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

                     A S I A   P A C I F I C

          Tuesday, March 1, 2022, Vol. 25, No. 37

                           Headlines



A U S T R A L I A

AUSTRALSEAL PROTECTIVE: Second Creditors' Meeting Set for March 8
CLIMATE CHANGE: First Creditors' Meeting Set for March 8
PILBARA RESOURCE: Second Creditors' Meeting Set for March 8
SP HAY GROUP: Land and Equipment Up For Sale
UMBRELLA HEALTH: Second Creditors' Meeting Set for March 7

YOUNG DIGGERS: Second Creditors' Meeting Set for March 4


C H I N A

CAR INC: S&P Affirms 'B-' Long-Term ICR, Outlook Stable
HOPSON DEVELOPMENT: Fitch Affirms 'B+' LT FC IDR, Outlook Stable
XINJIANG FINANCIAL: Fitch Rates Proposed USD Notes 'BB+'


I N D I A

ADVATECH CERA: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
AKAR AUTO: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
ALLIANCE LAUNDRY: Voluntary Liquidation Process Case Summary
ATUL BUILDERS: Ind-Ra Cuts Long-Term Issuer Rating to BB+
AVANTIS DREAM: CRISIL Withdraws B+ Rating on INR63cr Term Loan

AZEEM INFINITE: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
BALACHANDRA VINAYAGAR: CRISIL Keeps B+ Ratings in Not Cooperating
BALAJI OIL: Ind-Ra Lowers LT Issuer Rating to 'B+', Outlook Stable
BHADRA PARKS: Liquidation Process Case Summary
BHARAT AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating

BIHARI JI: CRISIL Keeps B+ Debt Rating in Not Cooperating
CREST ENGINEERING: Ind-Ra Moves 'B-' Rating to Non-Cooperating
DIVYALAKSHMI TEXTILES: CRISIL Keeps B+ Ratings in Not Cooperating
DUGAL ASSOCIATES: Liquidation Process Case Summary
DUTTA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating

EASUN REYROLLE: NCLT Enters Liquidation Order
GANSONS PRIVATE: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
H P RAMA: CRISIL Keeps B Debt Rating in Not Cooperating
H R V GEMS: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating
HARIOM AQUA: Ind-Ra Hikes Long-Term Issuer Rating to BB+

HL BUILDWELL PRIVATE: Insolvency Resolution Process Case Summary
HVR PROJECTS PRIVATE: Liquidation Process Case Summary
KARTHIKEYA TRADING: CRISIL Keeps B Ratings in Not Cooperating
KARTIK INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
KAVVERI TELECOM: Liquidation Process Case Summary

KSR PROPERTIES PRIVATE: Insolvency Resolution Process Case Summary
LAJJYA STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
LEKH RAJ: CRISIL Keeps B Debt Rating in Not Cooperating Category
MILAN INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
NORTHERN TANNERY: CRISIL Cuts Rating on INR5cr LT Loan to B

OMEGA ICEHILL: Insolvency Resolution Process Case Summary
ORIENT STEEL: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
PANACEA HOSPITALS: Liquidation Process Case Summary
POWER CHEM: CRISIL Keeps B Debt Ratings in Not Cooperating
PRISMACK BIOTECHNICS: Insolvency Resolution Process Case Summary

RAJA CRAFT: CRISIL Migrates B Debt Ratings to Not Cooperating
RNV INDUSTRIES: CRISIL Withdraws B+ Rating on INR75cr Cash Loan
RR COTTONS: Ind-Ra Affirms 'B' LT Issuer Rating, Outlook Stable
SAI DATTA: CRISIL Keeps B Debt Ratings in Not Cooperating
SAMARPAN LAMINATES: CRISIL Keeps B+ Ratings in Not Cooperating

SARADAMAYEE RICE: CRISIL Moves B+ Debt Ratings to Not Cooperating
SEEMANCHAL MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
SKY ALLOYS: Ind-Ra Keeps 'D' LT Issuer Rating to Non-Cooperating
SRIANAGHA SKY: Voluntary Liquidation Process Case Summary
STAN AUTOS: Insolvency Resolution Process Case Summary

SURBHI SATCOM: Ind-Ra Gives 'BB' LT Issuer Rating, Outlook Stable
SUSHEE IVRCL: Ind-Ra Hikes Bank Loan Rating to 'B+'
SWAGAT DEVELOPERS: CRISIL Withdraws B Rating on INR65cr LT Loan
TERRA ENERGY: Liquidation Process Case Summary
TRIVIKRAMA MEDICAL: Ind-Ra Assigns BB+ Long-Term Issuer Rating

VASAN HEALTH: Lenders Approve ASG Hospital's Resolution Plan
VENKATESWARA GRANITES: CRISIL Keeps D Ratings in Not Cooperating
VIKRAM INFRASTRUCTURE: Ind-Ra Moves 'D' Rating to Non-Cooperating
VISHNU ANNAMALAIYAR: Liquidation Process Case Summary


I N D O N E S I A

BUMI SERPONG: Fitch Affirms 'BB-' LT FC IDR, Outlook Stable


J A P A N

SOFTBANK GROUP: S&P Affirms 'BB+' LT Issuer Rating, Outlook Stable


M A L A Y S I A

MALAYSIA AIRPORTS: Full Year Net Loss Narrows to MYR766.44MM


N E W   Z E A L A N D

CUCINA LIMITED: Creditors' Proofs of Debt Due April 6
JAKKALBERRY BREEDING: Creditors' Proofs of Debt Due March 23
JC DESIGN: Court to Hear Wind-Up Petition on March 4
PAPPARICH LIMITED: Court to Hear Wind-Up Petition on March 4
VIVIER AND COMPANY: Creditors' Proofs of Debt Due on March 30



S I N G A P O R E

CHIAM JOO: Court to Hear Wind-Up Petition on March 11
CLEARBRIDGE BIOPHOTONICS: Creditors' Proofs of Debt Due March 25
FRUITION CONSTRUCTION: Court to Hear Wind-Up Petition on March 11
SINGAPORE PRESS: To Hold Scheme Meeting on March 22
THEFATCOW PTE: Creditors' Proofs of Debt Due March 25

ZIEN FURNITURE: Court to Hear Wind-Up Petition on March 11


T H A I L A N D

THAI GROUP: Two Insurance Units Seek Liquidation


X X X X X X X X

[*] Afghanistan Inching Towards Economic Collapse, Red Cross Says
[*] BOND PRICING: For the Week Feb. 21, 2022 to Feb. 25, 2022

                           - - - - -


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

AUSTRALSEAL PROTECTIVE: Second Creditors' Meeting Set for March 8
-----------------------------------------------------------------
A second meeting of creditors in the proceedings of Australseal
Protective Solutions Pty Ltd has been set for March 8, 2022, at
11:30 a.m. via virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 7, 2022, at 12:00 p.m.

Trent McMillen of MaC Insolvency was appointed as administrator of
Australseal Protective on Feb. 11, 2022.


CLIMATE CHANGE: First Creditors' Meeting Set for March 8
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Climate
Change Technologies Pty Ltd will be held on March 8, 2022, at 10:30
a.m. via virtual meeting.

Matthew Kucianski and Ivan Glavas of Worrells Solvency & Forensic
Accountants were appointed as administrators of Climate Change on
Feb. 24, 2022.


PILBARA RESOURCE: Second Creditors' Meeting Set for March 8
-----------------------------------------------------------
A second meeting of creditors in the proceedings of Pilbara
Resource Group Pty Ltd has been set for March 8, 2022, at 9:30 a.m.
via Zoom.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 3, 2022, at 5:00 p.m.

Cameron Shaw and Richard Albarran of Hall Chadwick were appointed
as administrators of Pilbara Resource on Dec. 17, 2021.


SP HAY GROUP: Land and Equipment Up For Sale
--------------------------------------------
North Queensland Register reports that the land and equipment of
the failed SP Hay Group are for sale.  Besides the big business,
the properties being offered total 40.5 hectares across three sites
in Western Australia and South Australia.

Elders Real Estate has been engaged to organise the sale of the
company, the report notes.

The company fell into receivership last year owing creditors about
AUD14 million.

In South Australia, the Thomas Plain "Paskeville" site is on the
market. It is a large-scale hay processing and storage facility
near the Yorke Peninsula town.  The facility features hay teasing,
blending, pressing and unitising equipment.

There is a large hay warehouse built in about 2010 of 5760 square
metres.

The large machinery shed on site includes "significant water
infrastructure" for fire suppression.

According to the report, the facility suffered an enormous fire in
2009 causing millions of dollars in damage.

There is perimeter fencing to the entire boundary with central
entry and exit access point.

It also includes hard stand areas, office, weighbridge, site
drainage pathways and established water catchment.

In Western Australia, the Brookton site also hosts a large-scale
hay storage and processing facility.  This complex was established
in about 2000, primarily to supply the export hay market with high
quality hay grown throughout WA.  It is just north of Brookton and
about 150km from Perth. The 26.1529 hectare site consists of two
allotments with improvements concentrated on Lot 168 and with
surplus room for further expansion on Lot 22.

North Queensland Register relates that inclusive of hay teasing,
hay blending, hay pressing and hay unitising equipment, the complex
is ideally suited to continue hay processing, whilst also having
potential for additional uses given the size and quality of built
improvements.

The report adds that the smaller Laura site in South Australia has
an existing hay storage facility, old stone mill and a small silo
complex both requiring restoration with a weighbridge and control
hut.

Although the failed group offers a ready made operation in leading
hay growing regions of Australia for a new buyer it will be sold
into parts if needed, the report states.

Key features of the operation are the modern large scale high
clearance warehouses and associated facilities in Brookton (WA) and
Paskeville (SA) plus third site in Laura (SA).

It has automated Hunterwood press lines with operating systems at
Brookton and Paskeville sites.

North Queensland Register relates that agents said there is an
opportunity to establish infrastructure at key sites and offer
products and services relating to the value adding of plant
protein.

SP Hay is for sale via expressions of interest closing on March 31,
the report notes.


UMBRELLA HEALTH: Second Creditors' Meeting Set for March 7
----------------------------------------------------------
A second meeting of creditors in the proceedings of Umbrella Health
(Wodonga) Pty Ltd has been set for March 7, 2022, at 12:00 p.m. via
virtual meeting technology.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 4, 2022, at 5:00 p.m.

Brent Kijurina, Richard Albarran and Richard Lawrence of Hall
Chadwick were appointed as administrators of Umbrella Health on
Jan. 31, 2022.


YOUNG DIGGERS: Second Creditors' Meeting Set for March 4
--------------------------------------------------------
A second meeting of creditors in the proceedings of Young Diggers
Limited has been set for March 4, 2022, at 10:00 a.m. via
electronic facilities.

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

Creditors wishing to attend are advised proofs and proxies should
be submitted to the Administrator by March 3, 2022, at 4:00 p.m.

Matthew Leslie Joiner of Cor Cordis was appointed as administrator
of Young Diggers on Jan. 28, 2022.




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C H I N A
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CAR INC: S&P Affirms 'B-' Long-Term ICR, Outlook Stable
-------------------------------------------------------
On Feb. 25, 2022, S&P Global Ratings affirmed its 'B-' long-term
issuer credit rating on CAR Inc. and 'B-' issue rating on its
existing senior notes.

The stable outlook reflects S&P's view that CAR's operating
performance should improve over the next 12 months, despite high
depreciation costs for about one-third of its car rental fleet.

CAR's liquidity buffer will be thin following an upcoming debt
maturity. The company should have enough cash to repay the US$280
million notes due May 2022. This is equivalent to Chinese renminbi
(RMB) 1.7 billion-RMB1.8 billion. S&P's assessment is supported by
its cash balance of RMB2.1 billion as of Sept. 30, 2021 (RMB1.5
billion-RMB1.6 billion post-tender of senior notes due 2022 in
October 2021), and our cash flow estimate of RMB700 million-RMB800
million for the first six months of 2022.

However, without refinancing, the company's cash balance will be
thin and its ability to refresh or grow its car fleet would be
greatly diminished. At the same time, the company is working to
establish domestic and overseas financing channels, including bank
facilities and finance lease arrangements, to meet its capital
expenditure (capex) needs in 2022.

Leverage will likely remain elevated during 2022, though it should
improve from 2021. S&P forecasts CAR's EBIT interest coverage ratio
at 0.7x-0.9x in 2022, up from its estimate of 0.3x-0.4x in 2021.
The coverage ratio is affected by the high depreciation costs of
its Borgward cars that constitute about one-third of its car fleet.
The interest coverage ratio may be overstating the leverage
somewhat, based on significant non-cash interest expenses from its
convertible debt. The company's EBIT-to-cash interest expense ratio
is likely to be 0.9x-1.1x in 2022.

Strict lockdown measures resulting from sporadic COVID-19 outbreaks
in China will likely weigh on CAR's results for 2022.

S&P said, "We revised CAR's ESG Credit Indicator score to S3 from
S2. This is because government restrictions in certain cities and
regions to prevent the spread of the virus will likely complicate
efforts by domestic car rental companies to anticipate travel
demand and ensure stable utilization and pricing in 2022. Our
forecast still suggests some slight improvement in utilization to
68%-69% in 2022 from 66%-67% in 2021. Similarly, revenue per
available car should rise to RMB127-RMB130 from RMB122-RMB124. The
improvements could be weighted toward later this year, with some
downside risk to our forecast.

"Our stable outlook reflects our view that CAR's operating
performance will improve over the next 12 months. This is despite
Borgward cars still constituting a significant portion of the
company's rental fleet. However, CAR's liquidity buffer will remain
thin unless it can secure long-term funding for notes due May
2022.

"We could lower the rating if CAR's liquidity declines further.
This could happen if the company's operating performance
deteriorates materially or if its access to overseas capital
markets diminishes.

"We could raise the rating if CAR can reduce the proportion of
Borgward cars in its fleet, maintain an EBIT interest coverage
ratio of more than 1.1x, and materially increase its liquidity. At
the same time, the company would need to maintain its weighted
average debt maturities above two years."

CAR is the largest car-rental company in China. Its services
include car rental and fleet rental. Established in 2007, the
company is the market leader in China in terms of fleet size,
revenue, and brand awareness. CAR had a fleet of about 106,000 cars
and a network that spanned over 190 cities in China, with about
2,800 directly operated service locations as of Sept. 30, 2021.

ESG credit indicators: To E-2, S-3, G-4; From E-2, S-2, G-4

Social factors are now a moderately negative consideration for the
credit rating analysis on CAR. The company's car rental business is
exposed to major health incidents and travel restriction risks. The
disruptions caused by sudden lockdowns and restrictions as a result
of sporadic COVID-19 outbreaks can create uncertainty for the
company's operations.

Governance factors are a negative consideration in S&P's credit
rating analysis of CAR. Higher depreciation costs from Beijing
Borgward Automobile (Borgward) cars, accounting for 35% of CAR's
rental fleet, hurt EBIT interest coverage ratios. These cars, which
are no longer in production, were purchased from Borgward, a
related party of CAR's previous shareholder UCAR Inc., between 2019
and 2020. Additionally, our assessment of the company's financial
risk profile as highly leveraged reflects corporate decision-making
that prioritizes the interests of MBK Partners, in line with S&P's
view of most rated entities owned by private-equity sponsors.


HOPSON DEVELOPMENT: Fitch Affirms 'B+' LT FC IDR, Outlook Stable
----------------------------------------------------------------
Fitch has affirmed China-based Hopson Development Holdings
Limited's Long-Term Foreign-Currency Issuer Default Rating (IDR) at
'B+'. The Outlook is Stable. Fitch has also affirmed the company's
senior unsecured rating and the rating on its outstanding senior
unsecured notes at 'B+' with a Recovery Rating of 'RR4'.

Hopson's ratings reflect the company's low refinancing risk,
moderate leverage and resilient contracted sales, which are
supported by its large land bank in high-tier cities, and are
constrained by Hopson's contracted sales scale, which is smaller
than that of higher-rated peers. Any delay in its audit or a breach
of its interest-cover ratio covenant could accelerate required
repayments, but Fitch believes the likelihood of this is low and
that Hopson would have sufficient liquidity under such a scenario.

KEY RATING DRIVERS

Limited Refinancing Risk: Hopson only has a small amount of capital
market debt maturities in the next 18 months - HKD720 million in
July 2022 and USD250 million in January 2023 - after it repaid
USD500 million of bonds that matured in January using internal cash
and by issuing covered bonds of USD250 million at a coupon of 8%.

Potential Delay in Audit: Hopson announced on 27 January 2022 that
PwC had resigned as its auditor due to a failure to agree on the
audit fee. PwC's resignation letter mentioned that it had not
obtained the requisite information for the accounting treatment of
certain equity investments and property projects or the valuation
of investment properties. Hopson announced on 28 January 2022 that
it had appointed EY as its new auditor and says it is confident
that its 2021 audit can be completed in a timely manner, despite
the auditor change.

A delay in the publication of audited financials could lead to the
suspension of trading in the company's stock; if such a suspension
continues for 30 consecutive trading days, the holders of its
USD250 million convertible bond would have the right to request for
early redemption. However, Fitch believes the company has
sufficient liquidity to redeem the convertible bonds. Other than
this, Fitch does not expect any delay in the publication or
qualified audit opinion to accelerate the repayment of Hopson's
debt.

Potential Covenant Breach: Hopson is required to maintain an EBITDA
interest-cover ratio of at least 2.5x under the covenants of
certain offshore loans. The company believes it has met the
covenant as of 31 December 2021, but this depends on the final
audited figures, in particular its investment gains and the change
in the fair value of its investment property portfolio during 2021.
Hopson is confident that it can obtain a waiver on the covenant,
even if it fails to meet the ratio, and it is prepared to repay the
loans with cash on hand, if required.

Resilient Contracted Sales: Fitch believes Hopson's contracted
sales will remain relatively resilient due to its focus on tier one
cities and a strong pipeline of saleable resources. Hopson recorded
total contracted sales of CNY42.3 billion in 2021, up by 18% yoy,
falling slightly short of its CNY45.0 billion target. Monthly sales
figures fluctuated due to the project launch schedule, but on
aggregate, contracted sales in 4Q21 were down by 12%, which was
better than the overall market.

Hopson had 23.4 million square metres of residential land bank as
at end-June 2021, spread across the cities of Guangzhou, Huizhou,
Beijing, Tianjin and Shanghai. It acquired a large portion of its
land bank many years ago at a low cost, as reflected in its high
development property gross profit margin of 39% in 1H21.

Stable Leverage: Fitch estimates leverage was around 44% at
end-2021 (1H21: 43%, 2020: 45%), given Hopson's decent contracted
sales performance and limited land acquisitions. Hopson spent
CNY6.7 billion on land acquisitions in 2021. This was much lower
than its original budget, as the company preserved cash amid
challenging market conditions. Fitch expects Hopson to look for
land acquisition opportunities in areas with robust demand, such as
the Greater Bay Area.

Equity Investments Heighten Risk: Fitch regards Hopson's equity
investments as negative for its credit profile, given potential
volatility and the company's limited record in such investments.
The company's equity portfolio totalled HKD33 billion at 1H21 and
comprised private and listed investments. Fitch has applied a 40%
cash credit to the listed portfolio, but no cash credit to the
private portfolio, to assess leverage. Fitch may revise the cash
credit applied to the listed securities if there is evidence of
heightened volatility or weakened liquidity in the portfolio.

Rising Rental Income: Fitch expects commercial-property rental
income from Hopson's investment (IP) property portfolio to continue
rising, given new IP completions and room for positive rental
reversions at existing IPs based on greater maturity and prime
locations. Hopson's IP portfolio generated commercial property
income of CNY2.0 billion in 1H21, up by 30% yoy. The majority of
the income came from properties in Beijing, Shanghai and
Guangzhou.

DERIVATION SUMMARY

Compared with 'B+' and 'B' rated peers, Hopson's rating is
supported by its stronger financial flexibility, with limited
upcoming capital market maturities. Its large land bank in
higher-tier cities also supports its business sustainability.
Hopson's attributable contracted sales of around CNY35 billion are
at the lower end of 'B+' rated peers and similar to that of Jiayuan
International Group Limited (B+/Stable). Its leverage of around 45%
is comparable with 'B+' rated peers, including Jiayuan, China SCE
Group Holdings Limited (B+/Stable) and Radiance Group Co., Ltd.
(B+/Stable).

KEY ASSUMPTIONS

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

-- Contracted sales to decline by 10% in 2022 and remain stable
    thereafter;

-- Cash collection rate of 75% in 2022-2023;

-- Land acquisitions at 25% of sales proceeds in 2022-2023;

-- Construction costs at 30% of sales proceeds in 2022-2023;

-- Rental income growth of 10%-15% p.a. in 2022-2023.

KEY RECOVERY RATING ASSUMPTIONS

The recovery analysis assumes that Hopson would be liquidated in
bankruptcy. Fitch uses a multiple assumption tool to derive a 4.0x
EBITDA multiple to estimate the going concern value. The
liquidation value approach results in a higher value than going
concern, given the nature of homebuilding. Fitch assumes a 10%
administrative claim

Liquidation Approach

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

75% advance rate applied to net inventory. Hopson's inventory
mainly consists of completed properties held for sale, properties
under development (PUD) and deposits and prepayments for land
acquisitions. Different advance rates were applied to the various
inventory categories to derive the blended advance rates for net
inventory.

50% advance rate applied to PUD. PUDs are more difficult to sell
than completed projects and are at various stages of completion.
The PUD balance - prior to applying the advance rate - is net of
margin adjusted customer deposits.

90% advance rate applied to completed properties held for sale.
Completed commodity-housing units are closer to readily marketable
inventory, and Hopson has historically recorded a strong gross
margin of over 40%. Therefore, Fitch has applied a higher advance
rate than the typical 50% mentioned in the criteria.

90% advance rate applied to deposits and prepayments for land
acquisitions. Land held for development is closer to readily
marketable inventory, given that Hopson's land is well located,
similarly to completed commodity-housing units. Therefore, Fitch
has applied a higher advance rate than the typical 50% mentioned in
the criteria.

80% advance rate applied to IP. Hopson's IP portfolio mainly
consists of commercial buildings located in high-tier cities, such
as Beijing and Guangzhou. The portfolio has an average rental yield
of 5.0%. Fitch considers an 80% advance rate to be appropriate, as
the implied rental yield on the liquidation value would be 6.4%.
Fitch believes this is acceptable in secondary-market
transactions.

80% advance rate applied to trade receivables. Account receivables
constitute a small percentage of total assets, as typical in
China's homebuilding industry. Fitch has adopted an 80% advance
rate in line with the advance rate of 80% for accounts receivable
mentioned in the criteria.

50% advance rate applied to property, plant and equipment, which
mainly consists of land and buildings, the value of which is
insignificant.

No advance rate applied to excess cash. China's homebuilding
regulatory environment means that available cash, including
pre-sales that are regulated as cash, are typically prioritised for
project completion, which includes payment for trade payables. Net
payables (trade payables - available cash) are included in the debt
waterfall ahead of secured debt. However, Fitch does not assume
available cash in excess of outstanding trade payables would be
available for other debt servicing purposes and therefore apply an
advance rate of zero.

No advance rate applied to net equity investments. Hopson had a
HKD24 billion listed equity portfolio, which has a HKD10 billion
margin loan borrowed against it; this results in a loan/value ratio
of around 40%. Taking into account the liquidity and volatility of
such investments, Fitch typically assigns up to 40% cash credit to
such investments, which is similar to the loan/value ratio of the
margin loan. As such, Fitch has applied a zero advance rate.

Net payables are at zero, as available cash exceeds trade
payables.

The allocation of value in the liability waterfall results in a
Recovery Rating of 'RR1' for the offshore senior unsecured debt.
However, the Recovery Rating for senior unsecured debt is capped at
'RR4', because under Fitch's Country-Specific Treatment of Recovery
Ratings Criteria, China falls into Group D of creditor
friendliness, and instrument ratings of issuers with assets in this
group are subject to a soft cap at the issuer's IDR.

RATING SENSITIVITIES

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

-- Attributable contracted sales expand to a level that is
    comparable with that of 'BB-' peers on a sustained basis;

-- Leverage, measured by net debt/net property assets, sustained
    below 45%.

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

-- Leverage, measured by net debt/net property assets, at above
    55% for a sustained period;

-- Continued decline in contracted sales or cash collection;

-- Deterioration in liquidity or funding access;

-- Failure to publish unqualified audited financial statements in
    a timely manner.

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Sufficient Liquidity: Hopson reported HKD40 billion of available
cash as at 1H21, sufficient to address short-term debt (excluding
margin loans on equity investments) of HKD27.5 billion. Short-term
debt included bonds of USD1 billion, which have already been
repaid.

ISSUER PROFILE

Hopson is a medium-sized property developer that focuses on
tier-one cities in China. It recorded CNY42 billion of contracted
sales in 2021, up from CNY36 billion in 2020. Hopson had a total
land bank of 30.8 million square metres at end-June 2021, of which
75% was residential, enough to support the company's sales in the
medium to long run. Hopson also has large equity and property
investment portfolios.

SUMMARY OF FINANCIAL ADJUSTMENTS

Fitch excludes funds under regulation by banks for specific
purposes and performance deposits required by government from cash
and include them as inventory in Fitch's leverage calculation.
Restricted bank deposits are included in cash to calculate net
debt, as these are mainly pledged for obtaining bank loans. Fitch
applies a 40% cash credit to the liquid listed-equity investment
portfolio in Fitch's leverage calculation.

ESG CONSIDERATIONS

Hopson Development Holdings Limited has an ESG Relevance Score of
'4' for Governance Structure, which has a negative impact on the
credit profile, and is relevant to the rating in conjunction with
other factors.

Hopson's sister companies, Pearl River Life Insurance Co., Ltd. and
Guangdong Pearl River Investment Holding, are more leveraged than
Hopson and may require support from the Chu family, which owns 69%
of Hopson. However, Fitch believes Hopson has sufficient corporate
governance safeguards as a Hong Kong-listed company, evident from
its clean record on related-party transactions for the past five
years after checks from independent directors. Fitch believes that
the related party transactions are not a rating constraint at the
current rating level.

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

XINJIANG FINANCIAL: Fitch Rates Proposed USD Notes 'BB+'
--------------------------------------------------------
Fitch Ratings has assigned China-based Xinjiang Financial
Investment Co., Ltd.'s (BB+/Stable) proposed US-dollar notes a
rating of 'BB+'.

The proposed notes are to be directly issued by Xinjiang Financial.
The proceeds will be used to refinance offshore debt.

KEY RATING DRIVERS

The proposed notes are rated at the same level as Xinjiang
Financial's Issuer Default Rating, as they will constitute Xinjiang
Financial's direct, unconditional, unsubordinated and unsecured
obligations and will rank pari passu with its other present and
future unsecured and unsubordinated obligations.

RATING SENSITIVITIES

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

-- An upgrade of Xinjiang Financial's IDR will result in a
    similar change in the rating of the proposed notes. An upgrade
    could stem from an upward revision of Fitch's credit view on
    Xinjiang Financial's ability to provide subsidies, grants or
    other legitimate resources allowed under China's policies and
    regulations.

-- An increase in the Xinjiang government's incentive to support
    Xinjiang Financial, including stronger socio-political and
    financial implications of a default or a stronger support
    record, would also lead to an upgrade of Xinjiang Financial's
    IDR, and sequentially result in an upgrade of its bond rating.

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

-- A downgrade of Xinjiang Financial's IDR will result in a
    similar change in the rating of the proposed notes.

-- A downgrade of Xinjiang Financial could result from a downward
    revision in Fitch's credit view on Xinjiang's ability to
    provide subsidies, grants or other legitimate resources
    allowed under China's policies and regulations.

-- A significant weakening in the socio-political and financial
    implications of a default by Xinjiang Financial, a weaker
    government support record or a dilution in the government's
    shareholding would also lead to a downgrade of Xinjiang
    Financial's IDR, and sequentially result in a downgrade of its
    bond ratings.

BEST/WORST CASE RATING SCENARIO

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

ISSUER PROFILE

Xinjiang Financial was established in 2008 by the State-owned
Assets Supervision and Administration Commission of Xinjiang.
Xinjiang Financial is the only regional holding platform in
Xinjiang for financial investments and invests in local financial
institutions through debt and equity securities. The group plays an
important role in maintaining the stability of the local financial
system as a government financing tool.

ESG CONSIDERATIONS

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



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

ADVATECH CERA: Ind-Ra Affirms BB- LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed  Advatech Cera
Tiles Limited's (ACTL) a Long-Term Issuer Rating at 'IND BB-'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR170 mil. (increased fromINR125 mil.) Fund-based working
     capital limit affirmed with IND BB-/Stable rating;

-- INR9.80 mil. (reduced from INR32.9 mil.) Non-fund-based
     working capital limit affirmed with IND A4+ rating; and

-- The IND BB- rating on the INR21.9 mil. Term loan* due on
     September 2020 is withdrawn.

* The ratings for the existing loans are being withdrawn on the
basis of no-dues certificates received from the lenders confirming
the entire loans are paid off.

KEY RATING DRIVERS

The affirmation reflects ACTL's continued medium scale of
operations despite an improvement in the revenue to INR377.96
million in FY21 (FY20: INR316.14 million) attributable to an
increase in the demand for its products and improved capacity
utilization. The company had achieved net sales of INR440 million
till end-January 2022. Ind-Ra expects the revenue to improve
further over the near term, on increased production capacity.

The ratings also factor in ACTL's continued modest EBITDA margins
of 10% in FY21 (FY20: 12.55%) with a return on capital employed of
6.1% (FY20: 6%). The decline in margins in FY21 was driven by an
unfavorable movement in gas prices, leading to an increase in the
fuel expenses. Ind-Ra expects the EBITDA margins to remain at
similar levels  in FY22.

The ratings continue to reflect ACTL's modest credit metrics with
the interest coverage (operating EBITDA/gross interest expense)
being stable at 1.66x in FY21 (FY20: 1.71x) and the net leverage
(adjusted net debt/operating EBITDAR) improving to 6.43x (FY20:
7.14x) on account of a decrease in the total debt to INR239.33
million (FY20: INR285.57 million). The absolute EBITDA declined to
INR37.81 million in FY21 (FY20: INR39.68 million). Ind-Ra expects
the credit metrics to improve but remain modest in FY22.

Liquidity Indicator - Stretched: ACTL's average use of the
fund-based limits stood at 80.06% and that of the non-fund-based
limits at 48.80% for the 12 months ended January 2022. The cash
flow from operations improved to INR51.01 million in FY21 (FY20:
INR8.81 million) on account of an improvement in the inventory to
INR172.82 million (FY20: INR208.34 million). The cash and cash
equivalents improved to INR2.38 million at FYE21 (FYE20: INR2.29
million). The working capital cycle improved but remained elongated
at 238 days in FY21 (FY20: 343 days) due to higher debtor days. The
company maintains a high inventory, owing to the volatility in the
demand for tiles, which leads to an elongated working capital
cycle.

However, the ratings are supported by the company's operational
track record of more than one decade in the manufacturing of
ceramic/vitrified tiles industry leading to longstanding
relationships with the customers and the director's experience in
the manufacturing of ceramic/vitrified tiles for more than two
decades.

RATING SENSITIVITIES

Negative: A significant decline in the scale of operations, leading
to deterioration in the credit metrics and  liquidity position,
will be negative for the ratings.

Positive: Substantial growth in the revenue, along with an
improvement in the operating EBITDA margin, leading to a sustained
improvement in the credit metrics and liquidity position, resulting
in the net leverage reducing below 3.5x on a sustained basis, will
be positive for the ratings.

COMPANY PROFILE

ACTL, incorporated in 2004, is located at Mehsana (Gujarat). It has
an annual installed capacity of 3,240,000sf. The company
manufactures glazed porcelain floor tiles and glazed vitrified
tiles. The company is managed by Hansmukhbhai Patel (managing
director) since  2017.


AKAR AUTO: Ind-Ra Keeps 'BB' LT Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Akar Auto
Industries 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:

-- INR45 mil. Long-term loans* maintained in the non-cooperating
     category and withdrawn;

-- INR343 mil. Fund-based facilities** maintained in the non-
     cooperating category and withdrawn; and

-- INR60 mil. Non-fund-based# facilities maintained in the 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

The ratings have been maintained in the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise despite repeated requests by the agency, and
has not provided information about 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 it has
received a no-objection certificate from the rated facilities'
lender. This is consistent with the Securities and Exchange Board
of India's circular dated March 31, 2017 for credit rating
agencies.

COMPANY PROFILE

Incorporated in 1989, Akar Auto Industries manufactures and sells
hand tools, automobile forgings, leaf springs, and parabolic
springs.


ALLIANCE LAUNDRY: Voluntary Liquidation Process Case Summary
------------------------------------------------------------
Debtor: M/s. Alliance Laundry Private Limited
        Unit No. 216, Second Floor
        Commercial Building Square One
        C-2, District Centre
        Saket, New Delhi
        South Delhi, DL 110017
        India

Liquidation Commencement Date: February 16, 2022

Court: National Company Law Tribunal, Pune Bench

Insolvency professional: Sanjeev Kumar

Interim Resolution
Professional:            Sanjeev Kumar
                         A903, Reflections Society
                         Dange Chowk
                         Near Shell Petrol Pump
                         Wakad, Pune 411033
                         E-mail: cs.sanjeev@gmail.com
                         Mobile: +91 9665022275

Last date for
submission of claims:    March 18, 2022


ATUL BUILDERS: Ind-Ra Cuts Long-Term Issuer Rating to BB+
---------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Atul Builders'
Long-Term Issuer Rating to 'IND BB+' from 'IND BBB'. The ratings
have simultaneously been placed on Rating Watch Negative (RWN).

The instrument-wise rating action is:

-- INR1.20 bil. Term loan due on September 2021- April 2034
     downgraded and placed on RWN with IND BB+/RWN.

Analytical Approach: Ind-Ra continues to a consolidated view of
Atul Builders and its group concerns namely Classic Promotes and
Builders Private Limited ('IND BBB-'/Negative), Jairaj Realty LLP,
AC Realty LLP, Renonzo Developers LLP and Baner Land Development
LLP, owing to the strong legal and moderate operational and
strategic linkages among them. The companies - collectively known
as Classic Group - operate in the same line of business, and have a
common management and cross-default clauses among them.

The downgrade in ratings reflects the weakened sales of Atul
Builders, albeit with a relatively stronger group sales profile,
during for  FY21 and 9MFY22, on account of COVID-19 led
disruptions, affecting the company's repayment capabilities and
liquidity profile on a standalone basis. The rating downgrade also
reflects the downgrade of Classic Promotes and Builders' ratings on
December 30, 2021. The RWN follows clarifications pending from the
issuer on certain information submitted to Ind-Ra. The ratings may
be reviewed upon a detailed review of the subsequent fresh
data/clarification sought and provided by the issuer.

KEY RATING DRIVERS

Atul Builders' sales have been slowing down, with the total area
sold falling to 36,344 sq ft in FY21 and 35,678 sq ft in 9MFY22 as
against 0.24 million sq ft since FY18. During April to November
2021, the firm sold 35,000 sq ft and 30,000 sq ft during April to
December 2020. Performance of Atul Builder has been lower than
agency's expectation.

Atul Builders has limited scale of operation which comprise of one
commercial property under construction namely Solitaire Business
Hub, Banner 1 with a total area of 0.37 million sq ft, of which the
total sold area since inception stood at 0.25 million sq ft as of
September 2021. The total cost of the project is INR3,673 million,
of which 64% has already been incurred as construction cost as
against more than 85% physical completion as of September 2021.

The ratings are however supported by Atul Builders' strong
collections of INR830 million during the period October 2020 to
December 2021.

Liquidity Indicator - Stretched: Atul Builders has an expected
liquidity score of 1.1x in FY22 and 1.18x in FY23, as Ind-Ra's
calculations. The company has a scheduled debt repayment of INR125
million in FY22 which is likely to increase to INR234 million in
FY23. The company had pending construction cost across projects of
INR1,154 million as of September 2021. Ind-Ra believes the
collections to tightly match the increasing repayment obligations,
and any decline or lower-than-expected collections could impact the
timely repayment of debt in FY23. In case of lower-than-expected
cash flows due to lower COVID-19 affected selling price, the
company may have to depend on cash flows from the group for the
debt repayments.

The group is developing a total saleable area of 8.4 million sf, of
which 2.5 million sf (31%) was sold as of September 2021. The group
sold 1.2 million sf in FY21 (FY20: 0.64 million sf), due to a
robust demand for its projects. Ind-Ra believes the group's sales
will gradually improve, backed by a higher demand for its projects
nearing completion and a likely recovery in the overall real estate
market.

The ratings are also supported by the presence of experienced
promoters and resourceful group. The promoters have around three
decades of experience in developing residential and commercial real
estate projects of over 4 million sq ft of saleable area, in and
around Pune. The group created the Solitaire brand in 2013, and
since then has focused on delivering luxurious/premium projects in
the residential-cum-commercial segments. The group has acquired
large land banks across Pune for real estate development through
either joint ventures or 100% ownership.  The Solitaire group has
completed 26 projects with a total developed area of more than 4.7
million sf. across Pune, Maharashtra. It has ongoing and upcoming
projects of about 8 million sq ft in Pune, of which 64% of the
inventory comprised commercial and retail space, and the remaining
was premium residential space.

RATING SENSITIVITIES

The RWN indicates that the ratings may be affirmed or downgraded
upon resolution. Ind-Ra will resolve the RWN  upon achieving
clarity on  impact on the business post a detailed review of the
fresh data/clarification sought and provided by the issuer.

COMPANY PROFILE

Atul Builders is a partnership firm established by Ashok Choradia
and Atul Choradia. The firm is engaged in real estate development.


AVANTIS DREAM: CRISIL Withdraws B+ Rating on INR63cr Term Loan
--------------------------------------------------------------
CRISIL Ratings said the rating for the bank facilities of Avantis
Dream Homes LLP (ADH) continues to remain in the 'Issuer Not
Cooperating' category.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan             63         CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with ADH for
obtaining information through letters and emails dated October 24,
2020 and April 20, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of ADH. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on ADH is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
ADH to 'CRISIL B+/Stable Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
ADH on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

ADH is a partnership firm engaged in the development of high end
residential real estate. The firm is mainly present in Surat,
Gujarat. ADH is promoted and is currently being run by Shankar Shah
and his sons Ankit Shah and Viral Shah.


AZEEM INFINITE: Ind-Ra Moves 'D' Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Azeem Infinite
Dwelling 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 D (ISSUER NOT COOPERATING)' on the agency's website.


The instrument-wise rating actions are:

-- INR1.920 bil. Non-convertible debentures (NCDs) – Series 1
     (Long-term) issued on November 16, 2017 INE265Y07034 coupon
     rate 12% due on November 15, 2022 migrated to non-cooperating

     category with IND D (ISSUER NOT COOPERATING) rating; and

-- INR1.872 bil. NCDs – Series 2 (Long-term) issued on November

     16, 2017 INE265Y07042 coupon rate 12% due on November 15,
     2022 migrated to non-cooperating category with IND D (ISSUER
     NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
February 5, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Azeem Infinite Dwelling India was incorporated in 2016 by the G M
Infinite group to execute five real estate projects. The company is
managed by Gulam Mustafa and Jawind Hussain.


BALACHANDRA VINAYAGAR: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Balachandra Vinayagar Modern Rice Mill (SBV) continue to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit          4.95        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Long Term Loan       0.55        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SBV for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Sri Balachandra Vinayagar Modern Rice Mills (SBV) was established
in the year 1984. Based in Tamil Nadu, it is a proprietorship firm
and managed by Mr. Ganapathy Shivashankar.


BALAJI OIL: Ind-Ra Lowers LT Issuer Rating to 'B+', Outlook Stable
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has downgraded Balaji Oil
Industries Pvt Ltd.'s (BOIPL) Long-Term Issuer Rating to 'IND B+'
from 'IND BB-'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR100 mil. Fund-based working capital limits downgraded with
     IND B+/Stable rating; and

-- INR223.9 mil. Non-fund-based working capital limits downgraded

     with IND A4 rating.

The downgrade reflects BOIPL's continued poor liquidity position.

