/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/190521.mbx T R O U B L E D C O M P A N Y R E P O R T E R A S I A P A C I F I C Tuesday, May 21, 2019, Vol. 22, No. 101 Headlines A U S T R A L I A 146 BELL: First Creditors' Meeting Set for May 28 BLUE SKY: Placed Into Receivership After Covenant Breach CENTENNIAL MINING: AuStar Gold Halts Takeover Plans FIRST CLASS: First Creditors' Meeting Set for May 29 GRAYMORE COURIERS: Second Creditors' Meeting Set for May 23 MODULAR BUILDING: Second Creditors' Meeting Set for May 24 OPORTO SURFERS: Second Creditors' Meeting Set for May 23 PLEASURE GARDEN: First Creditors' Meeting Set for May 28 TIGER ENERGY: Second Creditors' Meeting Set for May 23 TRAN SOLICITORS: First Creditors' Meeting Set for May 28 WYNNUM CAR: First Creditors' Meeting Set for May 29 C H I N A KANGMEI PHARMACEUTICAL: Guangdong Auditor Starts Losing Clients SEAZEN HOLDINGS: Fitch Rates $300MM Sr. Notes Final 'BB' I N D I A AASHIRWAD INDUSTRIES: CRISIL Moves D Rating to Not Cooperating ALP NON-WOVEN: CARE Maintains 'D' Rating in Not Cooperating ANIL PRINTERS: Insolvency Resolution Process Case Summary ARUL INDUSTRIES: CRISIL Lowers Rating on INR7cr Loan to D BALAJI LOOMTEX: CRISIL Migrates B+ Rating to Not Cooperating BHARGAB ENGINEERING: CRISIL Reaffirms B+ Rating on INR10cr Loan CENTENARY ARCADES: CRISIL Migrates D Rating to Not Cooperating CHITIZ DAIRY: CRISIL Reaffirms B Rating on INR7.5cr Term Loan CITY PRIDE: CRISIL Migrates B- Rating to Not Cooperating CORROSION PROTECTION: Ind-Ra Moves 'BB-' Rating to Non-Cooperating FOREST PRESS: CRISIL Assigns D Rating to INR13cr Term Loan GURUDEVA CHARITABLE: CRISIL Hikes Rating on INR10.5cr Loan to B IL&FS: Orix Corp Seeks to Buy Remaining Stake in Wind Assets KRISHNA ENTERPRISES: CRISIL Moves B+ Rating from Not Cooperating MANJEERA CONSTRUCTIONS: CRISIL Migrates INR12cr Loan Rating to B- METALORE OVERSEAS: Insolvency Resolution Process Case Summary MUGHAL FOUNDATION: CRISIL Migrates D Rating to Not Cooperating N. PRAKASH: CRISIL Migrates B+ Rating from Not Cooperating PAWAN CASTINGS: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating PROTAC FOODS: CRISIL Migrates D Rating to Not Cooperating SHARAN HOSPITALITY: Insolvency Resolution Process Case Summary SHIV SHAKTI: CRISIL Assigns B+ Rating to INR10cr Cash Credit SIDDHARTH MILK: Insolvency Resolution Process Case Summary TAGORE EDUCATIONAL: CRISIL Cuts Rating on INR40.7cr Loan to D UNITED CHLORO: Ind-Ra Migrates D Issuer Rating to Non-Cooperating I N D O N E S I A ABM INVESTAMA: Fitch Cuts LT IDR to B+, Outlook Negative X X X X X X X X [*] BOND PRICING: For the Week May 13, 2019 to May 17, 2019 - - - - - ================= A U S T R A L I A ================= 146 BELL: First Creditors' Meeting Set for May 28 ------------------------------------------------- A first meeting of the creditors in the proceedings of 146 Bell St Pty Ltd will be held on May 28, 2019, at 11:00 a.m. at the offices of Courtney Jones & Associates Insolvency & Forensic Accountants, at Level 1, Suite 5, 443 Little Collins Street, in Melbourne, Victoria. Mathew Gollant of Courtney Jones & Associates was appointed as administrator of 146 Bell on May 17, 2019. BLUE SKY: Placed Into Receivership After Covenant Breach -------------------------------------------------------- Stephanie Palmer-Derrien at SmartCompany reports that Blue Sky has been placed into receivership, and voluntary administrators have been appointed, after it breached the covenant of a AUD50 million loan facility from Oaktree Capital Management. According to SmartCompany, Oaktree has enforced its rights under the loan facility and appointed Mark Korda and Jarrod Villani of KordaMentha as receivers and managers of Blue Sky. Bradley Hellen and Nigel Markey of Pilot Partners have also been appointed as voluntary administrators, the report says. With AUD2.8 billion in assets under management, Blue Sky manages real assets and private real estate, alongside its private equity arm, which makes growth capital and venture capital investments. The news follows Blue Sky's breach of the Oaktree loan facility, announced earlier last month, according to SmartCompany. SmartCompany relates that a statement from KordaMentha said it follows a period of "significant instability" including the possibility of class actions, turnover of senior executives, and departure of limited partners. "There is considerable work to be done in the near future," the release said. "This appointment is necessary if Blue Sky is to maintain its investment teams, key clients, and stabilise the operations and capital structure of the business," the statement added. In the statement, KordaMentha partner Mark Korda said the initial objective is to "stabilise the business as a strategic assessment is undertaken". Day-to-day operations will not be affected, he said, SmartCompany relays. "It will also allow greater flexibility for the restructure of Blue Sky and seek to ensure the future of the business," Korda added. In April last year, Australian VC Elaine Stead stepped down as a board member at Blue Sky, following an attack from US short-selling firm Glaucus. The previous month, Glaucus had published a report suggesting Blue Sky's investments were valued at AUD1.5 million, significantly less than the AUD4 million the company valued them at, SmartCompany recalls. According to SmartCompany, ASX-listed Blue Sky commissioned an independent review of its business processes, but since then its share price has tumbled, from an all-time high of AUD14.99 to AUD0.18 at last close. One of Blue Sky's high-profile investments was customised fashion startup Shoes of Prey, which collapsed into liquidation in March this year, SmartCompany says. At the time, investors in the business were tipped to lose AUD35 million. Blue Sky Alternative Investments Limited -- https://blueskyfunds.com.au/ -- is a private equity and venture capital firm specializing in growth capital and late stage investments. The firm also invests in private real estate, infrastructure, hedge funds, and water asset classes. For growth capital the firm invests in range of sectors including food, healthcare and education. For venture capital the firm invests in sectors including software, healthcare, food, retail and education. The firm seeks to invest in Australia. CENTENNIAL MINING: AuStar Gold Halts Takeover Plans --------------------------------------------------- miningweekly.com reports that junior AuStar Gold has paused its takeover plans for embattled Centennial Mining, following discussions with that company's administrators. According to miningweekly.com, AuStar in May revealed its intentions to make a takeover offer for Centennial, which holds the A1 gold mine, after Centennial's administrators revealed that they had received a number of unsolicited approaches from existing creditors. AuStar owns the Rose of Denmark and Morning Star mines as well as having exploration assets around Centennial's A1 mine, and has previously spouted the virtues of consolidation in the region. However, the junior miner on May 17 said that after conducting due diligence investigations, the board of AuStar had determined, based on the current available information, not to submit a deed of company arrangement to Centennial's creditors prior to the creditor meeting, which was scheduled for May 17. Richard Tucker, John Bumbak and Leanne Chesser of KordaMentha Perth were appointed as administrators of Centennial Mining on March 21, 2019. FIRST CLASS: First Creditors' Meeting Set for May 29 ---------------------------------------------------- A first meeting of the creditors in the proceedings of First Class Heating & Cooling Pty Ltd will be held on May 29, 2019, at 11:00 a.m. at 165 Camberwell Road, in Hawthorn East. Nicholas Giasoumi and Shane Leslie Deane of Dye & Co. Pty Ltd were appointed as administrators of First Class on May 20, 2019. GRAYMORE COURIERS: Second Creditors' Meeting Set for May 23 ----------------------------------------------------------- A second meeting of creditors in the proceedings of Graymore Couriers Pty. Ltd has been set for May 23, 2019, at 11:00 a.m. at the offices of The Tingalpa Hotel, at 1563 Wynnum Road, in Tingalpa, Queensland. 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 May 22, 2019, at 4:00 p.m. Geoffrey Robert Davis of BCR Advisory was appointed as administrator of Graymore Couriers on April 8, 2019. MODULAR BUILDING: Second Creditors' Meeting Set for May 24 ---------------------------------------------------------- A second meeting of creditors in the proceedings of Modular Building Systems (Australia) Pty Ltd and Modular Construction Consultants (Australia) Pty Ltd, trading as SIP Smart Australia, has been set for May 24, 2019, at 11:00 a.m. at the offices of Avior Consulting, at Level 1, 1160 Hay Street, in West Perth, WA. 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 May 23, 2019, at 5:00 p.m. Dermott Joseph McVeigh of Avior Consulting was appointed as administrator of Modular Building on April 9, 2019. OPORTO SURFERS: Second Creditors' Meeting Set for May 23 -------------------------------------------------------- A second meeting of creditors in the proceedings of Oporto Surfers Paradise Pty Ltd has been set for May 23, 2019, at 10:30 a.m. at the offices of MaC Insolvency, at Level 7, 91 Phillip St, Parramatta NSW 2150 and Regus, Ground Floor, 50 Cavill Avenue, in Surfers Paradise, Queensland. 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 May 22, 2019, at 4:00 p.m. Trent McMillen of MaC Insolvency was appointed as administrator of Oporto Surfers on April 30, 2019. PLEASURE GARDEN: First Creditors' Meeting Set for May 28 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Pleasure Garden Touring Pty Ltd ATF The Pleasure Garden Touring Unit Trust will be held on May 28, 2019, at 10:30 a.m. at Level 1, 5 Everage Street, in Moonee Ponds, Victoria. Altan Djenab of Wild Apricot was appointed as administrator of Pleasure Garden on May 16, 2019. TIGER ENERGY: Second Creditors' Meeting Set for May 23 ------------------------------------------------------ A second meeting of creditors in the proceedings of Tiger Energy Limited has been set for May 23, 2019, at 10:00 a.m. at the offices of Jones Partners Insolvency & Business Recovery, at Level 13, 189 Kent Street, in Sydney, NSW. 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 May 22, 2019, at 4:00 p.m. Michael Gregory Jones & Alan Godfrey Topp of Jones Partners were appointed as administrators of Tiger Energy on April 8, 2019. TRAN SOLICITORS: First Creditors' Meeting Set for May 28 -------------------------------------------------------- A first meeting of the creditors in the proceedings of Tran Solicitors & Attorneys Pty. Ltd. will be held on May 28, 2019, at 11:00 a.m. at the offices of Mackay Goodwin, at Level 2, 10 Bridge Street, in Sydney, NSW. Grahame Ward of Mackay Goodwin was appointed as administrator of Tran Solicitors on May 16, 2019. WYNNUM CAR: First Creditors' Meeting Set for May 29 --------------------------------------------------- A first meeting of the creditors in the proceedings of Wynnum Car Electrics Pty Ltd will be held on May 29, 2019, at 10:00 a.m. at Level 4, 26 Wharf Street, in Brisbane, Queensland. Travis Pullen of B&T Advisory was appointed as administrator of Wynnum Car on May 17, 2019. ========= C H I N A ========= KANGMEI PHARMACEUTICAL: Guangdong Auditor Starts Losing Clients --------------------------------------------------------------- Wang Juanjuan and Han Wei at Caixin Global report that a leading accounting firm in Guangdong was rattled by a crisis of confidence following a regulatory probe of its business related to allegations of financial fabrication by one of its major clients. According to Caixin, GP Certified Public Accountants Co. Ltd. lost two customers this week as the companies' shareholders voted at annual meetings to terminate contracts with GP Certified, reflecting concerns over the accounting firm's role in a high-profile disclosure scandal. GP Certified is the largest auditing company in Guangdong and was 22nd biggest in China in 2017. Caixin relates that the firm's long-time client, Shanghai-listed traditional Chinese medicine supplier Kangmei Pharmaceutical Co. Ltd., was targeted by regulators on suspicion of fabricating a financial report involving a CNY29.9 billion ($4.4 billion) overstatement of cash on hand. As the auditor of Kangmei, GP Certified was put under investigation by the China Securities Regulatory Commission (CSRC), Caixin learned from a source close to the company. GP Certified is likely to face the loss of more business as more than 40 of its clients have yet to hold their annual shareholder meetings to decide on accounting partners. Market information provider WindInfo showed that GP Certified was the auditor of 92 listed companies in 2018, according to Caixin. If authorities find that GP Certified acted unscrupulously in Kangmei's case, it could face a fine amounting to three to four times the amount determined to be illegal gains. The company may also face a suspension of its business license, a Guangdong investment banker said, Caixin relates. Caixin says Shanghai-listed paper products producer C&S Paper Co. decided May 14 to terminate its business with GP Certified after a shareholders meeting. The next day, Zhongshan Public Water Supply Co. made the same decision. More of GP Certified's clients are expected to terminate their contracts, the Guangdong investment banker said. GP Certified "won't appear on brokers' recommendation lists (for listed companies to partner with) for a while," the banker said. Meanwhile, 20 companies that have hired GP Certified as auditor to assist in initial public offering applications may face risks of review suspension because of the GP Certified probe, this person said, Caixin reports. Kangmei's massive corrections to its financial report for 2017, including the CNY29.9 billion overstatement in the company's cash holdings, set a record, according to a Caixin calculation. Kangmei, whose stock is a component of MSCI Inc.'s global indexes, has been under investigation by the CSRC since late December for allegedly violating information disclosure regulations, Caixin notes. Caixin notes that GP Certified has been Kangmei's auditor since it went public in 2001. Kangmei paid the accounting firm CNY37 million for services over the past decade, higher than the average paid by listed companies in the country. In 2017, GP Certified reported revenue of CNY492 million. Kangmei Pharmaceutical Co., Ltd. produces and sells Chinese medicines in China. It also offers chemical medicines and food products; and operates hospitals and Chinese medicine pharmacies. SEAZEN HOLDINGS: Fitch Rates $300MM Sr. Notes Final 'BB' -------------------------------------------------------- Fitch Ratings has assigned Seazen Holdings Co., Ltd.'s (BB/Stable) USD300 million 6.5% senior notes due 2022 a final rating of 'BB'. The notes are issued by Seazen's indirect wholly owned subsidiary, New Metro Global Limited. The notes are unconditionally and irrevocably guaranteed by Seazen and rated at the same level as Seazen's senior unsecured rating because they constitute its direct and senior unsecured obligations. The final rating is in line with the expected rating assigned on May 15, 2019, and follows the receipt of documents conforming to information already received. Seazen is a subsidiary of Future Land Development Holdings Limited (FLDH, BB/Stable). Fitch uses a consolidated approach to rate Seazen, based on our Parent and Subsidiary Rating Linkage criteria. The strong strategic and operational ties between the two entities are reflected by Seazen representing FLDH's entire exposure to the China homebuilding business. KEY RATING DRIVERS Focus on Yangtze River Delta: The FLDH group's strategy to focus resources on the Yangtze River Delta has helped drive scale expansion and strong sales turnover, measured by consolidated contracted sales/gross debt. The region made up more than half of FLDH's total contracted sales during the past few years, including its contribution of around 61% in 2018, during which contracted sales rose by 75% to CNY221 billion. FLDH's sales turnover was little changed at 1.7x in 2018 from 1.9x in 2017 and has averaged 1.7x annually since 2014, demonstrating the group's successful execution of its fast-churn strategy. FLDH aims to achieve CNY270 billion in total contracted sales in 2019. Stable Leverage, Uncertainty Remains: FLDH's leverage, including proportionate consolidation of joint ventures (JV) and associates, was 44% at end-2018, compared with 50% at end-1H18, 40% at end-2017 and 45% at end-2016. FLDH's leverage tended to increase during the middle of the year due to land acquisition activities but has remained within a reasonable range and below 45% on average during its expansion. Fitch thinks that FLDH's continued land replenishment, large investment property capex and the high proportion of JV operations will increase uncertainty over leverage. FLDH spent CNY76 billion on attributable land acquisitions in 2018, including the investments by FLDH and Seazen. This accounted for more than half of its attributable sales proceeds, and the group expects to continue to spend about 60% of its sales proceeds (CNY80 billion-90 billion) on land premiums in 2019. FLDH also plans to spend CNY22 billion-25 billion a year on expanding its mixed-use complexes, which are included in its investment-property business. Minority Shareholders Provide Financing: The total non-controlling interests in FLDH's balance sheet increased by CNY13 billion to CNY26 billion by end-2018. The minority shareholders in the company's projects contributed CNY9 billion of the increase, which meant that FLDH did not have to take on more debt to develop the projects. The total non-controlling interests exceeded equity attributable to shareholders of CNY19 billion at end-2018. However, FLDH may seek higher shares in its projects to increase profit attributable to shareholders, which could result in lower contribution from minority shareholders in new projects that would drive up FLDH's leverage. Diversified, Sufficient Land Bank: The group had an attributable land bank of 53.3 million sqm, or 49% of the total land bank, at end-2018. The attributable interest is higher at around 67%, according to management, after including project investment from Seazen. Fitch thinks the land bank is sufficient for three to five years of development. The group will continue to focus on the Yangtze River Delta but has been increasing its land bank outside the region to provide a buffer in case of regional market uncertainties. The Yangtze River Delta accounted for 50.1% of FLDH's total land bank by gross floor area at end-2018. Margin Expansion: Fitch expects the group's EBITDA margin to stay at around 25% in the next two years. FLDH's EBITDA margin, without adding back capitalized interest to avoid distortion from accounting policy changes, improved to 26.4% in 2018 from 24.1% in 2017. The margin expansion was mainly helped by the higher contribution from its rental-generating shopping-mall business as FLDH's property-development gross profit margin remained flat at 34% in 2018. Rental and property-management fees rose to 8% of FLDH's total gross profit in 2018 from 5% in 2017 and generated a 68% gross profit margin. Recurring Income to Support Rating: Fitch estimates the group's recurring EBITDA will continue to increase rapidly to provide strong support to its interest servicing in 2019. FLDH doubled its rental and property-management fee income to CNY2 