S&P Global Ratings' counterparty criteria.

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

  Preliminary Ratings Assigned

  RESIMAC Bastille Trust - RESIMAC Series 2021-2NC

  Class A1a, US$125.00 million: AAA (sf)
  Class A1b, US$125.00 million: AAA (sf)
  Class A2, A$465.00 million: AAA (sf)
  Class AB, A$72.00 million: AAA (sf)
  Class B, A$62.60 million: AA (sf)
  Class C, A$26.80 million: A (sf)
  Class D, A$16.20 million: BBB (sf)
  Class E, A$10.30 million: BB (sf)
  Class F, A$6.60 million: B (sf)
  Class G, A$5.50 million: Not rated


RYE 100: First Creditors' Meeting Set for Oct. 27
-------------------------------------------------
A first meeting of the creditors in the proceedings of:

    - Rye 100 Pty Ltd
    - Pillowcase Pty Ltimited
    - Repitch Pty. Ltd.
    - Lakker Pty. Ltd.

will be held on Oct. 27, 2021, at 10:00 a.m. via virtual meeting
technology.

Glenn Livingstone and Alan Walker of WLP Restructuring were
appointed as administrators of Rye 100 et al. on Oct. 15, 2021.




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

BEIJING CAPITAL: Fitch Places 'BB' LT IDRs on Watch Evolving
------------------------------------------------------------
Fitch Ratings has placed Beijing Capital Land Ltd.'s (BCL) 'BB'
Long-Term Foreign- and Local-Currency Issuer Default Ratings (IDR)
on Rating Watch Evolving (RWE). The 'BB' senior unsecured rating
has also been placed on RWE.

Fitch has also maintained the Rating Watch Negative (RWN) on the
'BBB' rating of Central Plaza Development Ltd's USD450 million
senior unsecured notes due 2025 and the 'BB+' rating on its USD500
million subordinated perpetual securities. Central Plaza is a
wholly owned offshore SPV of BCL. The notes carry keepwell deeds
and equity interest purchase undertakings from BCL's parent,
Beijing Capital Group Company Limited (BCG, BBB/Negative).

At the same time, Fitch has affirmed the 'BBB' rating on Central
Plaza's USD500 million senior unsecured notes due 2026, as the
notes are guaranteed by BCG Chinastar International Investment Ltd.
(BBB/Negative), which is a directly and wholly owned offshore
financing platform of BCG.

BCL's ratings are put on RWE because Fitch is likely to reassess
its credit profile after the company is de-registered and
restructured. Fitch believes BCL's privatisation could bring more
operational flexibility into BCG's property segment, including
policy-driven projects such as social housing and the Light Year
City project in Tianjin. Fitch may reassess the likelihood of
government support if policy-driven operations become more material
to BCL. BCL's ratings could also be lower if there are no material
changes to its relationship with BCG and likelihood of government
support, while BCG's Standalone Credit Profile (SCP) weakens.

The IDRs on BCL are equalised with the 'bb' SCP of BCG, based on
overall strong linkage with its parent under the "strong parent and
weak subsidiary" approach, in line with Fitch's Parent and
Subsidiary Linkage Rating Criteria. BCG's SCP is derived from the
aggregated credit profiles of its three major business segments.

Fitch revised the Outlook on BCG's ratings to Negative from Stable
on 15 October 2021 to reflect Fitch's view that BCG's SCP is under
pressure given weak property sales sentiment, especially as the
group has large exposure in Tianjin, where demand is less robust,
as well as an increase in contribution from the environmental
protection segment, which has a weaker credit profile.

KEY RATING DRIVERS

Privatisation of BCL: BCL said on 9 July 2021 that Beijing Capital
City Development Group Co. Ltd. (BCCD), a new wholly owned
subsidiary of BCG, will purchase the public's shares to delist BCL.
The delisting was completed on 30 September. BCCD will assume all
assets and liabilities of BCL and BCL will be deregistered.

Rating Trajectory of BCL: BCL will no longer exist after
deregistration, as such the rated entity is likely to be changed to
BCCD. The transaction is still in process and management expects to
draw up a comprehensive restructuring plan of BCG's property
business, likely over the next two months. Beijing State-owned
Assets Supervision and Administration Commission in a meeting with
Fitch said that BCCD may take on more policy-driven projects after
the restructuring.

Fitch will reassess the linkage between BCL and BCG once there is a
clearer picture. BCL's ratings could also be downgraded if there is
no material change to the linkage and if BCG's SCP weakens below
'bb'.

BCL's Keepwell Bonds on RWN: Fitch may link the ratings on BCL's
keepwell bonds to the credit profile of the guarantor International
Financial Center Property Ltd. (IFC), which is BCL's offshore
intermediate holding company. IFC's credit profile could be derived
from BCCD after BCL's deregistration, based on Fitch's Parent and
Subsidiary Linkage Rating Criteria. As such, the ratings on the
keepwell bonds may shift towards BCCD's credit profile, should BCG
decide not to add credit enhancement.

The bonds were placed on RWN in October 2020, following a decision
by the administrator of the onshore restructuring of Peking
University Founder Group's debt to not recognise the US dollar
keepwell bonds of its offshore subsidiary, which highlighted issues
over the enforceability of creditors' rights for holders of
keepwell bonds in China.

Moderate Legal Ties: Fitch assesses BCL's legal ties with its
parent as 'Moderate' because BCG provides keepwells to BCL's
borrowings and there is a cross-default clause in BCG's offshore
note. However, the amount is not large enough for a 'Strong'
assessment.

Strong Operational Linkages: Fitch believes the operational linkage
is 'Strong'. BCG fully owns BCL after the privatisation, appoints
all its key managers and approves its major strategic and financial
decisions. BCL has been acquiring land from BCG's non-commercial
property arm, while BCL and BCG's environmental protection company
have been securing projects for each other.

Strong Strategic Importance: Fitch believes BCL is strategically
important to BCG as it accounts for over half of the group's total
assets and around 40% of EBITDA. BCL also undertakes some of the
group's social and political tasks, such as construction and
operation of cultural and creative parks to promote Beijing as a
cultural centre, and development of long-stay rental apartments to
address housing issues.

Top-Down from BCG's SCP: Fitch believes government support is less
likely to flow to BCL as homebuilding is a market-driven industry,
especially considering current restrictive government policies on
the sector. Fitch believes government support to BCG is mainly
driven by its activities in the infrastructure business, social
housing and projects contributing to China's coordinated
development plan for the Beijing-Tianjin-Hebei region. However, the
likelihood of government support flowing through will be reassessed
after BCL's restructuring.

Decrease in Sales: Fitch expects BCL's sales to fall by around 5%
in 2021 due to weak sentiment among home buyers in 2H21 and a high
base of comparison in 4Q20, despite a 14% yoy rise in sales in
8M21. Total contracted sales of CNY70.9 billion in 2020 was 11.4%
less than management's target. Sales was weaker partly due to BCL's
large exposure to the Pan-Bohai area, which has the strictest
home-purchasing policies, and sluggish demand in Tianjin.

SCP Affirmed at b: BCL's SCP will continue to be constrained by its
weak sales efficiency and high leverage, albeit lower than in 2018
and 2019. Its attributable sales scale and land bank quality are
comparable with 'B' and 'B+' peers. Its liquidity position is
stronger than lower-rated peers. Fitch expects BCL's leverage,
measured by net debt to adjusted inventory, to stay high at 65%-70%
over the next two years because of its low sales efficiency and
weak cash collection, despite slower land acquisitions. Large
interest payments will continue to weigh on BCL's financials.

Margin Likely to Stay Weak: Fitch expects BCL's gross profit margin
for property development to stay weak at 18% over the next two
years and recover slightly afterwards. This margin fell to 18% in
1H21 from 25% in 2020. Management estimates gross profit margin for
projects acquired since 2020 will recover to 20%-25%, but also
expects to offer some discounts to expedite cash collection.

DERIVATION SUMMARY

BCL's ratings are at the same level as its parent's SCP. A close
homebuilder peer is China Overseas Grand Oceans Group Ltd (COGO,
BBB/Stable), which also has strong strategic ties with its
immediate parent, China Overseas Land & Investment Limited (COLI,
A-/Stable). However, COGO is rated on a top-down approach and one
notch below COLI's SCP. This is due to COGO's much smaller size
compared with COLI, while BCL accounts for more than half of BCG's
assets and around 40% of EBITDA. Linkage between COGO and COLI is
insufficient to warrant rating equalisation.

BCL's attributable sales of CNY40 billion-45 billion are comparable
with those of 'B+' peers and larger than most 'B' peers' CNY15
billion-25 billion. BCL's EBITDA margin (excluding capitalised
interest) of 18%-20% is comparable with that of 'B' peers. However,
its leverage of 65%-70% is one of the highest among rated
homebuilders, although risks are mitigated by its low borrowing
cost relative to peers that do not have government backers. The
risk from high leverage is also eased by its above 1.0x liquidity
ratio (available cash/ short-term debt). Peers rated 'B-' normally
have weaker liquidity positions.

KEY ASSUMPTIONS

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

-- Around 5% decrease of total sales in 2021 given weak market
    sentiment in 2H21 and flat sales thereafter;

-- Cash collection rate to remain at around 70% over the next two
    years, given BCL's large exposure in the Pan-Bohai area, where
    property policies are among the strictest;

-- Land to be replenished at 0.3x-0.5x the gross floor area sold
    in over the next two years, based on BCL's sufficient land
    bank and management's intention to control land acquisition
    expenditure;

-- EBITDA margin, excluding capitalised interest, to remain weak
    at 18%-20% over the next two years;

-- Cost for new borrowings at 5.5%.

RATING SENSITIVITIES

BCL's IDR:

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

-- Fitch will re-assess the parent-subsidiary linkage between BCL
    and BCG after the restructuring, a stronger linkage with the
    parent and likelihood of government support could lead to
    positive rating action.

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

-- Any signs of weakening in linkage with BCG after the
    restructuring;

-- Deterioration in BCG's SCP, or its holding-company level cash
    income/interest expense ratio remaining below 2.0x for a
    sustained period.

BCL's SCP:

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

-- Leverage, as measured by net debt/net property assets,
    sustained below 60%.

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

-- Leverage sustained above 75% while liquidity weakens.

Two keepwell notes under RWN:

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

-- No positive rating action expected on Central Plaza's notes
    with the keepwell deeds and equity interest purchase
    undertakings from BCG.

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

-- The RWN will be resolved and ratings on Central Plaza's notes
    could be move towards the IDR of BCL (or BCCD after completion
    of the merger) if there is no credit enhancement from BCG,
    i.e. a guarantee from Chinastar.

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

BCL's Sufficient Liquidity: BCL's readily available cash of CNY36.4
billion as of end-1H21 can fully cover its short-term debt of
CNY27.8 billion. The company also had unused bank credit facilities
of CNY153 billion to cover other operating needs. Fitch expects the
group to maintain sufficient liquidity to fund development costs,
land premium payments and debt obligations due to its diversified
funding channels from onshore and offshore capital markets,
long-term relationships with onshore and offshore banks and a
flexible land-acquisition strategy. BCL's weighted-average
financing cost fell to 4.88% in 1H21, from 5.14% in 2020.

