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

                     A S I A   P A C I F I C

          Tuesday, October 15, 2019, Vol. 22, No. 206

                           Headlines



A U S T R A L I A

C2C CAPITAL: Second Creditors' Meeting Set for Oct. 22
ECLIPX TURBO 2017-1: Moody's Upgrades Class F Notes Rating to Ba2
EPPING 35: Second Creditors' Meeting Set for Oct. 18
KENSINGTON 88: Second Creditors' Meeting Set for Oct. 18
POCKET CASTLE: Second Creditors' Meeting Set for Oct. 22

PRESTON GREEN: Second Creditors' Meeting Set for Oct. 21
SFM TRUCKING: First Creditors' Meeting Set for Oct. 22
SIMPLY ITALIAN: First Creditors' Meeting Set for Oct. 23


C H I N A

GREENLAND HOLDING: S&P Alters Outlook to Pos. & Affirms 'BB' ICR
HEALTH AND HAPPINESS: S&P Affirms 'BB+' LT ICR on Low Leverage
HENAN ZHONGYUAN: Fitch Assigns BB+ LT IDR, Outlook Stable
HENAN ZHONGYUAN: Moody's Assigns Ba2 LT CFR, Outlook Stable
JIAYUAN INTERNATIONAL: Moody's Rates Proposed Notes Issue B3



H O N G   K O N G

HEALTH AND HAPPINESS: Moody's Rates Proposed Sr. Notes Ba3


I N D I A

AKR IMPEX: ICRA Migrates 'B' Rating to Not Cooperating
ANJALI INFRACRETE: ICRA Hikes Rating on INR3.5cr Loan to 'B'
ARCHEAN CHEMICALS: ICRA Hikes Rating on INR840cr NCD to B+
BHUSHAN POWER: ED Action vs. Assets Vindicates JSW Steel's Fears
CELIO FUTURE: ICRA Assigns B+ Rating to INR10cr Fund Based Loan

DEVEURO PAPER: ICRA Assigns 'D' Rating to INR5.0cr LT Loan
DOLPHIN POLY: ICRA Reaffirms B+ Rating on INR6.50cr Cash Loan
HLL BIOTECH: ICRA Lowers Rating on INR309cr Term Loan to 'D'
K V AROMATICS: ICRA Lowers Rating on INR194cr Loan to D
L&T CHENNAI: ICRA Maintains 'D' Rating in Not Cooperating

LEXUS MOTORS: ICRA Lowers Rating on INR30cr Loan to 'B'
LINERS INDIA: ICRA Cuts INR27cr Cash Loan Rating to 'D', Not Coop.
LUCKNOW SITAPUR: ICRA Maintains 'D' Rating in Not Cooperating
METALYST FORGINGS: NCLT Orders for Fresh Round of Bidding
MUTHOOT FINANCE: S&P Rates US$2BB Secured Global MTN Program 'BB'

PIYUSH COLONISERS: ICRA Maintains D Rating in Not Cooperating
POWERED EPC: ICRA Reaffirms 'B' Rating on INR2.0cr Secured Loan
PRG BUILDCON: ICRA Cuts INR213.13cr Loan Rating to 'B', Not Coop.
SANTHALAKSHMI MILLS: ICRA Assigns B+ Rating to INR3.0cr LT Loan
SHAH PRECICAST: ICRA Reaffirms B+ Rating on INR15.5cr LT Loan

SHIVAM COTTEX: ICRA Cuts INR6.0cr Loan Rating to 'D', Not Coop.
SUNCITY SYNTHETICS: ICRA Cuts Rating on INR8.35cr LT Loan to D
TALWALKARS BETTER: ICRA Cuts INR80cr NCD Rating to 'D', Not Coop.
TDI INTERNATIONAL: ICRA Withdraws D Rating on INR69cr Loan
UNITECH COTSPIN: ICRA Maintains 'B' Rating in Not Cooperating

