/raid1/www/Hosts/bankrupt/TCRAP_Public/220104.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, January 4, 2022, Vol. 25, No. -3

                           Headlines



A U S T R A L I A

AUSTRALIAN LINEHAUL: Commences Wind-Up Proceedings
CYGNUS ASSET: CRS Insolvency Appointed as Liquidators
LSP TRANSPORT: Commences Wind-Up Proceedings
UNIDUS AUSTRALIA: Greengate Advisory Appointed as Liquidators


C H I N A

CHINA EVERGRANDE: Property Stocks Sink After Demolition Order


I N D I A

A P GOYAL: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
ADARSH PROPERTY: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
ADINATH AGRO: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
AGGARWAL FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
AJNARA INDIA: ICRA Lowers Rating on INR848cr Term Loan to B+

AJNARA INFRASTRUCTURE: ICRA Cuts Rating on INR9.10cr Loan to B+
AKIN CHEMICALS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
ANDHRA STATE: Ind-Ra Affirms 'BB' Bank Loan Rating
ARYAMAN ISPAT: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating
AZAM RUBBER: ICRA Reaffirms D Rating on INR43.23cr Term Loan

B.P. CONSTRUCTION: ICRA Cuts Rating on INR1.00cr Cash Loan to D
BINDU FOOD: ICRA Keeps C+ Debt Ratings in Not Cooperating
BRIGHT ENGINEERING: Ind-Ra Moves 'BB-' Rating to Non-Cooperating
DEVKIRAN PAPER: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
ELECTRO POLYCHEM: ICRA Lowers Rating on INR9cr Loan to B-

FIZA DEVELOPERS: Ind-Ra Moves B+ Issuer Rating to Non-Cooperating
FOUNDATIONS DEVELOPERS: ICRA Reaffirms B Rating on INR15cr Loans
FRONTLINE BUILDERS: ICRA Lowers Rating on INR50cr LT Loan to B+
FUTURE RETAIL: Seeks to Quash Amazon's Arbitration Proceedings
GALVA DECOPARTS: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating

GHODAWAT REALTY: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
GMW ENGINEERS: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating
GSR VENTURES: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
HANDLOOM BHANDAR: ICRA Keeps B Debt Ratings in Not Cooperating
INFRO-ALLIANCE TRADING: Insolvency Resolution Process Case Summary

JANA HOLDINGS: Ind-Ra Assigns 'B+' on INR1.05MM NCD
JUBILEE HILLS: Ind-Ra Lowers Term Loan Rating to 'D'
KALPANA WINES: ICRA Keeps B+ Debt Ratings in Not Cooperating
KIRAN UDYOG: Insolvency Resolution Process Case Summary
KRISHI INFRATECH: ICRA Withdraws B+ Rating on INR5cr LT Loan

LASCO LIFESTLYE: ICRA Keeps D Debt Rating in Not Cooperating
LONE FURROW: Ind-Ra Assigns 'BB' Rating to Non-Convertible Debts
LONE FURROW: Ind-Ra Corrects December 6, 2021 Rating Release
LOOKMAN ELECTROPLAST: Insolvency Resolution Process Case Summary
M/S MECHANO: Ind-Ra Moves BB- LT Issuer Rating to Non-Cooperating

MAGPPIE EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating
MALAPRABHA SAHAKARI: Ind-Ra Cuts Bank Loan Rating to 'D'
MARIAN PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
MIL INDUSTRIES: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
MM AUTO: ICRA Keeps B Debt Ratings in Not Cooperating Category

NIRVANA FASHION: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
PLASMAGEN BIOSCIENCES: Ind-Ra Affirms & Withdraws 'BB+' Rating
PRE UNIQUE: Ind-Ra Moves 'B' LT Issuer Rating to Non-Cooperating
PRG BUILDCON: ICRA Keeps D Debt Ratings in Not Cooperating
RADHE METALIKS: Insolvency Resolution Process Case Summary

RAJENDRA AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
RAMCO EXTRUSION: ICRA Keeps B+ Debt Ratings in Not Cooperating
RARE SS: Ind-Ra Assigns 'BB+' Term Loan Rating on INR2.2MM
S.K.R. CONSTRUCTIONS: ICRA Cuts Rating on INR4cr Loan to B+
SAIKRUPA FIBRES: ICRA Lowers Rating on INR9cr LT Loan to D

SCORE INFORMATION: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
SEJAL PROPERTIES: Ind-Ra Corrects November 25, 2021 Rating Release
SICAL MULTIMODAL: ICRA Reaffirms D Rating on INR72.50cr NCD
SMC PROJECTS: Ind-Ra Moves BB LT Issuer Rating to Non-Cooperating
SONTHALIA RICE: Ind-Ra Moves BB- Issuer Rating to Non-Cooperating

SPICEJET LTD: Auditors Raises Going Concern Doubt
SUNBEAM REAL: ICRA Keeps B+ Debt Ratings in Not Cooperating
SUSHEE IVRCL: Ind-Ra Corrects December 27, 2021 Rating Release
SUSHEE IVRCL: Ind-Ra Places 'B' on Rating Watch Evolving
TATYASAHEB KORE: Ind-Ra Moves 'D' Loan Rating to Non-Cooperating

THENPANDIAN SPINNING: Ind-Ra Assigns BB Rating, Outlook Stable
VEEPEE COTEX: ICRA Keeps B Debt Ratings in Not Cooperating


N E W   Z E A L A N D

CRYPTOPIA LIMITED: Liquidation Heading Towards NZD15 Million


P H I L I P P I N E S

PHILIPPINE AIRLINES: Completes Chapter 11 Restructuring


S I N G A P O R E

LEMNIS TECHNOLOGIES: Creditors' Proofs of Debt Due on Feb. 3
THALASSA TYHI: Commences Wind-Up Proceedings
WFT HOLDINGS: Court to Hear Wind-Up Petition Jan. 14


S R I   L A N K A

SRI LANKA: On the Brink of Bankruptcy With Record High Inflation


X X X X X X X X

[*] BOND PRICING: For the Week Dec. 27, 2021 to Dec. 31, 2021

                           - - - - -


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

AUSTRALIAN LINEHAUL: Commences Wind-Up Proceedings
--------------------------------------------------
Members of Australian Linehaul Holdings Pty Ltd, on Dec. 31, 2021,
passed a resolution to voluntarily wind up the company's
operations.

The company's liquidator is:

          Dominic Charles Cantone
          PO Box 3550
          Rundle Mall, SA 5000


CYGNUS ASSET: CRS Insolvency Appointed as Liquidators
-----------------------------------------------------
Members of Cygnus Asset Solutions Pty Ltd, on Dec. 30, 2021, passed
a resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Anthony John Warner
          CRS Insolvency Services
          Level 5, 379 Kent Street
          Sydney, NSW 2000


LSP TRANSPORT: Commences Wind-Up Proceedings
--------------------------------------------
Members of LSP Transport Pty Ltd, on Dec. 31, 2021, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Dominic Charles Cantone
          PO Box 3550
          Rundle Mall, SA 5000


UNIDUS AUSTRALIA: Greengate Advisory Appointed as Liquidators
-------------------------------------------------------------
Members of Unidus Australia Pty Ltd, on Dec. 30, 2021, passed a
resolution to voluntarily wind up the company's operations.

The company's liquidator is:

          Patrick Loi
          Greengate Advisory NSW Pty Ltd
          Suite 3202, Level 32
          31 Market Street
          Sydney, NSW 2000




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

CHINA EVERGRANDE: Property Stocks Sink After Demolition Order
-------------------------------------------------------------
Bloomberg News reports that China Evergrande Group halted trading
in its shares following local media reports that the company has
been ordered to tear down apartment blocks in a development in
Hainan province. Evergrande halted trading in its shares.

An index of Chinese developer shares slumped as much as 2.8% in
Hong Kong before closing 1.7% lower. A local government in Hainan
told Evergrande to demolish 39 buildings in 10 days because the
building permit was illegally obtained, Cailian reported on Jan. 1,
Bloomberg relays. Evergrande gave no details on the trading
suspension other than saying it would make an announcement
containing inside information.

According to Bloomberg, the Hainan news underscored investor
concern that policy makers are unlikely to dramatically ease their
crackdown on indebted property companies like Evergrande even as
they take steps to ensure stronger developers retain access to
funding. "Even though the Hainan project isn't a significant one in
its country-wide strategy, it will have a big impact on
confidence," Bloomberg quotes Kenny Ng, strategist at Everbright
Sun Hung Kai Co., as saying.

Property firms have mounting bills to pay in January and shrinking
options to raise necessary funds, Bloomberg says. The industry will
need to find at least $197 billion to cover maturing bonds,
coupons, trust products and deferred wages to millions of migrant
workers, according to Bloomberg calculations and analyst estimates.
Contracted sales for 31 listed developers fell 26% in December from
a year earlier, according to Citigroup Inc. analysts. Evergrande's
sales dropped 99% and were 7% lower than November, the analysts
wrote in a note dated Sunday. Sales for Shimao slid 25% from
November.

Bloomberg adds that the slump in developer shares wasn't matched by
their bonds. Chinese high-yield dollar bonds rose as much as 1 cent
on the dollar on Jan. 3, according to credit traders.

                       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 Dec.
13, 2021, Fitch Ratings has downgraded to 'RD' (Restricted
Default), from 'C', the Long-Term Foreign-Currency Issuer Default
Ratings (IDR) 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 the non-payment of coupons due Nov. 6, 2021
for Tianji's USD645 million 13% bonds and USD590 million 13.75%
bonds after the grace period lapsed on 6 December. The non-payment
is consistent with an 'RD' rating, signifying the uncured expiry of
any applicable grace period, cure period or default forbearance
period following a payment default on a material financial
obligation.




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

A P GOYAL: Ind-Ra Keeps 'D' Bank Loan Rating in Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained A P Goyal Shimla
University's bank loan rating in the non-cooperating category. The
issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The rating will continue to appear as
'IND D (ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating actions are:

-- INR433.4 mil. Term loans (Long-term) due on May 2021 –
     September 2022 maintained in non-cooperating category with
     IND D (ISSUER NOT COOPERATING) rating; and

-- INR50 mil. Bank overdraft (Long-term) maintained in non-
     cooperating category with IND D (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The rating was last reviewed on 17
October 2018. Ind-Ra is unable to provide an update, as the agency
does not have adequate information to review the rating.

COMPANY PROFILE

A P Goyal Shimla University is run by A P Goyal Charitable Trust, a
non-profit educational trust established in 2004 by Pramod Goyal
and Rajesh Goyal.  


ADARSH PROPERTY: Ind-Ra Assigns BB+ Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Adarsh Property
Developments (APD) a Long-Term Issuer Rating of 'IND BB+'. The
Outlook is Stable.

The instrument-wise rating action is:

-- INR290 mil. Term loan* due on January 2031 assigned with IND
     BB+/Stable rating.

*lease rental discounting (LRD)

The ratings reflect APD's single revenue stream of property rental,
along with moderate debt service capabilities due to a marginal
difference between annual rental income and annual debt repayment
commitments.

KEY RATING DRIVERS

The ratings reflect APD's small scale of operations as indicated by
revenue of INR45.51 million in FY21 (FY20: INR49.65 million). The
decline in revenue was due to the Covid-19-led disruptions, leading
to a reduction in rent as well as delays in receipt of rental
income for the initial two months in FY21. However, the revenue is
likely to improve in FY22, mainly due to the presence of a rent
escalation clause of 12% as per its agreement. FY21 financials are
provisional in nature.

Liquidity Indicator - Stretched: The agency believes the company's
liquidity is just sufficient to meet its debt servicing obligations
over the tenure of the LRD debt. The company's average debt service
coverage ratio (DSCR) will improve over the  near term owing to an
improvement in absolute EBITDA in the near term. APD had low cash
and cash equivalents of INR3.54 million at FYE21 (FYE20: INR0.27
million).

The ratings also factor in the company's modest credit metrics as
indicated by interest coverage (operating EBITDA/gross interest
expense) of 1.05x in FY21 (FY20: 1.69x) and net leverage (total
adjusted net debt/operating EBITDA) of 8.74x (4.62x). The
deterioration in the credit metrics was mainly due to increase in
overall financial obligations. The agency expects the credit
metrics to improve in the near term with the improvement in the
EBITDA and a reduction in the overall financial obligations.

However, the ratings are supported by APD's promoter profile. The
company is a part of Adarsh group which has completed 26 projects
in Bengaluru and has 12 ongoing projects.

The ratings is further supported by the company's strong lessee
(Life Style International Private Limited; 'IND AA+'/Stable)
profile.  The company has leased out two floors and a  terrace to
Life Style International and the remaining is bought by the lessee.
Hence, the agency believes that the 10-year lease agreement, which
is set to expire in FY22, could be extended further.

RATING SENSITIVITIES

Positive: A higher-than-expected income, leading to higher cash
generation and/or a substantial decline in the debt leading to the
DSCR remaining above 1.2x will be positive for the ratings.

Negative: Any decline in the cash inflows and/or delays in the
receipt of the inflows, need for additional support from group
companies will be negative for the ratings.

COMPANY PROFILE

Established in 1988, APD is part of the Adarsh group and is engaged
in the leasing of rental premises.


ADINATH AGRO: Ind-Ra Affirms BB LT Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Adinath Agro
Processed Foods Private Limited's (AAPFPL) Long-Term Issuer Rating
at 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR113.60 mil. (reduced from INR126.54 mil.) Term loan due on
     FY29 affirmed with IND BB/Stable rating; and

-- INR105.00 mil. (reduced from INR135 mil.) Fund-based working
     capital limits affirmed with IND BB/Stable/IND A4+ rating.

The ratings reflect AAPFPL's small scale of operations, modest
EBITDA margins, moderate credit metrics and stretched liquidity
position.

KEY RATING DRIVERS

The affirmation reflects AAPFPL's continued small scale of
operations as the revenue declined to INR629.66 million in FY21
(FY20: INR806.70 million) due to reduced demand from the Horeca
segment (hospitality) following the closure of hotels due to the
COVID-19 outbreak. During 8MFY22, AAPFPL booked a revenue of INR500
million. In FY22, Ind-Ra expects the revenue to improve yoy due to
a demand revival in the retail and Horeca segments.

The ratings reflect AAPFPL's continued modest EBITDA margin even as
they improved to 8.87% in FY21 (FY20: 5.29%) owing to an
improvement in the cost of goods sold and selling expenses. The
return on capital employed was 3.3% in FY21 (FY20: negative 0.2%).
During 1HFY22, AAPFPL achieved an EBITDA margin of 6.88%. Hence,
Ind-Ra expects the EBITDA margin to remain modest in FY22.

The ratings further reflect AAPFPL's moderate credit metrics with
the gross interest coverage (operating EBITDA/gross interest
expense) of 3.04x in FY21 (FY20: 1.58x) and the net financial
leverage (adjusted net debt/operating EBITDA) of 2.40x (5.63x). The
interest coverage improved due to a decline in the interest
expenses and the leverage due to a decrease in debt levels backed
by an increase in the operating EBITDA. In FY22, Ind-Ra expects the
credit metrics to decline marginally yoy on account of moderate
EBITDA.

Liquidity Indicator – Stretched: The net working capital cycle
remained long but improved yoy to 110 days in FY21 (FY20: 140 days)
due to a reduction in the inventory and debtor days. AAPFPL's
average maximum utilization of the fund-based limits was 54.96%
during the 12 months ended October 2021. The cash flow from
operations improved to INR75.60 million in FY21 (FY20: INR36.68
million) due to an increase in the EBITDA and a reduction in
interest expenses. Furthermore, the free cash flow improved to
INR51.17 million in FY21 (FY20: INR26.68 million). The cash and
cash equivalents stood at INR90.04 million at FYE21 (FYE20:
INR29.25 million). The company has repayment obligations of
INR29.289 million in FY22 and INR32.684 million in FY23. AAPFPL
does not have any capital market exposure and relies on banks and
financial institutions to meet its funding requirements.

The ratings, however, continue to be supported by AAPFPL's
promoters' who have over three decades of experience in the food
and beverage industry.

RATING SENSITIVITIES

Positive: An improvement in the revenue and EBITDA margin, leading
to the net leverage staying below 4x along with an improvement in
the liquidity on a sustained basis will be positive for the
ratings.

Negative: Significant deterioration in the revenue or EBITDA margin
and/or an elongation of the working capital cycle leading to
deterioration in the credit metrics on a sustained basis will be
negative for the ratings.

COMPANY PROFILE

AAPFPL was incorporated in 1995 in Pune. It manufactures various
food products, such as tomato ketchup and sauces, Chinese and
continental sauces, fruit jams, canned food, pickles, papad and
noodles under the brand name of Surabhi, Magic King and Winn,
primarily serving to the states in southern and central India. The
company has an installed capacity of 31,350MT and utilized around
40% of its capacity in FY21.


AGGARWAL FOODS: ICRA Keeps B+ Debt Ratings in Not Cooperating
-------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Aggarwal
Foods in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

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

   Long-term            1.80       [ICRA]B+(Stable) ISSUER NOT
   Fund based–                     COOPERATING; Rating continues
   Unallocated                     to remain under 'Issuer Not
                                   Cooperating' category

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

Aggarwal Foods (AF) is a proprietorship firm, was set up in 1997 by
Mr. Suresh Kumar. Aggarwal Foods is engaged in processing and
export of basmati rice. It has a plant at Karnal (Haryana) which
has a milling capacity of 3.24 lac quintals per annum and a sortex
machinery with a similar capacity.


AJNARA INDIA: ICRA Lowers Rating on INR848cr Term Loan to B+
------------------------------------------------------------
ICRA has revised the rating on the bank facility of Ajnara India
Limited (AIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        848.0        [ICRA] B+ (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

   Long-term
   Unallocated        82.0         [ICRA] B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The rating downgrade is because of lack of adequate information
regarding Ajnara India Limited performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Ajnara India Limited, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management
has remained non-cooperative. In the absence of requisite
information and in line with the aforesaid policy of ICRA, a rating
view has been taken on the entity based on the best available
information.

Incorporated in 1991 as a private limited company, Ajnara India
Limited (AIL) was earlier known as Ajnara Farms and Services
Limited. AIL is a closely-held company managed by three brothers
namely Mr. Pramod Kumar Gupta, Mr. Ashok Gupta and Mr. Vinod Gupta.
The company has completed several Group housing projects in the
National Capital Region (NCR) and is currently developing five
Group housing projects: Ajnara Integrity in Ghaziabad, Ajnara
Heritage in Noida, Ajnara Ambrosia in Noida, Ajnara Panorama and
Ajnara Sports City in Greater Noida. AIL has also recently launched
Ajnara Fragrance, a project being undertaken under the PMAY-U.


AJNARA INFRASTRUCTURE: ICRA Cuts Rating on INR9.10cr Loan to B+
---------------------------------------------------------------
ICRA has revised the rating on the bank facility of Ajnara
Infrastructure (P) Ltd (AIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-         9.10        [ICRA] B+ (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating downgraded
                                   from [ICRA]BB- (Stable) and
                                   continues to remain in the
                                   'Issuer Not Cooperating'
                                   Category

Rationale

The rating downgrade is because of lack of adequate information
regarding Ajnara Infrastructure Private Limited performance and
hence the uncertainty around its credit risk. ICRA assesses whether
the information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Ajnara Infrastructure Private Limited, ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with the aforesaid policy of ICRA, a rating view has
been taken on the entity based on the best available information.

Incorporated in July 2006, Ajnara Infrastructure (P) Ltd (AIPL) is
part of the Ajnara group which is engaged in the development of
real estate project in Ghaziabad and Noida region. The group's
flagship company Ajnara India Ltd (rated [ICRA]BB+ (Stable); Issuer
Non Cooperation) holds 53.6% in AIPL while the remaining
shareholding is held directly by the promoters.  AIPL is engaged in
construction work for residential projects developed by the Ajnara
group in association with other developers. AIPL has started
ready-mix concrete (RMC) work in FY2018 and has also purchased
construction equipment which is expected to generate rental income
for the company.


AKIN CHEMICALS: Ind-Ra Lowers Long-Term Issuer Rating to 'BB'
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Akin Chemicals
Pvt. Ltd.'s (ACPL) Long-Term Issuer Rating to 'IND BB (ISSUER NOT
COOPERATING)' from 'IND BBB- (ISSUER NOT COOPERATING)'.

The instrument-wise rating actions are:

-- INR1.170 bil. Non-fund-based working capital limits downgraded

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

-- INR30.00 mil. Fund-based working capital limits downgraded
     with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER NOT
     COOPERATING) rating.

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

KEY RATING DRIVERS

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

The current outstanding rating of 'IND BB (ISSUER NOT COOPERATING)'
may not reflect ACPL's credit strength as the company has been
non-cooperative with agency from June 1, 2021.  Therefore,
investors and other users are advised to take appropriate caution
while using these ratings.

COMPANY PROFILE

Incorporated in 1997, ACPL is engaged in the trading and
distributorship of petrochemicals, allied products and solvents in
India.


ANDHRA STATE: Ind-Ra Affirms 'BB' Bank Loan Rating
--------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Andhra Pradesh
State Financial Corporation's (APSFC) bonds and bank facilities as
follows:

-- INR2.899 bil. (reduced from INR5.20 bil.) Bonds* affirmed with

     IND BB/Stable rating; and

-- INR499.70 mil. (reduced from  INR629.80 mil.) Long-term loans
     due on December 2025 affirmed with IND BB/Stable rating.

*Details in annexure

KEY RATING DRIVERS

Bifurcation Approval from Central Government Pending: The scheme of
reorganization to form separate state finance corporations for
Andhra Pradesh and Telangana, in accordance with the Andhra Pradesh
Reorganization Act 2014, has been approved by the board of
directors and shareholders; however, it is pending approval from
the government of India.  

Continued Shrinking of Asset and Core Income: APSFC's interest
income, its core operating income, declined to INR2,806.40 million
in FY21 (FY20: INR3,249.62 million), due to a fall in loans and
advances (earning assets) to INR12,976.03 million (INR16,143.73
million). Ind-Ra expects APSFC to continue to experience lower
loans and advances in the near term, leading to a further shrinking
of asset base and low core income.

Deterioration in Asset Quality: Despite improved recoveries and
in-house collection by the corporation, APSFC's gross
non-performing assets (NPAs) were high at INR2,092.61 million in
FY21 (FY20: INR2,930.25 million) as it lends to the micro, small
and medium enterprises (MSME) segment. The gross NPA, as a
percentage to gross loans and advances, remained high at 15.04% in
FY21 (FY20:16.79%). The recoveries stood at INR8,809.37 million in
FY21 (FY20: INR9,331.20 million). APSFC recorded an average
provisioning coverage of 44.75% over FY18-FY21. APSFC has written
off all doubtful assets since FY16. The bad debt write-offs were
INR1,495.62 million in FY21 (FY20: INR1,266.91 million). Ind-Ra
believes the gross NPA will remain high over FY22-FY23 as APSFC
will continue to lend to MSMEs.

Liquidity Indicator – Stretched: APSFC's structural liquidity
statement indicated a deficit of INR87.56 million for the maturity
bucket of less than one year on 31 March 2021. However, no negative
gaps were found in the rest of the maturity bucket (up to 10 years)
as of March 31, 2021. APSFC's collection from bad debts recoveries
(FY21: INR670.49 million), which are not part of the inflow from
assets in the asset-liability management calculation, will reduce
the deficit to some extent in FY22. Also, APSFC has undrawn bank
loans of INR1,400 million, which may be used to meet the deficit,
if required.

Nevertheless, APSFC has to rely mainly on overdraft facilities to
meet the deficit. APSFC's cash and bank balance increased to
INR1,303.22 million at FYE21 (FYE20: INR662.24 million). It
collected INR1,320 million of interest income during April-November
2021. Ind-Ra believes the corporation's liquidity and fund raising
capability will be key monitorables over the near term.

Low Concentration Risk: APSFC caters to the loan requirements of
MSME customers in rural geographies. The lending exposure of
APSFC's loans and advances is fairly distributed among sectors over
FY17-FY21. The lending exposure to chemical products was the
highest at 19.26% in FY21, followed by food products (13.05%),
services (8.94%) and non-metallic mineral products (7.41%). Ind-Ra
believes the lending exposure will remain fairly distributed among
sectors, resulting in low concentration over FY22-FY23 as well.

Simultaneously, APSFC's wide geographical reach and sanctioned
loans to various constitutions indicate its diversified operating
performance. Furthermore, at FYE21, its top 10 borrowers accounted
for merely 11.97% of the total gross loans and advances, and the
largest borrower group accounted for 1.41% of the total gross loans
and advances. Hence, it faces low concentration risk. However,
APSFC's lending is mainly to small scale industries, thus adding
pressure on its financial performance.

Adequately Capitalized: APSFC's core capital risk-weighted adequacy
ratio improved gradually to 48.80% in FY21 (FY20: 36.70%) on the
back of an improvement in its net worth to INR8,525.73 million
(INR7,545.06 million). Furthermore, its net interest income/average
earning assets ratio improved to 14.08% in FY21 (FY20: 11.50%) on
account of a 20.04% yoy fall in the average earning assets; the net
interest income declined 2.11% yoy in FY21. APSFC's leverage
(debt/equity) improved to 0.49x in FY21 (FY20: 0.90x) due to a
39.53% yoy fall in debt and a 9.58% yoy increase in equity due to
annual profit generated in FY21. Ind-Ra expects the capitalization
to remain comfortable over FY22-FY23 due to a continued improvement
in its net worth.

RATING SENSITIVITIES

Positive: Developments that could, individually or collectively,
lead to a positive rating action include:

-- settlement of the bifurcation and restoration of explicit
government support to the corporation;

-- APSFC's demonstrated ability to improve the earning assets by
5% yoy on a sustained basis;

-- an improvement in the liquidity profile in conjunction with the
asset-liability management resulting in annual surplus (inflow from
assets less outflow from liabilities), on a sustained basis, in the
short-term bucket;

-- asset quality on reporting gross NPA ratio of reducing below
9%

Negative: Developments that could, individually or collectively,
lead to a negative rating action include:

-- a fall in the total earning assets and the scale of operations
on a sustained basis;

-- sustained asset-liability mismatches in the short-term
buckets;

-- an increase in debt/equity to above 2x on a sustained basis

COMPANY PROFILE

APSFC is a state financial corporation that was formed in 1956
under the State Financial Corporation Act, 1951. It provides
various schemes and offers term loans, working capital loans,
bridge loans and special capital assistance mainly to MSMEs.


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

The instrument-wise rating actions are:

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

-- INR120 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 22, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Aryaman Ispat was incorporated in January 2006. The company is
engaged in the trading of hot-rolled and cold-rolled sheets and
coils. The day-to-day operations are managed by Dinesh Kumar Garg,
Parul Garg and Deepak Garg who are also the directors of the
company.


AZAM RUBBER: ICRA Reaffirms D Rating on INR43.23cr Term Loan
------------------------------------------------------------
ICRA Ratings reaffirmed ratings on certain bank facilities of Azam
Rubber Products Private Limited (ARPPL), as:

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Cash Credit         26.62        [ICRA]D reaffirmed
   Term Loan           43.23        [ICRA]D reaffirmed
   Non-fund Based       5.80        [ICRA]D reaffirmed
   Unallocated          4.35        [ICRA]D/ICRA]D; reaffirmed
   Issuer rating         -          [ICRA]D reaffirmed and
                                     Withdrawn

Rationale

The rating action for ARPPL takes into account the ongoing delays
in debt repayments owing to its poor liquidity position. The
company's financial profile continues to remain weak, characterised
by declining revenues and weak coverage indicators. However, ICRA
notes the extensive experience of its promoters in the footwear
industry and its diversified product profile, which consists of
slippers, casual shoes, sport shoes, etc. The company's ability to
meet its payment obligation on time, scale up its revenues, while
utilising the maximum capacity as well as manage the working
capital requirements, thereby improving its liquidity position,
would be the key monitorables.

ICRA has also withdrawn the issuer rating assigned to ARPPL as the
company had requested for withdrawal of the issuer rating.  This is
in accordance with ICRA's policy on the withdrawal of credit
ratings.

Key rating drivers and their description

Credit strengths

* Experienced management with established track record in footwear
industry: ARPPL's management is well qualified and the promoters
have over three decades of experience in the footwear industry.

* Diversified product profile: ARPPL has a diversified product
portfolio including slippers, casual shoes, sport shoes, etc.

Credit challenges

* Poor liquidity position with weak financial profile: The
company's liquidity position remains poor due to high inventory
days, leading to over-utilisation of working capital limits and
delays in debt servicing.

* Profitability exposed to volatility in raw material prices: Raw
material cost forms a major portion of ARPPL's costs and the
contribution levels remain exposed to any movement in the same.
Accordingly, the company's ability to effectively pass on the
increase in the raw material cost to its customers is critical.

* Highly fragmented and intense competition in industry amid no
formal hedging mechanism: The company operates in the highly
fragmented and intensely competitive footwear industry. This limits
its pricing flexibility and the ability to effectively pass on the
increase in raw material prices to the customers. Moreover, ARPPL
does not have any formal hedging mechanism to guard against foreign
exchange risks.

Liquidity position: Poor

ARPPL liquidity is poor as reflected by ongoing delays in debt
servicing and high utilisation of working capital limits.

Rating sensitivities

Positive factors – ICRA could upgrade ARPPL's rating if it
demonstrates a track record of timely debt servicing on a sustained
basis.

Incorporated in 1994, ARPPL is promoted by Mr. Azam Khan. The
company manufactures footwear, including hawai slippers, sandals
and sports shoes, among others. It has two manufacturing units in
Gorakhpur Industrial Development Authority (GIDA),
Gorakhpur, Uttar Pradesh with a total installed capacity of 4.5
crore pairs of footwear annually (assuming 300 days of production).
ARPPL produces hawai footwear and ethylene vinyl acetate/polyvinyl
chloride (EVA/PVC) footwear. The main raw
material used by the company is rubber, EVA and PVC, which is
procured domestically. Its products are marketed in UP, Bihar,
Jharkhand, Chhattisgarh and Madhya Pradesh, under the brand name
ARP, through a network of around 250 dealers.


B.P. CONSTRUCTION: ICRA Cuts Rating on INR1.00cr Cash Loan to D
---------------------------------------------------------------
ICRA has revised the rating on the bank facility of B.P.
Construction, as:

                     Amount
   Facilities     (INR crore)     Ratings
   ----------     -----------     -------
   Fund Based–        1.00        [ICRA]D ISSUER NOT COOPERATING;

   Cash Credit                    Rating downgraded from [ICRA]B+
                                  (Stable) and continues to
                                  remain in the 'Issuer Not
                                  Cooperating' category

   Non Fund           6.50        [ICRA]D ISSUER NOT COOPERATING;
   Based–Bank                     Rating downgraded from
[ICRA]B+
   Guarantee                      (Stable) and continues to
                                  remain in the 'Issuer Not
                                  Cooperating' category

   Untied Limits      6.50        [ICRA]D/[ICRA]D ISSUER NOT
                                  COOPERATING; Rating downgraded
                                  from [ICRA]B+ (Stable)/[ICRA]A4
                                  and continues to remain in the
                                  'Issuer Not Cooperating'
                                  Category

Rationale

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

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

Established in 1987 as a proprietorship concern, M/s B.P.
Construction (BPC) was reconstituted as a partnership firm in 1998.
BPC is involved in civil construction and electrification for
various Government departments in the state of Jharkhand. The firm
is registered as a Class-1A contractor with the Public Works
Department (PWD), Jharkhand and a Class 1 electrical contractor
with Vidyut Vibhag, Energy Department, Government of Jharkhand for
electrification work of up to 33 KV.

BINDU FOOD: ICRA Keeps C+ Debt Ratings in Not Cooperating
---------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Bindu Food
Processors Private Limited in the 'Issuer Not Cooperating'
category. The rating is denoted as "[ICRA]C+/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Fund based-        6.00          ICRA]C+ ISSUER NOT
   Cash Credit                      COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Fund based–        1.35          ICRA]C+ ISSUER NOT
   Term Loan                        COOPERATING; Rating continues
                                    to remain under 'Issuer Not
                                    Cooperating' category

   Long Term/         0.65          [ICRA]C+/[ICRA]A4 ISSUER NOT
   Short Term-                      COOPERATING; Rating continues
   Unallocated                      to remain under 'Issuer Not
                                    Cooperating' category

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

Bindu Food Processors Private Limited (BFPPL) had set up its cold
storage unit in West Medinipur, West Bengal in 1997 to carry out
the business of storage and preservation of potatoes. BFPPL has a
storage capacity of 21,326 metric tonnes (MT). The cold storage
unit of the company is operating under the name Purnima Cold
Storage.


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

The instrument-wise rating actions are:   

-- INR23 mil. Term loans due on July 2024 Migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating; and

-- INR75 mil. Proposed term loans migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 16, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1975, Bright Engineering Works manufactures
precision machine parts and assemblies for original equipment
manufacturers. The partners of the firm are Sharan Suttatti and
Mallesh Suttatti. The manufacturing unit is located at Hadapsar in
Pune, Maharashtra.


DEVKIRAN PAPER: Ind-Ra Keeps BB- Issuer Rating in Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Devkiran Paper
Mills Private Limited's Long-Term Issuer Rating of 'IND BB- (ISSUER
NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR127.6 mil. Term loan* due on June 30, 2024 maintained in
     non-cooperating category and withdrawn;

-- INR130 mil. Fund-based working capital limit** maintained in
     non-cooperating category and withdrawn; and

-- INR35 mil. Non-fund-based working capital limit*# maintained
     in non-cooperating category and withdrawn.

*Maintained at 'IND BB- (ISSUER NOT COOPERATING)' before being
withdrawn

**Maintained at 'IND BB- (ISSUER NOT COOPERATING)'/'IND A4+
(ISSUER NOT COOPERATING)' before being withdrawn

*#Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
pertaining to full-year financial performance for FY20, sanctioned
bank facilities and utilization, business plan and projections for
the next three years, information on corporate governance, and
management certificate.

Ind-Ra is no longer required to maintain the ratings, as the agency
has received no objection certificates from the lenders. This is
consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies. Ind-Ra
will no longer provide analytical and rating coverage.

COMPANY PROFILE

Devkiran Paper Mills was incorporated in 1988 as a private limited
company in Mysore. It manufactures recycled kraft paper for the
packaging and laminating industries. R H Ramanuja Setty, R H
Sreenivas Setty, Ramakrishna Setty and Bhaskar Setty are the
promoters.


ELECTRO POLYCHEM: ICRA Lowers Rating on INR9cr Loan to B-
---------------------------------------------------------
ICRA has revised the rating on the bank facility of Electro
Polychem Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term–           9.00       [ICRA]B-(Stable); Downgraded
   Fund-based-                     from [ICRA]B+(Stable)
   Cash Credit          
                        
   Long-term–           9.00       [ICRA]B-(Stable); Downgraded
   Fund-based-TL                   from [ICRA]B+(Stable)

   Long Term/          (3.00)      [ICRA]B-(Stable); Downgraded
   Short Term –                    from [ICRA]B+(Stable) And
   Interchangeable                 [ICRA]A4 Reaffirmed

Rationale

While arriving at the ratings, ICRA has considered the consolidated
financial and business profiles of Electro Polychem Limited (EPL)
and Damodar Tradelinks Private Limited (DTPL), collectively
referred to as the Electro Group (or the Group), as these companies
operate in the same line of business under a common management,
have fungible cash flows and derive considerable synergies from
each other.

The rating downgrade factors in the weakening of the Group's
financial profile, as reflected in its poor liquidity position due
to stretched receivables and weak debt protection metrics. Also,
net losses incurred in FY2020 and FY2021, on account of continued
revenue decline (compared to FY2019), coupled with an increase in
debt levels to meet its funding requirements resulted in a
leveraged capital structure and weak debt coverage indicators. The
Group's interest coverage ratio and DSCR dropped to below 1.0 in
FY2020 and FY2021. In addition, increased debt repayment
obligations from FY2022 are expected to exert further pressure on
the Group's debt protection metrics, going forward.

The ratings also remain constrained by the thin profit margins
owing to low value addition in trading operations and intense
competition from other players in the similar line of business,
limiting pricing flexibility. The ratings also remain tempered by
exposure of margins to volatility in commodity prices.
Nevertheless, the same is mitigated by limited inventory holding to
a certain extent.

The ratings, however, continue to positively factor in the long
presence and proven track record of the Electro Group in the
polymer trading business, which facilitated in established customer
relationships. Besides, the Group has strong ties with its
suppliers, which aid in timely availability of required materials.

The Stable outlook on the [ICRA]B- rating reflects ICRA's opinion
that the Group will continue to benefit from its established
position in the polymer trading industry.

Key rating drivers and their description

Credit strengths

* Extensive experience of the promoter: The founder of the Electro
Group, Mr. Brij Mohan Khandelwal, has an extensive experience of
over two decades in the petrochemicals and polymer trading
industry. He has also been instrumental in establishing several
other entities under the Electro Group of Companies, which have
diverse presence across various sectors
including polymer trading, construction and hospitality.

* Strong ties with suppliers aid in timely availability of
materials: The Group procures mainly from suppliers in domestic
markets. The strong supplier network established by the Group over
the years facilitates in timely availability of materials.

Credit challenges

* Moderate scale of operations in petrochemicals and polymer
trading: The scale of operations continues to be moderate with an
operating income (OI) of INR143.9 crore in FY2021 though the same
improved after declining significantly in FY2020
to INR108.8 crore from INR218.2 crore in FY2019. Further in 8M
FY2022, the Group reported a revenue of INR61.3 crore and likely to
achieve lower OI in FY2022 compared to FY2021.

* Leveraged capital structure and weakened coverage indicators: The
capital structure of the Group has leveraged further because of an
erosion of net worth due to net losses of INR2.0 crore in FY2020
and INR1.4 crore in FY2021. The net loss was primarily on account
of fixed overhead costs and similar interest costs despite lower
operating income. Further, lower OI resulted in lower absolute
OPBDITA in FY2020 and FY2021 while the debt level of the Group
increased compared to the previous years, resulting in weakening of
debt coverage indicators. The interest coverage ratio and DSCR
declined below 1.0 times in FY2020 and FY2021.

EPL was also sanctioned restructuring of existing loans in June
2021 under the Resolution framework 2.0 – resolution of Covid19
related stress of micro, small and medium enterprises (MSMEs).
However, given the increase in long-term borrowing and
stretched receivable position, the financial profile is likely to
continue to be weak in the near to medium term. The Group also has
debt repayment obligations towards Guaranteed Emergency Credit Line
(GECL) availed in DTPL, GECL and Working Capital Term Loan (WCTL),
Funded Interest Term Loan (FITL) availed in EPL.

* Operations characterized by low product diversification, high
geographical concentration and susceptibility of margins to foreign
exchange fluctuations: The Group's operations are primarily limited
to Tamil Nadu, resulting in narrowed source of revenue. Similarly,
limited product profile, mainly restricted to plastic granules and
PVC resins, exposes the top line to stagnation/downturn in demand
in the end-user industries. Further, its profitability is exposed
to foreign exchange rate fluctuations to the extent of the unhedged
exposure, as the company also procures raw materials through
imports other than domestic purchases.

* Highly fragmented nature of polymer trading business
characterized by intense competition: Polymer trading is a
fragmented industry with many players operating in this segment. A
large number of small-scale units resulted in a fragmented
industry structure, leading to intense competition and limited
pricing flexibility among the players.

Liquidity position: Poor

The Group's liquidity position is poor, as characterized by the
minimal unencumbered cash balance of INR0.1 crore available as on
March 31, 2021 and no buffer available in its working capital
limits. The Group's average month-end utilization of its
working capital facility remained high at 101% between April 2021
and November 2021. The liquidity position is expected to remain
under pressure, going forward, given the repayment obligations of
INR0.7 crore in FY2022, INR3.3 crore in FY2023, INR4.5 crore in
FY2024 and declining accruals.

Rating sensitivities

Positive factors – ICRA may upgrade the ratings if the Group is
able to improve its liquidity position and its profitability
metrics.

Specific credit metrics that may result in an upgrade include the
Interest Coverage improving to above 2.0 times on a sustained
basis.

Negative factors – Pressure on the ratings could arise if the
Group's revenue continues to decline significantly, resulting in a
deterioration in its debt coverage indicators.

Electro Polychem Limited was incorporated in 1995 by the Founder
and Group Chairman of Electro Group of Companies, Mr. Brij Mohan
Khandelwal. EPL trades in different types of polymers including
poly-vinyl chloride resins, polypropylene, polyethylene, fillers
and master batches, among others. The company procures its products
in bulk from both domestic markets and through imports and sells
the same to its customers spread across Southern India with major
concentration of sales in Tamil Nadu.


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

The instrument-wise rating actions are:

-- INR150 mil. Fund-based facilities migrated to non-cooperating
     category with IND B+ (ISSUER NOT COOPERATING)/IND A4 (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 21, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Fiza Developers & Infrastructure, incorporated in 2007, provides
consultation services for solar and wind energy projects.