KEY RATING DRIVERS

Liquidity Indicator – Poor: BOIPL continued almost full
utilization of its fund-based facilities and non-fund-based limits
in the 12 months ended December 2021. The company had taken the
benefits of interchangeability between the fund-based limits and
the non-fund-based limits in the 12 months ended December 2021 and
also there were a few instances where the funds were extended by
using 100% cash margin. While its elongated net working capital
cycle improved to 58 days in FY21 (FY20: 75 days), due to an
increase in creditor days to 123 days (94 days), the cash and cash
equivalents remained low at INR7.91 million at FYE21 (FYE20:
INR1.22 million). The cash flow from operations improved to
INR34.31 million in FY21 (FY20: negative INR108.16 million), due to
favorable changes in working capital. However, BOIPL does not have
any capital market exposure and relies on banks and financial
institutions to meet its funding requirements.

The ratings reflect BOIPL's continued small scale of operations
with a decline in its revenue to INR751.81 million in FY21 (FY20:
INR762.93 million) due to the COVID-19 impact. However, given BOIPL
achieved revenue of INR586.641 million in 6MFY22, Ind-Ra expects
its revenue to improve in FY22, due to an increase in demand for
its products.

The ratings also factor in BOIPL's continued modest EBITDA margins,
which improved to 3.53% in FY21 (FY20: 3.31 %), due to a reduction
in its imports and favorable commodity prices. The return on
capital employed declined to 8.9% in FY21 (FY20: 9.4%). In 6MFY22,
BOIPL achieved an EBITDA margin of 1.032%. In FY22, Ind-Ra expects
its EBITDA margin to marginally decline from the current level, due
to fluctuations in commodity prices along with an increase in the
operating expenses.

The ratings further reflect BOIPL's continued modest credit
metrics. The interest coverage (operating EBITDA/gross interest
expense) marginally improved to 1.32x in FY21 (FY20: 1.22x), due to
a marginal increase in the absolute EBITDA and the net leverage
(adjusted net debt/operating EBITDA) marginally improved to 4.12x
(4.89x), due to a decrease in the total debt to INR117.12 million
(INR124.60 million). In FY22, Ind-Ra expects its credit metrics to
decline, due to an increase in the total debt, on account of the
infusion of a new loan for capex (for purchasing machinery) and an
increase in the fund-based limit utilization.  

The ratings, however, are supported by the promoter's over
three-decade's experience in the manufacturing of refined palm oil,
refined oil and crude palm oil, hydrogenated vegetable cooking oil,
and bakery shortening business, helping the company establish
strong relationships with customers and suppliers.

RATING SENSITIVITIES

Negative: A decline in the revenue or profitability, leading to a
deterioration in the credit metrics or further stress in the
liquidity profile, could be negative for the ratings.

Positive: A substantial improvement in the profitability with an
improvement in the credit metrics leading to the interest coverage
exceeding 1.5x and an improvement in the liquidity profile, could
be positive for the ratings.

COMPANY PROFILE

Established in 1985, BOIPL manufactures refined palm oil, refined
oil and crude palm oil, hydrogenated vegetable cooking oil, and
bakery shortening.  


BHADRA PARKS: Liquidation Process Case Summary
----------------------------------------------
Debtor: Sree Bhadra Parks and Resorts Limited

        Registered office:
        XXVII/480 Sai Kiran
        Museum Road, Chembukkavu
        Thrissur, Kerala 680020

        Principal office:
        Baywatch Amusement Park
        Kovalam Road
        Kanyakumari 629702

Liquidation Commencement Date: February 10, 2022

Court: National Company Law Tribunal, Kochi Bench

Date of closure of
insolvency resolution process: February 9, 2022

Insolvency professional: Mr. K. Parameswaran Nair

Interim Resolution
Professional:            Mr. K. Parameswaran Nair
                         37/1736E, Kripasagram
                         K Murali Road, Kadavanthara
                         Kochi 682020
                         E-mail: cakpnair@gmail.com
                                 liquidatorsbprl@gmail.com
                         Mobile: +91 9567875348

Last date for
submission of claims:    March 12, 2022


BHARAT AGRO: CRISIL Keeps B+ Debt Ratings in Not Cooperating
------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Bharat Agro
Molecules Limited (BAML) continue to be 'CRISIL B+/Stable Issuer
Not Cooperating'.

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

   Proposed Long Term
   Bank Loan Facility     6         CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with BAML for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2010, BAML is promoted by Mr. Deepak Rathi & Ms.
Seema Rathi. The company manufactures manures, multi-micro nutrient
mixture and zinc sulphate. The aggregate capacity of the company is
around 28000 MTPA.


BIHARI JI: CRISIL Keeps B+ Debt Rating in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Shri Bihari Ji
Shiksha Gram Vikas Sansthan (SBSG) continues to be 'CRISIL
B+/Stable Issuer Not Cooperating'.

                        Amount
   Facilities        (INR Crore)    Ratings
   ----------        -----------    -------
   Proposed Long Term      1        CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SBSG for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

SBSG was established in 2001 and is located in Mathura. SBSG is
owned and managed by Mr. Jitendra Kumar. SBSG is engaged in
providing mid-day meals services.


CREST ENGINEERING: Ind-Ra Moves 'B-' Rating to Non-Cooperating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Crest Engineering
Solutions' 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:     

-- INR210 mil. Non-Fund-based working capital limits migrated to
     non-cooperating category with IND A4 (ISSUER NOT COOPERATING)

     rating; and

-- INR90 mil. Fund-based working capital facility migrated to
     non-cooperating category with IND B- (ISSUER NOT
     COOPERATING)/IND A4(ISSUER NOT COOPERATING)

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
January 5, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Crest Engineering Solutions is a partnership firm incorporated and
registered in Andhra Pradesh in June 2014. The firm has four
partners -  Madhusudhana Rao, Srinivas Chirukuri, Radha Krishna
Murthy Pentyala and Manasa Gowri Vasireddy.  The firm is engaged in
the business of civil, electrical and pre-engineered building
contracts.


DIVYALAKSHMI TEXTILES: CRISIL Keeps B+ Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Divyalakshmi
Textiles Private Limited (DTPL; part of the Jayalakshmi group)
continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           9.5        CRISIL B+/Stable (Issuer Not
                                    Cooperating)

   Letter of credit      4.5        CRISIL A4 (Issuer Not
   & Bank Guarantee                 Cooperating)

   Proposed Cash         6.0        CRISIL B+/Stable (Issuer Not
   Credit Limit                     Cooperating)

CRISIL Ratings has been consistently following up with DTPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of DTPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on DTPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
DTPL continue to be 'CRISIL B+/Stable/CRISIL A4 Issuer Not
Cooperating'.

For arriving at the ratings, CRISIL Ratings has combined the
business and financial risk profiles of DTPL and Jalayalakshmi
Textiles Private Limited (JTPL). This is because the two companies,
together referred to as the Jayalakshmi group, are in similar lines
of business with a common management, and share significant
business synergies.

JTPL and DTPL, both set up in 1995, manufactures compact cotton
yarn of 2/80s to 2/120s counts. The Jayalakshmi group is managed by
Mr. T R Kannan and his family members.


DUGAL ASSOCIATES: Liquidation Process Case Summary
--------------------------------------------------
Debtor: Dugal Associates Private Limited
        F-38/2, Near Maruti Service Station
        Okhla Industrial Area, Phase-II
        New Delhi 110020

Liquidation Commencement Date: February 10, 2022

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

Date of closure of
insolvency resolution process: February 10, 2022

Insolvency professional: Pradeep Upadhyay

Interim Resolution
Professional:            Pradeep Upadhyay
                         1-4/6, Sector-16
                         Rohini, Delhi 110089
                         E-mail: capuaindia@gmail.com

                            - and -

                         B-2/42, Sector-18
                         Rohini, Delhi 110089
                         E-mail: pradeepupadhyayibbi12233@
                                 gmail.com

Last date for
submission of claims:    March 12, 2022


DUTTA AGRO: CRISIL Keeps D Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Dutta Agro
Plantations Private Limited (DAPPL) continue to be 'CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           3.65       CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        5.50       CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term    0.35       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with DAPPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in October 1988, DAPPL is engaged in tea manufacturing
business. The company, till October 2015 was engaged in the trading
of tea leaves through its owned three estates covering in
Jalpaiguri, West Bengal.


EASUN REYROLLE: NCLT Enters Liquidation Order
---------------------------------------------
The Hindu reports that the National Company Law Tribunal (NCLT),
Chennai, has ordered liquidation of Easun Reyrolle after no
successful resolution plan was received by the lenders.

In 2020, NCLT admitted the insolvency proceedings against the
company in pleas filed by the State Bank of India and Canara Bank,
which together claimed over INR230 crore in dues along with
interest and other charges, the report recalls. During that time,
Easun Reyrolle noted that discoms owed the company about INR103
crore.

The period for the insolvency process was extended due to the
impact of COVID-19, the report notes.

As per the legal filings before NCLT, the committee of lenders have
rejected a resolution bid by M/s Syed Fahad and M/s Greenergy Wind
Corporation Limited and passed a resolution for liquidation of
Easun Reyrolle, the Hindu relays.

They also resolved to appoint Mahalingam Suresh Kumar as
liquidator, which was approved by NCLT.

Chennai-based Easun Reyrolle is engaged in the business of
providing power management products, systems and services.

GANSONS PRIVATE: Ind-Ra Moves BB Issuer Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Gansons 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 action is:

-- INR150 mil. Fund-based facilities migrated to non-cooperating
     category with IND BB (ISSUER NOT COOPERATING) rating; and

-- INR80 mil. Non-fund-based facilities migrated to non-
     cooperating category with IND BB (ISSUER NOT COOPERATING)/IND

     A4+ (ISSUER NOT COOPERATING) rating.

Note: ISSUER NOT COOPERATING: The ratings were last assigned on
January 18, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

Incorporated in 1947, Gansons is a Mumbai-based manufacturer of
process equipment and machinery for pharmaceutical and other food
processing applications.


H P RAMA: CRISIL Keeps B Debt Rating in Not Cooperating
-------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of H P Rama Reddy
(HPRR) continues to be 'CRISIL B/Stable Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Lease Rental           8         CRISIL B/Stable (Issuer Not
   Discounting Loan                 Cooperating)

CRISIL Ratings has been consistently following up with HPRR for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Promoted by Mr. H P Rama Reddy and Mr. A. Rama Reddy, the firm
operates a commercial office space in Bengaluru.


H R V GEMS: Ind-Ra Keeps BB- LT Issuer Rating in Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained H R V Gems'
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:              

-- INR60 mil. Fund-based facilities* maintained in non-
     cooperating category and withdrawn; and

-- INR7.5 mil. Non-fund-based facilities** 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
pertaining to the full-year financial performance for FY21,
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 for the
company.

COMPANY PROFILE

H R V Gems was registered in February 2016 by Pravinbhai Kevadiya,
Rajesh Vithalbhai Kevadiya and Valjibhai Vithalbhai Kevadiya. The
firm imports, manufactures and sells diamonds.


HARIOM AQUA: Ind-Ra Hikes Long-Term Issuer Rating to BB+
--------------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Hariom Aqua
Culture Private Limited's (HAPL) Long-Term Issuer Rating to 'IND
BB+' from 'IND BB (ISSUER NOT COOPERATING'). The Outlook is Stable.


The instrument-wise rating actions are:

-- INR215 mil. (increased from INR106 mil.) Fund-based working
     capital limits Long-term rating upgraded and short-term
     rating affirmed with IND BB+/Stable/IND A4+ rating; and

-- INR18.95 mil. Term loans due on December 2021 is withdrawn,
     repaid in full.

The upgrade reflects HAPL's increase in revenue and operating
EBITDA and repayment of high-cost external commercial borrowing,
leading to an improvement in credit metrics in 9MFY22.

KEY RATING DRIVERS

HAPL's revenue bounced back to INR1,451.77 million in 9MFY22 (FY21:
INR1,107.71 million, FY20: INR1,467.38 million), post the business
impact of the COVID-19 pandemic. The management expects to achieve
INR1,600 million in revenue in FY22 on the back of increased demand
from its deemed export sales. HAPL fulfils 40%-50% of Forstar Foods
Private Limited's total shrimp requirement who is a sea food
exporter to Europe, the US, Russia and Middle East among others.
HAPL is involved in shrimp farming along with trading of shrimp,
feed, seeds, WSSV kits (white spot syndrome virus), bleaching
powder and lime.

Ind-Ra expects the revenue to further increase in the medium term
owing to the addition of a new pond for shrimp farming in Bharuch,
Gujarat. The company's existing pond is in Navsari, Gujarat. Land
in Bharuch for the new has already been provided by the government.
The capex to be incurred for constructing the new pond and shrimp
farming will amount to INR50 million, of which INR30 million will
be funded by a term loan and remaining by equity infusions.

The EBITDA margins improved to a healthy level of 3.87% in 9MFY22
(FY21: 2.54%, FY20: 3.54%) owing to the increase in revenue with
better absorption of fixed cost. The return of capital employed was
8% in FY21 (FY20: 22%). Ind-Ra expects FY22 margins to remain in
line with the 9MFY22 level, as there is no major change in the cost
structure.

HAPL's credit metrics remained strong with gross interest coverage
(operating EBITDA/gross interest expense) increasing to 3.65x in
9MFY22 (FY21: 1.27x, FY20: 2.48x) and the net leverage (total
adjusted net debt/operating EBITDA) reducing to 3.04x (7.07x,
2.4x). The overall improvement in credit metrics was due to an
increase in EBITDA to INR56.2 million in 9MFY22 (FY21: INR28.11
million, FY20: INR51.98 million) and the repayment of high-cost
short-term loans. Ind-Ra expects the credit metrics to continue to
be strong in FY22, owing to a continued healthy EBITDA and
scheduled repayment of loans.

Liquidity indicator - Stretched: The peak average utilization of
cash credit was 95.78% and channel finance was 74.06% in the 12
months ended January 2022. The cash flow from operations turned
negative INR42.33 million in FY21 (FY20: positive INR12.98 million)
owing to the deterioration in EBITDA and unfavorable changes in
working capital. The cash flows were however supported by COVID-19
loans of INR20.9 million and multiple unsecured loans from banks.
The working capital cycle stretched to 75 days in FY21 (FY20: 34
days), on account of a stretch in receivable days to 87 (56). The
promoters of HAPL are infusing INR15 million in FY22 for working
capital purpose. The debt repayments for FY22 and FY23 are INR28.25
million and INR8.13 million, respectively. The cash and cash
equivalents were INR4.91 million in FY21 (FY20: INR4.27 million).
HAPL did not avail Reserve Bank of India-prescribed moratorium for
the period March to August 2020.

However, the scale of the company's operations remains small.

The ratings are supported by the company's promoters' experience of
three decades in the field of aquaculture. HAPL has dealerships of
Godrej Agrovet Limited, Avanti Feeds Limited (IND AA-/Stable) and
Charoen Pokphand (India) Private Limited. Also, it has received
multiple certifications for its quality products and best practices
in aquaculture.

RATING SENSITIVITIES

Negative: Deterioration in the revenue or operating profitability
margins leading to the net leverage exceeding 3.5x and
deterioration in liquidity position, all on a sustained basis,
would be negative for the ratings.

Positive: A substantial increase in the revenue and operating
profitability margins, leading to an improvement in the credit
metrics, all on a sustained basis, would be positive for the
ratings.

COMPANY PROFILE

Incorporated in January 2010 by Suresh Patel and Hitesh Patel, HAPL
is engaged in shrimp farming and trading of products related to
farming such as feeds, seeds, probiotics and aerators. The other
directors are Hiteshbhai Patel, Roshani Patel, Sushilaben Patel and
Dixit Patel.


HL BUILDWELL PRIVATE: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: H L Buildwell Private Limited
        Unit No. 14, Plot No. 31
        Lower Ground Floor
        Road No. 44, Vikas Tower Building
        Rani Bagh, Pitampura
        New Delhi 110034

           - and -

        Site No. 5, Sector-70
        Mohali, Punjab 160070

Insolvency Commencement Date: February 15, 2022

Court: National Company Law Tribunal, New Delhi Bench

Estimated date of closure of
insolvency resolution process: August 14, 2022

Insolvency professional: Mr. Deepak Kumar Garg

Interim Resolution
Professional:            Mr. Deepak Kumar Garg
                         Shanti Niketan, Tibra Road
                         Street No. 4
                         Modinagar 201204
                         Distt. Ghaziabad
                         E-mail: deepakgarg07@rediffmail.com

                            - and -

                         411, Essel House
                         Asaf Ali Road
                         New Delhi 110002
                         E-mail: irp.hlbuildwell@gmail.com

Classes of creditors:    Home Buyers

Insolvency
Professionals
Representative of
Creditors in a class:    Mr. Prabhakar Kumar
                         E-mail: prabhakar_acs@rediffmail.com

                         Mr. Pradeep Kumar Ray
                         E-mail: pkrayip@gmail.com

                         Mr. Yodesh Kumar Tyagi
                         E-mail: yogeshktyagi@rediffmail.com

Last date for
submission of claims:    March 3, 2022


HVR PROJECTS PRIVATE: Liquidation Process Case Summary
------------------------------------------------------
Debtor: M/s HVR Projects Private Limited
        103/20, Foreshore Road
        Near Jain Hospital Bus Stop
        Howrah, West Bengal 711102

Liquidation Commencement Date: January 12, 2022

Court: National Company Law Tribunal, Kolkata Bench

Date of closure of
insolvency resolution process: January 3, 2022

Insolvency professional: Mr. Sabir Kanti Mazumder

Interim Resolution
Professional:            Mr. Sabir Kanti Mazumder
                         155/A Unique Park
                         Behala, Kolkata 700034
                         E-mail: sabirk01@gmail.com
                                 liq.hvrppl@gmail.com

Last date for
submission of claims:    February 11, 2022


KARTHIKEYA TRADING: CRISIL Keeps B Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Karthikeya
Trading Private Limited (KTPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Foreign Letter       11.5        CRISIL B/Stable (Issuer Not
   of Credit                        Cooperating)

   Working Capital       0.5        CRISIL B/Stable (Issuer Not
   Facility                         Cooperating)

CRISIL Ratings has been consistently following up with KTPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in February 2016, KTPL was engaged high sea sales for
aluminum ingots, mineral and metals for Novita Trading Ltd (Hong
Kong) and Apies Ventures Pte Ltd (Malaysia). Further, the contract
was for 2 years, which ended in April 2018 hence the company traded
cashew nuts and shrimps in fiscal 2019.


KARTIK INDUSTRIES: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Kartik
Industries (KI) continue to be 'CRISIL B/Stable/CRISIL A4 Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           5          CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Cash Credit           5          CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Inland/Import        25          CRISIL A4 (Issuer Not
   Letter of Credit                 Cooperating)

   Inland/Import         5          CRISIL A4 (Issuer Not
   Letter of Credit                 Cooperating)

   Inland/Import        10          CRISIL A4 (Issuer Not  
   Letter of Credit                 Cooperating)

CRISIL Ratings has been consistently following up with KI for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of KI, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on KI is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of KI
continues to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

KI was set up as partnership firm by promoters, Mr Anil Detroja and
his family members. The firm processes, grades and sells non-coking
coal, especially the Indonesian steam coal.


KAVVERI TELECOM: Liquidation Process Case Summary
-------------------------------------------------
Debtor: M/s Kavveri Telecom Infrastructure Ltd
        1st Floor, Plot No. 31-36
        1st Main, 2nd Stage
        Arakere Mico Layout
        Bannerghatta Road
        Bangalore, Karnataka 560076
        India

Liquidation Commencement Date: February 7, 2022

Court: National Company Law Tribunal, Bengaluru Bench

Date of closure of
insolvency resolution process: December 18, 2019

Insolvency professional: Ms. Ramanathan Bhuvaneshwari

Interim Resolution
Professional:            Ms. Ramanathan Bhuvaneshwari
                         C-006, Pioneer Paradise
                         24th Main Road
                         7th Phase, JP Nagar
                         Bangalore 560078
                         E-mail: bhoona.bhuvan@gmail.com

Last date for
submission of claims:    March 9, 2022


KSR PROPERTIES PRIVATE: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: KSR Properties Private Limited
        H.No. 16/19, Flat No. 301
        Mahalakshmi Nivas, Sagar Society
        Road No. 2, Banjara Hills
        Hyderabad TG 500034
        IN

Insolvency Commencement Date: February 14, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 6, 2022
                               (180 days from commencement)

Insolvency professional: Niranjan Miriyala

Interim Resolution
Professional:            Niranjan Miriyala
                         First Floor, H.No. 7-1-28/1/A/21
                         Shyamkaran Road, Ameerpet
                         Hyderabad 500016
                         Telangana
                         E-mail: caniranjan@yahoo.com

Last date for
submission of claims:    February 28, 2022


LAJJYA STEELS: CRISIL Keeps D Debt Ratings in Not Cooperating
-------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Lajjya Steels
Limited (LSL) continue to be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           18         CRISIL D (Issuer Not
                                    Cooperating)

   Proposed Long Term     0.5       CRISIL D (Issuer Not
   Bank Loan Facility               Cooperating)

   Standby Line           1.5       CRISIL D (Issuer Not
   of Credit                        Cooperating)

CRISIL Ratings has been consistently following up with LSL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2009 and promoted by the Soni family of Ludhiana,
Punjab, LSL trades in wire rods and engages in wire drawing. The
company has been a dealer of JSW Steel Ltd and Rashtriya Ispat
Nigam Ltd for over seven years. LSL also trades in yarn.


LEKH RAJ: CRISIL Keeps B Debt Rating in Not Cooperating Category
----------------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Lekh Raj
Motors Private Limited (LRM) continues to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                        Amount
   Facilities         (INR Crore)    Ratings
   ----------         -----------    -------
   Electronic Dealer       8         CRISIL B/Stable (Issuer Not
   Financing Scheme                  Cooperating)
   (e-DFS)                  
                                      
CRISIL Ratings has been consistently following up with LRM for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

LRM was incorporated in 2011 by Mr. Krishan Miglani and Mr. Varun
Miglani. The company is an authorized dealer for General Motors. It
operates a showroom in Kaithal and an extention office in Jind
(both in Haryana).


MILAN INFRA: CRISIL Keeps D Debt Rating in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the rating on bank facilities of Milan
Infrastructures and Developers Private Limited (MIDPL) continues to
be 'CRISIL D Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Term Loan              8         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with MIDPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

MIDPL, set up in 2006, is engaged in development of various
residential and commercial projects, mainly in Ghaziabad (Uttar
Pradesh). The company is promoted by Mr. Navin Tyagi and Mr. Amit
Mahajan. At present, it is undertaking a residential-cum-commercial
project at Rajnagar extension, Ghaziabad.


NORTHERN TANNERY: CRISIL Cuts Rating on INR5cr LT Loan to B
-----------------------------------------------------------
CRISIL Ratings has revised the ratings on bank facilities of
Northern Tannery (NT) to 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating' from 'CRISIL BB+/Stable/CRISIL A4+ Issuer Not
Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Letter of Credit       1         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Packing Credit         4         CRISIL A4 (ISSUER NOT
   in Foreign Currency              COOPERATING; Revised from
                                    'CRISIL A4+ ISSUER NOT
                                    COOPERATING')

   Proposed Long Term     5         CRISIL B/Stable (ISSUER NOT
   Bank Loan Facility               COOPERATING; Revised from
                                    'CRISIL BB+/Stable ISSUER NOT
                                    COOPERATING')

CRISIL Ratings has been consistently following up with NT for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of NT, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on NT is
consistent with 'Assessing Information Adequacy Risk'. Based on the
last available information, the ratings on bank facilities of NT
revised to 'CRISIL B/Stable/CRISIL A4 Issuer Not Cooperating' from
'CRISIL BB+/Stable/CRISIL A4+ Issuer Not Cooperating'.

NT was set up in 1958 by Late Mr Haji Mohammad Sayeed Lari and Late
Mr Haji Mohammad Rashid Lari. This Kanpur (Uttar Pradesh)-based
firm exports leather products and is now promoted by Mr Mohammad
Moin and family.


OMEGA ICEHILL: Insolvency Resolution Process Case Summary
---------------------------------------------------------
Debtor: Omega Icehill Private Limited

        Registered office:
        39, First Floor
        Raghu Shree Market
        Ajmeri Gate, Delhi 110006

        Corporate office:
        805, Wave Silver Tower
        Sector 18, Noida

        Factory:
        Sector IV, Plot No. 37
        IIE, Pantnagar
        Rudrapur, Distt U.S. Nagar
        Uttarakhand 263153

Insolvency Commencement Date: February 15, 2022

Court: National Company Law Tribunal, Gurugram Bench

Estimated date of closure of
insolvency resolution process: August 13, 2022

Insolvency professional: Manoj Sehgal

Interim Resolution
Professional:            Manoj Sehgal
                         Flat 304, Tower 5
                         Ansals Valley View Estate
                         Gwal Pahadi, Gurugram 122003
                         E-mail: cirp.omegaicehill@gmail.com
                                 manojsehgal_1121@yahoo.co.in

Last date for
submission of claims:    March 7, 2022


ORIENT STEEL: Ind-Ra Moves BB+ LT Issuer Rating to Non-Cooperating
------------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Orient Steel and
Industries 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 as follows:

-- INR80 mil. Fund-based limits migrated to non-cooperating
     category with IND BB+ (ISSUER NOT COOPERATING) rating; and

-- INR120 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
January 19, 2021. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.  

COMPANY PROFILE

Incorporated in 1956, Orient Steel and Industries manufactures
steel castings, cold rolled formed section, hot rolled products and
cold rolled products.


PANACEA HOSPITALS: Liquidation Process Case Summary
---------------------------------------------------
Debtor: M/s Panacea Hospitals Private Limited
        No. 334, 3rd Stage
        4th Block, Basaveshwara Nagar
        Bangalore, Karnataka 560079
        India

Liquidation Commencement Date: February 7, 2022

Court: National Company Law Tribunal, Bengaluru Bench

Date of closure of
insolvency resolution process: January 30, 2022

Insolvency professional: Ms. Ramanathan Bhuvaneshwari

Interim Resolution
Professional:            Ms. Ramanathan Bhuvaneshwari
                         C-006, Pioneer Paradise
                         24th Main Road
                         7th Phase, JP Nagar
                         Bangalore 560078
                         E-mail: bhoona.bhuvan@gmail.com

Last date for
submission of claims:    March 9, 2022


POWER CHEM: CRISIL Keeps B Debt Ratings in Not Cooperating
----------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Power Chem
Plast Limited (PCPL) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           10.5       CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Letter of Credit       2.5       CRISIL A4 (Issuer Not
                                    Cooperating)

   Proposed Non Fund      1         CRISIL A4 (Issuer Not
   based limits                     Cooperating)

   Term Loan              2         CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with PCPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of PCPL, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on PCPL
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
PCPL continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

PCPL was incorporated in 1997; its operations are managed by Mr
Prem Chand Goyal. The company primarily manufactures formaldehyde
(used in the plywood industry) and polycarbonate sheets (used for
roofing). It has two plants, one at Dera Bassi, Punjab, and the
other at Baddi, Himachal Pradesh.


PRISMACK BIOTECHNICS: Insolvency Resolution Process Case Summary
----------------------------------------------------------------
Debtor: M/s Prismack Biotechnics Limited
        Pent House, 5th Floor
        Susmit Enclave, 6-3-600/2
        Raj Bhavan Road, Somajiguda
        Hyderabad, Telangana 500082
        India

Insolvency Commencement Date: February 14, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: August 6, 2022
                               (180 days from commencement)

Insolvency professional: Maligi Madhusudhana Reddy

Interim Resolution
Professional:            Maligi Madhusudhana Reddy
                         MMR Lion Corp, 4th Floor
                         HSR Eden, Beside Cream Stone
                         Road No. 2 Banjara Hills
                         Hyderabad, Telangana 500034
                         E-mail: mmreddyfca@gmail.com
                                 irpprismack@gmail.com
                         Mobile: 9848271555

Last date for
submission of claims:    February 28, 2022


RAJA CRAFT: CRISIL Migrates B Debt Ratings to Not Cooperating
-------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of Raja
Craft Mills LLP (RCML) to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        1.5        CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)
  
   Cash Credit           8          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan            10          CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Term Loan             0.5        CRISIL B/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up with RCML for
obtaining information through letters and emails dated December 31,
2021 and January 26, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RCML, which restricts CRISIL
Ratings' ability to take a forward looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on RCML
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of RCML to 'CRISIL B/Stable/CRISIL A4 Issuer not
cooperating'.

Established in March 2017, RCML engaged in manufacturing of kraft
paper.


RNV INDUSTRIES: CRISIL Withdraws B+ Rating on INR75cr Cash Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
RNV Industries Private Limited (RIPL; a part of the RNV Arya group)
on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           75         CRISIL B+/Stable/Issuer Not
                                    Cooperating (Withdrawn)

   Letter of Credit     125         CRISIL A4/Issuer Not
                                    Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with RIPL for
obtaining information through letters and emails dated January 26,
2021 and July 9, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of RIPL. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on RIPL is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
RIPL to 'CRISIL B+/Stable/CRISIL A4 Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
RIPL on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

RIPL was incorporated in July 2012 and commenced operations in
April 2013; IIPL was incorporated in September 2012 and commenced
operations in April 2014. Both companies are promoted by Mr
Ravindrakumar Arya and his sons, Mr Nakul Arya and Mr Varun Arya.
Both the companies (a part of the RNV Arya group) trade in hot- and
cold-rolled steel coils and sheets.

The RNV Arya group is a part of the Arya group which has diverse
business interests including manufacturing iron and steel, import
of and trading in steel products, and ship-breaking and
ship-chartering activities.


RR COTTONS: Ind-Ra Affirms 'B' LT Issuer Rating, Outlook Stable
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed RR Cottons' (RRC)
Long-Term Issuer Rating at 'IND B'. The Outlook is Stable.

The instrument-wise rating actions are:

-- INR7.9 mil. (reduced from INR13.4 mil.) Term loan due on May
     2024 affirmed with IND B /Stable rating; and

-- INR150  mil. Fund-based working capital limits affirmed with
     IND B/Stable/IND A4 rating.

KEY RATING DRIVERS

Liquidity Indicator - Poor: RRC's cash flow from operations turned
negative at INR25.86 million in FY21 (FY20: INR4.59 million) due to
an increase in inventory. The net working capital cycle elongated
to 355 days in FY21 (FY20: 185 days) due to an increase in the
inventory holding period to 220 days (102 days). RRC's entire
borrowings are from a single bank and the firm has no access to
capital markets. The company availed a COVID-19 loan of INR32
million in FY21 to support its working capital requirements. RRC's
peak use of its fund-based limits stood at 93.4% for the 12 months
ended December 2021. The cash and cash equivalents were low at
INR0.53 million at FYE21 (FYE20: INR0.73 million). RRC has
scheduled debt repayments of INR11.87 million and INR15.33 million
during FY22 and FY23, respectively. Ind-Ra expects the cash flow
from operations to turn positive over the near term owing to
improved profitability.

The ratings remain constrained by the company's small scale of
operations despite an improvement in the revenue to INR392 million
during 9MFY22 (8MFY21: INR106.8 million) on the back of additional
orders from existing and new customers. During FY21, the revenue
declined to INR254.57 million (FY20: INR404.33 million) due to of
the fewer orders received on account of COVID-19 along with the
lower production of raw cotton, due to the poor crop availability.
The management expects revenue improve in FY22, backed mainly by a
rise in demand and the absence of any major operational
disruptions.

The ratings also factor in the company's modest EBITDA margins even
as they rose to 7.04% in FY21 (FY20: 4.65%) on account of a fall in
the raw material and manufacturing cost. The return on capital
employed was 6% in FY21 (FY20: 6%). During 9MFY22, the EBITDA
margin as 4.1%. Moreover, the company's credit metrics remain weak
even as the interest coverage (operating EBITDA/gross interest
expense) improved to 1.2x in FY21 (FY20: 0.89x) due to a reduction
in the interest cost. The net leverage (adjusted net debt/operating
EBITDAR) deteriorated to 12.03x in FY21 (FY20: 10.26x) due to an
increase in total debt to INR216.04 million (INR193.69 million).
Ind-Ra expects credit metrics to improve in FY22 on the back higher
absolute EBITDA.

The rating factor in the firm's moderate customer concentration.
The firm's top 10 customers contributed about 37% of the total
revenue in 9MFY22 (FY21: 55%; FY20: 46%). The management aims to
reduce the customer concentration risk further by adding new
customers.

However, the ratings continue to be supported by RRC's partners'
three-decade-long experience in the ginning business.

RATING SENSITIVITIES

Negative: Any stretch in the liquidity position, along with a
decline in the revenue or the EBITDA margin, resulting in sustained
deterioration in the credit metrics, could lead to a negative
rating action.

Positive: An improvement in the liquidity position, along with
substantial growth in the revenue and EBITDA margin, leading to an
improvement in the credit metrics, could lead to positive rating
action.

COMPANY PROFILE

RRC was established in July 2016. It is involved in the
manufacturing, ginning and pressing of cotton in Adilabad, Andhra
Pradesh.


SAI DATTA: CRISIL Keeps B Debt Ratings in Not Cooperating
---------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sai Datta
Constructions (SDC) continue to be 'CRISIL B/Stable/CRISIL A4
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee        8          CRISIL A4 (Issuer Not
                                    Cooperating)

   Bank Guarantee        4          CRISIL A4 (Issuer Not
                                    Cooperating)

   Cash Credit           2          CRISIL B/Stable (Issuer Not
                                    Cooperating)
   Secured Overdraft
   Facility              6          CRISIL B/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SDC for
obtaining information through letters and emails dated December 21,
2021 and January 20, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SDC, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SDC
is consistent with 'Assessing Information Adequacy Risk'. Based on
the last available information, the ratings on bank facilities of
SDC continue to be 'CRISIL B/Stable/CRISIL A4 Issuer Not
Cooperating'.

SDC, established in 2008, undertakes civil construction projects
for roads, highways, bridges, canals etc. in Telangana. It's a
partnership firm of Mrs Kavita Aroori, Ms. Akshita Aroori, Mr.
Vishal Aroori and Mr. Thirumal Reddy.


SAMARPAN LAMINATES: CRISIL Keeps B+ Ratings in Not Cooperating
--------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Samarpan
Laminates (SL) continue to be 'CRISIL B+/Stable Issuer Not
Cooperating'.

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

   Proposed Long Term    1.59       CRISIL B+/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

   Term Loan             0.41       CRISIL B+/Stable (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with SL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Set up in 2006, SL is a partnership firm promoted by
MrBhagvanKZalaria and his son Mr. Amrut BZalaria. The firm
manufactures two types of decorative laminates: Finoble and
FineTouch, used in furniture and home interiors.


SARADAMAYEE RICE: CRISIL Moves B+ Debt Ratings to Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings has migrated the rating on bank facilities of
Saradamayee Rice Mill (SRM) to 'CRISIL B+/Stable/CRISIL A4 Issuer
not cooperating'.

                      Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Bank Guarantee       0.3         CRISIL A4 (ISSUER NOT
                                    COOPERATING; Rating Migrated)

   Cash Credit          5           CRISIL B+/Stable (ISSUER NOT
                                    COOPERATING; Rating Migrated)

CRISIL Ratings has been consistently following up SRM for obtaining
information through letters and emails dated December 31, 2021 and
January 26, 2022 among others, apart from telephonic communication.
However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SRM, which restricts CRISIL
Ratings' ability to take a forward-looking view on the entity's
credit quality. CRISIL Ratings believes that rating action on SRM
is consistent with 'Assessing Information Adequacy Risk'.
Therefore, on account of inadequate information and lack of
management cooperation, CRISIL Ratings has migrated the rating on
bank facilities of SRM to 'CRISIL B+/Stable/CRISIL A4 Issuer not
cooperating'.

Formed as a partnership firm in 1989, SRM mills and processes
par-boiled rice. The partners, Mr Gopeswar Jash, Mrs Mala Jash, Ms
Mousimi Jash and Ms Banani Jash have around two decades of
experience in the rice milling business.

SEEMANCHAL MOTORS: CRISIL Keeps B Debt Ratings in Not Cooperating
-----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Seemanchal
Motors Private Limited (SMPL) continue to be 'CRISIL B/Stable
Issuer Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Cash Credit           0.6        CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Electronic Dealer    14          CRISIL B/Stable (Issuer Not
   Financing Scheme                 Cooperating)
   (e-DFS)              
                         
   Electronic Dealer     0.5        CRISIL B/Stable (Issuer Not
   Financing Scheme                 Cooperating)
   (e-DFS)               

   Long Term Loan        2          CRISIL B/Stable (Issuer Not
                                    Cooperating)

   Proposed Long Term    2.5       CRISIL B/Stable (Issuer Not
   Bank Loan Facility               Cooperating)

CRISIL Ratings has been consistently following up with SMPL for
obtaining information through letters and emails dated December 14,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in April 2012, SMPL is promoted by Mr Arun Kumar
Agrawal. The company is an authorized dealer of MSIL's passenger
vehicles in Purnea, Bhagalpur, Banka, Katihar, Kishanganj, and
Araria in Bihar. It has nine showrooms and four workshops. It also
has warehouses in Purnea and Bhagalpur, which have space for around
600 cars.


SKY ALLOYS: Ind-Ra Keeps 'D' LT Issuer Rating to Non-Cooperating
----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has maintained Sky Alloys &
Power Private Limited's Long-Term Issuer Rating of 'IND D (ISSUER
NOT COOPERATING)' in the non-cooperating category and has
simultaneously withdrawn it.

The instrument-wise rating actions are:

-- INR100 mil. Non-fund-based working capital limit (Short-term)*

     maintained in non-the cooperating category and withdrawn;

-- INR1.161 bil. Term loan (Long-term)* maintained in non-the
     cooperating category and withdrawn; and

-- INR500 mil. Fund-based working capital limit (Long-term)*
     maintained in non-the cooperating category and withdrawn.

*Maintained at 'IND D (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 the full-year financial performance for FY21,
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.

COMPANY PROFILE

Incorporated in 2009, Sky Alloys & Power manufactures sponge iron,
ingots and ferro alloys, and generates power. Its plant is located
in Temtema village, Raigarh, Chhattisgarh.


SRIANAGHA SKY: Voluntary Liquidation Process Case Summary
---------------------------------------------------------
Debtor: M/s Srianagha Sky Scrapers Private Limited
        Villa No. 127, Maple Town Hydersha Kote
        Hyderbad TG 500091
        IN

Liquidation Commencement Date: January 17, 2022

Court: National Company Law Tribunal, Hyderabad Bench

Insolvency professional: Mummaneni Vazra Laxmi

Interim Resolution
Professional:            Mummaneni Vazra Laxmi
                         Flat No. 107, V.V. Vintage Residency
                         Somajiguda, Hyderabad 500082
                         E-mail: emailtolak@gmail.com

Last date for
submission of claims:    February 15, 2022


STAN AUTOS: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Stan Autos Private Limited

        Registered office:
        D-6, Second floor
        South Extension Part-1
        New Delhi 110049

        Showroom/Office:
        G.T. Road, Sherpur Chowk
        Ludhiana 141003
        Punjab, India

Insolvency Commencement Date: February 21, 2022

Court: National Company Law Tribunal, Kalyan Bench

Estimated date of closure of
insolvency resolution process: August 17, 2022

Insolvency professional: Rajesh Kumar Mittal

Interim Resolution
Professional:            Rajesh Kumar Mittal
                         204/A, Navjyoti Darshan CHS
                         Near Purnima Talkies
                         Murbad Road
                         Kalyan (W) 421301
                         Maharashtra
                         E-mail: csrajeshmittal@gmail.com
                                 rpstanautos@gmail.com

Last date for
submission of claims:    March 7, 2022


SURBHI SATCOM: Ind-Ra Gives 'BB' LT Issuer Rating, Outlook Stable
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Surbhi Satcom
Private Limited (SSPL) a Long-Term Issuer Rating of 'IND BB'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR644.84 mil. Term loan due on September 2029 assigned with
     IND BB/Stable rating; and

-- INR150 mil.  Fund-based working capital Limits assigned with
     IND BB/Stable/IND A4+ rating.

KEY RATING DRIVERS

The ratings reflect SSPL's small scale of operations, as indicated
by revenues of INR561.57 million in FY21 (FY20: INR593.26 million).
The company's revenues declined in FY21 due to a change in the
business model, with the company having shifted to original
equipment manufacturing from retail sales, and partly due to
delayed order execution, owing to pandemic-induced challenges.
During 1HFY22, the company booked revenue of INR290.57 million.
SSPL had an outstanding order book of INR158 million as of October
2021 (0.28x of FY21 revenue); the orders are typically executed
within a fortnight. Ind-Ra expects the revenue to increase on a yoy
basis in FY22, led by the picking up of the original equipment
manufacturing business.