ISSUER PROFILE

BCL was delisted from the Hong Kong stock exchange on 30 September
2021. It is a Chinese homebuilder that also has small exposure in
primary land development, as well as development and operation of
cultural and creative industrial parks and high-tech industrial
parks.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch's calculation of CNY122.6 billion of adjusted inventory used
in the leverage calculation at end-2020 mainly includes: CNY102.5
billion of inventory; CNY18.7 billion of investment properties,
CNY393 million of land and buildings included in property, plant
and equipment; CNY143 million of prepaid land use rights; CNY511
million of deposits for land; CNY4.3 billion of receivables from
primary land development; CNY70 million of receivables from
government repurchase of land use rights; CNY5 billion of contract
assets (primary land development); CNY317 million of consideration
receivables from equity disposal; CNY1.3 billion of payables for
equity transfer; CNY4.4 billion of investment in real-estate
projects in Australia; CNY1.5 billion of restricted cash treated as
property assets; CNY2.6 billion of amounts due from non-controlling
interests (NCI); CNY639 million of amounts due to NCI; CNY1.8
billion of investments in associates; CNY4.9 billion of investments
in JVs; CNY10.7 billion of amounts due from JVs and associates;
CNY5.8 billion of amounts due to JVs and associates; and CNY27.5
billion of contract liabilities.

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.

CHINA AOYUAN: S&P Downgrades ICR to 'B', Outlook Negative
---------------------------------------------------------
On Oct. 15, 2021, S&P Global Ratings lowered its long-term issuer
credit rating on China Aoyuan Group Ltd. to 'B' from 'B+' and the
long-term issue rating on the company's outstanding senior
unsecured notes to 'B-' from 'B'.

S&P said, "We downgraded Aoyuan because we expect its deleveraging
pace to slow amid a tough operating environment. The company's
reduced visibility on revenue growth and continued margin pressure
will hinder deleveraging efforts. Weakening cash generation will
also pressure Aoyuan's liquidity as it faces sizable maturities in
2022, despite our expectation that the company can still sort out
the repayment under a tighter situation.

"Furthermore, we believe payments to minority interest holders will
add to the company's capital needs, and may further strain its
already tightened liquidity if cash outflow accelerates. This is
reflected in our negative outlook.

"Aoyuan's leverage will remain high as revenue growth slows and
margins contract. We expect Aoyuan's revenue growth to weaken to
2%-4% during 2021 and 2022, from 34% and 63% in 2020 and 2019,
respectively. While revenue increased 15% in the first half of
2021, the visibility on future growth has weakened, in our view,
after the company's contract liabilities shrunk to Chinese renminbi
(RMB) 64 billion as of end-June 2021 from RMB69 billion as of
end-2020, partly due to project disposals.

"Furthermore, we estimate Aoyuan's consolidation ratio on its
unrecognized sales of RMB200 billion fell to 70%-75% from more than
80% in previous years. This, together with margin erosion, will
offset its debt reduction efforts. As such, we project Aoyuan's
leverage to stay elevated over the next 12 months, with its ratio
of debt to EBITDA staying at 7.3x-7.5x for 2021 and 8.1x-8.3x
during 2022, compared with 7.5x for 2020. We revised our comparable
rating analysis to neutral to reflect its higher leverage compared
with peers."

Aoyuan's slowing sales and cash collection will weaken cash
generation and limit debt reduction. S&P anticipates Aoyuan's gross
debt will fall by 7%-9% to RMB104 billion-RMB106 billion in 2021,
compared with RMB111.3 billion as of end-June 2021 and RMB114.9
billion as of end-2020. This is slightly lower than a 10% reduction
management was targeting, because the company's cash generation
capabilities will be adversely affected by the challenging
operating environment, in its assessment.

S&P said, "For instance, Aoyuan's September sales declined by about
9% year over year, and a meaningful rebound over the next six to 12
months is uncertain, in our view. We expect Aoyuan's contracted
sales to grow 3%-5% to RMB138 billion-RMB140 billion for 2021, and
to decline by 5%-7% over 2022."

Cash collection will remain under pressure at 75%-80% over 2021 and
2022, compared with 87% in the first half of 2021, due to tightened
mortgage availability. As such, we estimate Aoyuan's gross debt
will grow by about 10% in 2022 (after declining by 7%-9% in 2021),
compared with management's target of a 5% reduction for next year.

Aoyuan's minority interest payments will further hinder its
capacity to cut debt. S&P believes the company's plan to reduce its
exposure to minority interests will increase its capital needs, and
will further limit resources for debt reduction. The company's
balance sheet minority interest was RMB34.9 billion as of end-June
2021, declining from RMB35.7 billion as of end-2020. This compared
against increases of about 63%, 17% and 12% over 2017, 2018 and
2019, respectively. As of end-June 2021, Aoyuan's minority interest
was 65.5% of the company's total equity--high among peers.

Management aims to reduce minority interest to about 50% of total
equity over the coming few years. This will be achieved by reducing
partnerships related to both urban redevelopment projects (39% of
total minority interest) and other development projects (52%). The
remaining 9% relates to the 70% non-controlling interest of its
A-share listed subsidiary, Aoyuan Beauty Valley Technology Co. Ltd.
S&P estimates cash outflow of RMB6 billion-RMB8 billion per year
during 2021 and 2022 related to the reduction in minority
interest.

Aoyuan's tightened liquidity may narrow further if minority
interest payments accelerate. S&P said, "Despite a large total cash
balance of RMB68.3 billion as of end-June 2021, we are uncertain
about the extent to which the company can access these funds for
debt repayment as some cash might need to stay at project
companies. Cash level at the holding company can fluctuate even
more due to other needs under the current tighter funding
environment. Aoyuan's liquidity could tighten further if cash
outflow for minority interest reduction exceeds our expectation. As
such, we revised our assessment of Aoyuan's liquidity to less than
adequate."

A recent equity injection by the company's chairman, Mr. Guo Zi
Wen, and Henderson Land Development Co. Ltd.'s co-chairman, Dr. Lee
Ka-Kit, demonstrated strong support from controlling shareholders
and strategic investors. However, this did little to increase
Aoyuan's liquidity headroom due to the relatively small amount.

Aoyuan faces significant debt maturities in 2022. After the
redemption of a RMB1.5 billion corporate bond in October, the
company still faces sizable repayment pressure in 2022. Management
intends to repay US$500 million senior notes due in January 2022
with internal resources, using proceeds from an offshore issuance
early this year.

The company has US$188 million 364-days notes falling due in
February 2022, US$200 million private notes puttable maturing in
June, and US$250 million senior notes coming due in September next
year. Management is reviewing refinancing plans for the former two
maturities, and is seeking new issuance quota from National
Development and Reform Commission to refinance the latter.

S&P said, "We see uncertainty in refinancing these offshore
maturities with new issuances. The company has shared alternative
plans to address these offshore maturities, including disposal of
onshore and offshore project stakes, and remittance of its onshore
funds to offshore.

"It is still our base case expectation that Aoyuan can utilize some
of its cash and realize part of the disposal plans to deal with the
situation. However, we see higher risk for the company because
these alternative plans have limited visibility, in our view. The
company does not have any domestic corporate bond maturing in
2022.

"The negative outlook on Aoyuan reflects our view that the
company's sizable maturities and slowing cash generation from
contracted sales over the next 12 months will tighten its
liquidity. We also expect leverage to remain elevated with the
gradual reduction in balance sheet minority interest.

"We may lower the rating if Aoyuan's liquidity further tightens as
a result of cash generation weaker than we expect, as well as
increased outflow on land acquisition and minority interest
payments. We may also downgrade the company if its leverage further
deteriorates such that its debt-to-EBITDA ratio stays above 8.0x
without signs of improvement.

"We may revise the outlook to stable if Aoyuan's liquidity improves
to an adequate level, such that the ratio of liquidity sources to
uses stays sustainably above 1.2x and access to capital market
strengthens. At the same time, we would expect Aoyuan's leverage to
stay below 8.0x, and have a strong visibility for the repayment of
bonds maturities over the next year."


CHINA EVERGRANDE: Risks Controllable, China Central Bank Says
-------------------------------------------------------------
Bloomberg News reports that China's central bank broke its silence
on the debt crisis at China Evergrande Group, saying risks to the
financial system stemming from the developer's struggles are
"controllable" and unlikely to spread.

Authorities and local governments are resolving the situation based
on "market-oriented and rule-of-law principles," People's Bank of
China official Zou Lan said at a news briefing on Oct. 15,
Bloomberg relays. The central bank has asked lenders to keep credit
to the real estate sector "stable and orderly," said Zou, who is
head of the financial market department.

According to Bloomberg, concerns are growing that the cash crunch
at Evergrande is spilling over to other developers as President Xi
Jinping maintains strict measures to cool the property market.
Contagion fears intensified over the past two weeks after a
surprise default by Fantasia Holdings Group Co. and a warning from
Sinic Holdings Group Co. that its default was imminent.

"In recent years, the company failed to manage its business well
and to operate prudently amid changing market conditions," Zou said
of Evergrande, Bloomberg relays. "Instead it blindly expanded and
diversified."

The central bank is urging property firms and their shareholders to
fulfill their debt obligations, Zou said. A slump in developers'
offshore dollar bonds is a natural market response to defaults, he
added.

According to Bloomberg, Zou also said:

* China's government has insisted that property not be used as a
short-term stimulus for the economy;

* cities have seen an excessive surge in property prices, which
mortgage restrictions helped to curtail;

* property investment has slumped recently after some developers
faced credit problems, but this is a normal market phenomenon; and


* some banks have misunderstood macroprudential policies regarding
the property sector.

"This is the strongest signal yet that authorities won't come to
the rescue of creditors of Evergrande and other developers,"
Bloomberg quotes Travis Lundy, a special situations analyst who
publishes on Smartkarma, as saying. They are sticking to the stance
that there won't be any property-boosting measures, aside from
small steps such as faster home-loan processing and efforts to
alleviate mortgage limits at banks, he added.

Financial regulators have told some major banks to accelerate
approval of mortgages in the last quarter, Bloomberg reported
earlier on Oct. 15. Lenders were also permitted to apply to sell
securities backed by residential mortgages to free up loan quotas,
easing a ban imposed early this year, according to people familiar
with the matter.

Bloomberg says Evergrande's bonds and stock have cratered in recent
weeks, with the sell-off spreading to other property developers,
sending yields on the country's riskier notes soaring to 20%. The
developer's offshore bonds are trading at about 20 cents on the
dollar, suggesting investors are betting on default. The stock has
plunged 80% this year, and has been halted in Hong Kong for the
past two weeks pending news on a possible sale of its property
services unit.