FOUNDATIONS DEVELOPERS: ICRA Reaffirms B Rating on INR15cr Loans
----------------------------------------------------------------
ICRA Ratings reaffirmed ratings on certain bank facilities of
Foundations, Developers and Promoters (FDP), as:

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Term Loans          3.06         [ICRA]B (Stable); reaffirmed
   Unallocated        11.94         [ICRA]B (Stable); reaffirmed

Rationale

The reaffirmation of the rating of Foundations, Developers and
Promoters (FDP) considers the extensive experience of the promoters
of over two decades in the real-estate industry and the firm's
asset light policy with projects developed under joint development
agreement (JDA)/joint venture (JV), limiting upfront capital
requirement. Additionally, the favorable location of the projects
in Mysore with good inter-city connectivity and proximity to
commercial establishments near Vijaynagar, Hootaghalli and
Yadavgiri which is expected to support the saleability of the
projects.

The rating continues to be constrained by the firm's modest scale
of operations, which limits the operational and financial
flexibility. The rating factors in the high market and execution
risks in its ongoing projects, Dhiya and Bhagyashree (erstwhile
known as Soubhagya), wherein, project Dhiya is in intermediate
stages of construction with 42% of sales booking level and project
Bhagyashree is in the nascent stages of construction with no sales
booking as on date. Additionally, fund infusion or debt tie-up for
project Bhagyashree and the upcoming project, Silver Springs II
would also be critical for timely execution of the projects. The
firm faces high geographical concentration risk with projects being
undertaken in Mysore. Going forward, FDP's ability to achieve
healthy sales and collection efficiency for its projects, will be
the key rating sensitivities.

The Stable outlook reflects ICRA's opinion that FDP will benefit
from the extensive experience of its promoters in the realestate
industry.

Key rating drivers and their description

Credit strengths

* Extensive experience of promoter in real-estate industry: FDP's
partners have extensive experience of over two decades in the
real-estate industry and is actively involved in sales, finance,
operations and marketing of the projects.

* Asset light policy with projects developed under JDA/JV, which
limits upfront capital requirement: The firm primarily focuses on
developing projects on a JV basis with the landowners on a unit
sharing basis. The same reduces the capital outlay towards
investment on land.

Credit challenges

* Modest scale of operations: At present, the scale of operations
remains modest, with the firm executing two projects, Bhagyashree
Dhiya, thereby restricting the operational and financial
flexibility to an extent.

* High market and execution risks for its ongoing project: The firm
faces high execution and market risk for its ongoing projects,
Dhiya and Bhagyashree, wherein, project Dhiya is in intermediate
stages of construction with 42% of sales booking level and project
Bhagyashree is in the nascent stages of construction with no sales
booking as on date.

* Delays in planned projects: Project Silver Springs II was
initially planned to start construction in FY2022. Due to pending
legalities, the project has been delayed and is expected to be
launched in the second half of FY2023.

* Concentration risks arising from presence only in Mysore: The
firm has presence only in Mysore, which exposes it to geographical
concentration risks. Any adverse development in the region can
impact the execution and sales levels of its
projects.

Liquidity position: Stretched

The pending costs for its ongoing projects (Dhiya and Bhagyashree)
is Rs 20.4 crore as on September 30, 2021. As against this, the
company has committed receivables of Rs 3.0 crore and debt
outstanding of INR3.1 crore. Thus, the balance receivables can
cover ~13% of the pending costs and debt outstanding. The liquidity
position of the company remains stretched. However, some comfort
can be taken from the unsold inventory of ~INR22.0 crore (for
project Bhagyashree) and ~INR3.3 crore (for project Dhiya) as on
September 30, 2021, liquidation of which can yield additional cash
flows. The company is expected to avail a debt of INR10.0 crore for
project Bhagyashree to part fund the construction cost.

Rating sensitivities

Positive factors – ICRA could upgrade FDP's rating if there is
improvement in scale of operations and profitability. ICRA could
also upgrade FDP's rating if the sales and collections from its
upcoming projects are healthy on a sustained basis.

Negative factors – ICRA could downgrade FDP's rating if cash flow
from operations is lower than expected because of subdued booking
levels of the its ongoing and new projects or if any further delay
in completion of the projects results in low customer advances,
thereby weakening the liquidity position of the firm.

FDP was established in 2008 as a partnership firm. The partners of
FDP also floated a company in 2010 named FN Infrastructures Pvt Ltd
(FNIPL) with Mr. N. S. Muralidhara being the Managing director of
the company. The firm and the company have its presence primarily
in Mysore and in the last 12 years have completed six residential
apartments having 299 units and a gated community project having 49
villas across 10.5 acres of land. The Group (i.e., FDP and FNIPL)
is focused towards real-estate development primarily in Mysore.
FDP, independent of FNIPL, has completed four projects till date
with a total area of ~2.9 lakh sq ft. and 49 villa plots.


FRONTLINE BUILDERS: ICRA Lowers Rating on INR50cr LT Loan to B+
---------------------------------------------------------------
ICRA has revised the rating on the bank facility of Frontline
Builders, as:

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long Term–            50         [ICRA]B+(Stable); ISSUER NOT
   Unallocated                      COOPERATING; Rating
   Limit                            downgraded from [ICRA]BB
                                    (stable) and moved to the
                                    'Issuer Not Cooperating'
                                    category

Rationale

The rating downgrade is because of lack of adequate information
regarding Frontline Builders' performance and hence the uncertainty
around its credit risk. ICRA assesses whether the information
available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Frontline Builders, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management
has remained non-cooperative. In the absence of requisite
information and in line with the aforesaid policy of ICRA, a rating
view has been taken on the entity based on the best available
information.

Frontline Builders was founded in 2016 as a partnership firm and
has its registered office in Hyderabad. The firm develops
residential real-estate properties. Frontline Builders is
constructing a residential property called Frontline Seven in
Kokapet, Hyderabad on a land parcel of 7 acres (4.50 acres being
the firm's share) in JDA (the firm's share is 89%) with individual
land owners.


FUTURE RETAIL: Seeks to Quash Amazon's Arbitration Proceedings
--------------------------------------------------------------
The Hindu BusinessLine reports that Future Retail has moved a
petition in the Delhi High Court asking the court to quash Amazon's
arbitration proceedings as illegal. This comes even as the
Competition Commission of India put the 2019 deal between Amazon
and Future Coupons in abeyance.

BusinessLine relates that Amazon had alleged that the 2019 deal
gave Amazon rights over Future Retail's assets. On the other hand,
Future Retail had decided to sell its assets to Reliance
Industries. According to Amazon, Reliance was a restricted party.

Armed with CCI's order nullifying Amazon's investments in Future
Coupons, the Kishore Biyani-led Future group has filed a new appeal
with Delhi High Court to quash the ongoing proceedings against the
Future-Reliance deal, according to BusinessLine. Future has argued
that since the 2019 deal with Amazon was illegal, the American
company has no legal ground to object to the deal with Reliance,
the report says.

                        About Future Group

Future Group operates multi-branded retail outlets. The company's
retail chains include department stores, outlet stores, sportswear,
home improvement and consumer durables, supermarket, and
convenience stores as well as food parks.

As reported in the Troubled Company Reporter-Asia Pacific in May
2021, Fitch Ratings downgraded Future Retail Limited's (FRL)
Long-Term Issuer Default Rating (IDR) to 'RD', from 'C', following
the company's announcement that it has completed the restructuring
of the bulk of its onshore debt, which Fitch views as a distressed
debt exchange (DDE).  At the same time, Fitch has affirmed the
rating on FRL's USD500 million 5.6% senior secured notes due 2025
at 'C', with a Recovery Rating of 'RR5'.

The DDE provides relief on debt servicing requirements until
September 30, 2021, but Fitch believes the resultant debt structure
and maturity profile remain unsustainable.  Therefore, Fitch
regards the relief as another temporary measure following the
relief provided under India's central bank pandemic-related schemes
last year.  The restructuring does not meaningfully address FRL's
financial stress, which Fitch regards as essential for an upgrade
after the completion of the DDE.


GALVA DECOPARTS: Ind-Ra Keeps BB+ Issuer Rating in Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Galva Decoparts
Private Limited's Long-Term Issuer Rating of 'IND BB+ (ISSUER NOT
COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR190 mil. Fund-based working capital limit* maintained in
     non-cooperating category and withdrawn; and

-- INR42 mil. Non-fund-based working capital limit** maintained
     in non-cooperating category and withdrawn.

*Maintained at 'IND BB+ (ISSUER NOT COOPERATING)'/'IND A4+ (ISSUER
NOT COOPERATING)' before being withdrawn

**Maintained at 'IND A4+ (ISSUER NOT COOPERATING)' before being
withdrawn

KEY RATING DRIVERS

Ind-Ra has maintained the ratings in the non-cooperating category
because the issuer did not participate in the rating exercise,
despite requests by the agency and has not provided information
about financials, sanctioned bank facilities and utilization,
business plan and projections for the next three years, and
management certificate.

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

COMPANY PROFILE

Established in 2007, Galva Decoparts is engaged in the
manufacturing and electroplating of anti-lock braking system
plastic components used for decorative purposes in the automobile
and fast-moving consumer goods industries.


GHODAWAT REALTY: Ind-Ra Hikes Long-Term Issuer Rating to 'BB+'
--------------------------------------------------------------
India Rating and Research (Ind-Ra) has upgraded Ghodawat Realty
Private Limited's (GRPL) Long-Term Issuer Rating to 'IND BB+' from
'IND BB (ISSUER NOT COOPERATING)'. The Outlook is Stable.

The instrument-wise rating action is:

-- INR982 mil. (reduced from INR1,018.8 bil.) Term loan due on
     December 2035 upgraded with IND BB+/Stable rating.

Analytical Approach: Ind-Ra has taken a consolidated view of GRPL
and its parent company, Ghodawat Energy Private Limited (GEPL) to
arrive at the ratings. GRPL is a wholly owned subsidiary of GEPL
both the companies are under a common management and have strong
legal linkages. GEPL is a co-applicant and has provided
post-default corporate guarantees to the term loans availed by
GRPL.

Ind-Ra had downgraded GRPL's rating on July 10, 2020 pursuant to
the Securities and Exchange Board of India's circular
SEBI/HO/MIRSD/CRADT/CIR/P/2020/2 dated January 3, 2020. According
to the circular, any issuer with an investment-grade rating
remaining non-cooperative with a rating agency for over six months
should be downgraded to a sub-investment grade rating.   

The upgrade reflects the receipt of updated information from GRPL
that the parent company, GEPL, is a co-applicant in the loans
availed by GRPL, and moreover, GEPL has provided post-default
corporate guarantees for most of the loans availed by GEPL. Ind-Ra
believes this reinforces the  strength of GRPL's linkages with the
parent company.

KEY RATING DRIVERS

The parent company, GEPL, has been a co-applicant in the loans
availed by GRPL, thereby making it jointly responsible for debt
repayments in case GRPL faces liquidity issues.

The ratings reflect the moderate operational risks.  GRPL has
entered into lease agreements for the lease rental discounting
segment and long-term power purchase agreements with power
distribution companies. GRPL has leased out 89% of its total
leasable space of 0.158 million square feet. The lease agreements
have a residual lease period of two-to-three years, with options to
renew by mutual consent, and rent escalation clauses. For the power
segment, the company has entered into long-term power purchase
agreements of up to 20 years with various discoms in Gujarat,
Maharashtra, Karnataka and Rajasthan and some portion with third
parties. GRPL has an installed wind generation capacity of 21.2MW,
with  a reasonable operating history and an average plant load
factor (PLF) of 15.23% in FY21. It also operates a solar power
plant of 7.5MW. GEPL has wind mills with a total capacity of
53.38MW, with a PLF of 14%-16%,  of which about 33.10 MW is sold to
discoms and 20.28MW to third parties. In addition, GEPL has a solar
power plant with a capacity of 3.28MW.  The windmills of both the
companies have an average residual age of about 10 years out of the
total useful period of 25 years.

The ratings reflect the modest consolidated EBITDA margins due to
the nature of the business. The margin improved to 55.8% in FY21
(FY20:46.9%) because of a decrease in operating expenses. The ROCE
was  2% in FY21 (FY20:4%). Ind-Ra expects the margin to be stable
in FY22 . The figures for FY21 are provisional.

The ratings are constrained by the small scale of operations on a
consolidated basis, as reflected by revenue of INR414 million in
FY21 (FY20: INR483 million). The revenue declined in FY21 on
account of a decline in wind generation during the peak period of
June-September 2021. The ratings reflect the continued risks
arising from the reduced availability of wind resources due to
climatic changes. In line with a typical feature of wind power
plants, the cash flows are directly linked to prevalent wind
conditions at the site. During 1HFY22, GRPL earned INR193.2 million
from the wind segment (FY21: INR310 million; FY20: INR371 million)
and INR49 million (INR104 million; INR102 million) from the lease
rental discounting segment. The company also proposes to start a
joint-real estate development project at FYE22, from which it
expects to start receiving regular income from the last quarter of
FY22.  

Liquidity Indicator - Stretched:  The consolidated debt service
coverage ratio (DSCR) is likely to remain below 1x during
FY22-FY26, as the debt repayments and interest component would be
high compared to the cash inflows from lease rentals and the energy
segment. As per the management, the resultant liquidity issues
would be mitigated to some extent by the interest income earned
from investments in group firms. GRPL earned interest income of
INR337 million in FY21 (FY20: INR387 million). This amount is
likely to decline in FY22 owing to the partial sale of such
investment by GRPL during 2021. The aforementioned cash flows from
the planned real estate project would also support its liquidity.
The consolidated debt repayment amounts to about INR260 million for
FY22 and INR259 million for FY23. For all the loans, there is no
mandatory requirement of debt service reserve account since most of
them are loans against property.  The receivables days increased to
203 days in FY21 (FY20: 84 days) as a result of delayed payments,
particularly from the power segment, due to pandemic-related
financial stress faced by power discoms such as the Rajasthan
discom. The Ghodawat group has a policy to invest surplus cash into
other group firms if required and it generates other income from
such investments.

The ratings factor in the moderate consolidated credit metrics due
to the modest margins. The credit metrics improved in FY21 due to
an increase in the operating EBITDA to INR231 million (FY20: INR227
million) and partial repayment of debt. The interest coverage
(operating EBITDA/gross interest expense) was 1.5x in FY21 (FY20:
1.25x) and the net leverage (net debt/operating EBITDA) was 6.1x
(7.3x). Ind-Ra expects the metrics to improve in FY22 due to
partial repayment of debts.

The ratings reflect the moderate counterparty risk. The
Maharashtra, Karnataka,  and Gujarat discoms have moderate
financials and liquidity profiles. However, the financial profile
of Rajasthan discoms particularly have been under stress, and their
profiles were impacted further because of the deterioration in the
state's already stressed financial position during the pandemic.
Timely receipt of payments from the discoms will be a key
monitorable.  

The ratings are supported by promoters' experience of over a decade
in the energy sector. The Ghodawat group had operational wind
capacity of 118MW and operational solar assets of 8.20MW as on 30
September 2020. The group has reasonable experience in the
installation and commissioning of wind turbines and towers across
Maharashtra, Gujarat, Madhya Pradesh, Rajasthan and Karnataka. The
group also sells power to third parties.

RATING SENSITIVITIES

Negative: Any decline in the occupancy levels of the leased
properties or the PLF of the wind mills, resulting in a decline in
cash flows, and/or delays in the receipt of the inflows/ support
from the group, resulting in the DSCR sustaining below 1.1x,  will
be negative for the ratings.

Positive: A higher-than-expected income, leading to higher cash
generation and/or a substantial decline in the debt, subsequently
leading to a strong improvement in the DSCR will be positive for
the ratings.

COMPANY PROFILE

GRPL (earlier name Topaz Investments Private Ltd) is a part of the
Ghodawat group, with a major presence in Kolhapur, Maharashtra and
some parts in Karnataka. GRPL generates and sells  wind power and
leases out commercial properties, while its parent company, GEPL
operates in the wind energy generation segment. The Ghodawat group
as a whole has business interests in agriculture, fast moving
consumer goods, wind energy, mining, textiles, chemicals,
education, aviation, labelling and real estate.


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

The instrument-wise rating actions are:       

-- INR12 mil. Fund-based limits migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING)/IND A4+ (ISSUER

     NOT COOPERATING) rating;

-- INR105 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR4 mil. Term loan due on March 24 migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 7, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1986, GEPL installs hydro-mechanical and water
intake equipment such as hydel gates, stop log gates, and piping
work for various power projects, mainly hydro power projects. The
work includes designing, supply and installation of steel
structures for meeting the demands of projects. The company
undertakes 100% sub-contract works for hydro power civil
contractors.


GSR VENTURES: Ind-Ra Affirms BB Issuer Rating, Outlook Stable
-------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed GSR Ventures
Private Limited's Long-Term Issuer Rating at 'IND BB'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR40 mil. Fund-based working capital limits affirmed with
     IND BB/Stable/IND A4+ rating;

-- INR400 mil. Non-fund-based working capital limits affirmed
     with INDA4+ rating; and

-- INR100 mil. Non-fund-based working capital limits* assigned
     with INDA4+ rating.

*The final rating has been assigned following the receipt of
sanction letter by Ind-Ra.

KEY RATING DRIVERS

The affirmation reflects GSR's continued small scale of operations,
despite a surge in the revenue to INR1,524.8 million in FY20 (FY19:
INR334.1 million, FY18: INR463.8 million) on account of timely
execution of existing orders. The company reported lower revenue
during FY18-FY19 because of slower pace of execution of orders and
bidding, and the resultant stretched receivables from state
government authorities. As of April 2020, GSR had an order book of
INR4,651.7 million (3.05x of FY20 revenue), to be executed by 2023.
The order execution was affected during April-May 2020 because of
the COVID-19-led lockdown, but it picked up from 2QFY21 on account
of unlocking of economic activities. GSR's revenue is likely to
improve over the medium-to-long term on the back of its strong
order book.

Liquidity Indicator - Stretched: GSR's average maximum use of the
fund-based and the non-fund-based facilities was 33.2% and 36.5%,
respectively, for the 12 months ended November 2021. The company
had cash and cash equivalents of INR40.6 million at FYE20 (FYE19:
INR31.4 million). Its net cash cycle improved to 60 days in FY20
(FY19: 83 days) due to a decline in the creditors period to 231
days (91 days). The cash flow from operations turned negative to
INR19.1 million in FY20 (FY19: INR38.6 million), due to unfavorable
changes in working capital. However, Ind-Ra expects the cash flow
from operations to have turned positive in FY21 on the back of a
likely improvement in EBITDA margins. Furthermore, the agency
expects GSR's cash flows to be sufficient to service the term debt
obligations of INR1.2 million in FY22. GSR had availed the Reserve
Bank of India-prescribed moratorium on its working capital
facilities over March-August 2020 under the COVID-19 relief
package, to conserve liquidity.

The ratings also remain constrained by customer concentration risk,
as GSR derives 80%-90% of its revenue from four-to-five projects.
However, Ind-Ra expects the order book concentration to marginally
improve in the medium-to-long term on the back of adverse
developments in the projects or state.

The ratings, however, benefit from GSR's healthy margins with a
return on capital employed of 27% in FY20 (FY19: 6%). The margins
declined to 4.8% in FY20 (FY19: 5.6%), due to an increase in raw
material costs and administrative expenses. The company had
allotted a large project of NCC Limited ('IND A'/Positive) and
Gayatri Projects Limited, accounting 93% of the FY20 revenue to a
sub-contractor, resulting in lower margins. Ind-Ra expects the
margins to have improved in FY21, due to the timely order
execution.

The ratings also remain supported by GSR's comfortable credit
metrics as indicated by the interest coverage (operating
EBITDA/gross interest expense) of 12.9x in FY20 (FY19: 2.5x) and
the net leverage (adjusted net debt/operating EBITDAR) of 0.7x
(1.5x). Despite an increase in the total debt to INR93 million at
FYE20 (FYE19: INR60 million), the credit metrics improved primarily
on account of an increase in the operating EBITDA to INR72.5
million (INR18.6 million). The agency expects the absolute EBITDA
to have improved further in FY21 on the back of the likely increase
in the revenue, leading to an improvement in the credit metrics in
the near term.

The ratings also continue to benefit from the founders' experience
of about a decade and a half in the execution of civil construction
projects.

RATING SENSITIVITIES

Negative: A decline in the revenue and/or the operating margins,
resulting in deterioration in the credit metrics and the liquidity,
all on a sustained basis, will lead to a negative rating action.

Positive: A substantial rise in the revenue and the operating
margins, leading to an improvement in the credit metrics and the
liquidity, all on a sustained basis, will lead to a positive rating
action.

COMPANY PROFILE

Hyderabad-based GSR was set up as a partnership firm in 1971 by G
Sivakumar Reddy and his family, and was reconstituted as a private
limited company in 2008. It undertakes civil construction, mainly
canal earthwork excavation and construction of bridges.


HANDLOOM BHANDAR: ICRA Keeps B Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Handloom
Bhandar in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term           3.20        [ICRA]B (Stable) ISSUER NOT
   Fund based-                     COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long-term           5.00        [ICRA]B (Stable) ISSUER NOT
   Fund based–                     COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long-term           1.80        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 1983 by Mr. Iqbal Ahmed, HB is a partnership firm
which processes textiles by way dyeing, printing, waterproofing
etc. The products have application in manufacturing of bags, rug
sacks, defense clothes etc. The firm's manufacturing unit is based
out of Shekhpur in Unnao district of UP.


INFRO-ALLIANCE TRADING: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: Infro-Alliance Trading Private Limited
        Flat No. 2605, 1st Floor
        Building No. 57
        Kailash C.H.S.
        Gandhinagar, Bandra East
        Mumbai 400051

Insolvency Commencement Date: December 22, 2021

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: June 20, 2022

Insolvency professional: Manoj Kumar Jain

Interim Resolution
Professional:            Manoj Kumar Jain
                         11, Friends Union Premises CSL
                         2nd Floor
                         227, P.D' Mello Road
                         Opp. St. George Hospital
                         Mumbai 400001
                         Maharashtra
                         E-mail: manojj2102@gmail.com

Last date for
submission of claims:    January 6, 2022


JANA HOLDINGS: Ind-Ra Assigns 'B+' on INR1.05MM NCD
---------------------------------------------------
India Ratings and Research (Ind-Ra) has taken the following rating
actions on Jana Holdings Limited's (JHL) non-convertible debentures
(NCDs):

-- INR1.05 mil. NCDs^ assigned with IND B+/Stable rating; and

-- INR5.25 mil. NCD* affirmed with IND B+/Stable rating.

*Details in Annexure

^Yet to be issued

Analytical Approach: To arrive at the ratings, Ind-Ra continues to
take a consolidated view of the credit profiles of JHL and  Jana
Capital Limited (JCL; debt rated 'IND B+'/Stable) and considers the
parent -subsidiary linkage to arrive at the rating of the holding
company of Jana Small Finance Bank (JSFB). JCL, a non-deposit
taking non-bank finance company-core investment company, holds 100%
stake in JHL. JHL, a subsidiary of JCL, has limited financial
strength. It is a non-operating financial holding company of JSFB
(42.08% stake held by JHL) and the value of its investments is
derived solely from its shareholding in JSFB. The value of the
stake in JSFB is largely subject to the bank's incremental
performance (banking operations commenced in March 2018) and its
ability to manage the credit costs that may emanate due to
pandemic-led disruptions.

The rated NCDs are held by Centrum Group, Manipal Health Systems
Pvt. Ltd. and TPG  Asia VI SF Pte Ltd  and are junior to JHL's
other issues. The NCDs held by Centrum Group will mature by January
and February 2022, followed by JHL's other NCDs (not rated by
Ind-Ra) which are held by GIC Pte. Ltd (INR1 billion), Edelweiss
Capital Limited (INR1.55 billion) and TPG Asia VI India Markets Pte
Ltd (INR4.03 billion), and lastly those held by Manipal Health
Systems.  

A common independent director serving on the boards of JHL and
Ind-Ra did not participate in the rating process.

KEY RATING DRIVERS

COVID-19 Continues to Weigh on JSFB's Asset Quality: JSFB's asset
quality, which improved when its gross non-performing assets
(GNPAs) reduced to 3.2% in FY20 (FY19: 8.1%) on account of reported
write-downs of INR3 billion, came under pressure amid the first and
the second wave of COVID-19. The GNPAs increased to 7.2% in March
2021. Also, the provision coverage ratio including technical
write-offs was at 82% and excluding technical write-offs was at
27.9% at end-March 2021 (end-March 2020: 56.2%). The bank has made
lower provisions on incremental GNPAs as it expects material
recoveries or limited loss given defaults  over the near term.
Also, about 8% of the portfolio was restructured for JSFB at
end-March 2021. In case recoveries do not pan out as per the bank's
expectations, JSFB could see incremental credit costs (4%-8%) in
FY22 on the unsecured loans (share of unsecured at end-1QFY22:
59%). Also, the collection efficiencies & recoveries picked up in
the unsecured segment over June-August 2021, supported by the
gradual relaxation of state-wise lockdowns.

Near-term Profitability for JSFB may Remain Constrained due to High
Credit Costs: JSFB reported a net profit of INR843 million in FY21
(FY20: INR301 million). The bank's performance and liability
structure improved in FY20 and FY21. However, due to the lingering
effects of the first and second wave COVID-19-led lockdowns and low
provisions, the bank could face high credit costs which could
impact its profitability at least over the medium term. Under
stress case, the effects of the scale and repricing of deposits at
lower levels could be offset by incremental credit costs.

High Refinancing and Valuation Risks for Holding Companies: The
issued NCDs face refinancing risks. The NCDs need to be refinanced
to the extent of the principal and the rate of return promised to
the investors. The company recently issued NCDs of INR2.25 billion
which were partly used for JHL's repayments of INR1.4 billion in
December 2021. The company is also raising new NCDs for repayment
of INR1.03 billion in January and February 2022 ; the agency will
continue to monitor JHL's further refinancing efforts.

Furthermore, an increase in JHL's shareholding alone on account of
the proposed infusion might be insufficient to repay the existing
obligations; hence, the valuation risk is significant and depends
on the bank's standalone performance.

Raising Funds over Near Term Crucial: At FYE21, JSFB reported a
tier 1 capital ratio of 11.75% (FYE20: 13.12%) and a total capital
adequacy ratio of 15.51% (19.31%) which are lower than its peers'.
Furthermore, given the bank's low provisioning levels, its net
NPA/equity stood high at 54.9% at end-March 2021 (end-March 2020:
13.5%) and hence the bank would need to build higher capital
buffers, especially if the recovery slows. JSFB had disclosed in
the Draft Red Herring Prospectus filed with the Securities &
Exchange Board of India in March 2021 that it will undertake a
total capital raise of INR7 billion as part of pre-IPO and the IPO.
Either JHL or JCL is likely to contribute INR4 billion of the same
when the refinance transaction goes through. This capital raise is
crucial over the near term. Also, JSFB has been supported by
regular equity infusions in the past from investors.  The bank had
raised INR3.4 billion equity in FY20, INR10.9 billion in FY19 and
INR16.4 billion in FY18 from existing and new investors. As per the
licensing guidelines, the bank was going to list itself on the
stock exchanges by March 2021. However, it has been delayed due to
the pandemic and thus is still under process.

Liquidity Indicator for JHL - Poor: JHL does not have cash flows to
service its debt obligations and will have to depend on the
monetization of its stake in JSFB or the secondary sale of shares,
among other options, before the maturity date of the respective
instruments. JHL holds a 42.08% stake in JSFB and is in the process
of listing the bank. JHL and JCL are also in the process of getting
merged for which the consent from the 90% creditors is pending.
Ind-Ra expects this merger to be completed over the near term.
Furthermore, the debt raised by both the holding companies are in
the form of zero-coupon bonds that would have lumpy pay-outs on
maturity, adding to the liquidity demands.

Liquidity Indicator for JSFB – Adequate; Deposits Continue to See
Traction: JSFB maintained excess statutory liquidity reserves of
around INR32 billion over FY21, in addition to the cash reserves
that it needs to maintain as part of the regulatory requirement.
The bank's liquidity coverage ratio stood at 1,199.67% at FYE21
(FYE20: 743.98%). Basis the bank's asset liability mismatch
statement at end-March 2021, there were no cumulative mismatches
for the period of up to 1 year.

JSFB has also been able to mobilize substantial deposits, with the
term deposits increasing to INR103.1 billion in FY21 (FY20: INR89.4
billion), and the current and savings accounts to INR20.8 billion
(INR7.1 billion). The total deposits stood at INR123.9 billion at
end-March 2021, of which 87.4% have a tenor of more than one year.
Given the substantial traction in low-cost deposits, the cost of
funds for JSFB also improved to 8.3% in FY21 (FY20: 9.4%, FY19:
10.2%). In addition, the bank lowered its interest on deposits in
FY21, which will help it to further reduce its cost of deposits as
they come up for renewals.

Portfolio Mix Changing in Favor of Secured Loans: JSFB is
strategically shifting towards a secured loan portfolio and the
share of secured portfolio in its portfolio increased to 40% at
end-March 2021 from 29% at end-March 2020.  JSFB has also been
lowering its group loan exposure continuously, which came down to
36% at end-March 2021 from around 46% at end-March 2020. Also, the
disbursements increased towards the secured portfolio in 2HFY21.
Ind-Ra believes the group loan portfolio will continue to decline
with the share of secured portfolio going up. Ind-Ra believes this
will improve the asset quality of the bank over the medium term.

RATING SENSITIVITIES

Positive: Timely successful merger with JCL and raising of funds as
planned could lead to a positive rating action. A significant
improvement in the bank's asset quality, the capitalization and
leverage (advances to equity) and an achievement of material
profitability earlier than as expected by the agency could also
result in a positive rating action.

Negative: The following events could individually or collectively
lead to a negative ratings action:

- an inability to raise adequate funds before refinancing

- a sustained weakness in the bank's asset quality, its capital
levels close to the regulatory minimum consistently or a weakness
in the deposit/liquidity profile

- any unrelated diversification of the holding company, although
unlikely

COMPANY PROFILE

JHL is registered as a non-operating financial holding company
according to the regulatory guidelines, and is promoted by JCL, to
hold the promoter stake in JSFB.  


JUBILEE HILLS: Ind-Ra Lowers Term Loan Rating to 'D'
----------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded The Jubilee
Hills Co-op House Building Society Ltd.'s term loan rating to 'IND
D' from 'IND BB-'. The Outlook was Stable.

The detailed rating action is:

-- INR175 mil. Term loan (Long-term) due on FY28 downgraded with
     IND D rating.

KEY RATING DRIVERS

The downgrade reflects delays in interest and principal repayment
on term loan by Jubilee Hills over the three months ended November
2021, due to a stretched liquidity position.

RATING SENSITIVITIES

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

COMPANY PROFILE

Jubilee Hills was registered on July 7, 1962 as a co-operative
society under the Andhra Pradesh State Co-operative Societies Act,
with Registration No. T.A.173. Its main objectives are to carry on
functions for the benefit of its members, and buying and developing
land in accordance with co-operative principles as per the Andhra
Pradesh State Co-operative Societies Act. Jubilee Hills has total
member base of 4,986 divided amongst residential, commercial
members and non-land/property holders.


KALPANA WINES: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Kalpana
Wines in the 'Issuer Not Cooperating' category. The rating is
denoted as "[ICRA]B+(Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long Term-           4.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-           1.00       [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 2011, Kalpana Wines is a partnership firm engaged in
selling IMFL, country liquor and beer through retail shops in
Kanpur. At present, the firm has 14 retail shops comprising of
model shops as well. The firm has 14 partners, with most of them
owning one or more licenses for running liquor retail shops. The
operations of the firm are primarily managed by Mr. Sukhvinder
Singh.


KIRAN UDYOG: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Kiran Udyog Private Limited

        Registered office:
        27 B/7 New Rohtak Road
        New Delhi 110005

        Works:
        Plot No. 14, Sector-3
        IMT, Manesar
        Gurugram 122050

Insolvency Commencement Date: December 14, 2021

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: June 21, 2022
                               (180 days from commencement)

Insolvency professional: Aditya Kumar

Interim Resolution
Professional:            Aditya Kumar
                         103, Pratap Bhawan
                         Bahadur Shah Zafar Marg
                         New Delhi 110002
                         E-mail: aditya@ashwaniassociates.in

Last date for
submission of claims:    January 6, 2022


KRISHI INFRATECH: ICRA Withdraws B+ Rating on INR5cr LT Loan
------------------------------------------------------------
ICRA has withdrawn the ratings assigned to the bank facilities of
Krishi Infratech at the request of the company and based on the No
Objection Certificate received from its banker. However, ICRA does
not have information to suggest that the credit risk has changed
since the time the rating was last reviewed. The Key Rating
Drivers, Liquidity Position, Rating Sensitivities, Key financial
indicators have not been captured as the rated instruments are
being withdrawn.

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long Term-           5.00        [ICRA]B+(Stable);ISSUER NOT
   Fund Based/CC                    COOPERATING; Withdrawn

   Short Term-
   Non-Fund Based      23.00        [ICRA]A4;ISSUER NOT
                                    COOPERATING; Withdrawn


Krishi Infratech, established in the year 2012 as a partnership
firm by Mr. N Kumar and Mr. Suryanarayana Reddy, is involved mainly
in construction of railway bridges and other civil works. KI is a
part of a group which includes firms like Samya
Structures, Balaji Builders and KPR Constructions. The group
companies are also involved in railway civil works.


LASCO LIFESTLYE: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Lasco
Lifestyle Limited in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------     -----------     -------
   Fund based-       30.00        [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

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

Incorporated in 2004, Lasco Lifestyle Ltd. is engaged in the
business of trading silk and art silk fabric, and processed greige
fabric. In the case of the latter, the company procures the greige
fabric, and since it does not have any in-house processing
capacity, it outsources the processing activities such as dyeing,
embroidery, etc. to other job-work units in Surat, and then markets
the processed fabric. The direct trading of silk and art silk
fabric (or ready-made fabric) accounts for ~75% of the total sales
and the remaining from processed greige fabrics. The fabrics traded
by the company find application in the manufacture of sarees, dress
materials and shirting. LLL has a registered office and warehouse
located at Surat, Gujarat.


LONE FURROW: Ind-Ra Assigns 'BB' Rating to Non-Convertible Debts
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Lone Furrow
Investments Private Limited's (LF) non-convertible debentures
(NCDs) a final rating of 'IND BB' with a Stable Outlook as
follows:

-- INR1.5 mil. (reduced from INR2.5 mil.) NCDs I *,# assigned
     with IND BB/Stable rating; and

-- INR2.0 mil. NCDs II *,# assigned with IND BB/Stable rating.

* Details in annexure

# The final rating has been assigned following the receipt of
executed documents by Ind-Ra.

Analytical Approach: To arrive at the ratings, Ind-Ra has
consolidated the business and financial risk profiles of LF and all
the entities in Medplus group, together referred to as the group,
as it believes that the successful repayment/refinancing of debt
the depends on the market value of Medplus post listing on stock
market. The ratings of the operating entities within the Medplus
Group could be meaningfully different from that of the rated NCDs,
given that the cash flows may not be fully fungible across the
group. LF has no operations of its own and is the holding company
of Medplus.

RATING SENSITIVITIES

Positive: The timely completion of the IPO and an increase in the
financial flexibility of the group leading to a significant
improvement in the group-level leverage can lead to positive rating
action.

Negative: Inability to conclude the IPO as envisaged or a decline
in the financial flexibility of the group impacting the ability to
refinance debt can lead to a negative rating action.

COMPANY PROFILE

Incorporated in FY21, LF is a special purpose vehicle fully owned
by Gangadi Madhukar Reddy, founder promoter (MD and CEO) of Medplus
through Gangadi Investments Private Limited. LF holds 14.44% stake
in Medplus. There are no operations in the company. Founded in
2006, MedPlus is the second-largest retail pharmacy chain in India,
with over 19% market share of the organized retail pharmacy market.
It has a network of over 2,000 stores spanning across 210 cities,
seven states operated majorly through own stores (including 40
hospital pharmacies) and 90 franchised stores.


LONE FURROW: Ind-Ra Corrects December 6, 2021 Rating Release
------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Lone Furrow
Investments Private Limited's rating release (LF) published on
December 6, 2021 to clarify that India Ratings and Research
(Ind-Ra) would not have assigned any rating to the proposed
instruments in the absence of the documentation considered for
assigning the provisional rating.

The amended version is:

India Ratings and Research (Ind-Ra) has assigned Lone Furrow
Investments Private Limited's (LF) proposed non-convertible
debentures (NCDs) a provisional rating of 'IND BB' with a Stable
Outlook as follows:

-- INR2.5 mil. Proposed NCDs I# due on December 2024 assigned
     with Provisional IND BB/Stable rating; and

-- INR2.0 mil. Proposed NCDs II# due on December 2024 assigned
     with Provisional IND BB/Stable rating.

#The rating is provisional and pending execution of documents as
detailed in Annexure I. The final rating, upon receipt of executed
documents consistent with the draft documents, shall be assigned
within 90 days from the date of issuance of the instrument. The
provisional rating may be extended by another 90 days, subject to
Ind-Ra's policy, if the execution of documents is pending at that
time.

The proposed NCDs will be backed by the 15.3% shares held by LF in
Medplus Health Services Limited (Medplus) and the debt carries a
cross-default feature with all the group entities (including the
promoter-owned entities). In the absence of the documentation
considered while assigning the provisional rating, the agency would
not assign any rating to the proposed instruments.

Analytical Approach: To arrive at the ratings, Ind-Ra has
consolidated the business and financial risk profiles of LF and all
the entities in Medplus group, together referred to as the group,
as it believes that the successful repayment/refinancing of debt
depends on the market value of Medplus post listing on stock
market. The ratings of the operating entities within the Medplus
Group could be meaningfully different from that of the rated NCDs,
given that the cash flows may not be fully fungible across the
group. LF has no operations of its own and is the holding company
of Medplus.

Proposed Debt to Meet Repayment Triggered by Upcoming IPO: Medplus,
which operates a retail pharmacy chain under the brand name
Medplus, had filed a draft red herring prospectus in August 2020.
The management hopes to complete the initial public offer (IPO) in
December 2021. Upon listing, LF will be obligated to repay the
existing debt taken from Premji Investments (PI), which has
subscribed to NCDs of INR3 billion raised earlier by LF. According
to LF's management, the company will use the proceeds from the
rated NCDs towards the debt repayment of INR3.5 billion to PI
including accrued interest.

LF took a debt of INR3 billion from PI in February 2021; the
repayment of which gets triggered by an IPO. The agency believes LF
may use the remaining of proceeds towards part prepayment of NCDs
of its group company Agile Med Investments Private Ltd (Agile Med,
promoter holding company, holds 14% stake in MedPlus). Ind-Ra
believes the proposed repayments would result in the release of
shares pledged and also reduce the overall interest outgo, owing to
improved pricing of the proposed NCDs. The tenure of the proposed
NCDs is three years with nil coupon and a single bullet repayment
of premium and principal. The draft sanction terms of the proposed
NCDs include a 2x security cover; pledge of LF's 100% stake;
non-disposal undertaking over 6% of shareholding in Medplus; cross
default clause from any of the group entities (including the
promoter owned entities) and personal guarantee of the promoter.

KEY RATING DRIVERS

Weak Cash Fungibility from Medplus to Holdcos: Although Medplus'
holding companies (holdcos) have been infusing equity into the
former, there has been no dividend outflow from Medplus till date.
Additionally, there has been no instance of Medplus or its
subsidiaries being leveraged to fund any of the holdcos' debt.
Therefore, the group derives financial flexibility entirely from
the promoters' unpledged shareholding in Medplus, whose valuation
has been increasing over years.

Group's Credit Profile Affected by Holdco Debt: The agency expects
the holdco-level debt, post the issuance of the proposed NCDs, to
be about INR6.8 billion (LF's INR4.5 billion and Agile Med's about
INR2.25 billion).

At the standalone operational entity level, Medplus continues to
have a comfortable credit profile. Its net adjusted leverage (net
adjusted debt/EBITDA) improved to 2.7x in FY21 (FY20: 3.6x) and
interest coverage to 4x (2.9x) owing to an improvement in EBITDA to
INR2,168 million (INR1,340 million), backed by an improvement in
the revenue mix. However, the group-level gross adjusted
consolidated leverage was 5.4x in FY21 (FY20: 3.6x) and is likely
to move to over 6.5x by FYE22 with the refinancing getting
concluded. The group-level interest coverage was 2.7x in FY21
(FY20: 2.9x) and is likely to moderate to about 1.5x over FY22,
owing to the growing interest accrued towards the holding company's
debt. Ind-Ra takes comfort from the strong debt-service coverage
ratio of the group over FY22-FY23, owing to no term debt repayment
obligations till February 2024.  