The ratings also factor in SSPL's modest EBITDA margins due to the
nature of the business. The margin declined to 8.19% in FY21 (FY20:
13.28%) due to the ongoing supply-side issues for semiconductor
chips and the inability of the company to pass on the rise in price
to its customers. The ROCE was 0.7% in FY21(FY20:4.2%). Ind-Ra
expects the margin to increase in FY22, due to addition of
high-margin products such as landline sets and automatic dispensers
to the company's product portfolio.

SSPL is engaged in discussions with Samsung India Electronics
Private Limited (SIEPL) for a collaboration for assembling specific
models of mobile phones in its under-construction facility in
Noida, Uttar Pradesh. The project, for which the company has
undertaken debt-funded capex, faces implementation risks, according
to Ind-Ra. The total cost of the project is estimated at INR870
million, funded through a term loan of INR480 million and remaining
through unsecured loans by the promoters. The company had already
incurred capex of INR500 million as of December 2021, funded
through a term loan of INR160 million and balance through unsecured
loans by promoters; this mitigates the project funding risk to an
extent. The capex is likely to be completed by June 2022, and
operations are likely to commence by July 2022. While the likely
collaboration with SIEPL could lead to healthy revenue visibility
over the near term, SSPL's ability to generate commensurate returns
to support its capitalization and debt coverage indicators will
remain a key monitorable, given the heavy repayment obligations.
Furthermore, the expansion plan is entirely contingent upon the
final documentation with SEIPL. Any delay in the commencement of
operations or delays in receiving the final letter of intent from
the original equipment manufacturer would result in cash flow
mismatches, and will be closely monitored.

The ratings also reflect SSPL's weak credit metrics due to modest
EBITDA and high debt levels. The metrics deteriorated in FY21 due
to the decrease in the operating EBITDA. The interest coverage
(operating EBITDA/gross interest expenses) was 2.57x in FY21 (FY20:
2.82x) and the net leverage (total adjusted net debt/operating
EBITDAR) was 10.93x (6.88x). Ind-Ra expects the metrics to
deteriorate in FY22 due to the debt taken during the year for
setting up the new manufacturing unit; the metrics would improve
post the commencement of the unit in July 2022.

Liquidity Indicator - Stretched: SSPL's average maximum utilization
of the fund-based limits was 95.98% during the 12 months ended
November 2021. The cash flow from operations fell to INR42.11
million in FY21 (FY20: INR81.43 million) due to high interest
expense. The free cash flow turned negative INR112.76 million
(FY20: positive INR40.74 million) owing to high capital expenditure
incurred for setting up the company's manufacturing unit. The net
working capital cycle remained stretched but improved to 107 days
in FY21 (FY20: 113 days), mainly on account of an increase in the
creditor period to 107 days (48 days). The cash and cash
equivalents remained low at INR0.92 million at FY21 (FY20: INR0.84
million). SSPL does not have any capital market exposure and relies
on banks and financial institutions to meet its funding
requirements. It had availed the Reserve Bank of India-prescribed
moratorium in FY21.

However, the ratings are supported by the promoters' experience of
nearly three decades in manufacturing and trading in the telecom
and digital equipment industries. This has enabled the company to
establish strong relationships with customers as well as
suppliers.

RATING SENSITIVITIES

Negative: Any delay in the commencement of operations and no final
approval of Samsung agreement and achieving stability in the
operating performance after the commencement of commercial
operations, or lower than expected revenue affecting the company's
debt serviceability, could lead to a negative rating action.

Positive: The timely commencement of operations and ongoing capex,
increase in the scale of operations and the subsequent achievement
of a stable operating profitability could lead to positive rating
action.

COMPANY PROFILE

SSPL (a part of the Surbhi group, was incorporated in 1981. The
company's existing unit (D-23), which is located in Noida, India,
imports, assembles and trades in telecommunication and cable
television products and is also engaged in original equipment  
manufacturing. It has a capacity of 1 million printed circuit
boards per month. The company is engaged in discussions with SIEPL
for a collaboration for assembling specific models of mobile phones
in its under-construction facility.


SUSHEE IVRCL: Ind-Ra Hikes Bank Loan Rating to 'B+'
---------------------------------------------------
India Ratings and Research (Ind-Ra) has upgraded Sushee IVRCL
Arunachal Highways Limited's (SIAHL) bank loans to 'IND B+'/Stable
from 'IND B', while resolving the Rating Watch Evolving (RWE) as
follows:

-- INR1,777.82 bil. (reduced from INR1,822.20 bil.) Rupee term
     loan (RTL) due on January 2030 upgraded; off RWE with IND
     B+/Stable rating; and

-- INR143 mil. Performance bank guarantee upgraded; off RWE with
     IND B+/Stable rating.

Ind-Ra continues to analyses SIAHL's standalone credit profile for
the ratings. The unsecured loans of INR539.7 million, apart from
the equity contribution from the sponsor, Sushee Infra and Mining
Limited (SIML), are fully subordinated to the senior ranking RTL,
as per the loan agreements, and hence, have not been considered as
additional debt in Ind-Ra's analysis.

The upgrade in the rating reflects the achievement of the
provisional completion certificate and the subsequent receipt of
two annuities from the Ministry of Road Transport and Highways
(MoRTH), the creation of a stipulated debt service reserve
equivalent to three months of debt service reserve in the project
and the prepayment of its term loan. The project's overal­l
liquidity is poor at least until FY26, due to the recovery of the
annuity by the MoRTH towards a one-time fund infusion support
(OTFIS). However, SIAHL's representation to retain the last tranche
payment of OTFIS likely to be received in March 2022 to meet debt
servicing and two annuity receipts expected in FY23 provides
short-term liquidity visibility.

However, the rating continues to be constrained by weak coverage
indicators, with intermittent cash flow mismatches forcing it to
rely on its sponsor to meet its debt servicing in a timely manner.
The sponsor has infused funds in the project to finance the cost
overrun and loan repayments in the past. A continued timely support
from the sponsor and its credit profile are critical and remain a
key rating monitorable.

The RWE resolution follows the confirmation from the bankers on the
admittance of an excess interest claim by the company and the
resolution on the same with the on-going process to credit the
excess interest charged to the company and alignment of the
interest rate in line with the lead banker.

KEY RATING DRIVERS

Construction Risk Mitigated: The project achieved the provisional
completion as of January 7, 2021. It has also completed the
punch-list items mentioned in the provisional commercial operations
date and applied for a final completion certificate. While the
entire project work within the original scope has been completed,
one bridge work in the project stretch as a change of scope is
ongoing and would be completed by March 2022, with an approximate a
cost of INR150 million that would be funded by the sponsor and
insurance proceeds.

The project also received two annuities from the authority in
November 2021 and on February 7, 2022 after deductions for the
recovery of OTFIS instalments and standard recoveries. While there
was a delay in the receipt of annuities, the management has stated
that the same is on account of administrative delays including the
pandemic impact. However, it does not expect such delay going
forward as MoRTH has a track record of releasing annuities on time,
subject to maintaining the availability of roads.

Liquidity Indicator - Poor: The annuity payments are scheduled to
be received in July and January in every financial year, while it
has monthly and quarterly commitments of interest and principal,
respectively. The coverage indicators remain weak due to the
recovery of INR200 million of instalments and INR110 million of
interest payment towards OTFIS loan from the authority, out of each
annuity payment of INR390 million. The coverage indictors remain
below unity until FY26 and the support from the sponsor is crucial
to meet debt servicing in a timely manner. The sponsor infused
INR110 million in FY22 until January 2022, apart from the support
for a prepayment of INR440 million in May 2021.

The company is likely to receive the final tranche of OTFIS of
INR200 million in March 2022, after receiving the final completion
certificate. The sponsor has confirmed that it would retain the
final tranche amount in the special purpose vehicle (SPV) and
provide timely cash flow support before dipping into DSR. As of
February 21, 2022, the company had a cash balance of INR7.5 million
and DSR to IN90 million, equivalent to one quarter of debt
servicing obligations.

Continued Sponsor Support Required: The sponsor's credit profile
remained moderate, with a top line of INR6,222 million in FY21 and
an EBITDA margin of 26%. In 9MFY22, the sponsor reported a total
operating income of INR4,566 million with a profit after tax of
INR465 million. The company had an unexecuted order book position
of INR16,810 million as on 31 January 2022, translating to 2.7x its
revenue in FY21. The sponsor had a free cash balance of INR28.4
million as on 21 February 2022. The management confirmed that the
sponsor has budgeted the cash-flow requirement of SIAPL and would
continue to provide timely support to the SPV.

Moderate Operation and Maintenance Risk: SIAHL has signed a fixed
operation and maintenance contract with SIML (INR0.4 million per km
per annum). The geographical location of the project stretches
exposes it to landslides and road damage due to heavy water logging
during monsoon; however, according to the management, these risks
are mitigated to some extent through the presence of sufficient
vegetation along the road stretch. The management expects to
complete the major maintenances in two cycles (the first in FY27
and the other in FY32) at lower cost than that of the rated peers
with bitumen road profile. A substantial increase in the actual
operating expenses, beyond Ind-Ra's base case estimates, could
impact the rating.

Moderate Debt Structure: The RTL is repayable in 40 quarterly
repayments, as per the original repayment schedule, with ballooning
repayments towards the end of the term loan. After the
part-prepayment of the term-loan, the maturity period has preponed
to January 2030, leaving a tail period of three years and seven
months. The principal repayment dates are in sync with the annuity
receipt payments, and therefore, there is no in-built cushion in
the debt structure to absorb any annuity delays. The event of
default clauses mentions cross defaults with the sponsor.

The net OTFIS support from MoRTH is INR1,996 million, of which
INR200 million is yet to be received and the current outstanding on
the same is INR1,396 million after the recovery in the first two
annuities. The principal is recovered in 10 half-yearly instalments
of INR200 million each and the accumulated interest on the OTFIS
from the annuity payment. The interest for the outstanding amounts
is calculated at the Reserve Bank of India-prescribed bank rate
plus 3%. The management stated that it is in talks with the
authority to extend the repayment of OTFIS, which is likely to
improve the coverage indictors.

RATING SENSITIVITIES

Negative:

- any material delays or deductions in the receipt of annuities
- upstreaming of INR200 million to the sponsor
- the absence of a timely sponsor support
- a deterioration in the credit profile of the sponsor

Positive: The realignment of MoRTH loan repayment leading to an
improvement in average debt service coverage ratio around 1x will
lead to a positive rating action.

COMPANY PROFILE

SIAHL is an SPV promoted by SIML, which was incorporated in 1986.
It has been incorporated to widen NH 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 MoRTH. SIML undertakes mining, irrigation,
railways, infrastructure and road projects.


SWAGAT DEVELOPERS: CRISIL Withdraws B Rating on INR65cr LT Loan
---------------------------------------------------------------
CRISIL Ratings has withdrawn its rating on the bank facilities of
Swagat Developers (SD) on the request of the company and after
receiving no objection certificate from the bank. The rating action
is in-line with CRISIL Rating's policy on withdrawal of its rating
on bank loan facilities.

                       Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Long Term Loan        65        CRISIL B/Stable/Issuer Not
                                   Cooperating (Withdrawn)

   Proposed Long Term    11.8      CRISIL B/Stable/Issuer Not
   Bank Loan Facility              Cooperating (Withdrawn)

CRISIL Ratings has been consistently following up with SD for
obtaining information through letters and emails dated December 17,
2021 and December 22, 2021 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
Ratings failed to receive any information on either the financial
performance or strategic intent of SD. This restricts CRISIL
Ratings' ability to take a forward looking view on the credit
quality of the entity. CRISIL Ratings believes that rating action
on SD is consistent with 'Assessing Information Adequacy Risk'.
CRISIL Ratings has Continues the ratings on the bank facilities of
SD to 'CRISIL B/Stable Issuer not cooperating'.

CRISIL Ratings has withdrawn its rating on the bank facilities of
SD on the request of the company and after receiving no objection
certificate from the bank. The rating action is in-line with CRISIL
Rating's policy on withdrawal of its rating on bank loan
facilities.

Established in 2007, SD is a Surat-based partnership firm. It is
setting up a commercial real estate project named Texking in
Surat.


TERRA ENERGY: Liquidation Process Case Summary
----------------------------------------------
Debtor: Terra Energy Limited
        Eldorado, V Floor
        112 Uthamar Gandhi Salai
        Chennai 600034

Liquidation Commencement Date: February 17, 2022

Court: National Company Law Tribunal, Chennai Bench

Date of closure of
insolvency resolution process: August 31, 2021

Insolvency professional: Ramakrishnan Sadasivan

Interim Resolution
Professional:            Ramakrishnan Sadasivan
                         New no. 28, Old no. 22 Menod Street
                         Pursawalkam, Chennai 600007
                         E-mail: sadasivanr@gmail.com
                                 liq.terra@gmail.com
Last date for
submission of claims:    March 19, 2022


TRIVIKRAMA MEDICAL: Ind-Ra Assigns BB+ Long-Term Issuer Rating
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has assigned Trivikrama Medical
Services Private Limited (TMSPL) a Long-Term Issuer Rating of 'IND
BB+', with a Stable Outlook.

The instrument-wise rating action is:

-- INR70 mil. Proposed term loan assigned with IND BB+/Stable
     rating.

KEY RATING DRIVERS

The ratings reflect TMSPL's small scale of operations with revenue
of INR437.04 million in FY21 (FY20: INR312.43 million). The rise in
revenue was on account of an increase in in-patient days revenue
due to the criticality of COVID-19 patients and an addition of a
30-bed capacity. Till December 2021, the hospital booked revenue of
INR461.15 million, despite operating a single hospital unit. In
FY22, the management expects the revenue to improve slightly due to
full capacity utilization of existing beds

The ratings also factor in TMSPL's modest EBITDA margin of 15.86%
in FY21 (FY20: 12.75%), with a return on capital employed of 31.8%
(FY20: 16.8%). In FY21, the EBITDA margin improved marginally due
to an increase in the admission and the bed capacity of COVID-19
patients and a decline in operating costs. In the medium term,
Ind-Ra expects the EBITDA margin to improve marginally due to a
decline in operating cost related to CT and MRI scan charges as
TMSPL is procuring its own machinery. Earlier, CT and MRI scan
machines were hired by the hospital on a contract basis. In FY22,
TMSPL is planning to purchase these machineries at a cost of INR75
million that will be funded through a term loan of INR40 million
and remaining from internal accruals of the company.

The ratings also reflect TMSPL's moderate credit metrics as
reflected by the interest coverage (operating EBITDA/gross interest
expenses) of 15.75x in FY21 (FY20: 6.44x) and the net leverage
(total adjusted net debt/operating EBITDAR) of negative 0.45x in
FY21 (FY20: 0.77x). In FY21, the interest coverage improved due to
a reduction in interest expenses and a marginal increase in
operating EBITDA and the net leverage improved due to the repayment
of long-term liabilities by the company. In FY21, its total
long-term debt was zero (FY20: INR46.59 million).  In the medium
term, Ind-Ra expects the credit metrics to deteriorate due to an
increase in debt level.

Liquidity Indicator – Stretched: TMSPL has not availed any
fund-based facility for working capital and is utilizing its own
funds for its day-to-day requirements. The cash flow from
operations stood at INR69.28 million in FY21 (FY20: INR21.22
million) and it increased due to a surge in absolute revenue.
Furthermore, its free cash flow stood at INR60.79 million (INR7.92
million).  The net working capital cycle stood at negative 4 days
in FY21 (FY20: 3 days), due to a deterioration in the inventory
holding period. The cash and cash equivalents stood at INR40.35
million at FYE21 (FYE20: INR28.77 million). Moreover, TMSPL does
not have any capital market exposure and is relying on a single
bank for any funding requirement.

The ratings are further supported by the promoter's more than a
decade of experience in health care services.

RATING SENSITIVITIES

Negative: A decline in the scale of operations or any major debt
funded capex, leading to a deterioration in the overall credit
metrics on a sustained basis with the net leverage above 3.5x
and/or pressure in the liquidity position, could lead to a negative
rating action

Positive: Substantial growth in the scale of operations, while
maintaining the credit metrics on a sustainable basis will be
positive for the ratings.

COMPANY PROFILE

TMSPL was incorporated on May 15, 2012 and operates Neuro one
Hospital, a single speciality hospital, providing services in
neurosurgery, neuro anaesthesia, neuro radiology, neuro
rehabilitation and neuropsychiatry. The directors of TMSPL are
Vijay Kumar Sivaramamoorthy, Kota Ramgopal and Easwaran
Ramakrishna.


VASAN HEALTH: Lenders Approve ASG Hospital's Resolution Plan
------------------------------------------------------------
The Hindu reports that the committee of creditors of Vasan Health
Care Pvt. Ltd. has approved a resolution bid of around INR550 crore
by Rajasthan-based ASG Hospital Private Ltd. under the insolvency
process, according to the sources.  The plan would be placed before
National Company Law Tribunal (NCLT) Chennai for approval, the
report says.

Max Vision Eye Hospitals Private Limited and Dr. Agarwals
Healthcare Limited had also bid for Vasan Health in the insolvency
process.

The Hindu relates that the clear break-up of ASG's plan would be
known only when it is filed for approval.

In 2017, the NCLT had ordered commencement of insolvency
proceedings against Vasan Health Care, in a petition filed by Alcon
Laboratories (India) Pvt. Ltd., one of its suppliers. Financial
creditors, including Andhra Bank, Edelweiss Asset Reconstruction,
Kotak Mahindra Bank, HDFC Bank among others, have a claim totalling
INR1,268 crore against the company, the Hindu discloses.

In November 2021, The National Company Law Appellate Tribunal
(NCLAT), Chennai, had allowed an appeal filed by committee of
creditors of Vasan Health Care Pvt. Ltd. seeking extension of
time-frame under the insolvency resolution process, the report
recalls. The lenders had appealed against an NCLT order which
refused to grant extension of time for the insolvency process and
directed for filing for liquidation of the company.

                        About Vasan Health

Vasan Health Care Private Limited provides health care services.
The Company serves patients in India.

In 2017, the National Company Law Tribunal (NCLT), Chennai, had
ordered commencement of insolvency proceedings against Vasan Health
Care, in a petition filed by Alcon Laboratories (India) Pvt. Ltd.,
one of its suppliers. Later the proceedings were stayed by a single
judge of Madras High Court. Nearly two years later, in October
2019, the Division Bench had vacated the stay and the case was back
at NCLT.


VENKATESWARA GRANITES: CRISIL Keeps D Ratings in Not Cooperating
----------------------------------------------------------------
CRISIL Ratings said the ratings on bank facilities of Sri
Venkateswara Granites & Exports Limited (DGL; previously known as
Dathrie Granites Limited) continue to be 'CRISIL D/CRISIL D Issuer
Not Cooperating'.

                       Amount
   Facilities       (INR Crore)     Ratings
   ----------       -----------     -------
   Export Packing         7         CRISIL D (Issuer Not
   Credit                           Cooperating)

   Letter of Credit       2         CRISIL D (Issuer Not
                                    Cooperating)

   Long Term Loan        15         CRISIL D (Issuer Not
                                    Cooperating)

CRISIL Ratings has been consistently following up with DGL for
obtaining information through letters and emails dated December 21,
2021 and January 12, 2022 among others, apart from telephonic
communication. However, the issuer has remained non cooperative.

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

Detailed Rationale

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

Incorporated in 2011, DGL is engaged in granite processing. DGL was
promoted by Mr. Ramadugu Mahender Rao, Mr. M Ramadugu Manohar Rao
and Mr. Gorukanti Naveen Kumar. DGL has commenced its commercial
operations during November, 2013.


VIKRAM INFRASTRUCTURE: Ind-Ra Moves 'D' Rating to Non-Cooperating
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Vikram
Infrastructure Company's Long-Term Issuer Rating of 'IND D' to the
non-cooperating category and has simultaneously withdrawn it. The
instrument-wise rating actions are given below:

-- INR150 mil. Fund-based working capital limit* migrated to non-
     cooperating category and withdrawn; and

-- INR100 mil. Non-fund-based working capital limits# migrated to

     non-cooperating category and withdrawn.

* Migrated long-term rating to 'IND D (ISSUER NOT COOPERATING)'
before being withdrawn

# Migrated short-term rating to 'IND D (ISSUER NOT COOPERATING)'
before being withdrawn

KEY RATING DRIVERS

The ratings have been migrated to the non-cooperating category
before being withdrawn because the issuer did not participate in
the rating exercise, despite requests by the agency and has not
provided information pertaining to the full-year financial
performance for FY21, 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.

COMPANY PROFILE

Vikram Infrastructure Company is a partnership firm established in
1989 and is located in Vapi (Gujarat). It has three main areas of
business, namely infrastructure (civil construction), mining, and
ready-mix concrete. The company undertakes public works department
projects for the governments of Silvassa and Daman.


VISHNU ANNAMALAIYAR: Liquidation Process Case Summary
-----------------------------------------------------
Debtor: Sri Vishnu Annamalaiyar Paper Mills Ltd
        Flat No. H-208, Sreevatsa Residency
        Apartments No. 10, G.N. Mills Post
        Mettupalayam Road, Coimbatore
        Tamil Nadu 641029

Liquidation Commencement Date: February 18, 2022

Court: National Company Law Tribunal, Chennai Bench

Date of closure of
insolvency resolution process: February 17, 2022

Insolvency professional: Mrs. J Karthiga

Interim Resolution
Professional:            Mrs. J Karthiga
                         C/o J Karthiga & Associates
                         New No. 1, Old No. 1052
                         41st Street, Korattur
                         Chennai 600080
                         E-mail: karthigasri@hotmail.com
                                 claims.svapml@gmail.com
                         Tel: 8754402125

Last date for
submission of claims:    March 20, 2022




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

BUMI SERPONG: Fitch Affirms 'BB-' LT FC IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Indonesia-based homebuilder PT Bumi
Serpong Damai Tbk's (BSD) Long-Term Foreign-Currency Issuer Default
Rating (IDR) at 'BB-'. The Outlook is Stable.

The rating is supported by BSD's position as one of Indonesia's
largest homebuilders by contracted sales and land bank. The
scalable township development model and the focus on landed homes
have allowed the company to generate healthy operating cash flow
and keep leverage low. The rating is also moderated by BSD's
relative scale to global peers as measured by attributable
contracted sales.

KEY RATING DRIVERS

Strong Contracted Sales: Fitch expects BSD's attributable
contracted sales - which excludes the share of minority interests -
to remain steady in the next two years at around IDR6 trillion, off
a high base in 2021. The company reported a strong 19% yoy growth
in attributable contracted sales to IDR6.3 trillion in 2021,
supported by sustained demand for its mainstay of landed homes.
Diversification across price points enabled BSD to achieve such
growth despite the challenges in the market, such as sporadic
Covid-19 movement restrictions that impeded large project
launches.

Supportive Macro-Policies: Low domestic interest rates and rising
mortgage-loan usage among consumers, and to a lesser extent a
value-added tax (VAT) rebate on completed properties, supported
property sales. The VAT rebate has been extended up to end-June
2022 and should support 2022 contracted sales somewhat. Fitch
believes rising vaccination rates for Covid-19 in Indonesia could
mean fewer operational disruptions from incremental curbs delaying
project launches in the next 12 months.

Fitch expects strong demand for landed homes to continue,
especially for affordable homes priced at or below IDR2 billion
that cater to first-time homebuyers. Around 70% of BSD's contracted
sales in 2021 were mortgage-funded, and therefore sensitive to
domestic interest rates, with the balance split between instalment
plans and cash. Fitch expects domestic interest rates to rise by
around 50bp in 2022, although rates are likely to remain lower than
in the past few years.

Strong Cash Flow, Low Leverage: BSD's cash collections from
customers nearly doubled in the 9M21 on stronger contracted sales,
but also a rising mix of mortgage-funded sales and banks disbursing
most of the loan to the developer up-front. Fitch expects
collections to moderate to an extent, but remain healthy, as rising
interest rates may reduce mortgage use. So Fitch estimates BDS's
leverage - defined as net debt/net property assets - to fall to
around 10% by end-2022, from 20% in 2020. BSD also reduced its debt
by paying off a USD300 million bond due in 2021 using cash.

Debt-Funded Investment: The bulk of BSD's capex over the next two
years relates to the development of its 10km toll road, which
connects BSD City phase one and two, as well as the Jakarta-Merak
port toll road. BSD expects to spend IDR2 trillion to complete the
project in the next two years and has an approved and unused IDR3.2
trillion loan in place to fund the project. The first 5km of the
toll road has been completed, while the company expects to complete
the road in the next two years. BSD's strong balance sheet provides
adequate headroom for the debt-funded investment.

Large, Low-Cost Land Bank: A land bank of more than 4,500ha at its
BSD City township as of 30 September 2021 was sufficient for at
least 15 years of contracted sales. BSD can therefore tailor its
landed homes to suit consumer demand and price-points. The large
land bank also provides financial flexibility to reduce land
acquisitions when home sales are weak. Fitch expects BSD to spend a
modest IDR500 billion-600 billion a year on land purchases to form
adjacent plots to support medium-term projects. Around 50% of BSD's
land bank is situated in BSD City.

Moderating Non-Development Income: Fitch expects BSD's
non-development revenue to moderate in the next two years, due to
Covid-19-related weaknesses on its strata-title Jakarta shopping
malls, which are the key contributor. The malls cater to SME
tenants who are more affected by Covid-19 restrictions amid rising
e-commerce than higher-end destination malls. Fitch believes gross
profit from non-development segments will remain between 10%-15%.
Non-development cash flow appears unlikely to drive the rating in
the medium term, and Fitch has amended its rating sensitivities to
reflect this.

Notched-up from Weaker Parent: BSD's rating can be rated above its
weaker parent Sinarmas Land Limited (SML), given 'Porous' access
and control and 'Porous' ringfencing, in line with Fitch's Parent
and Subsidiary Rating Linkage Criteria. The restrictions imposed on
dividend payments and affiliate transactions via the company's US
dollar debt - almost two-thirds of the debt - and its listing on
the Jakarta stock exchange, provide a degree of ringfencing, in
Fitch's view.

Furthermore, BSD raises its non-equity funding independently of
SML, which together with significant minority shareholders,
joint-venture partners and functional board separation, allows for
'Porous' access and control.

DERIVATION SUMMARY

BSD's 'BB-' rating may be compared with that of Indonesia-based PT
Pakuwon Jati Tbk (PWON, BB/Stable) and PT Ciputra Development Tbk
(CTRA, B+/Positive), and Chinese homebuilder CIFI Holdings (Group)
Co. Ltd (CIFI, BB/Stable).

PWON is one of Indonesia's leading shopping-mall owners and is also
a mixed-use property developer. The majority of its operating cash
flow stems from its portfolio of shopping malls, hotels and
offices. PWON is rated one notch higher than BSD because of its
large non-development cash flow and more conservative capital
structure, which support strong credit metrics when property demand
is low. This offsets PWON's smaller property-development business,
although its prudent management of its development business, with
most of its construction funded by customer presales rather than
debt, mitigates development risk.

BSD is rated one notch above CTRA to reflect its larger
property-development scale. However, the Positive Outlook on CTRA's
rating reflects Fitch's expectation that its attributable presales
scale could sustainably increase to more than IDR5 trillion in the
next 12-24 months, at which point Fitch would view CTRA's rating to
be more in line with BSD's at 'BB-'. CTRA's property business is
more geographically diversified than BSD's and this mitigates its
slightly smaller business scale. Both issuers have a record of
maintaining low leverage and strong liquidity.

CIFI is rated one-notch above BSD to reflect its substantially
large scale and greater geographical diversification. CIFI
generates around 50% of its contracted sales from the Yangtze River
Delta region in China, which has more than 230 million people and
accounts for 20% of China's GDP. Contracted sales in the region
continue to remain healthy despite a general slowdown in other
regions amid weakening consumer confidence in the Chinese
homebuilding sector. However, CIFI's leverage is significantly
higher than BSD at around 45%-50%, which counterbalances its
stronger business profile somewhat. The high leverage stems mainly
from CIFI's short landbank life relative to BSD, resulting in
continual investment in land bank at current market prices, and
lower profit margins.

KEY ASSUMPTIONS

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

-- Flat attributable presales of around IDR6 trillion a year in
    2022-2023;

-- Annual cash collections from contracted sales of around IDR8
    trillion in 2022-2023;

-- Construction costs of around IDR3 trillion a year in 2022-
    2023;

-- Capex of IDR1 trillion-1.5 trillion a year in the next two
    years, mainly on completing the toll road.

RATING SENSITIVITIES

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

-- Fitch does not expect positive rating action in the next 24
    months, as Fitch expects BSD's attributable contracted sales
    to remain steady;

-- Over the longer term, a significant and sustained increase in
    attributable contracted sales while maintaining a conservative
    financial profile could lead to a rating upgrade.

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

-- If the non-development EBITDA/net interest ratio remains above
    1.0x, then leverage sustained above 40% could lead to a
    downgrade; if non-development EBITDA/net interest costs remain
    below 1.0x (2022E: 1.5x), then leverage sustained above a
    tighter threshold of 35% could lead to a downgrade;

-- Attributable pre-sales of less than IDR5 trillion on a
    sustained basis;

BEST/WORST CASE RATING SCENARIO

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

LIQUIDITY AND DEBT STRUCTURE

Comfortable Liquidity, Concentrated Funding: BSD has a record of
maintaining strong liquidity, with a cash balance of IDR7.6
trillion as of 30 September 2021, against current maturities of
term loans of IDR1.68 trillion due in the 12 months to 30 September
2022.

The company's next significant debt maturity is its USD270 million
(around IDR3.86 trillion) 5.5% unsecured notes due on 18 October
2023. BSD plans to repay this debt using a combination of cash and
committed but undrawn bank lines of over IDR4 trillion, with the
aim of capitalising on multi-year low domestic interest rates. This
should also reduce BSD's funding concentration to US dollar bonds,
and help term-out the company's bullet maturities, as the bank debt
consists of amortising term loans with tenors of around seven to
eight years.

ESG CONSIDERATIONS

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



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

SOFTBANK GROUP: S&P Affirms 'BB+' LT Issuer Rating, Outlook Stable
------------------------------------------------------------------
S&P Global Ratings affirmed its long-term issuer rating on SoftBank
Group at 'BB+', its long-term senior unsecured rating at 'BB+', and
subordinated debt at 'B+'.

The outlook remains stable, despite adversity, reflecting the
factors above and S&P's view that SoftBank Group is likely to
maintain its LTV ratio at about 25%-30% in the coming year or so.

The company will likely manage its loan-to-value ratio (LTV ratio)
at about 25%-30%, which is commensurate with its ratings on the
group.

S&P said, "It will manage the ratio (debt after our adjustments to
our estimated value of its investment portfolio) because we believe
it is likely to prioritize its financial health over the next year
or so. We also expect the company to maintain liquidity and
creditworthiness in its investment portfolio at levels commensurate
with the ratings in that period. This is despite rapid changes in
the group's asset portfolio.

"We view the decrease in the proportion of the value of stock of
China-based Alibaba Group Holding Ltd. (A+/Stable/--) in SoftBank
Group's investment portfolio as neutral for our ratings for now."

The decline in the proportion of the stock value, which once
accounted for more than 50% of SoftBank's investment portfolio,
eased the portfolio's concentration risk. The proportion shrank due
to a fall in the stock price and monetization through asset-backed
finance. That said, the decline in value of SoftBank's holdings of
stocks that we consider to have high credit quality is a negative
factor for asset liquidity and for the weighted average
creditworthiness of its investment portfolio, in S&P's view.

Disciplined financial operations mean the LTV ratio is unlikely to
approach to 40%, our threshold for a downgrade, over the next year
or so.

The value of Alibaba stock in the company's investment portfolio
fell by about 15% in the nine months through to the end of December
2021. S&P said, "However, we believe the company will be able to
manage its LTV ratio (as we define it) at about 25%-30% by
adjusting the pace of investment in its fund business to curb rises
in debt. We think the company can adjust the pace of its investment
because it has mainly been active since 2021 using SoftBank Vision
Fund 2 (SVF 2)." This fund does not include third-party investors.

S&P expects its investment portfolio to maintain relatively high
liquidity over the next year or so.

Despite the steep decline in the proportion of value in Alibaba
shares, S&P believes the proportion of listed shares in the
portfolio will be maintained at about 60% (including listed assets
in SVF 1 and 2) over the next year.

S&P estimates the weighted average creditworthiness of the
portfolio will remain near the lower end of the 'BBB' category for
the next year or so.

The weighted average creditworthiness deteriorated by December 2021
as the proportion of high-credit quality stock declined, while
investments in unlisted technology stocks rose substantially
through its fund business. On the other hand, S&P believes that the
deterioration in credit quality due to the decline in Alibaba share
value will be somewhat mitigated thanks to improved credit quality
of SVF1 as it recoups investments.

The stable outlook reflects S&P's view that, despite challenging
market conditions, SoftBank Group is likely to maintain an
investment portfolio with sufficient liquidity and high credit
quality and that its LTV ratio (as S&P calculates it) will be kept
at about 25%-30% in the next year or so.

S&P might consider downgrading SoftBank Group if it sees a
heightened likelihood of any of the following scenarios:

-- The LTV ratio approaches 40%. This could happen if the company
adopts a more aggressive financial policy or increases shareholder
returns, or if the value of its investment portfolio falls
materially and the company does not take sufficient action to
counteract the decline in its value;

-- The proportion of listed assets in the company's portfolio
stays below 60% (including listed assets in SVF 1 and SVF2) S&P has
previously considered the proportion falling significantly from its
current level of about 70% to be a downgrade trigger, but
diversification in the company's portfolio has improved markedly;

-- The creditworthiness of its investment portfolio falls far
below the 'BBB' category, because of a substantial deterioration in
largest investees' creditworthiness or a replacement of higher
quality assets with ones that have lower creditworthiness; or

-- Its liquidity worsens significantly, due to a rapid increase of
investment in its fund business despite a delay in recouping its
investment.

S&P might consider an upgrade in either of two scenarios:

-- S&P sees a sufficient record of the LTV ratio remaining well
below 20% and it determines the company will be able to maintain it
at that level while also adopting a more conservative financial
policy, including a more disciplined approach to shareholder
returns; or

-- The company keeps the weighted average creditworthiness of its
investment portfolio stable enough to be in the 'BBB' category with
asset liquidity to improve to near 70%, while new investments are
sufficiently covered by recouping investments.

ESG credit indicators: E-2, S-3, G-3

S&P said, "Governance factors are a moderately negative
consideration in our credit rating analysis of SoftBank Group. Its
largest shareholder (29% ownership) is Masayoshi Son, the
growth-focused founder, chairman of the supervisory board, and CEO.
He will continue to exert meaningful influence on the company's
corporate culture and financial policy, in our view. On the other
hand, we consider SoftBank Group's management to have strengths in
execution.

"We also acknowledge that the company has been enhancing its
governance structure in recent years, including by increasing the
ratio of external members on its board of directors to 55.5% and
hiring a chief risk officer. Startup technology companies, on which
SoftBank Group has focused its investment in recent years,
occasionally fail to develop rigorous governance systems as they
rapidly expand their businesses and operating scope.

"The emergence of issues at WeWork Inc. at the end of 2019 led to a
sharp decline in the value of SoftBank Group's investment assets,
partially hindering stable growth in its investment fund business.
However, as SoftBank Group has promptly introduced a more
sophisticated investment policy, we regard the enhancement of its
risk management as in progress."

Social factors are also a moderately negative consideration.
Although SoftBank Group has been reducing its exposure to Chinese
internet companies by diversifying its investment portfolio, the
company still has significant exposure to them. Its investment in
Alibaba. accounts for about 28% of its investment portfolio as of
Dec. 31, 2021, following a decline of about 50% year-on-year in the
price of Alibaba's shares. S&P believes SoftBank is exposed to
social risk related to regulatory scrutiny on privacy and data
security issues for internet companies, and the issues around
anti-trust in China that its investee faces.




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

MALAYSIA AIRPORTS: Full Year Net Loss Narrows to MYR766.44MM
------------------------------------------------------------
theedgemarkets.com reports that Malaysia Airports Holdings Bhd's
(MAHB) full year net loss narrowed to MYR766.44 million from
MYR1.12 billion a year earlier as fourth quarter net loss shrank
and revenue jumped, helped by the easing of global Covid-19
pandemic-driven movement restrictions, which led to a significant
increase in MAHB's passenger volume for during the quarter.

"The group's revenue for the current quarter ended Dec. 31, 2021
(FY21) increased significantly by 109.1% over the corresponding
quarter in the prior year to MYR551.3 million in tandem with the
significant increase in passenger volumes for the group with the
easing of the Movement Control Order, interstate travel and
introduction of Vaccinated Travel Lane in Malaysia coupled with
continued positive recovery momentum in Turkey.

"The group's loss before tax (LBT) narrowed to MYR215 million, a
significant improvement as compared to a higher LBT of MYR1.08
billion in the corresponding quarter in the prior year due to
higher revenue by 109.1% coupled with lower core operational
expenses by 8%," MAHB said in a Bursa Malaysia filing on Feb. 28,
theedgemarkets.com relays.

Malaysia Airports Holdings Berhad operates through the segments,
which include Malaysia Operations and Overseas Operations. Its
Malaysia Operations segment includes duty free and non-dutiable
goods, airport services, agriculture and horticulture, hotel, and
project and repair maintenance services. Its Overseas Operations
segment includes project and repair maintenance, and airport
services. It provides management service in respect of food and
beverage outlets at designated airports. It manages, operates and
maintains designated airports in Malaysia and provides airport
related services. It cultivates and sells oil palm and other
agricultural products. It manages and operates a hotel, Sama-Sama
Hotel and Sama-Sama Express K.L. International Airport. It is also
engaged in providing consultancy, operations and maintenance of
information and communication technology business ventures, and
provision of mechanical and electrical engineering.




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

CUCINA LIMITED: Creditors' Proofs of Debt Due April 6
-----------------------------------------------------
Creditors of Cucina Limited, which is in voluntary liquidation, are
required to file their proofs of debt by April 6, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 23, 2022.

The company's liquidators can be reached at:

         Geoff Brown
         Lynda Smart
         Rodgers Reidy (NZ) Limited
         PO Box 45220
         Te Atatu, Auckland 0651


JAKKALBERRY BREEDING: Creditors' Proofs of Debt Due March 23
------------------------------------------------------------
Creditors of Jakkalberry Breeding Limited, Madonna Mia Properties
Limited, M & M Plumbing Limited and Truckies Enterprises Limited,
are required to file their proofs of debt by March 23, 2022, to be
included in the company's dividend distribution.

Jakkalberry Breeding Limited, Madonna Mia Properties Limited, and M
& M Plumbing Limited commenced wind-up proceedings on Feb. 21,
2022.  Truckies Enterprises Limited commenced wind-up proceedings
on Feb. 24, 2022.

The company's liquidators can be reached at:

          Heath Gair
          Palliser Insolvency
          PO Box 57124
          Mana, Porirua 5247


JC DESIGN: Court to Hear Wind-Up Petition on March 4
----------------------------------------------------
A petition to wind up the operations of JC Design 2006 Limited will
be heard before the High Court at Auckland on March 4, 2022, at
10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on July 12, 2021.

The Petitioner's solicitor is:

         Cloete Van der Merwe
         Inland Revenue, Legal Services
         5 Osterley Way
         Manukau City, Auckland 2104


PAPPARICH LIMITED: Court to Hear Wind-Up Petition on March 4
------------------------------------------------------------
A petition to wind up the operations of Papparich Limited (formerly
PPR Foods New Zealand Limited) will be heard before the High Court
at Auckland on March 4, 2022, at 10:45 a.m.

The Commissioner of Inland Revenue filed the petition against the
company on Aug. 5, 2021.

The Petitioner's solicitor is:

         Cloete Van der Merwe
         Inland Revenue, Legal Services
         5 Osterley Way
         Manukau City, Auckland 2104



VIVIER AND COMPANY: Creditors' Proofs of Debt Due on March 30
-------------------------------------------------------------
Creditors of Vivier And Company Limited, which is in voluntary
liquidation, are required to file their proofs of debt by March 30,
2022, to be included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 24, 2022.

The company's liquidators can be reached at:

         Damien Grant
         Greg Sherriff
         Waterstone Insolvency
         PO Box 52
         Auckland 1140




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

CHIAM JOO: Court to Hear Wind-Up Petition on March 11
-----------------------------------------------------
A petition to wind up the operations of Chiam Joo Seng Towgay
Growers & Suppliers Pte Ltd will be heard before the High Court of
Singapore on March 11, 2022, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Feb. 18, 2022.