V CARE SEEDS: ICRA Lowers Rating on INR12cr LT Loan to B+
V CARE: ICRA Reaffirms 'B+' Rating on INR7cr LT Loan
V.M AND CO: ICRA Assigns 'B' Rating to INR30cr LT Loan


I N D O N E S I A

GREENWOOD SEJAHTERA: Fitch Cuts IDR72BB Sr. Bond Rating to BB-(ind)


M A L A Y S I A

ANZO HOLDINGS: Denies it is a PN17 Company


N E W   Z E A L A N D

OLD SCHOOL: Liquidator Labels Owner Jaden Melgren 'Reckless'
TRENDS PUBLISHING: In Receivership After Failed Suit vs. Callaghan


P A P U A   N E W   G U I N E A

CAPITAL GENERAL: A.M. Best Affirms C+(Marginal) FSR
CAPITAL LIFE: A.M. Best Affirms C-(Weak) Financial Strength Rating


S I N G A P O R E

LIBRA GROUP: Receives Letter of Demand from UOB for US$18.8MM
PACIFIC STAR: Auditor Issues Disclaimer of Opinion


S O U T H   K O R E A

WOONGJIN GROUP: Netmarble Chosen as Preferred Bidder for Unit


S R I   L A N K A

MAHAWELI VENTURE: Three Bankrupt Firms Face Liquidation


X X X X X X X X

[*] BOND PRICING: For the Week Oct. 7, 2019 to Oct. 11, 2019

                           - - - - -


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A U S T R A L I A
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C2C CAPITAL: Second Creditors' Meeting Set for Oct. 22
------------------------------------------------------
A second meeting of creditors in the proceedings of C2C Capital Pty
Ltd has been set for Oct. 22, 2019, at 9:30 a.m. at the offices of
Jones Partners, Level 13, at 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 Oct. 21, 2019, at 4:00 p.m.

Michael Gregory Jones of Jones Partners was appointed as
administrator of C2C Capital on Sept. 16, 2019.

ECLIPX TURBO 2017-1: Moody's Upgrades Class F Notes Rating to Ba2
-----------------------------------------------------------------
Moody's Investors Service upgraded the ratings for five classes of
notes issued by Eclipx Turbo Series 2017-1 Trust.

The affected ratings are as follows:

Issuer: Eclipx Turbo Series 2017-1 Trust

Class B Notes, Upgraded to Aaa (sf); previously on Nov 28, 2018
Upgraded to Aa1 (sf)

Class C Notes, Upgraded to Aa1 (sf); previously on Nov 28, 2018
Upgraded to Aa3 (sf)

Class D Notes, Upgraded to Aa2 (sf); previously on Nov 28, 2018
Upgraded to A3 (sf)

Class E Notes, Upgraded to A3 (sf); previously on Nov 15, 2017
Definitive Rating Assigned Ba1 (sf)

Class F Notes, Upgraded to Ba2 (sf); previously on Nov 15, 2017
Definitive Rating Assigned B1 (sf)

RATINGS RATIONALE

The upgrades were prompted by an increase in note subordination
available for the affected notes and good performance of the
underlying portfolio.

Sequential amortization of the notes from closing to March 2019 has
led to the increase in note subordination. Since March 2019, the
transaction has been making pro-rata principal repayments among the
Class A2 to Class E Notes. The Class F Notes and unrated notes will
not be repaid until all classes of notes senior to them have been
fully repaid. As such, note subordination is continuing to build
up.

Following the August 2019 payment date, the note subordination
available for the Class B, Class C and Class D Notes has increased
to 36.2%, 27.7% and 25.2%, respectively, from 27.7%, 20.3% and
18.1% as of the last rating action in November 2018. Note
subordination available for the Class E and Class F Notes has
increased to 18.6% and 13.2%, respectively, from 8.9% and 6.3% at
closing in November 2017.

As of August 2019, 0.6% of the outstanding pool was 30-plus day
delinquent, and 0.2% was 90-plus day delinquent. The portfolio has
incurred 0.05% net loss since closing, which have all been
reimbursed by excess spread.