Liquidity Indicator- Adequate: Ind-Ra believes that the cash flows
of LF and Medplus group would be unaffected over the next two
years, as there is no debt servicing requirement towards the rated
NCDs. Due date for borrowings at Agile Med is 9 February 2024 while
the proposed NCDs will fall due for redemption in December 2024.
Only other debt of the group INR1.35 billion (as of FYE21) is
working capital debt on Optival Health Solutions Pvt Ltd
(Optival;100% subsidiary of Medplus). While the management does not
expect the repayment of the proposed NCDs to be debt-funded, the
market valuation of Medplus post the IPO would be key for
visibility on the financial flexibility to refinance or repay the
NCD through the sale of investment; the same will be a key
monitorable for the agency.

Medplus-Driven Group Liquidity: At a standalone level, Medplus
operates pathological laboratories business. Its pharmacy retail
business is operated by its subsidiary company, Optival Health
Solutions. At FYE21, Medplus operated over 2,000 stores, generating
a revenue of INR30 billion (FY20: INR29 billion) with an EBITDA
margin of 7.1% (4.7%). While the growth in revenue was driven
primarily by the COVID-19 pandemic-led demand and addition of
stores, the EBITDA margin improvement was backed by increased share
of private labels (FY21: 10%; FY19-FY20: 5%-6%). The company has a
stable average net working capital cycle of about 40 days
(FY18-FY20), which elongated to 60 days in FY21 mainly due to the
stocking up of inventory to meet the surge in demand for COVID-19
related products. The company has INR1.75 billion of working
capital limits with an average utilization of 43% during the 12
months ending October 2021.

RATING SENSITIVITIES

Positive: The timely completion of the IPO and an increase in the
financial flexibility of the group leading to a significant
improvement in the group-level leverage can lead to positive rating
action.

Negative: Inability to conclude the IPO as envisaged or a decline
in the financial flexibility of the group impacting the ability to
refinance debt can lead to a negative rating action.

COMPANY PROFILE

Incorporated in FY21, LF is a special purpose vehicle fully owned
by Gangadi Madhukar Reddy, founder promoter (MD and CEO) of Medplus
through Gangadi Investments Private Limited. LF holds 15.28% stake
in Medplus. There are no operations in the company. Founded in
2006, MedPlus is the second-largest retail pharmacy chain in India,
with over 19% market share of the organized retail pharmacy market.
It has a network of over 2,000 stores spanning across 210 cities,
seven states operated majorly through own stores (including 40
hospital pharmacies) and 90 franchised stores.


LOOKMAN ELECTROPLAST: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: Lookman Electroplast Industries Limited
        Old No. 8 & 9, New No. 15
        2nd Street Extension
        3rd Main Road
        CIT Nagar, Nandanam
        Chennai 600035

Insolvency Commencement Date: December 24, 2021

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: June 22, 2022
                               (180 days from commencement)

Insolvency professional: Asha Rathod

Interim Resolution
Professional:            Asha Rathod
                         No. 15 P.V. Koil Street
                         Royapuram, Chennai 600013
                         E-mail: asharathod86@gmail.com

                            - and -

                         Decode Resolvency International Pvt Ltd
                         1101, Floor-11, Plot-211
                         Dalamal Tower, Free Press Journal Marg
                         Nariman Point, Mumbai
                         Maharashtra 400021
                         E-mail: cirp.leil@decoderesolvency.com

Last date for
submission of claims:    January 7, 2022


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

The instrument-wise rating actions are:

-- INR45 mil. Term loan due on November 2024 migrated to non-
     cooperating category with IND BB- (ISSUER NOT COOPERATING)
     rating;

-- INR60 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING)/IND A4+
     (ISSUER NOT COOPERATING) rating; and

-- INR30 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND A4+ (ISSUER NOT COOPERATING)
     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 12, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1983, Mechano Engineering Company is a partnership
firm that manufactures large and high precision components for the
power (thermal and hydro), defense, aerospace, construction and
process industries.


MAGPPIE EXPORTS: ICRA Keeps D Debt Rating in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Magppie
Exports Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund based-       19.50        [ICRA]D ISSUER NOT COOPERATING;
   Cash Credit                    Rating continues to remain
   Limits                         under 'Issuer Not Cooperating'
                                  category

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

MEPL, incorporated in 1994, is engaged in the business of trading
of stainless steel coils/sheets. MEPL purchases stainless steel
coils / sheets and sells the same in the domestic market. The
company was initially catering to the requirement of stainless
steel coils for the promoter group company Magppie International
Limited (MIL), however over the years the company has developed a
diversified client base.


MALAPRABHA SAHAKARI: Ind-Ra Cuts Bank Loan Rating to 'D'
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded the rating of
Shri Malaprabha Sahakari Sakkare Karkhane Niyamit's (SMSSKN) bank
facilities to 'IND D' from 'IND B (ISSUER NOT COOPERATING)'.

The detailed rating actions are:

-- INR250.00 mil. Fund-based working capital facility downgraded
     with IND D rating;

-- INR15.30 mil. Term loan due on FY23 downgraded with IND D
     rating;

-- INR12.00 mil. Non-fund-based facilities downgraded with IND D
     rating; and

-- INR522.70 mil. Proposed bank facilities withdrawn (the company

     did not proceed with the instrument as envisaged).

KEY RATING DRIVERS

The downgrade reflects SMSSKN's delays in interest/principal
servicing of bank facilities, not rated by Ind-Ra, over the three
months ended November 2021, due to a stretched liquidity position.

RATING SENSITIVITIES

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

COMPANY PROFILE

SMSSKN was registered on March 13, 1961, under the Mysore
Cooperative Societies Act, 1959. The cooperative operates a 3,500
tons crushed per day capacity sugar plant and 30,000 liters per day
ethanol production plant in Hubli, Karnataka.


MARIAN PROJECTS: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Marian
Projects Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+ (Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        4.50         [ICRA] B+ (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

   Cash Credit        5.00         [ICRA] B+ (Stable); ISSUER NOT
                                   COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

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

In 2011, a company by the name of 'Marian Projects Private Limited'
(MPPL, the company) was formed. The promoters of MPPL had earlier
formed a partnership firm called 'Marian Infrastructures' in 2008.
With an increase in scale of operations,
MPPL was formed, although Marian Infrastructures continues to
exist. MPPL is mostly engaged in residential and commercial real
estate development while Marian Infrastructures is involved in
construction contracts and turnkey projects. Since its inception,
MPPL has delivered 560 plus homes from 16 projects. The operations
of the company are managed by the two directors- Mr Ujwal D'souza
and Mr Naveen Cardoza. The promoters are civil engineers and have
experience of more than 20
years in the industry.


MIL INDUSTRIES: Ind-Ra Affirms BB+ Issuer Rating, Outlook Stable
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed MIL Industries
Limited's (MIL) Long-Term Issuer Rating at 'IND BB+'. The Outlook
is Stable.

The instrument-wise rating actions are:

-- INR22 mil. Fund-based working capital limits affirmed with
     IND BB+/Stable rating; and

-- INR65 mil. Non-fund based working capital limits affirmed with
     IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects MIL's continued small scale of operations
with a decline in the revenue to INR419.22 million in FY21 (FY20:
INR609.33 million) due to the impact of COVID-19-led disruptions on
production operations and supply chain. During 8MFY22, MIL achieved
a revenue of INR354.3 million. Over the near term, Ind-Ra expects
the revenue to remain at similar levels.

The ratings reflect MIL's continued healthy EBITDA margin that
improved to 22.35% in FY21 (FY20: 18.07%), due to the selective
execution of orders with higher margins to minimize the
pandemic-led losses. The ROCE was 20.5% in FY21 (FY20: 30.6%). In
FY22, Ind-Ra expects the EBITDA margin to decline marginally in
FY22 due to the execution of lower-margin orders that had been
deferred in FY21.

The ratings also reflect MIL's continued comfortable credit
metrics, owing to its low dependence on external debt. The gross
interest coverage (operating EBITDA/gross interest expense)
deteriorated to 30.7x in FY21 (FY20: 41.14x) due to a decline in
the absolute EBITDA to INR93.7 million (INR110.09 million). The
company continued to be net cash positive in FY21 In FY22, Ind-Ra
expects the credit metrics to remain comfortable due to the absence
of any major debt-led capital expenditure.

Liquidity Indicator –Adequate: MIL's average maximum utilization
of the fund-based limits was 53.7% and non-fund-based limits was
70.06% during the 12 months ended September 2021. The cash flow
from operations deteriorated to INR36.04 million in FY21 (FY20:
INR56.42 million) due to the fall in the absolute EBITDA and
negative changes in the working capital cycle. Furthermore, the
free cash flow deteriorated to INR12.83 million in FY21 (FY20:
INR33.86 million). The stretched net working capital cycle
elongated further to 120 days in FY21 (FY20: 97 days) due to
COVID-19. The cash and cash equivalents stood at INR172.71 million
at FYE21 (FYE20: INR162.17 million). MIL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements. It did not avail the Reserve Bank of
India-prescribed moratorium over March-August 2020.

The ratings continue to be supported by MIL's promoters' over five
decades of experience in manufacturing rubber and
polytetrafluoroethylene lining.

RATING SENSITIVITIES

Negative: Any substantial decline in the orderbook, impacting the
revenues and operating profitability, leading to deterioration in
the liquidity and credit metrics will be negative for the ratings.

Positive: A significant increase in the scale of operations and
stable operating profitability resulting in comfortable credit
metrics on a sustained basis, will be positive for the ratings.

COMPANY PROFILE

MIL manufactures anti-corrosion and anti-abrasion lining and
products, such as rubber lining and polytetrafluoroethylene  lining
for fertilizer, chemical and tire manufacturing industries.


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

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term:          4.95        [ICRA]B (Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long-term          13.50        [ICRA]B (Stable) ISSUER NOT
   Fund based                      COOPERATING; Rating continues
   Cash Credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long Term:          8.59        [ICRA]B (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Short Term:         2.50        [ICRA]A4 ISSUER NOT
   Non fund based                  COOPERATING; Rating
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   Category

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

MMAIL manufactures metallic coil springs for two wheelers. The
company is a tier-II supplier of coil springs to Hero MotoCorp
Limited (HMCL) and Honda Motorcycles and Scooters India Private
Limited (HMSI) which finds application in the suspension
systems. Additionally, MMAIL is a tier-I supplier of coil springs
required in engine parts manufactured by HMCL. Reputed clientele of
the company and the promoter's long experience in auto ancillary
industry provide comfort and stability to the
company's operations.


NIRVANA FASHION: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Nirvana Fashion
Clothing's Long-Term Issuer Rating at 'IND BB-'. The Outlook is
Stable.

The instrument-wise rating actions are:

-- INR90 mil. Fund-based working capital limits affirmed with IND
   
     BB-/Stable rating; and

-- INR30 mil. Non-fund-based working capital limits affirmed with
     IND A4+ rating.

KEY RATING DRIVERS

The affirmation reflects Nirvana's continued small scale of
operations as indicated by the revenue of INR193.3 million in FY21
(FY20: INR660.9 million). The revenue declined in FY21 due to
COVID-19 led operational disruptions and labor issues. The company
booked revenue of INR163.1 million in 7MFY22. The agency expects
the revenue to increase in FY22 on account of an increase in the
numbers of orders received due to a rise in the domestic demand
with the re-opening of retail spaces, malls, shopping centers
(other than essentials) in urban cities. The orders in hand
increased to INR386.7 million as of September 30, 2021 (September
2020: INR213.99 million). FY21 numbers are provisional in nature.

The ratings factor in the moderate credit metrics, which
deteriorated in FY21 due to a drastic drop in the profitability.
The net leverage (total adjusted net debt/operating EBITDA) was
4.9x in FY21 (FY20: 3.5x), the interest coverage (operating
EBITDA/gross interest expense) was 3.5x (4.4x) and the absolute
EBITDA was INR17.2 million (INR36.1 million).  Ind-Ra expects the
credit metrics to be in the same range in FY22 on the likelihood of
lower operating profit margins.

The ratings also factor in Nirvana's modest EBITDA margins which
increased to 8.9% in FY21 (FY20: 5.5%; FY19: 7%) with a ROCE of 13%
(21.7%; 18.7%). The margins improved in FY21 on account of the
festive season demand during October-November 2020 and also an
increase in the demand from retailers and traders who had exhausted
their inventory . Ind-Ra expects the margins to decrease in FY22
due to an increase in the prices of cotton yarn and other yarns in
line with an increase in demand, leading to lower margins for
apparel manufacturers.

Liquidity Indicator - Stretched: NFS's average maximum utilization
of the fund-based limits was around 52% of sanction limits over the
12 months ended November 2021. The cash flow from operations, which
has been volatile since FY19, turned negative to INR5.1 million in
FY21 (FY20: INR137.8 million; FY19: INR5.6 million) because of the
volatile absolute EBITDA due to fluctuating raw material prices.
The free cash flow also turned negative INR5.1 million in FY21
(FY20: INR129.4 million) while the year-end cash balance reduced to
INR3.2 million (INR5.6 million).

The overall net working capital cycle is also volatile and
increased to 149 days in FY21 (FY20: 27 days; FY19: 113 days) due
to higher debtor days of 188 (59; 109) on account of the COVID-19
stress in the market. Ind-Ra expects an improvement in the net
working capital cycle due to early collection of payments from its
main customer and also a reduction in the inventory levels in the
festive season amid a strong demand from end-customers. The
company's receivables improved to INR80.53 million (118 days) as
per 7MFY22 financials.

The ratings continue to benefit from the firm's founders' around
five decades of experience in the garment manufacturing industry.

RATING SENSITIVITIES

Negative:  A decline in the scale of operations, leading to
deterioration in the credit metrics, with the interest coverage
declining below 2x, on a sustained basis, or deterioration in the
liquidity position, will be negative for the ratings.

Positive: Substantial growth in the scale of operations while
maintaining the credit metrics along with an improvement in the
liquidity position will be positive for the ratings.

COMPANY PROFILE

Nirvana was established as a partnership firm by the Biyani family
in 1996. The firm manufactures readymade garments on contract basis
and supplies them to reputed retail chains such as Future Group,
Myntra and First Cry. It also sells menswear under its own brand
Going 3. The founder and key partner of the firm is Bajrang Biyani.
The firm's office is located in Mumbai.


PLASMAGEN BIOSCIENCES: Ind-Ra Affirms & Withdraws 'BB+' Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Plasmagen
Biosciences Private Limited's (PBPL) Long-Term Issuer Rating at
'IND BB+' with a Stable Outlook and has simultaneously withdrawn
the rating.

The instrument-wise rating actions are:

-- The 'IND BB+' rating on the INR150.00 mil. Fund-based limits
     is withdrawn;

-- The 'IND BB+' rating on the INR150.00 mil. Proposed fund-
     based limits is withdrawn; and

-- The 'IND BB+' rating on the INR900.00 mil. Proposed term loan*

     affirmed and withdrawn.

*Affirmed at 'IND BB+'/Stable before being withdrawn

Ind-Ra is no longer required to maintain the ratings on the
fund-based facility amounting to INR150 million, as the agency has
received a no-due certificate from the rated facility's lenders.
The agency has withdrawn the rating on the proposed fund-based
limit amounting to INR150 million as the issuer did not proceed
with the instrument as envisaged and that on the proposed term loan
facility amounting to INR900 million as the agency receiving a
no-objection certificate from the rated facilities' lenders. This
is consistent with the Securities and Exchange Board of India's
circular dated March 31, 2017 for credit rating agencies.

KEY RATING DRIVERS

The affirmation reflects PBPL's continued small scale of operations
with the revenue declining to INR878 million in FY21 (FY19:
INR1,112 million) due to  COVID-19-led disruptions in the supply
chain. FY21 financials are provisional in nature.

Liquidity Indicator – Stretched: PBPL's average maximum
utilization of the fund-based limits was 77.62% during the 12
months ended November 2021. The cash flow from operations turned
positive at INR72.27 million in FY21 (FY20: negative INR141.17
million) due to favorable changes in working capital. However, the
free cash flow remained negative and deteriorated yoy in FY21, due
to the capital expenditure for setting up a plasma fractionation
center. The elongated net working capital cycle deteriorated to 170
days in FY21 (FY20: 153 days) on lower creditor days of 66 (91).
The cash and cash equivalents stood at INR76.09 million at FYE21
(FYE20: INR256 million). However, PBPL does not have any capital
market exposure and relies on banks and financial institutions to
meet its funding requirements.

The ratings also reflect PBPL's modest EBITDA margin which
deteriorated to 1.38% in FY21 (FY20: 3.7%) as a result of
disruptions in the supply chain  due to COVID-19, with a return on
capital employed of 0.6% (3.6%).

The ratings are, however, supported by PBPL's continued strong
credit metrics even as the gross interest coverage (operating
EBITDA/gross interest expense) declined to 4x in FY21 (FY20:
31.91x) due to a decline in the EBITDA to INR12.13 million
(INR41.17million). The net financial leverage (adjusted net
debt/operating EBITDA) remained negative in FY21 due to high cash
and cash equivalents.

The ratings factor in the role of the Fidelity group that owns a
40.86% shareholding in the company. This aids PBPL in constructing
strategies in terms of operations as well as business expansion as
the private equity investor brings a rich experience with its
diversified portfolio of investment across domestic and global
market. The experience of the company's management ranges from a
decade to more than two decades. One of the management personnel
has an experience of setting up a plasma fractionation center and
has contributed in constructing regulatory pathway for the plasma
fractionation market in India, thus benefiting the company.

COMPANY PROFILE

Founded in 2010 by Vinod Nahar and Bhawarlal Jain, PBPL operates in
plasma protein therapy space. The company majorly trades these
products and is also involved in the contract manufacturing of the
plasma-derived products. It has seven plasma products in its
portfolio and is into the capex stage for manufacturing plasma
fractionation center wherein the total capacity will be 192,000
liters per annum and will be commercial from FY23.  


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


The instrument-wise rating actions are:

-- INR10 mil. Fund-based working capital limit migrated to non-
     cooperating category with IND B (ISSUER NOT COOPERATING)/IND
     A4 (ISSUER NOT COOPERATING) rating; and

-- INR100 mil. Non-fund-based working capital limit migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 4, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in November 2015, Hyderabad-based Pre Unique (India)
is engaged in the design, supply, fabrication, and commissioning of
palm oil mills. It has also ventured into trading of palm
seedlings.


PRG BUILDCON: ICRA Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Prg
Buildcon India Pvt. Ltd. in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]D/[ICRA]D; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long Term-          4.00         [ICRA]D; ISSUER NOT
   Fund Based/CC                    COOPERATING; Rating Continues
                                    to remain under issuer not
                                    cooperating category

   Long Term-         15.87         [ICRA]D; ISSUER NOT
   Fund Based TL                    COOPERATING; Rating Continues
                                    to remain under issuer not
                                    cooperating category

   Long Term–       213.13          [ICRA]D; ISSUER NOT
   Unallocated                      COOPERATING; Rating Continues
                                    to remain under issuer not
                                    cooperating category

   Short Term-       37.00          [ICRA]D; ISSUER NOT
   NonFund Based                    COOPERATING; Rating Continues
                                    to remain under issuer not
                                    cooperating category

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

Established in 2014 as Naya Infrastructure Pvt Ltd (NIPL) and later
renamed as PRG Buildcon India Pvt. Ltd. (PRG), it is primarily
engaged in undertaking sub-contacting works in irrigation, building
and water supply projects in Andhra Pradesh and Telangana. PRG is
certified as a Special Class civil contractor by the Government of
Telangana. The day to day operations of the company are managed by
Mr. Sunil Kumar Bontha. Dr. G Prabhakar Rao (Founder & Chairman of
PRG) has been the
Founder and Chairman of Prathima Group since its inception which
has investments in 7 different sectors. The clientele of PRG
includes Megha Engineering & Infrastructures Ltd, Prathima
Infrastructure Limited and Tata Projects Limited.


RADHE METALIKS: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shree Radhe Metaliks Private Limited
        512, Ashirwad Building
        64/E, Ahmedabad Street
        Carnac Bunder
        Masjid Bunder East Mumbai
        Mumbai City, MH 400009
        IN

Insolvency Commencement Date: December 24, 2021

Court: National Company Law Tribunal, Mumbai (Court IV) Bench

Estimated date of closure of
insolvency resolution process: June 22, 2022

Insolvency professional: Prabhakar Kumar

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

                            - and -

                         18A, 3rd Floor
                         84 Dholakawala Building
                         Janmabhoomi Marg, Fort
                         Mumbai 400001
                         E-mail: cirp.srmpl@gmail.com

Last date for
submission of claims:    January 12, 2022


RAJENDRA AGRO: ICRA Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Shree
Rajendra Agro Industries in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-           5.00       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-           0.49       [ICRA]B+ (Stable) ISSUER NOT
   Fund Based TL                   COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long Term-          4.51        [ICRA]B+ (Stable) ISSUER NOT
   Unallocated                     COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 2013, Shree Rajendra Agro Industries (SRAI) is owned
and managed by Mr. Sumermal Jain along with three other partners.
The firm is engaged in the business of ginning and pressing of raw
cotton with manufacturing capacity of
around 200 bales per day at the plant operating on a 24-hours
basis. SRAI is currently equipped with 24 ginning machines and two
pressing machines. Its saleable products include cotton lint and
cotton seeds.


RAMCO EXTRUSION: ICRA Keeps B+ Debt Ratings in Not Cooperating
--------------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Ramco
Extrusion Private Limited in the 'Issuer Not Cooperating' category.
The rating is denoted as "[ICRA]B+(Stable); ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based          11.00       [ICRA]B+ (Stable) ISSUER NOT
   Overdraft                       COOPERATING; Rating continues
   Facility                        to remain under 'Issuer Not
                                   Cooperating' category

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

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

REPL was established as a limited company in 2004 by Mr. Vinod M.
Jain and Mr. Suresh M. Jain and is engaged in the manufacture of
aluminium extrusion products like slidings, ladder sections, heat
sinks, round/square/rectangle tubes, miscellaneous sections which
find use in construction, automotive, medical and transportation.
The company has its manufacturing facility at Murbad (Thane).

RARE SS: Ind-Ra Assigns 'BB+' Term Loan Rating on INR2.2MM
----------------------------------------------------------
India Ratings and Research (Ind-Ra) has rated Rare SS Properties
India Private Limited's (RSSPIPL) term loan as follows:

-- INR2.2 mil. Term loan due on FY32 assigned with IND BB+/Stable

     rating.

ANALYTICAL APPROACH: Ind-Ra has taken a consolidated view of
RSSPIPL, Saravana Stores (Tex) and Saravana Stores (Jewel) to
arrive at the rating as they are owned by the same promoters and
cross-guarantees exist within the group.

KEY RATING DRIVERS

Established Brand:  Experienced Promoter: The Super Saravana Stores
is an established brand name in Chennai and has considerable brand
recall among the customers. The promoters have decades of
experience in operating a retail chain.  Through RSSPIPL, the
promoters own about 150,000 square feet (sf) of real estate retail
space at Chromepet, Chennai. The retail space is housed under
Saravana Stores (Tex).  

Liquidity Indicator - Adequate: The company had consolidated cash
and cash equivalents of INR129 million at FYE21 (FYE20: INR55
million). Ind-Ra expects the company to generate total cash flow
from operations of more than INR900 million  over FY22-FY23.. Most
of these gains would be driven by the scheduled opening of the
Madurai project in FY23 and conditions returning to normal post
Covid. Ind-Ra estimates that the company would generate free cash
flows of more than INR500 million in FY22. The company's repayment
obligations amount to INR315 million in FY22 and INR460 million in
FY23. Ind-Ra believes the company is in a comfortable position to
repay these debt obligations.

Update on Madurai Project: Through RSSPIPL, the promoters have
undertaken the development of another retail space at Uthangudi
Village in Madurai. The total saleable area of the project is
603,203 sf, and the total construction cost is INR3.2 billion. The
project would be funded in a debt/equity ratio of 2.2:1. As on 31
August 2021, about INR 0.63 billion had already been spent on the
construction cost of the project. The pending construction cost
amounted to INR 2.56 billion. The project would consist of a
basement, ground and nine floors, and will have a fully automated
multi-level car parking space that can accommodate 485 vehicles.
Post completion, the retail space would be leased to Saravana
Stores (Tex) and Saravana Stores (Jewel). The per month rent of the
property would be about INR25 million.

Decline in Revenue and EBITDA Margin in FY21: On a consolidated
basis, revenue declined by 33.5% yoy to INR 11.7 billion in FY21
(FY20: INR17.7 billion) due to COVID-19-led disruptions as the
stores were not operational throughout  most of the year. Ind-Ra
expects the revenue to increase on  a yoy basis in FY22, led by
economic recovery and the stores being operational throughout the
year

The EBITDA margin fell to about  7% in FY21 (FY20: 9.5%) due to the
aforementioned reasons. Ind-Ra expects the margin to remain in the
mid-single digits in FY22.

On a standalone basis, the company's EBITDA margins remained stable
above 80% in FY21 (FY20: 85.4%). The standalone revenue was INR90
million in FY21. Due to the fixed rentals, the revenue remained
stable at INR90 million in FY21 (FY20: INR90 million). RSSPIPL has
an internal promoter loan of INR0.8 billion on its book.

Deterioration in Credit Metrics: The consolidated credit metrics
deteriorated in FY21 due to the decline in EBITDA and an increase
in debt, resulting from the availing of covid loans through the
emergency credit line guarantee scheme. The consolidated net
leverage (net debt/EBITDA) was over 5x in FY21 (FY20: 1.8x), and
the interest coverage (EBITDA/interest expense) was 2.8x (5.4x).
Both Saravana Stores (Tex) and Saravana Stores (Jewel) had to avail
covid loans in FY21 as the stores were not operational throughout
most of FY21 due to the pandemic-led disruptions. Saravana Stores
(Tex) availed a covid loan package of INR438 million, while
Saravana Stores (Jewel) availed a covid loan package of INR250
million.

Key Man Risk:  Although there exists a proper management structure
for day-to-day operations, the promoters remain the primary
decision-makers, exposing the firm to key man risk.

Tenant Concentration Risk: Saravana Stores (Tex) and Saravana
Stores (Jewel), which are owned by the same promoter group, are the
only two tenants of the company. A deterioration in the performance
of either or both of the tenants would  expose the company to major
risks and could have a significant impact on its revenue streams.

RATING SENSITIVITIES

Positive: Favorable resolution of the income tax case and the net
leverage declining below 3.5x, on a sustained basis, could result
in an upgrade.

Negative: Any large unforeseen liability arising out of the income
tax case or the net leverage  remaining above 5x could result in a
downgrade.

COMPANY PROFILE

RSSPIPL is a real estate holding company that  owns 150,000 sf of
retail space at Chrompet, Chennai. The promoters of the company are
Sabapathy Rajaratnam (owns 59.58% stake) and Revathy Rajaratnam
(39.7%). The retail space is housed under Saravana Stores (Tex),
another company owned by the same promoters.  


S.K.R. CONSTRUCTIONS: ICRA Cuts Rating on INR4cr Loan to B+
-----------------------------------------------------------
ICRA has revised the rating on the bank facility of S.K.R.
Constructions, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Fund Based–         4.00       [ICRA]B+(Stable); ISSUER NOT
   Cash Credit                    COOPERATING; Long Term Rating
                                  downgraded from [ICRA]BB+
                                  (Stable) and ratings continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Long Term/         23.00       [ICRA]B+(Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING; Rating
   Non Fund                       downgraded from
   Based Limits                   [ICRA]BB+(Stable)/[ICRA]A4+
                                  and ratings continues to
                                  remain in the 'Issuer Not
                                  Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding S.K.R. Constructions performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by a rated entity" available at www.icra.in. The
lenders, investors and other market participants are thus advised
to exercise appropriate caution while using this rating as the
rating may not adequately reflect the credit risk profile of the
entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with Frontline Builders, ICRA has been trying to seek information
from the entity so as to monitor its performance, but despite
repeated requests by ICRA, the entity's management
has remained non-cooperative. In the absence of requisite
information and in line with the aforesaid policy of ICRA, a rating
view has been taken on the entity based on the best available
information.

SKRC is a partnership firm formed in December 2003 by Mr. Sankineni
Krishna Rao and his family members. The firm is registered as a
special class contractor for executing civil construction works for
Roads and Buildings, Irrigation and Panchayat Raj departments of
Telangana. The firm primarily undertakes construction and
maintenance of roads, bridges, canals, irrigation contracts and
other excavation works including electrical, civil and engineering
projects mainly in Telangana.


SAIKRUPA FIBRES: ICRA Lowers Rating on INR9cr LT Loan to D
----------------------------------------------------------
ICRA has revised the rating on the bank facility of Saikrupa Fibres
Private Limited (SFPL), as:

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long term-          9.00         [ICRA]D removed from issuer
   Fund based                       not cooperating; Downgraded
   Limit                            from [ICRA]C; ISSUER NOT
                                    COOPERATING

   Unallocated        16.00         [ICRA]D/[ICRA]D; removed from
   Limits                           issuer not cooperating;
                                    Downgraded from
                                    [ICRA]C/[ICRA]A4; ISSUER NOT
                                    COOPERATING

Rationale

The rating downgrade reflects the delays and irregularities in
servicing of cash credit limits by SFPL, based on the feedback
received from the banker.

Key rating drivers and their description

Credit strengths: NA

Credit weaknesses

* Delays in debt servicing: There has been a delay by SFPL in the
servicing of cash credit

Liquidity position: Poor

Its liquidity position remains poor, as reflected by the delays in
the repayment of long-term cash credits during the current fiscal
on account of slowdown in revenues due to its seasonal nature of
business.

Rating sensitivities

Positive factors - Regularization of debt servicing on a sustained
basis may lead to a rating upgrade.

Negative factors – Not Applicable

Saikrupa Fibres Private Limited was incorporated in 2011, it is a
100% family-owned company engaged in ginning and pressing of raw
cotton. The factory is located at Wani (Yavatmal district in
Maharashtra). The company is equipped with an annual
installed capacity of 97,500 MT. SFPL procures its raw material
i.e. cotton from local farmers and brokers in the Wani region,
Maharashtra and sells the cotton bales and cotton seed directly to
end users like spinning mills and local ginners. In the nonpeak
season, it also trades in Toor, Chana and Moong.


SCORE INFORMATION: Ind-Ra Affirms 'B+' Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed Score Information
Technologies Limited's (SITL) Long-Term Issuer Rating at 'IND B+'.
The Outlook is Negative.

The instrument-wise rating actions are:

-- INR55 mil. Fund-based working capital limit affirmed with IND
     B+/Negative rating; and

-- INR100 mil. Non-fund-based limit affirmed with IND A4 rating.

KEY RATING DRIVERS

The affirmation reflects the company's continued weak credit
metrics, as reflected from its interest coverage of negative 0.47x
in FY21 (FY20: 1.27x), and small scale of operations with revenue
of INR214.8 million (INR213.2 million). The negative interest
coverage was because of the operating EBITDA losses incurred by the
company during FY21, leading to operating EBITDA margin of negative
2.29% (FY20: 6.75%). ROCE was negative 2% in FY21 (FY20: 4%) due to
higher purchases. The company had imported some of inventory which
became obsolete during the year. The Negative Outlook reflects
Ind-Ra's expectation the metrics could remain weak in FY22 as well
on account of low EBITDA. As of 1HFY22, the company earned revenue
of INR81.8 million with EBITDA margin of 2%.

Liquidity Indicator – Stretched: SITL's average utilization of
the fund-based limits was 83% during the 12 months ended November
2021. Also, the cash flow from operations remained negative at
INR71.53 million in FY21 (FY20: negative INR24.92 million) while
the cash and cash equivalent stood at just INR0.15 million (INR0.81
million). In FY21, the working capital cycle remained elongated at
378 days (FY20: 356 days), due to high debtor days on account of
delayed payments from customers which are mostly public sector
units. Moreover, the company relies on single bank funding and does
not have capital market access. The company has availed COVID-19
Emergency Line of Credit to meet the cash flow mismatches.

The ratings however are supported by SITL being a part of the
Kolkata-based Kankaria group, which is among the largest jute
manufacturers in India. SITL has received support from the group's
non-banking financial companies in the form of unsecured loans
(FY20: INR86.66 million) in the past. The company's bank facilities
are guaranteed by the group's promoter. Ind-Ra expects SITL to
continue to receive support from the group over the long term.

RATING SENSITIVITIES

Negative: The interest coverage remaining below 1.5x on a sustained
basis and/or absence of timely support from the group could lead to
a negative rating action.

Positive: Revenue growth along with an improvement in the credit
metrics, on a sustained basis, could lead to the Outlook being
revised to Stable.

COMPANY PROFILE

SITL operates in the information and technology sector and provides
services such as software development and maintenance, CCTV
surveillance system integration, scanning and digitization, smart
card application solutions and telecom infrastructure. The company
is promoted by Awanti Kankaria.


SEJAL PROPERTIES: Ind-Ra Corrects November 25, 2021 Rating Release
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Sejal Properties
Private Limited's (SPPL) rating release published on November 25,
2021 to clarify the disclosure associated with the provisional
rating.

The amended version is as follows:

India Ratings and Research (Ind-Ra) has rated Sejal Properties
Private Limited's (SPPL) proposed non-convertible debentures (NCDs)
as follows:

-- INR1.450 bil. Proposed NCDs* assigned with Provisional IND
     B/Stable rating.

*The rating is provisional and a final rating shall be assigned
within 90 days from the date of issuance of the debt instrument on
conformance of the executed documents in line with the originally
envisaged draft documents. The provisional rating may be extended
by another 90 days, subject to Ind-Ra's policy, if the execution of
the documents is pending.

The absence of the envisaged documentation would have resulted in a
rating not being assigned to the instruments by the agency. Further
details are present in 'Provisional Rating Disclosures'.

ANALYTICAL APPROACH: Ind-Ra has taken a standalone view of SPPL's
financial profile, as the company intends to utilize all sales
proceeds from the project only to repay its debt, after meeting the
construction costs. Cash flows from the project are ring fenced
from the cash flows of other group entities.

KEY RATING DRIVERS

The rating is constrained by the recent financial difficulties
faced by some of group entities (including SIDCL).

The rating is also constrained by the small scale of SPPL's
operations. It has a total asset size of roughly INR1 million. The
company's ability to pay back the rated NCDs is a function of cash
inflows from Phase II of the project, which is not yet launched.

The company has obtained majority regulatory permissions and its
management expects to launch Phase II of the project in April 2022.
Ind-Ra expects SPPL to get the ownership of 40.5 acres of
residential land in a larger 250-acre Shristinagar township in
Guwahati, Assam as it takes over INR1,450 million NCDs from SIDCL.
The township has reported annual sales of roughly INR500 million in
Phase I under SIDCL.

According to a valuation exercise by Jones Lang LaSalle (JLL)
Property Consultants (India), the land has a market value of
INR2,196 million, as against the proposed NCDs of INR1,450 million.
Other than this, SPPL does not have any debt.

Liquidity Indicator – Poor: As at FYE21, SPPL had cash and cash
equivalents of INR1.3 million and no undrawn fund-based limits are
available for the entity.

However, the rating is supported by the proven location and sales
track record of Phase I of the project.

RATING SENSITIVITIES

Positive: Successful launch of the project with realization of
significant cash flows to comfortably service the proposed debt
could result in a rating upgrade.

Negative: Substantial delays in project commencement and/or a
sustained poor liquidity position could result in a downgrade.

COMPANY PROFILE

Established in 1995, SPPL is a Kolkata-based Kanoria Foundation
Limited real estate company.


SICAL MULTIMODAL: ICRA Reaffirms D Rating on INR72.50cr NCD
-----------------------------------------------------------
ICRA Ratings reaffirmed ratings on certain bank facilities of Sical
Multimodal and Rail Transport Limited (SMART), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-Convertible
   Debenture
   Programme           72.50       [ICRA] D; Reaffirmed

   Long term–
   Fund based          40.00       [ICRA] D; Reaffirmed

   Long term–
   Term Loan           60.77       [ICRA] D; Reaffirmed

   Short term–
   Non-fund based      60.00       [ICRA] D; Reaffirmed

Rationale

The rating reaffirmation considers the delay in debt servicing of
SMART owing to its poor liquidity position. Further, the financial
profile of the group remains weak as the ultimate parent, Sical
Logistics Limited (SLL), and several fellow subsidiaries continue
to default on debt servicing and have been designated as
non-performing assets (NPA) by lenders due to poor liquidity. SLL
had extended an unconditional and irrevocable corporate guarantee
to NCD and bank facilities of SMART. The financial profile of SMART
moderated in the recent fiscals owing to continued decline in
revenue and profitability with the company incurring net loss since
FY2020. The performance in FY2021 and H1 FY2022 was further
impacted by the Covid-19 pandemic. The company has stopped
operating container trains and has leased out the rakes at modest
rentals; at present, it is predominantly involved in Container
Freight Station (CFS) operations. The CFS segment is expected to
remain under pressure in the medium term because of subdued cargo
growth, competition and impact of Direct Port Delivery (DPD) on CFS
profitability. The company has also dropped the Inland Container
Depot (ICD) projects in Chennai and Bangalore (demerged to another
subsidiary) due to the group's poor financial condition.

The company has sizeable repayment obligations of around INR20
crore in Q4 FY2022 and around INR55 crore in FY2023 against cash
accruals of INR5.0–6.0 crore per annum during FY2020–H1 FY2022.
Hence, it will need healthy growth in cash accruals or refinancing
to meet debt servicing obligations. However, given the weak
financial flexibility of the group, the ability to refinance may be
limited. ICRA notes that the company has availed term loans under
the Guaranteed Emergency Credit Line
(GECL) scheme to meet its funding requirements.

Key rating drivers and their description

Credit strengths

* Long track record in port logistics: Established in 2007, SMART
has been involved in operating container trains and CFS at Chennai,
Visakhapatnam (Andhra Pradesh) and Thoothukudi (Tamil Nadu). While
the company is currently not operating the trains and has leased
the rakes, it continues to operate the CFS, with a healthy share in
the Chennai market.

Credit challenges

* Weak financial profile and high repayment obligations: The
company's financial profile has weakened in the last few years due
to stoppage of container operations and impact on DPD
implementation on CFS margins and volumes. The performance
witnessed further moderation in FY2021 and remained subdued in H1
FY2022 impacted by the Covid-19 pandemic. Further, the CFS segment
is expected to witness pressure in the medium term due to subdued
cargo growth, competition and impact of DPD on CFS profitability.
The coverage indicators were stretched, with TD/OPBDITA of 6.2 and
6.9 times in FY2020 and FY2021, respectively, and interest coverage
of 1.0 and 1.2 times in FY2020 and FY2021, respectively.

* Weak financial flexibility and liquidity position of the group:
The ultimate holding company of SMART, SLL, has also extended
corporate guarantee to its bank facilities and NCDs. SLL, in turn,
is supported by the Coffee Day Group through oversight and
financial support, after takeover of SLL from its erstwhile
promoters. However, since the demise of the promoter of the Coffee
Day Group, Mr. VG Siddhartha, the financial flexibility of the
Group, SLL, and its subsidiaries have been significantly weakened.

Coupled with moderation in financial performance and high repayment
obligations, this hasled to significant liquidity pressure.

SLL and several of its subsidiaries have been delaying their debt
servicing and have been declared as NPAs by some lenders. Hence, no
support is expected from the Group to SMART, which also has high
repayment obligations, going forward. The problem is exacerbated by
the moderate cash accruals in the last few years. Further, the
recovery proceedings initiated against the Group entities by
lenders may also have an impact on SMART.

Liquidity position: Poor

The company's cash flows from operation remained positive in recent
fiscals despite the pandemic, although there has been moderation
due to decline in revenue and profitability. Nevertheless, the
company delayed the NCD repayment, which was
due on September 2021. The liquidity position is expected to remain
stretched due to high repayment obligation of around INR55-60 crore
per year during FY2022-FY2023, as the restructuring of its bank
loan and NCD repayments did not go through.

The cash accruals are expected to remain moderate and inadequate to
fund the repayment. As the financial flexibility of the Group is
significantly weakened, the company's ability to refinance also
remains weak. The liquidity profile is partly supported by
unutilised working capital limits, and sanctioned GECL loans that
are yet to be fully availed. The company also has plans for asset
monetisation. However, the same are yet to be initiated.

Rating sensitivities

Positive factors – Sustained track record of timely debt
servicing would lead to an upgrade in the rating.

Negative factors – Not applicable

Incorporated in May 2007, SMART is a container rail freight
operator with a Category I license to operate container trains on
all routes of the Indian Railways (IR). SMART is a 100% subsidiary
of Sical Infra Assets Limited (SIAL), which is in turn held by SLL.
It commenced commercial operations from March 2008 with a leased
rake. At present, it has leased seven rakes to domestic container
cargo handlers. In July 2012, the company received sanction and
approval for a scheme of amalgamation
with its associate concern, Sical Distriparks Limited (SDL), and a
100% subsidiary, Sical Hambuja Logistics Private Limited (Hambuja),
vide a Madras High Court order. Post this merger, SMART had two
operational segments—container rail operations and CFS
operations; however, the company is currently not operating
container trains.