The Petitioner's solicitors are:

          M/s Advent Law Corporation
          111 North Bridge Road
          #25-03 Peninsula Plaza
          Singapore 179098


CLEARBRIDGE BIOPHOTONICS: Creditors' Proofs of Debt Due March 25
----------------------------------------------------------------
Creditors of Clearbridge Biophotonics Pte Ltd, which is in
voluntary liquidation, are required to file their proofs of debt by
March 25, 2022, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on Feb. 23, 2022.

The company's liquidators can be reached at:

          Lai Seng Kwoon
          c/o 16 Raffles Quay #22-00
          Hong Leong Building
          Singapore 048581


FRUITION CONSTRUCTION: Court to Hear Wind-Up Petition on March 11
-----------------------------------------------------------------
A petition to wind up the operations of Fruition Construction
Engineering Pte Ltd will be heard before the High Court of
Singapore on March 11, 2022, at 10:00 a.m.

Maybank Singapore Limited filed the petition against the company on
Feb. 18, 2022.

The Petitioner's solicitors are:

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


SINGAPORE PRESS: To Hold Scheme Meeting on March 22
---------------------------------------------------
The Business Times reports that Singapore Press Holdings (SPH) on
Feb. 28 said it will hold a scheme meeting on March 22, 2022, to
vote on the takeover offer from consortium Cuscaden Peak.

This comes after the company said the court has made an order
granting it leave to convene the Cuscaden scheme meeting, and to
withdraw the application to convene the scheme meeting in relation
to the Keppel scheme, BT relates.

According to the report, Keppel and Cuscaden - which is a
consortium backed by Hotel Properties (HPL), businessman Ong Beng
Seng, and 2 Temasek-linked entities, CLA and Mapletree - have been
in a long-running battle to take SPH private.

In a bourse filing, SPH said it will first hold an extraordinary
general meeting (EGM) to vote on the proposed distribution in
specie of SPH Reit (real estate investment trust) units under the
Cuscaden scheme, the report relays.

A scheme meeting will then be held for shareholders to vote on the
Cuscaden scheme. Both the EGM and scheme meeting will be held
through electronic means.

BT adds that SPH also noted that the Singapore Exchange has no
objections to the company's application to delist from the bourse
upon the Cuscaden scheme becoming effective and binding.

Cuscaden is offering each SPH shareholder the option of an all-cash
offer of SGD2.36, or SGD2.40 per share comprising SGD1.602 cash and
0.782 of an SPH Reit unit through a distribution-in-specie by SPH,
BT discloses.

This revised offer came after Keppel tabled a final offer - which
was also a revision of an earlier offer - of SGD2.351 per share,
consisting of SGD0.868 per share in cash, 0.596 of a Keppel Reit
unit and 0.782 of an SPH Reit unit.

Earlier in February, Keppel had also filed a notice of arbitration
to start arbitration proceedings against SPH, after the latter said
it terminated its implementation agreement with Keppel, as not all
the scheme conditions had been met when the cut-off date lapsed,
recalls BT.

BT says Cuscaden's spokesperson Christopher Lim, who is also group
executive director of HPL, urged shareholders to fill up and submit
their proxy forms to ensure that their votes are accounted for. He
noted that as the 2 resolutions are inter-conditional, if either
resolution is not approved, the Cuscaden scheme will not proceed.

According to BT, SPH will hold a virtual information session on
March 8 prior to the EGM and scheme meeting to address all
substantial and relevant questions received. Shareholders who wish
to raise questions should do so by March 5 to have them answered at
the session, or by March 16 to have them answered before the EGM or
the scheme meeting.

                        About Singapore Press

Singapore Press Holdings Limited (SPH) -- https://www.sph.com.sg/
-- publishes, prints, and distributes newspapers and magazines. The
Company also invests in properties, provides multimedia,
broadcasting, and telecommunications services, manages shopping
centers and other commercial properties, and operates Internet
portal site.

As reported in the Troubled Company Reporter-Asia Pacific on Aug.
18, 2021, SPH's appointed independent financial adviser has advised
the company's directors to recommend that shareholders vote in
favor of the proposed restructuring of its media business.  The
Business Times related that the independent financial adviser,
Evercore Asia (Singapore), said in a letter to the board of
directors that the restructuring will prevent the company and its
shareholders from incurring potentially significant and recurring
losses of the media business.  It added that the move will allow
SPH to "set a clear strategic direction" with a focus on the real
estate sector and related segments of student accommodation and
aged care while eliminating the risks and uncertainties associated
with the media business.


THEFATCOW PTE: Creditors' Proofs of Debt Due March 25
-----------------------------------------------------
Creditors of Thefatcow Pte Ltd, which is in voluntary liquidation,
are required to file their proofs of debt by March 25, 2022, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on Feb. 18, 2022.

The company's liquidators can be reached at:

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


ZIEN FURNITURE: Court to Hear Wind-Up Petition on March 11
----------------------------------------------------------
A petition to wind up the operations of Zien Furniture (S) Pte Ltd
will be heard before the High Court of Singapore on March 11, 2022,
at 10:00 a.m.

DBS Bank Ltd filed the petition against the company on Feb. 18,
2022.

The Petitioner's solicitors are:

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




===============
T H A I L A N D
===============

THAI GROUP: Two Insurance Units Seek Liquidation
------------------------------------------------
The Bangkok Post reports that Southeast Insurance Co and Thai
Insurance Plc, controlled by Thai Group Holdings Plc, last month
sought to cease operations of their non-life divisions, saying they
could no longer cover mounting costs related to Covid-19 claims by
policyholders.  Thai Group Holdings is run by Thailand's richest
man, Charoen Sirivadhanabhakdi.

According to the report, the requests for liquidation, still being
assessed by regulators, have already sent jitters through the
industry and prompted government officials to assure policyholders
that most of the nation's other insurers have sufficient capital.

"High Covid-19 cases will continue to raise concern about the
financial health of some insurers that face large potential
claims," the report quotes Poramet Tongbua, an analyst at Bualuang
Securities Co., as saying.  "Firms with weak financial status have
been under immense pressure to find funding for survival."

Local insurers such as Southeast Insurance, Syn Mun Kong Insurance
Plc and Bangkok Insurance started selling policies for Covid-19
infections in 2020 when fear outpaced the infection rate within the
country. The policies, considered by many both a novelty and status
symbol at the time, typically paid as much as 50,000 baht to
someone with the coronavirus for premiums of as low as 300 baht.

It was not until the country was hit by wave of the Delta strain in
April last year that cases and hospitalisations surged. That set
off an array of measures such as curfews, the shuttering of
businesses and domestic travel restrictions to go with border
closures. Though most rules have been eased, the rise of the
Omicron variant has renewed pressure on the health-care system and
insurers.

"We have underestimated the exposure risk of the virus mutations
and new infectious variants," Anon Vangvasu, president of the Thai
General Insurance Association, a trade group of non-life insurers
including Southeast Insurance. "We are keeping a close watch on the
Covid-19 outbreak and hope that it won't be worse than the 2021
peak."

Southeast and Thai Insurance must continue to honour claims from
policyholders and carry out normal operations until a panel decides
on their petitions to close, according to the Office of Insurance
Commission, The Bangkok Post relays.

Thai Group Holdings reported a net loss of THB269 million in the
first nine months of 2021 from a THB586 million profit a year
earlier, the report discloses. Its Southeast Insurance unit paid
about THB8.1 billion for virus claims, according to the group's
statement. Thai Group shares have tumbled more than 40% in the past
year, wiping out more than $400 million in market value.




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

[*] Afghanistan Inching Towards Economic Collapse, Red Cross Says
-----------------------------------------------------------------
Reuters reports that Afghanistan is inching closer towards economic
collapse six months after the Taliban seized power, the Red Cross
said on Feb. 25, with a paralysed banking system stymieing
international efforts to get financial aid into the war-ravaged
country.

According to Reuters, organisations such as the Red Cross have been
forced to rely on informal money exchanges to move cash in to pay
the salaries of some workers, although most of Afghanistan's
estimated 500,000 state employees have now worked without pay for
months.

"The banking system is totally paralysed. The central bank is not
operating," International Committee for the Red Cross Director
General Robert Mardini told Reuters, adding that it is paying some
10,000 doctors and nurses using the informal 'hawala' money
transfer network.

Reuters relates that Mardini said on a call from the capital Kabul
that the international community and the Taliban needed to find a
pragmatic solution to get the banking system up and running as
Afghanistan was hanging by a thread.

"You cannot just run the country on hawala system. There needs to
be a political negotiation for this. But the clock is ticking,"
Mardini added, notes the report.

Afghanistan's new rulers have appealed to the international
community to help the country and have pressed for billions of
dollars of frozen assets overseas to be released, according to the
report.

Reuters says the Afghan economy depended on aid before the
western-backed government was overthrown last year by the hardline
Islamist Taliban, who are under unilateral sanctions that have made
foreign banks reluctant to facilitate aid money transfers.

Reuters relates that the United States has sought to allay fears of
those providing humanitarian assistance to Afghanistan of falling
foul of sanctions and said it would free up $3.5 billion in frozen
Afghan central bank assets on U.S. soil to help Afghans.

Mardini said the Red Cross would soon request an additional $50
million from donors for aid to Afghanistan this year, on top of an
already budgeted $161 million, the report relays.

"Humanitarian aid is needed more than ever," he said.

[*] BOND PRICING: For the Week Feb. 21, 2022 to Feb. 25, 2022
-------------------------------------------------------------
Issuer                   Coupon     Maturity    Currency    Price
------                   ------     --------    --------    -----

AUSTRALIA
  ---------

AUSTRALIA & NEW ZEALAND     3.00    12/17/40        AUD     73.83
AUSTRALIA & NEW ZEALAND     2.92    12/22/40        AUD     74.25
CLIME CAPITAL LTD/FUND      5.25    11/30/25        AUD      1.01
COMMONWEALTH BANK OF AUS    3.20    08/27/40        AUD     71.91
COMMONWEALTH BANK OF AUS    3.00    12/10/40        AUD     74.44
COMMONWEALTH BANK OF AUS    3.12    08/27/41        AUD     69.50
COMMONWEALTH BANK OF AUS    3.30    09/24/41        AUD     72.28
COMMONWEALTH BANK OF AUS    3.30    08/26/50        AUD     58.63
GLENNON SMALL COS LTD       5.60    09/30/30        AUD     10.33
VIRGIN AUSTRALIA HOLDING    7.88    10/15/21        USD      3.89
VIRGIN AUSTRALIA HOLDING    7.88    10/15/21        USD      3.89
VIRGIN AUSTRALIA HOLDING    8.25    05/30/23        AUD      6.14
VIRGIN AUSTRALIA HOLDING    8.08    03/05/24        AUD      6.03
VIRGIN AUSTRALIA HOLDING    8.13    11/15/24        USD      4.04
VIRGIN AUSTRALIA HOLDING    8.13    11/15/24        USD      4.04
VIRGIN AUSTRALIA HOLDING    8.00    11/26/24        AUD      4.53