As part of the rating action, Moody's reassessed its default
probability and expected loss assumptions for the securitised
portfolio, reflecting the portfolio characteristics and collateral
performance to date.

As of August 2019, the pool had 5,638 leases, with the top 10
lessees contributing to 37.6% of the pool compared to 35.1% as of
the rating action in November 2018. Moody's increased the mean
lessee default rate to 3.8% from 3.5% in November 2018, mainly due
to the increase in the top lessees concentration. For lessees
having exposures of more than 3%, Moody's has used a rating, a
credit estimate or a conservative assumption to determine the
creditworthiness of such lessees. For cash flow modeling, Moody's
assumed a fixed recovery rate following lessee default of 40.5%,
unchanged from closing.

The residual value risk exposure has increased to 45.2% from 38.1%
at the last rating action in November 2018. The haircuts to the
residual value cash flow in this transaction are: Aaa haircut of
43%, Aa1 haircut of 34.4%, Aa2 haircut of 32.8%, A3 haircut of
25.8% and Ba2 haircut of 17.2%.

The transaction is an Australian cash securitisation of operating,
novated and finance leases extended to Australian government and
statutory corporations, corporates, small and medium-sized
businesses and their employees. The leases are secured by passenger
cars, commercial vehicles and equipment.

The principal methodology used in these ratings was "Moody's Global
Approach to Rating Auto Loan- and Lease-Backed ABS" published in
March 2019.

Factors that would lead to an upgrade or downgrade of the ratings:

Factors that could lead to an upgrade of the ratings include: (1)
performance of the underlying collateral that is better than
Moody's expectation, and (2) an increase in the notes' available
credit enhancement.

Factors that could lead to a downgrade of the ratings include: (1)
performance of the underlying collateral that is worse than Moody's
expectation, (2) a decrease in the notes' available credit
enhancement, and (3) a deterioration in the credit quality of the
transaction counterparties.

EPPING 35: Second Creditors' Meeting Set for Oct. 18
----------------------------------------------------
A second meeting of creditors in the proceedings of Epping 35 Pty
Ltd has been set for Oct. 18, 2019, at 11:00 a.m. at Level 2, 151
Macquarie 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 Oct. 17, 2019, at 4:00 p.m.

Antony Resnick and Riad Tayeh of de Vries Tayeh were appointed as
administrators of Epping 35 on Sept. 12, 2019.

KENSINGTON 88: Second Creditors' Meeting Set for Oct. 18
--------------------------------------------------------
A second meeting of creditors in the proceedings of Kensington 88
Pty Ltd has been set for Oct. 18, 2019, at 12:00 p.m. at Level 2,
151 Macquarie 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 Oct. 17, 2019, at 4:00 p.m.

Antony Resnick and Riad Tayeh of de Vries Tayeh were appointed as
administrators of Kensington 88 on Sept. 12, 2019.

POCKET CASTLE: Second Creditors' Meeting Set for Oct. 22
--------------------------------------------------------
A second meeting of creditors in the proceedings of Pocket Castle
Hill Pty Ltd, trading as Crooked Tailor, has been set for Oct. 22,
2019, at 11:00 a.m. at the offices of BRI Ferrier (NSW) Pty Ltd,
Level 30, Australia Square, at 264 George 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 Oct. 21, 2019, at 4:00 p.m.

Peter Paul Krejci of BRI Ferrier was appointed as administrator of
Pocket Castle on Sept. 16, 2019.

PRESTON GREEN: Second Creditors' Meeting Set for Oct. 21
--------------------------------------------------------
A second meeting of creditors in the proceedings of Preston Green
Pty Ltd has been set for Oct. 21, 2019, at 11:00 a.m. at the
offices of HLB Mann Judd Insolvency WA, Level 3, at 35 Outram
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 Oct. 18, 2019, at 4:00 p.m.

Kimberley Stuart Wallman of HLB Mann Judd Insolvency were appointed
as administrators of Preston Green on Sept. 13, 2019.