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

The instrument-wise rating actions are:

-- INR5 mil. Fund-based working capital facility migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)/IND

     A4+ (ISSUER NOT COOPERATING) rating;

-- INR100 mil. Non-fund-based working capital facility migrated
     to non-cooperating category with IND A4+ (ISSUER NOT
     COOPERATING) rating;

-- INR5 mil. Proposed fund-based working capital facility
     migrated to non-cooperating category with IND BB (ISSUER NOT
     COOPERATING)/IND A4+ (ISSUER NOT COOPERATING) rating; and

-- INR190 mil. Proposed non-fund based working capital facility
     migrated to non-cooperating category with IND A4+ (ISSUER NOT

     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
November 9, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

SMC Projects (formerly M/s Syed Mannan) executes engineering,
procurement and construction contracts related to civil
construction in Karnataka. The firm has completed several projects
for the Karnataka Slum Development Board, Karnataka Housing Board,
Karnataka Residential Institutions Society, and has constructed
godowns, girls and boys hostel, among others. It was established in
2010 as a sole proprietorship business and was converted into
partnership firm in July 2019.


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

The instrument-wise rating actions are:

-- INR56.81 mil. Long-term loan due on March 2024 migrated to
     non-cooperating category with IND BB- (ISSUER NOT
     COOPERATING) rating;

-- INR60 mil. Fund-based limits migrated to non-cooperating
     category with IND BB- (ISSUER NOT COOPERATING) rating; and

-- INR70 mil. Non-fund-based limits migrated to non-cooperating
     category with IND A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 29, 2020. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Sonthalia Rice Mill is a partnership firm engaged in the rice
milling business.  The company,  which began operations in 2008,
has an installed rice milling capacity of 18million tons/hour. It
also has a captive power plant of 0.6MW.


SPICEJET LTD: Auditors Raises Going Concern Doubt
-------------------------------------------------
The Hindu BusinessLine reports that auditors have cast a doubt on
the ability of debt-laden SpiceJet, to remain a going concern as
its net worth has eroded.

In the annual report for FY21, the independent auditors pointed out
that SpiceJet has defaulted on tax payments, GST payments and
employee provident fund dues in FY21 totalling INR90 crore.

SpiceJet Limited -- http://www.spicejet.com/-- is an India-based
low-budget air carrier.  The Company operates daily flights between
major cities in India. The carrier is India's second-biggest budget
airline, after IndiGo.


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

                     Amount
   Facilities      (INR crore)      Ratings
   ----------      -----------      -------
   Long Term-          4.30         [ICRA] B+(Stable); ISSUER NOT
   Fund Based                       COOPERATING; Rating Continues
   Term loan                        to remain under issuer not
                                    cooperating category

   Long Term-          5.70         [ICRA] B+(Stable); ISSUER NOT
   Unallocated                      COOPERATING; Rating Continues
                                    to remain under issuer not
                                    cooperating category

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

SRVPL was incorporated in November 2013 as a private limited
company by Mr. Sunil Gadhoke. The company is engaged in the system
designing, engineering, installation and operation and maintenance
of rooftop solar power plants for residential, institutional,
industrial and commercial clients under the brand name "Vibyor
Energy". SRVPL executes solar power projects under RESCO and CAPEX
model. The company develops solar power plants on the
rooftop/premises of the residential, institutional, industrial and
commercial customer. The entire power generated from the power
plant is exclusively supplied to  the customer. The company is also
involved in the business of marketing specialized additives to
Indian solar cell manufacturers.


SUSHEE IVRCL: Ind-Ra Corrects December 27, 2021 Rating Release
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) rectified Sushee IVRCL
ArunachalHighways Limited's (SIAHL) rating release published on
December 27, 2021 to correctly reflect the updated financial
summary with audited numbers.

The amended version is:

India Ratings and Research (Ind-Ra) has placed Sushee IVRCL
ArunachalHighways Limited's (SIAHL) facilities rating of 'IND B',
which had Stable Outlook, on Rating Watch Evolving (RWE).

The detailed rating action is:

-- INR1,822.20 bil. (reduced from INR2.340 bil.)* Rupee term loan

     (RTL) due on June 2031 placed on RWE with IND B/RWE; and

-- INR143 mil. Performance bank guarantee placed on RWE with IND
     B/RWE.

*Outstanding as of December 10, 2021

KEY RATING DRIVERS

Ind-Ra has placed the ratings on RWE due to the ongoing
reconciliation of interest charged by few lenders against the
interest paid by SIAHL since April 2020. SIAHL has confirmed to
Ind-Ra that there is interest amount reflecting as payable to four
out of the five lenders, due to delay in recognition of the
reduction in interest rate notified by the lead lender. Ind-Ra has
understood from the lenders that the reconciliation process has
been taken up and is expected to be completed soon. SIAHL has also
represented the issue in the lenders' consortium meetings.
According to the common loan agreement, the lending rate of all
banks should be uniform and aligned with the benchmark rate, which
is the lead bank's rate of interest. Ind-Ra will monitor the
outcome of the reconciliation process and also understand the
processes to avoid this concern.

The total amount involved in reconciliation is INR15.20 million. As
of December 10, 2021, SIAHL's liquidity including debt service
reserve was INR87.07 million.

SIAHL achieved the provisional completion date on January 7, 2021
and received the first annuity of INR79.68 million (adjusted for
deductions for one-time fund infusion loan recovery and standard
deduction) on November 2, 2021. SIAHL also prepaid INR440 million
in May 2021, thus reducing the debt significantly. SIAHL has also
received substantial support from its sponsor Sushee Infra & Mining
Limited. Ind-Ra will monitor the developments on interest amount
reconciliation, and assess the impact of project level developments
and its impact on the ratings.

RATING SENSITIVITIES

The RWE indicates that the ratings may be affirmed, downgraded or
upgraded upon resolution. The agency will resolve the RWE after
receiving complete clarity on reconciliation of interest charged by
lenders and the developments in the project.

PROJECT PROFILE

SIAHL is a special purpose vehicle promoted by Sushee Infra &
Mining. It has been incorporated to widen National Highway 229
(252.09km) in Arunachal Pradesh from one lane to two lanes under a
design, build, finance, operate and transfer (annuity basis) model.
The 17-year concession has been awarded by the Ministry of Road
Transport & Highways.

Sushee Infra & Mining, which was incorporated in 1986, undertakes
mining, irrigation, railways, infrastructure and road projects.


SUSHEE IVRCL: Ind-Ra Places 'B' on Rating Watch Evolving
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has placed Sushee IVRCL
ArunachalHighways Limited's (SIAHL) facilities rating of 'IND B',
which had stable outlook, on Rating Watch Evolving (RWE).

The detailed rating actions are:

-- INR1,822.20 bil. (reduced from INR2.340 bil.)* Rupee term loan

     (RTL) due on June 2031 placed on RWE with IND B/RWE; and

-- INR143 mil. Performance bank guarantee placed on RWE with IND
     B/RWE.

*Outstanding as on 10 December 10, 2021

KEY RATING DRIVERS

Ind-Ra has placed the ratings on RWE due to the ongoing
reconciliation of interest charged by few lenders against the
interest paid by SIAHL since April 2020. SIAHL has confirmed to
Ind-Ra that there is interest amount reflecting as payable to four
out of the five lenders, due to delay in recognition of the
reduction in interest rate notified by the lead lender. Ind-Ra has
understood from the lenders that the reconciliation process has
been taken up and is expected to be completed soon. SIAHL has also
represented the issue in the lenders' consortium meetings.
According to the common loan agreement, the lending rate of all
banks should be uniform and aligned with the benchmark rate, which
is the lead bank's rate of interest. Ind-Ra will monitor the
outcome of the reconciliation process and also understand the
processes to avoid this concern.

The total amount involved in reconciliation is INR15.20 million. As
on 10 December 2021, SIAHL's liquidity including debt service
reserve was INR87.07 million.

SIAHL achieved the provisional completion date on January 7, 2021
and received the first annuity of INR79.68 million (adjusted for
deductions for one-time fund infusion loan recovery and standard
deduction) on November 2, 2021. SIAHL also prepaid INR440 million
in May 2021, thus reducing the debt significantly. SIAHL has also
received substantial support from its sponsor Sushee Infra & Mining
Limited. Ind-Ra will monitor the developments on interest amount
reconciliation, and assess the impact of project level developments
and its impact on the ratings.

RATING SENSITIVITIES

The RWE indicates that the ratings may be affirmed, downgraded or
upgraded upon resolution. The agency will resolve the RWE after
receiving complete clarity on reconciliation of interest charged by
lenders and the developments in the project.

PROJECT PROFILE

SIAHL is a special purpose vehicle promoted by Sushee Infra &
Mining. It has been incorporated to widen National Highway 229
(252.09km) in Arunachal Pradesh from one lane to two lanes under a
design, build, finance, operate and transfer (annuity basis) model.
The 17-year concession has been awarded by the Ministry of Road
Transport & Highways.

Sushee Infra & Mining, which was incorporated in 1986, undertakes
mining, irrigation, railways, infrastructure and road projects.


TATYASAHEB KORE: Ind-Ra Moves 'D' Loan Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Shree Tatyasaheb
Kore Warana Sahakari Sakhar Karkhana Ltd.'s (STKWSSKL) bank
facilities' ratings to the non-cooperating category. The issuer did
not participate in the rating exercise despite continuous requests
and follow-up by the agency. Therefore, investors and other users
are advised to take appropriate caution while using these ratings.
The ratings will now appear as 'IND D (ISSUER NOT COOPERATING)' on
the agency's website.

The detailed rating actions are given below:

-- INR1,041.90 bil. Term loan (Long-term) due on FY21-FY24
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating;

-- INR5,240.00 bil. Fund-based working capital facility (Long-
     term) migrated to non-cooperating category with IND D (ISSUER

     NOT COOPERATING) rating; and

-- INR218.10 mil. Proposed term loan (Long-term)* assigned;
     migrated to non-cooperating category with IND D (ISSUER NOT
     COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
December 16, 2020. Ind-Ra is unable to provide an update as the
agency does not have adequate information to review the ratings.

*The provisional rating of the proposed term loan has been
converted to final rating, as per India Ratings' updated policy.
This is because the agency notes that debt seniority and general
terms and conditions of proposed term loan tend to be uniform
across banks, and are not a rating driver.

COMPANY PROFILE

STKWSSKL was registered on September 27, 1955 under The Maharashtra
Co-operative Societies Act, 1960. The cooperative operates a 12,000
metric tons capacity sugar plant, a 44MW capacity cogen power plant
and a 80 kilo liters per day capacity ethanol plant in Warananagar
near Kolhapur, Maharashtra. Shobhatai Vilasrao Kore is the Chairman
and SR Bhagat is the Managing Director.


THENPANDIAN SPINNING: Ind-Ra Assigns BB Rating, Outlook Stable
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Thenpandian
Spinning Mills India Private Limited (TSMIPL) a Long-Term Issuer
Rating of 'IND BB'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR170.0 mil. Fund-based working capital limits assigned with
     IND BB/Stable/IND A4+ rating;

-- INR615.38 mil. Term loans due on March 2031 assigned with IND
     BB/Stable rating;

-- INR99.0 mil. Non-fund-based working capital limits assigned
     with IND A4+ rating;

-- INR10.0 mil. Proposed fund-based working capital limits
     assigned with IND BB/Stable/IND A4+ rating;

-- INR20.63 mil. Proposed term loans assigned with IND BB/Stable
     rating; and

-- INR1.00 mil. Proposed non-fund-based working capital limits
     assigned with IND A4+ rating.

The ratings reflect TSMIPL's small scale of operations, average
EBITDA margins, moderate credit metrics and stretched liquidity
position.

KEY RATING DRIVERS

The ratings reflect TSMIPL's small scale of operations as indicated
by revenue of INR630.58 million in FY21 (FY20: INR621.01 million).
The growth in revenue was due to increased demand for cotton yarn.
In 1HFY22, TSMIPL booked revenue of INR475.38 million. Ind-Ra
expects the revenue to improve further in FY22 due to continued
higher demand and increase in sales realizations.

The ratings also factor TSMIPL's average EBITDA margins of 20.18%
in FY21 (FY20: 12.69%) with a return on capital employed of 12.1%
(10.3%). The EBITDA margins increased owing to decrease in cost of
materials. In 1HFY22, it achieved EBITDA margins of 18.49%. Ind-Ra
expects the margins to remain at around similar levels in FY22.

The ratings also reflect the company's moderate credit metrics as
reflected by the gross interest coverage (operating EBITDA/gross
interest expense) of 4.15x in FY21 (FY20: 2.63x) and the net
leverage (total adjusted net debt/operating EBITDA) of 3.22x
(4.23x). The improvement in the credit metrics was due to an
increase in the EBITDA to INR127.25 million in FY21 (FY20: INR78.80
million), despite an increase in the debt to INR410.41 million
(INR334.24 million). In 1HFY22, TSMIPL reported gross interest
coverage of 5.45x and net leverage of 4.86x. However, Ind-Ra
expects the credit metrics to decline in FY22 due to the increased
debt levels and interest cost from the ongoing capex. The total
cost of the project is around INR640 million and the trail run is
scheduled to start from January 2022. TSMIPL is funding the capex
majorly through secured loans worth INR382.50 million and the
remaining through unsecured loans and internal accruals.

Liquidity Indicator - Stretched: The company's average maximum
utilization of the fund-based limits was 81.89% during the 12
months ended October 2021. The cash flow from operations was almost
stable at INR24.39 million in FY21 (FY20: INR24.49 million) because
the increase in working capital requirement was offset by the
improvement in EBITDA. However, the free cash flow declined to
negative INR76.15 million in FY21 (FY20: negative INR22.26
million), owing to the ongoing capex. It had availed Covid-19 loans
amounting to INR61.132 million. The net working capital cycle was
elongated and stood at 233 days in FY21 (FY20: 173 days). The
elongation of the working capital cycle was due to an increase in
the inventory holding period to 195 days in FY21 (FY20: 117 days).
The cash and cash equivalents were low at INR1 million at FYE21
(FYE20: INR0.92 million). The company has debt repayments of
INR37.835 million in FY22 and INR49.546 million in FY23.
Furthermore, TSMIPL does not have any capital market exposure and
relies on banks and financial institutions to meet its funding
requirements.

However, the ratings are supported by the promoters' more than one
decade of experience in the textiles industry.

RATING SENSITIVITIES

Positive: Timely completion of the ongoing capex resulting in an
increase in the scale of operations, along with an improvement in
the overall credit metrics with the net leverage reducing below
4.5x while maintaining the liquidity position, all on a sustained
basis, could lead to a positive rating action.

Negative: A decline in the scale of operations, leading to
deterioration in the overall credit metrics and/or a further
pressure on the liquidity position, all on a sustained basis, could
lead to a negative rating action.

COMPANY PROFILE

Incorporated in 1993, TSMIPL is located in Namakkal (Tamil Nadu)
with a manufacturing facility at Erode. The company has an
installed capacity of 25,824 spindles and operates at around 91%
capacity. TSMIPL products majorly comprises of cotton yarn, millage
yarn and fancy yarn.


VEEPEE COTEX: ICRA Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
ICRA has retained the ratings for the bank facilities of Veepee
Cotex Corporation in the 'Issuer Not Cooperating' category. The
rating is denoted as "[ICRA]B (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        3.25         [ICRA] B (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

   Fund based-        2.75         [ICRA] B (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating Continues
                                   to remain under issuer not
                                   cooperating category

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

Veepee Cotex Corporation is a partnership firm established in 2015
by Mr. Prakash Bharsakale and Mr.Vijay Bharsakale. VCC is engaged
into processing of cotton bales and cotton seeds with its plant
located at Daryapur, Amaravati, Maharashtra. The
installed capacity for cotton bales processing is 200 bales per day
and 1MT/day for cotton seeds.




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

CRYPTOPIA LIMITED: Liquidation Heading Towards NZD15 Million
------------------------------------------------------------
Stuff.co.nz reports that liquidators wrapping up the hacked
cryptocurrency firm Cryptopia have spent nearly NZD15 million and
still have a long way to go.

Christchurch-based Cryptopia ran an international cryptocurrency
exchange which was hacked in January 2019 in one of New Zealand's
biggest thefts, Stuff recalls.

About NZD24 million of the exchange's NZD250 million store of
cryptocurrencies was shunted to other exchanges after the thieves
obtained electronic keys to secret wallets.

According to Stuff, shareholders passed a special resolution in May
2019 putting the company into liquidation and appointing David
Ruscoe and Malcolm Moore of Grant Thornton as liquidators.

Since then the liquidators have charged NZD4.34 million in fees and
spent NZD2.7 million on legal costs (both amounts exclusive of GST)
as part of the NZD14,991,000 cost of the liquidation to November
14, 2021, Stuff says.

Stuff relates that the liquidators' fees are for investigations,
attempting to secure hacked assets, development and management of
the claims' portal, designing and overseeing an appropriate
identity verification process, supervision of the Cryptopia
customer support team, engagement with specialist crypto-asset
experts and liaising with legal authorities.

The liquidators report good progress in the six months between May
and November, saying in their latest report they had started
verifying the identity of claimants from 183 countries, Stuff
relays.

Nearly 80 per cent of users of the exchange by value had become
involved in the claims process, they said.

The next stage would be claim acceptance, when claimants would be
given an opportunity to agree to their balances, the report notes.

Before currency could be transferred, they would need to go to
court to get approval for the distribution model, to confirm what
should be done with unclaimed crypto assets and to set a cut-off
date for claims to be received and assessed, the liquidators, as
cited by Stuff, said.

They continue to work with police and international authorities to
determine the source of the January 2019 hack.

Stuff says tracing of stolen funds is ongoing, and recovery actions
have been filed in the United States, Malaysia and Singapore.

“For the most part, actions in respect of the 2019 hack have been
focused on recovering information that sets out the movement of the
crypto assets post-hack,” the liquidators, as cited by Stuff,
said.

Several overseas exchanges had frozen stolen assets.

The liquidators also reported they had received NZD50,000 in legal
costs from a third party who had refused to return customer data
released in a court mistake despite High Court orders, the report
relates.

The party was fined NZD7,500 after admitting being in contempt of
court.

A former employee who stole NZD250,000 from the company while
employed had returned the full amount and would be sentenced early
this year, the liquidators said, adds Stuff.

                      About Cryptopia Limited

Cryptopia Limited -- https://support.cryptopia.co.nz/csm -- was a
cryptocurrency exchange based in New Zealand.

On May 15, 2019, David Ruscoe and Russell Moore from Grant Thornton
were appointed as liquidators to wind up the company's affairs.

Cryptopia Limited filed a Chapter 15 petition (Bankr. S.D. New York
Case No. 19-11688) on May 24, 2019.  Timothy E. Graulich, Esq.,
Davis Polk & Wardwell LLP, in New York, is the U.S. counsel.




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

PHILIPPINE AIRLINES: Completes Chapter 11 Restructuring
-------------------------------------------------------
Philippine Airlines Inc. (PAL) on Dec. 31 disclosed that it has
emerged from its voluntary Chapter 11 proceedings as a more
efficient airline with a strengthened balance sheet, reaffirming
its continuing role as the Philippines' sole full-service airline
with the largest international network.

PAL successfully completed its financial restructuring within four
months, in contrast to other airlines that remain in the Chapter 11
process more than a year after filing in 2020. The Philippine flag
carrier credits the strong support of its creditors and
shareholders, the cooperation of its industry partners and the
collective efforts of PAL employees around the world who sustained
flights on multiple international and domestic routes throughout
the restructuring period.

PAL has streamlined operations with a reorganized fleet and is now
better capitalized for future growth. The Company's Plan of
Reorganization, which was approved by the U.S. restructuring Court
on December 17, 2021, provides for over US$2.0 billion in permanent
balance sheet reductions from existing creditors, improvements in
PAL's critical operational agreements and additional liquidity
including a US$505 million investment in long-term equity and debt
financing from PAL's majority shareholder.

The airline's consensual restructuring plan was accepted by 100% of
the votes cast by its primary aircraft lessors and lenders,
original equipment manufacturers and maintenance, repair, and
overhaul service providers, and certain funded debt lenders.

"Philippine Airlines stands ready to help grow back the
Philippines' local and international air travel markets in ways
that renew the tourism industry, serve the needs of global citizens
including overseas Filipinos, and contribute actively to the
recovery of the Philippine economy," said PAL Director Lucio C. Tan
III, quoting PAL Chairman and CEO Dr. Lucio C. Tan. "Our mission as
the flag carrier matters more than ever, and we are thankful for
the chance to rebound from the pandemic and continue to fulfill
this mission as best as we can."

"This is a celebratory moment for PAL, for all our partners and
stakeholders, and for our personnel who sacrificed much while
working successfully to keep the airline flying," said Gilbert F.
Santa Maria, PAL President and Chief Operating Officer. "Above all,
we thank our customers for their support, and the Filipino people
for keeping faith in their flag carrier through the entire
restructuring process. There are immense challenges ahead, but we
look forward to tackling them as a reinvigorated Philippine
Airlines, better positioned for strategic growth to continue
serving our customers."

Moving forward, PAL will reinvest in its operations to better serve
its valued customers by:

   * Reinforcing PAL's position as the Philippines' sole
full-service airline with the largest international network serving
four continents, including:

   * The only nonstop flights linking the Philippines to the U.S.,
Canadian East and West Coasts, Hawaii, Brisbane, and Melbourne;

   * The largest network of flights from the Philippines to
multiple cities in Japan, Australia and the Middle East, along with
convenient schedules to Hong Kong, Korea, Taipei, Singapore,
Thailand, Indonesia, Vietnam and Malaysia;

   * A high-frequency domestic network encompassing trunk routes to
the major cities of Visayas, Mindanao and Luzon, as well as
inter-island services to the nation's tourist hot spots and
paradise islands;

   * The only full-service options in Philippine domestic skies,
including Business Class on many local routes.

   * Restoring more routes and increasing flight frequencies as
travel restrictions ease and borders reopen, including the
resumption of regular flights to multiple cities in mainland China,
full regularization of flights to Australia and the commencement of
historic new services to Israel.

   * Building on code sharing and interline partnerships to
complement the airline's current and future network and allow PAL
passengers to enjoy better connections and access to more
destinations through partner airlines.

   * Expanding PAL's newly established cargo business to tap more
air cargo market opportunities, including the operation of
all-cargo flights to keep supply chains moving and to meet specific
freight transport needs such as the airlift of vaccines and medical
equipment. Offering year-round great value fares and competitive
promotional offers.

   * Developing innovations to PAL's Mabuhay Miles frequent flyer
program, including an expansion of membership rolls and
enhancements to program terms and benefits.

   * Accelerating digital transformation initiatives to deliver
seamless and intuitive experiences to PAL customers, including a
more personalized website and mobile app, a streamlined booking
process that offers more flexible payment options such as e-wallets
and installment plans, enhanced self-service options for rebooking
and check-in, and improved chat facilities and inter-active voice
response (IVR) functions through PAL's contact center.

   * Rolling out new product advancements within 2022, as part of a
commitment to continuously upgrade services and the overall
customer travel experience.

   * Upholding, as always, the strictest professional safety
standards and health protocols in all of PAL's operations. Under
the newly effective recovery plan, PAL has the option to obtain up
to US$150 million in additional financing from new
investors.

PAL reiterated its commitment to fulfill all refund obligations.
The Company has cleared over 99% of past refunds and is now back to
normal processing times for refunds, except for some 2020 cases
that require validation procedures mostly involving third party
providers.

Philippine Airlines Inc. was the only party included in the Chapter
11 filing; while PAL Holdings Inc., which is listed on the
Philippine Stock Exchange (PSE: PHI), and Air Philippines
Corporation, known as PAL Express, were not included in the Chapter
11 filing.

Additional Information

Debevoise & Plimpton LLP, Norton Rose Fulbright US LLP and Angara
Abello Concepcion Regala & Cruz (ACCRA) acted as legal advisors and
Seabury Securities LLC as financial advisor and investment banker
to the Company.

                 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
=================

LEMNIS TECHNOLOGIES: Creditors' Proofs of Debt Due on Feb. 3
------------------------------------------------------------
Creditors of Lemnis Technologies Pte Ltd, which is in voluntary
liquidation, are required to file their proofs of debt by Feb. 3,
2022, to be included in the company's dividend distribution.

The company's liquidator is:

          Tam Chee Chong
          204B Telok Ayer Street
          Singapore 068640


THALASSA TYHI: Commences Wind-Up Proceedings
--------------------------------------------
Members of Thalassa Tyhi Pte Ltd, Thalassa Doxa Pte Ltd, and
Thalassa Axia Pte Ltd, on Dec. 30, 2021, passed a resolution to
voluntarily wind up the company's operations.

The company's liquidators are Mr. Juay Sze Sin and Ms. Shirley Lim
Guat Hua, of Complete Corporate Services Pte. Ltd.


WFT HOLDINGS: Court to Hear Wind-Up Petition Jan. 14
----------------------------------------------------
A petition to wind up the operations of WFT Holdings Pte Ltd will
be heard before the High Court at Auckland on Jan. 14, 2022, at
10:00 a.m.

Dream Life Property Developer Limited filed the petition against
the company on Dec. 3, 2021.

The Petitioner's solicitors are:

         Solitaire LLP
         20 Collyer Quay #01-02
         Singapore 049319




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

SRI LANKA: On the Brink of Bankruptcy With Record High Inflation
----------------------------------------------------------------
MoneyControl.com reports that Sri Lanka is sinking into an abyss of
deepening financial and humanitarian crisis. With inflation scaling
record highs, food prices zooming, and pandemic-induced disruptions
driving its coffers dry, the island nation is feared to go bankrupt
this year.

The country needs to repay an estimated $7.3 billion in domestic
and foreign loans in the next 12 months, MoneyControl.com relates
citing a report by British newspaper Guardian. This includes a
$500-million international sovereign bond repayment due in January.
As of November, the available foreign currency reserves were just
$1.6 billion, it said.

Besides the immediate impact of the COVID-19 pandemic and
consequent loss of tourism, high government spending and tax-cuts
eroding state revenues, vast debt repayments to China, and record
low foreign exchange reserves compounded the economic meltdown in
front of the Gotabaya Rajapaksa-led government, the report says.

According to MoneyControl.com, a spurt in printing money to square
off domestic loans and foreign bonds drove inflation to 12.1
percent in December from 9.9 percent a month back. The monthly
inflation measured by the Colombo Consumer Price Index was driven
by the monthly increase in prices of both food and non-food items.

December food price inflation soared to 22.1 percent from 17.5
percent a month before, the country's central bank announced,
MoneyControl.com relays.

The World Bank estimates 500,000 people have fallen below the
poverty line since the beginning of the pandemic, the equivalent of
five years' progress in fighting poverty, the report said.

Loss of jobs and vital foreign revenue from tourism, which usually
contributes more than 10 percent of the country's GDP, has been
substantial, with more than 200,000 people losing their livelihoods
in the travel and tourism sectors, according to the World Travel
and Tourism Council, adds MoneyControl.com.

President Rajapaksa in his New Year message expressed hope of
reviving the cash-strapped economy but did not announce measures to
address its crippling foreign exchange crisis, reports
MoneyControl.com. "I am confident that the new year will provide an
opportunity to further the steps taken by the government to pursue
and overcome challenges and strengthen the people-centric economy,"
he said.




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

[*] BOND PRICING: For the Week Dec. 27, 2021 to Dec. 31, 2021
-------------------------------------------------------------
Issuer                  Coupon     Maturity    Currency    Price
------                  ------     --------    --------    -----

  AUSTRALIA
  ---------

ACN 113 874 712 PTY L      13.25      02/15/18      USD     0.15
ACN 113 874 712 PTY L      13.25      02/15/18      USD     0.15
CLIME CAPITAL LTD/FUN       6.25      11/30/21      AUD     0.97
COMMONWEALTH BANK OF        3.30      08/26/50      AUD    70.39
GLENNON SMALL COS LTD       5.60      09/30/30      AUD    10.50
VIRGIN AUSTRALIA HOLD       7.88      10/15/21      USD     8.00
VIRGIN AUSTRALIA HOLD       7.88      10/15/21      USD     8.15
VIRGIN AUSTRALIA HOLD       8.25      05/30/23      AUD     7.07
VIRGIN AUSTRALIA HOLD       8.08      03/05/24      AUD     6.52
VIRGIN AUSTRALIA HOLD       8.13      11/15/24      USD     7.25
VIRGIN AUSTRALIA HOLD       8.13      11/15/24      USD     7.95
VIRGIN AUSTRALIA HOLD       8.00      11/26/24      AUD     7.15