Bloomberg says the central bank's criticism of Evergrande's
strategy to "blindly" expand doesn't bode well for billionaire
founder Hui Ka Yan. In previous times of trouble, Hui had been able
to rely on the help of his tycoon friends and local government
support. This time, with more than $300 billion in liabilities and
the company's asset prices plunging, Hui appears more alone than
ever.

                       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 on Sept.
30, 2021, Fitch Ratings has downgraded to 'C' from 'CC', the
Long-Term Foreign-Currency Issuer Default Ratings (IDRs) of Chinese
homebuilder, China Evergrande Group, and its subsidiaries, Hengda
Real Estate Group Co., Ltd and Tianji Holding Limited. Fitch has
affirmed the senior unsecured ratings of Evergrande and Tianji at
'C', with a Recovery Rating of 'RR6', as well as the
Tianji-guaranteed senior unsecured notes issued by Scenery Journey
Limited at 'C', with a Recovery Rating of 'RR6'.  The downgrades
reflect that Evergrande is likely to have missed interest payment
on its senior unsecured notes and entered the consequent 30-day
grace period before non-payment constitutes an event of default.

S&P Global Ratings' rating for China Evergrande Group and its
subsidiaries Hengda Real Estate Group Co. Ltd. and Tianji Holding
Ltd. was lowered to 'CC' from 'CCC' last September 15, 2021. S&P
also lowered its long-term issue rating on the U.S. dollar notes
issued by Evergrande and guaranteed by Tianji to 'C' from 'CCC-'.


CHINA PROPERTIES: Defaults on Notes Worth US$226 Million
--------------------------------------------------------
Reuters reports that China Properties Group Ltd said on Oct. 15 it
had defaulted on notes worth $226 million as it failed to secure
funds by the maturity date, joining a list of property developers
in the country that are reeling from a debt crisis.

According to Reuters, China Properties said it had failed to secure
funds by Oct. 15, the maturity date of the notes, due to a "timing
mismatch" and that it would not be able to make repayments until it
had sold or refinanced some of its assets.

Reuters relates that the Hong Kong-headquartered company said its
controlling shareholder Wong Sai Chung had assured he would
continue to provide support to the firm through the liquidity
crisis.

For now, the notes would be delisted from foreign bourses, it
added.

The case underscores the impact of China Evergrande Group, which is
struggling under $305 billion in debt, on the rest of the
high-yield sector as liquidity dries up and sales slow, Reuters
says.

Earlier last week, Chinese developer Sinic Holdings said it would
likely default on bonds worth $250 million, Reuters recalls.

China Properties Group Limited is a property development company
that develops residential and commercial properties in China.

CHINA ZHONGWANG: Two Units Face Severe Operation Difficulties
-------------------------------------------------------------
The Standard reports that aluminum producer China Zhongwang said
its subsidiaries are facing severe operation difficulties, sparking
concerns on the market.

According to the report, China Zhongwang said on Oct. 15 it had
been notified of "severe difficulties" at two subsidiary companies,
as Chinese prices for the metal hit a 15-year record high.

Liaoyang Zhongwang Superior Aluminium Fabrication and Liaoning
Zhongwang Group are facing problems due to "major losses and
business hardship," Zhongwang said in a statement to the Hong Kong
stock exchange, the Standard relays.

Zhongwang is the world's second-biggest manufacturer of aluminum
extrusions. It needs to purchase aluminum ingots in order to make
its products, having sold its smelting operations last year.
Furthermore, Zhongwang is headquartered and has a major production
base in the city of Liaoyang, in China's northeastern province of
Liaoning, one of the regions hardest hit by widespread power
shortages.

The subsidiaries "are unable to overcome the difficulties on their
own notwithstanding many efforts made" and are "engaged in active
communications" with relevant parties in a bid to help ensure
smooth operations, it said, The Standard relays.

The Standard relates that the group's woes mounted after three
independent non-executive director quit the firm on Oct. 15,
leaving it in breach of Hong Kong listing rules. The departures
resulted in no member in the company's audit committee, which falls
below the minimum listing requirements, an exchange filing said.
The firm vowed to find and appoint candidates as soon as possible.

Trading in Zhongwang's shares has been suspended since August 30
pending publication of inside information and the company's
financial results for the first half of 2021, The Standard adds.

China Zhongwang Holdings Limited is principally engaged in the
manufacturing and sales of aluminum products. The Company operates
through four business segments: aluminum extrusion products for
industrial markets, aluminum deep-processed products, aluminum
extrusion products for construction markets and aluminum
flat-rolled products. The Company is also involved in the
investment holding, the manufacturing of machinery and special
vehicle and parts, as well as the provision of financial services
through its subsidiaries.




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

AGRI BEST: CARE Lowers Rating on INR10.00cr LT Loan to D
--------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Agri
Best India Limited (ABIL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term/          10.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable/
                                   CARE A4

   Short Term Bank      7.00       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated August 24, 2020, placed the
rating(s) of ABIL under the 'issuer non-cooperating' category as
ABIL 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. ABIL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 10, 2021, July 20, 2021, July 30, 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 for ABIL have been revised on account of irregularities
in debt servicing.

Agri Best India Ltd (ABIL), part of Agri Best Group, was promoted
in September 2010 by Mr. Gopal Sharma, Mrs. Preeti Sharma & Mr.
Petrus Adrianus Antinius Joseph Van Pinxteren. The company is
engaged in processing and supplying of milk and various dairy
products viz. butter, cheese, skimmed milk, skimmed milk powder,
Ghee etc. The company operates at an installed capacity of 3 lakh
liters per day (LLPD) on a leased plant at Palwal, Haryana.


ARG HOUSING: CARE Keeps D Debt Rating in Not Cooperating
--------------------------------------------------------
CARE Ratings said the rating for the bank facilities of ARG Housing
Private Limited (AHPL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       17.17      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 September 21, 2020, placed
the rating(s) of AHPL under the 'issuer non-cooperating' category
as AHPL 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. AHPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 7, 2021, August 17, 2021, August 27, 2021.

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

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

ARG Housing Private Limited (AHPL) was incorporated in 2008 with an
objective to work on the real estate project and is a part of
Jaipur-based 'ARG' group. Currently, AHPL is executing one
integrated township project under the name of 'ARG Puram' at Jaipur
on the total built up area of 15.04 lakh sq. feet (lsf). The
project consists of construction of 568 duplex bungalows which
comprise 81 units of 3BHK deluxe duplex Villa (type 'A deluxe'),
210 units of 3BHK bungalows (type 'A'), 100 units of 2BHK deluxe
bungalows (type 'B') and 177 units of 2BHK bungalows (type 'C').
The project area also includes shops, community center, gym,
swimming pool, playground, central park, gym, 1BHK houses and odd
size homes, roads and other city development etc. The project
construction was started in December 2008 and it has completed
phase –I of the project under which it has constructed 110 units
and playground, clubhouse, central park, community hall and
swimming pool. The company has already sold 110 units and
possession has been given for the same. Under phase-II, AHPL is
constructing remaining 458 units and is expected to be completed by
August 2017 with the total envisaged cost of INR99.52 crore.

AROWANA EXPORTS: CARE Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Arowana
Exports Private Limited (AEPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Short Term Bank       7.00      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 September 15, 2020, placed
the rating(s) of AEPL under the 'issuer non-cooperating' category
as AEPL 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. AEPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 1, 2021, August 11, 2021, August 21, 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 September 2014, as a private limited company, by
Mr. Rajendra Vitthal Shinde and Mrs. Sheetal Rajendra Shinde,
Arowana Exports Private Limited (AEPL) is a 100% export oriented
unit and is engaged in processing and export of seafoods, majorly
shrimps. The company has commenced operations from September 2014.
The company exports products under the brand name of "Arowana"
mainly to South Africa, Spain, Germany, Australia, Portugal, China,
Hong Kong, Vietnam and Malaysia and procures fish from local
fishermen operating in the western and eastern coastline of India.


ASHA ENTERPRISE: CARE Lowers Rating on INR8.65cr LT Loan to D
-------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Asha
Enterprise_Siliguri (AE), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.65      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B; Stable

   Short Term Bank       0.30      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE A4

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 2, 2020, placed the
rating(s) of AE under the 'issuer non-cooperating' category as AE
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. AE continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 18, 2021, September 28, 2021, October 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).

The ratings assigned to the bank facilities of AE have been revised
on account of on-going delays in debt servicing recognized from
feedback of lender and auditor.

Asha Enterprises was established as a partnership firm in February
2015 by Mr. Kedar Somani, Mr. Bineet Somani, Mr. Amit Somani and
Mrs. Asha Somani. AE runs a hotel (Hotel Saffrom Crest) in
Siliguri, a famous tourist destination of West Bengal. The hotel
consists of 61 rooms, food & beverages outlets, banquet halls,
conferencing facilities and other recreational facilities. The
hotel spread with an area of 76 katthas (basement+ 6 floors)
equipped with state of the art technology and well qualified &
experienced staffs. The firm has commenced operations from January
2018 and the average occupancy rate was around 80% during FY19.


CAUVERY BUILDTECH: CARE Lowers Rating on INR2.50cr LT Loan to C
---------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Cauvery Buildtech (CB), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       2.50       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank
   Facilities           3.75       CARE A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 16, 2020, placed
the rating(s) of CB under the 'issuer non-cooperating' category as
CB 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. CB continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 2, 2021, August 12, 2021 and August 22, 2021.

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

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

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

Cauvery Buildtech (CB) was established in 2007, as a Partnership
firm promoted by Mr. R. Sekar along with his family members. The
firm is engaged in Interior Turnkey Contracting Services for
commercial and residential projects like Electrical Works, Fire and
Safety Security products, Structured Cabling, Civil & Interior
works, Drawer Slides, Auto Closing Hinges, Furniture Fittings,
Computer Furniture Fittings, Joinery Fittings, Wardrobe Fittings,
Architectural Fitting, Lever, Pull Lever Handles and Kitchen
accessories like Pooja Cabinets, Crockery Cabinets, TV Cabinets and
Shoe Racks etc.


DEEP PLAST: CARE Lowers Rating on INR10.00cr LT Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Deep
Plast Industries (DPI), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       10.00      CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-

   Short Term Bank
   Facilities            5.00      CARE A4; ISSUER NOT
                                   COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 23, 2020, placed the
rating(s) of DPI under the 'issuer non-cooperating' category as DPI
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. DPI continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 8, 2021, September 18, 2021, September 28, 2021.

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

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

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

Established in 1998 as a partnership firm, DPI is engaged in the
manufacturing of master batches which find its application
predominantly in plastic and packaging industries. The firm was
setup by Mr. Ramesh Patel and his wife Mrs. Asha Patel having equal
profit-sharing ratio. The master batches manufactured by the firm
are compatible with all types of plastic polymers and plastic
manufacturing processes. DPI operates from its sole plant located
in Santej, Gujarat. It has recently completed its expansion and
installed capacity increased to 8,000 metric tonnes per annum
(MTPA) as on March 31, 2015.