SFM TRUCKING: First Creditors' Meeting Set for Oct. 22
------------------------------------------------------
A first meeting of the creditors in the proceedings of SFM Trucking
Pty Ltd will be held on Oct. 22, 2019, at 11:00 a.m. at Suite 203,
at 517 Flinders Lane, in Melbourne, Victoria.

Trajan John Kukulovski and Liam William Bellamy of Chan & Naylor
were appointed as administrators of SFM Trucking on Oct. 10, 2019.

SIMPLY ITALIAN: First Creditors' Meeting Set for Oct. 23
--------------------------------------------------------
A first meeting of the creditors in the proceedings of Simply
Italian Cairns Pty Ltd will be held on Oct. 23, 2019, at 10:00 a.m.
at the offices of BDO (NTH QLD), Level 1, at 15 Lake Street, in
Cairns, Queensland.

Todd William Kelly of BDO (NTH QLD) was appointed as administrator
of Simply Italian on Oct. 11, 2019.



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C H I N A
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GREENLAND HOLDING: S&P Alters Outlook to Pos. & Affirms 'BB' ICR
----------------------------------------------------------------
On Oct. 11, 2019, S&P Global Ratings revised its rating outlook on
Greenland Holding and its strategically important subsidiary
Greenland HK to positive from stable. S&P affirmed the 'BB'
long-term issuer credit rating on Greenland Holding, the 'BB-'
long-term issuer credit rating on Greenland HK, and the 'BB-'
long-term issue rating on the outstanding senior unsecured notes
Greenland Holding guarantees.

S&P revised the outlook on Greenland Holding Group Co. Ltd. because
the company's prudent approach to debt-funded expansion is leading
to faster deleveraging than it expected.

Greenland Holding's land acquisitions were low at about 25% of
contracted sales in the 18 months ended June 2019, down from 42% in
2016. This was partly due the Chinese government's initiatives to
reduce the leverage of state-owned enterprises (SOEs). The company
therefore generated substantial positive operating cash flows in
the past 12-18 months, leading to a significant improvement in
leverage (ratio of debt to EBITDA) to 5.5x for the 12 months ended
June 2019, from 6.7x and 7.0x for the same period in 2018 and 2017,
respectively.

S&P said, "We believe the improvement is sustainable, and expect
further deleveraging over the next 12-18 months stemming from
earnings growth and prudent expansion through debt. We estimate
Greenland Holding will maintain its land spending at 25%-30% of
contracted sales in 2019 and 2020.

"At the same time, we expect Greenland Holding to maintain moderate
revenue growth from its property development business due to
increasing exposure to residential property development, which has
a shorter delivery schedule. The company's construction segment
also shows strong growth, with newly signed contracts growing 16%
year-over-year in the first six months of 2019. The contracted
sales were 66% higher than construction revenue in the same period.
We expect earnings growth to improve the debt-to-EBITDA ratio to
5.0x-5.3x over the next 12-18 months.

"In our view, Greenland Holding's land bank of about 170 million
square meters is not sizable if we only consider the saleable
amount, but it is sufficient for development for around three
years." After the company scaled back its commercial property
development in recent years, we now estimate 70%-75% of its
properties are residential. 55%-60% of Greenland Holding's land
bank is in first- or second-tier cities. The company's acquisition
of the Dongjiadu project in Shanghai from China Minsheng Investment
Group at the start of this year could contribute Chinese renminbi
(RMB) 45 billion-RMB50 billion to total saleable resources in the
next three years.

However, the recent slowdown in the property market in China may
challenge Greenland Holding's sales execution, causing its leverage
to deviate from our expectation. The company's contracted sales
target slipped by 5% in 2018, and a larger portion of its saleable
resources in 2019 are allocated to the second half of this year,
when the market is weakening.