   CHINA
   -----

AKESU DISTRICT GREEN        4.09      03/11/23      CNY    39.73
AKESU DISTRICT GREEN        4.09      03/11/23      CNY    39.89
AKESU TEXTILE CITY DE       7.50      06/21/24      CNY    59.39
AKESU TEXTILE CITY DE       7.50      06/21/24      CNY    60.99
AKESU XINCHENG ASSET        6.40      04/20/22      CNY    20.15
AKESU XINCHENG ASSET        6.40      04/20/22      CNY    20.24
ALTAY PREFECTURE STAT       4.85      01/22/23      CNY    36.00
ALTAY PREFECTURE STAT       4.85      01/22/23      CNY    39.87
AN SHUN YU KUN REAL E       5.48      11/10/21      CNY    39.60
ANHUI DANGTU ECO DEVE       6.00      09/11/24      CNY    60.00
ANHUI DANGTU ECO DEVE       6.00      09/11/24      CNY    62.30
ANHUI HUAAN FOREIGN E       7.30      07/13/21      CNY    70.01
ANHUI HUAINING URBAN        5.80      08/28/24      CNY    60.00
ANHUI HUAINING URBAN        5.80      08/28/24      CNY    60.77
ANHUI JIANGNAN INDUST       4.76      07/08/23      CNY    39.63
ANHUI JIANGNAN INDUST       4.76      07/08/23      CNY    39.75
ANHUI LEXING CITY CON       6.05      11/01/24      CNY    60.70
ANHUI LEXING CITY CON       6.05      11/01/24      CNY    62.49
ANJI NORTHWEST DEVELO       5.90      07/18/23      CNY    40.19
ANJI NORTHWEST DEVELO       5.90      07/18/23      CNY    40.40
ANLU CONSTRUCTION DEV       5.45      06/15/23      CNY    40.08
ANNING DEVELOPMENT IN       8.80      09/11/25      CNY    66.00
ANQING ECONOMIC&TECHN       4.09      03/09/23      CNY    40.05
ANQING ECONOMIC&TECHN       4.09      03/09/23      CNY    40.22
ANQING URBAN CONSTRUC       6.01      04/27/22      CNY    20.00
ANQING URBAN CONSTRUC       6.01      04/27/22      CNY    20.13
ANQING WANJIANG HIGH        6.50      08/02/24      CNY    58.10
ANQING WANJIANG HIGH        6.50      08/02/24      CNY    60.00
ANQIU HUAAN STATE OWN       7.00      09/14/24      CNY    59.27
ANSHUN CITY CONSTRUCT       7.30      09/15/24      CNY    47.01
ANSHUN CITY CONSTRUCT       7.30      09/15/24      CNY    48.00
ANSHUN CITY XIXIU IND       7.90      11/15/25      CNY    75.00
ANSHUN STATE-RUN ASSE       4.48      07/18/23      CNY    35.73
ANSHUN STATE-RUN ASSE       4.48      07/18/23      CNY    37.89
ANSHUN TRANSPORTATION       7.50      10/31/24      CNY    54.59
ANSHUN XIXIU CITY INV       4.70      11/22/23      CNY    52.36
ANSHUN XIXIU CITY INV       4.70      11/22/23      CNY    59.81
AOYUAN CORP GROUP LTD       5.50      03/03/25      CNY    28.10
BAOJI INVESTMENT GROU       5.05      04/18/24      CNY    61.07
BAOTOU AFFORDABLE HOU       5.25      07/27/24      CNY    60.55
BAOTOU AFFORDABLE HOU       5.25      07/27/24      CNY    61.60
BAOTOU AFFORDABLE HOU       5.31      08/10/24      CNY    60.61
BAOTOU CITY SCIENCE E       6.48      03/25/22      CNY    20.05
BAOTOU CITY SCIENCE E       6.48      03/25/22      CNY    20.05
BAOYING CITY CONSTRUC       4.50      03/24/23      CNY    39.81
BAOYING CITY CONSTRUC       4.50      03/24/23      CNY    40.36
BAOYING COUNTY DEVELO       5.45      08/21/24      CNY    60.01
BAOYING COUNTY DEVELO       5.45      08/21/24      CNY    61.36
BAOYING COUNTY DEVELO       5.49      10/17/24      CNY    61.55
BAYAN ZHUOER HETAO WA       8.54      03/31/22      CNY    15.15
BAZHONG STATE-OWNED A       5.13      12/02/22      CNY    39.24
BAZHONG STATE-OWNED A       5.13      12/02/22      CNY    39.40
BAZHOU GUOHUI CONSTRU       6.08      06/19/24      CNY    61.11
BAZHOU GUOHUI CONSTRU       6.08      06/19/24      CNY    61.40
BEIJING FUTURE SCIENC       4.20      08/13/22      CNY    20.04
BEIPIAO CITY CONSTRUC       6.70      03/25/23      CNY    38.83
BEIPIAO CITY CONSTRUC       6.70      03/25/23      CNY    40.60
BENGBU ECONOMIC DEVEL       6.45      07/13/24      CNY    59.65
BENGBU ECONOMIC DEVEL       6.45      07/13/24      CNY    60.00
BENGBU URBAN INVESTME       5.80      04/13/24      CNY    61.78
BENGBU URBAN INVESTME       5.80      04/13/24      CNY    61.85
BIJIE CONSTRUCTION IN       6.50      01/28/22      CNY    19.90
BIJIE CONSTRUCTION IN       6.50      01/28/22      CNY    19.94
BIJIE CONSTRUCTION IN       5.78      07/06/24      CNY    60.48
BIJIE CONSTRUCTION IN       5.55      08/03/24      CNY    60.00
BIJIE CONSTRUCTION IN       5.55      08/03/24      CNY    60.62
BIJIE DEXI CONSTRUCTI       4.60      11/17/23      CNY    55.42
BIJIE DEXI CONSTRUCTI       4.60      11/17/23      CNY    59.78
BIJIE DEXI CONSTRUCTI       5.10      12/05/23      CNY    54.51
BIJIE DEXI CONSTRUCTI       5.10      12/05/23      CNY    60.07
BIJIE QIXINGGUAN DIST       7.60      09/08/24      CNY    61.67
BIJIE QIXINGGUAN DIST       8.05      08/16/25      CNY    59.50
BIJIE QIXINGGUAN DIST       8.05      08/16/25      CNY    70.78
BIJIE XINTAI INVESTME       7.80      11/01/24      CNY    49.84
BIJIE XINTAI INVESTME       7.80      11/01/24      CNY    59.40
BINZHOU ZHANHUA DISTR       4.93      11/29/23      CNY    59.40
BINZHOU ZHANHUA DISTR       4.93      11/29/23      CNY    59.41
BINZHOU ZHONGHAI VENT       6.65      04/13/22      CNY    20.00
BINZHOU ZHONGHAI VENT       6.65      04/13/22      CNY    20.07
BORALA MONGOL AUTONOM       5.77      08/26/22      CNY    18.30
BORALA MONGOL AUTONOM       5.77      08/26/22      CNY    20.12
BOZHOU URBAN CONSTRUC       4.78      04/14/23      CNY    40.04
BOZHOU URBAN CONSTRUC       4.78      04/14/23      CNY    40.51
BRILLIANCE AUTO GROUP       5.30      10/23/20      CNY    48.88
BRILLIANCE AUTO GROUP       6.50      01/22/22      CNY    48.88
BRILLIANCE AUTO GROUP       6.50      03/13/22      CNY    48.88
BRILLIANCE AUTO GROUP       6.50      04/18/22      CNY    48.88
BRILLIANCE AUTO GROUP       6.50      06/03/22      CNY    48.88
BRILLIANCE AUTO GROUP       6.30      09/14/23      CNY    48.88
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    48.88
BRILLIANCE AUTO GROUP       5.80      11/05/23      CNY    59.80
BRILLIANCE AUTO GROUP       5.80      03/20/24      CNY    54.80
BRILLIANCE AUTO GROUP       5.80      06/17/24      CNY    48.88
BRILLIANCE AUTO GROUP       5.80      06/17/24      CNY    60.78
CANGNAN COUNTY STATE        5.58      11/11/22      CNY    40.30
CANGNAN COUNTY STATE        5.58      11/11/22      CNY    40.42
CEFC SHANGHAI INTERNA       4.98      12/10/20      CNY    61.29
CEFC SHANGHAI INTERNA       4.08      09/09/21      CNY    60.00
CHANG DE DING LI INDU       4.30      03/10/23      CNY    40.15
CHANG DE DING LI INDU       4.30      03/10/23      CNY    40.17
CHANG DE DING LI INDU       6.10      07/20/24      CNY    60.00
CHANG DE DING LI INDU       6.10      07/20/24      CNY    60.07
CHANGDE DE YUAN SHANT       5.33      09/13/23      CNY    37.37
CHANGDE URBAN CONSTRU       3.59      01/12/23      CNY    40.00
CHANGDE URBAN CONSTRU       3.59      01/12/23      CNY    40.08
CHANGGE JINCAI PUBLIC       7.10      04/19/24      CNY    59.91
CHANGGE JINCAI PUBLIC       7.10      04/19/24      CNY    61.14
CHANGJI URBAN CONSTRU       4.24      11/18/23      CNY    58.01
CHANGJI URBAN CONSTRU       4.24      11/18/23      CNY    60.08
CHANGLE COUNTY NEWTOW       5.18      12/16/22      CNY    37.00
CHANGLE COUNTY NEWTOW       5.18      12/16/22      CNY    40.04
CHANGSHA COUNTY XINGC       7.90      03/25/22      CNY    25.37
CHANGSHA COUNTY XINGC       7.90      03/25/22      CNY    25.37
CHANGSHA ECONOMIC & T       8.45      04/13/22      CNY    15.22
CHANGSHA ECONOMIC & T       4.78      03/03/24      CNY    60.78
CHANGSHA ECONOMIC & T       4.78      03/03/24      CNY    61.26
CHANGSHA FURONG CITY        3.88      01/26/23      CNY    40.27
CHANGSHA FURONG CITY        3.88      01/26/23      CNY    40.67
CHANGSHA JINZHOU NEW        6.60      08/24/24      CNY    59.25
CHANGSHA JINZHOU NEW        6.60      08/24/24      CNY    60.00
CHANGSHA METRO GROUP        6.20      04/23/23      CNY    30.94
CHANGSHA METRO GROUP        6.20      04/23/23      CNY    32.01
CHANGSHA METRO GROUP        5.97      04/03/25      CNY    62.91
CHANGSHA METRO GROUP        5.40      07/14/25      CNY    60.00
CHANGSHA METRO GROUP        5.40      07/14/25      CNY    62.62
CHANGSHA METRO GROUP        4.10      12/21/25      CNY    71.19
CHANGSHA METRO GROUP        4.10      12/21/25      CNY    71.47
CHANGSHA TIANXIN CITY       4.20      11/06/22      CNY    20.00
CHANGSHA TIANXIN CITY       4.20      11/06/22      CNY    20.11
CHANGSHA TIANXIN CITY       3.43      08/08/23      CNY    39.13
CHANGSHA TIANXIN CITY       3.43      08/08/23      CNY    39.87
CHANGSHA YUHUA JINGKA       4.17      09/06/23      CNY    39.95
CHANGSHA YUHUA JINGKA       4.17      09/06/23      CNY    40.11
CHANGSHA YUHUA URBAN        3.80      01/28/23      CNY    40.00
CHANGSHA YUHUA URBAN        3.80      01/28/23      CNY    40.14
CHANGSHU DONGNAN ASSE       6.53      03/26/22      CNY    20.24
CHANGSHU DONGNAN ASSE       6.53      03/26/22      CNY    27.32
CHANGXING URBAN CONST       6.00      12/03/21      CNY    19.00
CHANGXING URBAN CONST       6.00      12/03/21      CNY    20.03
CHANGZHOU TIANNING CO       6.48      02/12/22      CNY    20.00
CHANGZHOU TIANNING CO       6.48      02/12/22      CNY    20.18
CHANGZHOU XINGANG ECO       3.42      10/20/23      CNY    39.23
CHANGZHOU XINGANG ECO       3.42      10/20/23      CNY    39.94
CHANGZHOU ZHONGLOU EC       3.64      10/26/23      CNY    39.93
CHANGZHOU ZHONGLOU EC       3.64      10/26/23      CNY    40.03
CHAOHU URBAN TOWN CON       6.50      04/30/22      CNY    20.23
CHAOHU URBAN TOWN CON       6.50      04/30/22      CNY    21.80
CHENGDU GARDEN WATER        6.15      05/03/23      CNY    39.85
CHENGDU GARDEN WATER        6.15      05/03/23      CNY    40.41
CHENGDU GARDEN WATER        7.50      09/11/24      CNY    58.32
CHENGDU GARDEN WATER        7.50      09/11/24      CNY    62.56
CHENGDU LIN JIANG GAR       6.75      08/02/24      CNY    59.64
CHENGDU PIDU DISTRICT       6.95      04/01/22      CNY    20.11
CHENGDU PIDU DISTRICT       6.95      04/01/22      CNY    20.20
CHENGDU SHUZHOU CITY        6.58      05/26/22      CNY    20.08
CHENGDU SHUZHOU CITY        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    20.13
CHENGDU XINGJIN ECOLO       3.65      10/13/23      CNY    39.29
CHENGDU XINGJIN ECOLO       3.65      10/13/23      CNY    40.08
CHENGDU XINGSHU INVES       6.78      08/21/24      CNY    60.00
CHENGDU XINGSHU INVES       6.78      08/21/24      CNY    61.79
CHENGDU XINJIN COUNTY       6.40      07/05/24      CNY    58.92
CHENGDU XINJIN COUNTY       6.40      07/05/24      CNY    59.91
CHENGDU XINJIN COUNTY       6.28      08/03/24      CNY    60.00
CHENGDU XINJIN COUNTY       6.28      08/03/24      CNY    60.12
CHENGDU XINKAIYUAN UR       5.29      04/27/23      CNY    39.42
CHENGDU XINKAIYUAN UR       5.29      04/27/23      CNY    40.10
CHENZHOU BAIFU INVEST       4.96      03/22/26      CNY    61.07
CHENZHOU BAIFU INVEST       4.96      03/22/26      CNY    61.62
CHENZHOU FUCHENG HIGH       4.73      01/22/23      CNY    40.02
CHENZHOU FUCHENG HIGH       4.73      01/22/23      CNY    40.07
CHENZHOU INDUSTRY INV       6.45      01/23/22      CNY    20.07
CHENZHOU INDUSTRY INV       6.45      01/23/22      CNY    28.60
CHENZHOU WENLV INDUST       5.34      11/28/23      CNY    58.73
CHENZHOU XINTIAN INVE       6.00      07/26/24      CNY    56.62
CHENZHOU XINTIAN INVE       6.00      07/26/24      CNY    60.00
CHENZHOU XINTIAN INVE       5.38      03/08/26      CNY    63.03
CHENZHOU XINTIAN INVE       5.38      03/08/26      CNY    63.26
CHIBI LANTIAN URBAN C       4.38      08/10/23      CNY    39.69
CHIBI LANTIAN URBAN C       4.38      08/10/23      CNY    39.83
CHINA FORTUNE LAND DE       7.40      03/24/21      CNY    25.13
CHINA FORTUNE LAND DE       7.20      04/18/21      CNY    25.13
CHINA FORTUNE LAND DE       5.60      09/10/21      CNY    25.13
CHINA FORTUNE LAND DE       5.80      05/23/22      CNY    22.20
CHINA FORTUNE LAND DE       5.00      05/30/22      CNY    68.15
CHINA GRAND AUTOMOTIV       9.13      01/30/24      USD    74.23
CHINA OCEANWIDE HOLDI       8.90      12/13/21      CNY    48.00
CHINA SECURITY CO LTD       4.45      11/11/19      CNY    31.00
CHONGQIN BAIYAN INVES       5.75      05/03/23      CNY    40.44
CHONGQIN BAIYAN INVES       5.75      05/03/23      CNY    40.67
CHONGQIN XINLIANG INV       4.76      08/26/23      CNY    38.51
CHONGQIN XINLIANG INV       4.76      08/26/23      CNY    38.73
CHONGQING BANAN ECONO       6.17      03/13/22      CNY    20.10
CHONGQING BANAN ECONO       6.17      03/13/22      CNY    20.12
CHONGQING BAYUAN CONS       4.99      08/16/23      CNY    39.10
CHONGQING BISHAN DIST       4.93      03/29/23      CNY    40.34
CHONGQING BISHAN DIST       4.93      03/29/23      CNY    40.43
CHONGQING DAZU INDUST       6.30      04/28/22      CNY    20.00
CHONGQING DAZU INDUST       6.30      04/28/22      CNY    20.06
CHONGQING DAZU URBAN        3.97      08/11/22      CNY    49.43
CHONGQING DAZU URBAN        3.97      08/11/22      CNY    49.50
CHONGQING DAZU YONGSH       6.48      07/24/24      CNY    59.05
CHONGQING DAZU YONGSH       6.48      07/24/24      CNY    61.42
CHONGQING ECO&TECH DE       3.95      04/13/23      CNY    40.07
CHONGQING FULING TRAF       6.68      02/03/22      CNY    20.00
CHONGQING FULING TRAF       6.68      02/03/22      CNY    20.08
CHONGQING HECHUAN CIT       3.95      09/06/23      CNY    39.61
CHONGQING HECHUAN CIT       3.95      09/06/23      CNY    39.86
CHONGQING HONGYE INDU       6.30      08/02/24      CNY    59.74
CHONGQING HONGYE INDU       6.30      08/02/24      CNY    61.30
CHONGQING JIANGJIN DI       6.40      09/13/24      CNY    60.00
CHONGQING JIANGJIN DI       6.40      09/13/24      CNY    60.57
CHONGQING JIN TONG IN       4.44      11/16/23      CNY    56.84
CHONGQING JIN TONG IN       4.44      11/16/23      CNY    59.65
CHONGQING JIN TONG IN       6.50      08/01/24      CNY    55.88
CHONGQING JIN TONG IN       6.50      08/01/24      CNY    60.00
CHONGQING JINYUN ASSE       4.50      12/31/22      CNY    40.09
CHONGQING JINYUN ASSE       4.50      12/31/22      CNY    40.18
CHONGQING KAIQIAN INV       4.64      03/21/23      CNY    38.70
CHONGQING KAIQIAN INV       4.64      03/21/23      CNY    39.87
CHONGQING LAND PROPER       3.36      03/21/23      CNY    40.03
CHONGQING LAND PROPER       3.36      03/21/23      CNY    40.10
CHONGQING LIANGSHAN C       6.30      10/16/24      CNY    61.59
CHONGQING LIANGSHAN C       6.30      10/16/24      CNY    61.60
CHONGQING MAIRUI URBA       4.95      04/21/23      CNY    40.19
CHONGQING MAIRUI URBA       4.95      04/21/23      CNY    40.30
CHONGQING NANCHUAN CI       4.20      07/11/23      CNY    39.77
CHONGQING NANCHUAN CI       4.20      07/11/23      CNY    39.90
CHONGQING QIJIANG EAS       4.00      09/05/23      CNY    38.78
CHONGQING QIJIANG EAS       4.00      09/05/23      CNY    39.14
CHONGQING SHUANGFU CO       6.37      10/13/24      CNY    60.00
CHONGQING SHUANGFU CO       6.37      10/13/24      CNY    60.93
CHONGQING SHUANGQIAO        5.99      11/19/21      CNY    19.99
CHONGQING SHUANGQIAO        5.99      11/19/21      CNY    26.25
CHONGQING TONGLIANG J       6.59      04/08/22      CNY    20.00
CHONGQING TONGLIANG J       6.59      04/08/22      CNY    20.13
CHONGQING TONGNAN DIS       4.99      12/31/22      CNY    39.25
CHONGQING TONGNAN DIS       4.99      12/31/22      CNY    39.66
CHONGQING WANSHENG EC       5.40      11/18/21      CNY    39.98
CHONGQING WANZHOU SAN       4.95      08/25/22      CNY    20.19
CHONGQING WANZHOU SAN       4.95      08/25/22      CNY    20.80
CHONGQING WULONG DIST       6.80      09/21/24      CNY    55.00
CHONGQING WULONG DIST       6.80      09/21/24      CNY    58.40
CHONGQING XINGRONG HO       4.86      03/31/23      CNY    38.50
CHONGQING XINGRONG HO       4.86      03/31/23      CNY    39.82
CHONGQING YINGDI INDU       7.00      11/07/24      CNY    59.99
CHONGQING YUELAI INVE       6.09      04/29/22      CNY    20.00
CHONGQING YUELAI INVE       6.09      04/29/22      CNY    20.19
CHUN'AN XINANJIANG DE       6.10      03/11/22      CNY    20.19
CHUN'AN XINANJIANG DE       6.10      03/11/22      CNY    24.55
CHUN'AN XINANJIANG DE       3.84      11/04/23      CNY    39.36
CHUN'AN XINANJIANG DE       3.84      11/04/23      CNY    40.06
CHUZHOU CITY INVESTME       6.30      11/30/21      CNY    30.04
CHUZHOU CITY INVESTME       6.30      11/30/21      CNY    30.40
CHUZHOU CITY NANQIAO        5.95      10/23/24      CNY    60.00
CHUZHOU CITY NANQIAO        5.95      10/23/24      CNY    62.39
CITIC GUOAN GROUP COR       4.90      11/06/19      CNY    18.25
CITIC GUOAN GROUP COR       5.80      12/15/19      CNY    18.25
CITIC GUOAN GROUP COR       4.23      12/15/20      CNY    18.25
CITIC GUOAN GROUP COR       4.49      03/08/21      CNY    18.25
CIXI STATE OWNED ASSE       4.90      04/07/24      CNY    60.92
DAFANG COUNTY CONSTRU       6.00      09/26/23      CNY    38.30
DAFANG COUNTY CONSTRU       6.00      09/26/23      CNY    40.18
DALI HAIDONG DEVELOPM       6.01      01/25/23      CNY    38.05
DALI HAIDONG DEVELOPM       6.01      01/25/23      CNY    39.82
DALIAN RONGDA INVESTM       5.69      12/05/21      CNY    20.03
DALIAN SHITAI CITY CO       4.50      02/01/23      CNY    37.74
DALIAN SHITAI CITY CO       4.50      02/01/23      CNY    40.12
DANGTU COUNTY CONSTRU       5.38      08/10/22      CNY    20.26
DANGYANG XINYUAN INVE       4.97      03/29/23      CNY    39.84
DANGYANG XINYUAN INVE       4.97      03/29/23      CNY    40.29
DANYANG HI-TECH INDUS       6.40      04/24/22      CNY    19.87
DANYANG HI-TECH INDUS       6.40      04/24/22      CNY    20.00
DANYANG INVESTMENT GR       3.99      01/25/23      CNY    39.15
DANYANG INVESTMENT GR       3.99      01/25/23      CNY    39.77
DANYANG INVESTMENT GR       5.49      07/18/24      CNY    61.66
DASHIQIAO URBAN CONST       7.59      08/14/24      CNY    62.53
DASHIQIAO URBAN CONST       7.59      08/14/24      CNY    62.54
DATONG ECONOMIC CONST       4.49      10/22/22      CNY    20.02
DATONG ECONOMIC CONST       4.49      10/22/22      CNY    20.15
DAWA COUNTY CITY CONS       6.29      06/12/22      CNY    19.58
DAWA COUNTY LINGANG E       5.99      10/19/24      CNY    61.02
DAYE ZHENHENG CITY DE       4.50      03/28/23      CNY    38.09
DAYE ZHENHENG CITY DE       4.50      03/28/23      CNY    39.81
DAYE ZHENHENG CITY DE       4.05      08/31/23      CNY    37.81
DAYE ZHENHENG CITY DE       4.05      08/31/23      CNY    38.82
DAZHOU DEVELOPMENT HO       6.55      01/14/22      CNY    20.00
DAZHOU DEVELOPMENT HO       6.55      01/14/22      CNY    20.08
DAZHOU DEVELOPMENT HO       5.10      11/27/22      CNY    40.00
DAZHOU DEVELOPMENT HO       5.10      11/27/22      CNY    40.09
DAZHOU INVESTMENT CO        3.99      11/04/26      CNY    67.55
DEHONGZHOU HONGKANG I       6.68      01/23/22      CNY    20.04
DEQING CONSTRUCTION I       3.60      11/11/23      CNY    59.50
DEQING CONSTRUCTION I       3.60      11/11/23      CNY    59.60
DEXING INVESTMENT HOL       5.99      03/21/23      CNY    40.08
DEXING INVESTMENT HOL       5.99      03/21/23      CNY    43.80
DONGLING GROUP INC CO       8.00      07/14/22      CNY    20.00
DONGLING GROUP INC CO       8.00      07/14/22      CNY    20.40
DONGTAI STATE-OWNED A       3.04      11/16/23      CNY    58.77
DONGYING CITY URBAN A       5.57      03/31/22      CNY    20.16
DONGYING CITY URBAN A       5.57      03/31/22      CNY    20.33
DONGZHI COUNTY CITY O       4.88      06/20/23      CNY    39.99
DONGZHI COUNTY CITY O       4.88      06/20/23      CNY    39.99
DUJIANGYAN NEW CITY C       6.90      10/19/24      CNY    61.84
DUJIANGYAN NEW CITY C       7.80      10/11/25      CNY    69.00
DUJIANGYAN XINGYAN IN       6.10      03/12/22      CNY    19.00
DUJIANGYAN XINGYAN IN       6.10      03/12/22      CNY    19.75
DUNYUN STATE-OWNED AS       6.60      12/28/22      CNY    39.61
ENSHI URBAN CONSTRUCT       3.84      11/01/23      CNY    39.29
ENSHI URBAN CONSTRUCT       3.84      11/01/23      CNY    39.58
EVERGRANDE REAL ESTAT       6.98      07/08/22      CNY    27.00
EVERGRANDE REAL ESTAT       6.27      05/06/23      CNY    30.00
EVERGRANDE REAL ESTAT       6.80      05/06/24      CNY    35.69
FANTASIA GROUP CHINA        7.50      12/17/21      CNY    74.00
FANTASIA GROUP CHINA        7.80      11/29/22      CNY    44.83
FEICHENG CITY ASSETS        4.04      03/23/23      CNY    39.68
FEICHENG CITY ASSETS        4.04      03/23/23      CNY    40.11
FEIXI COUNTY URBAN &        4.45      06/03/23      CNY    40.24
FEIXI COUNTY URBAN &        4.45      06/03/23      CNY    41.24
FENG COUNTY ECONOMIC        5.18      06/21/23      CNY    38.82
FENG COUNTY ECONOMIC        5.18      06/21/23      CNY    40.06
FENGCHENG CITY CONSTR       6.49      02/10/22      CNY    20.12
FENGCHENG CITY CONSTR       6.49      02/10/22      CNY    20.34
FENGCHENG CITY MODERN       5.76      12/17/22      CNY    37.88
FENGCHENG CITY MODERN       5.76      12/17/22      CNY    40.00
FENGDU COUNTY STATE-O       6.38      09/05/24      CNY    60.00
FENGDU COUNTY STATE-O       6.38      09/05/24      CNY    60.39
FENGHUANG MINGCHENG C       6.50      03/23/24      CNY    61.14
FENGTAI HUAXING CITY        5.60      03/13/24      CNY    61.42
FENGTAI HUAXING CITY        5.60      03/13/24      CNY    61.45
FENGXIAN URBAN INVEST       6.48      03/20/22      CNY    20.00
FENGXIAN URBAN INVEST       6.48      03/20/22      CNY    20.13
FENYI CITY CONSTRUCTI       4.54      08/22/23      CNY    39.33
FENYI CITY CONSTRUCTI       4.54      08/22/23      CNY    39.78
FUJIAN FUSHENG GROUP        7.90      11/19/21      CNY    60.00
FUJIAN FUSHENG GROUP        7.90      12/17/21      CNY    70.99
FUJIAN JINJIANG URBAN       3.35      08/24/23      CNY    39.00
FUJIAN JINJIANG URBAN       3.35      08/24/23      CNY    39.91
FUJIAN PROVINCE LIANJ       6.29      04/30/22      CNY    20.00
FUJIAN PROVINCE LIANJ       6.29      04/30/22      CNY    20.25
FUJIAN ZHANGLONG GROU       4.99      08/07/22      CNY    20.00
FUJIAN ZHANGLONG GROU       4.99      08/07/22      CNY    20.15
FUNING URBAN INVESTME       6.00      03/14/24      CNY    61.45
FUNING URBAN INVESTME       6.00      03/14/24      CNY    61.73
FUQING CITY STATE-OWN       5.94      11/26/22      CNY    40.06
FUXIN INFRASTRUCTURE        6.18      03/18/22      CNY    19.92
FUZHOU CHANGLE DISTRI       4.50      04/11/23      CNY    39.81
FUZHOU CHANGLE DISTRI       4.50      04/11/23      CNY    40.25
FUZHOU DEVELOPMENT ZO       3.53      08/25/23      CNY    39.89
FUZHOU DEVELOPMENT ZO       3.53      08/25/23      CNY    39.89
FUZHOU DONGXIANG INVE       6.20      03/20/24      CNY    61.84
FUZHOU DONGXIANG INVE       6.20      03/20/24      CNY    61.85
FUZHOU INVESTMENT DEV       5.70      10/30/24      CNY    60.00
FUZHOU INVESTMENT DEV       5.70      10/30/24      CNY    60.77
FUZHOU LINCHUAN URBAN       5.68      07/05/23      CNY    40.82
FUZHOU LINCHUAN URBAN       5.68      07/05/23      CNY    40.82
FUZHOU URBAN AND RURA       5.48      01/26/22      CNY    20.00
FUZHOU URBAN AND RURA       5.48      01/26/22      CNY    20.08
FUZHOU URBAN AND RURA       4.89      07/08/22      CNY    20.15
FUZHOU URBAN AND RURA       4.89      07/08/22      CNY    20.55
GANSU PROVINCIAL HIGH       6.58      09/24/22      CNY    41.05
GANSU PROVINCIAL HIGH       6.20      03/28/23      CNY    71.65
GANZHOU CITY DEVELOPM       5.50      06/16/22      CNY    20.00
GANZHOU CITY DEVELOPM       5.50      06/16/22      CNY    20.15
GANZHOU DEVELOPMENT I       8.10      12/11/23      CNY    63.25
GAOMI CITY CONSTRUCTI       5.95      09/18/24      CNY    59.97
GAOMI CITY CONSTRUCTI       5.95      09/18/24      CNY    60.00
GAOMI STATE-OWNED ASS       4.69      01/26/23      CNY    39.50
GAOMI STATE-OWNED ASS       4.69      01/26/23      CNY    39.54
GAOQING LU QING ASSET       7.50      09/27/24      CNY    64.01
GAOQING LU QING ASSET       7.50      09/27/24      CNY    64.02
GAOYOU CITY CONSTRUCT       5.48      09/15/22      CNY    20.00
GAOYOU CITY CONSTRUCT       5.48      09/15/22      CNY    20.29
GAOYOU CITY ECONOMY D       3.65      09/02/23      CNY    40.00
GAOYOU CITY ECONOMY D       3.65      09/02/23      CNY    40.28
GAOYOU CITY ECONOMY D       5.26      07/13/24      CNY    61.42
GAOYOU CITY ECONOMY D       5.26      07/13/24      CNY    62.10
GONG'AN COUNTY CITY C       4.30      08/30/23      CNY    39.63
GONG'AN COUNTY CITY C       4.30      08/30/23      CNY    39.92
GONGQINGCHENG FINANCI       5.85      03/25/23      CNY    40.27
GONGQINGCHENG FINANCI       5.85      03/25/23      CNY    40.27
GUANGAN DEVELOPMENT A       6.39      03/24/22      CNY    20.20
GUANGAN DEVELOPMENT A       6.39      03/24/22      CNY    24.00
GUANGAN ECONOMIC & TE       5.16      04/14/23      CNY    40.05
GUANGAN ECONOMIC & TE       5.16      04/14/23      CNY    40.19
GUANGAN TRANSPORTATIO       5.39      12/01/23      CNY    48.77
GUANGAN XINHONG INVES       7.18      08/28/24      CNY    59.86
GUANGAN XINHONG INVES       7.18      08/28/24      CNY    60.00
GUANGDE CITY STATE-OW       5.37      07/18/24      CNY    60.46
GUANGDE CITY STATE-OW       5.37      07/18/24      CNY    62.40
GUANGDONG HUIZHOU COM       4.16      05/17/23      CNY    40.40
GUANGDONG HUIZHOU COM       4.16      05/17/23      CNY    40.46
GUANGDONG HUIZHOU COM       4.95      12/27/23      CNY    61.13
GUANGDONG HUIZHOU COM       4.95      12/27/23      CNY    61.16
GUANGRAO COUNTY ECONO       3.61      09/08/23      CNY    40.09
GUANGSHUI CITY DEVELO       6.19      03/01/24      CNY    61.21
GUANGSHUI CITY DEVELO       6.19      03/01/24      CNY    61.57
GUANGXI LAIBIN INDUST       5.97      11/26/21      CNY    20.00
GUANGXI LAIBIN INDUST       5.97      11/26/21      CNY    20.01
GUANGXI LIUZHOU DONGC       6.50      07/24/24      CNY    71.96
GUANGXI LIUZHOU INVES       4.28      03/08/23      CNY    37.78
GUANGYUAN YUANQU CONS       4.48      03/10/23      CNY    40.04
GUANGYUAN YUANQU CONS       4.48      03/10/23      CNY    40.12
GUANGZHOU HUANTOU NAN       6.38      11/18/24      CNY    60.30
GUANGZHOU HUANTOU NAN       6.38      11/18/24      CNY    61.13
GUANGZHOU METRO GROUP       6.45      04/02/24      CNY    45.00
GUANGZHOU METRO GROUP       6.45      04/02/24      CNY    46.94
GUANGZHOU METRO GROUP       6.05      06/03/24      CNY    46.91
GUANGZHOU PANYU INFOR       4.50      09/08/26      CNY    70.50
GUANGZHOU PANYU INFOR       4.50      09/08/26      CNY    70.51
GUANGZHOU R&F PROPERT       6.70      04/07/22      CNY    52.03
GUANGZHOU R&F PROPERT       6.80      05/16/22      CNY    65.50
GUANGZHOU R&F PROPERT       7.00      01/03/23      CNY    64.00
GUCHENG CONSTRUCTION        7.88      04/27/25      CNY    75.00
GUILIN ECONOMIC CONST       5.60      04/22/22      CNY    20.00
GUILIN ECONOMIC CONST       5.60      04/22/22      CNY    20.21
GUIRENNIAO CO LTD           7.00      12/03/19      CNY    49.50
GUIXI STATE OWNED HOL       4.18      08/18/23      CNY    39.62
GUIXI STATE OWNED HOL       4.18      08/18/23      CNY    39.64
GUIYANG BAIYUN INDUST       7.30      03/27/22      CNY    20.07
GUIYANG BAIYUN INDUST       7.30      03/27/22      CNY    25.00
GUIYANG BAIYUN URBAN        6.48      07/17/24      CNY    59.81
GUIYANG BAIYUN URBAN        6.48      07/17/24      CNY    60.00
GUIYANG BAIYUN URBAN        7.28      09/25/24      CNY    59.04
GUIYANG BAIYUN URBAN        7.28      09/25/24      CNY    60.00
GUIYANG BAIYUN URBAN        4.75      09/13/26      CNY    61.31
GUIYANG BAIYUN URBAN        4.75      09/13/26      CNY    62.16
GUIYANG CITY CONSTRUC       4.37      03/25/26      CNY    65.20
GUIYANG CITY CONSTRUC       4.37      03/25/26      CNY    66.96
GUIYANG ECONOMIC DEVE       6.35      09/21/24      CNY    59.59
GUIYANG GUANCHENG IND       7.50      12/25/22      CNY    71.18
GUIYANG GUANSHANHU DI       4.87      01/28/23      CNY    37.40
GUIYANG GUANSHANHU DI       4.87      01/28/23      CNY    39.94
GUIYANG GUANSHANHU DI       4.48      03/09/23      CNY    37.41
GUIYANG GUANSHANHU DI       4.48      03/09/23      CNY    38.53
GUIYANG GUANSHANHU DI       6.49      06/22/24      CNY    56.80
GUIYANG GUANSHANHU DI       6.49      06/22/24      CNY    57.61
GUIYANG URBAN CONSTRU       5.23      12/02/22      CNY    39.00
GUIYANG URBAN CONSTRU       5.23      12/02/22      CNY    39.80
GUIYANG URBAN CONSTRU       5.98      07/21/24      CNY    59.97
GUIYANG URBAN CONSTRU       5.98      07/21/24      CNY    60.00
GUIZHOU EAST LAKE CIT       5.18      01/06/23      CNY    37.94
GUIZHOU FANJINGSHAN I       6.95      01/28/22      CNY    19.90
GUIZHOU FANJINGSHAN I       6.95      01/28/22      CNY    19.91
GUIZHOU GUIAN CONSTRU       4.17      10/28/22      CNY    20.11
GUIZHOU GUIAN CONSTRU       4.17      10/28/22      CNY    21.00
GUIZHOU GUILONG INDUS       7.80      04/28/22      CNY    24.95
GUIZHOU GUILONG INDUS       7.80      04/28/22      CNY    25.32
GUIZHOU HONGCAI INVES       6.00      06/07/23      CNY    27.76
GUIZHOU HONGCAI INVES       6.00      06/07/23      CNY    28.78
GUIZHOU KAILI KAIYUAN       7.30      05/26/24      CNY    57.20
GUIZHOU KAILI KAIYUAN       7.30      05/26/24      CNY    62.00
GUIZHOU KAILI KAIYUAN       7.28      08/29/24      CNY    60.00
GUIZHOU KAILI KAIYUAN       7.28      08/29/24      CNY    62.07
GUIZHOU LIUPANSHUI PA       7.30      07/24/24      CNY    50.34
GUIZHOU RAILWAY INVES       7.20      03/27/22      CNY    20.20
GUIZHOU RAILWAY INVES       7.20      03/27/22      CNY    20.30
GUIZHOU RAILWAY INVES       7.50      04/23/24      CNY    46.98
GUIZHOU RAILWAY INVES       7.50      04/23/24      CNY    47.00
GUIZHOU SHUICHENG CIT       4.98      11/22/23      CNY    52.33
GUIZHOU SHUICHENG CIT       4.98      11/22/23      CNY    60.01
GUIZHOU SHUICHENG ECO       7.50      10/26/25      CNY    39.50
GUIZHOU XINDONGGUAN C       7.70      09/05/24      CNY    62.25
GULIN STATE-OWNED ASS       4.18      08/04/23      CNY    39.31
GULIN STATE-OWNED ASS       4.18      08/04/23      CNY    39.32
GULIN STATE-OWNED ASS       5.96      07/24/24      CNY    61.17
GULIN STATE-OWNED ASS       5.96      07/24/24      CNY    64.51
HAIAN DEVELOPMENT ZON       4.47      11/16/23      CNY    58.74
HAIAN DEVELOPMENT ZON       4.47      11/16/23      CNY    59.69
HAIAN ECONOMIC TECHNO       5.45      04/13/23      CNY    39.98
HAIAN ECONOMIC TECHNO       5.45      04/13/23      CNY    40.05
HAIAN URBAN DEMOLITIO       5.08      11/27/22      CNY    40.20
HAIAN URBAN DEMOLITIO       5.08      11/27/22      CNY    40.58
HAICHENG URBAN JINCAI       5.37      08/10/23      CNY    40.31
HAIFENG MARINE INFRAS       6.84      04/29/22      CNY    20.17
HAIKOU MEILAN INTERNA       5.25      09/06/19      USD    10.51
HAINAN AIRLINES HOLDI       6.20      05/24/21      CNY    51.00
HAINING ASSET MANAGEM       3.40      08/16/23      CNY    69.70
HAIYAN COUNTY STATE-O       5.80      06/12/24      CNY    61.70
HAMI JIANHUI STATE-OW       3.90      09/21/23      CNY    39.91
HANCHENG CITY INVESTM       4.69      12/05/23      CNY    58.23
HANCHENG CITY INVESTM       4.69      12/05/23      CNY    58.51
HANCHUAN CITY HANRONG       4.25      07/18/23      CNY    39.65
HANCHUAN CITY HANRONG       4.25      07/18/23      CNY    39.97
HANDAN CONSTRUCTION &       5.48      05/27/22      CNY    20.12
HANDAN CONSTRUCTION &       5.48      05/27/22      CNY    27.20
HANGZHOU CANAL COMPRE       3.40      10/17/23      CNY    39.74
HANGZHOU CANAL COMPRE       3.40      10/17/23      CNY    39.86
HANGZHOU FUYANG DEVEL       4.76      01/27/23      CNY    40.28
HANGZHOU FUYANG DEVEL       4.76      01/27/23      CNY    40.38
HANGZHOU GONGSHU DIST       3.80      03/14/23      CNY    40.00
HANGZHOU GONGSHU DIST       3.80      03/14/23      CNY    40.21
HANGZHOU METRO GROUP        5.97      09/17/24      CNY    47.19
HANGZHOU WEST LAKE IN       4.30      04/25/23      CNY    39.87
HANGZHOU WEST LAKE IN       4.30      04/25/23      CNY    40.48
HANGZHOU XIAOSHAN QIA       4.00      03/22/23      CNY    39.77
HANGZHOU XIAOSHAN QIA       4.00      03/22/23      CNY    40.28
HANJIANG STATE-OWNED-       5.40      04/21/24      CNY    61.67
HANJIANG STATE-OWNED-       5.40      04/21/24      CNY    61.73
HANSHAN CITY CONSTRUC       6.20      08/30/24      CNY    60.00
HANSHAN CITY CONSTRUC       6.20      08/30/24      CNY    62.08
HEBEI ZHONGYUE CITY C       4.10      11/16/21      CNY    19.99
HEBEI ZHONGYUE CITY C       4.10      11/16/21      CNY    20.00
HECHI CITY CONSTRUCTI       5.58      11/13/22      CNY    36.00
HECHI CITY CONSTRUCTI       5.58      11/13/22      CNY    39.56
HECHI STATE-OWNED CAP       4.37      11/04/23      CNY    39.00
HECHI STATE-OWNED CAP       4.37      11/04/23      CNY    39.13
HEFEI CONSTRUCTION IN       7.20      04/29/24      CNY    47.69
HEFEI XINCHENG STATE-       4.13      07/15/23      CNY    39.65
HEFEI XINCHENG STATE-       4.13      07/15/23      CNY    40.31
HEILONGJIANG HECHENG        5.60      11/11/21      CNY    20.00
HEILONGJIANG HECHENG        7.05      06/21/22      CNY    15.19
HEISHAN TONGHE ASSET        6.79      09/18/22      CNY    19.28
HEISHAN TONGHE ASSET        6.79      09/18/22      CNY    19.99
HENGDONG URBAN & RURA       6.60      12/27/23      CNY    60.96
HENGDONG URBAN & RURA       6.60      12/27/23      CNY    60.98
HENGYANG BINJIANG NEW       5.47      07/27/24      CNY    61.66
HENGYANG CITY AND URB       7.50      09/22/24      CNY    60.39
HENGYANG CITY AND URB       7.50      09/22/24      CNY    62.63
HENGYANG COMMUNICATIO       4.28      01/21/23      CNY    40.00
HENGYANG COMMUNICATIO       4.28      01/21/23      CNY    40.12
HESHAN PUBLIC ASSET M       4.08      09/28/23      CNY    39.81
HESHAN PUBLIC ASSET M       4.08      09/28/23      CNY    39.81
HESHAN PUBLIC ASSET M       5.08      12/07/23      CNY    60.99
HESHAN PUBLIC ASSET M       5.08      12/07/23      CNY    61.09
HETIAN YUXIN STATE-OW       4.65      03/28/23      CNY    39.46
HETIAN YUXIN STATE-OW       4.65      03/28/23      CNY    39.83
HEYUAN CITY RUNYE INV       6.20      12/03/21      CNY    20.00
HEYUAN CITY RUNYE INV       6.20      12/03/21      CNY    20.03
HNA GROUP CO LTD            7.10      04/15/20      CNY    70.00
HNA GROUP CO LTD            5.99      11/27/22      CNY    29.10
HONGDAXINGYE GROUP CO       7.00      12/14/20      CNY    18.00
HONGDAXINGYE GROUP CO       7.00      01/15/21      CNY    18.00
HONGHEZHOU DEVELOPMEN       5.90      07/12/24      CNY    62.04
HONGHU CITY HONGRUI I       6.30      10/13/24      CNY    62.67
HONGHU CITY HONGRUI I       6.30      10/13/24      CNY    62.67
HUACHEN ENERGY CO LTD       6.63      05/18/20      USD    46.30
HUAIAN CITY HUAIAN DI       4.63      05/03/23      CNY    40.02
HUAIAN CITY HUAIAN DI       4.63      05/03/23      CNY    40.15
HUAIAN CITY URBAN ASS       5.70      04/23/22      CNY    20.23
HUAIAN CITY URBAN ASS       5.70      04/23/22      CNY    21.54
HUAIAN CITY XUYI URBA       5.10      04/15/23      CNY    39.80
HUAIAN CITY XUYI URBA       5.10      04/15/23      CNY    40.09
HUAIAN HONGRI TRANSPO       5.09      04/20/23      CNY    39.09
HUAIAN HONGRI TRANSPO       5.09      04/20/23      CNY    39.11
HUAIAN HONGZE DISTRIC       4.37      07/18/23      CNY    39.63
HUAIAN HONGZE DISTRIC       4.37      07/18/23      CNY    39.70
HUAI'AN NEW CITY INVE       5.22      09/20/24      CNY    61.58
HUAIAN QINGPU CITY CO       6.75      09/29/24      CNY    56.72
HUAIAN QINGPU CITY CO       6.75      09/29/24      CNY    56.99
HUAI'AN WATER CONSERV       5.28      08/11/24      CNY    60.00
HUAI'AN WATER CONSERV       5.28      08/11/24      CNY    61.40
HUAIHUA CITY CONSTRUC       4.18      08/31/23      CNY    38.21
HUAIHUA CITY CONSTRUC       4.18      08/31/23      CNY    38.30
HUAIHUA ECONOMIC DEVE       6.80      03/26/22      CNY    20.00
HUAIHUA ECONOMIC DEVE       6.80      03/26/22      CNY    20.02
HUAIHUA ECONOMIC DEVE       5.77      08/07/24      CNY    60.00
HUAIHUA ECONOMIC DEVE       5.77      08/07/24      CNY    60.07
HUAIHUA TRANSPORTATIO       4.96      04/12/23      CNY    39.08
HUAIHUA TRANSPORTATIO       4.96      04/12/23      CNY    39.28
HUAINAN INDUSTRY DEVE       5.69      10/25/24      CNY    61.59
HUAINAN INDUSTRY DEVE       5.69      10/25/24      CNY    61.78
HUAINAN SHAN NAN DEVE       6.53      08/24/24      CNY    59.13
HUAINAN SHAN NAN DEVE       6.53      08/24/24      CNY    61.53
HUAINAN URBAN CONSTRU       5.74      09/04/24      CNY    60.92
HUAINAN URBAN CONSTRU       5.74      09/04/24      CNY    62.09
HUANGGANG CITY CONSTR       4.08      01/18/23      CNY    40.19
HUANGMEI COUNTY URBAN       6.80      10/09/24      CNY    60.00
HUANGMEI COUNTY URBAN       6.80      10/09/24      CNY    60.45
HUANGMEI COUNTY URBAN       6.68      10/18/24      CNY    60.00
HUANGMEI COUNTY URBAN       6.68      10/18/24      CNY    61.75
HUANGSHAN CHENGTOU GR       5.95      05/06/22      CNY    20.25
HUANGSHAN CHENGTOU GR       5.95      05/06/22      CNY    20.65
HUANGSHI CIHU HIGH-TE       4.97      06/08/23      CNY    39.96
HUANGSHI CIHU HIGH-TE       4.97      06/08/23      CNY    39.97
HUANGSHI CIHU HIGH-TE       4.50      06/08/23      CNY    40.11
HUANGSHI CIHU HIGH-TE       4.50      06/08/23      CNY    43.00
HUANGSHI URBAN CONSTR       5.99      04/29/22      CNY    20.00
HUANGSHI URBAN CONSTR       5.99      04/29/22      CNY    20.27
HUANGSHI ZHONGBANG CI       5.95      06/02/24      CNY    61.97
HUANGSHI ZHONGBANG CI       5.95      06/02/24      CNY    61.97
HUBEI PROVINCE CHANGJ       6.15      04/03/22      CNY    20.28
HUBEI PROVINCE CHANGJ       6.15      04/03/22      CNY    22.40
HUBEI SONGZI JINSONG        6.60      06/21/24      CNY    60.46
HUBEI SONGZI JINSONG        6.60      06/21/24      CNY    61.44
HUBEI SUPPLY AND MARK       6.70      08/23/24      CNY    56.98
HUBEI SUPPLY AND MARK       6.70      08/23/24      CNY    61.72
HUBEI YILING ECONOMIC       6.45      09/05/24      CNY    60.00
HUBEI YILING ECONOMIC       6.45      09/05/24      CNY    60.18
HULUDAO INVESTMENT GR       7.50      10/18/23      CNY    29.00
HULUDAO INVESTMENT GR       7.50      10/18/23      CNY    30.85
HULUNBEIER INVESTMENT       6.31      04/30/22      CNY    19.65
HULUNBEIER INVESTMENT       6.31      04/30/22      CNY    20.22
HUNAN CHUZHISHENG HOL       5.60      12/18/22      CNY    39.86
HUNAN CHUZHISHENG HOL       5.60      12/18/22      CNY    40.43
HUNAN DESHAN CONSTRUC       6.46      09/14/24      CNY    58.46
HUNAN DESHAN CONSTRUC       6.46      09/14/24      CNY    61.52
HUNAN JINYANG INVESTM       5.70      11/27/21      CNY    18.60
HUNAN JINYANG INVESTM       5.70      11/27/21      CNY    20.01
HUNAN JINYANG INVESTM       4.37      01/19/23      CNY    39.85
HUNAN JINYANG INVESTM       4.37      01/19/23      CNY    40.10
HUNAN JINYANG INVESTM       4.39      04/06/23      CNY    39.97
HUNAN JINYANG INVESTM       4.39      04/06/23      CNY    40.13
HUNAN JINYANG NEW CIT       4.43      10/23/22      CNY    20.11
HUNAN JINYANG NEW CIT       4.43      10/23/22      CNY    20.11
HUNAN LINGANG DEVELOP       4.24      07/21/23      CNY    39.11