   CHINA
   -----

AKESU DISTRICT GREEN IND    4.09    03/11/23        CNY     39.99
AKESU DISTRICT GREEN IND    4.09    03/11/23        CNY     40.17
AKESU TEXTILE CITY DEVEL    7.50    06/21/24        CNY     59.80
AKESU TEXTILE CITY DEVEL    7.50    06/21/24        CNY     61.40
AKESU XINCHENG ASSET INV    6.40    04/20/22        CNY     20.08
AKESU XINCHENG ASSET INV    6.40    04/20/22        CNY     20.24
ALTAY PREFECTURE STATE-O    4.85    01/22/23        CNY     19.87
ALTAY PREFECTURE STATE-O    4.85    01/22/23        CNY     19.95
ANHUI DANGTU ECO DEVELOP    6.00    09/11/24        CNY     60.00
ANHUI DANGTU ECO DEVELOP    6.00    09/11/24        CNY     62.35
ANHUI HUAAN FOREIGN ECON    7.30    07/13/21        CNY     70.01
ANHUI HUAINING URBAN & R    5.80    08/28/24        CNY     60.00
ANHUI HUAINING URBAN & R    5.80    08/28/24        CNY     60.66
ANHUI JIANGNAN INDUSTRIA    4.76    07/08/23        CNY     39.83
ANHUI JIANGNAN INDUSTRIA    4.76    07/08/23        CNY     40.08
ANHUI LANGCHUAN HOLDING     6.13    12/11/24        CNY     62.94
ANHUI LEXING CITY CONSTR    6.05    11/01/24        CNY     60.90
ANHUI LEXING CITY CONSTR    6.05    11/01/24        CNY     62.05
ANJI NORTHWEST DEVELOPME    5.90    07/18/23        CNY     40.00
ANJI NORTHWEST DEVELOPME    5.90    07/18/23        CNY     40.29
ANLU CONSTRUCTION DEVELO    5.45    06/15/23        CNY     40.08
ANNING DEVELOPMENT INVES    8.80    09/11/25        CNY     65.75
ANQING ECONOMIC&TECHNOLO    4.09    03/09/23        CNY     40.15
ANQING ECONOMIC&TECHNOLO    4.09    03/09/23        CNY     40.25
ANQING URBAN CONSTRUCTIO    6.01    04/27/22        CNY     20.00
ANQING URBAN CONSTRUCTIO    6.01    04/27/22        CNY     20.09
ANQING WANJIANG HIGH TEC    6.50    08/02/24        CNY     59.40
ANQING WANJIANG HIGH TEC    6.50    08/02/24        CNY     60.00
ANQIU HUAAN STATE OWNED     7.00    09/14/24        CNY     58.80
ANQIU HUAAN STATE OWNED     7.00    09/14/24        CNY     59.20
ANSHUN CITY CONSTRUCTION    7.30    09/15/24        CNY     48.72
ANSHUN CITY CONSTRUCTION    7.30    09/15/24        CNY     51.10
ANSHUN STATE-RUN ASSETS     4.48    07/18/23        CNY     35.72
ANSHUN STATE-RUN ASSETS     4.48    07/18/23        CNY     37.39
ANSHUN TRANSPORTATION DE    7.50    10/31/24        CNY     54.97
ANSHUN XIXIU CITY INVEST    4.70    11/22/23        CNY     33.72
ANSHUN XIXIU CITY INVEST    4.70    11/22/23        CNY     39.84
ANYUE XINGAN CITY DEVELO    7.50    01/30/25        CNY     61.36
ANYUE XINGAN CITY DEVELO    7.50    01/30/25        CNY     62.76
AOYUAN CORP GROUP LTD       6.60    09/03/23        CNY     38.00
AOYUAN CORP GROUP LTD       5.50    03/03/25        CNY     25.50
AOYUAN CORP GROUP LTD       5.65    08/06/25        CNY     59.71
BANK OF CHINA LTD/PARIS     0.50    03/13/22        EUR     96.01
BAOJI INVESTMENT GROUP C    5.05    04/18/24        CNY     61.22
BAOTOU AFFORDABLE HOUSIN    5.25    07/27/24        CNY     60.94
BAOTOU AFFORDABLE HOUSIN    5.25    07/27/24        CNY     61.50
BAOTOU AFFORDABLE HOUSIN    5.31    08/10/24        CNY     61.01
BAOTOU CITY SCIENCE EDUC    6.48    03/25/22        CNY     20.03
BAOTOU CITY SCIENCE EDUC    6.48    03/25/22        CNY     20.04
BAOTOU QINSHAN HOUSING D    7.90    12/26/23        CNY     46.10
BAOYING CITY CONSTRUCTIO    4.50    03/24/23        CNY     39.85
BAOYING CITY CONSTRUCTIO    4.50    03/24/23        CNY     40.31
BAOYING COUNTY DEVELOPME    5.45    08/21/24        CNY     61.51
BAOYING COUNTY DEVELOPME    5.49    10/17/24        CNY     61.69
BAYAN ZHUOER HETAO WATER    8.54    03/31/22        CNY     14.76
BAYAN ZHUOER HETAO WATER    8.54    03/31/22        CNY     14.98
BAZHONG STATE-OWNED CAPI    5.13    12/02/22        CNY     18.79
BAZHONG STATE-OWNED CAPI    5.13    12/02/22        CNY     19.00
BAZHOU GUOHUI CONSTRUCTI    6.08    06/19/24        CNY     61.49
BAZHOU GUOHUI CONSTRUCTI    6.08    06/19/24        CNY     61.58
BEIJING FUTURE SCIENCE P    4.20    08/13/22        CNY     20.01
BEIPIAO CITY CONSTRUCTIO    6.70    03/25/23        CNY     40.33
BEIPIAO CITY CONSTRUCTIO    6.70    03/25/23        CNY     40.61
BENGBU ECONOMIC DEVELOPM    6.45    07/13/24        CNY     60.00
BENGBU ECONOMIC DEVELOPM    6.45    07/13/24        CNY     60.31
BENGBU URBAN INVESTMENT     5.80    04/13/24        CNY     61.72
BENGBU URBAN INVESTMENT     5.80    04/13/24        CNY     61.72
BIJIE CITY ANFANG CONSTR    7.80    01/18/26        CNY     70.17
BIJIE CONSTRUCTION INVES    5.78    07/06/24        CNY     61.04
BIJIE CONSTRUCTION INVES    5.55    08/03/24        CNY     60.00
BIJIE CONSTRUCTION INVES    5.55    08/03/24        CNY     61.12
BIJIE DEXI CONSTRUCTION     4.60    11/17/23        CNY     35.01
BIJIE DEXI CONSTRUCTION     4.60    11/17/23        CNY     36.15
BIJIE DEXI CONSTRUCTION     5.10    12/05/23        CNY     37.54
BIJIE DEXI CONSTRUCTION     5.10    12/05/23        CNY     40.44
BIJIE QIXINGGUAN DISTRIC    7.60    09/08/24        CNY     61.86
BIJIE XINTAI INVESTMENT     7.80    11/01/24        CNY     52.00
BIJIE XINTAI INVESTMENT     7.80    11/01/24        CNY     53.85
BINZHOU ZHANHUA DISTRICT    4.93    11/29/23        CNY     40.60
BINZHOU ZHANHUA DISTRICT    4.93    11/29/23        CNY     40.60
BINZHOU ZHONGHAI VENTURE    6.65    04/13/22        CNY     20.00
BINZHOU ZHONGHAI VENTURE    6.65    04/13/22        CNY     20.06
BORALA MONGOL AUTONOMOUS    5.77    08/26/22        CNY     20.05
BORALA MONGOL AUTONOMOUS    5.77    08/26/22        CNY     20.10
BOZHOU URBAN CONSTRUCTIO    4.78    04/14/23        CNY     40.17
BOZHOU URBAN CONSTRUCTIO    4.78    04/14/23        CNY     40.50
BRILLIANCE AUTO GROUP HO    5.30    10/23/20        CNY     49.50
BRILLIANCE AUTO GROUP HO    6.50    01/22/22        CNY     49.50
BRILLIANCE AUTO GROUP HO    6.50    03/13/22        CNY     49.50
BRILLIANCE AUTO GROUP HO    6.50    04/18/22        CNY     49.50
BRILLIANCE AUTO GROUP HO    6.50    06/03/22        CNY     49.50
BRILLIANCE AUTO GROUP HO    6.30    09/14/23        CNY     49.50
BRILLIANCE AUTO GROUP HO    5.40    09/14/23        CNY     55.80
BRILLIANCE AUTO GROUP HO    6.30    09/14/23        CNY     56.93
BRILLIANCE AUTO GROUP HO    5.80    11/05/23        CNY     49.50
BRILLIANCE AUTO GROUP HO    5.80    11/05/23        CNY     59.80
BRILLIANCE AUTO GROUP HO    5.80    03/20/24        CNY     54.80
BRILLIANCE AUTO GROUP HO    5.80    06/17/24        CNY     49.50
BRILLIANCE AUTO GROUP HO    5.80    06/17/24        CNY     60.78
CANGNAN COUNTY STATE OWN    5.58    11/11/22        CNY     20.30
CANGNAN COUNTY STATE OWN    5.58    11/11/22        CNY     20.33
CEFC SHANGHAI INTERNATIO    4.98    12/10/20        CNY     61.29
CEFC SHANGHAI INTERNATIO    4.08    09/09/21        CNY     60.00
CHANG DE DING LI INDUSTR    4.30    03/10/23        CNY     40.23
CHANG DE DING LI INDUSTR    4.30    03/10/23        CNY     40.26
CHANG DE DING LI INDUSTR    6.10    07/20/24        CNY     59.92
CHANG DE DING LI INDUSTR    6.10    07/20/24        CNY     60.23
CHANGDE DE YUAN SHANTY T    5.33    09/13/23        CNY     39.35
CHANGDE URBAN CONSTRUCTI    3.59    01/12/23        CNY     20.00
CHANGDE URBAN CONSTRUCTI    3.59    01/12/23        CNY     20.12
CHANGGE JINCAI PUBLIC AS    7.10    04/19/24        CNY     59.99
CHANGGE JINCAI PUBLIC AS    7.10    04/19/24        CNY     60.00
CHANGJI URBAN CONSTRUCTI    4.24    11/18/23        CNY     37.70
CHANGJI URBAN CONSTRUCTI    4.24    11/18/23        CNY     40.26
CHANGLE COUNTY NEWTOWN D    5.18    12/16/22        CNY     20.00
CHANGLE COUNTY NEWTOWN D    5.18    12/16/22        CNY     20.41
CHANGSHA COUNTY XINGCHEN    7.90    03/25/22        CNY     25.12
CHANGSHA COUNTY XINGCHEN    7.90    03/25/22        CNY     25.12
CHANGSHA ECONOMIC & TECH    8.45    04/13/22        CNY     15.10
CHANGSHA ECONOMIC & TECH    4.78    03/03/24        CNY     60.94
CHANGSHA ECONOMIC & TECH    4.78    03/03/24        CNY     61.26
CHANGSHA FURONG CITY DEV    3.88    01/26/23        CNY     20.12
CHANGSHA FURONG CITY DEV    3.88    01/26/23        CNY     20.22
CHANGSHA JINZHOU NEW CIT    6.60    08/24/24        CNY     60.00
CHANGSHA JINZHOU NEW CIT    6.60    08/24/24        CNY     61.87
CHANGSHA METRO GROUP CO     6.20    04/23/23        CNY     30.68
CHANGSHA METRO GROUP CO     6.20    04/23/23        CNY     31.01
CHANGSHA METRO GROUP CO     5.97    04/03/25        CNY     62.84
CHANGSHA METRO GROUP CO     5.40    07/14/25        CNY     60.00
CHANGSHA METRO GROUP CO     5.40    07/14/25        CNY     62.60
CHANGSHA METRO GROUP CO     4.10    12/21/25        CNY     61.42
CHANGSHA METRO GROUP CO     4.10    12/21/25        CNY     61.47
CHANGSHA TIANXIN CITY CO    4.20    11/06/22        CNY     20.00
CHANGSHA TIANXIN CITY CO    4.20    11/06/22        CNY     20.16
CHANGSHA TIANXIN CITY CO    3.43    08/08/23        CNY     39.13
CHANGSHA TIANXIN CITY CO    3.43    08/08/23        CNY     40.08
CHANGSHA YUHUA JINGKAI D    4.17    09/06/23        CNY     40.18
CHANGSHA YUHUA JINGKAI D    4.17    09/06/23        CNY     40.21
CHANGSHA YUHUA URBAN CON    3.80    01/28/23        CNY     20.14
CHANGSHA YUHUA URBAN CON    3.80    01/28/23        CNY     20.15
CHANGSHU DONGNAN ASSET I    6.53    03/26/22        CNY     20.07
CHANGSHU DONGNAN ASSET I    6.53    03/26/22        CNY     27.32
CHANGXING SOUTHERN TAIHU    6.50    11/30/25        CNY     75.00
CHANGZHOU JINTAN COMMUNI    6.50    11/07/24        CNY     60.00
CHANGZHOU JINTAN COMMUNI    6.50    11/07/24        CNY     61.00
CHANGZHOU JINTAN COMMUNI    7.10    12/21/24        CNY     60.00
CHANGZHOU JINTAN COMMUNI    7.10    12/21/24        CNY     61.70
CHANGZHOU TIANNING CONST    6.48    02/12/22        CNY     20.00
CHANGZHOU TIANNING CONST    6.48    02/12/22        CNY     20.00
CHANGZHOU XINGANG ECONOM    3.42    10/20/23        CNY     39.68
CHANGZHOU XINGANG ECONOM    3.42    10/20/23        CNY     40.20
CHANGZHOU ZHONGLOU ECONO    3.64    10/26/23        CNY     40.17
CHANGZHOU ZHONGLOU ECONO    3.64    10/26/23        CNY     40.24
CHAOHU URBAN TOWN CONSTR    6.50    04/30/22        CNY     20.13
CHAOHU URBAN TOWN CONSTR    6.50    04/30/22        CNY     21.80
CHENGDU GARDEN WATER CIT    6.15    05/03/23        CNY     39.63
CHENGDU GARDEN WATER CIT    6.15    05/03/23        CNY     40.08
CHENGDU GARDEN WATER CIT    7.50    09/11/24        CNY     58.33
CHENGDU GARDEN WATER CIT    7.50    09/11/24        CNY     62.19
CHENGDU LIN JIANG GARDEN    6.75    08/02/24        CNY     60.90
CHENGDU PIDU DISTRICT ST    6.95    04/01/22        CNY     20.09
CHENGDU PIDU DISTRICT ST    6.95    04/01/22        CNY     20.11
CHENGDU SHUZHOU CITY CON    6.58    05/26/22        CNY     20.16
CHENGDU SHUZHOU CITY CON    6.58    05/26/22        CNY     20.50
CHENGDU XINGCHENGJIAN IN    6.00    03/20/22        CNY     20.00
CHENGDU XINGCHENGJIAN IN    6.00    03/20/22        CNY     20.06
CHENGDU XINGJIN ECOLOGIC    3.65    10/13/23        CNY     39.96
CHENGDU XINGJIN ECOLOGIC    3.65    10/13/23        CNY     40.16
CHENGDU XINGSHU INVESTME    6.78    08/21/24        CNY     60.00
CHENGDU XINGSHU INVESTME    6.78    08/21/24        CNY     61.53
CHENGDU XINJIN COUNTY ST    6.40    07/05/24        CNY     59.39
CHENGDU XINJIN COUNTY ST    6.40    07/05/24        CNY     60.54
CHENGDU XINJIN COUNTY ST    6.28    08/03/24        CNY     59.29
CHENGDU XINJIN COUNTY ST    6.28    08/03/24        CNY     60.00
CHENGDU XINKAIYUAN URBAN    5.29    04/27/23        CNY     39.69
CHENGDU XINKAIYUAN URBAN    5.29    04/27/23        CNY     40.05
CHENZHOU BAIFU INVESTMEN    4.96    03/22/26        CNY     57.37
CHENZHOU BAIFU INVESTMEN    4.96    03/22/26        CNY     64.21
CHENZHOU FUCHENG HIGH TE    4.73    01/22/23        CNY     20.10
CHENZHOU FUCHENG HIGH TE    4.73    01/22/23        CNY     20.15
CHENZHOU WENLV INDUSTRY     5.34    11/28/23        CNY     40.07
CHENZHOU XINTIAN INVESTM    6.00    07/26/24        CNY     56.35
CHENZHOU XINTIAN INVESTM    6.00    07/26/24        CNY     60.00
CHENZHOU XINTIAN INVESTM    5.38    03/08/26        CNY     64.86
CHENZHOU XINTIAN INVESTM    5.38    03/08/26        CNY     65.83
CHIBI LANTIAN URBAN CONS    4.38    08/10/23        CNY     39.89
CHIBI LANTIAN URBAN CONS    4.38    08/10/23        CNY     40.06
CHINA FORTUNE LAND DEVEL    7.40    03/24/21        CNY     25.13
CHINA FORTUNE LAND DEVEL    7.20    04/18/21        CNY     25.13
CHINA FORTUNE LAND DEVEL    5.60    09/10/21        CNY     25.13
CHINA FORTUNE LAND DEVEL    5.80    05/23/22        CNY     20.50
CHINA FORTUNE LAND DEVEL    5.00    05/30/22        CNY     68.15
CHINA GRAND AUTOMOTIVE S    9.13    01/30/24        USD     72.31
CHINA SECURITY CO LTD       4.45    11/11/19        CNY     31.00
CHISHUI CITY CONSTRUCTIO    8.50    01/18/26        CNY     71.10
CHONGQIN BAIYAN INVESTME    5.75    05/03/23        CNY     40.38
CHONGQIN BAIYAN INVESTME    5.75    05/03/23        CNY     40.69
CHONGQIN XINLIANG INVEST    4.76    08/26/23        CNY     39.13
CHONGQIN XINLIANG INVEST    4.76    08/26/23        CNY     39.80
CHONGQING BANAN ECONOMIC    6.17    03/13/22        CNY     19.03
CHONGQING BANAN ECONOMIC    6.17    03/13/22        CNY     20.03
CHONGQING BAYUAN CONSTRU    4.99    08/16/23        CNY     39.26
CHONGQING BISHAN DISTRIC    4.93    03/29/23        CNY     40.35
CHONGQING BISHAN DISTRIC    4.93    03/29/23        CNY     40.41
CHONGQING DAZU INDUSTRIA    6.30    04/28/22        CNY     20.00
CHONGQING DAZU INDUSTRIA    6.30    04/28/22        CNY     20.08
CHONGQING DAZU URBAN CON    3.97    08/11/22        CNY     49.54
CHONGQING DAZU URBAN CON    3.97    08/11/22        CNY     49.63
CHONGQING DAZU YONGSHENG    6.48    07/24/24        CNY     59.48
CHONGQING DAZU YONGSHENG    6.48    07/24/24        CNY     61.20
CHONGQING ECO&TECH DEVEL    3.95    04/13/23        CNY     40.07
CHONGQING ECO&TECH DEVEL    3.95    04/13/23        CNY     40.19
CHONGQING HECHUAN CITY C    3.95    09/06/23        CNY     39.87
CHONGQING HECHUAN CITY C    3.95    09/06/23        CNY     40.12
CHONGQING HONGYE INDUSTR    6.30    08/02/24        CNY     60.89
CHONGQING HONGYE INDUSTR    6.30    08/02/24        CNY     61.72
CHONGQING HONGYE INDUSTR    6.45    11/27/24        CNY     62.08
CHONGQING JIANGJIN DISTR    6.40    09/13/24        CNY     60.00
CHONGQING JIANGJIN DISTR    6.40    09/13/24        CNY     60.53
CHONGQING JIN TONG INDUS    4.44    11/16/23        CNY     37.36
CHONGQING JIN TONG INDUS    4.44    11/16/23        CNY     39.70
CHONGQING JIN TONG INDUS    6.50    08/01/24        CNY     50.00
CHONGQING JIN TONG INDUS    6.50    08/01/24        CNY     55.10
CHONGQING JINYUN ASSET M    4.50    12/31/22        CNY     20.09
CHONGQING JINYUN ASSET M    4.50    12/31/22        CNY     20.24
CHONGQING KAIQIAN INVEST    4.64    03/21/23        CNY     39.52
CHONGQING KAIQIAN INVEST    4.64    03/21/23        CNY     39.89
CHONGQING LAND PROPERTIE    3.36    03/21/23        CNY     40.10
CHONGQING LAND PROPERTIE    3.36    03/21/23        CNY     40.13
CHONGQING LIANGSHAN CONS    6.30    10/16/24        CNY     62.04
CHONGQING LIANGSHAN CONS    6.30    10/16/24        CNY     62.05
CHONGQING MAIRUI URBAN C    4.95    04/21/23        CNY     40.30
CHONGQING MAIRUI URBAN C    4.95    04/21/23        CNY     40.36
CHONGQING NANCHUAN CITY     4.20    07/11/23        CNY     39.94
CHONGQING NANCHUAN CITY     4.20    07/11/23        CNY     40.04
CHONGQING QIJIANG EAST N    4.00    09/05/23        CNY     39.12
CHONGQING QIJIANG EAST N    4.00    09/05/23        CNY     39.43
CHONGQING SHUANGFU CONST    6.37    10/13/24        CNY     60.00
CHONGQING SHUANGFU CONST    6.37    10/13/24        CNY     60.87
CHONGQING TONGLIANG JINL    6.59    04/08/22        CNY     20.00
CHONGQING TONGLIANG JINL    6.59    04/08/22        CNY     20.04
CHONGQING TONGLIANG JINL    6.80    02/11/25        CNY     60.00
CHONGQING TONGLIANG JINL    6.80    02/11/25        CNY     62.06
CHONGQING TONGNAN DISTRI    4.99    12/31/22        CNY     19.66
CHONGQING TONGNAN DISTRI    4.99    12/31/22        CNY     19.71
CHONGQING WANSHENG ECO T    8.50    11/25/25        CNY     56.51
CHONGQING WANZHOU SANXIA    4.95    08/25/22        CNY     20.20
CHONGQING WANZHOU SANXIA    4.95    08/25/22        CNY     20.80
CHONGQING WULONG DISTRIC    6.80    09/21/24        CNY     59.00
CHONGQING WULONG DISTRIC    6.80    09/21/24        CNY     61.52
CHONGQING WULONG DISTRIC    6.80    12/28/24        CNY     60.00
CHONGQING WULONG DISTRIC    6.80    12/28/24        CNY     61.85
CHONGQING XINGRONG HOLDI    4.86    03/31/23        CNY     38.50
CHONGQING XINGRONG HOLDI    4.86    03/31/23        CNY     39.98
CHONGQING YINGDI INDUSTR    7.00    11/07/24        CNY     60.00
CHONGQING YINGDI INDUSTR    7.00    11/07/24        CNY     60.12
CHONGQING YUELAI INVESTM    6.09    04/29/22        CNY     20.00
CHONGQING YUELAI INVESTM    6.09    04/29/22        CNY     20.14
CHONGQING YUZHONG STATE-    6.90    02/08/25        CNY     61.00
CHONGQING YUZHONG STATE-    6.90    02/08/25        CNY     64.13
CHUN'AN XINANJIANG DEVEL    6.10    03/11/22        CNY     20.04
CHUN'AN XINANJIANG DEVEL    6.10    03/11/22        CNY     24.55
CHUN'AN XINANJIANG DEVEL    3.84    11/04/23        CNY     39.82
CHUN'AN XINANJIANG DEVEL    3.84    11/04/23        CNY     40.25
CHUZHOU CITY NANQIAO DIS    5.95    10/23/24        CNY     60.00
CHUZHOU CITY NANQIAO DIS    5.95    10/23/24        CNY     62.32
CITIC GUOAN GROUP CORP      4.90    11/06/19        CNY     18.25
CITIC GUOAN GROUP CORP      5.80    12/15/19        CNY     16.70
CITIC GUOAN GROUP CORP      4.23    12/15/20        CNY     18.25
CITIC GUOAN GROUP CORP      4.49    03/08/21        CNY     18.25
CIXI STATE OWNED ASSET I    4.90    04/07/24        CNY     61.09
DAFANG COUNTY CONSTRUCTI    6.00    09/26/23        CNY     38.80
DAFANG COUNTY CONSTRUCTI    6.00    09/26/23        CNY     40.54
DALI HAIDONG DEVELOPMENT    6.01    01/25/23        CNY     18.80
DALI HAIDONG DEVELOPMENT    6.01    01/25/23        CNY     20.07
DALIAN SHITAI CITY CONST    4.50    02/01/23        CNY     18.64
DALIAN SHITAI CITY CONST    4.50    02/01/23        CNY     20.19
DANGTU COUNTY CONSTRUCTI    5.38    08/10/22        CNY     20.19
DANGTU COUNTY CONSTRUCTI    5.38    08/10/22        CNY     20.22
DANGYANG XINYUAN INVESTM    4.97    03/29/23        CNY     39.93
DANGYANG XINYUAN INVESTM    4.97    03/29/23        CNY     39.98
DANYANG HI-TECH INDUSTRY    6.40    04/24/22        CNY     20.00
DANYANG HI-TECH INDUSTRY    6.40    04/24/22        CNY     20.03
DANYANG INVESTMENT GROUP    3.99    01/25/23        CNY     20.05
DANYANG INVESTMENT GROUP    3.99    01/25/23        CNY     20.05
DANYANG INVESTMENT GROUP    5.49    07/18/24        CNY     61.73
DASHIQIAO URBAN CONSTRUC    7.59    08/14/24        CNY     62.16
DASHIQIAO URBAN CONSTRUC    7.59    08/14/24        CNY     62.16
DASHIQIAO URBAN CONSTRUC    7.82    12/01/24        CNY     62.97
DATONG ECONOMIC CONSTRUC    4.49    10/22/22        CNY     20.07
DAWA COUNTY CITY CONSTRU    6.29    06/12/22        CNY     19.77
DAWA COUNTY CITY CONSTRU    6.29    06/12/22        CNY     20.00
DAWA COUNTY LINGANG ECO     5.99    10/19/24        CNY     60.94
DAYE ZHENHENG CITY DEVEL    4.50    03/28/23        CNY     38.84
DAYE ZHENHENG CITY DEVEL    4.50    03/28/23        CNY     40.07
DAYE ZHENHENG CITY DEVEL    4.05    08/31/23        CNY     37.53
DAYE ZHENHENG CITY DEVEL    4.05    08/31/23        CNY     37.59
DAZHOU DEVELOPMENT HOLDI    5.10    11/27/22        CNY     20.00
DAZHOU DEVELOPMENT HOLDI    5.10    11/27/22        CNY     20.24
DAZHOU INVESTMENT CO LTD    3.99    11/04/26        CNY     69.50
DAZHOU INVESTMENT CO LTD    3.99    11/04/26        CNY     70.11
DEQING CONSTRUCTION INVE    3.60    11/11/23        CNY     40.22
DEXING INVESTMENT HOLDIN    5.99    03/21/23        CNY     40.13
DEXING INVESTMENT HOLDIN    5.99    03/21/23        CNY     43.80
DINGYUAN COUNTY URBAN AN    5.80    12/06/24        CNY     60.00
DINGYUAN COUNTY URBAN AN    5.80    12/06/24        CNY     62.56
DONGLING GROUP INC CO       8.00    07/14/22        CNY     20.00
DONGLING GROUP INC CO       8.00    07/14/22        CNY     20.24
DONGTAI STATE-OWNED ASSE    3.04    11/16/23        CNY     39.67
DONGYING CITY URBAN ASSE    5.57    03/31/22        CNY     20.06
DONGYING CITY URBAN ASSE    5.57    03/31/22        CNY     20.33
DONGZHI COUNTY CITY OPER    4.88    06/20/23        CNY     40.24
DONGZHI COUNTY CITY OPER    4.88    06/20/23        CNY     40.38
DUJIANGYAN NEW CITY CONS    6.90    10/19/24        CNY     54.00
DUJIANGYAN NEW CITY CONS    6.90    10/19/24        CNY     62.53
DUJIANGYAN XINGYAN INVES    6.10    03/12/22        CNY     19.00
DUJIANGYAN XINGYAN INVES    6.10    03/12/22        CNY     19.98
DUNYUN STATE-OWNED ASSET    6.60    12/28/22        CNY     19.49
ENSHI URBAN CONSTRUCTION    3.84    11/01/23        CNY     39.75
ENSHI URBAN CONSTRUCTION    3.84    11/01/23        CNY     39.78
EVERGRANDE REAL ESTATE G    6.98    07/08/22        CNY     27.00
EVERGRANDE REAL ESTATE G    6.27    05/06/23        CNY     30.00
EVERGRANDE REAL ESTATE G    6.80    05/06/24        CNY     35.69
FANTASIA GROUP CHINA CO     7.50    12/17/21        CNY     74.00
FANTASIA GROUP CHINA CO     7.80    11/29/22        CNY     44.83
FEICHENG CITY ASSETS MAN    4.04    03/23/23        CNY     39.70
FEICHENG CITY ASSETS MAN    4.04    03/23/23        CNY     40.13
FEIXI COUNTY URBAN & RUR    4.45    06/03/23        CNY     40.53
FEIXI COUNTY URBAN & RUR    4.45    06/03/23        CNY     41.24
FENG COUNTY ECONOMIC DEV    5.18    06/21/23        CNY     38.96
FENG COUNTY ECONOMIC DEV    5.18    06/21/23        CNY     40.02
FENGCHENG CITY MODERN IN    5.76    12/17/22        CNY     19.52
FENGCHENG CITY MODERN IN    5.76    12/17/22        CNY     20.00
FENGDU COUNTY STATE-OWNE    6.38    09/05/24        CNY     60.00
FENGDU COUNTY STATE-OWNE    6.38    09/05/24        CNY     62.26
FENGHUANG MINGCHENG CONS    6.50    03/23/24        CNY     60.90
FENGTAI HUAXING CITY DEV    5.60    03/13/24        CNY     61.47
FENGTAI HUAXING CITY DEV    5.60    03/13/24        CNY     61.51
FENGXIAN URBAN INVESTMEN    6.48    03/20/22        CNY     20.00
FENGXIAN URBAN INVESTMEN    6.48    03/20/22        CNY     20.04
FENGYANG COUNTY ECONOMY     6.00    11/16/24        CNY     62.61
FENGYANG COUNTY ECONOMY     6.00    11/16/24        CNY     62.64
FENYI CITY CONSTRUCTION     4.54    08/22/23        CNY     39.71
FENYI CITY CONSTRUCTION     4.54    08/22/23        CNY     40.13
FUJIAN FUSHENG GROUP CO     7.90    11/19/21        CNY     60.00
FUJIAN JINJIANG URBAN CO    3.35    08/24/23        CNY     40.42
FUJIAN PROVINCE LIANJIAN    6.29    04/30/22        CNY     20.00
FUJIAN PROVINCE LIANJIAN    6.29    04/30/22        CNY     20.13
FUJIAN ZHANGLONG GROUP C    4.99    08/07/22        CNY     20.00
FUJIAN ZHANGLONG GROUP C    4.99    08/07/22        CNY     20.17
FUNING URBAN INVESTMENT     6.00    03/14/24        CNY     61.62
FUNING URBAN INVESTMENT     6.00    03/14/24        CNY     61.73
FUQING CITY STATE-OWNED     5.94    11/26/22        CNY     25.25
FUXIN INFRASTRUCTURE CON    6.18    03/18/22        CNY     19.96
FUZHOU CHANGLE DISTRICT     4.50    04/11/23        CNY     40.20
FUZHOU CHANGLE DISTRICT     4.50    04/11/23        CNY     40.37
FUZHOU DEVELOPMENT ZONE     3.53    08/25/23        CNY     40.11
FUZHOU DEVELOPMENT ZONE     3.53    08/25/23        CNY     40.11
FUZHOU DONGXIANG INVESTM    6.20    03/20/24        CNY     61.83
FUZHOU DONGXIANG INVESTM    6.20    03/20/24        CNY     61.84
FUZHOU INVESTMENT DEVELO    5.70    10/30/24        CNY     60.00
FUZHOU INVESTMENT DEVELO    5.70    10/30/24        CNY     60.69
FUZHOU LINCHUAN URBAN CO    5.68    07/05/23        CNY     38.89
FUZHOU LINCHUAN URBAN CO    5.68    07/05/23        CNY     40.12
FUZHOU LINCHUAN URBAN CO    6.50    12/25/24        CNY     56.60
FUZHOU URBAN AND RURAL C    4.89    07/08/22        CNY     20.10
FUZHOU URBAN AND RURAL C    4.89    07/08/22        CNY     20.55
GANSU PROVINCIAL HIGHWAY    6.58    09/24/22        CNY     40.80
GANSU PROVINCIAL HIGHWAY    6.20    03/28/23        CNY     71.32
GANZHOU CITY DEVELOPMENT    5.50    06/16/22        CNY     20.00
GANZHOU CITY DEVELOPMENT    5.50    06/16/22        CNY     20.15
GANZHOU DEVELOPMENT INVE    8.10    12/11/23        CNY     42.63
GAOMI CITY CONSTRUCTION     5.95    09/18/24        CNY     59.40
GAOMI CITY CONSTRUCTION     5.95    09/18/24        CNY     60.00
GAOMI STATE-OWNED ASSETS    4.69    01/26/23        CNY     19.55
GAOMI STATE-OWNED ASSETS    4.69    01/26/23        CNY     19.66
GAOQING LU QING ASSET MA    7.50    09/27/24        CNY     62.45
GAOQING LU QING ASSET MA    7.50    09/27/24        CNY     63.92
GAOYOU CITY CONSTRUCTION    5.48    09/15/22        CNY     20.00
GAOYOU CITY CONSTRUCTION    5.48    09/15/22        CNY     20.28
GAOYOU CITY ECONOMY DEVE    3.65    09/02/23        CNY     40.00
GAOYOU CITY ECONOMY DEVE    3.65    09/02/23        CNY     40.22
GAOYOU CITY ECONOMY DEVE    5.26    07/13/24        CNY     61.61
GAOYOU CITY ECONOMY DEVE    5.26    07/13/24        CNY     62.10
GONG'AN COUNTY CITY CONS    4.30    08/30/23        CNY     39.92
GONG'AN COUNTY CITY CONS    4.30    08/30/23        CNY     40.05
GONGQINGCHENG FINANCIAL     5.85    03/25/23        CNY     40.17
GONGQINGCHENG FINANCIAL     5.85    03/25/23        CNY     40.17
GUANGAN DEVELOPMENT AND     6.39    03/24/22        CNY     20.03
GUANGAN DEVELOPMENT AND     6.39    03/24/22        CNY     24.00
GUANGAN ECONOMIC & TECHN    5.16    04/14/23        CNY     39.98
GUANGAN ECONOMIC & TECHN    5.16    04/14/23        CNY     40.11
GUANGAN TRANSPORTATION I    5.39    12/01/23        CNY     34.35
GUANGAN XINHONG INVESTME    7.18    08/28/24        CNY     59.68
GUANGAN XINHONG INVESTME    7.18    08/28/24        CNY     60.00
GUANGDE CITY STATE-OWNED    5.37    07/18/24        CNY     60.98
GUANGDE CITY STATE-OWNED    5.37    07/18/24        CNY     61.90
GUANGDONG HUIZHOU COMMUN    4.16    05/17/23        CNY     40.37
GUANGDONG HUIZHOU COMMUN    4.16    05/17/23        CNY     40.38
GUANGDONG HUIZHOU COMMUN    4.95    12/27/23        CNY     40.58
GUANGDONG HUIZHOU COMMUN    4.95    12/27/23        CNY     41.00
GUANGRAO COUNTY ECONOMIC    3.61    09/08/23        CNY     40.27
GUANGSHUI CITY DEVELOPME    6.19    03/01/24        CNY     61.46
GUANGSHUI CITY DEVELOPME    6.19    03/01/24        CNY     61.52
GUANGXI LIUZHOU DONGCHEN    6.50    07/24/24        CNY     71.44
GUANGXI LIUZHOU INVESTME    4.28    03/08/23        CNY     37.94
GUANGYUAN YUANQU CONSTRU    4.48    03/10/23        CNY     40.03
GUANGYUAN YUANQU CONSTRU    4.48    03/10/23        CNY     40.04
GUANGZHOU HEJING HOLDING    6.15    12/17/22        CNY     73.05
GUANGZHOU HUANTOU NANSHA    6.38    11/18/24        CNY     45.67
GUANGZHOU HUANTOU NANSHA    6.38    11/18/24        CNY     45.99
GUANGZHOU METRO GROUP CO    6.45    04/02/24        CNY     45.00
GUANGZHOU METRO GROUP CO    6.45    04/02/24        CNY     46.76
GUANGZHOU METRO GROUP CO    6.05    06/03/24        CNY     46.80
GUANGZHOU PANYU INFORMAT    4.50    09/08/26        CNY     70.51
GUANGZHOU PANYU INFORMAT    4.50    09/08/26        CNY     71.45
GUANGZHOU R&F PROPERTIES    6.70    04/07/22        CNY     55.07
GUANGZHOU R&F PROPERTIES    6.80    05/16/22        CNY     49.00
GUANGZHOU TIMES HOLDING     5.00    02/24/25        CNY     59.20
GUANGZHOU TIMES HOLDING     5.10    03/30/25        CNY     56.01
GUANGZHOU TIMES HOLDING     5.94    07/17/25        CNY     51.02
GUCHENG CONSTRUCTION INV    7.88    04/27/25        CNY     71.76
GUILIN ECONOMIC CONSTRUC    5.60    04/22/22        CNY     20.00
GUILIN ECONOMIC CONSTRUC    5.60    04/22/22        CNY     20.09
GUIRENNIAO CO LTD           7.00    12/03/19        CNY     49.50
GUIXI STATE OWNED HOLDIN    4.18    08/18/23        CNY     39.66
GUIXI STATE OWNED HOLDIN    4.18    08/18/23        CNY     39.74
GUIYANG BAIYUN INDUSTRY     7.30    03/27/22        CNY     19.79
GUIYANG BAIYUN INDUSTRY     7.30    03/27/22        CNY     20.00
GUIYANG BAIYUN URBAN CON    6.48    07/17/24        CNY     59.79
GUIYANG BAIYUN URBAN CON    6.48    07/17/24        CNY     60.00
GUIYANG BAIYUN URBAN CON    7.28    09/25/24        CNY     58.09
GUIYANG BAIYUN URBAN CON    7.28    09/25/24        CNY     60.00
GUIYANG BAIYUN URBAN CON    4.75    09/13/26        CNY     61.46
GUIYANG BAIYUN URBAN CON    4.75    09/13/26        CNY     65.71
GUIYANG CITY CONSTRUCTIO    4.37    03/25/26        CNY     67.26
GUIYANG CITY CONSTRUCTIO    4.37    03/25/26        CNY     67.44
GUIYANG CITY CONSTRUCTIO    4.00    11/14/26        CNY     65.73
GUIYANG CITY CONSTRUCTIO    4.00    11/14/26        CNY     65.85
GUIYANG ECONOMIC DEVELOP    6.35    09/21/24        CNY     58.79
GUIYANG GUANSHANHU DISTR    4.87    01/28/23        CNY     18.87
GUIYANG GUANSHANHU DISTR    4.87    01/28/23        CNY     19.98
GUIYANG GUANSHANHU DISTR    4.48    03/09/23        CNY     37.11
GUIYANG GUANSHANHU DISTR    4.48    03/09/23        CNY     39.19
GUIYANG GUANSHANHU DISTR    6.49    06/22/24        CNY     56.32
GUIYANG GUANSHANHU DISTR    6.49    06/22/24        CNY     56.48
GUIYANG GUANSHANHU INVES    7.50    12/25/22        CNY     40.84
GUIYANG INVESTMENT HOLDI    4.46    11/17/26        CNY     68.87
GUIYANG INVESTMENT HOLDI    4.46    11/17/26        CNY     68.99
GUIYANG URBAN CONSTRUCTI    5.23    12/02/22        CNY     19.88
GUIYANG URBAN CONSTRUCTI    5.23    12/02/22        CNY     20.06
GUIYANG URBAN CONSTRUCTI    5.98    07/21/24        CNY     60.00
GUIYANG URBAN CONSTRUCTI    5.98    07/21/24        CNY     61.23
GUIYANG YUNYAN GUIZHONG     6.80    11/17/24        CNY     60.00
GUIYANG YUNYAN GUIZHONG     6.80    11/17/24        CNY     60.82
GUIZHOU EAST LAKE CITY C    5.18    01/06/23        CNY     18.16
GUIZHOU GUIAN CONSTRUCTI    4.17    10/28/22        CNY     20.15
GUIZHOU GUIAN CONSTRUCTI    4.17    10/28/22        CNY     21.00
GUIZHOU GUILONG INDUSTRI    7.80    04/28/22        CNY     25.02
GUIZHOU GUILONG INDUSTRI    7.80    04/28/22        CNY     25.13
GUIZHOU HONGCAI INVESTME    6.00    06/07/23        CNY     28.44
GUIZHOU HONGCAI INVESTME    6.00    06/07/23        CNY     29.68
GUIZHOU HONGGUO ECONOMIC    7.80    11/24/24        CNY     50.00
GUIZHOU HONGGUO ECONOMIC    7.80    11/24/24        CNY     63.05
GUIZHOU HONGGUO ECONOMIC    7.80    02/08/25        CNY     48.00
GUIZHOU HONGGUO ECONOMIC    7.80    02/08/25        CNY     63.36
GUIZHOU KAILI KAIYUAN CI    7.30    05/26/24        CNY     59.87
GUIZHOU KAILI KAIYUAN CI    7.30    05/26/24        CNY     61.65
GUIZHOU KAILI KAIYUAN CI    7.28    08/29/24        CNY     60.00
GUIZHOU KAILI KAIYUAN CI    7.28    08/29/24        CNY     61.89
GUIZHOU LIUPANSHUI PANDE    7.30    07/24/24        CNY     51.88
GUIZHOU RAILWAY INVESTME    7.20    03/27/22        CNY     20.07
GUIZHOU RAILWAY INVESTME    7.20    03/27/22        CNY     20.22
GUIZHOU RAILWAY INVESTME    7.50    04/23/24        CNY     46.79
GUIZHOU SHUICHENG CITY I    4.98    11/22/23        CNY     35.12
GUIZHOU SHUICHENG CITY I    4.98    11/22/23        CNY     35.69
GUIZHOU SHUICHENG ECONOM    7.50    10/26/25        CNY     39.50
GUIZHOU SHUICHENG WATER     8.00    11/27/25        CNY     59.00
GUIZHOU SHUICHENG WATER     8.00    11/27/25        CNY     73.92
GUIZHOU XINDONGGUAN CIVI    7.70    09/05/24        CNY     55.78
GUIZHOU ZHONGSHAN DEVELO    6.46    11/22/27        CNY     74.74
GULIN STATE-OWNED ASSETS    4.18    08/04/23        CNY     39.57
GULIN STATE-OWNED ASSETS    4.18    08/04/23        CNY     39.60
GULIN STATE-OWNED ASSETS    5.96    07/24/24        CNY     60.87
GULIN STATE-OWNED ASSETS    5.96    07/24/24        CNY     64.51
HAIAN DEVELOPMENT ZONE C    4.47    11/16/23        CNY     39.66
HAIAN DEVELOPMENT ZONE C    4.47    11/16/23        CNY     39.73
HAIAN ECONOMIC TECHNOLOG    5.45    04/13/23        CNY     40.20
HAIAN ECONOMIC TECHNOLOG    5.45    04/13/23        CNY     40.32
HAIAN URBAN DEMOLITION &    5.08    11/27/22        CNY     20.24
HAIAN URBAN DEMOLITION &    5.08    11/27/22        CNY     20.58
HAICHENG URBAN JINCAI LA    5.37    08/10/23        CNY     40.23
HAIFENG MARINE INFRASTRU    6.84    04/29/22        CNY     20.07
HAIKOU MEILAN INTERNATIO    5.25    09/06/19        USD     15.84
HAINAN AIRLINES HOLDING     6.20    05/24/21        CNY     51.00
HAINING ASSET MANAGEMENT    3.40    08/16/23        CNY     69.60
HAIYAN COUNTY STATE-OWNE    5.80    06/12/24        CNY     62.10
HAMI JIANHUI STATE-OWNED    3.90    09/21/23        CNY     39.95
HANCHENG CITY INVESTMENT    4.69    12/05/23        CNY     37.48
HANCHENG CITY INVESTMENT    4.69    12/05/23        CNY     38.81
HANCHUAN CITY HANRONG IN    4.25    07/18/23        CNY     39.93
HANCHUAN CITY HANRONG IN    4.25    07/18/23        CNY     40.01
HANDAN CONSTRUCTION & IN    5.48    05/27/22        CNY     20.14
HANDAN CONSTRUCTION & IN    5.48    05/27/22        CNY     27.20
HANGZHOU CANAL COMPREHEN    3.40    10/17/23        CNY     40.13
HANGZHOU CANAL COMPREHEN    3.40    10/17/23        CNY     40.13
HANGZHOU FUYANG DEVELOPM    4.76    01/27/23        CNY     20.19
HANGZHOU FUYANG DEVELOPM    4.76    01/27/23        CNY     20.32
HANGZHOU GONGSHU DISTRIC    3.80    03/14/23        CNY     40.00
HANGZHOU GONGSHU DISTRIC    3.80    03/14/23        CNY     40.14
HANGZHOU METRO GROUP CO     5.97    09/17/24        CNY     47.10
HANGZHOU METRO GROUP CO     5.97    09/17/24        CNY     47.12
HANGZHOU WEST LAKE INVES    4.30    04/25/23        CNY     40.07
HANGZHOU WEST LAKE INVES    4.30    04/25/23        CNY     40.36
HANGZHOU XIAOSHAN QIANJI    4.00    03/22/23        CNY     39.99
HANGZHOU XIAOSHAN QIANJI    4.00    03/22/23        CNY     40.25
HANJIANG STATE-OWNED-ASS    5.40    04/21/24        CNY     61.63
HANJIANG STATE-OWNED-ASS    5.40    04/21/24        CNY     61.90
HANSHAN CITY CONSTRUCTIO    6.20    08/30/24        CNY     60.00
HANSHAN CITY CONSTRUCTIO    6.20    08/30/24        CNY     62.10
HECHI CITY CONSTRUCTION     5.58    11/13/22        CNY     19.29
HECHI CITY CONSTRUCTION     5.58    11/13/22        CNY     19.91
HECHI STATE-OWNED CAPITA    4.37    11/04/23        CNY     38.88
HECHI STATE-OWNED CAPITA    4.37    11/04/23        CNY     39.47
HEFEI CONSTRUCTION INVES    7.20    04/29/24        CNY     47.28
HEFEI CONSTRUCTION INVES    7.20    04/29/24        CNY     47.45
HEFEI XINCHENG STATE-OWN    4.13    07/15/23        CNY     40.00
HEFEI XINCHENG STATE-OWN    4.13    07/15/23        CNY     40.39
HEGANG URBAN CONSTRUCTIO    6.90    12/18/24        CNY     62.87
HEGANG URBAN CONSTRUCTIO    6.90    12/18/24        CNY     62.88
HEILONGJIANG HECHENG CON    7.05    06/21/22        CNY     15.10
HEISHAN TONGHE ASSET MAN    6.79    09/18/22        CNY     19.28
HEISHAN TONGHE ASSET MAN    6.79    09/18/22        CNY     19.72
HENGDONG URBAN & RURAL C    6.60    12/27/23        CNY     40.79
HENGDONG URBAN & RURAL C    6.60    12/27/23        CNY     40.79
HENGYANG BINJIANG NEW DI    5.47    07/27/24        CNY     61.83
HENGYANG CITY AND URBAN     7.50    09/22/24        CNY     60.58
HENGYANG CITY AND URBAN     7.50    09/22/24        CNY     62.97
HENGYANG CITY AND URBAN     7.80    12/14/24        CNY     63.67
HENGYANG CITY AND URBAN     7.80    12/14/24        CNY     63.67
HENGYANG COMMUNICATION C    4.28    01/21/23        CNY     20.00
HENGYANG COMMUNICATION C    4.28    01/21/23        CNY     20.19
HESHAN PUBLIC ASSET MANA    4.08    09/28/23        CNY     39.93
HESHAN PUBLIC ASSET MANA    4.08    09/28/23        CNY     40.17
HESHAN PUBLIC ASSET MANA    5.08    12/07/23        CNY     40.84
HESHAN PUBLIC ASSET MANA    5.08    12/07/23        CNY     41.03
HETIAN YUXIN STATE-OWNED    4.65    03/28/23        CNY     39.70
HETIAN YUXIN STATE-OWNED    4.65    03/28/23        CNY     39.73
HNA GROUP CO LTD            7.10    04/15/20        CNY     70.00
HNA GROUP CO LTD            5.99    11/27/22        CNY     29.10
HONGAN URBAN DEVELOPMENT    7.50    12/04/24        CNY     60.00
HONGAN URBAN DEVELOPMENT    7.50    12/04/24        CNY     61.57
HONGHEZHOU DEVELOPMENT I    5.90    07/12/24        CNY     62.13
HONGHU CITY HONGRUI INVE    6.30    10/13/24        CNY     62.06
HONGHU CITY HONGRUI INVE    6.30    10/13/24        CNY     62.78
HUACHEN ENERGY CO LTD       6.63    05/18/20        USD     52.06
HUAIAN CITY HUAIAN DISTR    4.63    05/03/23        CNY     40.12
HUAIAN CITY HUAIAN DISTR    4.63    05/03/23        CNY     40.21
HUAIAN CITY URBAN ASSET     5.70    04/23/22        CNY     20.09
HUAIAN CITY URBAN ASSET     5.70    04/23/22        CNY     20.13
HUAIAN CITY XUYI URBAN A    5.10    04/15/23        CNY     38.79
HUAIAN CITY XUYI URBAN A    5.10    04/15/23        CNY     38.80
HUAIAN HONGRI TRANSPORTA    5.09    04/20/23        CNY     39.87
HUAIAN HONGRI TRANSPORTA    5.09    04/20/23        CNY     39.87
HUAIAN HONGZE DISTRICT U    4.37    07/18/23        CNY     39.92
HUAIAN HONGZE DISTRICT U    4.37    07/18/23        CNY     40.05
HUAI'AN INVESTMENT HOLDI    5.28    08/11/24        CNY     60.00
HUAI'AN INVESTMENT HOLDI    5.28    08/11/24        CNY     61.74
HUAI'AN NEW CITY INVESTM    5.22    09/20/24        CNY     61.89
HUAIAN QINGPU CITY CONST    6.75    09/29/24        CNY     58.42
HUAIAN QINGPU CITY CONST    6.75    09/29/24        CNY     58.44
HUAIHUA CITY CONSTRUCTIO    4.18    08/31/23        CNY     38.55
HUAIHUA CITY CONSTRUCTIO    4.18    08/31/23        CNY     38.75
HUAIHUA ECONOMIC DEVELOP    6.80    03/26/22        CNY     19.97
HUAIHUA ECONOMIC DEVELOP    6.80    03/26/22        CNY     20.00
HUAIHUA ECONOMIC DEVELOP    5.77    08/07/24        CNY     59.00
HUAIHUA ECONOMIC DEVELOP    5.77    08/07/24        CNY     60.31
HUAIHUA TRANSPORTATION C    4.96    04/12/23        CNY     39.41
HUAIHUA TRANSPORTATION C    4.96    04/12/23        CNY     39.42
HUAINAN INDUSTRY DEVELOP    5.69    10/25/24        CNY     61.03
HUAINAN INDUSTRY DEVELOP    5.69    10/25/24        CNY     61.78
HUAINAN SHAN NAN DEVELOP    6.53    08/24/24        CNY     60.67
HUAINAN SHAN NAN DEVELOP    6.53    08/24/24        CNY     61.31
HUAINAN URBAN CONSTRUCTI    5.74    09/04/24        CNY     60.92
HUAINAN URBAN CONSTRUCTI    5.74    09/04/24        CNY     62.12
HUANGGANG CITY CONSTRUCT    4.08    01/18/23        CNY     20.25
HUANGMEI COUNTY URBAN DE    6.80    10/09/24        CNY     60.00
HUANGMEI COUNTY URBAN DE    6.80    10/09/24        CNY     62.40
HUANGMEI COUNTY URBAN DE    6.68    10/18/24        CNY     60.00
HUANGMEI COUNTY URBAN DE    6.68    10/18/24        CNY     62.24
HUANGSHAN CHENGTOU GROUP    5.95    05/06/22        CNY     20.14
HUANGSHAN CHENGTOU GROUP    5.95    05/06/22        CNY     20.65
HUANGSHI CIHU HIGH-TECH     4.97    06/08/23        CNY     39.99
HUANGSHI CIHU HIGH-TECH     4.97    06/08/23        CNY     40.10
HUANGSHI CIHU HIGH-TECH     4.50    06/08/23        CNY     40.37
HUANGSHI CIHU HIGH-TECH     4.50    06/08/23        CNY     43.00
HUANGSHI URBAN CONSTRUCT    5.99    04/29/22        CNY     20.12
HUANGSHI ZHONGBANG CITY     5.95    06/02/24        CNY     61.77
HUANGSHI ZHONGBANG CITY     5.95    06/02/24        CNY     61.97
HUBEI PROVINCE CHANGJIAN    6.15    04/03/22        CNY     20.09
HUBEI PROVINCE CHANGJIAN    6.15    04/03/22        CNY     22.40
HUBEI SONGZI JINSONG INV    6.60    06/21/24        CNY     61.17
HUBEI SONGZI JINSONG INV    6.60    06/21/24        CNY     61.17
HUBEI SONGZI JINSONG INV    4.07    05/07/27        CNY     73.66
HUBEI SUPPLY AND MARKETI    6.70    08/23/24        CNY     59.33
HUBEI SUPPLY AND MARKETI    6.70    08/23/24        CNY     61.47
HUBEI YILING ECONOMIC DE    6.45    09/05/24        CNY     60.00
HUBEI YILING ECONOMIC DE    6.45    09/05/24        CNY     60.94
HULUDAO INVESTMENT GROUP    7.50    10/18/23        CNY     30.66
HULUNBEIER INVESTMENT CO    6.31    04/30/22        CNY     19.80
HULUNBEIER INVESTMENT CO    6.31    04/30/22        CNY     20.12
HUNAN CHUZHISHENG HOLDIN    5.60    12/18/22        CNY     20.03
HUNAN CHUZHISHENG HOLDIN    5.60    12/18/22        CNY     20.40
HUNAN DESHAN CONSTRUCTIO    6.46    09/14/24        CNY     59.35