DKM AGENCIES: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of DKM
Agencies Private Limited (DAPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        8.30      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.20      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 September 22, 2020, placed
the rating(s) of DAPL under the 'issuer non-cooperating' category
as DAPL 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. DAPL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 08, 2021, August 18, 2021, August 28, 2021.

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

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

DKM Agencies Private Limited (DKM) was incorporated in March 1999
and is currently being managed by Mr Sachin Malik and Ms Nainy
Malik. DKM is engaged in trading of food products such as food
chemicals, juices, dairy products, bakery products, frozen food,
etc, at its outlet located in Ludhiana, Punjab. DKM supply products
to various distributors spread all across India and also to
institutional customers. The company also has a group concern,
namely, DKM Enterprises which is a proprietorship firm established
in 2002 and is engaged in same business as DKM.


ECOMOTEL HOTEL: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ecomotel
Hotel Limited (EHL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       11.65      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 September 17, 2020, placed
the rating(s) of EHL under the 'issuer non-cooperating' category as
EHL 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. EHL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 3, 2021, August 13, 2021, August 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.

Ecomotel Hotel Limited (EHL) is a special purpose vehicle promoted
by Celebrations, a part of the Celebrations Group which operates
multiple specialty theme luxury hotels and resorts in Central India
and LCL, a Hindustan Construction Company Limited (HCC) group
company. As on March 31, 2017, LCL holds 51% equity stake in the
company while the remaining 49% equity stake is held by
Celebrations. EHL operates a mid-priced 130 room hotel at Lavasa
under the brand name 'Mercure Lavasa'. The hotel's built up area is
around 77,000 square feet with 97 standard rooms, 31 superior rooms
and 2 family rooms. Also, the hotel operates four inhouse
restaurants suiting different requirement of customers. The hotel
is operated by AAPC Singapore PTE Limited (Mercure Hotels) who are
paid 6% of gross room rent as operating fees, in addition to other
fees as per agreement.


EXCEL METAL: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Excel Metal
Processors Private Limited (EMPPL) continues to remain in the
'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       38.12      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      20.00      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 September 29, 2020, placed
the rating(s) of EMPPL under the 'issuer non-cooperating' category
as EMPPL 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. EMPPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 15, 2021, August 25, 2021, September 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.

Ecomotel Hotel Limited (EHL) is a special purpose vehicle promoted
by Celebrations, a part of the Celebrations Group which operates
multiple specialty theme luxury hotels and resorts in Central India
and LCL, a Hindustan Construction Company Limited (HCC) group
company. As on March 31, 2017, LCL holds 51% equity stake in the
company while the remaining 49% equity stake is held by
Celebrations. EHL operates a mid-priced 130 room hotel at Lavasa
under the brand name 'Mercure Lavasa'. The hotel's built-up area is
around 77,000 square feet with 97 standard rooms, 31 superior rooms
and 2 family rooms. Also, the hotel operates four in-house
restaurants suiting different requirements of customers. The hotel
is operated by AAPC Singapore PTE Limited (Mercure Hotels) who are
paid 6% of gross room rent as operating fees, in addition to other
fees as per agreement.


GALI BHANU: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Gali Bhanu
Prakash (GBP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.53       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 October 27, 2020, placed the
rating(s) of GBP under the 'issuer non-cooperating' category as GBP
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. GBP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 12, 2021, September 22, 2021, and October 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).

Andhra Pradesh based, Gali Bhanu Prakash (GBP) was established as a
proprietorship firm in the year 2002 and promoted by Mr. G. Bhanu
Prakash. The firm is engaged in providing ware house on lease
rental to Andhra Pradesh State Civil Supplies Corporation Limited
(APSCSCL). The property is built on total land area of 30 acres
comprising of 2 godowns having storage capacity for food crops like
rice around 10000MT and 15000MT respectively. Term loan has been
taken for the proposed construction of a godown with the capacity
of 15000MT.

GANESH RICE: CARE Lowers Rating on INR13.30cr LT Loan to C
----------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Shree Ganesh Rice Mills (Sirsa) (SGRM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      13.30       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-

   Short Term           1.70       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September04, 2020, placed
the rating(s) of SGRM under the 'issuer non-cooperating' category
as SGRM 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. SGRM continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 21, 2021, July 31, 2021, August 10, 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).

Sirsa-based (Haryana) Shree Ganesh Rice Mills (SGRM) was
established in 1999 as a partnership concern by Mr Bhim Singhal and
Mr Sunil Singhal. The firm is engaged in milling and processing and
trading of both basmati and non-basmati rice. The firm procures the
raw material (paddy) from the grain market located in Haryana
through commission agents and sells its product to wholesalers in
Haryana, Delhi and Gujarat.


GURANDITTA MAL: CARE Keeps C Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Guranditta
Mal Mohan Lal (GMML) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       17.00      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 September 21, 2020, placed
the rating(s) of GMML under the 'issuer non-cooperating' category
as GMML 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. GMML continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 7, 2021, August 17, 2021, August 27, 2021.

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

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

Guranditta Mal Mohan Lal (GMML) was established in 1978 as a
partnership firm. The firm is currently being managed by Mr Adarsh
Kumar and Mr Roshan Lal as its partners sharing profit and losses
equally. The firm is engaged in processing of paddy at its
manufacturing facility in Fazilka, Punjab. GMML sells basmati and
non-basmati rice directly to various wholesalers based in Delhi,
Chandigarh, Haryana, Maharashtra and Punjab. The raw material,
primarily paddy, is procured from local grain markets located in
Punjab only.

HEALTHFORE TECHNOLOGIES: CARE Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Healthfore
Technologies Limited (HTL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      266.67      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      7.10       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 September 16, 2020, placed
the rating(s) of HTL under the 'issuer non-cooperating' category as
HTL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. HTL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and emails dated  August
2, 2021, August 12, 2021 and August 22, 2021, etc.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on bank facilities of Healthfore Technologies
Limited will be denoted as CARE D; Issuer not cooperating.

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

Detailed description of the key rating drivers

CARE has not received any information from the company. The review
is conducted on the basis of best available information.

Healthfore Technologies Limited (HTL; erstwhile Religare
Technologies Limited), incorporated in May 2009 is a global
healthcare IT solutions and advisory services company. HFTL offers
various products and services including product 'Infinity' which is
a Hospital Information System and supports patient, clinical,
ancillary and financial management, 'Magnum Imaging system' which
optimizes clinical workflow by combining Picture Archival and
Communication System (PACS), Radiology Information System (RIS) and
teleradiology. HTL also provides telehealth services spanning
telemedicine, telepathology, teledermatology and teleradiology.

LAXMI ENGINEERING: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Laxmi
Engineering Industries (Bhopal) Private Limited (LEIPL) continues
to remain in the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       28.25      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/          10.00       CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated October 14, 2020, placed the
rating(s) of LEIPL under the 'issuer non-cooperating' category as
LEIPL 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. LEIPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 30, 2021, September 9, 2021, September 19, 2021.

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

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

Laxmi Engineering Industries (Bhopal) Pvt. Ltd (LEIPL), an ISO
9001-2001 certified company, was initially set-up as a partnership
firm in 1987. It was later reconstituted as a private limited
company in July 2007, under the leadership of Mr K.K. Gurjar (MD)
who has an experience of more than three decades in the heat
transfer equipment industry. LEIPL is engaged in the designing and
manufacturing of custom-built heat transfer equipment such as heat
exchangers, industrial coolers, desuper heaters which are used in
power plants based on thermal, hydro and wind, refineries, chemical
industries, fertilizer plants, as a part of their energy recovery
system.


LEMON ELECTRONICS: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Lemon
Electronics Limited (LEL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      22.50       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank     65.00       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 September 25, 2020, placed
the rating(s) of LEL under the 'issuer non-cooperating' category as
LEL 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. LEL continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 11, 2021, August 21, 2021 and August 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).

Lemon Electronics Limited, was incorporated on June 9, 2008 was
promoted by Mr. Sandeep Mushran, Mr. M.S. Malik and Mr. Gopal
Kalra. Mr. Kapil Chugh, the managing director of the company, took
over the management of the company in February, 2016. The company
is primarily engaged in trading and assembling of mobile handsets
under the brand name of 'Lemon'. The company has its assembling
unit located in Noida, U.P., having a capacity of assembling 10
lakh mobile handsets per month during FY17. Lemon Electronics
Limited through its group company VCPL is also engaged in
manufacturing of mobile accessories viz. memory card, chargers,
batteries, microphones, etc. within the same premises at its unit
located in Noida.


LIGARE AVIATION: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ligare
Aviation Limited (LAL) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      235.00      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short 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 September 16, 2020, placed
the rating(s) of LAL under the 'issuer non-cooperating' category as
LAL had failed to provide information for monitoring of the rating
as agreed to in its Rating Agreement. LAL continues to be
non-cooperative despite repeated requests for submission of
information through emails, phone calls and emails dated  August 2,
2021, August 12, 2021 and August 22, 2021, etc.

In line with the extant SEBI guidelines, CARE has reviewed the
rating on the basis of the best available information which
however, in CARE's opinion is not sufficient to arrive at a fair
rating. The ratings on bank facilities of Ligare Aviation Limited's
will be denoted as CARE D; Issuer not cooperating.

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

Ligare Aviation Limited (LAL) incorporated in September 1996 is
subsidiary of Ligare Voyages Ltd (LVL; erstwhile Religare Voyages
Ltd) which holds 99.99% stake in LAL as on March 31, 2016. RHC
Holding Private Limited is the ultimate holding company of LAL as
RHC holds 95% stake in LVL as on March 31, 2016. LAL is engaged in
non-scheduled air charter business with fleet of 11 aircrafts (out
of which four were owned and balance seven were leased) including
jets, turboprops and helicopters with a flying range within the
Asian continent and the Middle East.


MAHASHAKTHI CHEMICALS: CARE Cuts Rating on INR7.50cr LT Loan to D
-----------------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Mahashakthi Chemicals and Fertilizers Private Limited (MCFPL), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        7.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE C; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated November 19, 2020, placed
the rating(s) of MCFPL under the 'issuer non-cooperating' category
as MCFPL 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. MCFPL continues to
be non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
October 5, 2021, October 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 assigned to the bank facilities of MCFPL have been
revised on account of on-going delays in debt servicing recognized
from publicly available information i.e. Annual report of FY20.

Mahashakthi Chemicals and Fertilizers Private Limited (MCFPL), was
initially established as a Shree Chamundeswari Fertilizers and
Chemicals Private Ltd and renamed as MCFPL. MCFPL was incorporated
in November 2012 and started its commercial operations from January
2015 is managed by Mr. H.S. Chidananda and other eight directors.
MCFPL is engaged in the business of trading and manufacturing of
granulated fertilizers and soil conditioner. MCFPL product profile
includes NPK(Nitrogen, potassium and phosphorus) of different
grades like 17:17:17, 20:20:0, 20:10:10, 18:18:10, 10:20:10,
14:6:21 and 15:05:05.