HUNAN LINGANG DEVELOP       4.24      07/21/23      CNY    39.55
HUNAN LINGANG DEVELOP       3.94      10/26/23      CNY    38.14
HUNAN LINGANG DEVELOP       3.94      10/26/23      CNY    39.45
HUNAN LOUDI ECONOMIC        6.36      03/13/22      CNY    19.64
HUNAN LOUDI ECONOMIC        6.36      03/13/22      CNY    27.00
HUNAN LOUDI ECONOMIC        4.89      03/30/23      CNY    37.64
HUNAN LOUDI ECONOMIC        4.89      03/30/23      CNY    39.17
HUNAN PROVINCIAL RAIL       6.09      04/30/25      CNY    60.00
HUNAN PROVINCIAL RAIL       6.09      04/30/25      CNY    62.72
HUNAN SENTE INDUSTRIA       6.90      11/28/24      CNY    40.00
HUNAN SHAODONG ECO-IN       6.58      12/13/23      CNY    60.40
HUNAN SHAODONG ECO-IN       6.58      12/13/23      CNY    60.95
HUNAN TIER GROUP CO L       4.20      03/17/23      CNY    38.05
HUNAN TIER GROUP CO L       4.20      03/17/23      CNY    38.06
HUNAN YOUZHOU INVESTM       4.80      07/07/23      CNY    39.91
HUNAN YOUZHOU INVESTM       4.80      07/07/23      CNY    39.92
HUNAN ZHIGU INVESTMEN       5.80      07/28/24      CNY    60.00
HUNAN ZHIGU INVESTMEN       5.80      07/28/24      CNY    61.72
INNER MONGOLIA JINLON       7.30      11/19/22      CNY    39.50
INNER MONGOLIA JINLON       7.30      11/19/22      CNY    40.41
INNER MONGOLIA KE'ERQ       6.50      03/11/22      CNY    20.00
INNER MONGOLIA KE'ERQ       6.50      03/11/22      CNY    20.00
INNER MONGOLIA KE'ERQ       6.45      04/30/22      CNY    20.09
INNER MONGOLIA KE'ERQ       6.45      04/30/22      CNY    20.13
INNER MONGOLIA ZHUNGE       6.54      12/31/21      CNY    20.10
INNER MONGOLIA ZHUNGE       6.54      12/31/21      CNY    22.10
JIAHE ZHUDU DEVELOPME       6.50      05/25/24      CNY    61.38
JIAHE ZHUDU DEVELOPME       6.50      05/25/24      CNY    61.38
JIAN CITY JINGANGSHAN       4.87      01/27/23      CNY    39.91
JIAN CITY JINGANGSHAN       4.87      01/27/23      CNY    39.96
JIANAN INVESTMENT HOL       4.30      03/08/23      CNY    40.34
JIANAN INVESTMENT HOL       4.30      03/08/23      CNY    40.38
JIANAN INVESTMENT HOL       3.50      09/05/23      CNY    39.70
JIANAN INVESTMENT HOL       3.50      09/05/23      CNY    40.08
JIANAN INVESTMENT HOL       3.85      09/05/23      CNY    40.20
JIANAN INVESTMENT HOL       3.85      09/05/23      CNY    40.28
JIANGMEN NEW HI-TECH        6.03      04/22/22      CNY    20.25
JIANGMEN NEW HI-TECH        6.03      04/22/22      CNY    20.35
JIANGSU BEIGU INDUSTR       5.80      06/20/23      CNY    39.77
JIANGSU BEIGU INDUSTR       5.80      06/20/23      CNY    39.96
JIANGSU DAHANG LINGAN       5.18      09/22/23      CNY    39.31
JIANGSU DAHANG LINGAN       5.18      09/22/23      CNY    39.47
JIANGSU GAOCHUN ECONO       3.67      09/23/23      CNY    39.75
JIANGSU GAOCHUN ECONO       3.67      09/23/23      CNY    39.76
JIANGSU GAOCHUN ECONO       3.92      11/23/23      CNY    59.89
JIANGSU GAOCHUN ECONO       3.92      11/23/23      CNY    60.02
JIANGSU GAOCHUN ECONO       5.66      06/26/24      CNY    61.39
JIANGSU GAOCHUN ECONO       5.66      06/26/24      CNY    61.43
JIANGSU GAOCHUN ECONO       6.08      08/14/24      CNY    59.57
JIANGSU GAOCHUN ECONO       6.08      08/14/24      CNY    61.93
JIANGSU HAIRUN CITY D       6.22      04/03/22      CNY    20.22
JIANGSU HAIRUN CITY D       6.22      04/03/22      CNY    20.25
JIANGSU HAIZHOU DEVEL       4.67      06/06/23      CNY    39.60
JIANGSU HAIZHOU DEVEL       4.67      06/06/23      CNY    40.37
JIANGSU HAIZHOUWAN DE       5.38      03/29/23      CNY    29.70
JIANGSU HANRUI INVEST       4.63      04/15/23      CNY    40.42
JIANGSU HANRUI INVEST       4.63      04/15/23      CNY    40.44
JIANGSU HANRUI INVEST       5.00      08/31/23      CNY    38.08
JIANGSU HANRUI INVEST       5.00      08/31/23      CNY    39.70
JIANGSU HONGZE LAKE S       6.50      08/01/24      CNY    60.16
JIANGSU JINHUI GROUP        5.16      07/14/24      CNY    61.34
JIANGSU JINHUI GROUP        5.16      07/14/24      CNY    63.60
JIANGSU JINTAN GUOFA        4.60      08/22/23      CNY    39.79
JIANGSU JINTAN GUOFA        4.60      08/22/23      CNY    39.80
JIANGSU KAIYUAN INVES       7.08      08/03/24      CNY    59.44
JIANGSU KAIYUAN INVES       7.08      08/03/24      CNY    60.00
JIANGSU RUNCHENG ASSE       5.65      04/19/24      CNY    61.11
JIANGSU RUNCHENG ASSE       5.65      04/19/24      CNY    62.65
JIANGSU WUZHONG ECONO       5.49      11/19/21      CNY    20.01
JIANGSU WUZHONG ECONO       5.49      11/19/21      CNY    20.32
JIANGSU XISHAN ECONOM       5.78      07/20/22      CNY    20.37
JIANGSU XISHAN ECONOM       5.78      07/20/22      CNY    20.50
JIANGSU YANGKOU PORT        6.23      04/10/22      CNY    20.11
JIANGSU YANGKOU PORT        6.23      04/10/22      CNY    27.50
JIANGSU YINGZHOU DEVE       4.33      09/21/23      CNY    38.19
JIANGSU YINGZHOU DEVE       4.33      09/21/23      CNY    38.43
JIANGSU YIXING ENVIRO       4.08      09/14/23      CNY    40.03
JIANGSU YIXING ENVIRO       4.08      09/14/23      CNY    40.15
JIANGSU ZHONGAN CONST       5.65      03/24/24      CNY    60.79
JIANGSU ZHONGAN CONST       5.65      03/24/24      CNY    62.40
JIANGSU ZHONGGUANCUN        5.70      08/30/24      CNY    61.60
JIANGSU ZHONGGUANCUN        5.70      08/30/24      CNY    61.74
JIANGSU ZHUFU INDUSTR       4.47      07/20/23      CNY    38.90
JIANGSU ZHUFU INDUSTR       4.47      07/20/23      CNY    39.30
JIANGXI HEJI INVESTME       5.09      12/17/22      CNY    39.61
JIANGXI HEJI INVESTME       5.09      12/17/22      CNY    40.00
JIANGXI LONGHU MOUNTA       4.35      03/16/23      CNY    39.58
JIANGXI LONGHU MOUNTA       4.35      03/16/23      CNY    39.78
JIANGXI PINGXIANG CHA       6.00      08/11/24      CNY    60.00
JIANGXI PINGXIANG CHA       6.00      08/11/24      CNY    60.21
JIANGYOU HONGFEI INVE       6.55      09/02/22      CNY    20.10
JIANGYOU HONGFEI INVE       6.55      09/02/22      CNY    20.31
JIANHU URBAN CONSTRUC       6.30      06/01/22      CNY    19.96
JIANHU URBAN CONSTRUC       6.30      06/01/22      CNY    22.86
JIANLI FENGYUAN CITY        6.78      04/28/24      CNY    61.44
JIANLI FENGYUAN CITY        6.78      04/28/24      CNY    61.45
JIANYANG DEVELOPMENT        3.93      11/10/23      CNY    58.49
JIANYANG DEVELOPMENT        3.93      11/10/23      CNY    58.58
JIANYANG MODERN INDUS       6.00      04/24/24      CNY    60.19
JIANYANG MODERN INDUS       6.00      04/24/24      CNY    60.61
JIAXING JIAXIU DEVELO       5.60      09/25/24      CNY    61.80
JIAXING JIAXIU DEVELO       5.60      09/25/24      CNY    61.99
JIAXING XIANGJIADANG        4.13      07/20/23      CNY    39.64
JIAXING XIANGJIADANG        4.13      07/20/23      CNY    40.34
JIAXING XIANGJIADANG        3.87      09/21/23      CNY    39.38
JIAXING XIANGJIADANG        3.87      09/21/23      CNY    40.09
JIAYU COUNTY URBAN TO       5.70      01/19/23      CNY    40.00
JIAYU COUNTY URBAN TO       5.70      01/19/23      CNY    40.19
JIAYU COUNTY URBAN TO       6.50      01/19/24      CNY    60.55
JIAYU COUNTY URBAN TO       6.50      01/19/24      CNY    61.04
JIAYU COUNTY URBAN TO       5.70      03/23/24      CNY    60.57
JIAYU COUNTY URBAN TO       5.70      03/23/24      CNY    60.57
JILIN CITY CONSTRUCTI       3.80      01/27/23      CNY    37.00
JILIN CITY CONSTRUCTI       3.80      01/27/23      CNY    39.79
JILIN ECONOMIC AND TE       6.20      04/29/23      CNY    40.07
JILIN ECONOMIC AND TE       6.20      04/29/23      CNY    40.17
JINAN CITY LICHENG DI       5.00      06/23/22      CNY    20.00
JINAN CITY LICHENG DI       5.00      06/23/22      CNY    20.10
JINCHANG CONSTRUCTION       6.79      12/21/22      CNY    20.00
JINCHANG CONSTRUCTION       6.79      12/21/22      CNY    40.40
JINCHENG STATE-OWNED        4.99      11/11/21      CNY    20.00
JINCHENG STATE-OWNED        4.99      11/11/21      CNY    20.10
JINGDEZHEN CERAMIC CU       5.38      11/27/22      CNY    39.96
JINGDEZHEN CERAMIC CU       5.38      11/27/22      CNY    40.00
JINGJIANG BINJIANG XI       5.37      07/25/24      CNY    60.31
JINGJIANG BINJIANG XI       5.37      07/25/24      CNY    63.53
JINGJIANG CITY INVEST       4.55      03/30/23      CNY    39.86
JINGJIANG CITY INVEST       4.55      03/30/23      CNY    39.94
JINGMEN CITY CONSTRUC       6.85      07/09/22      CNY    15.00
JINGMEN CITY CONSTRUC       6.85      07/09/22      CNY    15.35
JINGMEN HIGH-TECH DEV       5.48      08/11/22      CNY    19.80
JINGMEN HIGH-TECH DEV       5.48      08/11/22      CNY    20.19
JINGMEN HIGH-TECH DEV       4.15      07/28/23      CNY    39.62
JINGMEN HIGH-TECH DEV       4.15      07/28/23      CNY    39.83
JINGSHAN JINGCHENG IN       4.38      08/29/23      CNY    39.22
JINGSHAN JINGCHENG IN       4.38      08/29/23      CNY    40.29
JINGZHOU DEVELOPMENT        4.87      09/23/26      CNY    65.26
JINGZHOU DEVELOPMENT        4.87      09/23/26      CNY    69.64
JINGZHOU URBAN CONSTR       3.97      03/10/23      CNY    40.10
JINGZHOU URBAN CONSTR       3.97      03/10/23      CNY    40.23
JINGZHOU URBAN CONSTR       5.68      07/20/24      CNY    61.55
JINGZHOU URBAN CONSTR       5.68      07/20/24      CNY    61.70
JINHU COUNTY STATE-OW       4.00      07/26/22      CNY    25.13
JINHU COUNTY STATE-OW       4.00      07/26/22      CNY    25.13
JINING CITY SHIZHONG        6.39      01/29/22      CNY    19.98
JINING CITY SHIZHONG        6.39      01/29/22      CNY    24.44
JINING CITY SHIZHONG        3.52      09/14/23      CNY    38.98
JINING HIGH TECH URBA       6.09      04/30/22      CNY    20.19
JINING HIGH TECH URBA       6.09      04/30/22      CNY    21.50
JINING HIGH TECH URBA       5.88      04/25/23      CNY    71.15
JINNENG HOLDING COAL        5.20      04/24/28      CNY    75.00
JINSHA COUNTY CONSTRU       6.01      09/05/23      CNY    37.96
JINSHA COUNTY CONSTRU       6.01      09/05/23      CNY    38.69
JINTANG MODERN AGRICU       5.49      07/14/23      CNY    40.00
JINTANG MODERN AGRICU       5.49      07/14/23      CNY    40.22
JINXIAN COUNTY CITY C       6.20      07/24/24      CNY    60.98
JINZHAI URBAN DEVELOP       5.90      04/25/23      CNY    40.80
JINZHAI URBAN DEVELOP       5.90      04/25/23      CNY    40.80
JISHOU HUATAI STATE O       7.18      02/09/22      CNY    20.02
JISHOU HUATAI STATE O       7.18      02/09/22      CNY    22.82
JISHOU HUATAI STATE O       6.50      06/21/24      CNY    59.67
JISHOU HUATAI STATE O       6.50      06/21/24      CNY    62.50
JISHOU HUATAI STATE O       6.45      09/11/24      CNY    59.51
JISHOU HUATAI STATE O       6.45      09/11/24      CNY    60.00
JIUJIANG CITY CONSTRU       5.50      05/22/22      CNY    19.55
JIUJIANG CITY CONSTRU       5.50      05/22/22      CNY    20.24
JIUJIANG LAND INVESTM       6.20      03/23/22      CNY    20.13
JIUJIANG LAND INVESTM       6.20      03/23/22      CNY    20.36
JIUJIANG LIANXI DISTR       4.58      03/30/23      CNY    39.84
JIUJIANG LIANXI DISTR       4.58      03/30/23      CNY    40.01
JIXI STATE OWN ASSET        6.87      01/19/22      CNY    19.98
JIXI STATE OWN ASSET        6.87      01/19/22      CNY    20.04
JUNAN CITY STATE OWNE       7.50      09/26/24      CNY    59.81
JUNAN CITY STATE OWNE       7.50      09/26/24      CNY    62.63
JURONG URBAN CONSTRUC       6.89      09/18/24      CNY    60.00
JURONG URBAN CONSTRUC       6.89      09/18/24      CNY    61.09
JURONG URBAN CONSTRUC       6.80      11/06/24      CNY    60.83
KAIFENG URBAN OPERATI       6.35      03/23/22      CNY    20.09
KAIFENG URBAN OPERATI       6.35      03/23/22      CNY    20.09
KAIFU CITY DEVELOPMEN       4.20      01/21/23      CNY    39.85
KAIFU CITY DEVELOPMEN       4.20      01/21/23      CNY    40.13
KAIFU CITY DEVELOPMEN       3.73      08/22/23      CNY    39.85
KAIFU CITY DEVELOPMEN       3.73      08/22/23      CNY    40.21
KAILI GUIZHOU TOWN CO       5.29      12/17/22      CNY    38.94
KAILI GUIZHOU TOWN CO       5.29      12/17/22      CNY    40.00
KAILI GUIZHOU TOWN CO       4.20      10/13/23      CNY    37.07
KAILI GUIZHOU TOWN CO       4.20      10/13/23      CNY    37.07
KANGMEI PHARMACEUTICA       6.28      03/20/21      CNY    20.50
KANGMEI PHARMACEUTICA       6.10      03/28/21      CNY    20.50
KANGMEI PHARMACEUTICA       5.50      04/20/21      CNY    20.50
KANGMEI PHARMACEUTICA       7.00      06/21/21      CNY    20.50
KANGMEI PHARMACEUTICA       6.80      06/28/21      CNY    20.50
KANGMEI PHARMACEUTICA       6.33      01/27/22      CNY    36.69
KANGMEI PHARMACEUTICA       5.20      07/17/22      CNY    20.50
KANGMEI PHARMACEUTICA       5.29      08/16/22      CNY    20.50
KANGMEI PHARMACEUTICA       5.47      09/15/22      CNY    20.50
KASHI URBAN CONSTRUCT       5.80      07/20/22      CNY    20.10
KASHI URBAN CONSTRUCT       5.80      07/20/22      CNY    20.16
KUNMING DIANCHI INVES       5.75      07/24/24      CNY    59.79
KUNMING DIANCHI INVES       5.75      07/24/24      CNY    59.83
KUNSHAN YINQIAO HOLDI       5.50      10/18/24      CNY    62.25
KUNSHAN YINQIAO HOLDI       5.50      10/18/24      CNY    64.10
LAOHEKOU CITY CONSTRU       6.75      08/12/22      CNY    20.06
LAOHEKOU CITY CONSTRU       6.49      08/16/24      CNY    60.00
LAOHEKOU CITY CONSTRU       6.49      08/16/24      CNY    61.14
LEIYANG CITY AND RURA       7.80      04/10/22      CNY    20.31
LEIYANG CITY AND RURA       7.80      04/10/22      CNY    20.32
LEPING STATE-OWNED AS       3.70      10/20/23      CNY    39.42
LEPING STATE-OWNED AS       3.70      10/20/23      CNY    39.79
LIANYUNGANG HENGCHI I       7.45      09/22/24      CNY    58.73
LIANYUNGANG HENGCHI I       7.45      09/22/24      CNY    60.00
LIANYUNGANG HENGCHI I       7.40      10/27/24      CNY    60.00
LIANYUNGANG HENGCHI I       7.40      10/27/24      CNY    62.23
LIANYUNGANG TRANSPORT       5.47      11/17/21      CNY    20.01
LIANYUNGANG TRANSPORT       5.47      11/17/21      CNY    25.00
LIAOCHENG ANTAI URBAN       5.16      04/11/23      CNY    39.56
LIAOCHENG ANTAI URBAN       4.58      04/11/23      CNY    39.63
LIAOCHENG ANTAI URBAN       4.58      04/11/23      CNY    39.68
LIAOCHENG ANTAI URBAN       5.16      04/11/23      CNY    40.00
LIAOCHENG XINGYE HOLD       5.20      04/13/23      CNY    39.49
LIAOCHENG XINGYE HOLD       5.20      04/13/23      CNY    39.49
LIAONING GUANLONG CON       4.70      11/10/23      CNY    59.00
LIAONING GUANLONG CON       4.70      11/10/23      CNY    59.80
LIAONING YAODU DEVELO       6.50      04/29/23      CNY    40.62
LILING HIGH-TECH INDU       4.93      01/19/23      CNY    39.32
LINFEN YAODU DISTRICT       7.19      03/13/22      CNY    20.14
LINWU SHUNFA URBAN CO       7.00      08/23/24      CNY    60.00
LINWU SHUNFA URBAN CO       7.00      08/23/24      CNY    60.26
LINYI CITY DEVELOPMEN       3.85      11/22/23      CNY    59.36
LINYI CITY DEVELOPMEN       3.85      11/22/23      CNY    60.21
LISHUI CITY CULTURAL        5.67      08/13/22      CNY    20.03
LISHUI CITY CULTURAL        5.67      08/13/22      CNY    20.11
LIUPANSHUI CITY TRAFF       5.98      05/02/24      CNY    57.42
LIUPANSHUI CITY TRAFF       5.98      05/02/24      CNY    60.56
LIUPANSHUI DEVELOPMEN       3.74      01/20/23      CNY    39.70
LIUPANSHUI DEVELOPMEN       3.74      01/20/23      CNY    40.00
LIUPANSHUI MINSHENG I       5.08      01/29/23      CNY    36.70
LIUYANG MODERN MANUFA       4.72      01/19/23      CNY    39.81
LIUYANG MODERN MANUFA       4.72      01/19/23      CNY    39.82
LIUYANG MODERN MANUFA       5.75      05/02/24      CNY    61.69
LIUYANG MODERN MANUFA       5.88      08/10/24      CNY    62.26
LIUYANG MODERN MANUFA       5.88      08/10/24      CNY    62.37
LIUYANG URBAN CONSTRU       4.45      05/24/23      CNY    39.84
LIUYANG URBAN CONSTRU       4.45      05/24/23      CNY    40.49
LIUZHOU CITY INVESTME       7.18      12/31/22      CNY    29.91
LIUZHOU DONGTONG INVE       4.45      07/22/23      CNY    37.96
LIUZHOU DONGTONG INVE       4.45      07/22/23      CNY    38.00
LIUZHOU LONGJIAN INVE       8.28      04/30/24      CNY    44.50
LIUZHOU LONGJIAN INVE       8.28      04/30/24      CNY    45.83
LONGCHANG DEVELOPMENT       7.09      10/31/24      CNY    60.00
LONGCHANG DEVELOPMENT       7.09      10/31/24      CNY    61.82
LONGYAN RAILWAY CONST       4.98      04/13/23      CNY    39.82
LONGYAN RAILWAY CONST       4.98      04/13/23      CNY    39.98
LOUDI TIDU INVESTMENT       4.83      01/20/23      CNY    39.79
LOUDI TIDU INVESTMENT       4.83      01/20/23      CNY    39.93
LOUDI WANBAO NEW DIST       5.13      02/01/23      CNY    39.29
LOUDI WANBAO NEW DIST       5.13      02/01/23      CNY    39.35
LOUDI WANBAO NEW DIST       4.42      08/01/23      CNY    38.56
LOUDI WANBAO NEW DIST       4.42      08/01/23      CNY    39.72
LU'AN JIN'AN DISTRICT       5.95      07/24/24      CNY    61.71
LUJIANG CITY CONSTRUC       6.70      04/16/22      CNY    20.00
LUJIANG CITY CONSTRUC       6.70      04/16/22      CNY    20.30
LUOYANG CITY COUNTRY        4.28      04/26/23      CNY    40.30
LUOYANG CITY COUNTRY        4.28      04/26/23      CNY    40.53
LUOYANG CITY DEVELOPM       4.47      12/02/22      CNY    40.00
LUOYANG CITY DEVELOPM       4.47      12/02/22      CNY    40.25
LUXI URBAN CONSTRUCTI       6.80      10/27/24      CNY    60.00
LUXI URBAN CONSTRUCTI       6.80      10/27/24      CNY    60.10
LUZHOU FUYANG INVESTM       5.00      08/11/23      CNY    36.85
LUZHOU FUYANG INVESTM       5.00      08/11/23      CNY    39.01
LUZHOU HUIXING INVEST       6.28      10/19/24      CNY    61.16
LUZHOU HUIXING INVEST       6.28      10/19/24      CNY    62.31
LUZHOU XINGLU INVESTM       6.41      04/23/25      CNY    60.00
LUZHOU XINGLU INVESTM       6.41      04/23/25      CNY    63.34
LUZHOU XINGYANG INVES       4.87      01/28/23      CNY    39.49
LUZHOU XINGYANG INVES       4.87      01/28/23      CNY    39.51
MA'ANSHAN CIHU HIGH T       3.90      11/28/23      CNY    60.23
MA'ANSHAN CIHU HIGH T       3.90      11/28/23      CNY    60.35
MAANSHAN ECONOMIC TEC       6.49      03/06/22      CNY    20.14
MAANSHAN ECONOMIC TEC       6.49      03/06/22      CNY    24.99
MAANSHAN HUASHAN DIST       6.07      04/20/22      CNY    20.20
MAANSHAN HUASHAN DIST       6.07      04/20/22      CNY    20.45
MAANSHAN NINGBO INVES       7.50      04/18/26      CNY    40.00
MAANSHAN SOUTHERN IND       4.53      07/25/23      CNY    38.96
MAANSHAN SOUTHERN IND       4.53      07/25/23      CNY    39.50
MAANSHAN SOUTHERN IND       4.43      09/02/23      CNY    39.29
MAANSHAN SOUTHERN IND       4.43      09/02/23      CNY    39.36
MAANSHAN YUSHAN CITY        5.62      07/31/24      CNY    60.60
MAANSHAN YUSHAN CITY        5.62      07/31/24      CNY    60.61
MAANSHAN YUSHAN CITY        5.85      09/22/24      CNY    60.90
MAANSHAN YUSHAN CITY        5.85      09/22/24      CNY    60.90
MA'ANSHAN ZHENGPU HAR       6.00      10/13/24      CNY    62.04
MA'ANSHAN ZHENGPU HAR       6.00      10/13/24      CNY    64.26
MEISHAN CITY DONGPO D       5.90      06/30/23      CNY    38.93
MEISHAN CITY DONGPO D       5.90      06/30/23      CNY    39.23
MEISHAN HONGDA CONSTR       4.18      03/28/23      CNY    39.55
MEISHAN HONGDA CONSTR       4.18      03/28/23      CNY    39.89
MEISHAN MINDONG DEVEL       6.78      08/08/24      CNY    59.97
MEISHAN MINDONG DEVEL       6.78      08/08/24      CNY    61.75
MEIZHOU CITY XIN JIN        6.02      04/22/22      CNY    20.27
MEIZHOU CITY XIN JIN        6.02      04/22/22      CNY    25.32
MEIZHOU MEI COUNTY DI       5.00      12/30/22      CNY    39.92
MEIZHOU MEI COUNTY DI       5.00      12/30/22      CNY    40.10
MENGCHENG COUNTY URBA       5.60      09/21/24      CNY    61.60
MENGZI CITY DEVELOPME       7.65      09/25/24      CNY    62.44
MENGZI CITY DEVELOPME       7.65      09/25/24      CNY    62.53
MENGZI NEW CITY DEVEL       6.50      12/09/27      CNY    92.00
MIANYANG HONGDA ASSET       7.20      09/29/24      CNY    60.00
MIANYANG HONGDA ASSET       7.20      09/29/24      CNY    62.45
MUDANJIANG AREA URBAN       6.48      06/30/22      CNY    20.06
MUDANJIANG AREA URBAN       6.48      06/30/22      CNY    25.00
MUNICIPALITY OF SHENZ       3.00      03/29/22      CNY    20.00
MUNICIPALITY OF SHENZ       3.00      03/29/22      CNY    20.00
MUNICIPALITY OF SHENZ       3.37      03/29/26      CNY    69.66
MUNICIPALITY OF SHENZ       3.37      03/29/26      CNY    69.66
MUNICIPALITY OF SHENZ       3.37      03/29/26      CNY    70.20
MUNICIPALITY OF SHENZ       3.37      03/29/26      CNY    75.00
MUNICIPALITY OF SHENZ       3.37      03/29/26      CNY    75.00
NANCHANG ECONOMY TECH       3.83      09/22/23      CNY    39.84
NANCHANG ECONOMY TECH       3.83      09/22/23      CNY    40.15
NANCHONG AIRPORT INVE       6.80      01/26/22      CNY    20.05
NANJING BAIXIA STATE-       3.98      03/29/23      CNY    39.95
NANJING BAIXIA STATE-       3.98      03/29/23      CNY    40.28
NANJING JIANGBEI NEW        5.59      09/26/24      CNY    61.96
NANJING JIANGBEI NEW        5.59      09/26/24      CNY    62.50
NANJING JIANGNING ECO       7.94      04/14/24      CNY    47.62
NANJING JIANGNING URB       3.48      11/11/23      CNY    59.57
NANJING JIANGNING URB       3.48      11/11/23      CNY    59.88
NANJING JIANYE SCIENC       4.37      06/24/23      CNY    40.20
NANJING JIANYE SCIENC       4.37      06/24/23      CNY    40.49
NANJING LISHUI ECONOM       3.41      11/09/23      CNY    39.81
NANJING LISHUI ECONOM       3.41      11/09/23      CNY    60.07
NANJING LISHUI URBAN        4.97      04/28/23      CNY    40.00
NANJING LISHUI URBAN        4.97      04/28/23      CNY    40.49
NANJING METRO GROUP C       3.29      08/29/23      CNY    40.01
NANJING PUKOU COMMUNI       5.46      07/19/24      CNY    61.77
NANJING QIXIA STATE-O       4.10      06/24/23      CNY    40.12
NANJING QIXIA STATE-O       4.10      06/24/23      CNY    40.29
NANJING STATE OWNED A       5.60      03/06/23      CNY    30.64
NANLING COUNTY CONSTR       6.20      09/06/24      CNY    60.00
NANLING COUNTY CONSTR       6.20      09/06/24      CNY    60.12
NANNING HI-TECH INDUS       4.28      03/25/23      CNY    35.20
NANNING HI-TECH INDUS       4.28      03/25/23      CNY    39.94
NANNING HI-TECH INDUS       3.82      10/20/23      CNY    39.34
NANNING HI-TECH INDUS       3.82      10/20/23      CNY    39.49
NANPING CITY WUYI NEW       4.96      09/28/22      CNY    20.20
NANPING CITY WUYI NEW       4.96      09/28/22      CNY    20.23
NANTONG CHONGCHUAN UR       5.70      07/21/22      CNY    40.00
NANTONG CHONGCHUAN UR       5.70      07/21/22      CNY    40.86
NANTONG CITY TONGZHOU       3.75      07/07/23      CNY    40.00
NANTONG CITY TONGZHOU       3.75      07/07/23      CNY    40.00
NANTONG CITY TONGZHOU       4.88      04/10/24      CNY    60.93
NANTONG HIGH TECHNOLO       5.00      10/19/22      CNY    20.20
NANTONG HIGH TECHNOLO       5.00      10/19/22      CNY    20.34
NANTONG SHIBEI NEW CI       5.98      08/07/24      CNY    61.15
NANTONG SHIBEI NEW CI       5.98      08/07/24      CNY    61.69
NANTONG SUTONG HOLDIN       6.20      03/18/22      CNY    20.00
NANTONG SUTONG HOLDIN       6.20      03/18/22      CNY    20.14
NANTONG YUNTONG PORT        6.13      08/10/24      CNY    56.00
NANTONG YUNTONG PORT        6.13      08/10/24      CNY    59.87
NANYANG HIGH-TECH DIS       6.45      04/29/23      CNY    40.18
NANYANG HIGH-TECH DIS       6.45      04/29/23      CNY    40.57
NANZHANG COUNTY CONST       6.00      01/20/24      CNY    61.26
NANZHANG COUNTY CONST       6.00      01/20/24      CNY    61.30
NANZHANG COUNTY CONST       6.58      10/25/24      CNY    60.00
NANZHANG COUNTY CONST       6.58      10/25/24      CNY    62.77
NEIJIANG CITY XINGYUA       4.28      08/16/23      CNY    39.57
NEIJIANG CITY XINGYUA       4.28      08/16/23      CNY    39.62
NEIJIANG STATE-OWNED        6.20      04/12/23      CNY    39.55
NEIJIANG STATE-OWNED        6.20      04/12/23      CNY    40.04
NEIJINAG CONSTRUCTION       5.03      12/25/22      CNY    36.36
NEIJINAG CONSTRUCTION       5.03      12/25/22      CNY    38.96
NEOGLORY HOLDING GROU       8.10      11/23/18      CNY    72.00
NEOGLORY HOLDING GROU       8.00      09/25/20      CNY    60.00
NEOGLORY HOLDING GROU       8.00      10/22/20      CNY    56.00
NINGBO CITY ZHENHAI I       5.85      12/04/21      CNY    20.05
NINGBO FENGHUA INVEST       4.58      03/28/22      CNY    50.14
NINGBO FENGHUA INVEST       4.58      03/28/22      CNY    50.20
NINGBO MEISHAN ISLAND       6.27      03/23/22      CNY    20.24
NINGBO MEISHAN ISLAND       6.27      03/23/22      CNY    28.29
NINGGUO CITY STATE OW       7.14      08/07/24      CNY    60.80
NINGGUO CITY STATE OW       7.14      08/07/24      CNY    62.27
NINGXIA SHENG YAN IND       7.50      09/27/23      CNY    42.45
NINGXIANG CITY CONSTR       6.70      01/20/22      CNY    20.12
NINGXIANG CITY CONSTR       6.70      01/20/22      CNY    20.20
NINGXIANG CITY CONSTR       6.00      06/02/26      CNY    73.23
NINGXIANG ECONOMIC TE       3.87      01/27/23      CNY    40.00
NINGXIANG ECONOMIC TE       3.87      01/27/23      CNY    40.22
NINGXIANG STATE-OWNED       4.89      06/03/23      CNY    39.93
NINGXIANG STATE-OWNED       4.89      06/03/23      CNY    40.37
NINGXIANG STATE-OWNED       3.88      11/02/23      CNY    39.41
NINGXIANG STATE-OWNED       3.88      11/02/23      CNY    60.00
ONE BELT ONE ROAD JIA       4.70      07/15/23      CNY    40.44
ONE BELT ONE ROAD JIA       4.70      07/15/23      CNY    40.45
PANJIN WATER GROUP CO       5.18      10/28/23      CNY    36.52
PANSHAN COUNTY STATE-       7.48      01/21/22      CNY    20.06
PANSHAN COUNTY STATE-       7.48      01/21/22      CNY    20.06
PANZHIHUA STATE OWNED       8.18      03/13/22      CNY    20.21
PANZHIHUA STATE OWNED       8.18      03/13/22      CNY    20.45
PEIXIAN CITY INVESTME       5.20      11/10/22      CNY    40.00
PEIXIAN CITY INVESTME       5.20      11/10/22      CNY    40.19
PEIXIAN STATE-OWNED A       5.98      07/19/24      CNY    60.00
PEIXIAN STATE-OWNED A       5.98      07/19/24      CNY    61.01
PEKING UNIVERSITY FOU       6.20      05/31/20      CNY    11.00
PEKING UNIVERSITY FOU       6.15      07/23/20      CNY    11.00
PEKING UNIVERSITY FOU       6.30      09/12/20      CNY    11.00
PEKING UNIVERSITY FOU       4.80      07/26/21      CNY    11.00
PEKING UNIVERSITY FOU       6.10      08/22/21      CNY    11.00
PEKING UNIVERSITY FOU       5.99      11/02/21      CNY    11.00
PEKING UNIVERSITY FOU       5.80      01/28/22      CNY    11.00
PEKING UNIVERSITY FOU       6.68      08/09/23      CNY    11.00
PEKING UNIVERSITY FOU       6.50      11/16/23      CNY    11.00
PEKING UNIVERSITY FOU       6.30      03/04/24      CNY    11.00
PENGSHAN DEVELOPMENT        7.00      09/05/24      CNY    60.00
PENGSHAN DEVELOPMENT        7.00      09/05/24      CNY    62.44
PENGZHOU STATE-PENGZH       3.95      10/20/23      CNY    37.98
PINGHU CITY INVESTMEN       5.13      04/29/23      CNY    40.65
PINGHU CITY INVESTMEN       5.13      04/29/23      CNY    40.65
PINGJIANG COUNTY WATE       6.64      06/27/26      CNY    71.12
PINGLIANG CULTURAL &        6.85      11/30/22      CNY    36.00
PINGLIANG CULTURAL &        6.85      11/30/22      CNY    39.83
PINGTAN COMPREHENSIVE       3.92      01/29/23      CNY    39.60
PINGXIANG CHANGXING I       5.26      04/11/23      CNY    39.31
PINGXIANG CHANGXING I       5.26      04/11/23      CNY    40.40
PINGXIANG HUIFENG INV       6.60      01/26/22      CNY    19.95
PINGXIANG HUIFENG INV       6.60      01/26/22      CNY    19.98
PINGXIANG HUIFENG INV       5.79      09/21/24      CNY    60.70
PINGXIANG HUIFENG INV       5.79      09/21/24      CNY    61.40
PINGYANG STATE-OWNED        4.97      01/08/23      CNY    40.00
PINGYANG STATE-OWNED        4.97      01/08/23      CNY    40.39
PIZHOU CITY HENGRUN I       6.46      12/05/21      CNY    20.03
PIZHOU CITY HENGRUN I       6.46      12/05/21      CNY    22.46
PIZHOU ECONOMIC DEVEL       5.00      10/29/22      CNY    19.79
PIZHOU ECONOMIC DEVEL       5.00      10/29/22      CNY    20.00
PIZHOU ECONOMIC DEVEL       6.66      09/19/24      CNY    61.00
PIZHOU ECONOMIC DEVEL       6.66      09/19/24      CNY    61.82
POYANG INVESTMENT & D       6.53      08/08/24      CNY    60.00
POYANG INVESTMENT & D       6.53      08/08/24      CNY    62.76
PUCHENG INVESTMENT DE       6.57      08/10/24      CNY    60.00
PUCHENG INVESTMENT DE       6.57      08/10/24      CNY    61.60
PUDING YELANG STATE-O       7.79      11/13/24      CNY    74.00
PUTIAN HIGH TECHNOLOG       5.90      05/03/22      CNY    25.13
PUTIAN HIGH TECHNOLOG       5.90      05/03/22      CNY    25.14
PUYANG INVESTMENT GRO       5.18      08/17/24      CNY    61.57
PUYANG INVESTMENT GRO       5.18      08/17/24      CNY    61.69
QIANAN XINGYUAN WATER       6.25      04/22/22      CNY    20.17
QIANAN XINGYUAN WATER       6.25      04/22/22      CNY    20.24
QIANDONGNAN TRANSPORT       5.79      12/21/22      CNY    37.55
QIANDONGNAN TRANSPORT       5.79      12/21/22      CNY    38.10
QIANDONGNANZHOU KAIHO       5.30      09/22/26      CNY    48.25
QIANDONGNANZHOU KAIHO       5.30      09/22/26      CNY    54.03
QIANJIANG URBAN CONST       5.19      12/21/22      CNY    39.98
QIANJIANG URBAN CONST       5.19      12/21/22      CNY    40.00
QIANNAN AUTONOMOUS PR       6.99      04/19/24      CNY    57.36
QIANNAN AUTONOMOUS PR       6.99      04/19/24      CNY    57.42
QIANNAN AUTONOMOUS PR       6.98      07/06/24      CNY    57.01
QIANNAN AUTONOMOUS PR       6.98      07/06/24      CNY    57.18
QIANNANZHOU INVESTMEN       6.43      03/09/22      CNY    19.30
QIANNANZHOU INVESTMEN       6.43      03/09/22      CNY    19.80
QIANNANZHOU INVESTMEN       6.77      07/28/24      CNY    49.80
QIANXINAN AUTONOMOUS        5.90      06/22/23      CNY    39.52
QIANXINAN AUTONOMOUS        5.90      06/22/23      CNY    40.36
QICHUN COUNTY CONSTRU       4.96      10/18/23      CNY    39.38
QICHUN COUNTY CONSTRU       4.96      10/18/23      CNY    39.40
QIDONG COMMUNICATIONS       4.00      03/18/23      CNY    40.08
QIDONG COMMUNICATIONS       4.00      03/18/23      CNY    40.27
QIDONG STATE-OWNED AS       7.30      11/20/22      CNY    30.64
QIDONG STATE-OWNED AS       4.00      03/09/23      CNY    40.17
QIDONG STATE-OWNED AS       4.00      03/09/23      CNY    40.30
QIDONG URBAN CONSTRUC       5.25      08/16/24      CNY    61.80
QIDONG URBAN CONSTRUC       5.25      08/16/24      CNY    62.50
QIHE CITY OPERATION C       5.10      03/07/23      CNY    39.78
QIHE CITY OPERATION C       5.10      03/07/23      CNY    40.01
QINGDAO CHANGYANG INV       3.73      09/12/23      CNY    39.33
QINGDAO CHANGYANG INV       3.73      09/12/23      CNY    39.35
QINGDAO CONSON DEVELO       6.40      12/12/22      CNY    30.51
QINGDAO CONSON DEVELO       6.40      12/12/22      CNY    30.63
QINGDAO JIMO CITY TOU       5.47      11/17/21      CNY    20.01
QINGDAO JIMO CITY TOU       5.47      11/17/21      CNY    21.65
QINGDAO JIMO CITY TOU       5.35      07/10/24      CNY    61.00
QINGDAO JIMO CITY TOU       5.35      07/10/24      CNY    61.41
QINGDAO OCEAN INVESTM       4.36      05/12/23      CNY    40.18
QINGDAO OCEAN INVESTM       4.36      05/12/23      CNY    40.37
QINGDAO SHAOHAI INVES       6.47      10/31/24      CNY    60.23
QINGDAO SHAOHAI INVES       6.47      10/31/24      CNY    61.64
QINGDAO WEST COAST DE       4.26      06/06/23      CNY    40.10
QINGDAO WEST COAST DE       4.26      06/06/23      CNY    40.33
QINGHAI PROVINCIAL IN       7.25      02/22/20      USD    34.62
QINGHAI PROVINCIAL IN       7.88      03/22/21      USD    35.19
QINGHAI PROVINCIAL IN       6.40      07/10/21      USD    35.80
QINGHAI STATE-OWNED A       5.90      12/17/22      CNY    72.00
QINGHAI STATE-OWNED A       5.40      05/21/23      CNY    68.20
QINGHAI STATE-OWNED A       6.38      08/14/28      CNY    70.13
QINGHAI STATE-OWNED A       7.20      11/25/28      CNY    70.13
QINGHAI STATE-OWNED A       6.70      10/10/29      CNY    70.13
QINGZHOU CITY CONSTRU       6.40      07/10/24      CNY    60.00
QINGZHOU CITY CONSTRU       6.40      07/10/24      CNY    61.00
QINGZHOU CITY CONSTRU       6.80      08/25/24      CNY    58.08
QINHUANGDAO CITY DEVE       4.69      04/14/23      CNY    40.09
QINHUANGDAO CITY DEVE       4.69      04/14/23      CNY    40.40
QINHUANGDAO DEVELOPME       4.07      08/26/23      CNY    38.83
QINHUANGDAO DEVELOPME       4.07      08/26/23      CNY    39.53
QIONGLAI CITY CONSTRU       6.98      03/25/22      CNY    20.16
QIONGLAI CITY CONSTRU       6.98      03/25/22      CNY    20.80
QUANJIAO URBAN INFRAS       5.10      05/18/23      CNY    40.03
QUANJIAO URBAN INFRAS       5.10      05/18/23      CNY    40.04
QUJING CITY QILIN DIS       5.37      11/26/22      CNY    39.54
QUJING CITY QILIN DIS       5.37      11/26/22      CNY    41.95
QUJING ECO TECH DEVEL       5.75      06/01/23      CNY    38.46
QUJING ECO TECH DEVEL       5.75      06/01/23      CNY    40.28
RENHUAI CITY DEVELOPM       5.12      04/14/23      CNY    39.01
RENHUAI CITY DEVELOPM       5.12      04/14/23      CNY    39.31
RENQIU CONSTRUCTION I       5.68      11/18/22      CNY    40.38
RENQIU CONSTRUCTION I       5.68      11/18/22      CNY    40.72
RENSHOU DEVELOPMENT O       6.42      12/22/22      CNY    38.00
RENSHOU DEVELOPMENT O       6.42      12/22/22      CNY    40.17
REWARD SCIENCE AND TE       5.53      07/05/21      CNY    29.10
REWARD SCIENCE AND TE       6.40      03/03/22      CNY    70.00
RISESUN REAL ESTATE D       7.22      07/23/23      CNY    27.00
RISESUN REAL ESTATE D       7.18      08/06/23      CNY    30.00
RIZHAO CITY CONSTRUCT       3.98      12/07/22      CNY    40.05
RUCHENG COUNTY URBAN        5.69      02/23/24      CNY    71.75
RUCHENG COUNTY URBAN        5.69      02/23/24      CNY    71.76
RUDONG COUNTY JINXIN        4.57      07/26/23      CNY    39.87
RUDONG COUNTY JINXIN        4.57      07/26/23      CNY    39.97
RUDONG COUNTY JINXIN        3.80      07/26/23      CNY    40.01
RUDONG COUNTY JINXIN        3.80      07/26/23      CNY    40.13
RUDONG COUNTY KAITAI        4.57      01/08/23      CNY    40.27
RUDONG NEW WORLD INVE       4.37      07/18/23      CNY    39.70
RUDONG NEW WORLD INVE       4.37      07/18/23      CNY    39.73
RUGAO ECONOMIC & TRAD       3.95      03/24/23      CNY    40.12
RUGAO ECONOMIC & TRAD       3.95      03/24/23      CNY    40.13
RUGAO TRAFFIC INDUSTR       3.74      03/23/23      CNY    40.02
RUGAO TRAFFIC INDUSTR       3.74      03/23/23      CNY    40.10
RUIAN STATE OWNED ASS       4.56      01/27/23      CNY    39.89
RUIAN STATE OWNED ASS       4.56      01/27/23      CNY    40.43
RUICHANG CITY INVESTM       5.68      03/25/23      CNY    39.88
RUICHANG CITY INVESTM       5.50      06/17/23      CNY    39.93
RUIJIN URBAN DEVELOPM       4.13      09/06/23      CNY    39.37
RUIJIN URBAN DEVELOPM       4.13      09/06/23      CNY    39.61
RUZHOU CITY XINYUAN I       4.43      09/26/23      CNY    35.50
RUZHOU CITY XINYUAN I       4.43      09/26/23      CNY    38.22
SANMEN COUNTY STATE-O       6.80      03/18/22      CNY    20.19
SANMEN COUNTY STATE-O       6.80      03/18/22      CNY    20.20
SANMING STATE-OWNED A       5.10      04/17/24      CNY    61.15
SANMING TRANSPORTATIO       3.68      03/29/23      CNY    39.20
SANMING TRANSPORTATIO       3.68      03/29/23      CNY    40.01
SHAANXI XIXIAN NEW AR       5.10      06/06/23      CNY    39.74
SHAANXI XIXIAN NEW AR       5.10      06/06/23      CNY    39.82
SHAANXI XIXIAN NEW AR       7.10      08/23/24      CNY    61.59
SHAANXI XIXIAN NEW AR       7.10      08/23/24      CNY    62.09
SHAANXI XIXIAN NEW AR       6.89      01/05/22      CNY    19.26
SHAANXI XIXIAN NEW AR       6.89      01/05/22      CNY    20.05
SHAANXI XIXIAN NEW AR       6.67      08/23/24      CNY    60.10
SHAANXI XIXIAN NEW AR       6.67      08/23/24      CNY    60.27
SHAANXI XIXIAN NEW AR       5.15      11/27/22      CNY    40.08
SHAANXI XIXIAN NEW AR       5.15      11/27/22      CNY    41.01
SHANDONG BOXING COUNT       8.00      12/22/21      CNY    20.10
SHANDONG BOXING COUNT       8.00      12/22/21      CNY    20.15
SHANDONG GAOCHUANG CO       6.05      06/18/22      CNY    20.06
SHANDONG GAOCHUANG CO       6.05      06/18/22      CNY    22.45
SHANDONG RUYI TECHNOL       7.90      09/18/23      CNY    52.10
SHANDONG TENGJIAN INV       6.00      06/08/22      CNY    20.00
SHANDONG TENGJIAN INV       6.00      06/08/22      CNY    20.04
SHANDONG WANTONG PETR       7.97      11/29/21      CNY     0.20
SHANGHAI MINHANG URBA       5.63      04/20/22      CNY    20.14
SHANGHAI MINHANG URBA       5.63      04/20/22      CNY    20.48
SHANGHAI MUNICIPAL IN       4.80      11/05/24      CNY    45.79
SHANGHAI MUNICIPAL IN       4.80      11/05/24      CNY    46.01
SHANGHAI SHIMAO CO LT       3.60      03/05/23      CNY    48.00
SHANGHAI SHIMAO JIANS       3.23      03/25/25      CNY    82.00
SHANGHAI URBAN CONSTR       3.50      01/06/23      CNY    40.00
SHANGHAI URBAN CONSTR       3.50      01/06/23      CNY    40.03
SHANGRAO CITY STATE-O       4.65      01/29/23      CNY    39.97
SHANGRAO CITY STATE-O       4.65      01/29/23      CNY    40.42
SHANTOU CITY CONSTRUC       8.57      03/23/22      CNY    15.28
SHANTOU CITY CONSTRUC       8.57      03/23/22      CNY    15.28
SHANTOU INVESTMENT HO       7.99      03/04/24      CNY    44.60
SHANTOU INVESTMENT HO       7.99      03/04/24      CNY    47.57
SHANXI INTERNATIONAL        5.88      05/24/22      CNY    29.40
SHANXI XIANG KUANG GR       8.80      02/11/22      CNY    24.50
SHANXI XIANG KUANG GR       8.80      02/11/22      CNY    40.40
SHAODONG NEW AREA DEV       7.10      04/19/24      CNY    62.69
SHAODONG NEW AREA DEV       7.10      04/19/24      CNY    62.70
SHAOGUAN URBAN INVEST       3.67      10/25/24      CNY    54.87
SHAOGUAN URBAN INVEST       3.67      10/25/24      CNY    54.97
SHAOWU URBAN CONSTRUC       5.88      09/11/22      CNY    20.03
SHAOWU URBAN CONSTRUC       5.88      09/11/22      CNY    23.39
SHAOXING CHENGZHONGCU       6.09      04/27/22      CNY    20.18
SHAOXING CITY INVESTM       5.75      04/17/22      CNY    20.27
SHAOXING CITY INVESTM       5.75      04/17/22      CNY    28.00
SHAOXING JINGHU NEW D       6.13      04/30/22      CNY    20.19
SHAOXING JINGHU NEW D       6.13      04/30/22      CNY    20.20
SHAOXING KEQIAO CITY        3.64      09/19/23      CNY    40.01
SHAOXING KEQIAO CITY        3.64      09/19/23      CNY    40.10
SHAOXING KEQIAO CITY        5.74      08/03/24      CNY    60.00
SHAOXING KEQIAO CITY        5.74      08/03/24      CNY    62.03
SHAOXING KEQIAO ECONO       7.00      12/10/21      CNY    20.00
SHAOXING KEQIAO ECONO       7.00      12/10/21      CNY    20.05
SHAOXING KEYAN CONSTR       6.28      03/24/22      CNY    20.00
SHAOXING KEYAN CONSTR       6.28      03/24/22      CNY    20.21
SHAOXING SHANGYU ECON       4.76      04/11/23      CNY    40.32
SHAOXING SHANGYU ECON       4.76      04/11/23      CNY    40.42
SHAOYANG BAOQING INDU       5.78      07/04/26      CNY    62.45
SHAOYANG CITY CONSTRU       5.98      09/01/24      CNY    60.00
SHAOYANG CITY CONSTRU       5.98      09/01/24      CNY    60.19