Greenland Holding's improving synergies with its non-property
segments--construction, consumption, and financial services--should
support growth. Over the past two years, the company has rapidly
expanded in construction, acquiring five local SOEs through
"mixed-ownership" reform. That allows Greenland Holding to provide
an integrated and full service to local governments and access
lower-cost land resources. Greenland Holding's property business
has penetrated more into locations near high-speed rail stations,
mainly in lower-tier cities, leveraging on the company's
involvement in construction and other segments to improve overall
infrastructure and help town development.

Constraining Greenland Holding's credit profile is its debt and
liquidity management, which we consider to be weaker than that of
peers in the 'BB+' rating category. This is partly due to its
reliance on short-term debt for non-property segments, similar to
the industry players, and its weaker access to the domestic bond
market. The company has not issued domestic bonds since 2016, when
its associate company Shanghai Yunfeng Group Co. Ltd. defaulted on
its bond. S&P expects Greenland's market standing to improve over
time as it enhances its operation and financial profile.

As of end-June 2019, Greenland Holding's weighted average debt
maturity is about 2.1 years, lower than that of peers at a higher
rating level. However, the company has strong relationships with
major banks onshore, given its SOE background. It has large unused
bank lines of RMB159 billion and low funding costs. Greenland
Holding is also targeting to improve its debt mix by lengthening
maturities and exploring financing channels such as asset-backed
securities.

S&P said, "We revised the outlook on Greenland Hong Kong Holdings
Ltd. (Greenland HK) because we continue to view the company as a
strategically important subsidiary of Greenland Holding. We expect
Greenland Holding to remain the controlling shareholder and control
Greenland HK's management and strategy. Greenland HK benefits from
group support in the form of brand recognition and access to
lower-cost funding."

Greenland HK is likely to continue to expand its scale of
contracted sales over the next one to two years while reducing its
dependency on sales from Shanghai and establishing a market
position in tier-two cities such as Suzhou, Kunming, and Nanning.
At the same time, S&P anticipates an improvement in gross margins
to 27.0%-27.5% in 2019-2020, thanks to cost controls and improved
execution capacities, sharpened due to parental operational support
and Greenland HK's newly established e-commerce platform.

S&P said, "We believe Greenland HK's liquidity has substantially
strengthened, mainly through disposal of a major asset and a high
cash collection ratio of about 90% from pre-sales during the first
six months of 2019. Nevertheless, the company's significant
short-term debt (nearly 42% of total debt) and short weighted
average maturity of about 1.8 years continue to weigh on its
liquidity.

"The positive outlook on Greenland Holding reflects our expectation
that the company will continue its steady sales growth and improve
its leverage over the next 12-18 months. This would be through
financial discipline in land purchases as well as expansion and
acquisitions in non-property businesses. We also expect Greenland
Holding's capital structure and debt maturity profile to improve to
levels more comparable to that of peers at a higher rating level.

"We may upgrade Greenland Holding if the company improves its debt
leverage and debt maturity profile, such that the debt-to-EBITDA
ratio improves to close to 5x and its capital structure improves to
a level that is commensurate with that of peers with a 'BB+'
rating. This could be evidenced by a weighted average debt maturity
profile that is well above two years and a material improvement in
cash short-term debt coverage.

"We could revise the outlook to stable if: (1) Greenland Holding's
property sales and profitability deteriorate; or (2) its
debt-funded expansion is more aggressive than we expect, such that
its debt-to-EBITDA ratio does not improve toward 5x. We could also
revise the outlook to stable if Greenland Holding's capital
structure does not improve to be in line with that of higher-rated
companies.

"The positive outlook on Greenland HK reflects the outlook on
Greenland Holding. We also expect Greenland HK to continue to
increase its contracted sales and revenue recognition. We
anticipate the company will control debt growth while maintaining
its strengthened liquidity position.

"We may upgrade Greenland HK if we upgrade Greenland Holding.

"We could raise our assessment of Greenland HK's stand-alone credit
profile if: (1) the company shows strong sales execution and
disciplined spending over the next 12 months; and (2) the company
sustainably improves its capital structure over the next 12 months
with lengthening of its weighted average debt maturity to above two
years.