billion in 2018 from the operation of shopping malls (branded Wuyue Plaza), which are mainly located in second- and third-tier cities. Recurring EBITDA/interest expense paid increased to 0.4x in 2018 from 0.2x in 2017. Fitch expects FLDH to generate around CNY4 billion in rental and management fees in 2019, and recurring EBITDA/interest expense to rise to above 0.4x after 2019. DERIVATION SUMMARY Fitch uses a consolidated approach to rate FLDH and Seazen, based on our Parent and Subsidiary Rating Linkage criteria, as Seazen was 67.5%-owned by FLDH at end-2018. Their strong strategic and operational ties are reflected by Seazen representing FLDH's entire exposure to the China homebuilding business, while FLDH raises offshore capital to fund the group's business expansion. The two entities share the same chairman. FLDH's quick sales churn strategy contributed to the rapid expansion of its contracted sales to a level higher than most 'BB' category peers. FLDH's attributable sales reached CNY143 billion in 2018, larger than that of Sino-Ocean Group Holding Limited (BBB-/Stable, standalone credit profile: bb+), CIFI Holdings (Group) Co. Ltd. (BB/Stable), and almost double the size of China Aoyuan Group Limited (BB-/Positive), KWG Group Holdings Limited (BB-/Stable), and Logan Property Holdings Company Limited (BB-/Positive). FLDH has also quickly expanded its investment properties, which generated CNY2 billion of recurring income and a recurring EBITDA/interest of 0.4x in 2018. FLDH's investment-property portfolio of around CNY40 billion is much larger than all the other 'BB' rated peers, and this contributed to its leverage increase, resulting in higher leverage than its peers in 2018. FLDH's leverage, defined by net debt/adjusted inventory (after JV/associate proportionate consolidation), of around 45% is in line with some 'BB' rated peers, such as CIFI, but higher than Sino-Ocean Group's leverage of around 35%. FLDH's leverage increased in 2017-2018 due to continued land replenishment and large capex to develop its investment-property portfolio. FLDH's recurring EBITDA/interest of 0.4x was similar to Sino-Ocean Group's level in 2018. However, Sino-Ocean Group has a stronger and longer track record in investment-property operations than FLDH. This supports Sino-Ocean Group's standalone credit profile, which is one notch above FLDH's rating. KEY ASSUMPTIONS Fitch's Key Assumptions Within Our Rating Case for the Issuer - Total contracted sales to reach CNY270 billion and CNY300 billion in 2019 and 2020 with around 70% attributable interests - Land premium to represent around 60% of attributable sales proceeds in 2019 and 50% in 2020-2022 - CNY22 billion-25 billion in investment property capex in 2019-2022 - Overall EBITDA margins to remain above 25% - FLDH maintains a controlling shareholding in Seazen and the operational ties between FLDH and Seazen do not weaken RATING SENSITIVITIES FLDH: Developments That May, Individually or Collectively, Lead to Positive Rating Action - Net debt/adjusted inventory (after JV proportionate consolidation) sustained below 40% - Recurring EBITDA/interest paid sustained above 0.4x Developments That May, Individually or Collectively, Lead to Negative Rating Action - Consolidated contracted sales/total debt below 1.5x for a sustained period - Net debt/adjusted inventory (after JV proportionate consolidation) above 50% for a sustained period - EBITDA margin below 18% for a sustained period - Weakening linkage between FLDH and Seazen (All the ratios mentioned above are based on parent FLDH's consolidated financial data) Seazen: Developments That May, Individually or Collectively, Lead to Positive Rating Action - Net debt/adjusted inventory (after JV proportionate consolidation) sustained below 40% - Recurring EBITDA/interest paid sustained above 0.4x Developments That May, Individually or Collectively, Lead to Negative Rating Action - Consolidated contracted sales/total debt below 1.5x for a sustained period - Net debt/adjusted inventory (after JV proportionate consolidation) above 50% for a sustained period - EBITDA margin below 18% for a sustained period (All the ratios mentioned above are based on parent FLDH's consolidated financial data) LIQUIDITY Sufficient Liquidity: The group doubled its unrestricted cash balance to CNY41 billion by end-2018, which is sufficient to cover its short-term borrowings of CNY27 billion. The group repaid its HKD2.3 billion convertible bond in early 2019. ========= I N D I A ========= AASHIRWAD INDUSTRIES: CRISIL Moves D Rating to Not Cooperating -------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Aashirwad Industries Private Limited (AIPL) to 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term Bank Loan Facility 2 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 5 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with AIPL for obtaining information through letters and emails dated February 28, 2019 and March 18, 2019 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 while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of AIPL. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on AIPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of AIPL to 'CRISIL D Issuer not cooperating'. Incorporated in June 2012, AIPL manufactures AC roofing sheets. The company is promoted by Mr Rahul Tupe and Ms Leena Tupe. Its unit is in the Butibori Industrial area of Nagpur (Maharashtra), and has installed capacity of 54,000 tonne per annum. ALP NON-WOVEN: CARE Maintains 'D' Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Alp Non-Woven Private Limited continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 6.41 CARE D; Issuer not cooperating; Facilities Based on best available information Detailed Rationale, Key Rating Drivers CARE had, vide its press release dated February 13, 2018 placed the ratings of Alp Non-Woven Private Limited under the 'issuer non-cooperating' category as ANPL had failed to provide information for monitoring of the rating as agreed to in its Rating Agreement. ANPL continues to be non-cooperative despite repeated requests for submission of information through phone calls and emails dated April 19, 2019, April 22, 2019, April 24, 2019, April 25, 2019 and numerous phone calls. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). Detailed description of the key rating drivers At the time of last rating on February 13, 2018, the following were the rating weaknesses: Key Rating Weaknesses Delay in Debt Servicing: ANPL has been irregular in servicing its debt obligation due to weak liquidity position of the company. Modasa-based (Gujarat) ANPL was incorporated in 2012, by Mr Hareshkumar Dahyabhai Patel and is currently managed by Mr Mahendrakumar Hansarajbhai Patel and Mr Jagdish Ratilal Patel. The company is engaged into the manufacturing of non-woven technical fabrics with a product range from 10gsm-150 gsm, from April 2014 onwards. While the raw materials like Polypropylene (PP), Polyethelene (PE) and Poly Vinyl Chloride (PVC) granules are procured from the domestic market, it sells its finished products to various states of India like Gujarat, Maharashtra, Delhi and Tamilnadu. The fabrics manufactured by ANPL find application in the technical textile industry for manufacturing of medical masks, shopping bags, crop protection covers and other hygiene products. ANPL operates from its sole manufacturing facility located in Modasa (Gujarat) with an installed capacity of 2400 tons per annum. ANIL PRINTERS: Insolvency Resolution Process Case Summary --------------------------------------------------------- Debtor: M/s. Anil Printers Limited B-30, MIDC, Ambad, Nashik Maharashtra 422010 Insolvency Commencement Date: May 6, 2019 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: November 2, 2019 Insolvency professional: Shri Vishal Bidawatjika Interim Resolution Professional: Shri Vishal Bidawatjika 307, Business Classic, 3rd Floor Chincholi Bunder Road Near HP Petrol Pump, Malad (West) Mumbai 400064 Tel.: 022-28899497 E-mail: finvishal@yahoo.com apl.cirp@gmail.com Last date for submission of claims: May 31, 2019 ARUL INDUSTRIES: CRISIL Lowers Rating on INR7cr Loan to D --------------------------------------------------------- CRISIL has downgraded its ratings on the bank facilities of Arul Industries (AI) to 'CRISIL D/CRISIL D' from 'CRISIL BB-/Stable/CRISIL A4+'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 7 CRISIL D (Downgraded from 'CRISIL BB-/Stable') Foreign Letter of Credit 2 CRISIL D (Downgraded from 'CRISIL BB-/Stable') Packing Credit 0.6 CRISIL D (Downgraded from 'CRISIL A4+') Proposed Long Term Bank Loan Facility 2.4 CRISIL D (Downgraded from 'CRISIL BB-/Stable') The ratings reflects delay in the servicing of debt obligations. The ratings also reflect the promoters' extensive experience in the industry and AI's established dealer network. This rating strength is partially offset by the modest scale of operations in the highly competitive household products manufacturing segment. Key Rating Drivers & Detailed Description Weaknesses: * Modest scale of operations: The modest scale of operations is reflected in revenue of INR36 crore in fiscal 2018. Modest scale of operations constrains the pricing power with suppliers and dealers in the highly competitive market marked by various large and mid-size competitors. * Working capital intensive operations: Gross current assets days around 102 days, on account of estimated substantial receivables and inventory of around 36 days and 62 days, respectively, in fiscal 2018. Working capital requirement is funded partly through credit from suppliers (payables is around 50 days in fiscal 2018). Strength: * Partners' extensive experience and a strong dealer network: The business risk profile of AI benefits from extensive experience spanning over two decades, healthy understanding of kitchenware and utensils market, and diverse product portfolio resulting in stable growth in revenues. Further, established dealer network across major cities and towns of Tamil Nadu, Andhra Pradesh, Karnataka and Kerala is likely to benefit the firm over the medium term. Liquidity The bank limits have been fully utilized with instances of overdraws in the working capital facilities for over 30 days on account of the working capital intensive nature of operations. Further, the company is expected to generate adequate cash accruals against no major repayment obligations in the medium term. The current ratio stood at 0.90 times in 2018. Established in 1992, AI is a partnership firm that manufactures kitchenware and utensils. Its plant is located in Tirunelveli (Tamil Nadu); the operations are managed by its managing partner, Mr. Jeba Suresh. BALAJI LOOMTEX: CRISIL Migrates B+ Rating to Not Cooperating ------------------------------------------------------------ CRISIL has migrated the rating on bank facilities of Balaji Loomtex Private Limited (BLPL) to 'CRISIL B+/Stable Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 3 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Cash Credit Limit 10.5 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) Proposed Term Loan 16.5 CRISIL B+/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with BLPL for obtaining information through letters and emails dated February 28, 2019 and March 18, 2019 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 while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of BLPL. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on BLPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of BLPL to 'CRISIL B+/Stable Issuer not cooperating'. Incorporated in February 2017 and promoted by Mr Raghunandan Sarup Gupta, his son Mr Uttam Gupta and daughter-in-law Mrs Shallu Bansal, BLPL is setting up a flannel and polyester fabric textile unit in Panipat. The company is currently engaged in trading and semi-manufacturing of home furnishing textiles such as bed sheets and duvets. BHARGAB ENGINEERING: CRISIL Reaffirms B+ Rating on INR10cr Loan --------------------------------------------------------------- CRISIL has reaffirmed its ratings on the bank facilities of Bhargab Engineering Works (BEW) at 'CRISIL B+/Stable/CRISIL A4'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B+/Stable (Reaffirmed) Foreign Bill Discounting 2 CRISIL B+/Stable (Reaffirmed) Packing Credit 6 CRISIL A4 (Reaffirmed) Proposed Long Term Bank Loan Facility 1.21 CRISIL B+/Stable (Reaffirmed) Term Loan .79 CRISIL B+/Stable (Reaffirmed) The ratings continue to reflect the working capital-intensive nature, and modest scale, of operations, and exposure to fluctuation in raw material prices. These weaknesses are partially offset by the extensive experience of the partners in the tea-blending and cleaning machinery business, and established business relationships. Key Rating Drivers & Detailed Description Weaknesses: * Working capital-intensive operations: Gross current assets were high at around 300 days as on March 31, 2019. The same is mainly driven by high inventory to be maintained as the manufacture process of the machines requires assembling of different parts in several stages and seamless transition from one stage to the other. Operations are expected to remain working capital intensive over the medium term. * Modest scale of operations: Revenue was modest at around INR36 crore in fiscal 2018, and is estimated at INR20 crore in fiscal 2019 on account of operational issues during the fiscal. Though the scale of operations is expected to increase with introduction of manufacturing of packaging machines, it should remain modest over the medium term. Strengths: * Industry experience of the partners and strong business relationships: The partners have been in the tea-blending machinery industry since the 1970s. The firm supplies its products in the international and domestic markets. The partners helped diversify supplies to 20 countries, including Sri Lanka, Vietnam, Indonesia, and China, and have built a steady relationship of 15-20 years with most customers. Also, a healthy relationship with suppliers ensures favourable credit terms. Liquidity Liquidity remains adequate. Cash accrual of INR1.25 crore should suffice to cover debt obligation of INR12 lakh and the cash accrual is expected to remain sufficient against retiring debt repayment obligation. The partners have also infused funds in the form of unsecured loans, the balance of which was around INR1.7 crore as on March 31, 2018. Due to working capital-intensive operations, the bank limit has been almost fully utilised in the 12 months through March 2019. The current ratio remained moderate at 1.20 times as on March 31, 2018. Outlook: Stable CRISIL believes BEW will continue to benefit from its established customer base and the extensive industry experience of the partners. The outlook may be revised to 'Positive' if there is sizeable growth in revenue and improvement in profitability or in the working capital cycle, leading to a better financial risk profile. The outlook may be revised to 'Negative' if the financial risk profile weakens due to a decline in revenue or profitability, or a stretch in the working capital cycle. BEW was formed in 1954 by the late Mr Pranatosh Kumar Sen in Kolkata. The firm is being managed as a partnership concern by his sons Mr Sanjib Kumar Sen and Mr Aritra Ranjan Sen. It manufactures tea-blending and cleaning machinery at its unit in Howrah, West Bengal. CENTENARY ARCADES: CRISIL Migrates D Rating to Not Cooperating -------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Centenary Arcades Private Limited (CAPL) to 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Lease Rental 25.55 CRISIL D (ISSUER NOT Discounting Loan COOPERATING; Rating Migrated) CRISIL has been consistently following up with CAPL for obtaining information through letters and emails dated February 28, 2019 and March 18, 2019 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 while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of CAPL. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on CAPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of CAPL to 'CRISIL D Issuer not cooperating'. CAPL is promoted by Mr N L Nagendra. It has commercial space in Mysore which has been occupied by Big Bazaar since 2008; CAPL has signed a 15-year agreement with Big Bazaar. CHITIZ DAIRY: CRISIL Reaffirms B Rating on INR7.5cr Term Loan ------------------------------------------------------------- CRISIL has reaffirmed its 'CRISIL B/Stable' rating on the long-term bank facilities of Chitiz Dairy and Agro Foods Private Limited (CDAFPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit .5 CRISIL B/Stable (Reaffirmed) Term Loan 7.5 CRISIL B/Stable (Reaffirmed) The rating continues to reflect exposure to project implementation-related risks and to timely stabilisation and commensurate ramp-up in sales during the initial phase of operations. The rating also factors in a delay in commencement of commercial operations by 9-12 months and an expected average financial risk profile due to ongoing debt-funded capital expenditure (capex). These weaknesses are partially offset by the extensive entrepreneurial experience of and funding support from the promoters. Key Rating Drivers & Detailed Description Weakness: * Exposure to project implementation and stabilisation risks, and ramp-up of sales: Incorporated 2015, the company is setting up a dairy project for processing milk and manufacturing milk products; commercial operations are set to commence in the beginning of fiscal 2020. The products are proposed to be sold under the Go Pure brand. Timely implementation of the project along with stabilisation of operations and commensurate ramp-up of scale will remain critical to achieve growth in revenue and profitability, and hence, will be a key rating driver. * Expected average financial risk profile driven by partly debt-funded capex: The funding mix includes term debt of INR7.50 crore and equity capital of INR4.5 crore. The company also has a cash credit limit of INR1.3 crore sanctioned. The gearing is likely to remain around 1.8 times. The debt protections metrics are expected to be moderate, with interest coverage ratio at 2-2.5 times and net cash accrual to total debt ratio around 0.1 time over the medium term. The financial risk profile is likely to remain average over the medium term. Strength: * Extensive entrepreneurial experience of and funding support from the promoters: The promoters have over two decades of experience in the trading industry including products such as minerals and coal. The experience would help to establish a strong network of farmers and distributors, which could result in uninterrupted supply of milk for the dairy business. Further, the promoters have already brought in the margin money and have flexibility to extend need-based financial support. Liquidity The cash credit limit is yet to be disbursed; this should provide liquidity support. The promoters are likely to extend support in the form of equity and unsecured loans to meet working capital requirement and repayment obligation, and have demonstrated a track record in doing this. Outlook: Stable CRISIL believes CDAFPL will continue to benefit from the extensive entrepreneurial experience of its promoters. The outlook may be revised to 'Positive' in case of timely implementation and stabilisation of the project, leading to adequate revenue, profitability, and cash accrual during the initial phase of operations. The outlook may be revised to 'Negative' if there is a delay in implementation or stabilisation of the project, leading to low revenue and cash accrual, or the working capital cycle is stretched, thus weakening the financial risk profile, especially liquidity. Incorporated in 2015, CDAFPL is establishing a dairy project for processing of milk and manufacture of milk products. The unit is being set up in the Bankura district of West Bengal and commercial operations are expected to commence in fiscal 2019. CITY PRIDE: CRISIL Migrates B- Rating to Not Cooperating -------------------------------------------------------- CRISIL has migrated the rating on bank facilities of City Pride Buildcon Private Limited (City Pride) to 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 11.41 CRISIL A4 (ISSUER NOT COOPERATING; Rating Migrated) Overdraft 1.25 CRISIL A4 (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term .22 CRISIL B-/Stable (ISSUER NOT Bank Loan Facility COOPERATING; Rating Migrated) Term Loan .62 CRISIL B-/Stable (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with City Pride for obtaining information through letters and emails dated February 28, 2019 and March 18, 2019 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 while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of City Pride. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on City Pride is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of City Pride to 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'. City Pride Buildcon Private Limited (City Pride) was incorporated in 2007 and is based out of New Delhi. The company operates as a civil contractor for projects such as office buildings, schools, and hospitals. City Pride primarily undertakes projects from government bodies and public sector companies. The company is promoted by Mr. Satbir Sehrawat, and his son Mr. Harish Sehrawat. CORROSION PROTECTION: Ind-Ra Moves 'BB-' Rating to Non-Cooperating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has migrated Corrosion Protection Private Limited's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB- (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR80 mil. Fund-based limits migrated to non-cooperating with IND BB- (ISSUER NOT COOPERATING) rating; and -- INR15 mil. Non-fund-based limits migrated to non-cooperating with IND A4+ (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May 31, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2008, Bhubaneswar, Odisha-based Corrosion Protection is engaged in engineering, equipment manufacturing, and project execution. FOREST PRESS: CRISIL Assigns D Rating to INR13cr Term Loan ---------------------------------------------------------- CRISIL has assigned its 'CRISIL D/CRISIL D' ratings to the bank facilities of Forest Press Machineries Private Limited (FPMPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term Bank Loan Facility 1.45 CRISIL D (Assigned) Inland/Import Letter of Credit .55 CRISIL D (Assigned) Cash Credit 2 CRISIL D (Assigned) Cash Term Loan 13 CRISIL D (Assigned) The ratings reflects instances of delay in repayment of term loan. The delays were due to weak liquidity driven by lower accruals against the repayment obligations. The rating also factors in the exposure to intense competition in the industry. However, it benefits from its promoter's extensive experience. Key Rating Drivers & Detailed Description Weakness *Delays in repayment of a term loan: Payment of the term loan instalments in the past few months were delayed on account of weak liquidity. That's primarily on account of lower accruals, as against the repayment obligations of about INR0.16 crore per month. *Exposure to intense competition in the industry: With modest scale of operations, the company is exposed to intense competition from other established players in the industry. Further, the company's revenues are susceptible to export orders and forex fluctuations. Strengths *Extensive entrepreneurial experience of the promoters: The main promoter, Mr Manoj Kumar Pillay, has sound understanding of the concrete machinery industry, and has a large network of customers. Liquidity Liquidity is marked by delay in repayment of term loan interest and principal from the due date of payment, during the past 6 months ending March 2019. Modest scale of operations have resulted in small accruals, against its repayment obligations for fiscal 2019. FPMPL was set up in 2015 in Bangalore. The company is engaged in manufacture of machinery required to meet the demand of concrete and building materials industry. GURUDEVA CHARITABLE: CRISIL Hikes Rating on INR10.5cr Loan to B --------------------------------------------------------------- CRISIL has upgraded its rating on bank facilities of Gurudeva Charitable Trust (GCT) to 'CRISIL B/Stable' from 'CRISIL B-/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Proposed Long Term 4.5 CRISIL B/Stable (Upgraded Bank Loan Facility from 'CRISIL B-/Stable') Secured Overdraft Facility 6.0 CRISIL B/Stable (Upgraded from 'CRISIL B-/Stable') Term Loan 10.5 CRISIL B/Stable (Upgraded from 'CRISIL B-/Stable') Working Capital Demand Loan 6 CRISIL B/Stable (Upgraded from 'CRISIL B-/Stable') The rating upgrade reflects the improvement in the business risk profile of GCT which is expected to continue over medium term. Cash accruals improved to estimated INR10 Cr for FY19 from INR7.9 Cr for the FY18 while sustaining the operating margins. The upgrade also factors in the support from the promoters in form of unsecured loan. The rating continue to reflect GCT's small scale of operations, geographic concentration in revenue, susceptibility to risks related to regulatory changes, and a below-average financial risk profile because of a weak networth. These weaknesses are partially offset by the extensive experience of the trustees in the education industry. Key Rating Drivers & Detailed Description Weaknesses * Susceptibility to risks related to regulatory changes: The education sector is highly regulated sector and compliance with specific operational and infrastructure norms set by regulatory bodies, such as the Medical Council, is essential. Thus, regular investment in the workforce and infrastructure are needed and approvals have to be received even to set up new courses or increase the number of seats for any course. * Small scale of operations and geographical concentration in revenue: The entire revenue is derived from a medical college and hospital in Kerala and a single course, resulting in a small scale of operations. Revenues were estimated to be INR63 crore in fiscal 2019. Furthermore, as revenue is derived from just the one college, the trust is exposed to geographical concentration risks. * Below-average financial risk profile: The trust has weak net worth as on March 31, 2019 due to the losses. However, the promoters provide need-based fund support through unsecured loans, the balance of which is estimated to be INR22.8 crore as on March 31, 2019. Strength * Extensive industry experience of the trustees: The trust is managed by a group of professionals who have extensive experience in the industry. This has helped to establish itself as one of the leading institutes providing medical education. Liquidity The liquidity of GCT is defined by cash accruals of around INR10 Cr which is sufficient against the maturing debt obligations. The Bank lines have been utilized at an average of 52% for last 12 months ended Feb 2019. Outlook: Stable CRISIL believes GCT will continue to benefit from the extensive industry experience of its trustees. The outlook may be revised to 'Positive' in case of sustainable increase in the scale of operations with higher student intake, leading to significant improvement in liquidity. The outlook may be revised to 'Negative' if the financial risk profile, particularly liquidity, weakens, most likely due to sizeable debt-funded capital expenditure, an adverse impact of any regulatory change, or deterioration in cash flow management. GCT, based in Ernakulam, was set up in 2003 by a group of non-resident Indians and businessmen from Kerala. It is registered under the Indian Trust Act, 1881. The trust comprises of a medical college and hospital, Sree Narayana Institute of Medical Sciences, offering the MBBS course. IL&FS: Orix Corp Seeks to Buy Remaining Stake in Wind Assets ------------------------------------------------------------ Reuters reports that India's debt-ridden Infrastructure Leasing and Financial Services (IL&FS) said on May 19 that Japan's Orix Corp has expressed an interest in buying out the remaining 51% stake in IL&FS's wind energy assets. IL&FS said Orix Corp plans to buy the stake to exercise its right under the terms of an existing agreement that allows Orix to match the price offered by the highest bidder for buying a stake in the wind power plants, Reuters relates. In April, GAIL (India) Ltd offered INR48 billion ($683.01 million) for IL&FS's power plant portfolio, emerging as the highest bidder for its wind assets, Reuters says. "GAIL Ltd's offer of about 48 billion rupees for 100% of enterprise value contemplated no haircut to the debt of the SPVs (wind power plants), aggregating to about INR37 billion," the group added, as cited by Reuters, in a statement. Infrastructure Leasing & Financial Services Limited (IL&FS) operates as an infrastructure development and finance company in India. It focuses on the development and commercialization of infrastructure projects, and creation of value added financial services. The company operates in Financial Services, Infrastructure Services, and Others segments. Its Financial Services segment engages in the commercialization of infrastructure; investment banking, including corporate finance, advisory, capital market, and other financial services; and securities trading, venture capital, and trusteeship operations. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 3, 2018, the Indian Express said that the government on Oct. 1 stepped in to take control of crisis-ridden IL&FS by moving the National Company Law Tribunal (NCLT) to supersede and reconstitute the board of the firm which has defaulted on a series of its debt payments over the last one month. This was said to be an attempt to restore the confidence of financial markets in the credibility and solvency of the infrastructure financing and development group. KRISHNA ENTERPRISES: CRISIL Moves B+ Rating from Not Cooperating ---------------------------------------------------------------- Due to inadequate information CRISIL, in line with Securities and Exchange Board of India guidelines, CRISIL had migrated its rating on the long-term bank facilities of Krishna Enterprises - Amravati (KE) to 'CRISIL B+/Stable; Issuer not cooperating'. KE has subsequently provided the necessary information and CRISIL has migrated the rating to 'CRISIL B+/Stable' from 'CRISIL B+/Stable Issuer Not Cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Proposed Cash Credit Limit 2.25 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Proposed Term Loan .75 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') The rating continues to reflect the firm's below average financial risk profile and large working capital requirement. These weaknesses are partly offset by the extensive experience of the partners in the trading business, established relationships with principal suppliers, and low exposure to inventory risk. Key Rating Drivers & Detailed Description Weaknesses: * Below average financial risk profile: Modest networth and moderate gearing (INR2.6 crore and 2.4 times, respectively) as on March 31, 2018 along with subdued interest coverage ratio of 1.4 times for fiscal 2018 represents below average financial risk profile. The gearing is estimated at 2.65 times as on March 31, 2019 while interest coverage is estimated at 1.61 times for fiscal 2019. * Large working capital requirement: Gross current assets were at 147 days as on March 31, 2018, driven by receivables of 78 days and inventory of 62 days. The large receivables emanates from the credit of 60-120 days offered to dealers and high year-end sales. Strengths: * Extensive industry experience of the partners: The partners have experience of over 2 decades in the distribution of various products. This has given them an understanding of the market dynamics, and helped establish relationships with suppliers and customers. The firm has a longstanding presence in Amravati and nearby districts of Maharashtra. * Established relationships with principal suppliers and low exposure to inventory risk: The firm deals in products of various reputed brands such as Valvoline Cummins Ltd (lubricants), Hyundai Mobis (automotive spares), Fleetguard Filters Ltd (filters), and Exide Industries Ltd (batteries). The partners' experience and reputation have enabled them to add distributorships and agencies such as Royal Enfield and Siska LED. KE will continue to benefit from its diversified product portfolio and established relationships with major suppliers. Liquidity Cash accrual is expected at INR28-39 lakh over the medium term against debt obligation of INR22 lakh. The accrual is expected to remain modest over the medium term. The bank limit was utilised extensively at an average of 96% over the 12 months through February 2019, and will continue to be extensively utilised over the medium term due to increasing scale of operations. Current ratio was healthy at 1.57 times as on March 31, 2018. The partners are expected to extend unsecured loans of INR1.50 crore to fund capex. Outlook: Stable CRISIL believes KE will continue to benefit from its longstanding relationships with principal suppliers and the experience of the management, which will help mitigate the inherent risks in the trading business. The outlook may be revised to 'Positive' if revenue growth sustains over the medium term and the financial risk profile improves. The outlook may be revised to 'Negative' if business is stagnant due to weak demand, or if a stretch in receivables or pile up of inventory adversely affects liquidity. Based in Amravati, KE was established in 1995 as a partnership firm by Mr Laxmikanth Laddha and his mother Ms Padmabai Laddha. The firm distributes products such as lubricants, garments, automotive spares, filters, and batteries. It operates through its sales outlets and warehouses at Amravati and Nagpur. MANJEERA CONSTRUCTIONS: CRISIL Migrates INR12cr Loan Rating to B- ----------------------------------------------------------------- Due to inadequate information, CRISIL, in line with SEBI guidelines, had migrated the rating of Manjeera Constructions Ltd (MCL) to 'CRISIL B-/Stable/CRISIL A4 Issuer not cooperating'. CRISIL has withdrawn its ratings on bank facilities of MCL following a request from the company and on receipt of a 'no objection certificate' from the banker. Consequently, CRISIL is migrating the ratings on bank facilities of MCL from 'CRISIL B-/Stable/CRISIL A4 Issuer Not Cooperating to 'CRISIL B-/Stable/CRISIL A4'. The rating action is in line with CRISIL's policy on withdrawal of bank loan ratings. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Bank Guarantee 14.71 CRISIL A4/Issuer not cooperating (Migrated from 'CRISIL A4 ISSUER NOT COOPERATING'; Rating Withdrawn) Cash Credit 12 CRISIL B-/Stable/Issuer not cooperating (Migrated from 'CRISIL B-/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) Working Capital Term Loan 13.29 CRISIL B-/Stable/Issuer not cooperating (Migrated from 'CRISIL B-/Stable ISSUER NOT COOPERATING'; Rating Withdrawn) MCL is part of the Hyderabad-based Manjeera Group of companies, incorporated in March 1987. MCL undertakes construction and development of residential and commercial projects in Andhra Pradesh and Telangana region. For the nine months ended December, 2018 MCL reported profit after tax of INR1.31 crore on revenue of INR41.15 crore as against INR3.64 crore and INR28.78 crore respectively in the corresponding period of previous fiscal. METALORE OVERSEAS: Insolvency Resolution Process Case Summary ------------------------------------------------------------- Debtor: Metalore Overseas Private Limited Office No. 536, DLF Tower, Shivaji Marg Najafgarh Road, Moti Nagar Delhi 110015 India Insolvency Commencement Date: May 13, 2019 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: November 9, 2019 (180 days from commencement) Insolvency professional: Anil Bhatia Interim Resolution Professional: Anil Bhatia M-17, 4th Floor, Main Market Greater Kailash-2 New Delhi 110048 E-mail: anilbhatia815@gmail.com mopl.cirp@gmail.com Last date for submission of claims: May 27, 2019 MUGHAL FOUNDATION: CRISIL Migrates D Rating to Not Cooperating -------------------------------------------------------------- CRISIL has migrated the rating on bank facilities of Mughal Foundation Mall (MFM) to 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 8 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with MFM for obtaining information through letters and emails dated February 28, 2019 and March 18, 2019 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 while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of MFM. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on MFM is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of MFM to 'CRISIL D Issuer not cooperating'. MFM operates a 1.23 lakh square feet commercial mall in Kodungallur. It was established in 2012 as a partnership firm by Mr Mohamed Ali (who manages the operations) and his family. N. PRAKASH: CRISIL Migrates B+ Rating from Not Cooperating ---------------------------------------------------------- Due to inadequate information, CRISIL, in line with SEBI guidelines, had migrated the rating of N. Prakash to 'CRISIL B+/Stable Issuer Not Cooperating'. However, the management has subsequently started sharing requisite information, necessary for carrying out comprehensive review of the rating. Consequently, CRISIL is migrating the rating on bank facilities of N. Prakash from 'CRISIL B+/Stable Issuer Not Cooperating' to 'CRISIL B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Long Term Loan 4.15 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Overdraft 1 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') Proposed Long Term Bank Loan Facility .85 CRISIL B+/Stable (Migrated from 'CRISIL B+/Stable ISSUER NOT COOPERATING') The rating on the bank facilities of N. Prakash continues to reflect healthy occupancy of the mens' hostel run by the firm, stable profitability, and extensive experience of the proprietor. These strengths are partly offset by the small scale of operations, amidst intense competition and geographical concentration in revenue. Key Rating Drivers & Detailed Description Weakness: * Small scale of operations: High cost involved in expansion, and low net worth of around INR3.14 crore as on March 31, 2018, may continue to keep the scale of operations small, over the medium term. * Geographical concentration and intense competition: The firm derives its entire revenue from Bengaluru and bulk of the tenants are from the IT sector. Any economic downturn in the sector, and intense competition in the paying guest (PG) segment, could adversely affect the business risk profile in the medium term. Strengths: * Healthy occupancy and profitability: Occupancy was around 90%, given the affordable terms, and should remain healthy in the medium term, backed by sufficient demand for PG accommodation in Bengaluru. Supported by its occupancy, operating profitability was comfortable at around 41.5% for fiscal 2018. Profitability is expected to remain comfortable over the medium term. * Extensive experience of the proprietor: The decade-long experience of the proprietor in the hospitality industry, and his strong understanding of business dynamics, should support the business risk profile in the medium term. Liquidity The firm is expected to generate accruals in the range of INR0.7-0.8 crore over the medium term against repayment obligation of INR0.5 crore, during the corresponding period. Liquidity is further supported by stability in its rental business and moderately utilized overdraft limit. Sanctioned limit of INR1 crore, was moderately utilized at around 90% during the past 12 months. The firm's liquidity continues to be supported by security deposit in rental and unsecured loans from the proprietor. Outlook: Stable CRISIL believes N. Prakash will continue to benefit from the extensive experience of its proprietor. The outlook may be revised to 'Positive' if larger-than-expected cash accrual improves liquidity. The outlook may be revised to 'Negative' if substantially low occupancy leads to weak liquidity and reduce cushion with the repayment obligations. Established in 2008, the firm operates a PG hostel for men in Bengaluru, with around 201 rooms. It is managed by Mr.N.Prakash. PAWAN CASTINGS: Ind-Ra Migrates 'BB' LT Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated Pawan Castings Meghalaya Private Limited's Long-Term Issuer Rating to the non-cooperating category. The issuer did not participate in the rating exercise, despite continuous requests and follow-ups by the agency. Therefore, investors and other users are advised to take appropriate caution while using these ratings. The rating will now appear as 'IND BB (ISSUER NOT COOPERATING)' on the agency's website. The instrument-wise rating actions are: -- INR150 mil. Fund-based limits migrated to non-cooperating category with IND BB (ISSUER NOT COOPERATING) rating; and -- INR10 mil. Long-term loan due on March 2022 migrated to non- cooperating category with IND BB (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May 18, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in 2001, Pawan Castings Meghalaya manufactures thermo-mechanically treated bars at its plant located at Burnihat, Meghalaya, which has an annual installed capacity of 54,000 metric tons. PROTAC FOODS: CRISIL Migrates D Rating to Not Cooperating --------------------------------------------------------- CRISIL has migrated the rating on bank facilities of ProTAC Foods International Private Limited (PFIPL) to 'CRISIL D Issuer not cooperating'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 4 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Proposed Long Term Bank Loan Facility 2.5 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) Term Loan 18.5 CRISIL D (ISSUER NOT COOPERATING; Rating Migrated) CRISIL has been consistently following up with PFIPL for obtaining information through letters and emails dated February 28, 2019 and March 18, 2019 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 while using the rating assigned/reviewed with the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward looking component as it is arrived at without any management interaction and is based on best available or limited or dated information on the company. Detailed Rationale Despite repeated attempts to engage with the management, CRISIL failed to receive any information on either the financial performance or strategic intent of PFIPL. Which restricts CRISIL's ability to take a forward looking view on the entity's credit quality. CRISIL believes information available on PFIPL is consistent with 'Scenario 1' outlined in the 'Framework for Assessing Consistency of Information with CRISIL BB' rating category or lower'. Therefore, on account of inadequate information and lack of management cooperation, CRISIL has migrated the rating on bank facilities of PFIPL to 'CRISIL D Issuer not cooperating'. Protac Foods International Pvt Ltd was promoted by Mr Tarun Kunzru (managing director), Mr Chethan MV and Mr Abhishek Gowda M.N to engage in chicken processing, with an integrated cold chain preservative system and sales. The company was incorporated on February 5, 2014. The company has commenced operations since June 2016. SHARAN HOSPITALITY: Insolvency Resolution Process Case Summary -------------------------------------------------------------- Debtor: Sharan Hospitality Private Limited Ground Floor, Gys Infinity Paranjpe 'B' Scheme Subhash Road, Vile Parle (East) Mumbai Mh 400057 In Insolvency Commencement Date: May 8, 2019 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: November 3, 2019 Insolvency professional: Rakesh Kumar Tulsyan Interim Resolution Professional: Rakesh Kumar Tulsyan B-4, Vinay Tower Kranti Nagar, Lokhandwala Kandivali East Mumbai 400101 E-mail: tulsyanrk@gmail.com - and - Office No. 3, 1st Floor, B Wing Sukh Sagar, Akurli Cross Road No. 1 Kandivali East Mumbai 400101 E-mail: rp.sharanhospitality@gmail.com Last date for submission of claims: May 21, 2019 SHIV SHAKTI: CRISIL Assigns B+ Rating to INR10cr Cash Credit ------------------------------------------------------------ CRISIL has assigned its 'CRISIL B+/Stable' rating to the long-term bank facility of Shiv Shakti Khadya Private Limited (SSKPL). Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 10 CRISIL B+/Stable (Assigned) The rating reflects the company's modest scale of operations and low operating margin due to trading business, susceptibility to climatic conditions and to volatility in raw material prices, large working capital requirement, and weak financial profile. These weaknesses are partially offset by the extensive experience of the promoters in the paddy trading business. Key Rating Drivers & Detailed Description Weakness: * Modest scale of operations and low operating margin due to trading business: The business risk profile and operating flexibility are constrained by modest scale of operations in the intensely competitive paddy trading business. Small initial investment and low complexity of operations have resulted in existence of innumerable small entities, leading to significant fragmentation and competition, and consequently, low operation margin for players. * Susceptibility to climatic conditions and volatility in raw material prices: The yield of agricultural commodities depends on the monsoon. Thus, SSKPL is exposed to the risk of limited availability of its key raw material, paddy, during a weak monsoon. Also, production may be affected by pests or crop infection, leading to higher unpredictability in production and pricing of agricultural commodities and derived products. * Large working capital requirement: Gross current assets were at 16-278 days over the three fiscals ended March 31, 2018. The company's large working capital requirement is reflected in gross current assets (GCAs) of 278 days as on March 31, 2018, against over 108 days for some of its peers. SSKPL's large working capital requirement in fiscal 2018 was because of piling up of inventory due to sudden fall in sales caused by demonetization. * Weak financial risk profile: Debt protection measures were weak in fiscal 2018 due to high gearing and low accrual from operations. The interest coverage and net cash accrual to total debt ratio were at 1.46 times and 0.19 time, respectively, for fiscal 2018, but are expected to improve over the medium term. Strengths: * Extensive industry experience of the promoters: The promoters have experience of over a decade in trading in paddy. This has given them an understanding of the dynamics of the market, and enabled them to establish relationships with suppliers and customers. Liquidity Bank limit was fully utilised over the 12 months ended March 31, 2019, and the bank limit utilisation is expected to remain high on account of large working capital requirement. Cash accrual is expected at INR0.3-0.5 crore against nil term debt obligation, and will cushion liquidity. Current ratio was 1.04 times as on March 31, 2018, and is expected to improve over the medium term. Outlook: Stable CRISIL believes SSKPL will continue to benefit over the medium term from its longstanding relationships with principal suppliers and the experience of the management, which will help mitigate the inherent risks in the trading business. The outlook may be revised to 'Positive' if the company sustains revenue growth while improving its financial risk profile. The outlook may be revised to 'Negative' if the business is stagnant due to weak demand, or if a stretch in receivables or pile-up of inventory adversely affects liquidity. Incorporated in 2010, SSKPL trades in paddy. The company is owned and managed by Mr Phate Bahadur Singh and Ms Punam Devi. SIDDHARTH MILK: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Siddharth Milk And Milk Products Private Limited Registered office: Plot No. 84, Kundaim Industrial Estate Kundaim, South Goa Goa 403115 Principal/Factory office: Plot No. 39A, Sector J, Phase 4 Parvati Cooperative Industrial Estate Yadrav, Ichalkaranji Dist. Kolhapur 416146 Insolvency Commencement Date: April 26, 2019 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: October 23, 2019 Insolvency professional: Ravindra Chaturvedi Interim Resolution Professional: Ravindra Chaturvedi C/o Parekh Shah & Lodha 31E, BKC Centre Laxmi Industrial Estate New Link Road, Andheri (W) Mumbai 400053 E-mail: ravinchaturvedi@hotmail.com ip1.ravinchaturvedi@gmail.com Last date for submission of claims: May 10, 2019 TAGORE EDUCATIONAL: CRISIL Cuts Rating on INR40.7cr Loan to D ------------------------------------------------------------- CRISIL has downgraded its rating on the long-term bank loan facilities of Tagore Educational Trust (TET) to 'CRISIL D' from 'CRISIL B+/Stable'. Amount Facilities (INR Crore) Ratings ---------- ----------- ------- Cash Credit 6.5 CRISIL D (Downgraded from 'CRISIL B+/Stable') Long Term Loan 40.7 CRISIL D (Downgraded from 'CRISIL B+/Stable') Overdraft 4 CRISIL D (Downgraded from 'CRISIL B+/Stable') Proposed Long Term Bank Loan Facility 2.8 CRISIL D (Downgraded from 'CRISIL B+/Stable') The downgrade reflects delays in servicing debt in the months of January, February and March 2019. The rating also reflects modest liquidity and vulnerability to regulatory risks associated with educational institutions. These weaknesses are partially offset by an established regional position in the education sector. Key Rating Drivers & Detailed Description Weakness: * Modest liquidity: The trust collects fees once a year over 3-4 months. Though the principal payment is once per annum, the Trust has been facing liquidity crunch during the non-fee collection period. * Susceptibility to regulatory changes and exposure to intense competition: The education sector is highly regulated in India. The trust has to comply with specific operational and infrastructure norms laid down by regulatory bodies. Further, there are various institutions in the area, thus increasing competition. Strength * Established regional position: Established in 1999, the trust has significant regional visibility, reflected in high occupancy of over 90%. The diversified revenue profile and addition of new courses is expected to support the business risk profile over the medium term. Liquidity The Trust has delayed its debt servicing in the months of January, February and March 2019. The trust collects fees once a year over 3-4 months. Though the principal payment is once per annum, the Trust has been facing liquidity crunch during the non-fee collection period. TET is a registered trust established under the Society Act in 1997 by Prof Mala M (chairperson). It is based in Chennai where it runs engineering, medical, arts colleges and a school. UNITED CHLORO: Ind-Ra Migrates D Issuer Rating to Non-Cooperating ----------------------------------------------------------------- India Ratings and Research (Ind-Ra) has migrated United Chloro Paraffins 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: -- INR117.5 mil. Fund-based limits (Long-term) migrated to non- cooperating category with IND D (ISSUER NOT COOPERATING) rating; and -- INR182.5 mil. Non-fund-based limits (Short-term) migrated to non-cooperating category with IND D (ISSUER NOT COOPERATING) rating. Note: ISSUER NOT COOPERATING: The ratings were last reviewed on May 17, 2018. Ind-Ra is unable to provide an update, as the agency does not have adequate information to review the ratings. COMPANY PROFILE Incorporated in July 2003, Kolkata-based UCPPL manufactures chlorinated paraffin wax, hydrochloric acid, and plastic masterbatches and anti-fat compounds. Mr. Debdip Ghosh, Mr. Gobinda Charan Ghosh, Mr. Vijay Kumar Tiwary, and Mr. Gopal Khandelwal are the promoters. ================= I N D O N E S I A ================= ABM INVESTAMA: Fitch Cuts LT IDR to B+, Outlook Negative --------------------------------------------------------- Fitch Ratings has downgraded PT ABM Investama Tbk's Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'B+' from 'BB-'. The Outlook is Negative. The agency has also downgraded the rating on ABM's US dollar senior notes to 'B+' with a Recovery Rating of 'RR4' from 'BB-'. The downgrade reflects ABM's weakening business profile due to the loss of coal mining contracts with one of its customers - Toba Bara Sejahtra Tbk - in 1Q2019. Toba Bara, which contributed about 20% of ABM's total revenue in 2018, terminated its three contracts with ABM's mining services subsidiary, PT Cipta Kridatama (CK). ABM also struggles to find a suitable acquisition target to replenish its falling reserves at its key mine, PT Tunas Indi Abadi (TIA), which has a reserve life of fewer than four years. This adds to ABM's weakening business profile. The loss of revenues at CK is also likely to weaken ABM's financial profile. The Negative Outlook reflects the execution risks associated with the company's plan to substitute the lost revenue and expand the volumes for its coal contracting segment. Fitch believes ABM's credit profile will be in line with a 'B+' rating if the company's plan is successful. Fitch could revise the Outlook to Stable once the company is able to demonstrate it can increase the volumes and profitability of the coal contracting business while maintaining its financial profile. KEY RATING DRIVERS Weakened Coal Contracting Business: ABM's coal mining subsidiary CK's operating profile has weakened with the cancellation of three key contracts by its top customer Toba Bara. This is likely to result in lower overburden volumes and thereby lower earnings over the next 12-24 months while CK tries to replace volumes with new contracts. We believe the company could take a few years to regain its market share in terms of volumes, although we expect the spare capacity to be partially used up in 2019 as CK starts work at a new site. Toba Bara had a signed a five-year contract with CK in 2015 and accounted for about 45% of CK's overburden removal volumes in 2018. ABM did show a modest recovery in its coal mining services in 2018, mainly led by higher volumes at Toba Bara, a reflection of its efforts to improve operational efficiencies in this segment. However, CK's recovery might be further delayed because of the lost revenue. We recognize CK's young fleet and quality Caterpillar equipment sourced through an affiliated company. This can aid its efforts to obtain new customers, in Fitch's view. Weakening Financial Profile: We expect ABM's financial profile to weaken in light of deterioration in CK's operations. Fitch expects ABM's funds from operations (FFO) adjusted net leverage to remain above 3.0x and its FFO fixed-charge cover to stay below 2.5x. ABM also plans to acquire a minority stake in another coal mining company in 2019 for USD60 million after successfully obtaining consent from its bondholders for waiver of certain covenants. Fitch believes the investment will reduce ABM's cash balance (end-2018: USD157 million) and will require the company to increase its reliance on debt funding for any future acquisitions. Nevertheless, we expect ABM's free cash flow before acquisitions to remain positive in light of our moderate capex expectations. Depleting Reserves at Key Mine: ABM plans to improve the profile of its coal mine portfolio by acquiring a majority stake in a mid-range calorific value (CV) mining concession. The company has not been able to find a suitable target, but Fitch believes an acquisition is important to replenish the company's depleting coal reserves at TIA, ABM's key mine. TIA produces coal with a CV of 4,200kcal/kg and has only a four-year reserve life at current production levels. ABM's second mine, PT MIFA Bersaudara, is a cost efficient mine with higher reserves at about 220 million tons, although the mine produces much lower CV coal of 3,100-3,400kcal/kg resulting in lower profits compared with TIA. Fitch has not factored any acquisition in its assessment and treats it as an event risk. Integrated Business Model: ABM's benefits from its integrated business model of four businesses across the energy value chain . The four businesses - coal mining contracting business, low-cost coal mining, a logistics business and an engineering operation - enable ABM to offer services across the value chain to its customers and can provide synergies. The company also benefits from its relationships with affiliated companies, including PT Trakindo Utama, a long-term distributor of Caterpillar, which provides most of the equipment, spare parts and servicing for ABM's coal contracting business. Trakindo is also an important customer for the ABM's logistics and engineering businesses. Exposure to Cyclical Coal Industry: ABM is vulnerable to the commodity cycle as around 80% of its EBITDA and cash flow is derived from the coal industry. This risk is mitigated by its low-cost position as a coal producer and its integrated business model. DERIVATION SUMMARY ABM's rating is one-notch below PT Bukit Makmur Mandiri Utama (BUMA, BB-/Stable), which is a coal mining contractor. BUMA has a stronger business profile with stronger profitability and stronger market share and is ranked as Indonesia's second-largest mining contractor. ABM benefits from its diversified business, although the weakening mining contractor business is likely to result in ABM becoming more reliant on relatively more volatile coal sales. Furthermore, BUMA's financial profile is also stronger than ABM's financial profile. ABM's rating among coal mining peers is comparable with PT Golden Energy Mines Tbk (GEMS, B+/Positive), whose rating is based on the consolidated credit profile of the Golden Energy and Resources Limited (GEAR, B+/Positive). ABM's relatively more diversified business is counterbalanced by GEMS' strong coal operations with longer reserve life and low cost position, as well as the stronger financial profile of GEMS and GEAR. The Positive Outlook on GEMS reflects our expectations of higher production volume in the next two years. KEY ASSUMPTIONS Fitch's Key Assumptions Within Our Rating Case for the Issuer: - Newcastle coal prices in line with the Fitch price deck at 2019: USD89/ton, 2020: USD78/ton; 2021: USD76/ton and 2022: USD75/ton, adjusted for calorific value - The Overburden Volumes for the coal contracting business to be lower by 50bcm in 2019 due to the contracts cancellations. Thereafter assumes a 15% volume growth in 2020 and 2021. - The coal mining volumes to grow by 1-2million tons per year. - Deterioration in the EBITDA margins to 17%-20% (2018: 24%) due to weakness in its coal contracting business and Fitch's coal price assumption - Capex of USD30 million-40 million in 2019-2022 - No dividends =============== X X X X X X X X =============== [*] BOND PRICING: For the Week May 13, 2019 to May 17, 2019 ----------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- ARTSONIG PTY LTD 11.50 04/01/19 USD 1.00 ARTSONIG PTY LTD 11.50 04/01/19 USD 1.00 CLIME CAPITAL LTD 6.25 11/30/21 AUD 0.99 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.92 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.08 MIDWEST VANADIUM PTY LT 11.50 02/15/18 USD 0.08 CHINA ----- AKESU XINCHENG ASSET IN 6.40 04/20/22 CNY 73.06 ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 62.00 ALAER XINXIN STATE-OWNE 6.80 06/16/22 CNY 72.63 ANHUI CHIZHOU CITY TIAN 7.40 10/23/20 CNY 40.70 ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.35 ANHUI PROVINCE TONGLING 7.30 05/13/21 CNY 61.91 ANHUI SHENGYUN ENVIRONM 6.98 03/23/20 CNY 45.00 ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 61.56 ANJI COUNTY STATE-OWNED 8.30 04/24/21 CNY 61.57 ANKANG DEVELOPMENT & IN 6.35 03/06/20 CNY 40.55 ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 40.01 ANSHUN STATE-RUN ASSETS 6.98 01/10/20 CNY 40.17 ANYANG INVESTMENT GROUP 8.00 04/17/19 CNY 20.12 BAODING NATIONAL HI-TEC 7.33 12/24/19 CNY 20.19 BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.23 BAOJI NEW HI TECH INDUS 8.25 04/21/21 CNY 61.23 BAOSHAN STATE-OWNED ASS 7.30 12/10/19 CNY 20.05 BAOTOU STATE OWNED ASSE 7.03 09/17/19 CNY 20.13 BAYAN ZHUOER HETAO WATE 8.54 03/31/22 CNY 62.79 BAYANNUR LINHE DISTRICT 7.90 11/13/20 CNY 40.72 BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 60.00 BAZHONG STATE-OWNED ASS 8.50 04/25/21 CNY 62.74 BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.77 BEIJING BIOMEDICINE IND 6.35 07/23/20 CNY 40.80 BEIJING CAPITAL DEVELOP 5.95 05/29/19 CNY 20.16 BEIJING CAPITAL DEVELOP 6.50 02/27/21 CNY 61.29 BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.52 BEIJING CAPITAL DEVELOP 7.19 01/15/21 CNY 61.72 BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.70 BEIJING CHANGXIN CONSTR 6.74 04/22/21 CNY 61.94 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.18 BEIJING CHAOYANG STATE- 5.25 03/27/20 CNY 40.30 BEIJING CONSTRUCTION EN 5.95 07/05/19 CNY 20.16 BEIJING FUTURE SCIENCE 6.28 09/22/19 CNY 25.32 BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 40.20 BEIJING GUCAI GROUP CO 6.60 09/06/20 CNY 40.21 BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 40.56 BEIJING HAIDIAN STATE-O 5.50 08/07/20 CNY 40.70 BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.30 BEIJING JINGMEI GROUP C 6.14 09/09/20 CNY 40.72 BEIJING JINLIYUAN STATE 7.00 10/28/20 CNY 41.42 BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 60.77 BEIJING SHIJINGSHAN STA 6.08 08/18/21 CNY 61.76 BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 61.70 BEIJING XINCHENG INFRAS 7.50 04/21/21 CNY 61.83 BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.17 BEIJING XINGZHAN INVEST 6.48 08/31/19 CNY 20.22 BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 61.20 BEIJING XINGZHAN INVEST 6.66 04/24/21 CNY 61.95 BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.54 BENGHU HI NEW TECH INVE 8.70 04/17/21 CNY 61.55 BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 61.23 BIJIE KAIYUAN CONSTRUCT 7.78 02/25/21 CNY 62.89 BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.16 BINZHOU HI-TECH DEVELOP 8.60 01/10/21 CNY 61.17 BORALA MONGOL AUTONOMOU 7.18 08/09/20 CNY 40.37 C&D REAL ESTATE CORP LT 6.15 04/03/20 CNY 40.49 CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.30 CANGZHOU CONSTRUCTION & 6.72 01/23/20 CNY 40.57 CHANGCHUN MODERN AGRICU 7.00 07/25/21 CNY 60.75 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.27 CHANGDE ECONOMIC DEVELO 7.19 09/12/19 CNY 20.36 CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.86 CHANGDE ECONOMIC DEVELO 7.00 03/24/21 CNY 61.87 CHANGDE URBAN CONSTRUCT 6.50 02/25/20 CNY 40.65 CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 40.24 CHANGRUN INVESTMENT & G 6.88 09/16/20 CNY 40.84 CHANGSHA CITY CONSTRUCT 6.95 04/24/19 CNY 20.13 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.15 CHANGSHA COUNTY XINGCHE 8.35 04/06/19 CNY 20.20 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 74.21 CHANGSHA COUNTY XINGCHE 7.90 03/25/22 CNY 74.67 CHANGSHA ECONOMIC & TEC 8.45 04/13/22 CNY 63.07 CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 73.01 CHANGSHA METRO GROUP CO 6.20 04/23/23 CNY 73.22 CHANGSHA PILOT INVESTME 6.70 12/10/19 CNY 20.40 CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 60.93 CHANGSHA YUHUA URBAN CO 7.17 04/18/21 CNY 61.76 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.09 CHANGSHU BINJIANG URBAN 6.85 04/27/19 CNY 20.09 CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 60.23 CHANGSHU BINJIANG URBAN 6.39 09/11/21 CNY 61.38 CHANGSHU CITY OPERATION 8.00 01/16/19 CNY 20.01 CHANGSHU DEVELOPMENT IN 5.80 04/19/20 CNY 40.42 CHANGSHU TRANSPORTATION 7.00 04/29/21 CNY 61.79 CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 60.00 CHANGXING COUNTY TRANSP 6.75 06/16/21 CNY 61.10 CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 61.55 CHANGXING COUNTY TRANSP 7.88 04/30/21 CNY 62.14 CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.12 CHANGXING URBAN CONSTRU 6.80 11/30/19 CNY 20.33 CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 60.95 CHANGXING URBAN CONSTRU 6.00 12/03/21 CNY 61.14 CHANGZHI CITY CONSTRUCT 6.46 02/26/20 CNY 40.38 CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 41.90 CHANGZHOU BINHU CONSTRU 8.04 12/12/20 CNY 62.43 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.48 CHANGZHOU HI-TECH GROUP 6.18 03/21/20 CNY 40.48 CHANGZHOU JINTAN DISTRI 8.30 03/14/19 CNY 20.05 CHANGZHOU JINTAN DISTRI 6.38 04/26/20 CNY 40.47 CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.74 CHANGZHOU PUBLIC HOUSIN 6.64 07/02/21 CNY 61.76 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 39.50 CHENGDU CITY DEVELOPMEN 6.18 01/14/20 CNY 40.36 CHENGDU ECO &TECH DEVEL 6.90 05/30/21 CNY 61.81 CHENGDU ECO &TECH DEVEL 6.90 05/30/21 CNY 61.82 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.16 CHENGDU ECONOMIC&TECHNO 6.55 07/17/19 CNY 20.24 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.35 CHENGDU HI-TECH INVESTM 6.28 11/20/19 CNY 20.38 CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 57.50 CHENGDU LONGBO INVESTME 8.10 04/24/21 CNY 61.39 CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 38.50 CHENGDU PIDU DISTRICT S 7.25 10/15/20 CNY 40.52 CHENGDU XINCHENG XICHEN 8.35 03/19/19 CNY 20.18 CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 39.10 CHENGDU XINGCHENG INVES 6.17 01/28/20 CNY 40.34 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 20.45 CHENGDU XINGJIN URBAN C 7.30 11/27/19 CNY 20.47 CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 61.77 CHENGDU XINKAIYUAN URBA 7.43 08/12/21 CNY 62.37 CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.36 CHENGFA INVESTMENT GROU 6.87 04/30/21 CNY 61.86 CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 61.25 CHENZHOU BAIFU INVESTME 6.54 08/28/21 CNY 61.47 CHENZHOU XINTIAN INVEST 6.30 07/17/20 CNY 39.66 CHINA ENERGY RESERVE AN 6.25 12/21/18 USD 33.66 CHINA WANDA GROUP CO LT 5.20 09/08/21 CNY 59.50 CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 40.26 CHINA YIXING ENVIRONMEN 7.10 10/18/20 CNY 40.73 CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 60.50 CHONGQING BANAN ECONOMI 7.00 08/20/21 CNY 61.96 CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 41.00 CHONGQING BEICHENG CONS 7.30 10/16/20 CNY 41.13 CHONGQING BEIFEI INDUST 7.13 12/25/19 CNY 20.46 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 20.13 CHONGQING CHANGSHOU DEV 7.45 09/25/19 CNY 20.13 CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.90 CHONGQING CHANGSHOU ECO 7.20 07/15/21 CNY 60.91 CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.75 CHONGQING CHANGSHOU ECO 7.10 06/19/21 CNY 60.76 CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 40.10 CHONGQING CITY CONSTRUC 5.12 05/21/20 CNY 40.28 CHONGQING DASUN ASSET D 6.98 09/10/20 CNY 40.92 CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.20 CHONGQING DAZU DISTRICT 6.75 04/26/20 CNY 40.44 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.16 CHONGQING FULING DISTRI 8.40 03/23/19 CNY 40.17 CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.16 CHONGQING FULING DISTRI 7.89 03/20/21 CNY 61.79 CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.22 CHONGQING FULING STATE- 6.39 01/21/20 CNY 40.45 CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 62.02 CHONGQING GAOXIN ZONE D 7.80 04/25/21 CNY 62.03 CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.93 CHONGQING GARDENING IND 8.45 06/03/21 CNY 62.93 CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.94 CHONGQING HAOJIANG CONS 7.99 11/22/20 CNY 40.97 CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.13 CHONGQING HAOJIANG CONS 8.05 03/06/21 CNY 61.24 CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.28 CHONGQING HECHUAN INDUS 6.19 06/17/20 CNY 40.30 CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.51 CHONGQING HECHUAN URBAN 7.30 07/07/21 CNY 61.76 CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.11 CHONGQING HONGRONG CAPI 7.20 10/16/19 CNY 20.30 CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.39 CHONGQING HONGYE INDUST 6.30 06/03/20 CNY 40.39 CHONGQING JIANGBEIZUI C 6.50 07/21/21 CNY 62.14 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.23 CHONGQING JIANGJIN HUAX 7.46 09/21/19 CNY 20.40 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.04 CHONGQING JINYUN ASSET 6.75 06/18/19 CNY 20.18 CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 60.00 CHONGQING JIULONG HI-TE 6.60 08/19/21 CNY 61.65 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.13 CHONGQING LAND PROPERTI 7.35 04/25/19 CNY 20.13 CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.77 CHONGQING LAND PROPERTI 6.30 08/22/20 CNY 40.85 CHONGQING LIANGJIANG NE 5.88 09/16/21 CNY 61.83 CHONGQING LIANGJIANG NE 6.70 04/25/21 CNY 62.08 CHONGQING MAIRUI CITY I 6.82 08/17/19 CNY 20.31 CHONGQING NAN'AN URBAN 8.20 04/09/19 CNY 20.10 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.23 CHONGQING NANCHUAN DIST 7.35 09/06/19 CNY 20.23 CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.51 CHONGQING NANFA URBAN C 6.43 04/27/20 CNY 40.54 CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.70 CHONGQING QIANJIANG CIT 8.00 03/21/21 CNY 61.82 CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 39.61 CHONGQING QIJIANG EAST 6.75 01/29/20 CNY 40.10 CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.00 CHONGQING SHUANGFU CONS 7.49 10/23/20 CNY 40.51 CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 40.00 CHONGQING SHUANGQIAO EC 6.75 04/26/20 CNY 40.23 CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 58.95 CHONGQING SHUANGQIAO EC 5.99 11/19/21 CNY 59.34 CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 61.80 CHONGQING TAX FREE PORT 7.50 04/24/21 CNY 62.25 CHONGQING TEA GARDEN IN 7.70 05/20/21 CNY 60.86 CHONGQING THREE GORGES 6.40 01/23/19 CNY 25.01 CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 40.20 CHONGQING WANSHENG ECO 6.39 04/17/20 CNY 40.29 CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 60.72 CHONGQING WANSHENG ECO 6.95 08/25/21 CNY 60.73 CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 61.44 CHONGQING WANSHENG ECO 8.19 04/08/21 CNY 62.01 CHONGQING WESTERN MODER 7.08 10/18/20 CNY 41.21 CHONGQING WESTERN MODER 7.08 10/18/20 CNY 41.25 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.15 CHONGQING XINGRONG HOLD 8.35 04/19/19 CNY 20.26 CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 20.15 CHONGQING XIYONG MICRO- 6.76 07/25/19 CNY 20.22 CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 61.00 CHONGQING XIYONG MICRO- 6.58 07/25/21 CNY 61.66 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.32 CHONGQING YONGCHUAN HUI 7.33 10/16/19 CNY 20.45 CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 61.45 CHONGQING YONGCHUAN HUI 7.28 05/30/21 CNY 61.49 CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.10 CHONGQING YUFU HOLDING 6.50 09/04/19 CNY 20.33 CHONGQING YULONG ASSET 6.87 05/31/19 CNY 20.21 CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 60.87 CHONGQING YUNAN ASSET M 7.05 06/17/21 CNY 61.19 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 20.23 CHONGQING YUXING CONSTR 7.30 12/10/19 CNY 20.39 CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 61.40 CHONGQING YUZHONG STATE 7.25 02/26/21 CNY 61.52 CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 36.77 CHUXIONG AUTONOMOUS DEV 6.60 03/29/20 CNY 40.27 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.35 CHUZHOU CITY CONSTRUCTI 6.81 11/23/19 CNY 20.48 CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 60.80 CHUZHOU CITY CONSTRUCTI 6.40 08/22/21 CNY 61.94 CHUZHOU TONGCHUANG CONS 7.05 01/09/20 CNY 40.47 CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 61.76 CIXI CITY CONSTRUCTION 6.18 08/18/21 CNY 61.98 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.28 CIXI STATE OWNED ASSET 6.60 09/20/19 CNY 20.40 DALI ECONOMIC DEVELOPME 8.80 04/24/19 CNY 20.12 DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 41.53 DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 60.00 DALI ECONOMIC DEVELOPME 8.30 12/11/20 CNY 60.70 DALI ECONOMIC DEVELOPME 7.90 03/04/21 CNY 61.27 DALIAN DETA HOLDING CO 6.50 11/15/19 CNY 20.29 DALIAN PUWAN ENGINEERIN 7.09 02/20/21 CNY 59.60 DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 61.20 DALIAN RONGDA INVESTMEN 5.69 12/05/21 CNY 61.41 DALIAN RONGQIANG INVEST 8.60 03/30/19 CNY 40.31 DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 60.98 DALIAN RONGQIANG INVEST 7.92 04/14/21 CNY 60.99 DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.17 DALIAN RONGQIANG INVEST 8.60 01/20/21 CNY 61.18 DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.00 DANGYANG XINYUAN INVEST 7.99 05/23/21 CNY 61.56 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.07 DANYANG INVESTMENT GROU 8.10 03/06/19 CNY 20.10 DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.24 DANYANG INVESTMENT GROU 6.81 10/23/19 CNY 25.31 DANYANG INVESTMENT GROU 6.90 10/23/20 CNY 40.92 DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.14 DAQING GAOXIN STATE-OWN 6.88 12/05/19 CNY 20.15 DAYE CITY CONSTRUCTION 7.95 11/27/20 CNY 41.45 DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.42 DAYE CITY CONSTRUCTION 7.30 03/03/21 CNY 61.65 DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.40 DAZHOU INVESTMENT CO LT 6.99 12/25/19 CNY 20.41 DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 61.12 DEYANG ECONOMIC DEVELOP 7.90 04/28/21 CNY 61.29 DONGTAI UBAN CONSTRUCTI 7.10 12/26/19 CNY 20.36 DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.04 DONGTAI UBAN CONSTRUCTI 7.58 04/23/21 CNY 61.86 DONGTAI UBAN CONSTRUCTI 8.65 01/13/21 CNY 62.15 ELION CLEAN ENERGY CO L 6.42 07/19/20 CNY 64.00 ENSHI URBAN CONSTRUCTIO 7.55 10/22/19 CNY 20.32 ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 60.58 ENSHI URBAN CONSTRUCTIO 7.50 06/03/21 CNY 61.44 EZHOU CITY CONSTRUCTION 7.08 06/19/19 CNY 20.16 EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.18 EZHOU CITY CONSTRUCTION 7.76 05/15/21 CNY 61.19 EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 61.52 EZHOU CITY CONSTRUCTION 6.68 09/19/21 CNY 61.97 FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 61.37 FANGCHENGGANG CITY GANG 8.09 04/16/21 CNY 64.50 FAR EAST SMARTER ENERGY 5.33 05/24/21 CNY 70.20 FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 41.25 FUGU COUNTY STATE-OWNED 8.69 12/16/20 CNY 61.90 FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 60.10 FUJIAN JINJIANG INDUSTR 7.08 06/27/21 CNY 62.25 FUJIAN JINJIANG URBAN C 6.35 04/26/20 CNY 40.71 FUJIAN LONGYAN CITY CON 7.45 08/14/19 CNY 20.16 FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.40 FUJIAN NANPING HIGHWAY 6.69 01/28/20 CNY 40.51 FUNING URBAN INVESTMENT 7.19 08/15/21 CNY 60.81 FUQING CITY STATE-OWNED 6.66 03/01/21 CNY 55.09 FUQING CITY STATE-OWNED 5.94 11/26/22 CNY 69.18 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.30 FUZHOU INVESTMENT DEVEL 6.78 01/16/20 CNY 40.40 FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 40.70 FUZHOU JIANGONG GROUP C 6.80 12/10/19 CNY 40.84 GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.44 GANSU PROVINCIAL STATE- 5.40 03/06/20 CNY 70.66 GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 25.78 GANZHOU DEVELOPMENT ZON 8.15 12/31/19 CNY 25.80 GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.78 GANZHOU DEVELOPMENT ZON 7.40 02/19/20 CNY 50.90 GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.66 GANZHOU DEVELOPMENT ZON 7.43 02/19/21 CNY 61.72 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 20.27 GAOMI STATE-OWNED ASSET 6.70 11/15/19 CNY 20.37 GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 40.62 GOLMUD INVESTMENT HOLDI 8.70 12/30/20 CNY 40.81 GOOCOO INVESTMENT CO LT 7.20 02/01/21 CNY 50.00 GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 49.89 GREENLAND HOLDING GROUP 6.24 05/23/20 CNY 50.50 GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.11 GUANG ZHOU PANYU COMMUN 6.30 04/12/19 CNY 25.12 GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.14 GUANGAN DEVELOPMENT AND 8.18 04/25/19 CNY 20.20 GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 60.43 GUANGAN ECONOMIC & TECH 7.10 09/22/21 CNY 61.48 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.04 GUANGXI BAISE DEVELOPME 6.50 07/04/19 CNY 20.18 GUANGXI BAISE DEVELOPME 7.27 06/20/21 CNY 61.91 GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.23 GUANGXI LAIBIN INDUSTRI 5.97 11/26/21 CNY 60.57 GUANGXI LAIBIN URBAN CO 8.36 03/14/19 CNY 40.24 GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 60.66 GUANGXI QINZHOU LINHAI 7.68 02/20/21 CNY 60.67 GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 62.41 GUANGXI URBAN CONSTRUCT 7.59 04/14/21 CNY 63.00 GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 61.49 GUANGYUAN INVESTMENT HO 7.30 04/22/21 CNY 61.94 GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 62.02 GUANGYUAN YUANQU CONSTR 8.35 08/26/21 CNY 63.06 GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.61 GUILIN CITY INVESTMENT 6.90 06/13/21 CNY 60.62 GUIYANG HI-TECH HOLDING 6.01 12/01/19 CNY 24.90 GUIYANG URBAN CONSTRUCT 5.23 12/02/22 CNY 88.00 GUIYANG URBAN DEVELOPME 6.20 02/28/20 CNY 37.56 HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 40.76 HAICHENG URBAN JINCAI L 8.17 04/16/21 CNY 61.43 HAICHENG URBAN JINCAI L 8.56 12/19/20 CNY 69.00 HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 40.66 HAINAN HARBOR & SHIPPIN 6.80 10/18/19 CNY 70.57 HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.51 HAINAN JINHAI PULP & PA 6.10 04/15/20 CNY 70.54 HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 60.74 HAINING CITY DEVELOPMEN 5.58 10/22/21 CNY 61.47 HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 41.00 HAINING CITY JIANSHAN D 6.90 11/04/20 CNY 41.24 HAINING STATE-OWNED ASS 6.08 03/06/20 CNY 40.45 HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 41.39 HAIXI STATE DEVELOPMENT 8.60 01/02/21 CNY 41.43 HAIYAN COUNTY STATE-OWN 7.00 09/04/20 CNY 41.10 HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.35 HANGZHOU CANAL COMPREHE 6.00 04/02/20 CNY 40.53 HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.79 HANGZHOU FUYANG CITY CO 7.20 03/19/21 CNY 61.81 HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 61.68 HANGZHOU GONGSHU DISTRI 6.90 07/21/21 CNY 62.00 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 39.50 HANGZHOU HIGH-TECH INDU 6.45 01/28/20 CNY 40.34 HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.72 HANGZHOU XIAOSHAN ECO&T 6.90 05/13/21 CNY 61.89 HANGZHOU YUHANG CITY CO 7.55 03/29/19 CNY 20.15 HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.90 HANGZHOU YUHANG CITY CO 7.00 03/03/21 CNY 61.95 HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 61.60 HANGZHOU YUHANG