SHAOYANG DULIANG INVE       5.50      04/13/23      CNY    38.72
SHAOYANG DULIANG INVE       5.50      04/13/23      CNY    40.15
SHENGZHOU INVESTMENT        5.35      07/20/24      CNY    61.93
SHENGZHOU INVESTMENT        5.35      07/20/24      CNY    62.30
SHENYANG DADONG STATE       6.05      03/20/22      CNY    20.00
SHENYANG DADONG STATE       6.05      03/20/22      CNY    20.09
SHENYANG ECONOMIC AFF       7.17      04/29/22      CNY    20.27
SHENYANG ECONOMIC AFF       7.17      04/29/22      CNY    20.30
SHENYANG TIEXI STATE-       6.00      01/14/22      CNY    20.05
SHENYANG TIEXI STATE-       6.00      01/14/22      CNY    27.50
SHENZHEN METRO GROUP        5.40      03/25/23      CNY    30.53
SHENZHEN METRO GROUP        5.40      03/25/23      CNY    30.63
SHENZHEN METRO GROUP        6.75      01/24/24      CNY    46.80
SHIJIAZHUANG HUTUO NE       5.28      12/24/25      CNY    55.00
SHIJIAZHUANG HUTUO NE       5.28      12/24/25      CNY    56.20
SHIJIAZHUANG STATE-OW       5.75      04/09/22      CNY    20.15
SHIJIAZHUANG STATE-OW       5.75      04/09/22      CNY    27.20
SHISHI CITY CONSTRUCT       6.10      05/04/22      CNY    20.16
SHISHI CITY CONSTRUCT       6.10      05/04/22      CNY    20.20
SHISHOU BOYA CITY CON       6.98      06/15/24      CNY    61.82
SHIYAN ECO DEVELOPMEN       3.98      08/05/23      CNY    39.50
SHIYAN ECO DEVELOPMEN       3.98      08/05/23      CNY    39.66
SHIYAN STATE-OWNED CA       4.88      01/11/26      CNY    70.98
SHIYAN STATE-OWNED CA       4.88      01/11/26      CNY    71.00
SHIYAN YUNYANG INVEST       6.40      07/10/24      CNY    61.37
SHIZHU TUJIA HONGSHEN       7.00      11/13/24      CNY    64.00
SHOU COUNTY STATE-OWN       6.20      10/13/24      CNY    60.00
SHOU COUNTY STATE-OWN       6.20      10/13/24      CNY    60.87
SHUCHENG COUNTY URBAN       5.50      04/29/23      CNY    40.66
SHUCHENG COUNTY URBAN       5.50      04/29/23      CNY    40.66
SHUYANG JINGYUAN ASSE       5.49      09/11/22      CNY    20.18
SHUYANG JINGYUAN ASSE       5.49      09/11/22      CNY    20.20
SICHUAN CHENG'A DEVEL       7.50      11/06/24      CNY    63.55
SICHUAN COAL GASIFICA       7.00      04/18/23      CNY    40.65
SICHUAN COAL INDUSTRY       7.70      01/09/18      CNY    45.00
SICHUAN JINCAI JINXIN       7.08      07/31/24      CNY    59.68
SICHUAN JINCAI JINXIN       7.08      07/31/24      CNY    62.00
SICHUAN LANGUANG DEVE       7.50      07/11/21      CNY    12.63
SICHUAN LANGUANG DEVE       6.50      07/29/21      CNY    12.63
SICHUAN LANGUANG DEVE       7.50      08/12/21      CNY    12.63
SICHUAN LANGUANG DEVE       7.40      09/14/21      CNY    30.45
SICHUAN LANGUANG DEVE       7.50      07/23/22      CNY    42.00
SICHUAN LANGUANG DEVE       7.00      09/29/22      CNY    12.63
SICHUAN LANGUANG DEVE       7.00      10/26/22      CNY    12.63
SICHUAN LANGUANG DEVE       7.50      11/22/22      CNY    12.63
SICHUAN LANGUANG DEVE       7.20      03/11/23      CNY    12.63
SICHUAN LANGUANG DEVE       7.15      03/16/23      CNY    24.00
SICHUAN LANGUANG DEVE       7.20      05/11/23      CNY    12.63
SICHUAN LANGZHONG FAM       5.60      04/19/23      CNY    39.87
SICHUAN LANGZHONG FAM       5.60      04/19/23      CNY    40.20
SICHUAN LONGYANG TIAN       5.45      05/27/23      CNY    39.92
SICHUAN LONGYANG TIAN       5.45      05/27/23      CNY    40.17
SICHUAN NAXING INDUST       6.80      08/18/22      CNY    25.09
SICHUAN NAXING INDUST       4.68      03/31/23      CNY    38.76
SICHUAN NAXING INDUST       4.68      03/31/23      CNY    39.25
SICHUAN QINBA NEWCITY       6.68      07/07/24      CNY    58.74
SICHUAN QINBA NEWCITY       6.68      07/07/24      CNY    60.00
SICHUAN QINBA NEWCITY       6.91      07/25/24      CNY    59.16
SICHUAN QINBA NEWCITY       6.91      07/25/24      CNY    60.00
SICHUAN RENSHOU XINLO       7.00      06/27/24      CNY    61.90
SICHUAN TIANYIN INDUS       6.79      03/25/22      CNY    20.07
SICHUAN TIANYIN INDUS       6.79      03/25/22      CNY    28.00
SIHONG COUNTY HONG YU       6.15      03/16/22      CNY    20.06
SIHONG COUNTY HONG YU       6.15      03/16/22      CNY    20.35
SIHUI STATE OWNED ASS       4.59      01/14/23      CNY    39.66
SIHUI STATE OWNED ASS       4.59      01/14/23      CNY    40.29
SIYANG COUNTY MINKANG       4.94      01/21/23      CNY    40.35
SIYANG COUNTY MINKANG       4.94      01/21/23      CNY    40.56
SIYANG COUNTY MINKANG       7.40      07/31/24      CNY    61.38
SIYANG COUNTY MINKANG       7.40      07/31/24      CNY    62.33
SONGYUAN URBAN DEVELO       5.79      12/04/21      CNY    19.97
SONGYUAN URBAN DEVELO       5.79      12/04/21      CNY    20.78
SUINING COUNTY RUNQI        5.42      11/20/22      CNY    40.00
SUINING COUNTY RUNQI        5.42      11/20/22      CNY    40.01
SUINING COUNTY RUNQI        6.78      11/02/24      CNY    59.70
SUINING COUNTY RUNQI        6.78      11/02/24      CNY    80.63
SUINING FUYUAN INDUST       6.39      03/17/22      CNY    19.99
SUINING FUYUAN INDUST       6.39      03/17/22      CNY    24.18
SUINING FUYUAN INDUST       5.34      12/02/23      CNY    57.88
SUINING FUYUAN INDUST       5.34      12/02/23      CNY    60.18
SUINING KAIDA INVESTM       4.89      04/08/23      CNY    38.78
SUINING KAIDA INVESTM       4.89      04/08/23      CNY    39.01
SUINING ROUGANG INVES       5.65      01/24/24      CNY    60.32
SUINING ROUGANG INVES       6.80      08/02/24      CNY    61.74
SUINING ROUGANG INVES       6.80      08/02/24      CNY    61.75
SUINING TIANTAI INDUS       5.98      03/28/24      CNY    59.10
SUINING TIANTAI INDUS       5.98      03/28/24      CNY    60.84
SUINING TIANTAI INDUS       6.80      11/01/24      CNY    75.00
SUIZHOU DEVELOPMENT I       5.70      04/07/24      CNY    60.54
SUIZHOU DEVELOPMENT I       5.70      04/07/24      CNY    60.91
SUIZHOU DEVELOPMENT I       5.97      09/15/24      CNY    60.00
SUIZHOU DEVELOPMENT I       5.97      09/15/24      CNY    61.43
SUIZHOU HIGH-TECH IND       4.47      03/25/23      CNY    39.70
SUIZHOU HIGH-TECH IND       4.47      03/25/23      CNY    39.81
SUIZHOU YULONG WATER        6.10      03/28/23      CNY    42.51
SUNAC REAL ESTATE GRO       5.60      05/27/25      CNY    67.00
SUNING APPLIANCE GROU       7.30      02/02/23      CNY    27.11
SUQIAN CITY CONSTRUCT       5.30      07/11/24      CNY    61.80
SUQIAN CITY CONSTRUCT       5.30      07/11/24      CNY    61.87
SUQIAN ECONOMIC DEVEL       5.40      04/20/24      CNY    61.39
SUQIAN ECONOMIC DEVEL       5.40      04/20/24      CNY    61.88
SUQIAN HUBIN XINCHENG       6.85      08/02/24      CNY    57.54
SUQIAN HUBIN XINCHENG       6.85      08/02/24      CNY    60.00
SUQIAN HUBIN XINCHENG       6.93      08/25/24      CNY    56.91
SUQIAN HUBIN XINCHENG       6.93      08/25/24      CNY    60.00
SUQIAN YUFENG ASSET M       5.50      04/21/24      CNY    60.43
SUQIAN YUFENG ASSET M       5.50      04/21/24      CNY    64.26
SUZHOU CITY CONSTRUCT       3.89      03/24/23      CNY    40.14
SUZHOU CITY CONSTRUCT       3.89      03/24/23      CNY    40.17
SUZHOU CITY HENGCHENG       4.40      03/01/23      CNY    39.60
SUZHOU CITY HENGCHENG       4.40      03/01/23      CNY    39.99
SUZHOU MAANSHAN INVES       6.10      08/03/24      CNY    62.29
SUZHOU MAANSHAN INVES       6.10      08/03/24      CNY    62.30
SUZHOU NEW & HIGH-TEC       4.18      03/23/23      CNY    39.96
SUZHOU NEW & HIGH-TEC       4.18      03/23/23      CNY    40.27
SUZHOU NEW AREA CONST       5.98      08/04/24      CNY    60.00
SUZHOU NEW AREA CONST       5.98      08/04/24      CNY    60.96
SUZHOU WUJIANG DISTRI       5.25      07/08/22      CNY    20.31
SUZHOU WUZHONG CITY C       5.90      11/06/24      CNY    61.05
TAIAN TAISHAN HOLDING       5.50      04/26/23      CNY    40.16
TAIAN TAISHAN HOLDING       5.50      04/26/23      CNY    40.24
TAICANG SCIENCE EDUCA       5.54      08/28/22      CNY    20.29
TAICANG SCIENCE EDUCA       5.54      08/28/22      CNY    24.60
TAIHE STATE OWN ASSET       5.87      08/07/24      CNY    60.86
TAIHE STATE OWN ASSET       5.87      08/07/24      CNY    63.35
TAIXING HONGQIAO PARK       5.03      10/29/22      CNY    19.60
TAIXING HONGQIAO PARK       5.03      10/29/22      CNY    19.64
TAIZHOU CITY CONSTRUC       6.92      10/16/23      CNY    31.41
TAIZHOU CITY HUANGYAN       6.10      08/01/24      CNY    62.37
TAIZHOU CITY HUANGYAN       6.10      08/01/24      CNY    63.60
TAIZHOU CITY HUANGYAN       6.22      09/14/24      CNY    59.38
TAIZHOU CITY HUANGYAN       6.22      09/14/24      CNY    62.65
TAIZHOU GAOGANG HI-TE       5.54      06/22/24      CNY    61.66
TAIZHOU GAOGANG HI-TE       5.54      06/22/24      CNY    63.70
TAIZHOU HAILING CITY        4.60      12/14/22      CNY    40.00
TAIZHOU HAILING CITY        4.60      12/14/22      CNY    40.28
TAIZHOU JIAOJIANG STA       6.18      07/06/22      CNY    20.39
TAIZHOU JIAOJIANG STA       6.18      07/06/22      CNY    24.00
TAIZHOU JINDONG URBAN       5.10      06/02/23      CNY    40.03
TAIZHOU JINDONG URBAN       5.10      06/02/23      CNY    40.05
TAIZHOU XINTAI GROUP        4.07      03/23/23      CNY    39.99
TAIZHOU XINTAI GROUP        4.07      03/23/23      CNY    40.15
TIANCHANG CITY CONSTR       4.99      12/05/23      CNY    57.23
TIANCHANG CITY CONSTR       4.99      12/05/23      CNY    59.97
TIANJIN BINHAI NEW AR       6.10      11/23/21      CNY    24.12
TIANJIN BOHAI STATE-O       3.82      04/18/23      CNY    38.10
TIANJIN BOHAI STATE-O       3.82      04/18/23      CNY    38.39
TIANJIN BOHAI STATE-O       4.10      04/18/26      CNY    63.33
TIANJIN BOHAI STATE-O       4.10      04/18/26      CNY    70.00
TIANJIN DONGFANG CAIX       5.19      01/29/22      CNY    19.86
TIANJIN DONGFANG CAIX       7.99      08/01/24      CNY    66.58
TIANJIN DONGLI CITY I       4.28      12/02/22      CNY    40.20
TIANJIN ECONOMIC TECH       6.50      12/03/22      CNY    29.63
TIANJIN ECONOMIC TECH       6.50      12/03/22      CNY    30.15
TIANJIN GUANGCHENG IN       6.97      02/22/23      CNY    30.48
TIANJIN HUANCHENG URB       5.75      04/27/22      CNY    20.12
TIANJIN HUANCHENG URB       5.75      04/27/22      CNY    20.50
TIANJIN INFRASTRUCTUR       5.70      02/26/23      CNY    24.22
TIANJIN INFRASTRUCTUR       5.70      02/26/23      CNY    30.44
TIANJIN INFRASTRUCTUR       4.64      05/21/29      CNY    71.20
TIANJIN METRO GROUP C       4.27      10/16/25      CNY    60.15
TIANJIN METRO GROUP C       4.27      10/16/25      CNY    64.00
TIANJIN NINGHE INVEST       5.50      04/22/23      CNY    38.89
TIANJIN NINGHE INVEST       5.50      04/22/23      CNY    40.21
TIANJIN RAILWAY CONST       5.58      04/13/25      CNY    59.95
TIANJIN REAL ESTATE G       4.50      09/29/20      USD    73.75
TIANJIN WUQING STATE-       4.15      11/17/22      CNY    40.11
TIANJIN WUQING STATE-       4.15      11/17/22      CNY    40.25
TIANMEN CITY CONSTRUC       3.98      11/15/23      CNY    59.86
TIANMEN CITY CONSTRUC       3.98      11/15/23      CNY    60.07
TONGLING CONSTRUCTION       4.12      03/14/23      CNY    40.00
TONGLING CONSTRUCTION       4.12      03/14/23      CNY    40.17
TONGLING CONSTRUCTION       5.77      07/31/24      CNY    60.00
TONGLING CONSTRUCTION       5.77      07/31/24      CNY    61.94
TONGLING CONSTRUCTION       5.80      08/16/24      CNY    61.03
TONGLING CONSTRUCTION       5.80      08/16/24      CNY    62.07
TSINGHUA HOLDINGS COR       4.95      08/08/22      CNY    36.40
TSINGHUA UNIGROUP CO        5.60      11/15/20      CNY    25.50
TSINGHUA UNIGROUP CO        6.20      03/16/21      CNY    25.50
TSINGHUA UNIGROUP CO        6.15      12/26/21      CNY    25.50
TSINGHUA UNIGROUP CO        4.94      03/25/22      CNY    16.55
TSINGHUA UNIGROUP CO        5.85      03/27/22      CNY    16.88
TSINGHUA UNIGROUP CO        6.00      08/14/22      CNY    25.50
TSINGHUA UNIGROUP CO        5.20      12/10/23      CNY    11.65
TSINGHUA UNIGROUP CO        5.11      01/25/24      CNY    13.00
TULUFAN DISTRICT STAT       6.20      03/19/22      CNY    20.10
TULUFAN DISTRICT STAT       6.20      03/19/22      CNY    20.19
TUNGHSU GROUP CO LTD        6.55      03/13/22      CNY    45.00
ULANQAB CITY INVESTME       8.39      04/25/22      CNY    25.29
URUMQI ECO&TECH DEVEL       6.40      04/13/22      CNY    20.00
URUMQI ECO&TECH DEVEL       6.40      04/13/22      CNY    20.16
WANGCHENG ECONOMIC DE       6.57      01/22/22      CNY    20.15
WANGCHENG ECONOMIC DE       6.57      01/22/22      CNY    28.81
WANGCHENG ECONOMIC DE       3.75      07/13/23      CNY    40.30
WANGCHENG ECONOMIC DE       3.75      07/13/23      CNY    40.32
WEICHI HOLDING GROUP        6.18      07/24/24      CNY    60.00
WEICHI HOLDING GROUP        6.18      07/24/24      CNY    61.10
WEIFANG GONGXIN STATE       5.00      07/13/26      CNY    69.77
WEIFANG GONGXIN STATE       5.00      07/13/26      CNY    69.94
WEIHAI CENTRAL CITY S       6.05      11/02/24      CNY    60.00
WEIHAI CENTRAL CITY S       6.05      11/02/24      CNY    61.13
WEIHAI CITY SHUANGDAO       5.32      04/28/24      CNY    60.30
WEIHAI CITY SHUANGDAO       5.32      04/28/24      CNY    61.02
WEIHAI ECONOMIC TECHN       5.80      08/23/24      CNY    60.00
WEIHAI ECONOMIC TECHN       5.80      08/23/24      CNY    60.86
WEIHAI LANCHUANG CONS       4.80      12/17/22      CNY    39.25
WEIHAI LANCHUANG CONS       4.80      12/17/22      CNY    39.39
WEIHAI URBAN CONSTRUC       3.33      03/02/23      CNY    38.40
WEIHAI URBAN CONSTRUC       3.33      03/02/23      CNY    40.21
WEIHAI WENDENG DISTRI       3.64      10/26/23      CNY    39.10
WEIHAI WENDENG DISTRI       3.64      10/26/23      CNY    39.30
WEIHAI WENDENG URBAN        4.80      05/26/23      CNY    39.19
WEIHAI WENDENG URBAN        4.80      05/26/23      CNY    39.89
WEINAN CITY INVESTMEN       6.09      03/11/22      CNY    20.00
WEINAN CITY INVESTMEN       6.09      03/11/22      CNY    20.09
WENDENG GOLDEN BEACH        3.97      03/21/23      CNY    39.49
WENDENG GOLDEN BEACH        3.97      03/21/23      CNY    39.68
WENS FOODSTUFFS GROUP       3.26      10/29/30      USD    72.42
WENSHAN URBAN CONSTRU       4.50      09/13/23      CNY    37.12
WENSHAN URBAN CONSTRU       4.50      09/13/23      CNY    39.74
WENZHOU CITY CONSTRUC       4.05      01/25/23      CNY    40.22
WENZHOU CITY CONSTRUC       4.05      01/25/23      CNY    40.25
WENZHOU CITY CONSTRUC       5.00      04/26/23      CNY    40.58
WENZHOU CITY CONSTRUC       5.00      04/26/23      CNY    40.73
WENZHOU GANGCHENG DEV       5.19      03/29/23      CNY    40.35
WENZHOU GANGCHENG DEV       5.19      03/29/23      CNY    40.38
WENZHOU HIGH-TECH IND       5.90      09/18/24      CNY    56.50
WENZHOU HIGH-TECH IND       5.90      09/18/24      CNY    61.95
WENZHOU MINKE INDUSTR       6.44      07/18/24      CNY    60.00
WENZHOU MINKE INDUSTR       6.44      07/18/24      CNY    60.76
WENZHOU OUHAI NEW CIT       3.98      10/26/23      CNY    39.42
WENZHOU OUHAI NEW CIT       3.98      10/26/23      CNY    40.33
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 DIS       5.48      04/19/24      CNY    61.37
WUHAN GUOYU LOGISTICS       7.00      08/06/16      CNY     1.00
WUHAN HONGSHAN CITY C       5.68      08/10/24      CNY    60.67
WUHAN HONGSHAN CITY C       5.68      08/10/24      CNY    61.95
WUHAN HONGSHAN CITY C       5.68      10/12/24      CNY    60.65
WUHAN HONGSHAN CITY C       5.68      10/12/24      CNY    61.70
WUHAN JIANGXIA URBAN        4.80      06/03/23      CNY    40.31
WUHAN JIANGXIA URBAN        4.80      06/03/23      CNY    40.31
WUHAN METRO GROUP CO        5.25      04/14/22      CNY    20.13
WUHAN METRO GROUP CO        5.25      04/14/22      CNY    20.37
WUHAN QIAOKOU STATE O       3.48      08/29/23      CNY    38.93
WUHAN QIAOKOU STATE O       3.48      08/29/23      CNY    39.88
WUHAN URBAN CONSTRUCT       4.99      06/15/24      CNY    75.00
WUHU COMMUNICATIONS I       4.50      04/28/23      CNY    40.20
WUHU COMMUNICATIONS I       4.50      04/28/23      CNY    40.54
WUHU COMMUNICATIONS I       3.58      09/23/23      CNY    39.32
WUHU COMMUNICATIONS I       3.58      09/23/23      CNY    40.13
WUHU COUNTY CONSTRUCT       6.60      12/08/21      CNY    20.05
WUHU COUNTY CONSTRUCT       6.60      12/08/21      CNY    20.05
WUHU JINGHU CONSTRUCT       4.37      07/20/23      CNY    40.13
WUHU JINGHU CONSTRUCT       4.37      07/20/23      CNY    40.24
WUHU JIUJIANG CONSTRU       3.96      03/21/23      CNY    40.09
WUHU XINMA INVESTMENT       4.87      11/04/22      CNY    20.21
WUSHENG CITY INVESTME       7.05      11/03/24      CNY    58.50
WUSHENG CITY INVESTME       7.05      11/03/24      CNY    59.52
WUXI EAST SCIENCE & T       5.73      09/14/24      CNY    60.00
WUXI EAST SCIENCE & T       5.73      09/14/24      CNY    62.24
WUXI FOOD SCIENCE PAR       5.70      09/28/24      CNY    62.00
WUXI FOOD SCIENCE PAR       5.70      09/28/24      CNY    62.07
WUXI HUIKAI ECONOMIC        4.16      04/08/23      CNY    39.83
WUXI HUIKAI ECONOMIC        4.16      04/08/23      CNY    40.32
WUXI TAIHU NEW CITY D       4.49      05/03/23      CNY    40.30
WUXI TAIHU NEW CITY D       4.49      05/03/23      CNY    40.30
WUXI TAIHU NEW CITY D       3.47      08/29/23      CNY    39.50
WUXI TAIHU NEW CITY D       3.47      08/29/23      CNY    39.89
WUXI XIDONG NEW TOWN        3.92      11/09/23      CNY    40.25
WUXI XIDONG NEW TOWN        3.92      11/09/23      CNY    60.22
WUYANG CONSTRUCTION G       7.80      09/11/20      CNY    32.48
XIAMEN YUZHOU GRAND F       7.50      04/03/24      CNY    37.99
XIAN FENGDONG DEVELOP       4.67      01/08/23      CNY    39.90
XIAN FENGDONG DEVELOP       4.67      01/08/23      CNY    39.93
XI'AN PIONEERING PARK       6.20      05/02/24      CNY    60.28
XI'AN PIONEERING PARK       6.20      05/02/24      CNY    61.78
XIANGSHUI GUANJIANG H       4.98      12/24/22      CNY    38.00
XIANGSHUI GUANJIANG H       4.98      12/24/22      CNY    39.19
XIANGTAN CITY INFRAST       3.95      08/04/23      CNY    36.72
XIANGTAN CITY INFRAST       3.95      08/04/23      CNY    37.55
XIANGTAN CITY INFRAST       3.60      08/04/23      CNY    38.82
XIANGTAN JIUHUA ECONO       6.59      01/21/22      CNY    19.84
XIANGTAN JIUHUA ECONO       5.00      07/25/26      CNY    57.40
XIANGTAN JIUHUA ECONO       5.00      07/25/26      CNY    69.05
XIANGTAN WANLOU XINCH       6.90      01/14/22      CNY    19.80
XIANGTAN WANLOU XINCH       6.90      01/14/22      CNY    20.00
XIANGXIANG CITY DONGS       6.20      08/03/24      CNY    60.38
XIANGXIANG CITY DONGS       6.20      08/03/24      CNY    61.21
XIANGXIANG ECONOMIC D       5.28      09/09/23      CNY    37.44
XIANGXIANG ECONOMIC D       5.28      09/09/23      CNY    38.28
XIANGXIANG URBAN CONS       5.84      05/18/23      CNY    39.94
XIANGXIANG URBAN CONS       5.84      05/18/23      CNY    40.07
XIANGXIANG URBAN CONS       7.50      10/27/24      CNY    60.00
XIANGXIANG URBAN CONS       7.50      10/27/24      CNY    62.91
XIANGYANG CITY XIANGZ       5.18      04/28/23      CNY    40.10
XIANGYANG CITY XIANGZ       5.18      04/28/23      CNY    40.39
XIANGYANG HIGH TECH S       6.25      06/12/24      CNY    62.22
XIANGYANG HIGH TECH S       6.25      06/12/24      CNY    62.26
XIANGYANG STATE-OWNED       4.62      01/25/23      CNY    39.85
XIANGYANG STATE-OWNED       4.62      01/25/23      CNY    39.85
XIANGYANG STATE-OWNED       6.10      07/19/24      CNY    60.00
XIANGYANG STATE-OWNED       6.10      07/19/24      CNY    60.50
XIANNING HIGH-TECH IN       6.29      02/10/22      CNY    20.10
XIANNING HIGH-TECH IN       6.29      02/10/22      CNY    20.56
XIANNING HIGH-TECH IN       6.60      06/01/27      CNY    71.40
XIANNING HIGH-TECH IN       6.60      06/01/27      CNY    72.61
XIANTAO CITY CONSTRUC       4.59      04/18/23      CNY    40.29
XIANTAO CITY CONSTRUC       4.59      04/18/23      CNY    40.30
XIAOCHANG SHUNHE DEVE       4.15      10/17/23      CNY    39.20
XIAOXIAN COUNTY DEVEL       4.85      06/22/23      CNY    39.98
XIAOXIAN COUNTY DEVEL       4.85      06/22/23      CNY    40.48
XINDONGGANG HOLDING G       5.53      04/27/23      CNY    39.65
XINDONGGANG HOLDING G       5.53      04/27/23      CNY    39.80
XINGAN COUNTY URBAN C       5.48      08/03/23      CNY    38.98
XINGAN COUNTY URBAN C       5.48      08/03/23      CNY    40.16
XINGAN LEAGUE URBAN D       6.18      12/21/22      CNY    26.94
XINGAN LEAGUE URBAN D       6.18      12/21/22      CNY    28.37
XINGHUA CITY ECONOMIC       5.28      06/13/22      CNY    25.02
XINGNING YONGYE INFRA       5.99      07/24/24      CNY    60.00
XINGNING YONGYE INFRA       5.99      07/24/24      CNY    61.73
XINGYI XINHENG URBAN        5.40      12/16/22      CNY    18.40
XINGYI XINHENG URBAN        5.40      12/16/22      CNY    40.03
XINJIANG UYGUR AR HAM       6.55      10/27/24      CNY    60.00
XINJIANG UYGUR AR HAM       6.55      10/27/24      CNY    82.17
XINJIN NEW CITY DEVEL       7.30      10/23/24      CNY    60.00
XINJIN NEW CITY DEVEL       7.30      10/23/24      CNY    61.16
XINMI CAIYUAN CITY CO       4.35      02/28/23      CNY    39.98
XINMI CAIYUAN CITY CO       4.35      02/28/23      CNY    40.00
XINTAI CITY COORDINAT       6.35      03/23/22      CNY    20.05
XINTAI CITY COORDINAT       6.35      03/23/22      CNY    20.75
XINYI CITY INVESTMENT       4.30      01/19/23      CNY    39.47
XINYI CITY INVESTMENT       4.30      01/19/23      CNY    40.00
XINYI ECONOMIC DEVELO       6.66      09/27/24      CNY    54.50
XINYI ECONOMIC DEVELO       6.66      09/27/24      CNY    59.20
XINYI URBAN TRANSPORT       6.14      02/06/22      CNY    20.16
XINYI URBAN TRANSPORT       6.14      02/06/22      CNY    20.34
XINYI URBAN TRANSPORT       5.35      04/24/24      CNY    61.04
XINYI URBAN TRANSPORT       5.35      04/24/24      CNY    62.57
XINYU CITY SHANTYTOWN       6.50      11/13/22      CNY    70.32
XINYU CITY YUSHUI DIS       7.70      06/24/22      CNY    20.35
XINYU CITY YUSHUI DIS       7.70      06/24/22      CNY    20.44
XISHUI COUNTY FENGZHU       6.52      07/28/24      CNY    61.53
XISHUI COUNTY FENGZHU       6.52      07/28/24      CNY    62.50
XIWANG GROUP CO LTD         7.80      12/03/22      CNY    49.94
XUANCHENG STATE-OWNED       4.12      04/07/23      CNY    40.29
XUANCHENG STATE-OWNED       4.12      04/07/23      CNY    40.36
XUCHANG GENERAL INVES       5.74      08/17/24      CNY    60.16
XUZHOU CITY JIAWANG C       4.00      03/23/23      CNY    40.07
XUZHOU CITY TONGSHAN        5.23      09/18/22      CNY    20.00
XUZHOU CITY TONGSHAN        5.23      09/18/22      CNY    20.34
XUZHOU HI-TECH INDUST       3.78      11/11/23      CNY    59.89
XUZHOU HI-TECH INDUST       3.78      11/11/23      CNY    60.10
XUZHOU XINSHENG INVES       5.13      08/12/22      CNY    20.34
XUZHOU XINSHENG INVES       5.13      08/12/22      CNY    24.46
YAN'AN NEW CITY CONST       5.60      04/21/24      CNY    60.62
YANCHENG GUANDONG ECO       6.42      05/16/24      CNY    60.29
YANCHENG GUANDONG ECO       6.42      05/16/24      CNY    60.80
YANCHENG HIGH-TECH ZO       3.90      12/14/22      CNY    40.00
YANCHENG HIGH-TECH ZO       3.90      12/14/22      CNY    40.04
YANCHENG YANDU DISTRI       3.67      03/17/23      CNY    39.18
YANCHENG YANDU DISTRI       3.67      03/17/23      CNY    39.76
YANGJIANG HENGCAI CIT       6.24      04/14/22      CNY    20.24
YANGJIANG HENGCAI CIT       6.24      04/14/22      CNY    21.20
YANGO GROUP CO LTD          7.50      03/22/22      CNY    19.45
YANGO GROUP CO LTD          7.40      03/24/22      CNY    17.86
YANGO GROUP CO LTD          6.90      10/31/22      CNY    20.15
YANGO GROUP CO LTD          6.95      04/24/24      CNY    25.30
YANGO GROUP CO LTD          7.00      08/24/24      CNY    23.50
YANGO GROUP CO LTD          6.80      10/28/24      CNY    20.35
YANGO GROUP CO LTD          6.67      10/14/25      CNY    22.00
YANGO JUSTICE INTERNA       5.30      01/11/22      USD    24.86
YANGO JUSTICE INTERNA      10.25      03/18/22      USD    23.11
YANGO JUSTICE INTERNA      10.00      02/12/23      USD    90.00
YANGO JUSTICE INTERNA       9.25      04/15/23      USD    22.39
YANGO JUSTICE INTERNA       8.25      11/25/23      USD    22.62
YANGO JUSTICE INTERNA       7.50      04/15/24      USD    22.38
YANGO JUSTICE INTERNA       7.88      09/04/24      USD    22.68
YANGO JUSTICE INTERNA       7.50      02/17/25      USD    22.58
YANGXIN TOWN CONSTRUC       6.50      04/26/24      CNY    62.24
YANGXIN TOWN CONSTRUC       6.50      04/26/24      CNY    62.24
YANGZHONG TRANSPORTAT       4.95      04/07/23      CNY    39.79
YANGZHONG TRANSPORTAT       4.95      04/07/23      CNY    39.97
YANGZHONG TRANSPORTAT       4.98      04/07/23      CNY    40.43
YANGZHONG TRANSPORTAT       4.98      04/07/23      CNY    40.68
YANGZHOU ECONOMIC & T       5.28      07/06/24      CNY    61.11
YANGZHOU ECONOMIC & T       5.28      07/06/24      CNY    62.40
YANGZHOU GUANGLING NE       3.62      09/07/23      CNY    38.63
YANGZHOU GUANGLING NE       3.62      09/07/23      CNY    39.02
YANGZHOU HANJIANG CON       5.88      06/15/22      CNY    20.25
YANGZHOU HANJIANG CON       5.88      06/15/22      CNY    26.63
YANGZHOU NEW MATERIAL       6.80      10/09/24      CNY    60.00
YANGZHOU NEW MATERIAL       6.80      10/09/24      CNY    61.96
YI CHENG CONSTRUCTION       5.44      04/27/23      CNY    39.78
YI ZHENG CITY DEVELOP       4.63      01/08/23      CNY    40.00
YI ZHENG CITY DEVELOP       4.63      01/08/23      CNY    40.25
YICHANG HIGH-TECH INV       4.80      12/15/22      CNY    40.00
YICHANG HIGH-TECH INV       4.80      12/15/22      CNY    40.34
YICHANG HIGH-TECH INV       3.74      07/21/23      CNY    39.44
YICHANG HIGH-TECH INV       3.74      07/21/23      CNY    40.13
YICHANG HIGH-TECH INV       6.10      05/18/24      CNY    61.03
YICHANG HIGH-TECH INV       6.10      05/18/24      CNY    61.80
YICHANG WUJIA NEW CIT       6.50      04/20/24      CNY    61.24
YICHANG WUJIA NEW CIT       6.50      04/20/24      CNY    61.28
YICHUN VENTURE CAPITA       6.70      03/23/22      CNY    20.00
YICHUN VENTURE CAPITA       6.70      03/23/22      CNY    20.18
YIHUA ENTERPRISE GROU       7.00      04/29/22      CNY    54.00
YIHUA LIFESTYLE TECHN       6.88      07/16/20      CNY    35.90
YIHUA LIFESTYLE TECHN       6.88      07/23/20      CNY    35.00
YINGCHENG CITY PUYANG       6.50      04/14/24      CNY    60.32
YINGCHENG CITY PUYANG       6.50      04/14/24      CNY    61.24
YINGKOU BEIHAI NEW CI       7.19      07/12/24      CNY    59.83
YINGKOU BEIHAI NEW CI       7.19      07/12/24      CNY    61.47
YINGKOU COASTAL DEVEL       6.45      01/26/22      CNY    20.06
YINGKOU ECO & TECH DE       5.20      08/05/23      CNY    39.76
YINGKOU ECO & TECH DE       5.20      08/05/23      CNY    39.78
YINGKOU ECO & TECH DE       6.98      04/19/24      CNY    59.84
YINGKOU ECO & TECH DE       6.98      04/19/24      CNY    61.08
YINGKOU LAOBIAN CITY        5.63      12/16/22      CNY    40.20
YINGKOU LAOBIAN CITY        4.98      03/11/23      CNY    37.79
YINGKOU LAOBIAN CITY        4.98      03/11/23      CNY    40.00
YINGTAN JUNENG INVEST       6.75      07/31/22      CNY    20.39
YINGTAN JUNENG INVEST       6.75      07/31/22      CNY    21.18
YINGTAN STATE-OWNED A       7.50      12/12/22      CNY    30.62
YINGTAN STATE-OWNED A       7.50      12/12/22      CNY    30.63
YINING CITY STATE OWN       5.37      09/24/22      CNY    19.40
YINING CITY STATE OWN       5.37      09/24/22      CNY    19.85
YIWU CITY CONSTRUCTIO       4.31      12/07/22      CNY    40.26
YIWU CITY CONSTRUCTIO       4.31      12/07/22      CNY    40.40
YIWU CITY CONSTRUCTIO       5.48      08/18/24      CNY    60.00
YIWU CITY CONSTRUCTIO       5.48      08/18/24      CNY    62.04
YIWU URBAN & RURAL NE       4.25      11/24/21      CNY    25.00
YIXING CITY CONSTRUCT       6.16      03/30/22      CNY    20.00
YIXING CITY CONSTRUCT       6.16      03/30/22      CNY    20.18
YIYANG ADVANCED INDUS       7.00      03/30/22      CNY    20.19
YIYANG ADVANCED INDUS       7.00      03/30/22      CNY    28.00
YIYANG PROVINCE AREA        4.95      10/13/23      CNY    37.66
YIYANG PROVINCE AREA        4.95      10/13/23      CNY    37.80
YIYANG PROVINCE AREA        5.16      11/23/23      CNY    57.54
YIYANG PROVINCE AREA        5.16      11/23/23      CNY    57.58
YIZHANG XINGYI CONSTR       5.49      09/02/24      CNY    52.76
YIZHANG XINGYI CONSTR       5.49      09/02/24      CNY    52.79
YIZHENG SHI'ERWEI NEW       6.77      08/22/24      CNY    60.51
YONG ZHOU CITY DEVELO       5.30      07/13/24      CNY    61.15
YONGCHENG COAL & ELEC       7.50      02/02/21      CNY    39.88
YONGJIA INVESTMENT GR       6.50      11/12/21      CNY    20.00
YONGJIA INVESTMENT GR       6.50      11/12/21      CNY    20.00
YONGXING YINDU INVEST       5.60      03/24/23      CNY    39.52
YONGXING YINDU INVEST       5.60      03/24/23      CNY    40.19
YONGXING YINDU INVEST       6.93      07/07/24      CNY    60.00
YONGXING YINDU INVEST       6.93      07/07/24      CNY    60.04
YONGXING YINDU INVEST       6.50      08/14/24      CNY    60.00
YONGXING YINDU INVEST       6.50      08/14/24      CNY    60.22
YONGZHOU ECONOMIC CON       3.55      01/14/23      CNY    39.48
YONGZHOU ECONOMIC CON       3.55      01/14/23      CNY    39.95
YUANAN COUNTY QIFENG        5.50      05/27/23      CNY    40.24
YUANAN COUNTY QIFENG        5.50      05/27/23      CNY    40.24
YUANLING CHENZHOU INV       6.50      09/20/24      CNY    60.00
YUANLING CHENZHOU INV       6.50      09/20/24      CNY    61.55
YUEYANG DONGTING XINC       6.15      03/20/22      CNY    20.06
YUEYANG HUIHUA URBAN        5.78      04/18/24      CNY    60.66
YUEYANG HUIHUA URBAN        5.78      04/18/24      CNY    61.66
YUEYANG HUIHUA URBAN        5.96      07/26/24      CNY    61.00
YUEYANG HUIHUA URBAN        5.96      07/26/24      CNY    61.77
YUEYANG URBAN CONSTRU       4.80      01/27/26      CNY    73.98
YUEYANG URBAN CONSTRU       4.80      01/27/26      CNY    74.24
YUEYANG YUNXI CITY CO       6.00      07/08/23      CNY    39.56
YUEYANG YUNXI CITY CO       5.18      11/21/23      CNY    57.52
YUHUAN CITY COMMUNICA       6.18      03/20/22      CNY    20.17
YUHUAN CITY COMMUNICA       6.18      03/20/22      CNY    24.47
YUHUAN CITY CONSTRUCT       5.10      05/03/23      CNY    40.05
YUHUAN CITY CONSTRUCT       5.10      05/03/23      CNY    40.61
YUHUAN CITY CONSTRUCT       3.72      10/21/23      CNY    39.33
YUHUAN CITY CONSTRUCT       3.72      10/21/23      CNY    40.15
YUNCHENG SHUIHU CITY        4.54      11/21/23      CNY    57.87
YUNCHENG SHUIHU CITY        4.54      11/21/23      CNY    59.71
YUNCHENG URBAN CONSTR       6.30      08/29/24      CNY    58.78
YUNCHENG URBAN CONSTR       6.30      08/29/24      CNY    60.00
YUZHOU GENERAL INVEST       4.68      01/19/23      CNY    40.00
YUZHOU GENERAL INVEST       4.68      01/19/23      CNY    40.15
ZAOYANG CITY CONSTRUC       5.50      03/22/23      CNY    40.19
ZAOYANG CITY CONSTRUC       5.50      03/22/23      CNY    40.39
ZHANGJIAGANG ECONOMY        3.95      03/22/23      CNY    40.00
ZHANGJIAGANG ECONOMY        3.95      03/22/23      CNY    40.23
ZHANGJIAJIE ECONOMIC        6.47      07/24/27      CNY    72.69
ZHANGJIAJIE ECONOMIC        6.47      07/24/27      CNY    72.74
ZHANGQIU STATE OWNED        3.69      08/09/23      CNY    39.81
ZHANGQIU STATE OWNED        3.69      08/09/23      CNY    40.01
ZHANGSHU STATE-OWNED        4.80      06/22/23      CNY    40.17
ZHANGSHU STATE-OWNED        4.80      06/22/23      CNY    42.67
ZHANGZHOU ECONOMIC DE       6.17      04/27/22      CNY    20.00
ZHANGZHOU ECONOMIC DE       6.17      04/27/22      CNY    20.20
ZHAODONG DONGSHENG CO       6.50      01/20/24      CNY    61.10
ZHAODONG DONGSHENG CO       6.50      01/20/24      CNY    61.11
ZHAOQING GAOYAO DISTR       6.68      04/14/22      CNY    20.00
ZHAOQING GAOYAO DISTR       6.68      04/14/22      CNY    20.29
ZHAOQING HI-TECH ZONE       3.97      08/26/23      CNY    39.47
ZHAOQING HI-TECH ZONE       3.97      08/26/23      CNY    39.82
ZHEJIANG BINHAI NEW C       4.65      12/23/22      CNY    40.36
ZHEJIANG HANGZHOU QIN       5.99      06/30/24      CNY    62.22
ZHEJIANG HANGZHOU QIN       5.99      06/30/24      CNY    62.23
ZHEJIANG HUISHENG INV       4.49      03/15/24      CNY    55.00
ZHEJIANG HUISHENG INV       4.49      03/15/24      CNY    55.51
ZHEJIANG OUHAI CONSTR       6.45      04/23/22      CNY    20.20
ZHEJIANG OUHAI CONSTR       6.45      04/23/22      CNY    20.20
ZHEJIANG OUHAI CONSTR       4.83      01/21/23      CNY    40.10
ZHEJIANG OUHAI CONSTR       4.83      01/21/23      CNY    40.44
ZHEJIANG XINCHANG INV       6.95      12/31/21      CNY    20.09
ZHEJIANG XINCHANG INV       6.95      12/31/21      CNY    20.44
ZHENGZHOU AIRPORT ECO       4.27      07/20/26      CNY    53.58
ZHENGZHOU AIRPORT ECO       4.27      07/20/26      CNY    53.62
ZHENGZHOU GENERAL AVI       5.98      06/27/24      CNY    60.00
ZHENGZHOU GENERAL AVI       5.98      06/27/24      CNY    62.11
ZHENGZHOU GENERAL AVI       5.80      10/18/24      CNY    60.00
ZHENGZHOU GENERAL AVI       5.80      10/18/24      CNY    62.21
ZHENGZHOU JINGKAI INV       5.48      07/31/22      CNY    20.00
ZHENGZHOU JINGKAI INV       5.48      07/31/22      CNY    20.35
ZHENGZHOU MOUZHONG DE       7.48      12/11/21      CNY    20.06
ZHENGZHOU MOUZHONG DE       7.48      12/11/21      CNY    26.20
ZHENGZHOU MOUZHONG DE       4.59      04/18/23      CNY    39.89
ZHENGZHOU MOUZHONG DE       4.59      04/18/23      CNY    39.95
ZHENJIANG DANTU DISTR       5.98      11/06/24      CNY    82.56
ZHENJIANG NEW AREA UR       5.31      07/14/23      CNY    39.06
ZHENJIANG NEW AREA UR       5.31      07/14/23      CNY    40.44
ZHIJIANG STATE-OWNED        4.78      01/11/23      CNY    37.00
ZHIJIANG STATE-OWNED        4.78      01/11/23      CNY    40.04
ZHIJIANG STATE-OWNED        4.38      03/28/23      CNY    39.25
ZHIJIANG STATE-OWNED        4.38      03/28/23      CNY    39.74
ZHIJIANG WANYUN COMMU       7.00      08/29/24      CNY    61.56
ZHONGGUANCUN DEVELOPM       4.20      08/12/22      CNY    20.15
ZHONGGUANCUN DEVELOPM       4.20      08/12/22      CNY    20.20
ZHONGRONG XINDA GROUP       7.40      07/18/22      CNY     7.81
ZHONGRONG XINDA GROUP       7.50      03/02/23      CNY     4.75
ZHONGSHAN TORCH DEVEL       5.79      03/23/24      CNY    61.75
ZHONGSHAN TRANSPORTAT       5.25      11/26/21      CNY    20.00
ZHONGSHAN TRANSPORTAT       5.25      11/26/21      CNY    20.01
ZHONGXIANG CITY CONST       6.50      09/01/24      CNY    62.43
ZHONGXIANG CITY CONST       6.50      09/01/24      CNY    62.44
ZHOUSHAN DINGHAI CITY       6.67      07/20/22      CNY    20.00
ZHOUSHAN ISLANDS NEW        6.98      10/22/22      CNY    24.77
ZHOUSHAN ISLANDS NEW        6.98      10/22/22      CNY    25.40
ZHOUSHAN PUTUO DISTRI       7.18      06/20/22      CNY    25.37
ZHOUSHAN PUTUO DISTRI       7.18      06/20/22      CNY    26.90
ZHUCHENG ECONOMIC DEV       5.37      07/12/24      CNY    60.14
ZHUCHENG ECONOMIC DEV       5.37      07/12/24      CNY    61.15
ZHUHAI HUIHUA INFRAST       4.70      06/27/23      CNY    40.29
ZHUHAI HUIHUA INFRAST       4.70      06/27/23      CNY    40.33
ZHUJI CITY EAST NEW T       3.89      08/26/23      CNY    40.51
ZHUJI CITY YUEDU INVE       6.38      04/07/22      CNY    20.20
ZHUJI CITY YUEDU INVE       6.38      04/07/22      CNY    20.21
ZHUJI STATE-OWNED ASS       5.34      06/28/24      CNY    61.75
ZHUJI STATE-OWNED ASS       5.34      06/28/24      CNY    62.50
ZHUJI STATE-OWNED ASS       5.23      07/18/24      CNY    61.76
ZHUZHOU CITY CONSTRUC       8.36      11/10/21      CNY    20.14
ZHUZHOU GECKOR GROUP        6.38      04/17/22      CNY    20.00
ZHUZHOU GECKOR GROUP        6.38      04/17/22      CNY    20.15
ZHUZHOU GECKOR GROUP        3.78      09/28/23      CNY    39.35
ZHUZHOU GECKOR GROUP        3.78      09/28/23      CNY    39.55
ZHUZHOU HI-TECH AUTO        4.47      11/03/23      CNY    74.62
ZHUZHOU LVXIANG INVES       7.09      08/16/24      CNY    57.50
ZHUZHOU LVXIANG INVES       7.09      08/16/24      CNY    61.11
ZHUZHOU RAILWAY INDUS       7.50      09/25/24      CNY    60.78
ZHUZHOU RECYCLING ECO       4.38      03/24/23      CNY    36.79
ZHUZHOU RECYCLING ECO       4.38      03/24/23      CNY    39.43
ZHUZHOU XIANGJIAN INV       6.40      08/09/24      CNY    60.00
ZHUZHOU XIANGJIAN INV       6.40      08/09/24      CNY    60.31
ZHUZHOU XIANGJIANG SC       5.39      11/25/22      CNY    39.31
ZHUZHOU XIANGJIANG SC       5.39      11/25/22      CNY    39.61
ZIBO BANYANG CITY URB       5.50      09/09/22      CNY    20.00
ZIBO BANYANG CITY URB       5.50      09/09/22      CNY    20.08
ZIBO BOSHAN STATE OWN       5.63      03/29/24      CNY    60.46
ZIBO BOSHAN STATE OWN       5.63      03/29/24      CNY    61.37
ZIBO HIGH TECH CITY I       5.28      08/10/24      CNY    61.86
ZIBO HIGH TECH CITY I       5.28      08/10/24      CNY    64.80
ZIXING CHENGCHENG INV       6.20      03/16/24      CNY    61.18
ZIXING CHENGCHENG INV       6.20      03/16/24      CNY    61.38
ZIXING CHENGCHENG INV       6.18      08/09/24      CNY    60.00
ZIXING CHENGCHENG INV       6.18      08/09/24      CNY    61.35
ZIXING CITY DEVELOPME       6.00      05/03/24      CNY    60.25
ZIXING CITY DEVELOPME       6.00      05/03/24      CNY    60.85
ZIXING CITY DEVELOPME       6.30      09/26/24      CNY    60.00
ZIXING CITY DEVELOPME       6.30      09/26/24      CNY    61.41
ZIYANG WATER INVESTME       3.97      03/17/23      CNY    38.33
ZIYANG WATER INVESTME       3.97      03/17/23      CNY    38.48
ZIZHONG COUNTY XINGZI       5.97      01/18/23      CNY    39.28
ZIZHONG COUNTY XINGZI       5.97      01/18/23      CNY    39.68
ZONGYANG INVESTMENT D       5.85      04/25/24      CNY    60.00
ZONGYANG INVESTMENT D       5.85      04/25/24      CNY    61.68
ZUNYI BOZHOU URBAN CO       6.60      07/06/24      CNY    61.35
ZUNYI BOZHOU URBAN CO       6.60      07/06/24      CNY    61.49
ZUNYI BOZHOU URBAN CO       7.85      10/24/24      CNY    60.00
ZUNYI BOZHOU URBAN CO       7.85      10/24/24      CNY    63.07
ZUNYI CITY XIANGJIANG       6.99      09/25/24      CNY    60.00
ZUNYI CITY XIANGJIANG       6.99      09/25/24      CNY    62.08
ZUNYI ECONOMIC DEVELO       4.87      01/22/23      CNY    35.00
ZUNYI ECONOMIC DEVELO       4.87      01/22/23      CNY    38.07
ZUNYI ECONOMIC DEVELO       7.48      08/17/24      CNY    56.45
ZUNYI HONGHUAGANG DIS       5.05      06/27/23      CNY    37.91
ZUNYI HONGHUAGANG DIS       5.05      06/27/23      CNY    39.99
ZUNYI HONGHUAGANG DIS       6.98      07/25/24      CNY    56.98
ZUNYI HONGHUAGANG DIS       6.98      07/25/24      CNY    61.84
ZUNYI NEW DISTRICT DE       5.99      04/07/26      CNY    47.46
ZUNYI NEW DISTRICT DE       5.99      04/07/26      CNY    55.94
ZUNYI ROAD & BRIDGE C       6.10      04/27/23      CNY    33.43
ZUNYI ROAD & BRIDGE C       6.10      04/27/23      CNY    37.06
ZUNYI TRAFFIC TRAVEL        7.70      09/27/27      CNY    57.00
ZUNYI TRAFFIC TRAVEL        7.70      09/27/27      CNY    73.20