"We may revise the outlook on Greenland HK to stable if we do the
same for Greenland Holding.

"We may also lower the rating on Greenland HK if: (1) we believe
the company's importance within the group has weakened because of a
change in the parent's strategy; or (2) the group's control and
supervision of Greenland HK weakens, which a fall in the parent's
shareholding in the company would indicate."

HEALTH AND HAPPINESS: S&P Affirms 'BB+' LT ICR on Low Leverage
--------------------------------------------------------------
On Oct. 11, 2019, S&P Global Ratings affirmed its 'BB+' long-term
issuer credit rating on Health and Happiness (H&H) International
Holdings Ltd. and the issue rating on H&H's existing senior
unsecured notes. At the same time, S&P assigned its 'BB' issue
rating to H&H's proposed U.S. dollar-denominated senior unsecured
notes.

S&P said, "We affirmed our 'BB+' issuer credit rating on H&H based
on our expectation that the company's debt leverage will be
substantially below our rating threshold of 3x, despite reduced
growth expectation for the company and the industry and H&H's
increasing effort in marketing and distribution. We anticipate its
inventory management to generate healthy cash flow.

"We assigned our 'BB' issue rating to H&H's proposed U.S.
dollar-denominated senior unsecured notes due 2024. The issue
rating is one notch below the issuer credit rating due to a
substantial amount of priority debt obligations ahead of the
proposed notes. H&H intends to use cash and proceeds from the note
issuance to redeem its existing U.S. dollar-denominated notes.

"Although we project H&H's debt-to-EBITDA ratio to increase
modestly to 2.0x in 2019 from 1.8x in 2018 due to lower EBITDA
(stemming from increased marketing spending), its credit measures
remain solid. We expect the company to generate healthy
discretionary cash flow, converting about 55% of EBITDA into
discretionary cash flow in 2019-2020.

"Several regulatory changes implemented in early 2019 reduced our
growth expectation for H&H and the industry." First, the Chinese
government began to clamp down on aggressive marketing practices of
health supplements. This weakened consumer sentiment for the
products and lowered industry sales growth. Additionally, the
government implemented a new e-commerce law deterring individuals
from reselling parallel imported goods. Many individuals were
buying lower-cost health supplements in international markets for
resale in China.

These regulatory changes reduced the company's revenue growth to
14% in the second quarter from 29% in the first quarter of 2019. As
a result, S&P now forecasts revenue growth of 5%-10% in 2019 and
2020, materially lower than 24%-38% achieved between 2016 and
2018.

On specific segments, S&P forecasts H&H's health supplement
(Swisse) sales to decline 5% for full-year 2019, from 2%
year-on-year growth during the first half of 2019 and 24% growth in
2018, before recovering to 7%-10% growth in 2020-2021. The recovery
in sales growth is based on its expectation that excess channel
inventory will be absorbed and the absence of further regulatory
changes. However, S&P expects Swisse branded product sales growth
will be relatively soft.

Growth in the infant milk formula segment will likely moderate as
well due to increased competition and lower birth rate. The segment
currently contributes close to 50% of overall revenue. H&H's sales
growth in infant milk formula decelerated to 15% year over year
during the first half of 2019, down from 21% in 2018. This compares
favorably to industry growth of 10% and 14% over the same periods.
S&P believes the company's position in the milk formula market
remains strong.

H&H has been investing heavily in brand building, promotions, new
products, and geographic expansion since 2017. In the first half of
2019, the company's spending on selling and distribution increased
by 27.5% year over year, mainly driven by its investment in new
products and new markets. S&P said, "We expect the increase in
selling expenses to continue over the next two years albeit at
lower rates. In our view, the company sees an opportunity to
differentiate itself during a period of consumer uncertainty. This
has had a negative effect on profitability. We project H&H's EBITDA
margin will narrow to 21.3%-21.9% in 2019 to 2021 from 25.3% in
2018."