ECONOMI 7.45 03/03/21 CNY 62.01 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.00 HANGZHOU YUHANG INNOVAT 6.50 03/18/20 CNY 40.62 HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 61.54 HANGZHOU YUHANG TRANSPO 7.19 04/18/21 CNY 62.23 HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.00 HANJIANG STATE-OWNED-AS 8.12 01/12/19 CNY 20.01 HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 41.40 HANJIANG STATE-OWNED-AS 7.30 11/11/20 CNY 41.55 HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 61.51 HEBI ECONOMIC CONSTRUCT 7.88 08/01/21 CNY 61.97 HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.24 HEFEI BINHU NEW ZONE CO 6.35 06/13/19 CNY 40.40 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.13 HEFEI GAOXIN DEVELOPMEN 7.98 03/22/19 CNY 40.14 HEFEI GAOXIN DEVELOPMEN 6.90 03/12/20 CNY 71.05 HEFEI HAIHENG INVESTMEN 7.30 06/12/19 CNY 20.15 HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.41 HEFEI INDUSTRIAL INVEST 6.30 03/20/20 CNY 40.54 HEFEI XINCHENG STATE-OW 7.88 04/23/19 CNY 20.13 HEGANG KAIYUAN CITY INV 6.50 07/19/19 CNY 20.16 HEIHE CITY CONSTRUCTION 8.48 03/23/19 CNY 40.28 HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 58.84 HEILONGJIANG HECHENG CO 5.60 11/11/21 CNY 58.87 HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 59.89 HEILONGJIANG HECHENG CO 7.05 06/21/22 CNY 60.43 HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 49.84 HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 51.01 HEILONGJIANG POST-DISAS 7.10 11/19/20 CNY 51.20 HEILONGJIANG POST-DISAS 7.06 11/20/20 CNY 74.60 HENAN JIYUAN CITY CONST 7.50 09/25/19 CNY 20.31 HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 58.77 HENGYANG BAISHAZHOU DEV 6.87 08/22/21 CNY 60.06 HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.22 HENGYANG CITY CONSTRUCT 7.06 08/13/19 CNY 20.25 HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.41 HENGYANG HONGXIANG STAT 6.20 06/19/20 CNY 40.58 HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 61.91 HENGYANG XIANGJIANG WAT 7.40 04/23/21 CNY 61.96 HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 60.07 HEYUAN CITY RUNYE INVES 6.20 12/03/21 CNY 61.14 HEZE INVESTMENT DEVELOP 7.14 03/24/21 CNY 62.07 HEZHOU URBAN CONSTRUCTI 8.16 05/16/21 CNY 61.50 HONGHEZHOU ROAD DEVELOP 6.27 05/06/20 CNY 40.56 HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 53.32 HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 20.54 HUAIAN CITY URBAN ASSET 6.87 12/26/19 CNY 39.30 HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.14 HUAIAN CITY WATER HOLDI 8.25 03/08/19 CNY 20.20 HUAI'AN DEVELOPMENT HOL 7.20 09/06/19 CNY 20.05 HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.67 HUAI'AN DEVELOPMENT HOL 7.30 03/10/21 CNY 61.85 HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 61.08 HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 61.27 HUAI'AN NEW CITY INVEST 7.45 03/04/21 CNY 61.38 HUAI'AN NEW CITY INVEST 6.95 07/28/21 CNY 61.49 HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.15 HUAIAN QINGHE NEW AREA 6.68 01/24/20 CNY 40.21 HUAIHUA CITY INDUSTRIAL 7.70 10/29/20 CNY 40.44 HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 60.54 HUAINAN URBAN CONSTRUCT 6.79 07/09/21 CNY 60.55 HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 42.25 HUANGGANG CITY CONSTRUC 8.60 12/25/20 CNY 42.47 HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 61.81 HUANGGANG CITY CONSTRUC 7.45 03/04/21 CNY 62.00 HUANGSHI CIHU HIGH-TECH 8.70 12/05/20 CNY 42.09 HUANGSHI CIHU HIGH-TECH 9.30 01/21/21 CNY 62.12 HUANGSHI URBAN CONSTRUC 6.96 10/25/19 CNY 20.28 HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.25 HUBEI QUANZHOU YANGTZE 6.50 04/02/20 CNY 70.92 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.13 HUIAN STATE ASSETS INVE 7.50 10/15/19 CNY 20.16 HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.44 HULUDAO INVESTMENT GROU 7.05 10/18/20 CNY 40.89 HULUDAO INVESTMENT GROU 7.50 10/18/23 CNY 72.19 HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 61.16 HUNAN CHANGDE DEYUAN IN 6.50 06/16/21 CNY 61.37 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 41.78 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.52 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 61.80 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 62.72 HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.39 HUNAN XIANGJIANG NEW AR 7.36 03/17/21 CNY 62.64 HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 60.63 HUNNAN JINYANG INVESTME 5.70 11/27/21 CNY 78.60 HUZHOU CITY INVESTMENT 6.70 12/14/19 CNY 20.35 HUZHOU NANXUN STATE-OWN 8.15 03/31/19 CNY 20.12 HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 60.31 HUZHOU URBAN CONSTRUCTI 6.48 08/28/21 CNY 61.92 HUZHOU WUXING NANTAIHU 8.79 01/16/21 CNY 61.72 HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 61.22 HUZHOU XISAISHAN DEVELO 7.80 04/29/21 CNY 62.02 INNER MONGOLIA KE'ERQIN 7.75 09/24/19 CNY 20.21 INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 58.91 INNER MONGOLIA SHENGXIA 8.18 08/21/21 CNY 60.31 INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 62.12 INNER MONGOLIA ZHUNGEER 6.54 12/31/21 CNY 62.49 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.09 JIAN CITY CONSTRUCTION 7.80 04/20/19 CNY 20.14 JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.00 JIAN CITY JINGANGSHAN D 7.99 06/03/21 CNY 61.27 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 20.32 JIANAN INVESTMENT HOLDI 7.68 09/04/19 CNY 40.00 JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 61.95 JIANAN INVESTMENT HOLDI 6.85 05/23/21 CNY 62.26 JIANGDONG HOLDING GROUP 6.90 03/27/19 CNY 20.12 JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 61.54 JIANGDONG HOLDING GROUP 7.14 04/24/21 CNY 61.59 JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 37.93 JIANGMEN BINJIANG CONST 6.60 02/28/20 CNY 40.50 JIANGMEN NEW HI-TECH IN 7.39 11/04/20 CNY 41.40 JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 40.00 JIANGSU FURUDONGHAI DEV 7.09 09/13/20 CNY 40.88 JIANGSU HANRUI INVESTME 8.16 03/01/19 CNY 19.99 JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 40.30 JIANGSU HUAJING ASSETS 6.00 05/16/20 CNY 40.35 JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.00 JIANGSU JINGUAN INVESTM 6.40 01/28/19 CNY 25.02 JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 60.00 JIANGSU JINGUAN INVESTM 7.90 04/08/21 CNY 61.18 JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 61.87 JIANGSU JINTAN GUOFA IN 6.85 05/30/21 CNY 62.03 JIANGSU JURONG FUDI BIO 8.70 04/26/19 CNY 40.29 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.02 JIANGSU LIANYUN DEVELOP 6.10 06/19/19 CNY 20.05 JIANGSU NANTONG NO2 CON 8.10 07/10/21 CNY 59.64 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 40.48 JIANGSU NEWHEADLINE DEV 7.00 08/27/20 CNY 40.51 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.20 JIANGSU SUHAI INVESTMEN 7.20 11/07/19 CNY 20.34 JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 60.88 JIANGSU SUHAI INVESTMEN 7.28 05/29/21 CNY 61.64 JIANGSU TAICANG PORT DE 7.66 05/16/19 CNY 20.25 JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 60.73 JIANGSU TAICANG PORT DE 7.40 04/28/21 CNY 61.92 JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 51.10 JIANGSU WANGTAO INVESTM 6.82 09/15/20 CNY 51.17 JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 61.06 JIANGSU WUZHONG ECONOMI 5.49 11/19/21 CNY 61.12 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 20.14 JIANGSU XISHAN ECONOMIC 6.99 11/01/19 CNY 20.14 JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 60.74 JIANGSU YIXING ECONOMIC 7.69 04/18/21 CNY 61.04 JIANGSU ZHANGJIAGANG EC 6.98 11/16/19 CNY 20.50 JIANGSU ZHUFU INDUSTRIA 4.93 12/29/20 CNY 69.27 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.16 JIANGXI HEJI INVESTMENT 8.00 09/04/19 CNY 20.34 JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 61.59 JIANGXI PINGXIANG CHANG 8.18 05/22/21 CNY 62.63 JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 60.43 JIANGXI PROVINCE SITONG 8.20 04/18/21 CNY 61.17 JIANGYIN CITY CONSTRUCT 7.20 06/11/19 CNY 20.19 JIANGYIN GAOXIN DISTRIC 6.60 02/27/20 CNY 40.27 JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 40.80 JIANGYIN LINGANG NEW CI 7.10 11/07/20 CNY 40.88 JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 61.17 JIANHU COUNTY DEVELOPME 7.29 09/25/21 CNY 61.42 JIANHU URBAN CONSTRUCTI 6.50 02/22/20 CNY 40.44 JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 20.39 JIASHAN ECONOMIC DEVELO 7.05 12/03/19 CNY 20.40 JIASHAN STATE-OWNED ASS 6.80 06/06/19 CNY 20.16 JIAXING CITY CULTURE MI 8.16 03/08/19 CNY 20.11 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.15 JIAXING ECONOMIC&TECHNO 6.78 06/14/19 CNY 20.18 JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 60.87 JIAXING ECONOMIC&TECHNO 7.89 03/05/21 CNY 62.15 JIAXING NANHU INVESTMEN 7.45 02/26/21 CNY 61.91 JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 61.89 JIAYUGUAN CITY INFRASTR 7.83 09/23/21 CNY 61.92 JIEYANGSHI CHENGSHI TOU 6.55 08/27/21 CNY 62.04 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.01 JILIN CITY CONSTRUCTION 6.34 02/26/20 CNY 40.23 JILIN LIYUAN PRECISION 7.00 09/22/19 CNY 16.00 JILIN RAILWAY INVESTMEN 7.18 03/04/21 CNY 61.22 JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 61.90 JINAN CITY CONSTRUCTION 6.80 03/20/21 CNY 62.06 JINAN HI-TECH HOLDING G 6.38 06/19/21 CNY 62.08 JINAN XIAOQINGHE DEVELO 7.15 09/05/19 CNY 20.27 JINCHANG CONSTRUCTION I 6.79 12/21/22 CNY 53.67 JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 58.10 JINCHENG CITY STATE OWN 4.99 11/11/21 CNY 60.50 JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 40.39 JINGDEZHEN STATE-OWNED 6.59 06/25/20 CNY 40.53 JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 55.80 JINGHONG STATE-OWNED AS 8.08 05/23/21 CNY 60.57 JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 61.28 JINGJIANG HARBOUR GROUP 7.30 08/05/21 CNY 61.77 JINGMEN CITY CONSTRUCTI 7.00 10/17/20 CNY 41.29 JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 60.95 JINGMEN CITY CONSTRUCTI 6.85 07/09/22 CNY 62.73 JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.08 JINGZHOU ECONOMIC TECHN 8.20 12/09/20 CNY 41.17 JINGZHOU URBAN CONSTRUC 7.98 04/24/19 CNY 20.24 JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 61.51 JINHU COUNTY STATE-OWNE 7.75 08/25/21 CNY 62.77 JINSHAN STATE-OWNED ASS 6.65 11/27/19 CNY 20.47 JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.10 JINZHONG CITY PUBLIC IN 6.50 03/18/20 CNY 40.52 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.07 JINZHOU CITY INVESTMENT 7.08 06/13/19 CNY 20.09 JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 41.48 JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 60.28 JINZHOU CITY INVESTMENT 6.44 08/18/21 CNY 61.35 JINZHOU CITY INVESTMENT 8.50 12/27/20 CNY 61.95 JINZHOU HUAXING INVESTM 8.38 02/25/21 CNY 61.57 JINZHOU HUAXING INVESTM 9.10 01/21/21 CNY 61.75 JIUJIANG CITY CONSTRUCT 8.49 02/23/19 CNY 20.09 JIUJIANG STATE-OWNED AS 6.68 03/07/20 CNY 40.65 JIUQUAN ECONOMIC DEVELO 7.40 02/26/21 CNY 60.96 KAIFENG DEVELOPMENT INV 6.47 07/11/19 CNY 20.03 KANGMEI PHARMACEUTICAL 5.47 09/15/22 CNY 49.55 KANGMEI PHARMACEUTICAL 5.29 08/16/22 CNY 59.62 KANGMEI PHARMACEUTICAL 5.20 07/17/22 CNY 64.82 KANGMEI PHARMACEUTICAL 6.10 03/28/21 CNY 74.81 KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.10 KASHGAR SHENKA INVESTME 7.08 07/07/20 CNY 50.77 KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 20.28 KASHI URBAN CONSTRUCTIO 7.18 11/27/19 CNY 40.15 KUERLE CITY CONSTRUCTIO 6.99 05/20/20 CNY 50.88 KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.21 KUNMING DIANCHI INVESTM 6.50 02/01/20 CNY 40.35 KUNMING DONGJUN REAL ES 4.50 11/02/21 CNY 73.36 KUNMING EXPRESSWAY CONS 7.50 01/21/20 CNY 70.42 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 20.18 KUNMING INDUSTRIAL DEVE 6.46 10/23/19 CNY 20.19 KUNSHAN CHUANGYE HOLDIN 6.28 11/07/19 CNY 20.10 KUNSHAN CHUANGYE HOLDIN 6.28 11/07/19 CNY 20.38 KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 61.99 KUNSHAN COMMUNICATION D 6.95 05/22/21 CNY 62.97 KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 60.99 KUNSHAN HIGH TECHNOLOGY 7.10 03/26/21 CNY 62.20 LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.63 LAIWU CITY ECONOMIC DEV 7.08 02/28/21 CNY 61.79 LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 59.41 LANZHOU NATIONAL CAPITA 6.32 09/10/21 CNY 59.42 LEIYANG CITY AND RURAL 7.80 04/10/22 CNY 74.32 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.10 LEQING CITY STATE OWNED 6.50 06/29/19 CNY 20.21 LEQING CITY STATE OWNED 5.99 10/20/21 CNY 60.00 LEQING CITY STATE OWNED 5.99 10/20/21 CNY 61.38 LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 60.64 LESHAN STATE-OWNED ASSE 5.68 10/22/21 CNY 61.20 LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 59.57 LIANYUNGANG TRANSPORT G 5.47 11/17/21 CNY 60.08 LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.65 LIAONING COASTAL ECONOM 8.90 04/01/21 CNY 11.73 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.00 LIAOYUAN STATE-OWNED AS 8.17 03/13/19 CNY 20.03 LILING LUJIANG INVESTME 7.18 09/05/21 CNY 60.85 LILING LUJIANG INVESTME 7.18 09/05/21 CNY 61.08 LILING LUJIANG INVESTME 8.10 05/22/21 CNY 61.33 LINCANG STATE-OWNED ASS 6.58 04/11/20 CNY 40.27 LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.35 LINFEN CITY INVESTMENT 6.20 05/23/20 CNY 40.52 LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.12 LINFEN CITY INVESTMENT 7.23 02/22/19 CNY 50.13 LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.00 LINFEN YAODU DISTRICT I 6.99 09/27/20 CNY 40.20 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.12 LINHAI CITY INFRASTRUCT 6.30 03/21/20 CNY 40.26 LINYI ECONOMIC DEVELOPM 8.26 09/24/19 CNY 20.34 LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.01 LINZHOU ECONOMIC & TECH 8.30 04/25/20 CNY 51.03 LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.24 LISHUI CITY CONSTRUCTIO 6.00 05/23/20 CNY 40.30 LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 61.63 LIUYANG URBAN CONSTRUCT 6.98 08/22/21 CNY 62.16 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 61.90 LIUZHOU CITY INVESTMENT 7.18 12/31/22 CNY 62.57 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.06 LIUZHOU DONGCHENG INVES 8.30 02/15/19 CNY 20.20 LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 41.29 LIUZHOU DONGCHENG INVES 7.40 10/29/20 CNY 41.37 LIUZHOU INVESTMENT HOLD 6.98 08/15/19 CNY 20.30 LIYANG CITY CONSTRUCTIO 6.20 03/08/20 CNY 40.29 LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 61.08 LIYANG KUNLUN URBAN CON 5.90 10/24/21 CNY 61.18 LONGHAI STATE-OWNED ASS 6.58 08/15/21 CNY 61.19 LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 62.19 LOUDI CITY CONSTRUCTION 7.95 04/15/21 CNY 62.30 LOUDI TIDU INVESTMENT D 7.18 08/27/21 CNY 61.41 LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 20.36 LUOHE CITY CONSTRUCTION 6.99 10/30/19 CNY 40.38 LUOHE CITY CONSTRUCTION 5.25 09/11/20 CNY 70.41 MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 60.78 MA'ANSHAN CIHU HIGH TEC 6.85 09/09/21 CNY 61.96 MAANSHAN ECONOMIC TECHN 7.10 12/20/19 CNY 20.30 MEISHAN CITY ASSET OPER 7.84 02/26/21 CNY 61.90 MEISHAN HONGDA CONSTRUC 6.56 06/19/20 CNY 40.54 MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 40.70 MEIZHOU KANGDA HIGHWAY 6.95 09/10/20 CNY 41.13 MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.21 MIANYANG INVESTMENT HOL 7.70 03/26/19 CNY 40.22 MIANYANG SCIENCE TECHNO 7.16 05/15/19 CNY 20.07 MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 61.11 MUDANJIANG STATE-OWNED 7.70 04/14/21 CNY 61.12 NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.40 NANCHANG CITY CONSTRUCT 6.19 02/20/20 CNY 40.48 NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.15 NANCHANG COUNTY URBAN C 6.50 07/17/19 CNY 25.20 NANCHANG ECONOMY TECHNO 6.88 01/09/20 CNY 40.35 NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.43 NANCHANG MUNICIPAL PUBL 5.88 02/25/20 CNY 40.49 NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.70 NANCHANG WATER CONSERVA 6.28 06/21/20 CNY 40.81 NANCHONG ECONOMIC DEVEL 8.16 04/26/19 CNY 20.11 NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.53 NANCHONG ECONOMIC DEVEL 8.28 04/21/21 CNY 61.55 NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 20.26 NANJING JIANGBEI NEW AR 6.94 09/07/19 CNY 20.30 NANJING JIANGNING SCIEN 7.29 04/28/19 CNY 20.11 NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 61.94 NANJING LISHUI ECONOMIC 6.27 09/22/21 CNY 61.99 NANJING LISHUI URBAN CO 5.80 05/29/20 CNY 40.37 NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.30 NANJING PUKOU ECONOMIC 7.10 10/08/19 CNY 20.36 NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.20 NANJING STATE OWNED ASS 5.40 03/06/20 CNY 40.38 NANJING STATE OWNED ASS 5.60 03/06/23 CNY 72.12 NANJING STATE OWNED ASS 5.60 03/06/23 CNY 72.32 NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 61.25 NANJING TANGSHAN CONSTR 6.80 06/30/21 CNY 61.93 NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.50 NANJING XINGANG DEVELOP 6.80 01/08/20 CNY 40.53 NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 60.86 NANNING LVGANG CONSTRUC 7.30 06/27/21 CNY 61.93 NANPING CITY WUYI NEW D 6.70 08/06/20 CNY 40.90 NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 61.29 NANTONG CHONGCHUAN URBA 7.15 04/18/21 CNY 61.76 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 39.80 NANTONG CITY GANGZHA DI 7.15 01/09/20 CNY 40.59 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.09 NANTONG CITY TONGZHOU D 6.80 05/28/19 CNY 20.09 NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 40.25 NANTONG ECONOMIC & TECH 5.80 05/17/20 CNY 40.46 NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 40.90 NANYANG INVESTMENT GROU 7.05 10/24/20 CNY 41.49 NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.89 NEIJIANG INVESTMENT HOL 7.99 04/24/21 CNY 61.97 NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 62.34 NINGBO CITY HAISHU GUAN 7.75 03/06/21 CNY 62.35 NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.37 NINGBO CITY ZHENHAI INV 5.85 12/04/21 CNY 61.64 NINGBO EASTERN NEW TOWN 6.45 01/21/20 CNY 40.44 NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 61.32 NINGBO ECONOMIC & TECHN 7.09 04/21/21 CNY 61.33 NINGBO SHUNNONG GROUP C 7.20 10/16/19 CNY 20.27 NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 40.50 NINGBO YINCHENG GROUP C 6.50 03/18/20 CNY 40.59 NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 61.84 NINGGUO CITY STATE OWNE 8.70 04/28/21 CNY 62.69 NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 40.81 NINGHAI COUNTY URBAN IN 8.00 01/02/21 CNY 41.77 NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 61.10 NINGHAI COUNTY URBAN IN 7.99 04/16/21 CNY 62.12 NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.29 NINGXIANG ECONOMIC TECH 8.20 04/16/21 CNY 62.70 PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 60.68 PANZHIHUA STATE OWNED A 7.60 03/05/21 CNY 62.19 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 20.28 PEIXIAN STATE-OWNED ASS 7.20 12/06/19 CNY 20.29 PINGDINGSHAN DEVELOPMEN 7.86 05/08/19 CNY 20.00 PINGDINGSHAN DEVELOPMEN 7.86 05/08/19 CNY 20.18 PINGHU CITY INVESTMENT 7.20 09/18/19 CNY 20.28 PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.02 PINGHU ECONOMIC DEVELOP 7.99 04/17/21 CNY 61.04 PINGLIANG CHENGXIANG CO 7.10 09/17/20 CNY 41.08 PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.44 PINGTAN COMPOSITE EXPER 6.58 03/15/20 CNY 40.62 PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 19.99 PINGXIANG URBAN CONSTRU 6.89 12/10/19 CNY 40.12 PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 61.12 PIZHOU CITY HENGRUN INV 6.46 12/05/21 CNY 61.72 PIZHOU RUNCHENG ASSET O 7.55 09/25/19 CNY 20.35 PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 61.98 PIZHOU RUNCHENG ASSET O 7.88 04/16/21 CNY 62.09 PUER CITY STATE OWNED