   HONG KONG
   ---------

CAIYUN INTERNATIONAL        5.50      04/08/22      USD    71.66
CHINA SOUTH CITY HOLD      11.50      02/12/22      USD    80.95
CHINA SOUTH CITY HOLD      10.88      06/26/22      USD    42.19
CHINA SOUTH CITY HOLD       7.25      11/20/22      USD    45.01
CHINA SOUTH CITY HOLD      11.95      02/09/23      USD    37.38
CHINA SOUTH CITY HOLD      10.75      04/11/23      USD    36.02
DR PENG HOLDING HONGK       7.55      12/01/22      USD    61.52
HNA GROUP INTERNATION       6.25      10/05/21      USD    19.27


   INDONESIA
   ---------

DAVOMAS INTERNATIONAL      11.00      05/09/11      USD     1.14
DAVOMAS INTERNATIONAL      11.00      05/09/11      USD     1.14
DAVOMAS INTERNATIONAL      11.00      12/08/14      USD     1.13
DAVOMAS INTERNATIONAL      11.00      12/08/14      USD     1.13
DELTA MERLIN DUNIA TE       2.50      06/26/28      USD    18.00
SRI REJEKI ISMAN TBK        7.25      01/16/25      USD    18.67
SRI REJEKI ISMAN TBK        7.25      01/16/25      USD    20.01


   INDIA
   -----

ACME MEDAK SOLAR ENER       0.01      08/29/46      INR    16.44
ACME RANGA REDDY SOLA       0.01      08/31/46      INR    16.31
AMPSOLAR SOLUTION PVT       0.01      10/27/37      INR    30.75
AMPSOLAR SOLUTION PVT       0.01      11/03/37      INR    30.70
APG HABITAT PVT LTD         1.00      09/09/28      INR    66.69
APG INTELLI HOMES PVT       1.25      02/04/35      INR    47.60
APG INTELLI HOMES PVT       1.25      02/04/35      INR    48.78
ASSETS CARE & RECONST       1.00      03/30/29      INR    65.91
ASSETS CARE & RECONST       2.00      03/30/29      INR    71.65
ASSETS CARE & RECONST       2.00      03/30/29      INR    71.65
ASSETS CARE & RECONST       2.00      03/31/30      INR    68.25
AUTOMOTIVE EXCHANGE P       4.00      06/01/30      INR    65.86
AUTOMOTIVE EXCHANGE P       4.00      10/11/30      INR    65.38
BODY CUPID PVT LTD          0.01      03/31/31      INR    50.98
BREEZE CONSTRUCTIONS        0.01      06/29/30      INR    51.30
BRITANNIA INDUSTRIES        8.00      08/28/22      INR    30.67
BRITANNIA INDUSTRIES        5.50      06/03/24      INR    29.08
BROIL SOLAR ENERGY PV       0.01      09/05/31      INR    49.24
CHANDRAJYOTI ESTATE D       0.01      07/06/30      INR    52.62
CONVERGIA DIGITAL EDU       0.10      09/29/31      INR    56.46
CUMULUS TRADING CO PV       0.01      01/23/30      INR    69.71
CUMULUS TRADING CO PV       0.01      05/21/32      INR    44.66
DEWAN HOUSING FINANCE       8.50      04/18/23      INR    28.34
DLF ASPINWAL HOTELS P       0.01      10/15/30      INR    49.22
DLF EMPORIO RESTAURAN       0.01      06/29/30      INR    53.02
DLF EMPORIO RESTAURAN       0.01      08/12/30      INR    52.52
DLF HOME DEVELOPERS L       0.01      06/29/30      INR    54.89
DLF HOMES SERVICES PV       0.01      06/29/30      INR    51.30
DLF LANDS INDIA PVT L       0.01      09/29/31      INR    47.65
DLF REAL ESTATE BUILD       0.01      06/23/30      INR    52.64
DLF RECREATIONAL FOUN       0.01      10/15/30      INR    49.26
DLF RESIDENTIAL BUILD       0.01      06/23/30      INR    51.36
DLF RESIDENTIAL DEVEL       0.01      06/28/30      INR    52.61
DLF SOUTHERN TOWNS PV       0.01      07/09/30      INR    52.77
DOMUS REAL ESTATE PVT       0.01      07/11/30      INR    52.78
ECAP EQUITIES LTD           0.01      03/26/31      INR    51.87
EDEL LAND LTD               0.01      03/22/26      INR    72.99
EDELWEISS ASSET RECON       2.00      11/20/27      INR    75.12
EDELWEISS ASSET RECON       2.00      10/07/28      INR    71.82
EDELWEISS ASSET RECON       2.00      01/15/29      INR    70.83
EDELWEISS ASSET RECON       2.00      03/28/29      INR    70.13
EDELWEISS ASSET RECON       2.00      07/22/29      INR    69.00
EDELWEISS RURAL & COR       0.01      03/25/31      INR    52.68
ELP SOLAR ONE PVT LTD       0.25      02/27/31      INR    51.58
ESSAR POWER TRANSMISS       3.00      03/31/43      INR    50.73
ESSAR POWER TRANSMISS       3.00      03/31/43      INR    50.73
FUTURE RETAIL LTD           5.60      01/22/25      USD    60.63
FUTURE RETAIL LTD           5.60      01/22/25      USD    60.97
GAMMA GAANA LTD             0.01      07/31/31      INR    48.50
GREEN URJA PVT LTD          0.01      02/14/30      INR    54.84
GTL INFRASTRUCTURE LT       6.73      10/26/22      USD     9.88
HCL INFOTECH LTD            0.10      03/31/36      INR    35.23
HITODI INFRASTRUCTURE       0.01      06/30/27      INR    65.34
JAIPRAKASH ASSOCIATES       5.75      09/08/17      USD    55.13
JAIPRAKASH POWER VENT       7.00      05/15/17      USD     6.22
JCT LTD                     2.50      04/08/11      USD    25.75
JSM CORP PVT LTD            0.01      08/31/36      INR    32.87
JTPM ATSALI LTD             0.01      08/29/48      INR    14.56
JUNO MONETA TECHNOLOG       0.01      05/18/26      INR    73.28
KANAKADURGA FINANCE L       0.01      04/15/36      INR    31.69
KUSHALS RETAIL PVT LT       1.00      05/13/29      INR    64.16
LITMUS WORLD MARKETIN       0.01      03/31/28      INR    68.45
MARIS POWER SUPPLY CO       2.00      04/18/28      INR    74.35
MELOSA BUILDERS & DEV       0.01      06/29/30      INR    51.30
MENS BUILDCON PVT LTD       0.01      06/29/30      INR    51.30
MYTRAH AADHYA POWER P       0.01      07/05/35      INR    36.55
MYTRAH ADVAITH POWER        0.01      07/13/36      INR    33.82
MYTRAH AKSHAYA ENERGY       0.01      07/13/36      INR    33.82
NANI VIRANI WIND ENER       2.00      06/30/39      INR    47.11
NEEMUCH SOLAR POWER P       0.01      08/29/46      INR    16.43
NHAVA SHEVA INTERNATI       0.01      04/14/27      INR    68.32
ORIGAMI CELLULO PVT L       0.01      11/14/36      INR    32.47
PALIWAL REAL ESTATE L       0.01      09/09/31      INR    48.10
PRAKASH INDUSTRIES LT       5.25      04/30/15      USD    22.63
PRUDENT ARC LTD             0.01      09/02/31      INR    48.11
PRUDENT ARC LTD             0.01      10/04/31      INR    46.47
PUNJAB INFRASTRUCTURE       0.40      10/15/27      INR    70.60
PUNJAB INFRASTRUCTURE       0.40      10/15/28      INR    65.88
PUNJAB INFRASTRUCTURE       0.40      10/15/29      INR    61.46
PUNJAB INFRASTRUCTURE       0.40      10/15/30      INR    57.34
PUNJAB INFRASTRUCTURE       0.40      10/15/31      INR    53.52
PUNJAB INFRASTRUCTURE       0.40      10/15/32      INR    49.99
PUNJAB INFRASTRUCTURE       0.40      10/15/33      INR    46.76
PURVANCHAL SOLAR POWE       0.01      08/29/46      INR    16.44
PYRAMID SAIMIRA THEAT       1.75      07/04/12      USD     0.26
R L FINE CHEM PVT LTD       0.10      08/19/36      INR    33.43
RAMANI ICECREAM CO LT       0.01      12/29/35      INR    35.61
REDKITE CAPITAL PVT L       2.50      03/30/29      INR    73.63
REI AGRO LTD                5.50      11/13/14      USD     0.73
REI AGRO LTD                5.50      11/13/14      USD     0.73
RELIANCE COMMUNICATIO       6.50      11/06/20      USD    10.09
REWANCHAL SOLAR POWER       0.01      08/29/46      INR    16.44
RIVERIA COMMERCIAL DE       0.01      07/08/31      INR    47.16
RMZ ONE PARAMOUNT PVT       0.10      03/24/29      INR    59.20
SAKET HOLIDAYS RESORT       0.01      06/29/30      INR    52.50
SANJWIN CONSULTING SO       0.01      06/01/28      INR    61.31
SHERISHA ROOFTOP SOLA       0.01      08/12/31      INR    45.04
SHIVAJI MARG MAINTENA       0.01      06/28/30      INR    51.48
SINTEX INDUSTRIES LTD       3.50      05/25/22      USD    26.43
STPL HORTICULTURE PVT       0.01      03/31/31      INR    58.59
SUNWORLD SOLAR POWER        0.01      08/31/46      INR    16.31
SURBHI INVESTMENTS &        2.50      10/21/28      INR    74.38
SUTARA ROADS & INFRA        0.01      08/31/30      INR    58.93
SUZLON ENERGY LTD           5.75      07/16/19      USD    23.65
SUZLON ENERGY LTD           5.75      07/16/19      USD    23.65
SVOGL OIL GAS & ENERG       5.00      08/17/15      USD     0.61
TATA SMARTFOODZ LTD         0.01      04/18/26      INR    73.56
TATA SMARTFOODZ LTD         0.01      06/28/26      INR    72.42
TATA SMARTFOODZ LTD         0.01      08/19/26      INR    71.58
TN URJA PVT LTD             0.10      02/22/36      INR    35.40
WATSUN INFRABUILD PVT       4.00      10/16/37      INR    63.92
YBRANT ENGINEERING &        0.01      05/07/31      INR    50.08


   JAPAN
   -----

AVANSTRATE INC              0.20      10/29/32      JPY     9.75
HIS CO LTD                  0.58      02/19/27      JPY    66.71
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       0.43      11/29/21      JPY    71.12
UNIZO HOLDINGS CO LTD       0.52      05/27/22      JPY    60.00
UNIZO HOLDINGS CO LTD       0.75      11/28/22      JPY    48.04
UNIZO HOLDINGS CO LTD       0.85      05/26/23      JPY    47.75
UNIZO HOLDINGS CO LTD       0.80      11/29/23      JPY    45.49
UNIZO HOLDINGS CO LTD       0.89      05/29/24      JPY    45.59
UNIZO HOLDINGS CO LTD       1.10      11/28/24      JPY    42.89
UNIZO HOLDINGS CO LTD       0.99      11/27/26      JPY    39.99
UNIZO HOLDINGS CO LTD       1.20      05/28/27      JPY    39.58
UNIZO HOLDINGS CO LTD       1.50      11/26/27      JPY    39.98


   KOREA
   -----

CJ CGV CO LTD               1.00      06/08/51      KRW    71.03
FIRST 5G SECURITIZATI       1.71      02/28/25      KRW    27.46
FIRST 5G SECURITIZATI       1.89      11/28/25      KRW    27.85
HEUNGKUK FIRE & MARIN       5.70      12/29/46      KRW    38.81
KIBO ABS SPECIALTY CO       5.00      02/28/22      KRW    74.42
KIBO ABS SPECIALTY CO       5.00      02/24/23      KRW    73.14
KIBO ABS SPECIALTY CO       5.00      02/24/24      KRW    70.34
KOREA LAND & HOUSING        1.28      08/23/49      KRW    77.55
KOREA SOUTHERN POWER        1.29      08/13/49      KRW    76.10
LOTTE CARD CO LTD           3.95      06/28/49      KRW    37.13
POSCO ENERGY CO LTD         5.21      08/29/43      KRW    68.54
PULMUONE CO LTD             4.80      09/30/49      KRW    73.97
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        5.00      12/27/21      KRW    75.29
SINBO SECURITIZATION        5.00      01/25/22      KRW    68.09
SINBO SECURITIZATION        5.00      01/26/22      KRW    68.08
SINBO SECURITIZATION        5.00      02/23/22      KRW    66.74
SINBO SECURITIZATION        5.00      02/28/22      KRW    74.40
SINBO SECURITIZATION        5.00      06/27/22      KRW    62.95
SINBO SECURITIZATION        5.00      07/24/22      KRW    62.49
SINBO SECURITIZATION        5.00      07/26/22      KRW    62.47
SINBO SECURITIZATION        5.00      08/29/22      KRW    62.79
SINBO SECURITIZATION        5.00      08/31/22      KRW    62.78
SINBO SECURITIZATION        5.00      09/26/22      KRW    62.15
SINBO SECURITIZATION        5.00      12/25/22      KRW    72.13
SINBO SECURITIZATION        5.00      01/25/23      KRW    64.51
SINBO SECURITIZATION        5.00      01/29/23      KRW    71.86
SINBO SECURITIZATION        5.00      02/28/23      KRW    74.84
SINBO SECURITIZATION        5.00      03/20/23      KRW    74.67
SINBO SECURITIZATION        5.00      06/27/23      KRW    65.98
SINBO SECURITIZATION        5.00      06/30/23      KRW    65.95
SINBO SECURITIZATION        5.00      07/24/23      KRW    65.69
SINBO SECURITIZATION        5.00      07/29/23      KRW    65.65
SINBO SECURITIZATION        5.00      08/29/23      KRW    66.46
SINBO SECURITIZATION        5.00      08/29/23      KRW    66.46
SINBO SECURITIZATION        5.00      09/09/23      KRW    66.29
SINBO SECURITIZATION        5.00      09/26/23      KRW    66.08
SINBO SECURITIZATION        5.00      09/26/23      KRW    66.08
SINBO SECURITIZATION        5.00      09/26/23      KRW    66.08
SINBO SECURITIZATION        5.00      10/24/23      KRW    65.72
SINBO SECURITIZATION        5.00      10/24/23      KRW    65.72
SINBO SECURITIZATION        3.00      11/21/23      KRW    63.52
SINBO SECURITIZATION        5.00      11/21/23      KRW    66.84
SINBO SECURITIZATION        4.00      12/25/23      KRW    65.20
SINBO SECURITIZATION        4.00      12/25/23      KRW    65.20
SINBO SECURITIZATION        5.00      12/25/23      KRW    72.37
SINBO SECURITIZATION        5.00      12/29/23      KRW    70.19
SINBO SECURITIZATION        3.00      01/29/24      KRW    68.07
SINBO SECURITIZATION        4.00      01/29/24      KRW    70.08
SINBO SECURITIZATION        4.00      01/29/24      KRW    70.08
SINBO SECURITIZATION        5.00      02/27/24      KRW    67.89
SINBO SECURITIZATION        4.00      04/15/24      KRW    65.70
SINBO SECURITIZATION        4.00      06/30/24      KRW    66.01
SINBO SECURITIZATION        4.00      06/30/24      KRW    66.01
SINBO SECURITIZATION        5.00      06/30/24      KRW    67.99
SINBO SECURITIZATION        4.00      07/29/24      KRW    65.73
SINBO SECURITIZATION        5.00      07/29/24      KRW    67.69
SINBO SECURITIZATION        5.00      07/29/24      KRW    67.69
SINBO SECURITIZATION        4.00      08/28/24      KRW    66.40
SINBO SECURITIZATION        4.00      08/28/24      KRW    66.40
SINBO SECURITIZATION        5.00      08/28/24      KRW    68.57
SINBO SECURITIZATION        4.00      09/29/24      KRW    66.04
SINBO SECURITIZATION        4.00      09/29/24      KRW    66.04
SINBO SECURITIZATION        5.00      09/29/24      KRW    68.19
SINBO SECURITIZATION        4.00      11/27/24      KRW    69.24
SINBO SECURITIZATION        4.00      11/27/24      KRW    69.24
SINBO SECURITIZATION        5.00      11/27/24      KRW    71.55
SINBO SECURITIZATION        5.00      11/27/24      KRW    71.55
SINBO SECURITIZATION        5.00      01/29/25      KRW    46.26


   MALAYSIA
   --------

ASIAN PAC HOLDINGS BH       3.00      05/25/22      MYR     0.65
BERJAYA CORP BHD            5.00      04/22/22      MYR     0.27
BERJAYA CORP BHD            2.00      05/29/26      MYR     0.26
ELK-DESA RESOURCES BH       3.25      04/14/22      MYR     1.14
HUME CEMENT INDUSTRIE       5.00      05/29/24      MYR     1.66
MALAYAN FLOUR MILLS B       5.00      01/24/24      MYR     1.48
PENGURUSAN AIR SPV BH       1.00      09/28/35      MYR    62.71
PENGURUSAN AIR SPV BH       1.00      11/05/35      MYR    62.42
PENGURUSAN AIR SPV BH       1.00      02/05/36      MYR    65.13
PMB TECHNOLOGY BHD          3.00      07/12/23      MYR    12.50
SCANWOLF CORP BHD           3.00      08/04/26      MYR     0.36
SD INTERNATIONAL SUKU       7.00      03/12/25      USD    27.40
SD INTERNATIONAL SUKU       6.30      05/09/22      USD    30.37
SENAI-DESARU EXPRESSW       1.35      12/31/29      MYR    74.34
SENAI-DESARU EXPRESSW       1.35      06/28/30      MYR    72.83
SENAI-DESARU EXPRESSW       1.35      12/31/30      MYR    71.27
SENAI-DESARU EXPRESSW       1.35      06/30/31      MYR    69.77
YB VENTURES BHD             0.10      09/05/26      MYR     0.07


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICATI      15.00      07/15/06      USD    19.63


   SINGAPORE
   ---------

APL REALTY HOLDINGS P       5.95      06/02/24      USD    60.92
ASL MARINE HOLDINGS L       3.00      03/28/25      SGD    41.34
ASL MARINE HOLDINGS L       3.00      10/01/26      SGD    41.38
BAKRIE TELECOM PTE LT      11.50      05/07/15      USD     0.78
BAKRIE TELECOM PTE LT      11.50      05/07/15      USD     0.78
BANYAN TREE HOLDINGS        7.50      08/06/22      SGD     1.35
BLD INVESTMENTS PTE L       8.63      03/23/15      USD     4.88
BLUE OCEAN RESOURCES        8.00      12/31/21      USD    32.94
BLUE OCEAN RESOURCES        8.00      12/31/21      USD    32.94
BLUE OCEAN RESOURCES        8.00      12/31/21      USD    32.94
ENERCOAL RESOURCES PT       9.25      08/05/14      USD    45.75
ETERNA CAPITAL PTE LT       8.00      12/11/22      USD    44.43
EZRA HOLDINGS LTD           4.88      04/24/18      SGD     5.00
GOLDEN LEGACY PTE LTD       6.88      03/27/24      USD    19.36
GOLDEN LEGACY PTE LTD       6.88      03/27/24      USD    19.68
INDO INFRASTRUCTURE G       2.00      07/30/10      USD     1.00
INNOVATE CAPITAL PTE        6.00      12/11/24      USD    29.00
ITNL OFFSHORE PTE LTD       7.50      01/18/21      CNY    16.61
JGC VENTURES PTE LTD       10.75      08/30/21      USD    55.20
MICLYN EXPRESS OFFSHO       8.75      11/25/18      USD     1.07
MODERNLAND OVERSEAS P       6.95      04/13/24      USD    44.64
NT RIG HOLDCO PTE LTD       7.50      12/20/22      USD    55.50
ORO NEGRO DRILLING PT       7.50      01/24/19      USD     3.88
PACIFIC RADIANCE LTD        4.30      03/31/20      SGD    10.00
RICKMERS MARITIME           8.45      05/15/17      SGD     5.00
SSMS PLANTATION HOLDI       7.75      01/23/23      USD    72.74
SWIBER CAPITAL PTE LT       6.25      10/30/17      SGD     4.20
SWIBER CAPITAL PTE LT       6.50      08/02/18      SGD     4.20
SWIBER HOLDINGS LTD         5.55      10/10/16      SGD    12.25
SWIBER HOLDINGS LTD         7.13      04/18/17      SGD     6.13
SWIBER HOLDINGS LTD         7.75      09/18/17      CNY     6.13


  SRI LANKA
  ---------

SRI LANKA DEVELOPMENT       4.24      03/16/23      USD    72.96
SRI LANKA DEVELOPMENT       4.11      05/01/23      USD    71.20
SRI LANKA DEVELOPMENT       4.15      05/01/23      USD    71.24
SRI LANKA DEVELOPMENT       5.66      05/01/23      USD    72.82
SRI LANKA DEVELOPMENT       6.69      05/01/23      USD    73.98
SRI LANKA DEVELOPMENT       6.70      05/01/23      USD    73.99
SRI LANKA DEVELOPMENT       6.71      05/01/23      USD    74.00
SRI LANKA DEVELOPMENT       7.95      05/01/24      USD    67.20
SRI LANKA DEVELOPMENT       7.98      05/01/24      USD    67.25
SRI LANKA DEVELOPMENT       7.99      05/01/24      USD    67.27
SRI LANKA DEVELOPMENT       4.79      01/22/25      USD    58.73
SRI LANKA DEVELOPMENT       5.98      01/22/25      USD    59.82
SRI LANKA DEVELOPMENT       6.02      01/22/25      USD    59.90
SRI LANKA DEVELOPMENT       6.05      01/22/25      USD    59.96
SRI LANKA DEVELOPMENT       6.50      01/22/25      USD    60.89
SRI LANKA DEVELOPMENT       6.75      01/22/25      USD    61.40
SRI LANKA DEVELOPMENT       6.80      01/22/25      USD    61.50
SRI LANKA DEVELOPMENT       6.82      01/22/25      USD    61.54
SRI LANKA DEVELOPMENT       6.87      01/22/25      USD    61.65
SRI LANKA DEVELOPMENT       6.99      01/22/25      USD    61.89
SRI LANKA DEVELOPMENT       7.68      01/22/25      USD    63.31
SRI LANKA DEVELOPMENT       7.82      01/22/25      USD    63.63
SRI LANKA DEVELOPMENT       7.60      07/30/26      USD    60.52
SRI LANKA DEVELOPMENT       8.00      07/30/26      USD    61.62
SRI LANKA GOVERNMENT        5.75      04/18/23      USD    65.98
SRI LANKA GOVERNMENT        5.75      04/18/23      USD    65.98
SRI LANKA GOVERNMENT        6.85      03/14/24      USD    62.69
SRI LANKA GOVERNMENT        6.85      03/14/24      USD    62.76
SRI LANKA GOVERNMENT        6.35      06/28/24      USD    62.67
SRI LANKA GOVERNMENT        6.35      06/28/24      USD    62.73
SRI LANKA GOVERNMENT        6.13      06/03/25      USD    61.77
SRI LANKA GOVERNMENT        6.13      06/03/25      USD    61.86
SRI LANKA GOVERNMENT        6.85      11/03/25      USD    61.85
SRI LANKA GOVERNMENT        6.85      11/03/25      USD    61.94
SRI LANKA GOVERNMENT        6.83      07/18/26      USD    60.71
SRI LANKA GOVERNMENT        6.83      07/18/26      USD    60.78
SRI LANKA GOVERNMENT        6.20      05/11/27      USD    59.95
SRI LANKA GOVERNMENT        6.20      05/11/27      USD    60.04
SRI LANKA GOVERNMENT        6.75      04/18/28      USD    59.86
SRI LANKA GOVERNMENT        6.75      04/18/28      USD    59.95
SRI LANKA GOVERNMENT        7.85      03/14/29      USD    59.91
SRI LANKA GOVERNMENT        7.85      03/14/29      USD    59.95
SRI LANKA GOVERNMENT        7.55      03/28/30      USD    59.98
SRI LANKA GOVERNMENT        7.55      03/28/30      USD    60.09
SRILANKAN AIRLINES LT       7.00      06/25/24      USD    60.64


  THAILAND
  --------

G STEEL PCL                 3.00      10/04/15      USD     0.80
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 2022.  All rights reserved.  ISSN: 1520-9482.

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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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