OM PACKAGING: CARE Keeps C Debt Rating in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Om
Packaging (OP) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       6.00       CARE C; 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 September 4, 2020, placed
the rating(s) of OP under the 'issuer non-cooperating' category as
OP 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. OP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 21, 2021, July 31, 2021, August 10, 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).

Om Packaging (OP) is a partnership firm, incorporated in 1999,
between Mr Birendra Kumar, Mr. Ramu Sing Yadav & Mr. Shyam Sunder
Yadav and subsequently in February 2012, Mr Ramu Sing Yadav & Mr
Shyam Sunder Yadav retired from the business and Mr. Avinash Kumar
joined the business. OP is thereafter managed by two partners Mr
Birendra Kumarand and Mr. Avinash Kumar sharing profit and loss in
the ratio of 95:05 respectively. The firm is into business of
manufacturing of wide range of packaging products like industrial
barrels, drums, paper cores and tubes and containers. OM caters to
domestic as well as overseas customers.

ORBIT AVIATION: CARE Keeps D Debt Rating in Not Cooperating
-----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Orbit
Aviation Private Limited (OAP) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank      59.52       CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 25, 2020, placed
the rating(s) of OAP under the 'issuer non-cooperating' category as
OAP 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. OAP continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 11, 2021, August 21, 2021 and August 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).

Orbit Aviation Private Limited (OAP) incorporated in June 2007 is
engaged in providing chartered flight and public road transport
services. It is a 64.96% subsidiary of Orbit Resorts Ltd, while
rest is held by promoter group. Mr. Lakhvir Singh, Mr. Gurmeher
Singh Majithia, Mr. Mohd Jameel, Mr. Mohd Rafiq are directors in
the company. The company is a NonScheduled Operator for India and
abroad and it owns additionally, the company also provides
passenger bus services through a fleet of 60 buses (including both
standard and luxury) buses in Punjab.


PRERNA SERVICES: CARE Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Prerna
Services Private Limited (PSPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.22      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       2.00      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 September 7, 2020, placed
the rating(s) of PSPL under the 'issuer non-cooperating' category
as PSPL 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. PSPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 24, 2021, August 3, 2021, August 13, 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).

Prerna Service Private Limited (PSP) was incorporated in February
2013; however the commercial operations of the company have started
in February 2015. The operations of the company are current being
managed by Manoj Kumar Tyagi, Mr.Vijender Singh and Ms. Pinki
Hudda. The company is engaged in manufacturing as well as trading
of I.T. products such as personal computers, smartphones, chargers,
tablets, etc. The company imports its entire raw material
requirement from China & Hong Kong and manufactures it at its
plant, located at Roorkee, Uttarakhand. The company has an
installed capacity of 87,000 pieces of tablets as of September 30,
2015. The product is sold under the brand name "PENTA" (brand name
acquired by PTP) to traders located in Delhi and near regions.
Pantel Technologies Private Limited is an associate concern of PSP
engaged in similar business.

RELIABLE POLYESTER: CARE Keeps D Debt Rating in Not Cooperating
---------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Reliable
Polyester Private Limited (RPPL) continues to remain in the 'Issuer
Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        5.50      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 October 30, 2020, placed the
rating(s) of RPPL under the 'issuer non-cooperating' category as
RPPL had failed to provide information for monitoring of the rating
and had not paid the surveillance fees for the rating exercise as
agreed to in its Rating Agreement. RPPL continues to be
noncooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 15, 2021, September 25, 2021, October 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).

Surat-based (Gujarat) RPPL, a family run business was incorporated
in May 1988, by Mr. Radha Mohan Mittal which is now managed by Mr.
Ruchir Radha Mohan Mittal and Mrs. Esha Ruchir Mittal. The company
is engaged into the manufacturing of greige (unprocessed) polyester
fabrics from polyester yarn (primarily Air Textured Yarn (ATY)),
prior to which it discontinued the operations of manufacturing
polyester yarn. RPPL operates from its sole manufacturing facility
located in Surat (Gujarat) with 135 shuttle-less water jet looms
having an installed capacity of 1.20 crore metres of greige fabric
as on March 31, 2019.


RUBY FASHION: CARE Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Ruby
Fashion Textile (RFT) continues to remain in the 'Issuer Not
Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank        4.95      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank       0.75      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 September 28, 2020, placed
the rating(s) of RFT under the 'issuer non-cooperating' category as
RFT 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. RFT continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 14, 2021, August 24, 2021 and September 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).

Ruby Fashion Textiles (RFT) was established as a proprietorship
firm in 2002 by Mr. S.P. Suresh Kumar. The firm is engaged in
manufacturing nylon net fabric. Till FY 2019 the firm used to
derive its revenue from execution of local Job works orders
received. Since September 2019 Ruby Fashion Textiles has changed
its nature of operations from executing job work orders to a
full-fledged manufacturing concern with an installed capacity of 2
tonnes per day. There are over 27 somet thema rapier loom machines
installed at the plant site, funded by the term loan of INR4.95
Crores availed from Canara bank.


S. S. RICE: CARE Keeps C Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CARE Ratings said the rating for the bank facilities of S. S. Rice
Mill (SSRM) continues to remain in the 'Issuer Not Cooperating'
category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       5.20       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category

   Short Term Bank      2.50       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 October 21, 2020, placed the
rating(s) of SSRM under the 'issuer noncooperating' category as
SSRM 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. SSRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 06, 2021, September 16, 2021, September 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).

S. S. Rice Mill was established in 2016, commenced its operation in
December 2017, with an objective to enter into the rice milling and
processing business. The manufacturing unit is located at
Dongargarh, Rajnandgaon, Chhattisgarh. The current installed
capacity of the unit is 28,800 tons per annum. The entity is
procuring raw paddy from the local farmers. Mr. Prateek Jain (aged
40 years) having five years of experience and Mr. Vinod Lalwani
(aged 43 years) having 10 years of experience in similar line of
business, looks after the day to day operations of the firm along
with other partners and a team of experienced professionals.


SAI TRADERS: CARE Lowers Rating on INR3.00cr LT Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Sai
Traders (ST), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       3.00       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B-; Stable

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 21, 2020, placed
the rating(s) of ST under the 'issuer non-cooperating' category as
ST 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. ST continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
August 7, 2021, August 17, 2021, August 27, 2021.

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

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

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

Sai Traders (STR) was established in July 2012, as a partnership
firm and is currently being managed by Mr Satpal Garg and Mr Vinod
Kumar Garg, as its partners, sharing profit and loss equally. STR
is engaged in the business of trading of cotton bales, cotton
seeds, cottonseed cake at its facility located in Muktsar, Punjab.
The key traded goods are majorly procured from wholesalers based in
Haryana, Rajasthan, Punjab, Madhya Pradesh and Gujarat. The firm
also imports cotton bales from Pakistan and Australia. Besides STR,
the partners are also engaged in other group concerns namely Surya
Lakshmi Cottex Private Limited and Shri Ram Swarup Garg Cotton
Mills.


SHIV RICE: CARE Lowers Rating on INR8.65cr LT Loan to C
-------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of Shiv
Rice Mill (SRM), as:

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.28       CARE C; Stable; ISSUER NOT
   Facilities                      COOPERATING; Rating continues
                                   To remain under ISSUER NOT
                                   COOPERATING category and
                                   Revised from CARE B; Stable

   Short Term Bank      0.47       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 October 21, 2020, placed the
rating(s) of SRM under the 'issuer noncooperating' category as SRM
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. SRM continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
September 6, 2021, September 16, 2021, September 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).

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

Established in 2005, Shiv Rice Mill (SRM) has been engaged in the
business of rice milling & processing. Presently the firm owns a
unit in Murshidabad through which it carries out its operations and
it serves as their administration office as well. The day to day
affairs of the firm are looked after by Mr Niranjan Bhakat with
adequate support from the other partners and a team of experienced
personnel.


SUMAN AUTOS: CARE Lowers Rating on INR4.70cr LT Loan to C
---------------------------------------------------------
CARE Ratings revised the ratings on certain bank facilities of
Suman Autos (SA), as:
                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       4.70       CARE C; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category and Revised from
                                   CARE B-

   Short Term           1.00       CARE A4; ISSUER NOT
   Bank Facilities                 COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE had, vide its press release dated September 7, 2020, placed
the rating(s) of SA under the 'issuer noncooperating' category as
SA 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. SA continues to be
non-cooperative despite repeated requests for submission of
information through e-mails, phone calls and a letter/email dated
July 24, 2021, August 03, 2021, August 13, 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.

Noida (Uttar Pradesh) based Suman Autos (SAT) is a partnership firm
established in 1998 by Mr. Anil Kumar Garg, Mrs. Pawan Garg,
Mr.Amit Garg and Mr. Vinay Garg. Later in 2003 the partnership deed
was reconstituted and two partners Mr. Anil Kumar Garg and Mr. Amit
Garg retired and a new partner Mr. Ashok Garg was admitted in the
firm as partner. SAT is an authorized dealer of Bajaj Auto Limited
for two wheelers since 1998 and for three wheelers since 2003. The
firm has three showrooms two at Noida (Sector-2 and Sector 58) and
one at Greater Noida. All the showrooms are operating as 3S
facility 'Sales, spares and service'.

TIGER STEEL: CARE Keeps D Debt Ratings in Not Cooperating
---------------------------------------------------------
CARE Ratings said the rating for the bank facilities of Tiger Steel
Engineering (India) Private Limited (TSEIPL) continues to remain in
the 'Issuer Not Cooperating' category.

                       Amount
   Facilities       (INR crore)    Ratings
   ----------       -----------    -------
   Long Term Bank       23.57      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Short Term Bank      38.50      CARE D; ISSUER NOT COOPERATING
   Facilities                      Rating continues to remain
                                   under ISSUER NOT COOPERATING
                                   category

   Long Term/            5.50      CARE D/CARE D; ISSUER NOT
   Short Term                      COOPERATING; Rating continues
   Bank Facilities                 to remain under ISSUER NOT
                                   COOPERATING category

   Short-term Bank      36.00      CARE A4+ (CE); ISSUER NOT  
   Facilities                      COOPERATING; Rating continues
                                   to remain under ISSUER NOT
                                   COOPERATING category

Detailed Rationale & Key Rating Drivers

CARE, vide its press release dated November 2, 2017, had placed the
ratings of TSEIPL under the 'Issuer Non-Cooperating' category as
TSEIPL failed to provide information for monitoring of the ratings.
CARE has been seeking information from TSEIPL to monitor the
ratings vide emails dated June 6, 2021, June 16, 2021 and June 26,
2021; and numerous telephonic interactions. However, despite our
repeated requests, the company has not provided the requisite
information for monitoring the ratings.

In line with the extant SEBI (Securities and Exchange Board of
India) guidelines, CARE has reviewed the ratings on the basis of
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).