S&P said, "Nonetheless, we anticipate H&H to generate healthy cash
flow, partly due to its inventory management process. H&H improved
its inventory aging after a computer system upgrade to refresh its
demand requirement to contract manufacturers on a more timely
basis; the company shortened its inventory cycle more than peers
over the past three years. We forecast its operating cash flow will
remain stable at Chinese renminbi (RMB) 1.2 billion–RMB 1.4
billion in 2019-2020, from RMB1.2 billion in 2018. With low capital
expenditures and modest dividend payout, we assume the company will
generate RMB800 million–RMB1.0 billion discretionary cash flow in
2019-2020, versus RMB1.2 billion in 2018.

"We expect the company's debt leverage to remain relatively low
over the next several years. As of Dec. 31, 2018, H&H's
debt-to-EBITDA ratio was 1.8x. We expect the ratio will fluctuate
between 1.7x-2.0x in 2019 and 2020, depending on operating
performance. H&H will likely pursue tuck-in acquisitions similar to
the ones in the last several years, such as Good Gout and Aurelia.
But large acquisitions are less likely. We are currently assuming
annual acquisition spending of RMB500 million over the next two
years.

"The stable outlook reflects our expectation that H&H will maintain
its good market position in the infant milk formula and health
supplements industries by accelerating its spending on brand
building, promotion, new products and new markets expansion in the
next 12 months, despite slowing revenue and EBITDA growth amid
regulatory headwind and intense competition. We also expect H&H's
debt-to-EBITDA ratio will remain below 2.5x in 2019-2020, driven by
its good operating cash flow and prudent financial policy.

"We may lower the ratings if H&H's debt-to-EBITDA ratio approaches
3.0x. This could happen if the company's sales decline or its
EBITDA margin drops by more than 8 percentage points in 2020,
possibly due to intense competition or negative impact from
regulatory changes.

"We may also lower the ratings if H&H undertakes more aggressive
debt-funded expansion than we expected."

An upgrade would require the company to strengthen its market
position through meaningful market share gain in the highly
fragmented milk formula and health supplements industries, and
demonstrate margin stability by improving business diversity. This
will need to be done in conjunction with debt leverage staying
below 2x and EBITDA interest coverage expanding to 10x or higher.

H&H manufactures and distributes infant milk formula and other baby
products in China. The company also provides health supplements in
Australia, China, and globally, following its acquisition of Swisse
Wellness Group in September 2015. H&H was listed on the Hong Kong
stock exchange in 2010 and its headquarters are in Hong Kong.

HENAN ZHONGYUAN: Fitch Assigns BB+ LT IDR, Outlook Stable
---------------------------------------------------------
Fitch Ratings assigned Henan Zhongyuan Financial Holding Co., Ltd.
Long-Term Foreign- and Local-Currency Issuer Default Ratings of
'BB+'. The Outlook is Stable.

Fitch rates HZFH under its Public Sector, Revenue-Supported
Entities Rating Criteria and takes into account the company's
revenue defensibility, operating risk and financial profile. Fitch
applies a three-notch uplift to HZFH's Standalone Credit Profile
(SCP) to reflect the application of the Government-Related Entities
(GRE) Rating Criteria and its assessment the strength of state
linkages and the state's incentive to provide support.

KEY RATING DRIVERS

'Midrange' Revenue Defensibility: Half of HZFH's outstanding
projects by asset value are government-led or policy driven. Fitch
considers the financial strength of project counterparties to be
'Midrange' and expect demand for HZFH's projects to fluctuate in
line with China's macroeconomic development, given HZFH's
mass-market exposure in key business segments. The source of cash
flow for some projects, such as shanty-town redevelopments, is from
the government's fiscal budget.

'Midrange' Operating Risk: Finance costs are HZFH's largest
component of operating costs. The company's funding costs have been
stable in the previous few years and most of HZFH's borrowings and
lending are at fixed rates.