HUNAN DESHAN CONSTRUCTIO    6.46    09/14/24        CNY     61.32
HUNAN JINYANG INVESTMENT    4.37    01/19/23        CNY     20.09
HUNAN JINYANG INVESTMENT    4.37    01/19/23        CNY     20.10
HUNAN JINYANG INVESTMENT    4.39    04/06/23        CNY     39.89
HUNAN JINYANG INVESTMENT    4.39    04/06/23        CNY     40.17
HUNAN JINYANG NEW CITY C    4.43    10/23/22        CNY     20.11
HUNAN JINYANG NEW CITY C    4.43    10/23/22        CNY     20.18
HUNAN LINGANG DEVELOPMEN    4.24    07/21/23        CNY     39.02
HUNAN LINGANG DEVELOPMEN    4.24    07/21/23        CNY     39.03
HUNAN LINGANG DEVELOPMEN    3.94    10/26/23        CNY     38.54
HUNAN LINGANG DEVELOPMEN    3.94    10/26/23        CNY     38.55
HUNAN LOUDI ECONOMIC & T    6.36    03/13/22        CNY     19.80
HUNAN LOUDI ECONOMIC & T    6.36    03/13/22        CNY     19.95
HUNAN LOUDI ECONOMIC & T    4.89    03/30/23        CNY     38.33
HUNAN LOUDI ECONOMIC & T    4.89    03/30/23        CNY     39.69
HUNAN PROVINCIAL RAILWAY    6.09    04/30/25        CNY     60.00
HUNAN PROVINCIAL RAILWAY    6.09    04/30/25        CNY     62.83
HUNAN SENTE INDUSTRIAL I    6.90    11/28/24        CNY     30.00
HUNAN SENTE INDUSTRIAL I    6.90    11/28/24        CNY     62.65
HUNAN SHAODONG ECO-INDUS    6.58    12/13/23        CNY     40.86
HUNAN SHAODONG ECO-INDUS    6.58    12/13/23        CNY     41.22
HUNAN TIER GROUP CO LTD     4.20    03/17/23        CNY     38.55
HUNAN TIER GROUP CO LTD     4.20    03/17/23        CNY     38.76
HUNAN YOUZHOU INVESTMENT    4.80    07/07/23        CNY     40.21
HUNAN YOUZHOU INVESTMENT    4.80    07/07/23        CNY     40.22
HUNAN ZHIGU INVESTMENT D    5.80    07/28/24        CNY     60.00
HUNAN ZHIGU INVESTMENT D    5.80    07/28/24        CNY     61.58
HUZHOU NEW CITY INVESTME    7.50    11/23/24        CNY     61.55
HUZHOU NEW CITY INVESTME    7.50    11/23/24        CNY     62.00
INNER MONGOLIA JINLONG I    7.30    11/19/22        CNY     18.28
INNER MONGOLIA KE'ERQIN     6.50    03/11/22        CNY     20.00
INNER MONGOLIA KE'ERQIN     6.50    03/11/22        CNY     20.01
INNER MONGOLIA KE'ERQIN     6.45    04/30/22        CNY     20.04
INNER MONGOLIA KE'ERQIN     6.45    04/30/22        CNY     20.05
JIAHE ZHUDU DEVELOPMENT     6.50    05/25/24        CNY     61.68
JIAHE ZHUDU DEVELOPMENT     6.50    05/25/24        CNY     61.69
JIAN CITY JINGANGSHAN DE    4.87    01/27/23        CNY     19.97
JIAN CITY JINGANGSHAN DE    4.87    01/27/23        CNY     19.97
JIANAN INVESTMENT HOLDIN    4.30    03/08/23        CNY     40.28
JIANAN INVESTMENT HOLDIN    4.30    03/08/23        CNY     40.32
JIANAN INVESTMENT HOLDIN    3.50    09/05/23        CNY     40.00
JIANAN INVESTMENT HOLDIN    3.85    09/05/23        CNY     40.33
JIANAN INVESTMENT HOLDIN    3.50    09/05/23        CNY     40.43
JIANAN INVESTMENT HOLDIN    3.85    09/05/23        CNY     40.56
JIANDE STATE-OWNED ASSET    6.69    11/20/24        CNY     63.00
JIANGMEN NEW HI-TECH IND    6.03    04/22/22        CNY     20.11
JIANGMEN NEW HI-TECH IND    6.03    04/22/22        CNY     20.35
JIANGSU BEIGU INDUSTRIAL    5.80    06/20/23        CNY     40.22
JIANGSU BEIGU INDUSTRIAL    5.80    06/20/23        CNY     40.48
JIANGSU DAHANG LINGANG I    5.18    09/22/23        CNY     39.49
JIANGSU DAHANG LINGANG I    5.18    09/22/23        CNY     39.54
JIANGSU GAOCHUN ECONOMIC    3.67    09/23/23        CNY     39.97
JIANGSU GAOCHUN ECONOMIC    3.67    09/23/23        CNY     40.12
JIANGSU GAOCHUN ECONOMIC    3.92    11/23/23        CNY     40.07
JIANGSU GAOCHUN ECONOMIC    3.92    11/23/23        CNY     40.45
JIANGSU GAOCHUN ECONOMIC    5.66    06/26/24        CNY     61.49
JIANGSU GAOCHUN ECONOMIC    5.66    06/26/24        CNY     61.50
JIANGSU GAOCHUN ECONOMIC    6.08    08/14/24        CNY     59.57
JIANGSU GAOCHUN ECONOMIC    6.08    08/14/24        CNY     62.04
JIANGSU HAIRUN CITY DEVE    6.22    04/03/22        CNY     19.10
JIANGSU HAIRUN CITY DEVE    6.22    04/03/22        CNY     20.06
JIANGSU HAIZHOU DEVELOPM    4.67    06/06/23        CNY     39.82
JIANGSU HAIZHOU DEVELOPM    4.67    06/06/23        CNY     40.45
JIANGSU HAIZHOUWAN DEVEL    5.38    03/29/23        CNY     29.50
JIANGSU HANRUI INVESTMEN    4.63    04/15/23        CNY     39.50
JIANGSU HANRUI INVESTMEN    4.63    04/15/23        CNY     40.34
JIANGSU HANRUI INVESTMEN    5.00    08/31/23        CNY     39.53
JIANGSU HANRUI INVESTMEN    5.00    08/31/23        CNY     39.83
JIANGSU HONGTU HIGH TECH    5.00    07/22/19        CNY     19.80
JIANGSU HONGZE LAKE SHEN    6.50    08/01/24        CNY     60.21
JIANGSU JINHUI GROUP CO     5.16    07/14/24        CNY     61.53
JIANGSU JINHUI GROUP CO     5.16    07/14/24        CNY     61.75
JIANGSU JINTAN GUOFA INT    4.60    08/22/23        CNY     39.91
JIANGSU JINTAN GUOFA INT    4.60    08/22/23        CNY     39.92
JIANGSU KAIYUAN INVESTME    7.08    08/03/24        CNY     58.35
JIANGSU KAIYUAN INVESTME    7.08    08/03/24        CNY     60.00
JIANGSU QISHENG GROUP CO    4.00    03/18/23        CNY     40.07
JIANGSU QISHENG GROUP CO    4.00    03/18/23        CNY     40.18
JIANGSU RUNCHENG ASSET O    5.65    04/19/24        CNY     61.75
JIANGSU XISHAN ECONOMIC     5.78    07/20/22        CNY     20.12
JIANGSU XISHAN ECONOMIC     5.78    07/20/22        CNY     20.50
JIANGSU YANGKOU PORT CON    6.23    04/10/22        CNY     20.07
JIANGSU YANGKOU PORT CON    6.23    04/10/22        CNY     27.50
JIANGSU YINGZHOU DEVELOP    4.33    09/21/23        CNY     38.98
JIANGSU YINGZHOU DEVELOP    4.33    09/21/23        CNY     39.21
JIANGSU YIXING ENVIRONME    4.08    09/14/23        CNY     40.28
JIANGSU YIXING ENVIRONME    4.08    09/14/23        CNY     40.29
JIANGSU ZHONGAN CONSTRUC    5.65    03/24/24        CNY     60.95
JIANGSU ZHONGAN CONSTRUC    5.65    03/24/24        CNY     61.70
JIANGSU ZHONGGUANCUN SCI    5.70    08/30/24        CNY     61.60
JIANGSU ZHONGGUANCUN SCI    5.70    08/30/24        CNY     61.94
JIANGSU ZHUFU INDUSTRIAL    4.47    07/20/23        CNY     38.41
JIANGSU ZHUFU INDUSTRIAL    4.47    07/20/23        CNY     39.50
JIANGXI HEJI INVESTMENT     5.09    12/17/22        CNY     19.79
JIANGXI HEJI INVESTMENT     5.09    12/17/22        CNY     20.00
JIANGXI HUKOU SHIZHONG D    6.80    12/01/24        CNY     60.00
JIANGXI HUKOU SHIZHONG D    6.80    12/01/24        CNY     62.71
JIANGXI JIHU DEVELOPMENT    6.80    02/07/25        CNY     60.00
JIANGXI JIHU DEVELOPMENT    6.80    02/07/25        CNY     62.80
JIANGXI LONGHU MOUNTAIN     4.35    03/16/23        CNY     40.05
JIANGXI LONGHU MOUNTAIN     4.35    03/16/23        CNY     40.05
JIANGXI PINGXIANG CHANGS    6.00    08/11/24        CNY     60.00
JIANGXI PINGXIANG CHANGS    6.00    08/11/24        CNY     60.07
JIANGXI XIUSHUI CITY INV    7.40    12/08/24        CNY     61.97
JIANGYOU HONGFEI INVESTM    6.55    09/02/22        CNY     20.10
JIANGYOU HONGFEI INVESTM    6.55    09/02/22        CNY     20.31
JIANHU URBAN CONSTRUCTIO    6.30    06/01/22        CNY     20.00
JIANHU URBAN CONSTRUCTIO    6.30    06/01/22        CNY     22.86
JIANLI FENGYUAN CITY INV    6.78    04/28/24        CNY     61.18
JIANLI FENGYUAN CITY INV    6.78    04/28/24        CNY     61.19
JIANYANG DEVELOPMENT HOL    3.93    11/10/23        CNY     38.91
JIANYANG DEVELOPMENT HOL    3.93    11/10/23        CNY     38.94
JIANYANG MODERN INDUSTRY    6.00    04/24/24        CNY     60.36
JIANYANG MODERN INDUSTRY    6.00    04/24/24        CNY     61.22
JIAXING JIAXIU DEVELOPME    5.60    09/25/24        CNY     61.80
JIAXING JIAXIU DEVELOPME    5.60    09/25/24        CNY     62.14
JIAXING XIANGJIADANG DEV    4.13    07/20/23        CNY     39.67
JIAXING XIANGJIADANG DEV    4.13    07/20/23        CNY     40.30
JIAXING XIANGJIADANG DEV    3.87    09/21/23        CNY     39.48
JIAXING XIANGJIADANG DEV    3.87    09/21/23        CNY     40.34
JIAYU COUNTY URBAN TOWN     5.70    01/19/23        CNY     20.09
JIAYU COUNTY URBAN TOWN     5.70    01/19/23        CNY     20.28
JIAYU COUNTY URBAN TOWN     6.50    01/19/24        CNY     41.14
JIAYU COUNTY URBAN TOWN     6.50    01/19/24        CNY     41.23
JIAYU COUNTY URBAN TOWN     5.70    03/23/24        CNY     60.93
JIAYU COUNTY URBAN TOWN     5.70    03/23/24        CNY     60.93
JILIN CITY CONSTRUCTION     3.80    01/27/23        CNY     19.94
JILIN ECONOMIC AND TECHN    6.20    04/29/23        CNY     40.28
JILIN ECONOMIC AND TECHN    6.20    04/29/23        CNY     40.39
JIN HUA RONG SHENG INVES    6.85    12/27/24        CNY     60.00
JIN HUA RONG SHENG INVES    6.85    12/27/24        CNY     63.46
JINAN CITY LICHENG DISTR    5.00    06/23/22        CNY     19.99
JINAN CITY LICHENG DISTR    5.00    06/23/22        CNY     20.09
JINGDEZHEN CERAMIC CULTU    5.38    11/27/22        CNY     20.00
JINGDEZHEN CERAMIC CULTU    5.38    11/27/22        CNY     20.13
JINGJIANG BINJIANG XINCH    5.37    07/25/24        CNY     61.29
JINGJIANG CITY INVESTMEN    4.55    03/30/23        CNY     39.85
JINGJIANG CITY INVESTMEN    4.55    03/30/23        CNY     39.92
JINGMEN CITY CONSTRUCTIO    6.85    07/09/22        CNY     15.00
JINGMEN CITY CONSTRUCTIO    6.85    07/09/22        CNY     15.14
JINGMEN HIGH-TECH DEVELO    5.48    08/11/22        CNY     20.18
JINGMEN HIGH-TECH DEVELO    5.48    08/11/22        CNY     20.18
JINGMEN HIGH-TECH DEVELO    4.15    07/28/23        CNY     39.67
JINGMEN HIGH-TECH DEVELO    4.15    07/28/23        CNY     39.98
JINGSHAN JINGCHENG INVES    4.38    08/29/23        CNY     39.87
JINGSHAN JINGCHENG INVES    4.38    08/29/23        CNY     40.44
JINGSHAN JINGCHENG INVES    7.00    02/07/25        CNY     60.00
JINGSHAN JINGCHENG INVES    7.00    02/07/25        CNY     64.17
JINGXIAN STATED-OWNED AS    6.80    02/09/25        CNY     60.00
JINGXIAN STATED-OWNED AS    6.80    02/09/25        CNY     63.27
JINGZHOU DEVELOPMENT ZON    4.87    09/23/26        CNY     66.02
JINGZHOU DEVELOPMENT ZON    4.87    09/23/26        CNY     66.60
JINGZHOU URBAN CONSTRUCT    3.97    03/10/23        CNY     40.21
JINGZHOU URBAN CONSTRUCT    3.97    03/10/23        CNY     40.22
JINGZHOU URBAN CONSTRUCT    5.68    07/20/24        CNY     61.70
JINGZHOU URBAN CONSTRUCT    5.68    07/20/24        CNY     61.97
JINHU COUNTY STATE-OWNED    4.00    07/26/22        CNY     25.00
JINHU COUNTY STATE-OWNED    4.00    07/26/22        CNY     25.04
JINING CITY SHIZHONG DIS    3.52    09/14/23        CNY     38.80
JINING CITY SHIZHONG DIS    3.52    09/14/23        CNY     39.42
JINING HIGH TECH URBAN C    6.09    04/30/22        CNY     20.09
JINING HIGH TECH URBAN C    6.09    04/30/22        CNY     21.50
JINING HIGH TECH URBAN C    5.88    04/25/23        CNY     71.02
JINING MINING GROUP LOGI    7.00    11/27/24        CNY     62.35
JINKE PROPERTIES GROUP C    6.85    05/28/24        USD     57.76
JINKE PROPERTIES GROUP C    6.30    03/04/25        CNY     71.01
JINSHA COUNTY CONSTRUCTI    6.01    09/05/23        CNY     38.86
JINSHA COUNTY CONSTRUCTI    6.01    09/05/23        CNY     39.41
JINTANG MODERN AGRICULTU    5.49    07/14/23        CNY     39.81
JINTANG MODERN AGRICULTU    5.49    07/14/23        CNY     40.47
JINXIAN COUNTY CITY CONS    6.20    07/24/24        CNY     62.38
JINZHAI URBAN DEVELOPMEN    5.90    04/25/23        CNY     40.72
JINZHAI URBAN DEVELOPMEN    5.90    04/25/23        CNY     40.73
JISHOU HUATAI STATE OWNE    6.50    06/21/24        CNY     61.12
JISHOU HUATAI STATE OWNE    6.50    06/21/24        CNY     62.50
JISHOU HUATAI STATE OWNE    6.45    09/11/24        CNY     60.00
JISHOU HUATAI STATE OWNE    6.45    09/11/24        CNY     61.87
JIUJIANG CITY CONSTRUCTI    5.50    05/22/22        CNY     19.55
JIUJIANG CITY CONSTRUCTI    5.50    05/22/22        CNY     20.12
JIUJIANG LAND INVESTMENT    6.20    03/23/22        CNY     19.98
JIUJIANG LAND INVESTMENT    6.20    03/23/22        CNY     20.07
JIUJIANG LIANXI DISTRICT    4.58    03/30/23        CNY     40.09
JIUJIANG LIANXI DISTRICT    4.58    03/30/23        CNY     40.14
JUNAN COUNTY URBAN CONST    7.50    09/26/24        CNY     59.81
JUNAN COUNTY URBAN CONST    7.50    09/26/24        CNY     62.29
JURONG URBAN CONSTRUCTIO    6.89    09/18/24        CNY     60.00
JURONG URBAN CONSTRUCTIO    6.89    09/18/24        CNY     62.50
JURONG URBAN CONSTRUCTIO    6.80    11/06/24        CNY     60.00
JURONG URBAN CONSTRUCTIO    6.80    11/06/24        CNY     61.75
KAIFENG URBAN OPERATION     6.35    03/23/22        CNY     20.05
KAIFENG URBAN OPERATION     6.35    03/23/22        CNY     20.05
KAIFU CITY DEVELOPMENT C    4.20    01/21/23        CNY     19.85
KAIFU CITY DEVELOPMENT C    4.20    01/21/23        CNY     20.19
KAIFU CITY DEVELOPMENT C    3.73    08/22/23        CNY     40.05
KAIFU CITY DEVELOPMENT C    3.73    08/22/23        CNY     40.30
KAILI GUIZHOU TOWN CONST    5.29    12/17/22        CNY     19.15
KAILI GUIZHOU TOWN CONST    5.29    12/17/22        CNY     20.00
KAILI GUIZHOU TOWN CONST    4.20    10/13/23        CNY     37.32
KAILI GUIZHOU TOWN CONST    4.20    10/13/23        CNY     37.65
KANGMEI PHARMACEUTICAL C    6.28    03/20/21        CNY     20.50
KANGMEI PHARMACEUTICAL C    6.10    03/28/21        CNY     20.50
KANGMEI PHARMACEUTICAL C    5.50    04/20/21        CNY     20.50
KANGMEI PHARMACEUTICAL C    7.00    06/21/21        CNY     20.50
KANGMEI PHARMACEUTICAL C    6.80    06/28/21        CNY     20.50
KANGMEI PHARMACEUTICAL C    6.33    01/27/22        CNY     36.69
KANGMEI PHARMACEUTICAL C    5.20    07/17/22        CNY     20.50
KANGMEI PHARMACEUTICAL C    5.29    08/16/22        CNY     20.50
KANGMEI PHARMACEUTICAL C    5.47    09/15/22        CNY     20.50
KASHI URBAN CONSTRUCTION    5.80    07/20/22        CNY     20.07
KASHI URBAN CONSTRUCTION    5.80    07/20/22        CNY     20.10
KUNMING DIANCHI INVESTME    5.75    07/24/24        CNY     58.63
KUNMING DIANCHI INVESTME    5.75    07/24/24        CNY     58.65
KUNSHAN YINQIAO HOLDING     5.50    10/18/24        CNY     61.82
KUNSHAN YINQIAO HOLDING     5.50    10/18/24        CNY     64.10
LAOHEKOU CITY CONSTRUCTI    6.75    08/12/22        CNY     20.02
LAOHEKOU CITY CONSTRUCTI    6.49    08/16/24        CNY     60.00
LAOHEKOU CITY CONSTRUCTI    6.49    08/16/24        CNY     60.41
LEGEND HOLDINGS CORP        4.60    07/06/26        CNY     75.52
LEIYANG CITY AND RURAL C    7.80    04/10/22        CNY     20.13
LEIYANG CITY AND RURAL C    7.80    04/10/22        CNY     20.13
LEPING STATE-OWNED ASSET    3.70    10/20/23        CNY     39.79
LEPING STATE-OWNED ASSET    3.70    10/20/23        CNY     39.99
LEQING CITY STATE OWNED     6.79    12/14/24        CNY     60.00
LEQING CITY STATE OWNED     6.79    12/14/24        CNY     63.94
LIANYUNGANG HENGCHI INDU    7.45    09/22/24        CNY     58.76
LIANYUNGANG HENGCHI INDU    7.45    09/22/24        CNY     60.00
LIANYUNGANG HENGCHI INDU    7.40    10/27/24        CNY     60.00
LIANYUNGANG HENGCHI INDU    7.40    10/27/24        CNY     62.16
LIAOCHENG ANTAI URBAN RU    5.16    04/11/23        CNY     39.66
LIAOCHENG ANTAI URBAN RU    4.58    04/11/23        CNY     39.79
LIAOCHENG ANTAI URBAN RU    4.58    04/11/23        CNY     39.91
LIAOCHENG ANTAI URBAN RU    5.16    04/11/23        CNY     39.98
LIAOCHENG XINGYE HOLDING    5.20    04/13/23        CNY     39.60
LIAOCHENG XINGYE HOLDING    5.20    04/13/23        CNY     39.61
LIAONING GUANLONG CONSTR    4.70    11/10/23        CNY     39.50
LIAONING GUANLONG CONSTR    4.70    11/10/23        CNY     39.82
LIAONING YAODU DEVELOPME    6.50    04/29/23        CNY     40.45
LILING HIGH-TECH INDUSTR    4.93    01/19/23        CNY     20.03
LINFEN YAODU DISTRICT IN    7.19    03/13/22        CNY     20.03
LINQU YISHAN INDUSTRIAL     7.20    11/23/24        CNY     52.89
LINQU YISHAN INDUSTRIAL     7.20    11/23/24        CNY     60.76
LINWU SHUNFA URBAN CONST    7.00    08/23/24        CNY     60.00
LINWU SHUNFA URBAN CONST    7.00    08/23/24        CNY     61.97
LINYI CITY DEVELOPMENT G    3.85    11/22/23        CNY     39.84
LINYI CITY DEVELOPMENT G    3.85    11/22/23        CNY     40.19
LISHUI CITY CULTURAL TOU    5.67    08/13/22        CNY     20.25
LISHUI CITY CULTURAL TOU    5.67    08/13/22        CNY     20.35
LIUPANSHUI CITY TRAFFIC     5.98    05/02/24        CNY     57.85
LIUPANSHUI CITY TRAFFIC     5.98    05/02/24        CNY     61.67
LIUPANSHUI DEVELOPMENT I    3.74    01/20/23        CNY     19.80
LIUPANSHUI DEVELOPMENT I    3.74    01/20/23        CNY     20.11
LIUPANSHUI MINSHENG INVE    5.08    01/29/23        CNY     17.82
LIUYANG MODERN MANUFACTU    4.72    01/19/23        CNY     19.92
LIUYANG MODERN MANUFACTU    4.72    01/19/23        CNY     19.98
LIUYANG MODERN MANUFACTU    5.75    05/02/24        CNY     60.50
LIUYANG MODERN MANUFACTU    5.75    05/02/24        CNY     61.75
LIUYANG MODERN MANUFACTU    5.88    08/10/24        CNY     61.89
LIUYANG MODERN MANUFACTU    5.88    08/10/24        CNY     62.26
LIUYANG URBAN CONSTRUCTI    4.45    05/24/23        CNY     40.25
LIUYANG URBAN CONSTRUCTI    4.45    05/24/23        CNY     40.44
LIUZHI SPECIAL DISTRICT     7.00    11/16/24        CNY     60.00
LIUZHI SPECIAL DISTRICT     7.00    11/16/24        CNY     61.93
LIUZHOU CITY INVESTMENT     7.18    12/31/22        CNY     14.28
LIUZHOU CITY INVESTMENT     7.18    12/31/22        CNY     14.66
LIUZHOU DONGTONG INVESTM    4.45    07/22/23        CNY     38.40
LIUZHOU DONGTONG INVESTM    4.45    07/22/23        CNY     39.75
LIUZHOU LONGJIAN INVESTM    8.28    04/30/24        CNY     39.00
LIUZHOU LONGJIAN INVESTM    8.28    04/30/24        CNY     45.87
LONGCHANG DEVELOPMENT CO    7.09    10/31/24        CNY     60.00
LONGCHANG DEVELOPMENT CO    7.09    10/31/24        CNY     63.35
LONGYAN RAILWAY CONSTRUC    4.98    04/13/23        CNY     40.06
LONGYAN RAILWAY CONSTRUC    4.98    04/13/23        CNY     40.14
LOUDI TIDU INVESTMENT DE    4.83    01/20/23        CNY     19.98
LOUDI TIDU INVESTMENT DE    4.83    01/20/23        CNY     19.98
LOUDI WANBAO NEW DISTRIC    5.13    02/01/23        CNY     19.64
LOUDI WANBAO NEW DISTRIC    5.13    02/01/23        CNY     20.18
LOUDI WANBAO NEW DISTRIC    4.42    08/01/23        CNY     39.51
LOUDI WANBAO NEW DISTRIC    4.42    08/01/23        CNY     40.07
LU'AN JIN'AN DISTRICT UR    5.95    07/24/24        CNY     61.02
LUJIANG CITY CONSTRUCTIO    6.70    04/16/22        CNY     20.00
LUJIANG CITY CONSTRUCTIO    6.70    04/16/22        CNY     20.09
LUOYANG CITY COUNTRY CON    4.28    04/26/23        CNY     40.38
LUOYANG CITY DEVELOPMENT    4.47    12/02/22        CNY     20.00
LUOYANG CITY DEVELOPMENT    4.47    12/02/22        CNY     20.27
LUXI URBAN CONSTRUCTION     6.80    10/27/24        CNY     60.00
LUXI URBAN CONSTRUCTION     6.80    10/27/24        CNY     62.48
LUZHOU FUYANG INVESTMENT    5.00    08/11/23        CNY     36.90
LUZHOU FUYANG INVESTMENT    5.00    08/11/23        CNY     39.13
LUZHOU HUIXING INVESTMEN    6.28    10/19/24        CNY     61.04
LUZHOU HUIXING INVESTMEN    6.28    10/19/24        CNY     61.16
LUZHOU LIN GANG INVESTME    7.00    12/01/24        CNY     60.00
LUZHOU LIN GANG INVESTME    7.00    12/01/24        CNY     60.93
LUZHOU LIN GANG INVESTME    7.10    02/07/25        CNY     62.36
LUZHOU LIN GANG INVESTME    7.10    02/07/25        CNY     62.37
LUZHOU XINGLU INVESTMENT    6.41    04/23/25        CNY     60.00
LUZHOU XINGLU INVESTMENT    6.41    04/23/25        CNY     63.18
LUZHOU XINGYANG INVESTME    4.87    01/28/23        CNY     19.69
LUZHOU XINGYANG INVESTME    4.87    01/28/23        CNY     20.04
MA'ANSHAN CIHU HIGH TECH    3.90    11/28/23        CNY     39.87
MAANSHAN ECONOMIC TECHNO    6.49    03/06/22        CNY     20.03
MAANSHAN ECONOMIC TECHNO    6.49    03/06/22        CNY     24.99
MAANSHAN HUASHAN DISTRIC    6.07    04/20/22        CNY     20.11
MAANSHAN HUASHAN DISTRIC    6.07    04/20/22        CNY     20.16
MAANSHAN NINGBO INVESTME    7.50    04/18/26        CNY     40.00
MAANSHAN SOUTHERN INDUST    4.53    07/25/23        CNY     39.17
MAANSHAN SOUTHERN INDUST    4.53    07/25/23        CNY     40.07
MAANSHAN SOUTHERN INDUST    4.43    09/02/23        CNY     39.61
MAANSHAN SOUTHERN INDUST    4.43    09/02/23        CNY     39.85
MAANSHAN YUSHAN CITY DEV    5.62    07/31/24        CNY     60.51
MAANSHAN YUSHAN CITY DEV    5.62    07/31/24        CNY     60.52
MAANSHAN YUSHAN CITY DEV    5.85    09/22/24        CNY     60.78
MAANSHAN YUSHAN CITY DEV    5.85    09/22/24        CNY     60.79
MA'ANSHAN ZHENGPU HARBOR    6.00    10/13/24        CNY     62.17
MA'ANSHAN ZHENGPU HARBOR    6.00    10/13/24        CNY     64.26
MEISHAN CITY DONGPO DEVE    5.90    06/30/23        CNY     39.30
MEISHAN CITY DONGPO DEVE    5.90    06/30/23        CNY     40.04
MEISHAN HONGDA CONSTRUCT    4.18    03/28/23        CNY     39.60
MEISHAN HONGDA CONSTRUCT    4.18    03/28/23        CNY     39.76
MEISHAN MINDONG DEVELOPM    6.78    08/08/24        CNY     60.48
MEISHAN MINDONG DEVELOPM    6.78    08/08/24        CNY     61.49
MEIZHOU MEI COUNTY DISTR    5.00    12/30/22        CNY     20.22
MEIZHOU MEI COUNTY DISTR    5.00    12/30/22        CNY     20.29
MENGCHENG COUNTY URBAN D    5.60    09/21/24        CNY     61.75
MENGZI CITY DEVELOPMENT     7.65    09/25/24        CNY     62.26
MENGZI CITY DEVELOPMENT     7.65    09/25/24        CNY     62.29
MIANYANG HONGDA ASSET IN    7.20    09/29/24        CNY     60.00
MIANYANG HONGDA ASSET IN    7.20    09/29/24        CNY     62.79
MIANYANG HUIDONG INVESTM    8.10    02/10/25        CNY     63.90
MILE AGRICULTURAL INVEST    8.00    10/25/25        CNY     75.00
MUDANJIANG AREA URBAN DE    6.48    06/30/22        CNY     19.71
MUNICIPALITY OF SHENZHEN    3.00    03/29/22        CNY     20.00
MUNICIPALITY OF SHENZHEN    3.00    03/29/22        CNY     20.00
MUNICIPALITY OF SHENZHEN    3.15    01/14/25        CNY     62.50
MUNICIPALITY OF SHENZHEN    3.15    01/14/25        CNY     62.50
MUNICIPALITY OF SHENZHEN    3.15    01/14/25        CNY     63.06
MUNICIPALITY OF SHENZHEN    3.37    03/29/26        CNY     69.66
MUNICIPALITY OF SHENZHEN    3.37    03/29/26        CNY     69.66
MUNICIPALITY OF SHENZHEN    3.37    03/29/26        CNY     70.61
MUNICIPALITY OF SHENZHEN    3.37    03/29/26        CNY     75.00
MUNICIPALITY OF SHENZHEN    3.37    03/29/26        CNY     75.00
MUNICIPALITY OF SHENZHEN    3.31    01/14/27        CNY     75.00
MUNICIPALITY OF SHENZHEN    3.31    01/14/27        CNY     75.00
NANCHANG ECONOMY TECHNOL    3.83    09/22/23        CNY     40.18
NANCHANG ECONOMY TECHNOL    3.83    09/22/23        CNY     40.37
NANCHONG JIALING DEVELOP    7.80    12/12/24        CNY     60.00
NANCHONG JIALING DEVELOP    7.80    12/12/24        CNY     63.68
NANJING BAIXIA STATE-OWN    3.98    03/29/23        CNY     40.11
NANJING BAIXIA STATE-OWN    3.98    03/29/23        CNY     40.19
NANJING JIANGBEI NEW DIS    6.00    12/06/24        CNY     60.00
NANJING JIANGBEI NEW DIS    6.00    12/06/24        CNY     63.13
NANJING JIANGBEI NEW TOW    5.59    09/26/24        CNY     62.16
NANJING JIANGBEI NEW TOW    5.59    09/26/24        CNY     62.50
NANJING JIANGNING ECONOM    7.94    04/14/24        CNY     47.02
NANJING JIANGNING URBAN     3.48    11/11/23        CNY     39.75
NANJING JIANGNING URBAN     3.48    11/11/23        CNY     40.23
NANJING JIANYE SCIENCE &    4.37    06/24/23        CNY     40.27
NANJING JIANYE SCIENCE &    4.37    06/24/23        CNY     40.37
NANJING LISHUI ECONOMIC     3.41    11/09/23        CNY     40.00
NANJING LISHUI ECONOMIC     3.41    11/09/23        CNY     40.13
NANJING LISHUI URBAN CON    4.97    04/28/23        CNY     40.22
NANJING LISHUI URBAN CON    4.97    04/28/23        CNY     40.49
NANJING METRO GROUP CO L    3.29    08/29/23        CNY     40.28
NANJING METRO GROUP CO L    3.29    08/29/23        CNY     40.29
NANJING METRO GROUP CO L    4.22    11/28/23        CNY     71.29
NANJING PUKOU COMMUNICAT    5.46    07/19/24        CNY     61.79
NANJING QIXIA STATE-OWNE    4.10    06/24/23        CNY     40.26
NANJING QIXIA STATE-OWNE    4.10    06/24/23        CNY     40.33
NANJING STATE OWNED ASSE    5.60    03/06/23        CNY     30.40
NANLING COUNTY CONSTRUCT    6.20    09/06/24        CNY     60.00
NANLING COUNTY CONSTRUCT    6.20    09/06/24        CNY     62.32
NANNING HI-TECH INDUSTRI    4.28    03/25/23        CNY     35.20
NANNING HI-TECH INDUSTRI    4.28    03/25/23        CNY     39.91
NANNING HI-TECH INDUSTRI    3.82    10/20/23        CNY     39.50
NANNING HI-TECH INDUSTRI    3.82    10/20/23        CNY     39.76
NANPING CITY WUYI NEW DI    4.96    09/28/22        CNY     20.20
NANPING CITY WUYI NEW DI    4.96    09/28/22        CNY     20.21
NANTONG CHONGCHUAN URBAN    5.70    07/21/22        CNY     40.00
NANTONG CHONGCHUAN URBAN    5.70    07/21/22        CNY     40.47
NANTONG CITY TONGZHOU DI    3.75    07/07/23        CNY     40.21
NANTONG CITY TONGZHOU DI    4.88    04/10/24        CNY     61.09
NANTONG HIGH TECHNOLOGY     5.00    10/19/22        CNY     20.20
NANTONG HIGH TECHNOLOGY     5.00    10/19/22        CNY     20.26
NANTONG KAIYUAN INVESTME    7.25    11/29/24        CNY     62.21
NANTONG KAIYUAN INVESTME    7.25    11/29/24        CNY     62.26
NANTONG SHIBEI HI-TECH D    5.98    08/07/24        CNY     60.90
NANTONG SHIBEI HI-TECH D    5.98    08/07/24        CNY     61.49
NANTONG SUTONG HOLDING G    6.20    03/18/22        CNY     20.00
NANTONG SUTONG HOLDING G    6.20    03/18/22        CNY     20.04
NANTONG YUNTONG PORT DEV    6.13    08/10/24        CNY     55.01
NANTONG YUNTONG PORT DEV    6.13    08/10/24        CNY     60.47
NANYANG HIGH-TECH DISTRI    6.45    04/29/23        CNY     40.39
NANYANG HIGH-TECH DISTRI    6.45    04/29/23        CNY     40.64
NANZHANG COUNTY CONSTRUC    6.00    01/20/24        CNY     41.36
NANZHANG COUNTY CONSTRUC    6.00    01/20/24        CNY     41.36
NANZHANG COUNTY CONSTRUC    6.58    10/25/24        CNY     60.00
NANZHANG COUNTY CONSTRUC    6.58    10/25/24        CNY     62.96
NEIJIANG CITY XINGYUAN I    4.28    08/16/23        CNY     39.67
NEIJIANG CITY XINGYUAN I    4.28    08/16/23        CNY     39.69
NEIJIANG STATE-OWNED ASS    6.20    04/12/23        CNY     39.91
NEIJIANG STATE-OWNED ASS    6.20    04/12/23        CNY     39.94
NEIJINAG CONSTRUCTION EN    5.03    12/25/22        CNY     16.36
NEIJINAG CONSTRUCTION EN    5.03    12/25/22        CNY     19.64
NEOGLORY HOLDING GROUP C    8.10    11/23/18        CNY     72.00
NEOGLORY HOLDING GROUP C    8.00    09/25/20        CNY     60.00
NEOGLORY HOLDING GROUP C    8.00    10/22/20        CNY     56.00
NINGBO FENGHUA INVESTMEN    4.58    03/28/22        CNY     50.07
NINGBO FENGHUA INVESTMEN    4.58    03/28/22        CNY     50.10
NINGBO MEISHAN ISLAND DE    6.27    03/23/22        CNY     20.06
NINGBO MEISHAN ISLAND DE    6.27    03/23/22        CNY     28.29
NINGGUO CITY STATE OWNED    7.14    08/07/24        CNY     60.80
NINGGUO CITY STATE OWNED    7.14    08/07/24        CNY     61.50
NINGGUO CITY STATE OWNED    4.89    10/15/27        CNY     73.06
NINGXIA SHENG YAN INDUST    7.50    09/27/23        CNY     42.45
NINGXIANG CITY CONSTRUCT    6.00    06/02/26        CNY     73.69
NINGXIANG ECONOMIC TECHN    3.87    01/27/23        CNY     20.00
NINGXIANG ECONOMIC TECHN    3.87    01/27/23        CNY     20.13
NINGXIANG STATE-OWNED AS    4.89    06/03/23        CNY     39.92
NINGXIANG STATE-OWNED AS    4.89    06/03/23        CNY     40.11
NINGXIANG STATE-OWNED AS    3.88    11/02/23        CNY     39.48
NINGXIANG STATE-OWNED AS    3.88    11/02/23        CNY     40.08
ONE BELT ONE ROAD JIANGS    4.70    07/15/23        CNY     40.45
ONE BELT ONE ROAD JIANGS    4.70    07/15/23        CNY     40.71
PANJIN WATER GROUP CO LT    5.18    10/28/23        CNY     39.37
PANZHIHUA STATE OWNED AS    8.18    03/13/22        CNY     20.04
PANZHIHUA STATE OWNED AS    8.18    03/13/22        CNY     20.19
PEIXIAN CITY INVESTMENT     5.20    11/10/22        CNY     20.00
PEIXIAN CITY INVESTMENT     5.20    11/10/22        CNY     20.10
PEIXIAN STATE-OWNED ASSE    5.98    07/19/24        CNY     60.00
PEIXIAN STATE-OWNED ASSE    5.98    07/19/24        CNY     61.17
PEKING UNIVERSITY FOUNDE    6.20    05/31/20        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.15    07/23/20        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.30    09/12/20        CNY     11.00
PEKING UNIVERSITY FOUNDE    4.80    07/26/21        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.10    08/22/21        CNY     11.00
PEKING UNIVERSITY FOUNDE    5.99    11/02/21        CNY     11.00
PEKING UNIVERSITY FOUNDE    5.80    01/28/22        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.68    08/09/23        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.50    11/16/23        CNY     11.00
PEKING UNIVERSITY FOUNDE    6.30    03/04/24        CNY     11.00
PENGSHAN DEVELOPMENT HOL    7.00    09/05/24        CNY     60.00
PENGSHAN DEVELOPMENT HOL    7.00    09/05/24        CNY     63.16
PENGSHAN DEVELOPMENT HOL    7.98    05/03/25        CNY     71.81
PENGZHOU STATE-PENGZHOU     3.95    10/20/23        CNY     37.83
PINGHU CITY INVESTMENT D    5.13    04/29/23        CNY     40.57
PINGHU CITY INVESTMENT D    5.13    04/29/23        CNY     40.58
PINGJIANG COUNTY WATER S    6.64    06/27/26        CNY     73.05
PINGLIANG CULTURAL & TOU    6.85    11/30/22        CNY     19.19
PINGLIANG CULTURAL & TOU    6.85    11/30/22        CNY     20.08
PINGTAN COMPREHENSIVE PI    3.92    01/29/23        CNY     20.10
PINGXIANG CHANGXING INVE    5.26    04/11/23        CNY     39.78
PINGXIANG CHANGXING INVE    5.26    04/11/23        CNY     40.04
PINGXIANG HUIFENG INVEST    5.79    09/21/24        CNY     61.40
PINGXIANG HUIFENG INVEST    5.79    09/21/24        CNY     61.40
PINGYANG STATE-OWNED ASS    4.97    01/08/23        CNY     20.00
PINGYANG STATE-OWNED ASS    4.97    01/08/23        CNY     20.26
PIZHOU ECONOMIC DEVELOPM    5.00    10/29/22        CNY     20.00
PIZHOU ECONOMIC DEVELOPM    5.00    10/29/22        CNY     20.03
PIZHOU ECONOMIC DEVELOPM    6.66    09/19/24        CNY     60.29
PIZHOU ECONOMIC DEVELOPM    6.66    09/19/24        CNY     61.00
POYANG INVESTMENT & DEVE    6.53    08/08/24        CNY     60.00
POYANG INVESTMENT & DEVE    6.53    08/08/24        CNY     61.60
PUCHENG INVESTMENT DEVEL    6.57    08/10/24        CNY     60.00
PUCHENG INVESTMENT DEVEL    6.57    08/10/24        CNY     61.32
PUDING YELANG STATE-OWNE    7.79    11/13/24        CNY     59.35
PUDING YELANG STATE-OWNE    8.00    03/13/25        CNY     74.25
PUTIAN HIGH TECHNOLOGY I    5.90    05/03/22        CNY     25.12
PUTIAN HIGH TECHNOLOGY I    5.90    05/03/22        CNY     25.15
PUYANG INVESTMENT GROUP     5.18    08/17/24        CNY     61.60
PUYANG INVESTMENT GROUP     5.18    08/17/24        CNY     61.67
QIANAN XINGYUAN WATER IN    6.25    04/22/22        CNY     20.06
QIANAN XINGYUAN WATER IN    6.25    04/22/22        CNY     20.10
QIANDONGNAN TRANSPORTATI    5.79    12/21/22        CNY     18.57
QIANDONGNAN TRANSPORTATI    5.79    12/21/22        CNY     19.10
QIANDONGNANZHOU KAIHONG     5.30    09/22/26        CNY     51.71
QIANDONGNANZHOU KAIHONG     5.30    09/22/26        CNY     55.52
QIANJIANG URBAN CONSTRUC    5.19    12/21/22        CNY     19.93
QIANJIANG URBAN CONSTRUC    5.19    12/21/22        CNY     20.00
QIANNAN AUTONOMOUS PREFE    6.99    04/19/24        CNY     55.14
QIANNAN AUTONOMOUS PREFE    6.99    04/19/24        CNY     57.95
QIANNAN AUTONOMOUS PREFE    6.98    07/06/24        CNY     55.29
QIANNAN AUTONOMOUS PREFE    6.98    07/06/24        CNY     57.58
QIANNANZHOU INVESTMENT C    6.43    03/09/22        CNY     19.89
QIANNANZHOU INVESTMENT C    6.43    03/09/22        CNY     19.97
QIANNANZHOU INVESTMENT C    6.77    07/28/24        CNY     52.07
QIANSHAN CITY QIANRUN IN    6.98    01/19/25        CNY     60.00
QIANSHAN CITY QIANRUN IN    6.98    01/19/25        CNY     64.05
QIANXINAN AUTONOMOUS REG    5.90    06/22/23        CNY     37.41
QIANXINAN AUTONOMOUS REG    5.90    06/22/23        CNY     40.24
QICHUN COUNTY CONSTRUCTI    4.96    10/18/23        CNY     39.67
QICHUN COUNTY CONSTRUCTI    4.96    10/18/23        CNY     40.06
QIDONG STATE-OWNED ASSET    7.30    11/20/22        CNY     15.01
QIDONG STATE-OWNED ASSET    7.30    11/20/22        CNY     15.46
QIDONG STATE-OWNED ASSET    4.00    03/09/23        CNY     40.22
QIDONG STATE-OWNED ASSET    4.00    03/09/23        CNY     40.30
QIDONG URBAN CONSTRUCTIO    5.25    08/16/24        CNY     61.70
QIHE CITY OPERATION CONS    5.10    03/07/23        CNY     39.72
QIHE CITY OPERATION CONS    5.10    03/07/23        CNY     39.98
QINGDAO CHANGYANG INVEST    3.73    09/12/23        CNY     39.74
QINGDAO CHANGYANG INVEST    3.73    09/12/23        CNY     39.83
QINGDAO CONSON DEVELOPME    6.40    12/12/22        CNY     15.42
QINGDAO CONSON DEVELOPME    6.40    12/12/22        CNY     15.63
QINGDAO HAIFA STATE-OWNE    4.26    06/06/23        CNY     40.09
QINGDAO HAIFA STATE-OWNE    4.26    06/06/23        CNY     40.29
QINGDAO JIMO DISTRICT UR    5.35    07/10/24        CNY     61.00
QINGDAO JIMO DISTRICT UR    5.35    07/10/24        CNY     61.67
QINGDAO OCEAN INVESTMENT    4.36    05/12/23        CNY     40.24
QINGDAO OCEAN INVESTMENT    4.36    05/12/23        CNY     40.28
QINGDAO SHAOHAI INVESTME    6.47    10/31/24        CNY     60.62
QINGDAO SHAOHAI INVESTME    6.47    10/31/24        CNY     61.45
QINGHAI PROVINCIAL INVES    7.25    02/22/20        USD     34.74
QINGHAI PROVINCIAL INVES    7.88    03/22/21        USD     35.28
QINGHAI PROVINCIAL INVES    6.40    07/10/21        USD     35.88
QINGHAI STATE-OWNED ASSE    5.90    12/17/22        CNY     83.30
QINGZHOU CITY CONSTRUCTI    6.40    07/10/24        CNY     58.22
QINGZHOU CITY CONSTRUCTI    6.40    07/10/24        CNY     60.00
QINGZHOU CITY CONSTRUCTI    6.80    08/25/24        CNY     58.89
QINHUANGDAO CITY DEVELOP    4.69    04/14/23        CNY     39.97
QINHUANGDAO CITY DEVELOP    4.69    04/14/23        CNY     40.42
QINHUANGDAO DEVELOPMENT     4.07    08/26/23        CNY     39.34
QINHUANGDAO DEVELOPMENT     4.07    08/26/23        CNY     39.60
QIONGLAI CITY CONSTRUCTI    6.98    03/25/22        CNY     20.07
QIONGLAI CITY CONSTRUCTI    6.98    03/25/22        CNY     20.80
QUANJIAO URBAN INFRASTRU    5.10    05/18/23        CNY     40.26
QUANJIAO URBAN INFRASTRU    5.10    05/18/23        CNY     40.26
QUJING CITY QILIN DISTRI    5.37    11/26/22        CNY     19.79
QUJING CITY QILIN DISTRI    5.37    11/26/22        CNY     21.95
QUJING ECO TECH DEVELOPM    5.75    06/01/23        CNY     39.54
QUJING ECO TECH DEVELOPM    5.75    06/01/23        CNY     40.18
RENHUAI CITY DEVELOPMENT    5.12    04/14/23        CNY     39.04
RENHUAI CITY DEVELOPMENT    5.12    04/14/23        CNY     39.05
RENQIU CONSTRUCTION INVE    5.68    11/18/22        CNY     20.14
RENQIU CONSTRUCTION INVE    5.68    11/18/22        CNY     20.43
RENSHOU DEVELOPMENT OF I    6.42    12/22/22        CNY     20.00
RENSHOU DEVELOPMENT OF I    6.42    12/22/22        CNY     20.10
REWARD SCIENCE AND TECHN    5.53    07/05/21        CNY     29.10
REWARD SCIENCE AND TECHN    6.40    03/03/22        CNY     70.00
RIZHAO CITY CONSTRUCTION    3.98    12/07/22        CNY     20.08
RIZHAO CITY CONSTRUCTION    3.98    12/07/22        CNY     20.10
RONGXIN FUJIAN INVESTMEN    6.45    07/03/23        CNY     46.52
RONGXIN FUJIAN INVESTMEN    5.60    07/27/24        CNY     43.00
RONGXIN FUJIAN INVESTMEN    5.42    08/19/24        CNY     43.00
RUCHENG COUNTY URBAN CON    5.69    02/23/24        CNY     71.81
RUCHENG COUNTY URBAN CON    5.69    02/23/24        CNY     71.81
RUDONG COUNTY JINXIN TRA    4.57    07/26/23        CNY     40.16
RUDONG COUNTY JINXIN TRA    3.80    07/26/23        CNY     40.20
RUDONG COUNTY JINXIN TRA    3.80    07/26/23        CNY     40.32
RUDONG COUNTY JINXIN TRA    4.57    07/26/23        CNY     40.43
RUDONG COUNTY KAITAI CIT    4.57    01/08/23        CNY     20.28
RUDONG NEW WORLD INVESTM    4.37    07/18/23        CNY     39.81
RUDONG NEW WORLD INVESTM    4.37    07/18/23        CNY     39.88
RUGAO ECONOMIC & TRADE D    3.95    03/24/23        CNY     40.18
RUGAO ECONOMIC & TRADE D    3.95    03/24/23        CNY     40.23
RUGAO TRAFFIC INDUSTRY G    3.74    03/23/23        CNY     40.13
RUIAN STATE OWNED ASSET     4.56    01/27/23        CNY     20.17
RUIAN STATE OWNED ASSET     4.56    01/27/23        CNY     20.25
RUICHANG CITY INVESTMENT    5.68    03/25/23        CNY     39.92
RUICHANG CITY INVESTMENT    5.50    06/17/23        CNY     39.36
RUIJIN URBAN DEVELOPMENT    4.13    09/06/23        CNY     39.92
RUIJIN URBAN DEVELOPMENT    4.13    09/06/23        CNY     39.98
RUZHOU CITY XINYUAN INVE    4.43    09/26/23        CNY     38.03
RUZHOU CITY XINYUAN INVE    4.43    09/26/23        CNY     38.69
SANMEN COUNTY STATE-OWNE    6.80    03/18/22        CNY     20.06
SANMEN COUNTY STATE-OWNE    6.80    03/18/22        CNY     20.20
SANMING STATE-OWNED ASSE    5.10    04/17/24        CNY     61.35
SANMING TRANSPORTATION C    3.68    03/29/23        CNY     40.12
SHAANXI XIXIAN NEW AREA     5.10    06/06/23        CNY     39.94
SHAANXI XIXIAN NEW AREA     5.10    06/06/23        CNY     40.01
SHAANXI XIXIAN NEW AREA     7.10    08/23/24        CNY     61.28
SHAANXI XIXIAN NEW AREA     7.10    08/23/24        CNY     61.75
SHAANXI XIXIAN NEW AREA     6.67    08/23/24        CNY     59.40
SHAANXI XIXIAN NEW AREA     6.67    08/23/24        CNY     59.46
SHAANXI XIXIAN NEW AREA     5.15    11/27/22        CNY     19.94
SHAANXI XIXIAN NEW AREA     5.15    11/27/22        CNY     21.01
SHANDONG GAOCHUANG CONST    6.05    06/18/22        CNY     20.12
SHANDONG GAOCHUANG CONST    6.05    06/18/22        CNY     22.45
SHANDONG RUYI TECHNOLOGY    7.90    09/18/23        CNY     52.10
SHANDONG TENGJIAN INVEST    6.00    06/08/22        CNY     20.00
SHANDONG TENGJIAN INVEST    6.00    06/08/22        CNY     20.10
SHANGHAI MINHANG URBAN C    5.63    04/20/22        CNY     20.12
SHANGHAI MINHANG URBAN C    5.63    04/20/22        CNY     20.48
SHANGHAI MUNICIPAL INVES    4.80    11/05/24        CNY     46.04
SHANGHAI MUNICIPAL INVES    4.80    11/05/24        CNY     46.11
SHANGHAI SHIMAO CO LTD      3.76    07/07/22        CNY     72.00
SHANGHAI SHIMAO CO LTD      3.94    09/24/22        CNY     61.00
SHANGHAI SHIMAO CO LTD      4.24    10/21/22        CNY     57.94
SHANGHAI SHIMAO CO LTD      4.12    01/09/23        CNY     46.80
SHANGHAI SHIMAO CO LTD      3.60    03/05/23        CNY     58.02
SHANGHAI SHIMAO CO LTD      5.15    03/16/23        CNY     55.97
SHANGHAI SHIMAO CO LTD      5.50    05/06/23        CNY     52.50
SHANGHAI SHIMAO JIANSHE     4.15    10/16/22        CNY     49.00
SHANGHAI SHIMAO JIANSHE     4.30    09/19/24        CNY     50.00
SHANGHAI SHIMAO JIANSHE     4.30    11/11/24        CNY     47.01
SHANGHAI SHIMAO JIANSHE     3.23    03/25/25        CNY     45.00
SHANGHAI SHIMAO JIANSHE     3.90    08/27/25        CNY     42.10
SHANGHAI URBAN CONSTRUCT    3.50    01/06/23        CNY     20.08
SHANGHAI URBAN CONSTRUCT    3.50    01/06/23        CNY     20.09
SHANGRAO CITY STATE-OWNE    4.65    01/29/23        CNY     20.12
SHANGRAO CITY STATE-OWNE    4.65    01/29/23        CNY     20.25
SHANTOU CITY CONSTRUCTIO    8.57    03/23/22        CNY     15.09
SHANTOU INVESTMENT HOLDI    7.99    03/04/24        CNY     47.27
SHANTOU INVESTMENT HOLDI    7.99    03/04/24        CNY     47.32
SHANWEI INVESTMENT HOLDI    5.68    11/09/24        CNY     62.37
SHANXI INTERNATIONAL ELE    5.88    05/24/22        CNY     29.40
SHAODONG NEW AREA DEVELO    7.10    04/19/24        CNY     61.97
SHAODONG NEW AREA DEVELO    7.10    04/19/24        CNY     61.98
SHAOGUAN URBAN INVESTMEN    3.67    10/25/24        CNY     55.57
SHAOGUAN URBAN INVESTMEN    3.67    10/25/24        CNY     55.59
SHAOWU URBAN CONSTRUCTIO    5.88    09/11/22        CNY     20.09
SHAOWU URBAN CONSTRUCTIO    5.88    09/11/22        CNY     23.39
SHAOXING CHENGZHONGCUN R    6.09    04/27/22        CNY     20.10
SHAOXING CITY INVESTMENT    5.75    04/17/22        CNY     20.10
SHAOXING CITY INVESTMENT    5.75    04/17/22        CNY     28.00
SHAOXING JINGHU DEVELOPM    6.13    04/30/22        CNY     19.13
SHAOXING JINGHU DEVELOPM    6.13    04/30/22        CNY     20.10