Tiger Steel Industries LLC (flagship company of the Tiger Group of
Companies based out of United Arab Emirates) had extended indirect
support to Tiger Steel Engineering (India) Private Limited in
availing Non-Fund-based limit in India. Tiger Steel Industries LLC
through its bank – Bank of Sharjah, had issued Stand-by Letter of
Credit (SBLC) to ICICI Bank Limited, India. ICICI Bank based on
this SBLC has sanctioned LC limit of INR 36.00 crore to Tiger Steel
Engineering (India) Private Limited. Earlier, the abovementioned
rating was based on the terms and requisite documentation provided
to CARE during the last surveillance which was held on December 12,
2016 (the Initial rating of the said facility was done on January
27, 2015). Since the facility is of a revolving nature, CARE has
been seeking information from the company and its existing lenders
regarding the conduct/ classification and current status of the
account.

Detailed description of key rating drivers:

At the time of the last rating on November 2, 2017, the following
were the rating strengths and weaknesses.

Detailed description of the key rating drivers

Key Rating Weaknesses

* Working capital intensive nature of operation and tight liquidity
profile: The company has large working capital requirement on
account of long inventory and receivables cycle. The nature of
business of TSEIPL is Service-cum-Manufacturing-cum-Project, hence
the requirements of working capital is relatively higher as
compared to standalone manufacturing or Construction/Project
business. Most of the raw material being steel is bought under the
LC terms, however the payment is received as per the project-based
payment system. This has caused a mismatch in cash flows at times
in the past. During FY16, operating cycle improved to 15 days from
41 days in FY15, on account of reduction in inventory days from 125
days to 104 days and significant improvement in debtor collection
period from 150 days to 73 days.

* Moderate Financial Risk Profile: The company has moderate
financial risk profile characterized by moderate debt coverage
indicators and capital structure. The overall gearing level
increased to 1.63 times as of March 31, 2016 on account of increase
in working capital borrowings. The interest coverage ratio dipped
marginally to 1.36 times in FY16 and during the same period Total
Debt to Gross Cash Accruals has deteriorated from 8.56 times to
10.66 times on account of increased finance costs.

* Volatility in raw material prices: The company remained exposed
to the volatility in the steel prices and other raw material prices
as most of the projects executed by the company are of fixed price
contracts in nature. The company is also importing part of raw
material exposing the company to foreign exchange risk. However, to
mitigate the impact of volatility in input prices, TSEIPL at the
time of procuring an order negotiates contracts depending upon the
prevailing input prices and procures the part raw material
accordingly to hedge against volatility. The company builds in
certain amount contingencies at the time of bidding for the
projects and tenure of the projects is also relatively short to
medium (6 months to 1 year).

* Stiff competition and moderate scale of operations: The company's
scale of operation is relatively moderate as compared with the
major players such as Tata Blue Scope Steel Limited, Kirby Building
Systems India Ltd, Pennar Engineered Building Systems Ltd to name a
few in the PEB industry. The pre-engineered building business is in
nascent stage and there are few companies operating in this
business. It faces strong competition in the Indian market from
domestic as well as foreign companies. Some of its overseas
competitors already operate in India through joint ventures with
local partners or have established independent operations in
India.

Key Rating Strengths

* Experienced promoters: The company is engaged in the business of
engineering, manufacturing, supply and erection of Pre-Engineered
Buildings and steel structural parts. The company is promoted by
Mr. Aziz S. Nasr who is the Chairman & Managing Director in Tiger
Group of Companies. He has over forty years of experience in steel
fabrication, cold-rolled forming and steel trading business. Tiger
Steel Engineering LLC (TSEL) is the flagship company of the Tiger
Group of Companies based out of United Arab Emirates with
diversified business interests. TSEL is a structural steel
fabrication company in Sharjah. Tiger Group has 45 years of
experience in developing steel structures in the Gulf Cooperation
Council region.

* Established presence in PEB industry: TSEIPL, having begun the
operations in India in the year 1998 has executed several projects
for the PEBs which includes designed, engineering, manufacturing
and commissioning projects across the county. The company has
executed projects for the reputed companies in past such as Maruti
Suzuki, Volvo, Schneider Electric, Siemens, ITC, Honda Motors and
Scooters, Samsung etc. to name a few. TSEIPL is also an approved
vendor for the various reputed project consulting firms which helps
in procuring the orders for PEB.

* Support from parent company: TSEIPL imports the steel through its
promoter group company Al Nimr Steel Trading Ltd, Tiger Steel
Engineering LLC and Tiger Steel Industries LLC which has extended
an indirect support to the operation of TSEIPL by way of giving
favorable credit terms for the raw material supply and services. As
on March 31, 2016, trade payables is INR117.42 crore of which close
to 19% amount is payable to the group companies. In addition to
this, group companies have extended a credit period of more than
365 days. Tiger Steel Industries LLC has extended indirect support
to TSEIPL in availing non fund-based limit (LC) in India. Tiger
Steel Industries LLC through its bank - Bank of Sharjah, has issued
a Standby Letter of Credit (SBLC) to ICICI Bank Ltd, India. ICICI
Bank based on this SBLC has sanctioned LC limit of INR 36.00 crore
to TSEIPL. The same is further expected to be enhanced to INR 60
crore. The increase in LC limit is expected to support TSEIPL's
increasing working capital requirement.

Incorporated in 1996, Tiger Steel Engineering (India) Private
Limited (TSEIPL) is in the business of design, fabrication and
erection of Pre-engineered Buildings (PEB) such as warehouses,
factory buildings, shopping malls, heavy to light steel such as
pipe racks, platforms etc. for oil & gas and petrochemical
industries and various other industries. The company is a
wholly-owned subsidiary of Tiger Steel Engineering LLC, Sharjah
(UAE) (Tiger Group). The company has manufacturing facility at
Murbad, near Mumbai and at Haridwar in Uttaranchal with a combined
capacity of 27,000 TPA for Hot rolled products and 43,000 TPA for
cold-form products.


VODAFONE IDEA: Risks of Financial Profile Worsening Receding
------------------------------------------------------------
Business Standard reports that with the government recently
announcing a relief package to salvage the troubled telecom sector,
lenders of Vodafone Idea Ltd (VIL) believe that the risks of
deterioration in the company's financial profile have receded,
thereby eliminating the need to hike the interest rate hike for
now.

Along with infusion of funds (equity) into the telecom service
operator, lenders expect promoters to work on tariff revision in
the industry as well, the report says.

According to Business Standard, bank executives said they have
begun a modelling exercise on the financial profile that is likely
to emerge (for Vodafone-Idea) from the government's package. The
package has provided relief to the company and could have created
some room for using part of current cash-flows to make payments for
NCDs.

In September 2021, the government cleared a package allowing telcos
a moratorium on the payment of adjusted gross revenue (AGR) dues as
well as spectrum payments prospectively for the next four years,
Business Standard says.

Under the relief package hammered out by the government, the
company is required to make the first tranche of AGR payments in
March 2022, while the spectrum payments are to resume from April
2022.

According to an official of a Mumbai-based large public sector
bank, "With everything worked out (govt package) and the capital
raising that is likely to happen, things are expected to be under
control now," Business Standard relays.

The company continues to report net losses and reported a loss of
INR7,319.10 crore in Q1FY22. Business Standard, citing rating
agency Brickwork Ratings, discloses the company's net worth has
been wiped out on account of the continued losses and turned
negative.

Business Standard relates that the company's debt continues to
remain high and its current financial flexibility continues to
remain strained. Its net debt stood at INR1,90,670 crore at the end
of June 2021.

The EBITDA, which has shown improvement in the last few quarters,
continues to remain lower than the company's financial cost and the
company's liquidity position is stretched.

VIL has debt obligations of more than INR7,000 crore maturing in
Q3-Q4 FY22. In August 2021, the agency had downgraded its
debentures from "BB-" to "B".

According to Business Standard, the company's Average Revenue Per
User (ARPU) has come down significantly in the last two quarters
from the levels of INR120 in Q2FY21 and Q3FY21 to INR107 in Q4FY21
and INR104 in Q1FY22, respectively. The fall in the ARPU has also
affected the company's revenue and profitability at the EBITDA
level.

A public sector bank official said that out of the over INR40,000
crore that the company (VIL) owed, more than half was non-fund
based limits (guarantees given for spectrum etc), a requirement
that will be reduced now, relates Business Standard.

According to Business Standard, the official said that once
guarantees are returned, some parts will turn into fund-based
limits for VIL's expansion plan. He further said that worries that
the government will encash bank guarantees were a thing of the past
with a moratorium of four years on government payments.

Another executive with private bank said there have been statements
about promoters putting in money (equity). This needs to happen
soon as the company, which is financially constrained, has upcoming
payments on debentures maturing through the second half.

Vodafone Idea Limited operates as a telecom service provider. The
Company offers 2G, 3G, and 4G mobile services, as well as mobile
payments, advanced enterprise offerings, and entertainment.
Vodafone Idea serves customers in India.




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

AIRASIA X: Proposes Paying 0.5% of US$8.1 Billion Debt
------------------------------------------------------
Reuters reports that AirAsia X Bhd (AAX) is proposing to pay just
0.5% of debt owed to each of its creditors and to terminate all
existing contracts so that it can restructure MYR33.65 billion
($8.1 billion) of liabilities, a document seen by Reuters shows.

Reuters relates that the Malaysian low-cost long-haul airline, a
sister carrier to AirAsia Group Bhd, on Oct. 18 told the stock
exchange it had set a date of Nov. 12 for creditor meetings to vote
on the restructuring proposal.

"To avoid a liquidation and to allow the airline to fly again, the
only option is for AAX to undertake the proposed debt
restructuring," the airline said in a 127-page explanatory
statement for the meeting seen by Reuters that is being sent to
creditors.

Half of the total liability is the cost of terminating airplane
orders from its largest creditor Airbus SE for 78 A330neo
widebodies and 30 A321neo narrowbodies, the document, as cited by
Reuters, said.

                           About AirAsia

AirAsia Berhad provides low-cost air carrier service. The company
provides services on short-haul, point-to-point domestic and
international routes. AirAsia, headquartered in Malaysia, operates
from hubs in Malaysia, Thailand, Indonesia, Philippines and India.

As reported in the Troubled Company Reporter-Asia Pacific on July
9, 2020, auditor Ernst & Young said the carrier's ability to
continue as a going concern may be in "significant doubt."  In a
statement to the Kuala Lumpur stock exchange, Ernst & Young said
AirAsia's current liabilities already exceeded its current assets
by MYR1.84 billion at the end of 2019, a year when it posted a
MYR283 million net loss, Bloomberg News disclosed. That was before
the coronavirus crisis, which has further hit the carrier's
financial performance and cash flow.


HIBISCUS PETROLEUM: S&P Assigns Prelim 'B+' ICR, Outlook Stable
---------------------------------------------------------------
On Oct. 18, 2021, S&P Global Ratings assigned its 'B+' preliminary
long-term issuer credit rating on Hibiscus Petroleum Bhd. and 'B+'
preliminary long-term issue rating on the proposed
U.S.-dollar-denominated senior notes the company guarantees. The
final ratings are conditional on a successful notes issuance,
including the proposed terms, and the completion of the acquisition
of the Repsol assets.