A 7.38 06/20/19 CNY 20.11 PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 41.01 PUYANG INVESTMENT GROUP 8.00 12/11/20 CNY 41.02 QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 62.10 QIANAN URBAN CONSTRUCTI 7.19 08/11/21 CNY 62.11 QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.44 QIANAN URBAN CONSTRUCTI 8.88 01/23/21 CNY 62.45 QIANDONG NANZHOU DEVELO 8.80 04/27/19 CNY 20.09 QIANDONGNAN TRANSPORTAT 5.79 12/21/22 CNY 74.31 QIANDONGNANZHOU KAIHONG 7.80 10/30/19 CNY 19.68 QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.00 QIANJIANG URBAN CONSTRU 8.38 04/22/21 CNY 61.25 QIANXI NANZHOU HONGSHEN 6.99 11/22/19 CNY 20.14 QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 62.24 QIDONG STATE-OWNED ASSE 7.30 11/20/22 CNY 62.60 QIDONG URBAN CONSTRUCTI 7.90 04/28/21 CNY 62.32 QIDONG URBAN CONSTRUCTI 8.20 04/04/21 CNY 62.39 QINGDAO CHINA PROSPERIT 7.30 04/18/19 CNY 20.11 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.05 QINGDAO CITY CONSTRUCTI 6.89 02/16/19 CNY 20.07 QINGDAO CONSON DEVELOPM 6.40 12/12/22 CNY 62.72 QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.77 QINGDAO HICREAT DEVELOP 6.88 04/25/21 CNY 61.95 QINGDAO JIAOZHOU CITY D 6.59 01/25/20 CNY 40.61 QINGDAO JIAOZHOU CITY D 6.20 08/21/21 CNY 61.07 QINGDAO JIAOZHOU CITY D 6.20 08/21/21 CNY 61.08 QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 61.69 QINGDAO JIAOZHOUWAN DEV 6.33 09/18/21 CNY 62.00 QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 61.05 QINGDAO JIMO CITY TOURI 5.47 11/17/21 CNY 61.22 QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.86 QINGDAO JIMO CITY URBAN 8.10 12/17/19 CNY 25.87 QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 61.13 QINGDAO LAIXI CITY ASSE 7.50 03/06/21 CNY 62.75 QINGYANG CITY ECONOMIC 7.98 04/16/21 CNY 61.03 QINGYUAN TRANSPORTATION 8.20 12/19/20 CNY 41.75 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 9.98 QINGZHOU HONGYUAN PUBLI 6.50 05/22/19 CNY 10.01 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.27 QINGZHOU HONGYUAN PUBLI 7.35 10/19/19 CNY 20.33 QINGZHOU HONGYUAN PUBLI 7.59 05/29/21 CNY 62.26 QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 41.01 QINHUANGDAO DEVELOPMENT 8.00 12/17/20 CNY 41.02 QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.65 QINHUANGDAO DEVELOPMENT 8.45 04/18/21 CNY 61.66 QINZHOU BINHAI NEW CITY 7.00 08/27/20 CNY 41.06 QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 60.92 QINZHOU BINHAI NEW CITY 6.99 07/07/21 CNY 62.01 QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.50 QINZHOU CITY DEVELOPMEN 7.10 10/16/19 CNY 40.71 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 20.24 QUJING DEVELOPMENT INVE 7.25 09/06/19 CNY 20.26 QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.70 QUJING DEVELOPMENT INVE 7.48 04/28/21 CNY 61.96 QUJING ECO TECH DEVELOP 7.48 07/21/21 CNY 60.48 QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 62.24 QUZHOU STATE OWNED ASSE 7.20 04/21/21 CNY 62.27 RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 62.33 RENHUAI CITY DEVELOPMEN 8.09 05/16/21 CNY 62.34 RIGHT WAY REAL ESTATE D 7.30 07/15/21 CNY 69.00 RIZHAO CITY CONSTRUCTIO 5.80 06/06/20 CNY 40.40 RUCHENG COUNTY HYDROPOW 6.65 04/25/20 CNY 70.83 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 20.32 RUDONG COUNTY DONGTAI S 7.45 09/24/19 CNY 20.35 RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.54 RUDONG COUNTY DONGTAI S 6.99 06/20/21 CNY 61.94 RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.76 RUDONG COUNTY JINXIN TR 8.08 03/03/21 CNY 61.77 RUGAO CITY ECONOMIC TRA 8.30 01/22/21 CNY 62.09 RUGAO COMMUNICATIONS CO 8.51 01/26/19 CNY 25.04 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.19 RUGAO COMMUNICATIONS CO 6.70 02/01/20 CNY 40.45 RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 61.83 RUGAO YANJIANG DEVELOPM 8.60 01/24/21 CNY 62.31 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.08 RUIAN STATE OWNED ASSET 6.93 11/26/19 CNY 20.08 RUZHOU CITY XINYUAN INV 6.30 09/16/21 CNY 74.77 SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.30 SANMEN COUNTY STATE-OWN 6.85 10/29/21 CNY 60.51 SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 61.95 SHAANXI ANKANG HIGH TEC 8.78 09/17/21 CNY 63.06 SHAANXI XIXIAN NEW AREA 6.85 08/15/21 CNY 60.82 SHAANXI XIXIAN NEW AREA 6.89 01/05/22 CNY 61.21 SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.23 SHANDONG BOXING COUNTY 8.00 12/22/21 CNY 62.88 SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 61.65 SHANDONG CENTURY SUNSHI 8.19 07/21/21 CNY 62.66 SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 57.27 SHANDONG HONGHE HOLDING 8.50 06/23/21 CNY 62.39 SHANDONG PUBLIC HOLDING 7.18 01/22/20 CNY 40.39 SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 41.16 SHANDONG RENCHENG RONGX 7.30 10/18/20 CNY 41.25 SHANDONG SNTON GROUP CO 5.18 09/08/21 CNY 45.00 SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 39.00 SHANDONG TAIFENG HOLDIN 5.80 03/12/20 CNY 40.04 SHANDONG WEISHANHU MINI 6.15 03/13/20 CNY 68.95 SHANDONG YUHUANG CHEMIC 6.00 11/21/21 CNY 71.00 SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.50 SHANGHAI BUND GROUP DEV 6.35 04/24/20 CNY 40.68 SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.23 SHANGHAI CAOHEJING HI-T 7.24 04/09/21 CNY 62.25 SHANGHAI CHENJIAZHEN CO 7.18 11/06/19 CNY 25.54 SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 50.90 SHANGHAI CHONGMING CONS 6.40 06/13/20 CNY 51.01 SHANGHAI FENGXIAN NANQI 6.25 03/05/20 CNY 40.50 SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.30 SHANGHAI JIADING ROAD C 6.80 04/23/21 CNY 61.82 SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 20.36 SHANGHAI JINSHAN URBAN 6.60 12/21/19 CNY 20.39 SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.06 SHANGHAI LUJIAZUI DEVEL 5.79 02/25/19 CNY 40.08 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.08 SHANGHAI LUJIAZUI DEVEL 5.98 03/11/19 CNY 40.20 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 20.21 SHANGHAI MINHANG URBAN 6.48 10/23/19 CNY 20.38 SHANGHAI MUNICIPAL INVE 4.63 07/30/19 CNY 20.10 SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.23 SHANGHAI NANFANG GROUP 6.70 09/09/19 CNY 25.29 SHANGHAI NANHUI URBAN C 6.04 08/20/21 CNY 61.70 SHANGHAI URBAN CONSTRUC 5.25 11/30/19 CNY 20.23 SHANGHAI YONGYE ENTERPR 6.84 05/21/20 CNY 51.06 SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 25.00 SHANGLUO CITY CONSTRUCT 6.75 09/09/19 CNY 25.29 SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 40.39 SHANGLUO CITY CONSTRUCT 7.05 09/09/20 CNY 41.00 SHANGQIU DEVELOPMENT IN 6.60 01/15/20 CNY 40.35 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.33 SHANTOU CITY CONSTRUCTI 8.57 03/23/22 CNY 63.48 SHANTOU GARDEN GROUP CO 5.30 09/29/21 CNY 69.31 SHAOGUAN JINYE DEVELOPM 7.30 10/18/19 CNY 20.39 SHAOXING CHENGZHONGCUN 6.50 01/24/20 CNY 40.08 SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.21 SHAOXING CITY INVESTMEN 6.40 11/09/19 CNY 20.32 SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 61.58 SHAOXING CITY KEQIAO DI 6.40 08/20/21 CNY 61.65 SHAOXING KEQIAO DISTRIC 6.30 02/26/19 CNY 25.08 SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 60.85 SHAOXING KEQIAO ECONOMI 7.00 12/10/21 CNY 62.02 SHAOXING PAOJIANG INDUS 6.90 10/31/19 CNY 20.25 SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 61.20 SHAOXING PAOJIANG INDUS 6.98 05/29/21 CNY 61.57 SHAOXING SHANGYU COMMUN 6.70 09/11/19 CNY 20.26 SHAOXING SHANGYU HANGZH 6.95 10/11/20 CNY 41.09 SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 62.20 SHAOXING SHANGYU URBAN 6.80 08/07/21 CNY 62.64 SHAOYANG CITY CONSTRUCT 8.58 01/17/21 CNY 60.86 SHAOYANG CITY CONSTRUCT 6.12 08/27/20 CNY 69.90 SHENGZHOU INVESTMENT HO 7.60 07/17/21 CNY 62.94 SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 60.95 SHENMU CITY STATE-OWNED 7.28 06/23/21 CNY 61.02 SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 38.72 SHENYANG SUJIATUN DISTR 6.40 06/20/20 CNY 40.52 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.08 SHENZHEN METRO GROUP CO 5.40 03/25/23 CNY 71.90 SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 70.78 SHIJIAZHUANG HUTUO NEW 5.28 12/24/25 CNY 72.09 SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.33 SHIJIAZHUANG REAL ESTAT 5.65 05/15/20 CNY 40.47 SHIYAN CITY INFRASTRUCT 7.98 04/20/19 CNY 20.23 SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 41.05 SHIYAN CITY INFRASTRUCT 6.88 10/11/20 CNY 41.15 SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 60.75 SHIYAN CITY INFRASTRUCT 6.58 08/20/21 CNY 61.54 SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 40.47 SHOUGUANG CITY CONSTRUC 7.10 10/18/20 CNY 41.13 SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.30 SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 50.30 SHUANGLIU COUNTY WATER 7.40 02/26/20 CNY 50.74 SHUANGLIU COUNTY WATER 6.92 07/30/20 CNY 51.12 SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.26 SHUANGLIU SHINE CHINE C 8.48 03/16/19 CNY 40.30 SHUANGLIU SHINE CHINE C 8.40 03/16/19 CNY 40.51 SHUANGYASHAN DADI CITY 6.55 12/25/19 CNY 20.35 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 20.29 SHUYANG JINGYUAN ASSET 6.50 12/03/19 CNY 20.29 SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 61.57 SHUYANG JINGYUAN ASSET 7.39 04/14/21 CNY 61.85 SICHUAN CHENGDU ABA DEV 7.18 09/12/20 CNY 40.00 SICHUAN COAL INDUSTRY G 7.70 01/09/18 CNY 45.00 SICHUAN NAXING INDUSTRI 7.17 09/11/21 CNY 58.96 SIPING SITONG CITY INFR 7.25 04/29/19 CNY 70.49 SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.64 SLENDER WEST LAKE TOURI 6.80 06/25/21 CNY 61.95 SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 59.18 SONGYUAN URBAN DEVELOPM 5.79 12/04/21 CNY 59.44 SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.55 SUINING CITY HEDONG DEV 8.36 04/17/21 CNY 61.57 SUINING COUNTY RUNQI IN 7.10 06/25/21 CNY 60.45 SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 39.50 SUINING DEVELOPMENT INV 6.62 04/25/20 CNY 40.42 SUINING FUYUAN INDUSTRY 6.39 03/17/22 CNY 73.71 SUINING KAIDA INVESTMEN 8.69 04/21/21 CNY 61.56 SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 60.50 SUIZHOU CITY URBAN CONS 7.18 09/02/21 CNY 61.09 SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 20.30 SUIZHOU DEVELOPMENT INV 7.50 08/22/19 CNY 20.34 SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 42.10 SUIZHOU DEVELOPMENT INV 8.50 12/20/20 CNY 42.11 SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 61.91 SUIZHOU DEVELOPMENT INV 8.40 04/30/21 CNY 62.73 SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 62.66 SUNSHINE KAIDI NEW ENER 6.12 08/23/20 CNY 70.40 SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 40.90 SUQIAN CITY CONSTRUCTIO 6.88 10/29/20 CNY 40.97 SUQIAN ECONOMIC DEVELOP 7.50 03/26/19 CNY 20.15 SUQIAN WATER GROUP CO 6.55 12/04/19 CNY 20.34 SUZHOU CITY CONSTRUCTIO 7.45 03/12/19 CNY 20.09 SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.54 SUZHOU CITY CONSTRUCTIO 6.40 04/17/20 CNY 40.62 SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.45 SUZHOU FENHU INVESTMENT 7.49 02/28/21 CNY 61.47 SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.12 SUZHOU INDUSTRIAL PARK 5.79 05/30/19 CNY 20.19 SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.70 SUZHOU NEW DISTRICT ECO 6.20 07/22/21 CNY 61.70 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.24 SUZHOU URBAN CONSTRUCTI 5.79 10/25/19 CNY 20.24 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 41.25 SUZHOU WUJIANG COMMUNIC 6.80 10/31/20 CNY 41.47 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 20.12 SUZHOU XIANGCHENG URBAN 6.95 09/03/19 CNY 20.31 SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.47 SUZHOU XIANGCHENG URBAN 6.95 03/19/21 CNY 61.78 TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.37 TAIAN TAISHAN INVESTMEN 6.76 01/25/20 CNY 40.45 TAICANG ASSETS MANAGEME 7.00 02/27/21 CNY 60.44 TAICANG HENGTONG INVEST 7.45 10/30/19 CNY 20.24 TAICANG URBAN CONSTRUCT 6.75 01/11/20 CNY 40.43 TAIXING CITY CHENGXING 8.30 12/12/20 CNY 41.55 TAIXING CITY CHENGXING 8.30 12/12/20 CNY 41.78 TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 62.20 TAIYUAN ECONOMIC TECHNO 7.43 04/24/21 CNY 62.46 TAIYUAN HIGH-SPEED RAIL 6.50 10/30/20 CNY 41.23 TAIYUAN HIGH-SPEED RAIL 5.18 09/06/20 CNY 70.60 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 20.31 TAIYUAN LONGCHENG DEVEL 6.50 09/25/19 CNY 20.33 TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 62.08 TAIYUAN STATE-OWNED INV 7.20 03/19/21 CNY 62.09 TAIZHOU CITY CONSTRUCTI 6.92 10/16/23 CNY 72.50 TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.86 TAIZHOU CITY JIANGYAN D 8.50 04/23/20 CNY 50.98 TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.26 TAIZHOU CITY JIANGYAN U 7.10 09/03/20 CNY 40.60 TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.05 TAIZHOU CITY NEW BINJIA 7.60 03/05/21 CNY 61.10 TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.11 TAIZHOU HAILING ASSETS 8.52 03/21/19 CNY 20.15 TAIZHOU INFRASTRUCTURE 6.53 07/11/21 CNY 61.40 TAIZHOU INFRASTRUCTURE 6.53 07/11/21 CNY 62.03 TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 19.80 TAIZHOU JIANGYAN STATE 6.85 12/03/19 CNY 20.20 TAIZHOU JIAOJIANG STATE 7.46 09/13/20 CNY 41.51 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.02 TAIZHOU TRAFFIC INDUSTR 6.15 03/11/20 CNY 40.47 TANGSHAN CAOFEIDIAN DEV 7.50 10/15/20 CNY 39.98 TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 40.80 TIANJIN BAOXING INDUSTR 7.10 10/17/20 CNY 41.09 TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.20 TIANJIN BEICHEN DISTRIC 7.00 04/21/21 CNY 61.63 TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 61.01 TIANJIN BEICHEN TECHNOL 6.87 08/20/21 CNY 61.02 TIANJIN BINHAI NEW AREA 5.19 03/13/20 CNY 40.29 TIANJIN DONGLI CITY INF 6.05 06/19/20 CNY 40.07 TIANJIN ECO-CITY INVEST 6.76 08/14/19 CNY 20.13 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 20.20 TIANJIN ECONOMIC TECHNO 6.20 12/03/19 CNY 20.20 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 62.14 TIANJIN ECONOMIC TECHNO 6.50 12/03/22 CNY 62.44 TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 59.81 TIANJIN GUANGCHENG INVE 7.45 07/24/21 CNY 59.92 TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 68.92 TIANJIN GUANGCHENG INVE 6.97 02/22/23 CNY 68.94 TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 19.98 TIANJIN HI-TECH INDUSTR 7.80 03/27/19 CNY 20.09 TIANJIN HI-TECH INDUSTR 6.65 09/12/21 CNY 60.89 TIANJIN HUANCHENG URBAN 7.20 03/21/21 CNY 61.89 TIANJIN INFRASTRUCTURE 5.70 02/26/23 CNY 72.08 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.13 TIANJIN JINNAN CITY CON 6.95 06/18/19 CNY 20.14 TIANJIN JINNAN CITY CON 6.50 06/03/21 CNY 61.49 TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 61.90 TIANJIN LINGANG INVESTM 7.75 02/26/21 CNY 62.04 TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 60.65 TIANJIN NINGHE DISTRICT 7.00 05/30/21 CNY 62.04 TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 60.37 TIANJIN REAL ESTATE TRU 8.59 03/13/21 CNY 61.31 TIANJIN RESIDENTIAL CON 8.00 12/19/20 CNY 40.72 TIANJIN TEDA CONSTRUCTI 6.89 04/27/20 CNY 40.63 TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 57.50 TIANJIN WATER INVESTMEN 6.60 07/28/21 CNY 59.39 TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.84 TIANJIN WUQING STATE-OW 8.00 12/17/20 CNY 41.87 TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 60.00 TIANJIN WUQING STATE-OW 7.18 03/19/21 CNY 61.76 TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 63.18 TIANMEN CITY CONSTRUCTI 8.20 08/28/21 CNY 63.19 TIANRUI GROUP CEMENT CO 8.00 02/04/21 CNY 74.61 TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 40.34 TONGLING CONSTRUCTION I 6.98 08/26/20 CNY 40.74 TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 61.54 TONGLU STATE-OWNED ASSE 8.09 04/18/21 CNY 62.39 TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 40.43 TONGXIANG CITY CONSTRUC 6.10 05/16/20 CNY 40.59 TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 25.08 TULUFAN DISTRICT STATE- 7.20 08/09/19 CNY 25.29 URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.11 URUMQI CITY CONSTRUCTIO 6.35 07/09/19 CNY 20.14 URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.20 URUMQI GAOXIN INVESTMEN 6.18 03/05/20 CNY 40.53 VANZIP INVESTMENT GROUP 7.92 02/04/19 CNY 24.76 WAFANGDIAN STATE-OWNED 8.55 04/19/19 CNY 20.20 WEIFANG BINHAI INVESTME 6.16 04/16/21 CNY 55.35 WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 20.33 WEIFANG DONGXIN CONSTRU 6.88 11/20/19 CNY 20.48 WENLING CITY STATE OWNE 7.18 09/18/19 CNY 20.29 WENLING CITY STATE OWNE 7.18 09/18/19 CNY 20.35 WENZHOU ANJUFANG CITY D 7.65 04/24/19 CNY 20.20 WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.37 WENZHOU ECONOMIC-TECHNO 6.49 01/15/20 CNY 40.41 WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 61.30 WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 61.70 WENZHOU HIGH-TECH INDUS 7.95 03/21/21 CNY 62.24 WENZHOU HIGH-TECH INDUS 7.30 05/30/21 CNY 62.62 WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 59.38 WENZHOU LUCHENG CITY DE 5.58 11/03/21 CNY 59.39 WINTIME ENERGY CO LTD 7.50 03/30/19 CNY 35.00 WINTIME ENERGY CO LTD 7.50 07/07/19 CNY 35.50 WINTIME ENERGY CO LTD 7.50 05/19/19 CNY 36.00 WUHAI CITY CONSTRUCTION 8.19 04/21/21 CNY 62.42 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.96 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 61.97 WUHAN HUANPO DISTRICT U 6.43 09/17/21 CNY 61.72 WUHAN HUANPO DISTRICT U 6.43 09/17/21 CNY 62.06 WUHAN JIANGXIA URBAN CO 8.99 01/20/21 CNY 62.29 WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.00 WUHAN METRO GROUP CO LT 5.70 02/04/20 CNY 40.35 WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.10 WUHAN REAL ESTATE DEVEL 5.90 03/22/19 CNY 25.14 WUHAN URBAN CONSTRUCTIO 5.60 03/08/20 CNY 40.36 WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 60.57 WUHU COUNTY CONSTRUCTIO 6.60 12/08/21 CNY 61.64 WUHU JINGHU CONSTRUCTIO 6.68 05/16/20 CNY 40.03 WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 62.39 WUHU JIUJIANG CONSTRUCT 8.49 04/14/21 CNY 63.01 WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.45 WUHU YIJU INVESTMENT GR 6.45 08/11/21 CNY 61.76 WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 20.52 WUJIANG ECONOMIC TECHNO 6.88 12/27/19 CNY 40.45 WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 40.91 WUWEI CITY ECONOMY DEVE 8.20 12/09/20 CNY 41.08 WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 58.72 WUWEI CITY ECONOMY DEVE 8.20 04/24/21 CNY 60.91 WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.25 WUXI CONSTRUCTION AND D 6.60 09/17/19 CNY 20.37 WUXI HUISHAN ECONOMIC D 6.03 04/22/19 CNY 25.13 WUXI MUNICIPAL DEVELOPM 6.10 10/11/20 CNY 41.01 WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 20.30 WUXI TAIHU INTERNATIONA 7.60 09/17/19 CNY 20.39 WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.40 WUXI XIDONG NEW TOWN CO 6.65 01/28/20 CNY 40.41 WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.49 WUZHONG URBAN RURAL CON 7.18 10/12/20 CNY 40.50 WUZHOU DONGTAI STATE-OW 7.40 09/03/19 CNY 20.32 XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.76 XIAMEN TORCH GROUP CO L 7.49 04/21/21 CNY 61.93 XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.10 XIAMEN XINGLIN CONSTRUC 6.60 02/22/20 CNY 40.50 XI'AN AEROSPACE CITY IN 6.96 11/08/19 CNY 20.46 XIAN CHANBAHE DEVELOPME 6.89 08/03/19 CNY 20.19 XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.03 XI'AN HI-TECH HOLDING C 5.70 02/26/19 CNY 25.06 XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 59.72 XI'AN INTERNATIONAL HOR 6.20 10/21/21 CNY 59.94 XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.21 XI'AN URBAN INDEMNIFICA 7.31 03/18/19 CNY 40.22 XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.29 XI'AN URBAN INDEMNIFICA 7.31 04/18/19 CNY 40.30 XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.50 XIANGSHAN COUNTRY STATE 7.95 