SHAOXING KEQIAO CITY CON    3.64    09/19/23        CNY     40.19
SHAOXING KEQIAO CITY CON    3.64    09/19/23        CNY     40.20
SHAOXING KEQIAO CITY CON    5.74    08/03/24        CNY     60.00
SHAOXING KEQIAO CITY CON    5.74    08/03/24        CNY     62.00
SHAOXING KEYAN CONSTRUCT    6.28    03/24/22        CNY     20.00
SHAOXING KEYAN CONSTRUCT    6.28    03/24/22        CNY     20.03
SHAOXING SHANGYU ECONOMI    4.76    04/11/23        CNY     40.28
SHAOXING SHANGYU ECONOMI    4.76    04/11/23        CNY     40.36
SHAOYANG BAOQING INDUSTR    5.78    07/04/26        CNY     69.13
SHAOYANG CITY CONSTRUCTI    5.98    09/01/24        CNY     60.00
SHAOYANG CITY CONSTRUCTI    5.98    09/01/24        CNY     60.46
SHAOYANG DULIANG INVESTM    5.50    04/13/23        CNY     39.35
SHAOYANG DULIANG INVESTM    5.50    04/13/23        CNY     40.09
SHEHONG STATE OWNED ASSE    7.30    12/14/24        CNY     60.00
SHEHONG STATE OWNED ASSE    7.30    12/14/24        CNY     62.70
SHEHONG STATE OWNED ASSE    7.50    08/22/25        CNY     66.01
SHEHONG STATE OWNED ASSE    7.60    10/22/25        CNY     66.53
SHENGZHOU INVESTMENT HOL    5.35    07/20/24        CNY     61.70
SHENGZHOU INVESTMENT HOL    5.35    07/20/24        CNY     61.83
SHENYANG DADONG STATE-OW    6.05    03/20/22        CNY     20.00
SHENYANG DADONG STATE-OW    6.05    03/20/22        CNY     20.04
SHENYANG ECONOMIC AFFORD    7.17    04/29/22        CNY     20.15
SHENYANG ECONOMIC AFFORD    7.17    04/29/22        CNY     20.15
SHENZHEN METRO GROUP CO     5.40    03/25/23        CNY     30.50
SHENZHEN METRO GROUP CO     5.40    03/25/23        CNY     30.50
SHENZHEN METRO GROUP CO     6.75    01/24/24        CNY     31.68
SHENZHEN METRO GROUP CO     6.75    01/24/24        CNY     31.79
SHEYANG URBAN CONSTRUCTI    7.80    11/27/24        CNY     61.01
SHEYANG URBAN CONSTRUCTI    7.80    11/27/24        CNY     61.12
SHIFANG CITY NATIONAL OW    8.00    12/05/25        CNY     69.57
SHIJIAZHUANG HUTUO NEW D    5.28    12/24/25        CNY     45.00
SHIJIAZHUANG HUTUO NEW D    5.28    12/24/25        CNY     46.81
SHIJIAZHUANG STATE-OWNED    5.75    04/09/22        CNY     20.06
SHIJIAZHUANG STATE-OWNED    5.75    04/09/22        CNY     27.20
SHISHI CITY CONSTRUCTION    6.10    05/04/22        CNY     20.14
SHISHOU BOYA CITY CONSTR    6.98    06/15/24        CNY     62.08
SHIYAN ECO DEVELOPMENT Z    3.98    08/05/23        CNY     39.58
SHIYAN ECO DEVELOPMENT Z    3.98    08/05/23        CNY     39.70
SHIYAN HANJIANG STAR CON    6.40    07/10/24        CNY     61.39
SHIYAN STATE-OWNED CAPIT    4.88    01/11/26        CNY     60.36
SHIYAN STATE-OWNED CAPIT    4.88    01/11/26        CNY     62.11
SHIZHU TUJIA HONGSHENG E    7.00    11/13/24        CNY     48.00
SHIZHU TUJIA HONGSHENG E    7.00    11/13/24        CNY     62.75
SHOU COUNTY STATE-OWNED     6.20    10/13/24        CNY     60.00
SHOU COUNTY STATE-OWNED     6.20    10/13/24        CNY     60.98
SHUCHENG COUNTY URBAN CO    5.50    04/29/23        CNY     40.08
SHUCHENG COUNTY URBAN CO    5.50    04/29/23        CNY     40.62
SHUYANG JINGYUAN ASSET O    5.49    09/11/22        CNY     20.19
SHUYANG JINGYUAN ASSET O    5.49    09/11/22        CNY     20.20
SICHUAN CHENG'A DEVELOPM    7.25    01/28/24        CNY     73.09
SICHUAN CHENG'A DEVELOPM    7.50    11/06/24        CNY     60.00
SICHUAN CHENG'A DEVELOPM    7.50    11/06/24        CNY     62.87
SICHUAN CHENG'A DEVELOPM    7.50    11/29/24        CNY     60.00
SICHUAN CHENG'A DEVELOPM    7.50    11/29/24        CNY     63.76
SICHUAN COAL GASIFICATIO    7.00    04/18/23        CNY     40.47
SICHUAN COAL INDUSTRY GR    7.70    01/09/18        CNY     45.00
SICHUAN JINCAI JINXIN IN    7.08    07/31/24        CNY     60.77
SICHUAN JINCAI JINXIN IN    7.08    07/31/24        CNY     61.70
SICHUAN LANGUANG DEVELOP    7.50    07/11/21        CNY     12.63
SICHUAN LANGUANG DEVELOP    6.50    07/29/21        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.50    08/12/21        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.40    09/14/21        CNY     30.45
SICHUAN LANGUANG DEVELOP    7.50    07/23/22        CNY     42.00
SICHUAN LANGUANG DEVELOP    7.00    09/29/22        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.00    10/26/22        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.50    11/22/22        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.20    03/11/23        CNY     12.63
SICHUAN LANGUANG DEVELOP    7.15    03/16/23        CNY     24.00
SICHUAN LANGUANG DEVELOP    7.20    05/11/23        CNY     12.63
SICHUAN LANGZHONG FAMOUS    5.60    04/19/23        CNY     40.02
SICHUAN LANGZHONG FAMOUS    5.60    04/19/23        CNY     40.12
SICHUAN LONGYANG TIANFU     5.45    05/27/23        CNY     40.03
SICHUAN LONGYANG TIANFU     5.45    05/27/23        CNY     40.04
SICHUAN NAXING INDUSTRIA    6.80    08/18/22        CNY     25.34
SICHUAN NAXING INDUSTRIA    4.68    03/31/23        CNY     39.54
SICHUAN NAXING INDUSTRIA    4.68    03/31/23        CNY     39.69
SICHUAN QINBA NEWCITY IN    6.68    07/07/24        CNY     59.51
SICHUAN QINBA NEWCITY IN    6.68    07/07/24        CNY     60.00
SICHUAN QINBA NEWCITY IN    6.91    07/25/24        CNY     53.50
SICHUAN QINBA NEWCITY IN    6.91    07/25/24        CNY     59.62
SICHUAN RENSHOU XINLONG     7.00    06/27/24        CNY     62.18
SICHUAN TIANYIN INDUSTRI    6.79    03/25/22        CNY     20.06
SICHUAN TIANYIN INDUSTRI    6.79    03/25/22        CNY     28.00
SIHONG COUNTY HONG YUAN     6.15    03/16/22        CNY     20.05
SIHONG COUNTY HONG YUAN     6.15    03/16/22        CNY     20.35
SIHUI STATE OWNED ASSETS    4.59    01/14/23        CNY     20.14
SIHUI STATE OWNED ASSETS    4.59    01/14/23        CNY     20.15
SIYANG COUNTY MINKANG RU    4.94    01/21/23        CNY     20.33
SIYANG COUNTY MINKANG RU    4.94    01/21/23        CNY     20.56
SIYANG COUNTY MINKANG RU    7.40    07/31/24        CNY     62.62
SIYANG COUNTY MINKANG RU    7.40    07/31/24        CNY     62.63
SUINING COUNTY RUNQI INV    5.42    11/20/22        CNY     20.00
SUINING COUNTY RUNQI INV    5.42    11/20/22        CNY     20.18
SUINING COUNTY RUNQI INV    6.78    11/02/24        CNY     59.70
SUINING COUNTY RUNQI INV    6.78    11/02/24        CNY     61.79
SUINING FUYUAN INDUSTRY     6.39    03/17/22        CNY     19.95
SUINING FUYUAN INDUSTRY     6.39    03/17/22        CNY     24.18
SUINING FUYUAN INDUSTRY     5.34    12/02/23        CNY     39.74
SUINING FUYUAN INDUSTRY     5.34    12/02/23        CNY     40.15
SUINING KAIDA INVESTMENT    4.89    04/08/23        CNY     38.95
SUINING KAIDA INVESTMENT    4.89    04/08/23        CNY     39.13
SUINING ROUGANG INVESTME    5.65    01/24/24        CNY     40.30
SUINING ROUGANG INVESTME    6.80    08/02/24        CNY     61.47
SUINING ROUGANG INVESTME    6.80    08/02/24        CNY     61.48
SUINING TIANTAI INDUSTRI    5.98    03/28/24        CNY     60.77
SUINING TIANTAI INDUSTRI    5.98    03/28/24        CNY     61.16
SUINING TIANTAI INDUSTRI    6.80    11/01/24        CNY     75.00
SUIZHOU DEVELOPMENT INVE    5.70    04/07/24        CNY     60.42
SUIZHOU DEVELOPMENT INVE    5.70    04/07/24        CNY     60.77
SUIZHOU DEVELOPMENT INVE    5.97    09/15/24        CNY     60.00
SUIZHOU DEVELOPMENT INVE    5.97    09/15/24        CNY     61.06
SUIZHOU HIGH-TECH INDUST    4.47    03/25/23        CNY     40.07
SUIZHOU HIGH-TECH INDUST    4.47    03/25/23        CNY     40.07
SUIZHOU YULONG WATER SUP    6.10    03/28/23        CNY     42.95
SUNAC REAL ESTATE GROUP     6.80    01/19/25        CNY     69.52
SUNAC REAL ESTATE GROUP     7.00    04/02/25        CNY     64.71
SUNAC REAL ESTATE GROUP     5.60    05/27/25        CNY     64.50
SUQIAN CITY CONSTRUCTION    5.30    07/11/24        CNY     61.73
SUQIAN CITY CONSTRUCTION    5.30    07/11/24        CNY     61.80
SUQIAN CITY CONSTRUCTION    6.44    12/26/24        CNY     60.00
SUQIAN CITY CONSTRUCTION    6.44    12/26/24        CNY     63.47
SUQIAN ECONOMIC DEVELOPM    5.40    04/20/24        CNY     61.61
SUQIAN ECONOMIC DEVELOPM    5.40    04/20/24        CNY     61.88
SUQIAN HUBIN XINCHENG IN    6.85    08/02/24        CNY     56.00
SUQIAN HUBIN XINCHENG IN    6.85    08/02/24        CNY     56.33
SUQIAN HUBIN XINCHENG IN    6.93    08/25/24        CNY     55.80
SUQIAN HUBIN XINCHENG IN    6.93    08/25/24        CNY     57.01
SUQIAN YUFENG ASSET MANA    5.50    04/21/24        CNY     60.86
SUQIAN YUFENG ASSET MANA    5.50    04/21/24        CNY     64.26
SUZHOU CITY CONSTRUCTION    3.89    03/24/23        CNY     40.14
SUZHOU CITY CONSTRUCTION    3.89    03/24/23        CNY     40.24
SUZHOU CITY HENGCHENG CO    4.40    03/01/23        CNY     40.19
SUZHOU CITY HENGCHENG CO    4.40    03/01/23        CNY     40.31
SUZHOU MAANSHAN INVESTME    6.10    08/03/24        CNY     61.74
SUZHOU MAANSHAN INVESTME    6.10    08/03/24        CNY     62.38
SUZHOU NEW & HIGH-TECH I    4.18    03/23/23        CNY     39.86
SUZHOU NEW & HIGH-TECH I    4.18    03/23/23        CNY     40.12
SUZHOU NEW AREA CONSTRUC    5.98    08/04/24        CNY     60.00
SUZHOU NEW AREA CONSTRUC    5.98    08/04/24        CNY     60.88
SUZHOU WUJIANG COMMUNICA    3.75    05/26/23        CNY     52.74
SUZHOU WUJIANG DISTRICT     5.25    07/08/22        CNY     20.20
SUZHOU WUZHONG CITY CONS    5.90    11/06/24        CNY     60.00
SUZHOU WUZHONG CITY CONS    5.90    11/06/24        CNY     60.93
SUZHOU WUZHONG CITY CONS    6.50    02/01/25        CNY     60.00
SUZHOU WUZHONG CITY CONS    6.50    02/01/25        CNY     63.53
TAHOE GROUP CO LTD          7.50    07/05/20        CNY     20.50
TAHOE GROUP CO LTD          7.50    09/08/20        CNY     20.70
TAIAN TAISHAN HOLDINGS C    5.50    04/26/23        CNY     40.04
TAIAN TAISHAN HOLDINGS C    5.50    04/26/23        CNY     40.10
TAICANG SCIENCE EDUCATIO    5.54    08/28/22        CNY     20.29
TAICANG SCIENCE EDUCATIO    5.54    08/28/22        CNY     24.60
TAIHE STATE OWN ASSET IN    5.87    08/07/24        CNY     60.71
TAIHE STATE OWN ASSET IN    5.87    08/07/24        CNY     63.35
TAIXING HONGQIAO PARK IN    5.03    10/29/22        CNY     19.60
TAIXING HONGQIAO PARK IN    5.03    10/29/22        CNY     19.83
TAIZHOU CITY CONSTRUCTIO    6.92    10/16/23        CNY     31.35
TAIZHOU CITY HUANGYAN DI    6.10    08/01/24        CNY     62.31
TAIZHOU CITY HUANGYAN DI    6.10    08/01/24        CNY     63.60
TAIZHOU CITY HUANGYAN DI    6.22    09/14/24        CNY     62.65
TAIZHOU FENGCHENGHE CONS    7.90    12/29/24        CNY     60.00
TAIZHOU FENGCHENGHE CONS    7.90    12/29/24        CNY     64.77
TAIZHOU GAOGANG HI-TECH     5.54    06/22/24        CNY     61.78
TAIZHOU GAOGANG HI-TECH     5.54    06/22/24        CNY     63.70
TAIZHOU HAILING CITY DEV    4.60    12/14/22        CNY     20.23
TAIZHOU JIAOJIANG STATE     6.18    07/06/22        CNY     20.22
TAIZHOU JIAOJIANG STATE     6.18    07/06/22        CNY     24.00
TAIZHOU JINDONG URBAN CO    5.10    06/02/23        CNY     40.23
TAIZHOU JINDONG URBAN CO    5.10    06/02/23        CNY     40.31
TAIZHOU XINTAI GROUP CO     4.07    03/23/23        CNY     40.14
TAIZHOU XINTAI GROUP CO     4.07    03/23/23        CNY     40.29
TANGSHAN FINANCIAL HOLDI    7.60    05/16/25        CNY     72.01
TAOYUAN COUNTY ECONOMIC     7.00    12/08/24        CNY     60.00
TAOYUAN COUNTY ECONOMIC     7.00    12/08/24        CNY     63.83
TIANCHANG CITY CONSTRUCT    4.99    12/05/23        CNY     40.11
TIANJIN BOHAI STATE-OWNE    3.82    04/18/23        CNY     38.72
TIANJIN BOHAI STATE-OWNE    3.82    04/18/23        CNY     38.97
TIANJIN BOHAI STATE-OWNE    4.10    04/18/26        CNY     70.00
TIANJIN BOHAI STATE-OWNE    4.10    04/18/26        CNY     70.51
TIANJIN DONGLI CITY INFR    4.28    12/02/22        CNY     20.21
TIANJIN ECONOMIC TECHNOL    6.50    12/03/22        CNY     14.63
TIANJIN ECONOMIC TECHNOL    6.50    12/03/22        CNY     14.93
TIANJIN GUANGCHENG INVES    6.97    02/22/23        CNY     30.32
TIANJIN HUANCHENG URBAN     5.75    04/27/22        CNY     20.05
TIANJIN HUANCHENG URBAN     5.75    04/27/22        CNY     20.50
TIANJIN INFRASTRUCTURE C    5.70    02/26/23        CNY     29.90
TIANJIN INFRASTRUCTURE C    5.70    02/26/23        CNY     30.38
TIANJIN METRO GROUP CO L    4.27    10/16/25        CNY     60.94
TIANJIN METRO GROUP CO L    4.27    10/16/25        CNY     64.00
TIANJIN NINGHE INVESTMEN    5.50    04/22/23        CNY     39.48
TIANJIN NINGHE INVESTMEN    5.50    04/22/23        CNY     40.37
TIANJIN RAILWAY CONSTRUC    5.58    04/13/25        CNY     59.59
TIANJIN RAILWAY CONSTRUC    5.58    04/13/25        CNY     60.06
TIANJIN REAL ESTATE GROU    4.50    09/29/20        USD     73.82
TIANJIN WUQING STATE-OWN    4.15    11/17/22        CNY     20.13
TIANJIN WUQING STATE-OWN    4.15    11/17/22        CNY     20.13
TIANMEN CITY CONSTRUCTIO    3.98    11/15/23        CNY     39.66
TIANMEN CITY CONSTRUCTIO    3.98    11/15/23        CNY     40.28
TONGCHENG CITY CONSTRUCT    6.60    12/18/24        CNY     60.00
TONGCHENG CITY CONSTRUCT    6.60    12/18/24        CNY     62.48
TONGLING CONSTRUCTION IN    4.12    03/14/23        CNY     40.00
TONGLING CONSTRUCTION IN    4.12    03/14/23        CNY     40.28
TONGLING CONSTRUCTION IN    5.77    07/31/24        CNY     60.00
TONGLING CONSTRUCTION IN    5.77    07/31/24        CNY     61.97
TONGLING CONSTRUCTION IN    5.80    08/16/24        CNY     62.01
TONGLING CONSTRUCTION IN    5.80    08/16/24        CNY     62.07
TSINGHUA HOLDINGS CORP L    4.95    08/08/22        CNY     36.40
TSINGHUA UNIGROUP CO LTD    5.60    11/15/20        CNY     25.50
TSINGHUA UNIGROUP CO LTD    6.20    03/16/21        CNY     25.50
TSINGHUA UNIGROUP CO LTD    6.15    12/26/21        CNY     25.50
TSINGHUA UNIGROUP CO LTD    4.94    03/25/22        CNY     16.55
TSINGHUA UNIGROUP CO LTD    5.85    03/27/22        CNY     16.88
TSINGHUA UNIGROUP CO LTD    6.00    08/14/22        CNY     25.50
TSINGHUA UNIGROUP CO LTD    5.20    12/10/23        CNY     11.65
TSINGHUA UNIGROUP CO LTD    5.11    01/25/24        CNY     13.00
TULUFAN DISTRICT STATE-O    6.20    03/19/22        CNY     20.04
TULUFAN DISTRICT STATE-O    6.20    03/19/22        CNY     20.19
TUNGHSU GROUP CO LTD        6.55    03/13/22        CNY     45.00
ULANQAB CITY INVESTMENT     8.39    04/25/22        CNY     25.17
URUMQI ECO&TECH DEVELOPM    6.40    04/13/22        CNY     20.00
URUMQI ECO&TECH DEVELOPM    6.40    04/13/22        CNY     20.11
WANGCHENG ECONOMIC DEVEL    3.75    07/13/23        CNY     40.26
WANGCHENG ECONOMIC DEVEL    3.75    07/13/23        CNY     40.30
WEICHI HOLDING GROUP CO     6.18    07/24/24        CNY     60.00
WEICHI HOLDING GROUP CO     6.18    07/24/24        CNY     60.93
WEIFANG GONGXIN STATE-OW    5.00    07/13/26        CNY     70.98
WEIFANG GONGXIN STATE-OW    5.00    07/13/26        CNY     70.99
WEIHAI CENTRAL CITY STAT    6.05    11/02/24        CNY     60.00
WEIHAI CENTRAL CITY STAT    6.05    11/02/24        CNY     60.04
WEIHAI CITY SHUANGDAO BA    5.32    04/28/24        CNY     61.30
WEIHAI ECONOMIC TECHNOLO    5.80    08/23/24        CNY     60.00
WEIHAI ECONOMIC TECHNOLO    5.80    08/23/24        CNY     61.39
WEIHAI LANCHUANG CONSTRU    4.80    12/17/22        CNY     19.39
WEIHAI LANCHUANG CONSTRU    4.80    12/17/22        CNY     19.50
WEIHAI URBAN CONSTRUCTIO    3.33    03/02/23        CNY     40.02
WEIHAI URBAN CONSTRUCTIO    3.33    03/02/23        CNY     40.05
WEIHAI WENDENG DISTRICT     3.64    10/26/23        CNY     39.74
WEIHAI WENDENG DISTRICT     3.64    10/26/23        CNY     39.77
WEIHAI WENDENG URBAN PRO    4.80    05/26/23        CNY     39.50
WEIHAI WENDENG URBAN PRO    4.80    05/26/23        CNY     39.90
WEINAN CITY INVESTMENT G    6.09    03/11/22        CNY     20.00
WEINAN CITY INVESTMENT G    6.09    03/11/22        CNY     20.02
WENDENG GOLDEN BEACH INV    3.97    03/21/23        CNY     39.55
WENDENG GOLDEN BEACH INV    3.97    03/21/23        CNY     39.97
WENS FOODSTUFFS GROUP CO    3.26    10/29/30        USD     72.23
WENSHAN URBAN CONSTRUCTI    4.50    09/13/23        CNY     37.22
WENSHAN URBAN CONSTRUCTI    4.50    09/13/23        CNY     39.77
WENZHOU CITY CONSTRUCTIO    4.05    01/25/23        CNY     20.17
WENZHOU CITY CONSTRUCTIO    4.05    01/25/23        CNY     20.25
WENZHOU CITY CONSTRUCTIO    5.00    04/26/23        CNY     40.55
WENZHOU CITY CONSTRUCTIO    5.00    04/26/23        CNY     40.65
WENZHOU GANGCHENG DEVELO    5.19    03/29/23        CNY     40.27
WENZHOU GANGCHENG DEVELO    5.19    03/29/23        CNY     40.28
WENZHOU HIGH-TECH INDUST    5.90    09/18/24        CNY     61.23
WENZHOU MINKE INDUSTRIAL    6.44    07/18/24        CNY     60.00
WENZHOU MINKE INDUSTRIAL    6.44    07/18/24        CNY     61.55
WENZHOU OUHAI NEW CITY C    3.98    10/26/23        CNY     40.35
WENZHOU OUHAI NEW CITY C    3.98    10/26/23        CNY     40.48
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 DISTRI    5.48    04/19/24        CNY     61.43
WUHAN HONGSHAN CITY CONS    5.68    08/10/24        CNY     60.57
WUHAN HONGSHAN CITY CONS    5.68    08/10/24        CNY     62.01
WUHAN HONGSHAN CITY CONS    5.68    10/12/24        CNY     60.58
WUHAN HONGSHAN CITY CONS    5.68    10/12/24        CNY     62.13
WUHAN JIANGXIA URBAN CON    4.80    06/03/23        CNY     40.00
WUHAN JIANGXIA URBAN CON    4.80    06/03/23        CNY     40.46
WUHAN METRO GROUP CO LTD    5.25    04/14/22        CNY     20.08
WUHAN QIAOKOU STATE OWNE    3.48    08/29/23        CNY     38.93
WUHAN QIAOKOU STATE OWNE    3.48    08/29/23        CNY     40.17
WUHAN URBAN CONSTRUCTION    4.99    06/15/24        CNY     75.00
WUHU COMMUNICATIONS INVE    4.50    04/28/23        CNY     40.16
WUHU COMMUNICATIONS INVE    4.50    04/28/23        CNY     40.36
WUHU COMMUNICATIONS INVE    3.58    09/23/23        CNY     39.76
WUHU COMMUNICATIONS INVE    3.58    09/23/23        CNY     40.14
WUHU JINGHU CONSTRUCTION    4.37    07/20/23        CNY     40.27
WUHU JINGHU CONSTRUCTION    4.37    07/20/23        CNY     40.33
WUHU JIUJIANG CONSTRUCTI    3.96    03/21/23        CNY     40.26
WUHU XINMA INVESTMENT CO    4.87    11/04/22        CNY     20.21
WUSHENG CITY INVESTMENT     7.05    11/03/24        CNY     58.40
WUSHENG CITY INVESTMENT     7.05    11/03/24        CNY     60.84
WUXI EAST SCIENCE & TECH    5.73    09/14/24        CNY     60.00
WUXI EAST SCIENCE & TECH    5.73    09/14/24        CNY     62.23
WUXI FOOD SCIENCE PARK D    5.70    09/28/24        CNY     62.24
WUXI HUIKAI ECONOMIC DEV    4.16    04/08/23        CNY     39.83
WUXI HUIKAI ECONOMIC DEV    4.16    04/08/23        CNY     40.27
WUXI TAIHU NEW CITY DEVE    4.49    05/03/23        CNY     40.41
WUXI TAIHU NEW CITY DEVE    3.47    08/29/23        CNY     39.50
WUXI TAIHU NEW CITY DEVE    3.47    08/29/23        CNY     40.09
WUXI XIDONG NEW TOWN CON    3.92    11/09/23        CNY     40.24
WUXI XIDONG NEW TOWN CON    3.92    11/09/23        CNY     40.36
WUYANG CONSTRUCTION GROU    7.80    09/11/20        CNY     32.48
XIAMEN YUZHOU GRAND FUTU    7.50    04/03/24        CNY     39.22
XIAN FENGDONG DEVELOPMEN    4.67    01/08/23        CNY     19.91
XIAN FENGDONG DEVELOPMEN    4.67    01/08/23        CNY     20.00
XI'AN HI-TECH HOLDING CO    6.12    12/27/24        CNY     62.56
XI'AN HI-TECH HOLDING CO    6.12    12/27/24        CNY     62.71
XI'AN PIONEERING PARK DE    6.20    05/02/24        CNY     61.10
XI'AN PIONEERING PARK DE    6.20    05/02/24        CNY     61.90
XIANGCHENG LINGWU URBAN     7.45    11/10/24        CNY     60.00
XIANGCHENG LINGWU URBAN     7.45    11/10/24        CNY     63.18
XIANGSHUI GUANJIANG HOLD    4.98    12/24/22        CNY     18.00
XIANGSHUI GUANJIANG HOLD    4.98    12/24/22        CNY     19.35
XIANGTAN CITY INFRASTRCT    3.60    08/04/23        CNY     37.43
XIANGTAN CITY INFRASTRCT    3.95    08/04/23        CNY     37.53
XIANGTAN CITY INFRASTRCT    3.95    08/04/23        CNY     37.55
XIANGTAN CITY INFRASTRCT    3.60    08/04/23        CNY     38.00
XIANGTAN JIUHUA ECONOMIC    5.00    07/25/26        CNY     64.84
XIANGTAN JIUHUA ECONOMIC    5.00    07/25/26        CNY     70.43
XIANGXIANG CITY DONGSHAN    6.20    08/03/24        CNY     60.47
XIANGXIANG CITY DONGSHAN    6.20    08/03/24        CNY     60.99
XIANGXIANG ECONOMIC DIST    5.28    09/09/23        CNY     38.03
XIANGXIANG ECONOMIC DIST    5.28    09/09/23        CNY     38.04
XIANGXIANG URBAN CONSTRU    5.84    05/18/23        CNY     39.37
XIANGXIANG URBAN CONSTRU    5.84    05/18/23        CNY     40.44
XIANGXIANG URBAN CONSTRU    7.50    10/27/24        CNY     60.00
XIANGXIANG URBAN CONSTRU    7.50    10/27/24        CNY     63.24
XIANGYANG CITY HOUSING I    6.10    12/15/24        CNY     61.00
XIANGYANG CITY HOUSING I    6.10    12/15/24        CNY     62.84
XIANGYANG CITY XIANGZHOU    5.18    04/28/23        CNY     40.29
XIANGYANG CITY XIANGZHOU    5.18    04/28/23        CNY     40.35
XIANGYANG HIGH TECH STAT    6.25    06/12/24        CNY     62.28
XIANGYANG HIGH TECH STAT    6.25    06/12/24        CNY     62.28
XIANGYANG STATE-OWNED CA    4.62    01/25/23        CNY     19.92
XIANGYANG STATE-OWNED CA    4.62    01/25/23        CNY     20.03
XIANGYANG STATE-OWNED CA    6.10    07/19/24        CNY     60.00
XIANGYANG STATE-OWNED CA    6.10    07/19/24        CNY     61.21
XIANNING HIGH-TECH INVES    6.60    06/01/27        CNY     71.90
XIANNING HIGH-TECH INVES    6.60    06/01/27        CNY     72.58
XIANTAO CITY CONSTRUCTIO    4.59    04/18/23        CNY     40.35
XIANTAO CITY CONSTRUCTIO    4.59    04/18/23        CNY     40.40
XIAOCHANG SHUNHE DEVELOP    4.15    10/17/23        CNY     39.26
XIAOXIAN COUNTY DEVELOPM    4.85    06/22/23        CNY     40.50
XIAOXIAN COUNTY DEVELOPM    4.85    06/22/23        CNY     40.58
XINDONGGANG HOLDING GROU    5.53    04/27/23        CNY     39.86
XINDONGGANG HOLDING GROU    5.53    04/27/23        CNY     39.97
XINGAN COUNTY URBAN CONS    5.48    08/03/23        CNY     39.25
XINGAN COUNTY URBAN CONS    5.48    08/03/23        CNY     40.12
XINGAN LEAGUE URBAN DEVE    6.18    12/21/22        CNY     13.36
XINGAN LEAGUE URBAN DEVE    6.18    12/21/22        CNY     13.66
XINGHUA CITY ECONOMIC DE    5.28    06/13/22        CNY     25.03
XINGNING YONGYE INFRASTR    5.99    07/24/24        CNY     61.41
XINGYI XINHENG URBAN CON    5.40    12/16/22        CNY     20.05
XINGYI XINHENG URBAN CON    7.90    01/31/25        CNY     60.00
XINGYI XINHENG URBAN CON    7.90    01/31/25        CNY     60.11
XINJIANG UYGUR AR HAMI C    6.55    10/27/24        CNY     60.00
XINJIANG UYGUR AR HAMI C    6.55    10/27/24        CNY     62.73
XINJIN NEW CITY DEVELOPM    7.30    10/23/24        CNY     60.00
XINJIN NEW CITY DEVELOPM    7.30    10/23/24        CNY     62.31
XINMI CAIYUAN CITY CONST    4.35    02/28/23        CNY     40.11
XINMI CAIYUAN CITY CONST    4.35    02/28/23        CNY     40.17
XINPING URBAN DEVELOPMEN    7.70    01/24/26        CNY     71.20
XINPING URBAN DEVELOPMEN    7.70    01/24/26        CNY     72.47
XINTAI CITY COORDINATING    6.35    03/23/22        CNY     20.04
XINTAI CITY COORDINATING    6.35    03/23/22        CNY     20.75
XINYI CITY INVESTMENT &     4.30    01/19/23        CNY     19.44
XINYI CITY INVESTMENT &     4.30    01/19/23        CNY     20.00
XINYI ECONOMIC DEVELOPME    6.66    09/27/24        CNY     54.50
XINYI ECONOMIC DEVELOPME    6.66    09/27/24        CNY     59.38
XINYI URBAN TRANSPORTATI    5.35    04/24/24        CNY     61.49
XINYI URBAN TRANSPORTATI    5.35    04/24/24        CNY     62.57
XINYU CITY SHANTYTOWN ZO    6.50    11/13/22        CNY     40.43
XINYU CITY YUSHUI DISTRI    7.70    06/24/22        CNY     20.26
XINYU CITY YUSHUI DISTRI    7.70    06/24/22        CNY     20.35
XIPING COUNTY INDUSTRIAL    7.50    12/26/24        CNY     60.00
XIPING COUNTY INDUSTRIAL    7.50    12/26/24        CNY     63.44
XISHUI COUNTY FENGZHU IN    6.52    07/28/24        CNY     61.90
XISHUI COUNTY FENGZHU IN    6.52    07/28/24        CNY     62.50
XIWANG GROUP CO LTD         7.80    12/03/22        CNY     49.94
XUANCHENG STATE-OWNED AS    4.12    04/07/23        CNY     40.24
XUANCHENG STATE-OWNED AS    4.12    04/07/23        CNY     40.26
XUCHANG GENERAL INVESTME    5.74    08/17/24        CNY     62.21
XUZHOU CITY JIAWANG CONS    4.00    03/23/23        CNY     40.11
XUZHOU CITY JIAWANG CONS    4.00    03/23/23        CNY     40.16
XUZHOU CITY TONGSHAN DIS    5.23    09/18/22        CNY     20.00
XUZHOU CITY TONGSHAN DIS    5.23    09/18/22        CNY     20.24
XUZHOU HI-TECH INDUSTRIA    3.78    11/11/23        CNY     40.29
XUZHOU HI-TECH INDUSTRIA    3.78    11/11/23        CNY     40.40
XUZHOU XINSHENG INVESTME    5.13    08/12/22        CNY     20.26
XUZHOU XINSHENG INVESTME    5.13    08/12/22        CNY     24.46
YAN'AN NEW CITY CONSTRUC    5.60    04/21/24        CNY     60.44
YANCHENG GUANDONG ECONOM    6.42    05/16/24        CNY     60.80
YANCHENG GUANDONG ECONOM    6.42    05/16/24        CNY     62.29
YANCHENG HIGH-TECH ZONE     3.90    12/14/22        CNY     20.10
YANCHENG HIGH-TECH ZONE     3.90    12/14/22        CNY     20.13
YANCHENG YANDU DISTRICT     3.67    03/17/23        CNY     39.18
YANCHENG YANDU DISTRICT     3.67    03/17/23        CNY     39.95
YANGJIANG HENGCAI CITY I    6.24    04/14/22        CNY     20.10
YANGJIANG HENGCAI CITY I    6.24    04/14/22        CNY     21.20
YANGO GROUP CO LTD          7.40    03/24/22        CNY     19.00
YANGO GROUP CO LTD          6.90    10/31/22        CNY     18.98
YANGO GROUP CO LTD          6.80    10/28/24        CNY     18.95
YANGXIN TOWN CONSTRUCTIO    6.50    04/26/24        CNY     61.60
YANGXIN TOWN CONSTRUCTIO    6.50    04/26/24        CNY     61.61
YANGZHONG TRANSPORTATION    4.95    04/07/23        CNY     40.10
YANGZHONG TRANSPORTATION    4.95    04/07/23        CNY     40.21
YANGZHONG TRANSPORTATION    4.98    04/07/23        CNY     40.44
YANGZHONG TRANSPORTATION    4.98    04/07/23        CNY     40.52
YANGZHOU ECONOMIC & TECH    5.28    07/06/24        CNY     61.73
YANGZHOU ECONOMIC & TECH    5.28    07/06/24        CNY     62.40
YANGZHOU GUANGLING NEW C    3.62    09/07/23        CNY     39.25
YANGZHOU GUANGLING NEW C    3.62    09/07/23        CNY     39.99
YANGZHOU HANJIANG CONSTR    5.88    06/15/22        CNY     20.19
YANGZHOU HANJIANG CONSTR    5.88    06/15/22        CNY     26.63
YANGZHOU NEW MATERIAL IN    6.80    10/09/24        CNY     60.00
YANGZHOU NEW MATERIAL IN    6.80    10/09/24        CNY     61.27
YI CHENG CONSTRUCTION IN    5.44    04/27/23        CNY     39.82
YI ZHENG CITY DEVELOPMEN    4.63    01/08/23        CNY     20.00
YI ZHENG CITY DEVELOPMEN    4.63    01/08/23        CNY     20.14
YICHANG HIGH-TECH INVEST    4.80    12/15/22        CNY     20.00
YICHANG HIGH-TECH INVEST    4.80    12/15/22        CNY     20.33
YICHANG HIGH-TECH INVEST    3.74    07/21/23        CNY     39.85
YICHANG HIGH-TECH INVEST    3.74    07/21/23        CNY     40.26
YICHANG HIGH-TECH INVEST    6.10    05/18/24        CNY     61.41
YICHANG HIGH-TECH INVEST    6.10    05/18/24        CNY     61.70
YICHANG WUJIA NEW CITY I    6.50    04/20/24        CNY     61.56
YICHANG WUJIA NEW CITY I    6.50    04/20/24        CNY     61.56
YICHUN VENTURE CAPITAL C    6.70    03/23/22        CNY     20.00
YICHUN VENTURE CAPITAL C    6.70    03/23/22        CNY     20.07
YIHUA ENTERPRISE GROUP C    7.00    04/29/22        CNY     54.00
YIHUA LIFESTYLE TECHNOLO    6.88    07/16/20        CNY     35.90
YIHUA LIFESTYLE TECHNOLO    6.88    07/23/20        CNY     35.00
YINGCHENG CITY PUYANG DE    6.50    04/14/24        CNY     60.30
YINGCHENG CITY PUYANG DE    6.50    04/14/24        CNY     61.54
YINGKOU BEIHAI NEW CITY     7.19    07/12/24        CNY     61.56
YINGKOU BEIHAI NEW CITY     7.19    07/12/24        CNY     62.23
YINGKOU BEIHAI NEW CITY     7.98    01/25/25        CNY     60.00
YINGKOU BEIHAI NEW CITY     7.98    01/25/25        CNY     64.12
YINGKOU ECO & TECH DEVEL    5.20    08/05/23        CNY     39.49
YINGKOU ECO & TECH DEVEL    5.20    08/05/23        CNY     39.75
YINGKOU ECO & TECH DEVEL    6.98    04/19/24        CNY     61.03
YINGKOU ECO & TECH DEVEL    6.98    04/19/24        CNY     61.52
YINGKOU LAOBIAN CITY CON    5.63    12/16/22        CNY     20.13
YINGKOU LAOBIAN CITY CON    4.98    03/11/23        CNY     38.14
YINGTAN JUNENG INVESTMEN    6.75    07/31/22        CNY     20.31
YINGTAN JUNENG INVESTMEN    6.75    07/31/22        CNY     21.18
YINGTAN STATE-OWNED ASSE    7.50    12/12/22        CNY     15.52
YINGTAN STATE-OWNED ASSE    7.50    12/12/22        CNY     15.52
YINING CITY STATE OWNED     5.37    09/24/22        CNY     19.40
YINING CITY STATE OWNED     5.37    09/24/22        CNY     19.99
YIWU CITY CONSTRUCTION I    4.31    12/07/22        CNY     20.21
YIWU CITY CONSTRUCTION I    4.31    12/07/22        CNY     20.21
YIWU CITY CONSTRUCTION I    5.48    08/18/24        CNY     60.00
YIWU CITY CONSTRUCTION I    5.48    08/18/24        CNY     61.68
YIXING CITY CONSTRUCTION    6.16    03/30/22        CNY     20.00
YIXING CITY CONSTRUCTION    6.16    03/30/22        CNY     20.06
YIYANG ADVANCED INDUSTRY    7.00    03/30/22        CNY     20.06
YIYANG ADVANCED INDUSTRY    7.00    03/30/22        CNY     28.00
YIYANG PROVINCE AREA INN    4.95    10/13/23        CNY     38.36
YIYANG PROVINCE AREA INN    4.95    10/13/23        CNY     40.55
YIYANG PROVINCE AREA INN    5.16    11/23/23        CNY     37.48
YIYANG PROVINCE AREA INN    5.16    11/23/23        CNY     39.01
YIYUAN HONGDING ASSET OP    7.50    08/17/25        CNY     70.01
YIZHANG XINGYI CONSTRUCT    5.49    09/02/24        CNY     53.42
YIZHANG XINGYI CONSTRUCT    5.49    09/02/24        CNY     54.17
YIZHENG SHI'ERWEI NEW AR    6.77    08/22/24        CNY     60.52
YONG ZHOU CITY DEVELOPME    5.30    07/13/24        CNY     61.15
YONG ZHOU CITY DEVELOPME    5.30    07/13/24        CNY     61.60
YONGCHENG COAL & ELECTRI    7.50    02/02/21        CNY     39.88
YONGXING YINDU INVESTMEN    5.60    03/24/23        CNY     39.49
YONGXING YINDU INVESTMEN    5.60    03/24/23        CNY     39.50
YONGXING YINDU INVESTMEN    6.93    07/07/24        CNY     60.00
YONGXING YINDU INVESTMEN    6.93    07/07/24        CNY     60.19
YONGXING YINDU INVESTMEN    6.50    08/14/24        CNY     60.00
YONGXING YINDU INVESTMEN    6.50    08/14/24        CNY     61.67
YONGZHOU ECONOMIC CONSTR    3.55    01/14/23        CNY     19.72
YONGZHOU ECONOMIC CONSTR    3.55    01/14/23        CNY     20.08
YUANAN COUNTY QIFENG CIT    5.50    05/27/23        CNY     40.23
YUANAN COUNTY QIFENG CIT    5.50    05/27/23        CNY     40.41
YUANLING CHENZHOU INVEST    6.50    09/20/24        CNY     60.00
YUANLING CHENZHOU INVEST    6.50    09/20/24        CNY     62.06
YUANLING CHENZHOU INVEST    6.50    11/30/24        CNY     60.00
YUANLING CHENZHOU INVEST    6.50    11/30/24        CNY     62.30
YUEYANG DONGTING XINCHEN    6.15    03/20/22        CNY     20.02
YUEYANG HUIHUA URBAN INV    5.78    04/18/24        CNY     61.15
YUEYANG HUIHUA URBAN INV    5.78    04/18/24        CNY     61.41
YUEYANG HUIHUA URBAN INV    5.96    07/26/24        CNY     61.71
YUEYANG HUIHUA URBAN INV    5.96    07/26/24        CNY     62.02
YUEYANG URBAN CONSTRUCTI    4.80    01/27/26        CNY     61.98
YUEYANG URBAN CONSTRUCTI    4.80    01/27/26        CNY     61.98
YUEYANG YUNXI CITY CONST    6.00    07/08/23        CNY     38.53
YUEYANG YUNXI CITY CONST    5.18    11/21/23        CNY     39.00
YUHUAN CITY COMMUNICATIO    6.18    03/20/22        CNY     20.04
YUHUAN CITY COMMUNICATIO    6.18    03/20/22        CNY     24.47
YUHUAN CITY CONSTRUCTION    5.10    05/03/23        CNY     40.26
YUHUAN CITY CONSTRUCTION    5.10    05/03/23        CNY     40.50
YUHUAN CITY CONSTRUCTION    3.72    10/21/23        CNY     39.79
YUHUAN CITY CONSTRUCTION    3.72    10/21/23        CNY     40.30
YUNCHENG SHUIHU CITY CON    4.54    11/21/23        CNY     38.45
YUNCHENG SHUIHU CITY CON    4.54    11/21/23        CNY     39.74
YUNCHENG URBAN CONSTRUCT    6.30    08/29/24        CNY     59.04
YUNCHENG URBAN CONSTRUCT    6.30    08/29/24        CNY     59.10
YUZHOU GENERAL INVESTMEN    4.68    01/19/23        CNY     20.00
YUZHOU GENERAL INVESTMEN    4.68    01/19/23        CNY     20.13
ZAOYANG CITY CONSTRUCTIO    5.50    03/22/23        CNY     40.18
ZAOYANG CITY CONSTRUCTIO    5.50    03/22/23        CNY     40.52
ZHANGJIAGANG ECONOMY DEV    3.95    03/22/23        CNY     40.00
ZHANGJIAGANG ECONOMY DEV    3.95    03/22/23        CNY     40.23
ZHANGJIAJIE ECONOMIC DEV    6.47    07/24/27        CNY     73.29
ZHANGQIU STATE OWNED ASS    3.69    08/09/23        CNY     39.64
ZHANGQIU STATE OWNED ASS    3.69    08/09/23        CNY     40.19
ZHANGSHU STATE-OWNED ASS    4.80    06/22/23        CNY     40.39
ZHANGSHU STATE-OWNED ASS    4.80    06/22/23        CNY     42.67
ZHANGZHOU ECONOMIC DEVEL    6.17    04/27/22        CNY     20.13
ZHANGZHOU ECONOMIC DEVEL    6.17    04/27/22        CNY     20.20
ZHAODONG DONGSHENG CONST    6.50    01/20/24        CNY     41.30
ZHAODONG DONGSHENG CONST    6.50    01/20/24        CNY     41.31
ZHAOQING GAOYAO DISTRICT    6.68    04/14/22        CNY     20.00
ZHAOQING GAOYAO DISTRICT    6.68    04/14/22        CNY     20.12
ZHAOQING HI-TECH ZONE CO    3.97    08/26/23        CNY     40.01
ZHAOQING HI-TECH ZONE CO    3.97    08/26/23        CNY     40.03
ZHEJIANG BINHAI NEW CITY    4.65    12/23/22        CNY     20.22
ZHEJIANG BINHAI NEW CITY    4.65    12/23/22        CNY     20.30
ZHEJIANG HANGZHOU QINGSH    5.99    06/30/24        CNY     62.24
ZHEJIANG HANGZHOU QINGSH    5.99    06/30/24        CNY     62.25
ZHEJIANG HUISHENG INVEST    4.49    03/15/24        CNY     55.00
ZHEJIANG HUISHENG INVEST    4.49    03/15/24        CNY     55.53
ZHEJIANG OUHAI CONSTRUCT    6.45    04/23/22        CNY     20.13
ZHEJIANG OUHAI CONSTRUCT    6.45    04/23/22        CNY     20.20
ZHEJIANG OUHAI CONSTRUCT    4.83    01/21/23        CNY     20.10
ZHEJIANG OUHAI CONSTRUCT    4.83    01/21/23        CNY     20.32
ZHEJIANG TIANTAI STATE-O    6.50    11/22/24        CNY     60.00
ZHEJIANG TIANTAI STATE-O    6.50    11/22/24        CNY     62.60
ZHENGZHOU AIRPORT ECONOM    4.27    07/20/26        CNY     53.31
ZHENGZHOU AIRPORT ECONOM    4.27    07/20/26        CNY     53.46
ZHENGZHOU GENERAL AVIATI    5.98    06/27/24        CNY     60.00
ZHENGZHOU GENERAL AVIATI    5.98    06/27/24        CNY     62.13
ZHENGZHOU GENERAL AVIATI    5.80    10/18/24        CNY     60.00
ZHENGZHOU GENERAL AVIATI    5.80    10/18/24        CNY     62.41
ZHENGZHOU JINGKAI INVEST    5.48    07/31/22        CNY     20.00
ZHENGZHOU JINGKAI INVEST    5.48    07/31/22        CNY     20.21
ZHENGZHOU MOUZHONG DEVEL    4.59    04/18/23        CNY     40.13
ZHENGZHOU MOUZHONG DEVEL    4.59    04/18/23        CNY     40.14
ZHENJIANG DANTU DISTRICT    5.98    11/06/24        CNY     59.40
ZHENJIANG DANTU DISTRICT    5.98    11/06/24        CNY     62.02
ZHENJIANG NEW AREA URBAN    5.31    07/14/23        CNY     39.82
ZHENJIANG NEW AREA URBAN    5.31    07/14/23        CNY     40.58
ZHENRO REAL ESTATE HOLDI    5.45    09/14/24        CNY     53.15
ZHIJIANG STATE-OWNED ASS    4.78    01/11/23        CNY     19.40
ZHIJIANG STATE-OWNED ASS    4.78    01/11/23        CNY     19.90
ZHIJIANG STATE-OWNED ASS    4.38    03/28/23        CNY     39.25
ZHIJIANG STATE-OWNED ASS    4.38    03/28/23        CNY     39.82
ZHIJIANG WANYUN COMMUNIC    7.00    08/29/24        CNY     62.19
ZHONGGUANCUN DEVELOPMENT    4.20    08/12/22        CNY     20.12
ZHONGGUANCUN DEVELOPMENT    4.20    08/12/22        CNY     20.15
ZHONGSHAN TORCH DEVELOPM    5.79    03/23/24        CNY     61.78
ZHONGXIANG CITY CONSTRUC    6.50    09/01/24        CNY     62.47
ZHONGXIANG CITY CONSTRUC    6.50    09/01/24        CNY     62.47
ZHOUSHAN DINGHAI CITY CO    6.67    07/20/22        CNY     20.15
ZHOUSHAN ISLANDS NEW DIS    6.98    10/22/22        CNY     25.40
ZHOUSHAN ISLANDS NEW DIS    6.98    10/22/22        CNY     25.59
ZHOUSHAN PUTUO DISTRICT     7.18    06/20/22        CNY     25.32
ZHOUSHAN PUTUO DISTRICT     7.18    06/20/22        CNY     26.90
ZHUCHENG ECONOMIC DEVELO    5.37    07/12/24        CNY     60.14
ZHUCHENG ECONOMIC DEVELO    5.37    07/12/24        CNY     61.63
ZHUHAI HUIHUA INFRASTRUC    4.70    06/27/23        CNY     40.23
ZHUHAI HUIHUA INFRASTRUC    4.70    06/27/23        CNY     40.26
ZHUJI CITY EAST NEW TOWN    3.89    08/26/23        CNY     40.23
ZHUJI CITY YUEDU INVESTM    6.38    04/07/22        CNY     20.07
ZHUJI STATE-OWNED ASSETS    5.34    06/28/24        CNY     61.66
ZHUJI STATE-OWNED ASSETS    5.34    06/28/24        CNY     62.50
ZHUJI STATE-OWNED ASSETS    5.23    07/18/24        CNY     61.75
ZHUZHOU GECKOR GROUP CO     6.38    04/17/22        CNY     20.00
ZHUZHOU GECKOR GROUP CO     6.38    04/17/22        CNY     20.07
ZHUZHOU GECKOR GROUP CO     3.78    09/28/23        CNY     39.60
ZHUZHOU GECKOR GROUP CO     3.78    09/28/23        CNY     39.61
ZHUZHOU HI-TECH AUTO EXP    4.47    11/03/23        CNY     50.27
ZHUZHOU LUSONG STATE OWN    7.00    01/30/25        CNY     63.60
ZHUZHOU LVXIANG INVESTME    7.09    08/16/24        CNY     53.69
ZHUZHOU LVXIANG INVESTME    7.09    08/16/24        CNY     60.68
ZHUZHOU RAILWAY INDUSTRY    7.50    09/25/24        CNY     60.95
ZHUZHOU RECYCLING ECONOM    4.38    03/24/23        CNY     38.48
ZHUZHOU RECYCLING ECONOM    4.38    03/24/23        CNY     38.54
ZHUZHOU XIANGJIAN INVEST    6.40    08/09/24        CNY     60.00
ZHUZHOU XIANGJIAN INVEST    6.40    08/09/24        CNY     60.31
ZHUZHOU XIANGJIANG SCENI    5.39    11/25/22        CNY     19.61
ZHUZHOU XIANGJIANG SCENI    5.39    11/25/22        CNY     19.90
ZHUZHOU YUNLONG DEVELOPM    7.80    03/08/25        CNY     71.84
ZIBO BANYANG CITY URBAN     5.50    09/09/22        CNY     20.00
ZIBO BANYANG CITY URBAN     5.50    09/09/22        CNY     20.06
ZIBO BOSHAN STATE OWNED     5.63    03/29/24        CNY     60.36
ZIBO BOSHAN STATE OWNED     5.63    03/29/24        CNY     61.46
ZIBO HIGH TECH CITY INVE    5.28    08/10/24        CNY     61.81
ZIBO HIGH TECH CITY INVE    5.28    08/10/24        CNY     64.80
ZIXING CHENGCHENG INVEST    6.20    03/16/24        CNY     61.20
ZIXING CHENGCHENG INVEST    6.20    03/16/24        CNY     61.73
ZIXING CHENGCHENG INVEST    6.18    08/09/24        CNY     60.00
ZIXING CHENGCHENG INVEST    6.18    08/09/24        CNY     61.90
ZIXING CITY DEVELOPMENT     6.00    05/03/24        CNY     61.01
ZIXING CITY DEVELOPMENT     6.00    05/03/24        CNY     61.22
ZIXING CITY DEVELOPMENT     6.30    09/26/24        CNY     60.00
ZIXING CITY DEVELOPMENT     6.30    09/26/24        CNY     61.86
ZIYANG WATER INVESTMENT     3.97    03/17/23        CNY     38.74
ZIYANG WATER INVESTMENT     3.97    03/17/23        CNY     38.75
ZIZHONG COUNTY XINGZI IN    5.97    01/18/23        CNY     19.55
ZIZHONG COUNTY XINGZI IN    5.97    01/18/23        CNY     19.68
ZONGYANG INVESTMENT DEVE    5.85    04/25/24        CNY     60.00
ZONGYANG INVESTMENT DEVE    5.85    04/25/24        CNY     61.69
ZUNYI BOZHOU URBAN CONST    6.60    07/06/24        CNY     61.20
ZUNYI BOZHOU URBAN CONST    6.60    07/06/24        CNY     61.25
ZUNYI BOZHOU URBAN CONST    7.85    10/24/24        CNY     60.00
ZUNYI BOZHOU URBAN CONST    7.85    10/24/24        CNY     62.72
ZUNYI CITY XIANGJIANG IN    6.99    09/25/24        CNY     61.80
ZUNYI ECONOMIC DEVELOPME    4.87    01/22/23        CNY     18.29
ZUNYI ECONOMIC DEVELOPME    7.48    08/17/24        CNY     49.00
ZUNYI ECONOMIC DEVELOPME    7.48    08/17/24        CNY     56.41
ZUNYI HONGHUAGANG DISTRI    5.05    06/27/23        CNY     38.00
ZUNYI HONGHUAGANG DISTRI    5.05    06/27/23        CNY     39.96
ZUNYI HONGHUAGANG DISTRI    6.98    07/25/24        CNY     56.63
ZUNYI HONGHUAGANG DISTRI    6.98    07/25/24        CNY     61.55
ZUNYI NEW DISTRICT DEVEL    5.99    04/07/26        CNY     47.61
ZUNYI NEW DISTRICT DEVEL    5.99    04/07/26        CNY     50.90
ZUNYI ROAD & BRIDGE CONS    6.10    04/27/23        CNY     34.50
ZUNYI ROAD & BRIDGE CONS    6.10    04/27/23        CNY     36.70
ZUNYI TRAFFIC TRAVEL INV    7.70    09/27/27        CNY     72.52
ZUNYI TRAFFIC TRAVEL INV    7.70    09/27/27        CNY     73.90