S&P said, "The stable rating outlook reflects our view that
Hibiscus will maintain stable operations on its existing assets and
successfully integrate the new Repsol assets. It also reflects our
view that the company will manage its pace of expansion, either
through organic or inorganic growth strategies, and maintain an
appropriate funding plan over the next 12-18 months.

Malaysia-based oil and gas exploration and production company,
Hibiscus Petroleum Bhd., has established operations in North Sabah,
Malaysia and the Anasuria cluster, U.K. The company has proposed an
acquisition of operating assets in Malaysia and Vietnam from Repsol
S.A.

S&P's 'B+' issuer credit rating on Hibiscus reflects the company's
stable production, low-cost assets, and geographically diversified
operations across Malaysia, the United Kingdom, and Vietnam. Also
supporting our view of the rating is Hibiscus' moderate balance
sheet, adequate liquidity, and a track record of conservative
financial management.

Tempering these strengths are the company's small scale, low
reserve replacement ratio, and the business integration risks
associated with the acquisition of the Repsol assets in Malaysia
and Vietnam--the company will almost triple its current production
levels. Over the next two to three years, S&P expects Hibiscus'
capital intensity to increase, while its future earnings and cash
flows remain directly exposed to volatile oil prices.

Hibiscus' future growth aspirations will see the company take on
meaningful financial leverage for the first time in its 10-year.
S&P has considered the company's untested financial policies and
ability to service debt, while simultaneously executing multiple
expansion projects, integrating new assets, and addressing
operating license renewal risk and tax disputes.

S&P said, "While we view the acquisition of Repsol assets to be
transformational for Hibiscus, the company will still remain a
small operator when compared with global peers. Post-acquisition of
the Repsol assets, Hibiscus's production rate will increase to
about 25,000 barrels of oil equivalent per day (boepd) from about
9,106 boepd. This accounts for barely 3% of Malaysia's average
daily production of 700,000-760,000 boepd. With almost tripled
production rate, Hibiscus' ability to ensure seamless operational
integration will be tested, in our view."

One factor somewhat mitigates Hibiscus' business integration risks.
Hibiscus will retain all personnel at the Repsol assets, at least
over the next 24 months; this is part of the acquisition agreement.
In our opinion, this should help support business continuity
efforts and assist in a smooth integration.

Although Hibiscus assumed control of its key assets Anasuria only
in 2016 and North Sabah in 2018, their operations have been stable.
Hibiscus has increased and stabilized uptime at the Anasuria field
at 75%-85% in 2017, compared with fluctuating uptime ranging
35%-70%. The company also increased North Sabah's production to
17,000 boepd in 2021, from 14,500 boepd in 2018, before Hibiscus
took control. Production from Anasuria and North Sabah fields will
represent about 33% of pro forma production post-acquisition of the
Repsol assets.

Despite Hibiscus' stable operations, a part of its production is
under sales-and-offtake agreements with a fairly short renewal
schedule. Hibiscus' current sales-and-offtake agreement with
Trafigura Pte. Ltd. at its North Sabah field is up for renewal
every two years. As a result, 75%-77% of Hibiscus' EBITDA remains
subject to continual renewal risk.

Hibiscus' declining reserve life after the acquisition reflects an
inefficient reserve replacement strategy. S&P said, "In our
opinion, Hibiscus' reserve replacement ratio is comparatively low
and has historically remained below 100%. The contribution from
Repsol assets will immediately triple Hibiscus' production and
increase its reserves by 50%-60%. However, we estimate that, at the
post-acquisition production rate of 25,000 boepd, Hibiscus' proven
reserves (1P) life will decline to five to six years from 12 years
now. Its proven and probable reserves (2P) will drop to about nine
years, from 16.5 years. Given its relatively short 1P reserve life
and a low reserve replacement ratio, we believe the company will
need to continue to invest in converting its contingent resources
to reserves and maintaining its reserve life over the next few
years."

Hibiscus will continue to benefit from cost competitiveness after
the acquisition of Repsol assets. Repsol Malaysia's oil and gas
fields are in shallow water operations, which are more economical
and less risky. The location of Repsol's assets in Malaysia will
also provide an opportunity for operational synergies with
Hibiscus' North Sabah field, bolstering the company's cost-saving
program. S&P said, "We estimate the addition of Repsol assets will
reduce Hibiscus' average unit cost across its portfolio to
US$14-US$17 per barrel, from US$15-US$21 per barrel. We expect
Hibiscus to be able to maintain this cost position over the next
two to three years, from fiscal 2022." Based on these assumptions,
profitability should increase, as measured by return on capital, to
17%-18%, from 12.5% in fiscal 2021 (year ending June 30).

Immediate earnings accretion from the Repsol assets, together with
the future development of its U.K. assets, will boost its earnings
base significantly. Hibiscus will use part of the proceeds from its
proposed bond issuance of up to US$300 million to fund its
acquisition. S&P said, "We expect the remaining proceeds to be used
to fund debottlenecking and expansion projects at the Anasuria and
Teal West oil and gas fields in the U.K. as well as for general
corporate purposes. We estimate the contribution from acquisitions
and internal development projects will increase EBITDA to Malaysian
ringgit (MYR) 1.2 billion by fiscal 2024, from MYR550 million in
fiscal 2021." This would support Hibiscus' ratio of funds from
operation (FFO) to debt at 47%-50% and debt-to-EBITDA ratio at
1.3x-1.5x through 2024.

If Hibiscus expands its Anasuria and Teal West assets, it will
diversify its portfolio to have a more balanced product mix over
the next two to three years. After the acquisition of Repsol
assets, Hibiscus' operations will remain largely concentrated in
Malaysia, with about 80% of the company's EBITDA domestically
sourced, from 70%-75% previously. Repsol's assets in Vietnam will
contribute to less than 1% of Hibiscus' EBITDA. The geographical
concentration will ease once Hibiscus completes the expansion
projects at Anasuria and Teal West fields, where we expect the U.K.
would account for about half of the company's EBITDA from fiscal
2024.

About half of the new capacity brought on by the Repsol assets is
gas. Full integration of these assets will increase Hibiscus' gas
proportion to about 31% of the portfolio in fiscal 2022, from 4% in
fiscal 2021. Despite a higher proportion of gas in the portfolio,
however, the company will remain exposed to volatility of oil
prices, given sales of its gas are based on oil-linked contracts.

The Repsol assets have operating license renewal risk, an ongoing
tax dispute, and potential additional capital expenditure (capex),
from as early as 2023. The production-sharing contracts at Repsol's
Malaysia-based PM3 CAA field and Vietnam-based Block 46 will expire
in December 2027. In addition, the production-sharing contract of
Repsol's Kinabalu field will expire in December 2032. Upon the
acquisition completion, Hibiscus will have to address the renewal
risk at PM3 CAA field and Block 46 field, which accounts for more
than half of the additional 16,700 boepd capacity from Repsol
assets. S&P said, "We expect Hibiscus will continue ongoing
discussions with Petroliam Nasional Bhd. and Vietnam Oil and Gas
Group (PetroVietnam) on the extension of the PM3 CAA and Block 46
fields. In our view, the contract extension at both fields will
likely incur additional investment or exploration spending in the
years leading up to the expiry. In addition, an ongoing tax dispute
at the Repsol assets may incur additional obligations."

S&P Said, "Although our 'B+' rating has some buffer to absorb
further tax obligations and additional spending, the company's
growth aspirations could erode the rating headroom. Our base case
incorporates capex for expansion projects in the U.K. totaling
MYR350 million-MYR470 million through 2024 and potential tax
exposure from the dispute at the Repsol assets. Based on our
current oil price assumptions of US$55 per barrel in 2023 and
thereafter, and assuming no earning shortfalls from our base case,
we estimate that the rating on Hibiscus could accommodate
additional spending of up to MYR1.0 billion before the FFO-to-debt
ratio declines toward our downside rating trigger of 25%.

"Our assessment of Hibiscus' financial policy considers the
potential for additional investments beyond what is currently
captured by our base case. Specifically, the company's stated
financial policy includes a gross debt-to-EBITDA target of 3x, as
compared with our projected adjusted debt-to-EBITDA ratio of
2.1x-2.3x in fiscal 2022, and 1.3x-1.5x in fiscals 2023 and 2024.
We believe our 'B+' rating would come under pressure if Hibiscus'
financial leverage approaches the company's target of 3x.

"We believe Hibiscus may seek further organic or inorganic growth
to maintain its reserves profile. The company has also identified
potential internal development projects at its North Sabah field
and Marigold field. Our base case does not directly capture the
investment costs from these projects, given that a final investment
decision has not been made.

"The final ratings will depend on completion of the acquisition as
well as our receipt and satisfactory review of all final
transaction documentation of the proposed U.S. dollar-denominated
senior secured notes. The preliminary ratings should not be
construed as evidence of final ratings. We reserve the right to
withdraw or revise the ratings if: the acquisition of the Repsol
assets does not materialize; we do not receive final documentation
within a reasonable time; or the final documentation and final
terms of the transaction depart from the materials and terms
reviewed. Potential changes include, but are not limited to,
utilization of the proceeds, maturity, size, and conditions of the
bonds, financial and other covenants, security, and ranking."

S&P may lower its issuer credit rating if the company's FFO-to-debt
ratio sustains below 25%. This could occur due to one or more of
the following:

-- Significant debt-funded acquisitions or growth capex;

-- Unsupportive industry conditions, including Brent crude oil
prices declining toward US$40 per barrel; or

-- An inability to sustain stable and low-cost operations as
indicated by EBITDA margin declining toward 40%.

A higher issuer credit rating is unlikely given Hibiscus' current
growth aspirations and financial policy. S&P could ultimately
consider a higher rating should Hibiscus manage to significantly
increase its scale of operations and establish a track record of
conversion of sustainable reserves to provide greater production
visibility. A higher rating would also require the company to
demonstrate its ability to maintain profitability, robust cash flow
generation, and a consistent capital structure while pursuing its
growth objectives.




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

PHILIPPINE AIRLINES: To Receive PHP13BB in Fresh Capital
--------------------------------------------------------
BusinessWorld Online reports that Billionaire Lucio C. Tan, through
his private firm Buona Sorte Holdings, Inc. (BSHI), is infusing
"fresh and additional capital" worth PHP12.75 billion into the
listed parent company of Philippine Airlines (PAL).

In a disclosure to the exchange on Oct. 15, PAL Holdings, Inc. said
the management approved the $255-million (PHP12.75 billion) private
placement by BSHI, the parent of Trustmark Holdings Corp.,
BusinessWorld discloses.  

"The PHP12.75 billion private placement represents the full and
final payment of BSHI's subscription to 10.2 billion new common
shares of (PAL Holdings) at a subscription price of PHP1.25 per
share in favor of BSHI," the company said, adding the amount will
be received in cash.  