04/25/21 CNY 62.60 XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.04 XIANGTAN HI-TECH GROUP 6.90 01/15/20 CNY 40.24 XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 60.53 XIANGTAN HI-TECH GROUP 8.16 02/25/21 CNY 61.28 XIANGTAN JIUHUA ECONOMI 7.15 10/15/20 CNY 39.49 XIANGTAN LIANGXING SOCI 7.89 04/23/21 CNY 62.10 XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 40.05 XIANGTAN ZHENXIANG STAT 6.60 08/07/20 CNY 40.65 XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 61.47 XIANGYANG HIGH TECH STA 7.00 05/29/21 CNY 61.59 XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 40.24 XIANNING HIGH-TECH INVE 5.80 06/05/20 CNY 40.38 XIANTAO CITY CONSTRUCTI 8.15 02/24/21 CNY 61.00 XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 61.21 XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 61.41 XIAOGAN GAOCHUANG INVES 6.87 09/22/21 CNY 61.67 XIAOGAN GAOCHUANG INVES 7.43 06/23/21 CNY 62.03 XIAOGAN URBAN CONSTRUCT 8.12 03/26/19 CNY 20.15 XIAOGAN URBAN CONSTRUCT 6.89 05/29/21 CNY 61.93 XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 50.66 XINGHUA URBAN CONSTRUCT 7.36 07/15/20 CNY 51.01 XINING CITY INVESTMENT 7.70 04/27/19 CNY 20.20 XINING ECONOMIC DEVELOP 5.90 06/04/20 CNY 40.41 XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 40.35 XINJIANG HUIFENG URBAN 6.10 05/23/20 CNY 40.41 XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 61.96 XINJIANG KAIDI INVESTME 7.80 04/22/21 CNY 62.03 XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.27 XINJIANG RUNSHENG INVES 7.15 07/10/20 CNY 50.28 XINJIANG WUJIAQU CAIJIA 7.50 05/21/21 CNY 60.80 XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 39.90 XINXIANG INVESTMENT GRO 5.85 04/15/20 CNY 40.42 XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.09 XINYANG HUAXIN INVESTME 6.95 06/14/19 CNY 20.15 XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 61.73 XINYANG HUAXIN INVESTME 7.55 04/15/21 CNY 62.23 XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 41.32 XINYI CITY INVESTMENT & 7.39 10/15/20 CNY 60.50 XINYU CHENGDONG CONSTRU 8.48 05/27/21 CNY 60.52 XINYU CITY SHANTYTOWN Z 6.42 12/09/20 CNY 71.19 XINYU URBAN CONSTRUCTIO 7.08 12/13/19 CNY 20.32 XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 24.90 XINZHENG NEW DISTRICT D 6.52 06/28/19 CNY 25.22 XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 41.27 XINZHOU ASSET MANAGEMEN 8.50 12/18/20 CNY 42.04 XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 61.12 XINZHOU ASSET MANAGEMEN 7.90 02/21/21 CNY 62.03 XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 63.08 XUANCHENG CITY ECONOMY 7.95 09/22/21 CNY 63.08 XUANCHENG STATE-OWNED A 7.99 03/20/19 CNY 30.17 XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 61.97 XUANCHENG STATE-OWNED A 7.95 03/27/21 CNY 62.40 XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.66 XUZHOU CITY TONGSHAN DI 6.60 08/08/20 CNY 40.72 XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.05 XUZHOU ECONOMIC TECHNOL 8.20 03/07/19 CNY 20.08 XUZHOU ECONOMIC TECHNOL 7.35 04/21/21 CNY 62.00 XUZHOU HIGH SPEED RAILW 7.09 05/15/21 CNY 62.37 XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 61.23 XUZHOU HI-TECH INDUSTRI 7.86 04/22/21 CNY 62.14 YA'AN DEVELOPMENT INVES 7.00 09/13/20 CNY 40.78 YAAN STATE-OWNED ASSET 7.39 07/04/19 CNY 20.14 YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 20.36 YANCHENG CITY DAFENG DI 7.08 12/13/19 CNY 40.00 YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 42.08 YANCHENG CITY DAFENG DI 8.50 12/30/20 CNY 62.00 YANCHENG CITY DAFENG DI 8.70 01/24/21 CNY 62.34 YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 40.84 YANCHENG CITY TINGHU DI 7.95 11/15/20 CNY 58.30 YANCHENG ORIENTAL INVES 6.99 10/26/19 CNY 20.14 YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 59.70 YANCHENG ORIENTAL INVES 6.48 09/15/21 CNY 60.69 YANCHENG SOUTH DISTRICT 6.93 10/26/19 CNY 20.31 YANCHENG SOUTH DISTRICT 6.70 07/30/21 CNY 62.14 YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.80 YANGJIANG HENGCAI CITY 6.85 09/09/20 CNY 40.87 YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.15 YANGZHOU CHEMICAL INDUS 8.58 01/24/21 CNY 61.15 YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.32 YANGZHOU HANJIANG URBAN 6.20 03/12/20 CNY 40.44 YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 50.74 YANGZHOU JIANGDU YANJIA 7.48 07/29/20 CNY 51.21 YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.07 YANGZHOU LONGCHUAN HOLD 8.10 03/23/19 CNY 20.11 YANGZHOU URBAN CONSTRUC 6.30 07/26/19 CNY 20.22 YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.34 YICHANG URBAN CONSTRUCT 6.85 11/08/19 CNY 20.40 YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 60.72 YICHUN URBAN CONSTRUCTI 7.09 05/15/21 CNY 61.86 YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 61.00 YILI KAZAKH AUTONOMOUS 7.68 02/28/21 CNY 62.07 YINCHUAN URBAN CONSTRUC 6.88 05/12/21 CNY 61.86 YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 63.77 YINGTAN INVESTMENT CO 7.50 12/12/22 CNY 64.00 YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.41 YINING CITY STATE OWNED 8.90 01/23/21 CNY 62.46 YINYI CO LTD 7.03 06/21/21 CNY 72.00 YIWU URBAN & RURAL NEW 4.25 11/24/21 CNY 74.22 YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.25 YIXING CITY DEVELOPMENT 6.90 10/10/19 CNY 20.37 YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 61.69 YIXING TUOYE INDUSTRIAL 7.60 05/28/21 CNY 62.02 YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 20.25 YIYANG CITY CONSTRUCTIO 7.36 08/24/19 CNY 20.50 YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.19 YIZHENG CITY CONSTRUCTI 7.78 06/14/19 CNY 20.21 YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 61.41 YIZHENG CITY CONSTRUCTI 8.60 01/09/21 CNY 62.16 YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.94 YONGJIA INVESTMENT GROU 6.50 11/12/21 CNY 60.95 YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 40.57 YONGZHOU CITY CONSTRUCT 7.30 10/23/20 CNY 41.20 YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 59.73 YUEYANG HUILIN INVESTME 5.50 11/03/21 CNY 60.20 YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.54 YUEYANG URBAN CONSTRUCT 6.05 07/12/20 CNY 40.72 YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.20 YUHUAN CITY COMMUNICATI 7.15 10/12/19 CNY 20.35 YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 59.48 YUHUAN CITY COMMUNICATI 5.65 11/03/21 CNY 60.88 YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 20.27 YULIN URBAN CONSTRUCTIO 6.88 11/26/19 CNY 40.00 YUNCHENG URBAN CONSTRUC 7.48 10/15/19 CNY 20.32 YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 60.50 YUNNAN METROPOLITAN CON 6.77 05/23/21 CNY 61.39 YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 61.40 YUYAO CITY CONSTRUCTION 7.09 05/19/21 CNY 62.20 YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.39 YUYAO ECONOMIC DEVELOPM 6.75 03/04/20 CNY 40.40 ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 41.02 ZHANGJIAGANG FREE TRADE 7.10 08/23/20 CNY 41.10 ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 61.69 ZHANGJIAGANG JINCHENG I 6.88 04/28/21 CNY 62.06 ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.32 ZHANGJIAGANG MUNICIPAL 6.43 11/27/19 CNY 20.40 ZHANGJIAJIE ECONOMIC DE 7.40 10/18/19 CNY 20.48 ZHANGJIAJIE ECONOMIC DE 7.80 04/17/21 CNY 61.77 ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 60.54 ZHANGYE CITY INVESTMENT 6.92 09/22/21 CNY 60.55 ZHANGZHOU CITY CONSTRUC 6.60 03/26/20 CNY 40.68 ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.50 ZHANGZHOU JIULONGJIANG 6.48 06/20/21 CNY 61.85 ZHANJIANG INFRASTRUCTUR 6.93 10/21/20 CNY 41.30 ZHAOYUAN STATE-OWNED AS 6.64 12/31/19 CNY 20.12 ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 60.98 ZHEJIANG CHANGXING VIA 7.99 03/03/21 CNY 70.00 ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.69 ZHEJIANG FUCHUN SHANJU 7.70 04/28/21 CNY 61.75 ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 61.85 ZHEJIANG GUOXING INVEST 6.94 08/01/21 CNY 62.39 ZHEJIANG HUZHOU HUANTAI 6.70 11/28/19 CNY 20.33 ZHEJIANG PROVINCE DEQIN 6.40 02/22/20 CNY 40.15 ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.31 ZHEJIANG PROVINCE XINCH 6.60 04/24/20 CNY 40.37 ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 60.04 ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 61.09 ZHEJIANG PROVINCE XINCH 5.88 10/30/21 CNY 61.11 ZHEJIANG PROVINCE XINCH 6.95 12/31/21 CNY 62.38 ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 61.73 ZHENGZHOU MOUZHONG DEVE 7.48 12/11/21 CNY 62.29 ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.34 ZHENGZHOU PUBLIC HOUSIN 5.98 07/17/20 CNY 40.40 ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 41.54 ZHENJIANG CITY CONSTRUC 7.90 12/18/20 CNY 41.65 ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 61.89 ZHENJIANG CITY CONSTRUC 8.20 01/13/21 CNY 71.00 ZHENJIANG CULTURE TOURI 6.60 01/30/20 CNY 40.32 ZHENJIANG DANTU DISTRIC 5.89 11/03/21 CNY 59.25 ZHENJIANG NEW AREA URBA 8.35 02/26/21 CNY 61.33 ZHENJIANG NEW AREA URBA 8.99 01/16/21 CNY 61.55 ZHENJIANG TRANSPORTATIO 7.29 05/08/19 CNY 20.00 ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 59.08 ZHONGSHAN TRANSPORTATIO 5.25 11/26/21 CNY 59.85 ZHOUKOU INVESTMENT GROU 7.49 04/21/21 CNY 61.73 ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 40.55 ZHOUSHAN DINGHAI STATE- 7.25 08/31/20 CNY 41.33 ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 60.57 ZHOUSHAN DINGHAI STATE- 7.13 08/04/21 CNY 61.15 ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 72.33 ZHOUSHAN ISLANDS NEW DI 6.98 10/22/22 CNY 72.44 ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 72.44 ZHOUSHAN PUTUO DISTRICT 7.18 06/20/22 CNY 72.53 ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 25.14 ZHUHAI HUAFA GROUP CO L 5.50 06/05/19 CNY 25.15 ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 40.84 ZHUHAI HUIHUA INFRASTRU 7.15 09/17/20 CNY 41.15 ZHUJI CITY CONSTRUCTION 6.92 12/19/19 CNY 20.52 ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 41.30 ZHUJI CITY YUEDU INVEST 8.20 12/12/20 CNY 41.44 ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 40.90 ZHUZHOU CITY CONSTRUCTI 6.95 10/16/20 CNY 41.18 ZHUZHOU CITY CONSTRUCTI 8.36 11/10/21 CNY 63.37 ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.18 ZHUZHOU GECKOR GROUP CO 7.50 09/10/19 CNY 20.20 ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.18 ZHUZHOU GECKOR GROUP CO 6.95 08/11/21 CNY 61.31 ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.28 ZHUZHOU YUNLONG DEVELOP 6.78 11/19/19 CNY 20.29 ZIBO CITY PROPERTY CO L 5.45 04/27/19 CNY 11.99 ZIYANG CITY CONSTRUCTIO 7.58 01/09/19 CNY 24.99 ZIYANG WATER INVESTMENT 7.40 10/21/20 CNY 41.30 ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 60.97 ZJ HZ QINGSHAN LAKE SCI 7.90 04/23/21 CNY 61.48 ZUNYI CITY HUICHUAN DIS 6.75 04/24/19 CNY 25.04 HONG KONG --------- CHINA SOUTH CITY HOLDIN 7.25 11/20/22 USD 70.09 CHINA SOUTH CITY HOLDIN 6.75 09/13/21 USD 73.44 DR PENG HOLDING HONGKON 5.05 06/01/20 USD 74.35 INDONESIA --------- BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.00 BERAU COAL ENERGY TBK P 7.25 03/13/17 USD 48.00 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.44 DAVOMAS INTERNATIONAL F 11.00 12/08/14 USD 0.44 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.44 DAVOMAS INTERNATIONAL F 11.00 05/09/11 USD 0.44 EXPRESS TRANSINDO UTAMA 12.25 06/24/19 IDR 30.50 PERUSAHAAN PENERBIT SBS 6.10 02/15/37 IDR 73.20 INDIA ----- 3I INFOTECH LTD 2.50 03/31/25 USD 10.36 ACME FAZILKA POWER PVT 0.01 09/07/46 INR 8.82 AMPSOLAR SOLUTION PVT L 0.01 11/03/37 INR 18.25 AMPSOLAR SOLUTION PVT L 0.01 10/27/37 INR 18.28 APG INTELLI HOMES PVT L 1.25 02/04/35 INR 31.35 APG INTELLI HOMES PVT L 1.25 02/04/35 INR 34.74 ASHOKA HIGHWAYS BHANDAR 2.00 09/19/22 INR 72.98 AUTOMOTIVE EXCHANGE PVT 4.00 06/01/30 INR 54.90 AUTOMOTIVE EXCHANGE PVT 4.00 10/11/30 INR 55.06 BENGAL AEROTROPOLIS PRO 5.00 12/01/29 INR 65.89 BENGAL AEROTROPOLIS PRO 5.00 12/01/28 INR 67.55 BENGAL AEROTROPOLIS PRO 5.00 12/01/27 INR 69.44 BENGAL AEROTROPOLIS PRO 5.00 12/01/26 INR 71.55 BRIGHT BUILDTECH PVT LT 1.00 09/01/23 INR 65.42 BRIGHT BUILDTECH PVT LT 1.00 09/01/23 INR 65.42 CORE EDUCATION & TECHNO 7.00 05/07/49 USD 0.28 CUMULUS TRADING CO PVT 0.01 05/21/32 INR 29.31 CUMULUS TRADING CO PVT 0.01 12/29/29 INR 35.93 CUMULUS TRADING CO PVT 0.01 01/23/30 INR 49.32 DAYAKARA SOLAR POWER PV 0.10 04/05/26 INR 49.93 EDELWEISS ASSET RECONST 2.00 10/07/28 INR 49.27 EDELWEISS ASSET RECONST 2.00 11/20/27 INR 51.96 EDELWEISS ASSET RECONST 2.00 03/28/27 INR 53.66 GREEN URJA PVT LTD 0.01 02/14/30 INR 35.94 GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00 HIMGIRI ENERGY VENTURES 1.00 09/30/22 INR 69.13 HINDUSTAN CONSTRUCTION 0.01 01/05/27 INR 46.20 HITODI INFRASTRUCTURE L 0.01 06/30/27 INR 41.97 IL&FS PARADIP REFINERY 1.50 08/29/22 INR 74.90 JAIPRAKASH ASSOCIATES L 5.75 09/08/17 USD 55.13 JAIPRAKASH POWER VENTUR 7.00 02/13/49 USD 5.00 JASPER AUTO SERVICES PV 0.01 02/11/23 INR 67.54 JCT LTD 2.50 04/08/11 USD 25.75 JSM CORP PVT LTD 0.01 08/31/36 INR 20.14 KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 18.78 KVK ENERGY & INFRASTRUC 0.01 01/25/24 INR 60.37 MARIS POWER SUPPLY CO P 2.00 04/18/28 INR 54.70 MYAASHIANA MANAGEMENT S 0.25 02/02/23 INR 67.89 MYTRAH AADHYA POWER PVT 0.01 07/05/35 INR 22.75 MYTRAH ADVAITH POWER PV 0.01 07/13/36 INR 20.76 MYTRAH AKSHAYA ENERGY P 0.01 07/13/36 INR 20.76 ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 19.71 PAN INDIA INFRAPROJECTS 0.10 01/25/24 INR 58.63 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PUNJAB INFRASTRUCTURE D 0.40 10/15/33 INR 32.87 PUNJAB INFRASTRUCTURE D 0.40 10/15/32 INR 35.33 PUNJAB INFRASTRUCTURE D 0.40 10/15/31 INR 38.06 PUNJAB INFRASTRUCTURE D 0.40 10/15/30 INR 41.05 PUNJAB INFRASTRUCTURE D 0.40 10/15/29 INR 44.32 PUNJAB INFRASTRUCTURE D 0.40 10/15/28 INR 47.87 PUNJAB INFRASTRUCTURE D 0.40 10/15/27 INR 51.74 PUNJAB INFRASTRUCTURE D 0.40 10/15/26 INR 55.92 PUNJAB INFRASTRUCTURE D 0.40 10/15/25 INR 60.44 PUNJAB INFRASTRUCTURE D 0.40 10/15/24 INR 65.32 PYRAMID SAIMIRA THEATRE 1.75 07/04/12 USD 1.00 R L FINE CHEM PVT LTD 0.10 08/19/36 INR 20.48 REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 60.21 REI AGRO LTD 5.50 11/13/14 USD 0.32 REI AGRO LTD 5.50 11/13/14 USD 0.32 RELIANCE COMMUNICATIONS 6.50 11/06/20 USD 25.48 SURBHI INVESTMENTS & TR 2.50 10/21/28 INR 55.79 SVOGL OIL GAS & ENERGY 5.00 08/17/15 USD 1.55 TN URJA PVT LTD 0.10 02/22/36 INR 23.53 VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 29.75 WATSUN INFRABUILD PVT L 4.00 10/16/37 INR 49.31 JAPAN ----- AVANSTRATE INC 0.05 10/29/32 JPY 9.75 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 KOREA ----- HEUNGKUK FIRE & MARINE 5.70 12/29/46 KRW 50.43 INDUSTRIAL BANK OF KORE 3.84 03/10/45 KRW 40.22 KIBO ABS SPECIALTY CO L 5.00 02/26/21 KRW 66.89 KIBO ABS SPECIALTY CO L 5.00 12/25/19 KRW 72.53 KIBO ABS SPECIALTY CO L 5.00 08/29/19 KRW 73.44 KIBO ABS SPECIALTY CO L 5.00 02/26/19 KRW 74.76 KIBO ABS SPECIALTY CO L 5.00 02/25/19 KRW 75.05 SAMPYO CEMENT CO LTD 7.50 04/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 07/20/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.50 09/10/14 KRW 70.00 SAMPYO CEMENT CO LTD 7.30 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 7.30 06/26/15 KRW 70.00 SINBO SECURITIZATION SP 5.00 12/21/20 KRW 65.80 SINBO SECURITIZATION SP 5.00 03/21/21 KRW 66.82 SINBO SECURITIZATION SP 5.00 02/23/22 KRW 68.79 SINBO SECURITIZATION SP 5.00 01/26/22 KRW 68.93 SINBO SECURITIZATION SP 5.00 09/27/21 KRW 70.72 SINBO SECURITIZATION SP 5.00 08/25/21 KRW 70.98 SINBO SECURITIZATION SP 5.00 06/23/20 KRW 71.19 SINBO SECURITIZATION SP 5.00 07/27/21 KRW 71.20 SINBO SECURITIZATION SP 5.00 03/15/20 KRW 71.93 SINBO SECURITIZATION SP 5.00 02/28/21 KRW 72.38 SINBO SECURITIZATION SP 5.00 01/27/21 KRW 72.64 SINBO SECURITIZATION SP 5.00 12/22/20 KRW 72.91 SINBO SECURITIZATION SP 5.00 09/23/20 KRW 73.65 SINBO SECURITIZATION SP 5.00 08/26/20 KRW 73.88 SINBO SECURITIZATION SP 5.00 06/24/19 KRW 73.95 SINBO SECURITIZATION SP 5.00 07/28/20 KRW 74.10 SINBO SECURITIZATION SP 5.00 03/13/19 KRW 74.82 MALAYSIA -------- AEON CREDIT SERVICE M B 3.50 09/15/20 MYR 1.33 ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.58 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.31 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.33 BRIGHT FOCUS BHD 2.50 01/22/31 MYR 62.55 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 0.85 HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.29 I-BHD 3.00 10/09/19 MYR 0.29 IRE-TEX CORP BHD 1.00 06/10/19 MYR 0.01 PERODUA GLOBAL MANUFACT 0.50 12/17/25 MYR 70.46 PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.25 PUC BHD 4.00 02/15/19 MYR 0.05 REDTONE INTERNATIONAL B 2.75 03/04/20 MYR 0.07 SENAI-DESARU EXPRESSWAY 1.35 06/30/31 MYR 60.56 SENAI-DESARU EXPRESSWAY 1.35 12/31/30 MYR 61.73 SENAI-DESARU EXPRESSWAY 1.35 06/28/30 MYR 62.91 SENAI-DESARU EXPRESSWAY 1.35 12/31/29 MYR 64.08 SENAI-DESARU EXPRESSWAY 1.35 12/29/28 MYR 66.48 SENAI-DESARU EXPRESSWAY 1.35 06/30/28 MYR 67.79 SENAI-DESARU EXPRESSWAY 1.35 12/31/27 MYR 69.11 SENAI-DESARU EXPRESSWAY 1.35 06/30/27 MYR 70.41 SENAI-DESARU EXPRESSWAY 1.35 06/30/26 MYR 73.17 SENAI-DESARU EXPRESSWAY 1.15 06/30/25 MYR 75.01 SOUTHERN STEEL BHD 5.00 01/24/20 MYR 0.82 THONG GUAN INDUSTRIES B 5.00 10/10/19 MYR 2.17 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07 YTL LAND & DEVELOPMENT 3.00 10/31/21 MYR 0.35 NEW ZEALAND ----------- PRECINCT PROPERTIES NEW 4.80 09/27/21 NZD 1.03 PHILIPPINES ----------- BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 BAYAN TELECOMMUNICATION 13.50 07/15/06 USD 22.75 PHILIPPINE GOVERNMENT B 3.63 03/21/33 PHP 68.00 PHILIPPINE GOVERNMENT B 4.63 09/09/40 PHP 70.57 SINGAPORE --------- APL REALTY HOLDINGS PTE 5.95 06/02/24 USD 69.05 ASL MARINE HOLDINGS LTD 6.00 03/28/20 SGD 51.38 ASL MARINE HOLDINGS LTD 6.35 10/01/21 SGD 51.38 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.76 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.76 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 47.01 BERAU CAPITAL RESOURCES 12.50 07/08/15 USD 47.02 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88 BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52 BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52 BLUE OCEAN RESOURCES PT 4.00 12/31/21 USD 38.52 ENERCOAL RESOURCES PTE 9.25 08/05/14 USD 44.50 EZION HOLDINGS LTD 0.25 11/20/27 SGD 60.55 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00 HYFLUX LTD 4.60 09/23/19 SGD 45.01 HYFLUX LTD 4.25 09/07/18 SGD 45.38 HYFLUX LTD 4.20 08/29/19 SGD 45.79 INDO INFRASTRUCTURE GRO 2.00 07/30/10 USD 1.00 INNOVATE CAPITAL PTE LT 6.00 12/11/24 USD 61.21 ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 48.08 ORO NEGRO DRILLING PTE 7.50 01/24/19 USD 45.32 OSA GOLIATH PTE LTD 12.00 10/09/19 USD 62.63 PACIFIC RADIANCE LTD 4.30 09/30/19 SGD 10.00 RICKMERS MARITIME 8.45 05/15/17 SGD 5.00 SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 69.05 SOECHI CAPITAL PTE LTD 8.38 01/31/23 USD 69.20 SWIBER CAPITAL PTE LTD 6.25 10/30/17 SGD 4.20 SWIBER CAPITAL PTE LTD 6.50 08/02/18 SGD 4.20 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 7.75 SWIBER HOLDINGS LTD 7.75 09/18/17 CNY 7.75 SWIBER HOLDINGS LTD 5.55 10/10/16 SGD 12.25 THETA CAPITAL PTE LTD 6.75 10/31/26 USD 68.24 THETA CAPITAL PTE LTD 7.00 04/11/22 USD 74.21 TRIKOMSEL PTE LTD 5.25 05/10/16 SGD 16.00 TRIKOMSEL PTE LTD 7.88 06/05/17 SGD 16.00 SRI LANKA --------- SRI LANKA GOVERNMENT BO 5.35 03/01/26 LKR 69.96 SRI LANKA GOVERNMENT BO 8.00 01/01/32 LKR 74.02 THAILAND -------- G STEEL PCL 3.00 10/04/15 USD 0.56 MDX PCL 4.75 09/17/03 USD 30.00 VIETNAM ------- DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.14 DEBT AND ASSET TRADING 1.00 10/10/25 USD 68.81 ********* 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 2019. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***