   HONG KONG
   ---------

DR PENG HOLDING HONGKONG    7.55    12/01/22        USD     45.98
HAINAN AIRLINES HONG KON   12.00    10/29/21        USD     30.00
HNA GROUP INTERNATIONAL     6.25    10/05/21        USD     17.30
YANGO JUSTICE INTERNATIO    5.30    01/11/22        USD     18.03
YANGO JUSTICE INTERNATIO   10.25    03/18/22        USD     17.89
YANGO JUSTICE INTERNATIO   10.25    09/15/22        USD     18.06
YANGO JUSTICE INTERNATIO   10.00    02/12/23        USD     17.12
YANGO JUSTICE INTERNATIO    9.25    04/15/23        USD     19.50
YANGO JUSTICE INTERNATIO    8.25    11/25/23        USD     19.50
YANGO JUSTICE INTERNATIO    7.50    04/15/24        USD     17.10
YANGO JUSTICE INTERNATIO    7.88    09/04/24        USD     17.08
YANGO JUSTICE INTERNATIO    7.50    02/17/25        USD     16.38


   INDONESIA
   ---------

BERAU COAL ENERGY TBK PT    2.00    10/15/28        USD     24.23
BERAU COAL ENERGY TBK PT    2.00    10/15/28        USD     24.23
DELTA MERLIN DUNIA TEKST    2.50    06/26/28        USD     19.64
SRI REJEKI ISMAN TBK PT     7.25    01/16/25        USD     11.14
SRI REJEKI ISMAN TBK PT     7.25    01/16/25        USD     12.13


   INDIA
   -----

ACME MEDAK SOLAR ENERGY     0.01    08/29/46        INR     15.25
ACME RANGA REDDY SOLAR P    0.01    08/31/46        INR     15.17
AMPSOLAR SOLUTION PVT LT    0.01    10/27/37        INR     30.00
AMPSOLAR SOLUTION PVT LT    0.01    11/03/37        INR     29.95
AMTEK AUTO LTD              0.10    12/07/28        INR     57.29
APG HABITAT PVT LTD         1.00    09/09/28        INR     66.04
APG INTELLI HOMES PVT LT    1.25    02/04/35        INR     46.59
APG INTELLI HOMES PVT LT    1.25    02/04/35        INR     47.45
ASSETS CARE & RECONSTRUC    1.00    03/30/29        INR     65.37
ASSETS CARE & RECONSTRUC    2.00    03/30/29        INR     70.88
ASSETS CARE & RECONSTRUC    2.00    03/30/29        INR     70.88
ASSETS CARE & RECONSTRUC    2.00    03/31/30        INR     67.29
AUTOMOTIVE EXCHANGE PVT     4.00    06/01/30        INR     64.14
AUTOMOTIVE EXCHANGE PVT     4.00    10/11/30        INR     63.73
BODY CUPID PVT LTD          0.01    03/31/31        INR     50.52
BREEZE CONSTRUCTIONS PVT    0.01    06/29/30        INR     50.83
BRITANNIA INDUSTRIES LTD    8.00    08/28/22        INR     30.45
BRITANNIA INDUSTRIES LTD    5.50    06/03/24        INR     29.07
BROIL SOLAR ENERGY PVT L    0.01    09/05/31        INR     48.21
CHANDRAJYOTI ESTATE DEVE    0.01    07/06/30        INR     52.25
CONVERGIA DIGITAL EDUCAT    0.10    09/29/31        INR     56.05
CUMULUS TRADING CO PVT L    0.01    01/23/30        INR     69.94
CUMULUS TRADING CO PVT L    0.01    05/21/32        INR     44.17
DLF ASPINWAL HOTELS PVT     0.01    10/15/30        INR     48.75
DLF EMPORIO RESTAURANTS     0.01    06/29/30        INR     52.60
DLF EMPORIO RESTAURANTS     0.01    08/12/30        INR     52.10
DLF HOME DEVELOPERS LTD     0.01    06/29/30        INR     55.26
DLF HOMES PANCHKULA PVT     0.01    06/29/30        INR     50.96
DLF HOMES SERVICES PVT L    0.01    06/29/30        INR     50.83
DLF LANDS INDIA PVT LTD     0.01    09/29/31        INR     47.20
DLF MIDTOWN PVT LTD         0.01    12/11/27        INR     66.04
DLF REAL ESTATE BUILDERS    0.01    06/23/30        INR     52.30
DLF RECREATIONAL FOUNDAT    0.01    10/15/30        INR     48.76
DLF RESIDENTIAL BUILDERS    0.01    06/23/30        INR     51.08
DLF RESIDENTIAL DEVELOPE    0.01    06/28/30        INR     52.31
DLF SOUTHERN TOWNS PVT L    0.01    07/09/30        INR     52.44
DLF URBAN PVT LTD           0.01    12/11/27        INR     66.04
DOMUS REAL ESTATE PVT LT    0.01    07/11/30        INR     52.37
ECAP EQUITIES LTD           0.01    03/26/31        INR     51.43
EDEL LAND LTD               0.01    03/22/26        INR     73.97
EDELWEISS ASSET RECONSTR    2.00    11/20/27        INR     74.92
EDELWEISS ASSET RECONSTR    2.00    10/07/28        INR     71.23
EDELWEISS ASSET RECONSTR    2.00    01/15/29        INR     70.12
EDELWEISS ASSET RECONSTR    2.00    03/28/29        INR     69.36
EDELWEISS ASSET RECONSTR    2.00    07/22/29        INR     68.17
EDELWEISS RURAL & CORPOR    0.01    03/25/31        INR     52.26
ELP SOLAR ONE PVT LTD       0.25    02/27/31        INR     51.23
ESSAR POWER TRANSMISSION    3.00    03/31/43        INR     47.89
ESSAR POWER TRANSMISSION    3.00    03/31/43        INR     47.89
FUTURE RETAIL LTD           5.60    01/22/25        USD     57.25
FUTURE RETAIL LTD           5.60    01/22/25        USD     59.88
GAMMA GAANA LTD             0.01    07/31/31        INR     48.26
GREEN URJA PVT LTD          0.01    02/14/30        INR     54.30
GTL INFRASTRUCTURE LTD      6.73    10/26/22        USD      9.88
HCL INFOTECH LTD            0.10    03/31/36        INR     34.54
HITODI INFRASTRUCTURE LT    0.01    06/30/27        INR     65.64
JAIPRAKASH ASSOCIATES LT    5.75    09/08/17        USD     55.13
JAIPRAKASH POWER VENTURE    7.00    05/15/17        USD      6.04
JCT LTD                     2.50    04/08/11        USD     25.75
JSM CORP PVT LTD            0.01    08/31/36        INR     32.25
JTPM ATSALI LTD             0.01    08/29/48        INR     13.57
JUNO MONETA TECHNOLOGIES    0.01    05/18/26        INR     74.18
KANAKADURGA FINANCE LTD     0.01    04/15/36        INR     31.06
KUSHALS RETAIL PVT LTD      1.00    05/13/29        INR     63.64
L&T FINANCE LTD             6.25    12/03/24        INR     71.42
LITMUS WORLD MARKETING T    0.01    03/31/28        INR     68.32
MARIS POWER SUPPLY CO PV    2.00    04/18/28        INR     74.05
MELOSA BUILDERS & DEVELO    0.01    06/29/30        INR     50.83
MENS BUILDCON PVT LTD       0.01    06/29/30        INR     50.83
METALITE FUEL INDUSTRIES    0.01    03/31/35        INR     37.14
MYTRAH AADHYA POWER PVT     0.01    07/05/35        INR     35.87
MYTRAH ADVAITH POWER PVT    0.01    07/13/36        INR     33.10
MYTRAH AKSHAYA ENERGY PV    0.01    07/13/36        INR     33.10
NANI VIRANI WIND ENERGY     2.00    06/30/39        INR     45.62
NEEMUCH SOLAR POWER PVT     0.01    08/29/46        INR     15.25
NHAVA SHEVA INTERNATIONA    0.01    04/14/27        INR     69.16
ORIGAMI CELLULO PVT LTD     0.01    11/14/36        INR     31.85
PALIWAL REAL ESTATE LTD     0.01    09/09/31        INR     46.91
PIRAMAL CAPITAL & HOUSIN    8.50    04/18/23        INR     34.23
PRAKASH INDUSTRIES LTD      5.25    04/30/15        USD     22.63
PRUDENT ARC LTD             0.01    09/02/31        INR     47.49
PRUDENT ARC LTD             0.01    10/04/31        INR     45.80
PUNJAB INFRASTRUCTURE DE    0.40    10/15/27        INR     70.52
PUNJAB INFRASTRUCTURE DE    0.40    10/15/28        INR     65.43
PUNJAB INFRASTRUCTURE DE    0.40    10/15/29        INR     60.65
PUNJAB INFRASTRUCTURE DE    0.40    10/15/30        INR     56.18
PUNJAB INFRASTRUCTURE DE    0.40    10/15/31        INR     52.04
PUNJAB INFRASTRUCTURE DE    0.40    10/15/32        INR     48.25
PUNJAB INFRASTRUCTURE DE    0.40    10/15/33        INR     44.80
PURVANCHAL SOLAR POWER P    0.01    08/29/46        INR     15.25
PYRAMID SAIMIRA THEATRE     1.75    07/04/12        USD      0.26
R L FINE CHEM PVT LTD       0.10    08/19/36        INR     32.75
RAMANI ICECREAM CO LTD      0.01    12/29/35        INR     35.13
REDKITE CAPITAL PVT LTD     2.50    03/30/29        INR     72.87
REI AGRO LTD                5.50    11/13/14        USD      0.69
REI AGRO LTD                5.50    11/13/14        USD      0.69
RELIANCE COMMUNICATIONS     6.50    11/06/20        USD      8.04
REWANCHAL SOLAR POWER PV    0.01    08/29/46        INR     15.25
RIVERIA COMMERCIAL DEVEL    0.01    07/08/31        INR     46.32
RMZ ONE PARAMOUNT PVT LT    0.10    03/24/29        INR     58.84
SAKET HOLIDAYS RESORTS P    0.01    06/29/30        INR     52.06
SANJWIN CONSULTING SOLUT    0.01    06/01/28        INR     61.13
SHERISHA ROOFTOP SOLAR S    0.01    08/12/31        INR     45.42
SHIVAJI MARG MAINTENANCE    0.01    06/28/30        INR     51.21
SINTEX INDUSTRIES LTD       3.50    05/25/22        USD     26.24
STPL HORTICULTURE PVT LT    0.01    03/31/31        INR     58.11
SUNWORLD SOLAR POWER PVT    0.01    08/31/46        INR     15.17
SURBHI INVESTMENTS & TRA    2.50    10/21/28        INR     73.74
SUTARA ROADS & INFRA LTD    0.01    08/31/30        INR     58.54
SUZLON ENERGY LTD           5.75    07/16/19        USD     23.63
SUZLON ENERGY LTD           5.75    07/16/19        USD     23.63
SVOGL OIL GAS & ENERGY L    5.00    08/17/15        USD      0.61
TATA SMARTFOODZ LTD         0.01    04/18/26        INR     74.48
TATA SMARTFOODZ LTD         0.01    06/28/26        INR     73.27
TATA SMARTFOODZ LTD         0.01    08/19/26        INR     72.38
TN URJA PVT LTD             0.10    02/22/36        INR     34.80


   JAPAN
   -----

AVANSTRATE INC              0.20    10/29/32        JPY      9.75
HIS CO LTD                  0.58    02/19/27        JPY     65.06
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       0.52    05/27/22        JPY     60.00
UNIZO HOLDINGS CO LTD       0.75    11/28/22        JPY     55.06
UNIZO HOLDINGS CO LTD       0.85    05/26/23        JPY     42.43
UNIZO HOLDINGS CO LTD       0.80    11/29/23        JPY     37.62
UNIZO HOLDINGS CO LTD       0.89    05/29/24        JPY     34.38
UNIZO HOLDINGS CO LTD       1.10    11/28/24        JPY     32.96
UNIZO HOLDINGS CO LTD       0.99    11/27/26        JPY     30.00
UNIZO HOLDINGS CO LTD       1.20    05/28/27        JPY     23.55
UNIZO HOLDINGS CO LTD       1.50    11/26/27        JPY     24.20
WATSUN INFRABUILD PVT LT    4.00    10/16/37        INR     62.22
YBRANT ENGINEERING & CON    0.01    05/07/31        INR     50.03


  MALAYSIA
  --------

ASIAN PAC HOLDINGS BHD      3.00    05/25/22        MYR      0.59
BERJAYA CORP BHD            5.00    04/22/22        MYR      0.27
BERJAYA CORP BHD            2.00    05/29/26        MYR      0.26
CAPITAL A BHD               8.00    12/29/28        MYR      0.68
ELK-DESA RESOURCES BHD      3.25    04/14/22        MYR      1.08
HUME CEMENT INDUSTRIES B    5.00    05/29/24        MYR      1.42
MALAYAN FLOUR MILLS BHD     5.00    01/24/24        MYR      1.21
PENGURUSAN AIR SPV BHD      1.00    09/28/35        MYR     64.72
PENGURUSAN AIR SPV BHD      1.00    11/05/35        MYR     64.44
PENGURUSAN AIR SPV BHD      1.00    02/05/36        MYR     64.58
PENGURUSAN AIR SPV BHD      1.00    11/11/36        MYR     62.07
PMB TECHNOLOGY BHD          3.00    07/12/23        MYR     19.30
SCANWOLF CORP BHD           3.00    08/04/26        MYR      0.31
SD INTERNATIONAL SUKUK I    7.00    03/12/25        USD      9.17
SD INTERNATIONAL SUKUK L    6.30    05/09/22        USD      9.89
YB VENTURES BHD             0.10    09/05/26        MYR      0.06


   PHILIPPINES
   -----------

BAYAN TELECOMMUNICATIONS   15.00    07/15/06        USD     17.28


   SINGAPORE
   ---------

APL REALTY HOLDINGS PTE     5.95    06/02/24        USD     57.57
ASL MARINE HOLDINGS LTD     3.00    03/28/25        SGD     41.51
ASL MARINE HOLDINGS LTD     3.00    10/01/26        SGD     41.50
BAKRIE TELECOM PTE LTD     11.50    05/07/15        USD      0.60
BAKRIE TELECOM PTE LTD     11.50    05/07/15        USD      0.60
BANYAN TREE HOLDINGS LTD    7.50    08/06/22        SGD      1.21
BLD INVESTMENTS PTE LTD     8.63    03/23/15        USD      6.75
DAVOMAS INTERNATIONAL FI   11.00    05/09/11        USD      0.62
DAVOMAS INTERNATIONAL FI   11.00    05/09/11        USD      0.62
DAVOMAS INTERNATIONAL FI   11.00    12/08/14        USD      0.57
DAVOMAS INTERNATIONAL FI   11.00    12/08/14        USD      0.57
ENERCOAL RESOURCES PTE L    9.25    08/05/14        USD     45.75
ETERNA CAPITAL PTE LTD      8.00    12/11/22        USD     43.43
EZRA HOLDINGS LTD           4.88    04/24/18        SGD      5.00
GOLDEN LEGACY PTE LTD       6.88    03/27/24        USD     13.85
GOLDEN LEGACY PTE LTD       6.88    03/27/24        USD     16.45
INDO INFRASTRUCTURE GROU    2.00    07/30/10        USD      1.00
INNOVATE CAPITAL PTE LTD    6.00    12/11/24        USD     36.17
ITNL OFFSHORE PTE LTD       7.50    01/18/21        CNY     15.00
JGC VENTURES PTE LTD        3.00    06/30/25        USD     52.02
MICLYN EXPRESS OFFSHORE     8.75    11/25/18        USD      0.61
MODERNLAND OVERSEAS PTE     3.00    04/30/27        USD     45.61
MULHACEN PTE LTD            6.50    08/01/23        EUR     51.60
MULHACEN PTE LTD            6.50    08/01/23        EUR     51.67
NT RIG HOLDCO PTE LTD       7.50    12/31/23        USD     11.53
ORO NEGRO DRILLING PTE L    7.50    01/24/19        USD      2.23
PACIFIC RADIANCE LTD        4.30    03/31/20        SGD     10.00
RICKMERS MARITIME           8.45    05/15/17        SGD      5.00
SSMS PLANTATION HOLDINGS    7.75    01/23/23        USD     65.78
SWIBER CAPITAL PTE LTD      6.25    10/30/17        SGD      4.20
SWIBER CAPITAL PTE LTD      6.50    08/02/18        SGD      4.20
SWIBER HOLDINGS LTD         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


   SOUTH KOREA
   -----------

FIRST 5G SECURITIZATION     1.71    02/28/25        KRW     27.06
FIRST 5G SECURITIZATION     1.89    11/28/25        KRW     27.42
HEUNGKUK FIRE & MARINE I    5.70    12/29/46        KRW     44.50
KIBO ABS SPECIALTY CO LT    5.00    02/24/23        KRW     73.02
KIBO ABS SPECIALTY CO LT    5.00    02/24/23        KRW     73.89
KIBO ABS SPECIALTY CO LT    5.00    02/09/24        KRW     74.19
KIBO ABS SPECIALTY CO LT    5.00    02/24/24        KRW     70.98
KOREA EAST-WEST POWER CO    1.42    10/07/49        KRW     70.38
KOREA EXPRESSWAY CORP       1.32    08/22/49        KRW     72.36
KOREA HYDRO & NUCLEAR PO    1.58    10/16/49        KRW     74.98
KOREA LAND & HOUSING COR    1.28    08/23/49        KRW     71.36
KOREA MIDLAND POWER CO L    1.53    02/25/50        KRW     72.27
KOREA RAIL NETWORK AUTHO    1.46    09/27/49        KRW     74.86
KOREA RAILROAD CORP         1.44    07/26/49        KRW     73.90
KOREA RAILROAD CORP         1.31    08/29/49        KRW     71.98
KOREA RAILROAD CORP         1.47    09/19/49        KRW     74.94
KOREA SOUTH-EAST POWER C    1.65    06/11/50        KRW     74.29
KOREA SOUTHERN POWER CO     1.29    08/13/49        KRW     67.82
KOREA SOUTHERN POWER CO     1.63    12/19/49        KRW     74.23
KOREA SOUTHERN POWER CO     1.68    06/25/50        KRW     74.84
KOREA TREASURY BOND         1.50    09/10/66        KRW     71.29
KOREA TREASURY BOND         1.63    09/10/70        KRW     73.66
KOREA WATER RESOURCES CO    3.40    05/28/40        KRW     53.88
KOREA WESTERN POWER CO L    1.62    05/28/50        KRW     73.77
KOREA WESTERN POWER CO L    1.68    08/27/50        KRW     74.88
LOTTE CARD CO LTD           3.95    06/28/49        KRW     41.03
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 SPE    5.00    02/23/22        KRW     70.71
SINBO SECURITIZATION SPE    5.00    06/27/22        KRW     64.86
SINBO SECURITIZATION SPE    5.00    07/24/22        KRW     64.06
SINBO SECURITIZATION SPE    5.00    07/26/22        KRW     64.03
SINBO SECURITIZATION SPE    5.00    08/29/22        KRW     64.16
SINBO SECURITIZATION SPE    5.00    08/31/22        KRW     64.26
SINBO SECURITIZATION SPE    5.00    09/26/22        KRW     63.21
SINBO SECURITIZATION SPE    5.00    12/25/22        KRW     72.83
SINBO SECURITIZATION SPE    5.00    01/25/23        KRW     61.75
SINBO SECURITIZATION SPE    5.00    01/29/23        KRW     72.56
SINBO SECURITIZATION SPE    5.00    06/27/23        KRW     65.55
SINBO SECURITIZATION SPE    5.00    06/30/23        KRW     65.53
SINBO SECURITIZATION SPE    5.00    07/24/23        KRW     65.37
SINBO SECURITIZATION SPE    5.00    07/29/23        KRW     65.35
SINBO SECURITIZATION SPE    5.00    08/29/23        KRW     66.34
SINBO SECURITIZATION SPE    5.00    08/29/23        KRW     66.34
SINBO SECURITIZATION SPE    5.00    09/26/23        KRW     66.02
SINBO SECURITIZATION SPE    5.00    09/26/23        KRW     66.02
SINBO SECURITIZATION SPE    5.00    09/26/23        KRW     66.02
SINBO SECURITIZATION SPE    5.00    09/29/23        KRW     65.99
SINBO SECURITIZATION SPE    5.00    10/24/23        KRW     65.67
SINBO SECURITIZATION SPE    5.00    10/24/23        KRW     65.67
SINBO SECURITIZATION SPE    3.00    11/21/23        KRW     63.61
SINBO SECURITIZATION SPE    5.00    11/21/23        KRW     66.59
SINBO SECURITIZATION SPE    4.00    12/25/23        KRW     64.65
SINBO SECURITIZATION SPE    4.00    12/25/23        KRW     64.65
SINBO SECURITIZATION SPE    5.00    12/25/23        KRW     73.05
SINBO SECURITIZATION SPE    5.00    12/29/23        KRW     69.77
SINBO SECURITIZATION SPE    3.00    01/29/24        KRW     68.70
SINBO SECURITIZATION SPE    4.00    01/29/24        KRW     70.73
SINBO SECURITIZATION SPE    4.00    01/29/24        KRW     70.73
SINBO SECURITIZATION SPE    5.00    01/29/24        KRW     74.26
SINBO SECURITIZATION SPE    5.00    02/27/24        KRW     66.73
SINBO SECURITIZATION SPE    5.00    02/29/24        KRW     74.25
SINBO SECURITIZATION SPE    4.00    04/15/24        KRW     65.06
SINBO SECURITIZATION SPE    4.00    06/30/24        KRW     65.73
SINBO SECURITIZATION SPE    4.00    06/30/24        KRW     65.73
SINBO SECURITIZATION SPE    5.00    06/30/24        KRW     67.55
SINBO SECURITIZATION SPE    4.00    07/29/24        KRW     65.51
SINBO SECURITIZATION SPE    5.00    07/29/24        KRW     67.30
SINBO SECURITIZATION SPE    5.00    07/29/24        KRW     67.30
SINBO SECURITIZATION SPE    4.00    08/28/24        KRW     66.25
SINBO SECURITIZATION SPE    4.00    08/28/24        KRW     66.25
SINBO SECURITIZATION SPE    5.00    08/28/24        KRW     68.26
SINBO SECURITIZATION SPE    4.00    09/29/24        KRW     65.96
SINBO SECURITIZATION SPE    4.00    09/29/24        KRW     65.96
SINBO SECURITIZATION SPE    5.00    09/29/24        KRW     67.95
SINBO SECURITIZATION SPE    4.00    11/27/24        KRW     68.94
SINBO SECURITIZATION SPE    4.00    11/27/24        KRW     68.94
SINBO SECURITIZATION SPE    5.00    11/27/24        KRW     71.05
SINBO SECURITIZATION SPE    5.00    11/27/24        KRW     71.05
SINBO SECURITIZATION SPE    4.00    12/29/24        KRW     74.84
SINBO SECURITIZATION SPE    4.00    12/29/24        KRW     74.84
SINBO SECURITIZATION SPE    4.00    01/29/25        KRW     74.66
SINBO SECURITIZATION SPE    4.00    02/28/25        KRW     74.56
SK TELECOM CO LTD           1.56    07/29/49        KRW     73.88


  SRI LANKA
  ---------

SRI LANKA DEVELOPMENT BO    4.86    03/16/23        USD     72.81
SRI LANKA DEVELOPMENT BO    6.62    03/16/23        USD     74.47
SRI LANKA DEVELOPMENT BO    4.73    05/01/23        USD     70.48
SRI LANKA DEVELOPMENT BO    4.77    05/01/23        USD     70.52
SRI LANKA DEVELOPMENT BO    5.66    05/01/23        USD     71.34
SRI LANKA DEVELOPMENT BO    6.69    05/01/23        USD     72.27
SRI LANKA DEVELOPMENT BO    6.70    05/01/23        USD     72.28
SRI LANKA DEVELOPMENT BO    6.71    05/01/23        USD     72.29
SRI LANKA DEVELOPMENT BO    7.65    05/01/23        USD     73.13
SRI LANKA DEVELOPMENT BO    7.75    05/01/23        USD     73.22
SRI LANKA DEVELOPMENT BO    7.95    05/01/24        USD     60.54
SRI LANKA DEVELOPMENT BO    7.98    05/01/24        USD     60.59
SRI LANKA DEVELOPMENT BO    7.99    05/01/24        USD     60.60
SRI LANKA DEVELOPMENT BO    8.00    05/01/24        USD     60.74
SRI LANKA DEVELOPMENT BO    5.98    01/22/25        USD     51.71
SRI LANKA DEVELOPMENT BO    6.02    01/22/25        USD     51.78
SRI LANKA DEVELOPMENT BO    6.05    01/22/25        USD     51.83
SRI LANKA DEVELOPMENT BO    5.41    01/22/25        USD     52.24
SRI LANKA DEVELOPMENT BO    6.50    01/22/25        USD     52.62
SRI LANKA DEVELOPMENT BO    6.75    01/22/25        USD     53.06
SRI LANKA DEVELOPMENT BO    6.80    01/22/25        USD     53.15
SRI LANKA DEVELOPMENT BO    6.82    01/22/25        USD     53.18
SRI LANKA DEVELOPMENT BO    6.87    01/22/25        USD     53.27
SRI LANKA DEVELOPMENT BO    6.99    01/22/25        USD     53.48
SRI LANKA DEVELOPMENT BO    7.68    01/22/25        USD     54.69
SRI LANKA DEVELOPMENT BO    7.82    01/22/25        USD     54.93
SRI LANKA DEVELOPMENT BO    7.60    07/30/26        USD     48.73
SRI LANKA DEVELOPMENT BO    8.00    07/30/26        USD     49.64
SRI LANKA GOVERNMENT INT    5.75    04/18/23        USD     52.69
SRI LANKA GOVERNMENT INT    5.75    04/18/23        USD     52.88
SRI LANKA GOVERNMENT INT    6.85    03/14/24        USD     51.49
SRI LANKA GOVERNMENT INT    6.85    03/14/24        USD     51.58
SRI LANKA GOVERNMENT INT    6.35    06/28/24        USD     51.47
SRI LANKA GOVERNMENT INT    6.35    06/28/24        USD     51.61
SRI LANKA GOVERNMENT INT    6.13    06/03/25        USD     51.81
SRI LANKA GOVERNMENT INT    6.13    06/03/25        USD     51.83
SRI LANKA GOVERNMENT INT    6.85    11/03/25        USD     51.59
SRI LANKA GOVERNMENT INT    6.85    11/03/25        USD     51.60
SRI LANKA GOVERNMENT INT    6.83    07/18/26        USD     49.36
SRI LANKA GOVERNMENT INT    6.83    07/18/26        USD     49.43
SRI LANKA GOVERNMENT INT    6.20    05/11/27        USD     47.64
SRI LANKA GOVERNMENT INT    6.20    05/11/27        USD     47.64
SRI LANKA GOVERNMENT INT    6.75    04/18/28        USD     47.61
SRI LANKA GOVERNMENT INT    6.75    04/18/28        USD     47.65
SRI LANKA GOVERNMENT INT    7.85    03/14/29        USD     47.56
SRI LANKA GOVERNMENT INT    7.85    03/14/29        USD     47.61
SRI LANKA GOVERNMENT INT    7.55    03/28/30        USD     47.63
SRI LANKA GOVERNMENT INT    7.55    03/28/30        USD     47.63
SRILANKAN AIRLINES LTD      7.00    06/25/24        USD     52.86


   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.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding,
electronic re-mailing and photocopying) is strictly prohibited
without prior written permission of the publishers.
Information contained herein is obtained from sources believed
to be reliable, but is not guaranteed.

TCR-AP subscription rate is US$775 for 6 months delivered via e-
mail.  Additional e-mail subscriptions for members of the same
firm for the term of the initial subscription or balance
thereof are US$25 each.  For subscription information, contact
Peter Chapman at 215-945-7000.



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