This comes after PAL Holdings increased its authorized capital
stock to 30 billion from 13.5 billion with a par value of one peso
per share, BusinessWorld says. PAL Holdings said the increase would
be integral to its goal of "sustainable profitability.

"The purpose of the proposed increase of authorized capital of the
issuer is to accommodate the fresh infusion of capital into the
company by an affiliate company of the Lucio Tan Group of
Companies. The new capital will in turn be invested into the
issuer's subsidiary, Philippine Airlines, pursuant to the
court-supervised reorganization of PAL," the company, as cited by
BusinessWorld, said in a Sept. 28 disclosure.

PAL Holdings is the listed operator of cash-strapped flagship
carrier Philippine Airlines.  

One of the country's richest men with an estimated net worth of $2
billion according to Forbes, Mr. Tan holds a 76.9% stake in PAL
Holdings, BusinessWorld notes.  

                   About Philippine Airlines Inc.

Philippine Airlines, Inc., is the flag carrier of the Philippines
and the country's only full-service network airline. PAL was the
first commercial airline in Asia and marked its 80th anniversary in
March 2021. PAL's young fleet of Boeing 777s, Airbus A350s, Airbus
A330s, Airbus A321s and De Havilland DHC Q400 aircraft operate out
of hubs in Manila, Cebu and Davao to 29 destinations in the
Philippines and 32 destinations in Asia, North America, Australia,
Europe and the Middle East. PAL was rated a 4-Star Global Airline
by Skytrax in 2018 and a 5-Star Major Airline by the Association of
Airline Passengers (APEX) in 2020, and was likewise voted the
World's Most Improved Airline in the 2019 Skytrax worldwide
passenger survey with a ranking of 30th best airline in the world.

On Sept. 3, 2021, Philippine Airlines, Inc. (PAL) filed a voluntary
petition for relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. N.Y. Case No. 21-11569) to seek approval of a
restructuring plan negotiated with lenders and lessors.

As of July 31, 2021, the Debtor's overall assets and liabilities
were approximately $4.1 billion and $6.07 billion, respectively.

The Honorable Shelley C. Chapman is the case judge.

The Debtor tapped Debevoise & Plimpton LLP as general bankruptcy
counsel; Norton Rose Fulbright as special counsel; and Seabury
Securities LLC and Seabury International Corporate Finance LLC as
restructuring advisor and investment banker. Angara Abello
Concepcion Regala & Cruz (ACCRA) is acting as legal advisor in the
Philippines. Kurtzman Carson Consultants, LLC is the claims and
noticing agent.

Buona Sorte Holdings, Inc. and PAL Holdings Inc., as DIP lenders,
are represented by White & Case LLP.




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

IBC CAPITAL: S&P Lowers ICR to 'B-' on Refinancing Risk
-------------------------------------------------------
S&P Global Ratings lowered its rating on IBC Capital Ltd.
(Goodpack), a Singapore-headquartered transportation and logistics
company, to 'B-' from 'B'. At the same time, S&P also lowered the
issue ratings on Goodpack's first and second lien term loans to
'B-' and 'CCC', respectively, in line with the modest and
negligible recovery expectations, respectively.

S&P said, "The stable outlook reflects our expectation that
Goodpack's business prospects will continue to improve and that the
company will manage its upcoming maturities in a timely manner,
over the next six months.

"The downgrade reflects escalating refinancing risks for Goodpack's
highly leveraged capital structure, underscored by its shortening
debt maturity profile. In our opinion, the company's short debt
maturity profile of about two years as of September 2021 signals
impending refinancing needs. This is because over 80% of its debt
will fall due within the next two years, which primarily hinges on
its US$590 million first-lien term loan maturing in September 2023.
In addition, its US$175 million revolving credit facility (RCF)
will fall due in March 2023. We assess an intrinsic capital
structure deficiency when the weighted average debt maturity
profile falls below two years, and we believe liquidity will be
insufficient over the period due to the upcoming maturities.

"Over the next six months, we believe Goodpack's liquidity will be
sufficient, in view of limited maturities and capital spending.
However, from March 2022, we forecast Goodpack's liquidity ratio
will fall below 1x due to the maturity of its RCF in March 2023 and
will subsequently weaken further as its first-lien term loan falls
due in September 2023.

"Goodpack had successfully refinanced its term loans in 2018;
however the current volatile conditions could complicate and
protract the process. Although the company has commenced
discussions on its refinancing needs, we view there to be no
material developments at this point."

Elevated freight costs will continue to weigh on Goodpack's margins
and leverage over the next 12 months. Surging demand toward goods
driven by a pandemic-led shift in consumption habits and supply
chain disruption caused by shortages of shipping containers will
continue to keep freight rates high over the next 12 months. Since
the middle of last year, most shipping containers sent from Asia to
North America and Europe have not been returned because of
logistics disruptions causing uneven distribution of containers at
major ports around the world. Transporting a 40-foot steel
container of cargo by sea from Shanghai to Rotterdam now costs a
record of close to US$15,000, which is over 900% above the seasonal
average over the past five years, according to Drewry Shipping.

Headwinds could heighten if shipping carriers increase fuel
surcharges amid an oil price surge. S&P said, "We expect this
phenomenon to persist through fiscal 2022 (ending June 2022) until
new shipping container orders come in to balance the shipping
industry's supply-demand dynamics. We estimate near-term cost
pressures may cause Goodpack's EBITDA margin to remain weak
(similar to fiscal 2021), around 43% to 45% over the next 12
months, compared with 52% in fiscal 2020. As such, we now project
Goodpack's adjusted debt-to-EBITDA ratio (excluding cash) may
deteriorate above 8.0 in fiscal 2022, from 7.9x in fiscal 2021,
before improving below 7.5x subsequently."

Passing through costs to customers will help Goodpack shield
margins to only a certain degree.

This is because few companies can absorb a significant increase in
delivery costs unless this has been passed on to end consumers.
Many smaller producers of low-value goods have started cutting back
on production and turning away orders to preserve their margins
while others may simply decide to hold off imports or look for
goods or raw materials from nearer locations. Apart from higher
freight costs, supply chain companies like Goodpack are also facing
heightened trucking costs due to a shortage of semiconductors to
build new trucks and a lack of drivers. Although Goodpack is
partially mitigating these increased costs through co-sharing of
about 50% with some major customers, S&P believes that if freight
rates continue rising, cost recovery will be constrained. In total,
the company expects to recover close to US$8 million of costs in
fiscal 2022, having recovered US$2 million in fiscal 2021.

S&P said, "We expect Goodpack to accelerate and catch up on its
container investments in the current fiscal year, in anticipation
for business growth. This is because, during the height of the
pandemic (March 2020 to March 2021), Goodpack had held back on its
spending due to sluggish growth. As the business and wider global
economy heads toward recovery, Goodpack intends to capture growth
opportunities and thus has articulated plans to purchase 301,000
containers in fiscal 2022. That is anticipated to cost around US$90
million. So far, approximately 120,000 containers have already been
committed in the first quarter of fiscal 2022. This is in line with
the company's expectation to drive fleet utilization and reduce
idle containers, along with anticipated growth in the upcoming
tomato seasons. While we expect that the company will likely
finance the majority of these purchases via its deferred payment
options of up to two years with its supplier, we consider these
deferred payables to be debt-like. As such, we estimate that
Goodpack's adjusted debt will rise by more than 5% in fiscal 2022,
further pressuring its leverage.

"The stable outlook reflects our expectation that, over the next
six months, Goodpack's business prospects will continue to improve
and the company will manage its upcoming maturities in a timely
manner.

"We could lower our rating on Goodpack if we believe the company's
capital structure were to become unsustainable. This could occur if
we view there to be a heightened risk that the company would be
unable to refinance its revolving credit facilities and term loans
within the next 12 months, resulting in a significant weakening of
the company's liquidity.

"We may raise the rating if Goodpack addresses its upcoming
maturities in a timely manner, lengthening its weighted average
debt maturity profile, and ensuring sufficient liquidity. An
upgrade would also be contingent on a recovery in business
prospects, such that the company keeps its debt-to-EBITDA ratio
below 7.5x while maintaining EBITDA interest coverage above 2x."

Headquartered in Singapore and incorporated in the Cayman Islands,
Goodpack provides transportation and logistics services. It has a
leading market position in the synthetic and natural rubber
segment. The company owns and operates a fleet of more than 3.9
million intermediate bulk containers, which are leased by
customers. Clients primarily use Goodpack's boxes to transport
natural and synthetic rubber, food and liquid, and auto parts to a
lesser extent. The company has a global network of over 5,000
delivery and collection points. The company is controlled by a
financial sponsor, Kohlberg Kravis Roberts & Co. L.P., which
acquired the business in 2014.


LEAP EDUCATION: Court to Hear Wind-Up Petition on Oct. 29
---------------------------------------------------------
A petition to wind up the operations of Leap Education Group Pte.
Ltd. (formerly known as Leap Schoolhouse Pte. Ltd.)  will be heard
before the High Court of Singapore on Oct. 29, 2021, at 10:00 a.m.


HCH Capital Pte. Ltd. filed the petition against the company on
Oct. 7, 2021.

The Petitioner's solicitors are:

         M/s Moey & Yuen
         133 Cecil Street
         #09-03 Keck Seng Tower
         Singapore 069535


METALS COMMODITIES: Court Enters Wind-Up Order
----------------------------------------------
The High Court of Singapore entered an order on Sept. 17, 2021, to
wind up the operations of Metals Commodities Pte. Ltd.

Visa Resources Pte Ltd filed the petition against the company.

The company's liquidators are:

         Yit Chee Wah
         Ellyn Tan Huixian
         c/o FTI Consulting (Singapore) Pte Ltd
         8 Shenton Way, #32-03 AXA Tower
         Singapore 068811


PUKU SINGAPORE: Court Enters Wind-Up Order
------------------------------------------
The High Court of Singapore entered an order on Oct. 8, 2021, to
wind up the operations of Puku Singapore Pte. Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

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


SKY OIL: Court Enters Wind-Up Order
-----------------------------------
The High Court of Singapore entered an order on Oct. 8, 2021, to
wind up the operations of Sky Oil & Gas Asi Pte. Ltd.

ING Bank N.V. filed the petition against the company.

The company's liquidators are:

         Abuthahir Abdul Gafoor
         Yessica Budiman
         c/o AAG Corporate Advisory Pte Ltd
         144 Robinson Road,
         #14-02 Robinson Square
         Singapore 068908


T-WERKZ PTE: Court Enters Wind-Up Order
---------------------------------------
The High Court of Singapore entered an order on Sept. 24, 2021, to
wind up the operations of T-Werkz Pte. Ltd.

United Overseas Bank Limited filed the petition against the
company.

The company's liquidators are:

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




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

[*] BOND PRICING: For the Week Oct. 11, 2021 to Oct. 15, 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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