'b+' Standalone Credit Profile: Fitch assesses HZFH's SCP at 'b+',
based on its 'Midrange' revenue defensibility, 'Midrange'
operational risk and 'Weaker' financial profile based on the
company's net leverage ratio of 23x at end-2018. However, Fitch
expects the ratio to improve to 11x by 2021 after the launch of
some projects, which will make a full-year income contribution from
2019.

'Moderate' Status, Ownership and Control: The finance bureau of
Zhengzhou municipality indirectly holds 40% of HZFH's shares. The
company's board of directors is composed of three members, who are
appointed by the Zhengzhou municipal government, Bridge Trust Co.
Ltd. and Bank of Communication Trust. Zhengzhou municipal
government also appoints two of the three members of the board of
supervision.

'Moderate' Support Record: HZFH does not receive frequent
government subsidies. Zhengzhou Development and Investment Group
Co. Ltd., a fully owned subsidiary of Zhengzhou municipality's
finance bureau, together with an agency under the Zhengdong New
District government in Zhengzhou, hold 40% of the company's shares.
The two companies contributed initial capital of CNY0.9 billion in
2016. HZFH also plans to increase paid in capital from CNY2.3
billion to CNY5.0 billion in the next three years. Nevertheless,
the diverse shareholding structure could make the funding process
more lengthy than if there was only one shareholder.

'Moderate' Socio-Political Implications of Default: HZFH is
Zhengzhou municipality's first GRE engaged in financial investment.
It resolves financial risk, promotes industrial development,
provides restructuring services to rural credit cooperatives and
secures funding for shanty-town redevelopments. Nevertheless, some
asset-management companies at the provincial level and China's
big-four state-owned asset-management companies could take over
some of HZFH's functions if needed, leading to 'Moderate'
socio-political implications should HZFH default.

'Moderate' Financial Implications of Default: HZFH's funding is
provided to finance its policy role. Fitch believes a failure by
the government to provide timely support, if needed, could damage
the reputation of Zhengzhou and, to some extent, financing
availability for some government-led projects. Nevertheless, the
company's small operation in term of asset size and short history
in financial investment could limit the impact.

RATING SENSITIVITIES

An upgrade could result from a sustainable improvement in the net
leverage ratio along with a stronger liquidity and debt structure
or better revenue defensibility. A persistent increase in the
government's propensity to provide support, increased Zhengzhou
municipal ownership and stronger socio-political and financial
implications of HZFH's default could also lead to an upgrade.

In contrast, a dilution of Zhengzhou municipality's shareholding in
the entity, leading to a loss of its controlling stake, could
result in HZFH no longer being classified as a GRE and therefore
delinked from the municipality. A significant weakening of HZFH's
socio-political and financial implications of default may also
result in a downgrade.

A downgrade could also come from weakening revenue defensibility or
operating risk as well as a deterioration of HZFH's SCP, including,
but not limited to, measures on liquidity, operating revenue
generation ability, leverage, debt structure and repayments.

HENAN ZHONGYUAN: Moody's Assigns Ba2 LT CFR, Outlook Stable
-----------------------------------------------------------
Moody's Investors Service assigned a Ba2 long-term issuer rating
and corporate family rating to Henan Zhongyuan Financial Holding
Co., Ltd.

This is the first time that Moody's has assigned ratings to
Zhongyuan Financial Holding.

The outlook on Zhongyuan Financial Holding is stable.

RATINGS RATIONALE

Zhongyuan Financial Holding's Ba2 issuer rating and CFR incorporate
the company's baseline credit assessment of ba3 and a one-notch
uplift based on Moody's expectation of a moderate level of support
from and a high level of dependence on the Government of China (A1
stable), under Moody's Joint Default Analysis approach for
government-related issuers.

The ba3 BCA takes into account Zhongyuan Financial Holding's (1)
relatively low leverage; (2) moderate profitability; and (3)
abundant credit lines from commercial banks which mitigate its
refinancing risk.

However, the BCA is constrained by the company's (1) short
operating history and unseasoned asset quality; (2) rapid asset
growth; and (3) heavy reliance on wholesale funding.

Zhongyuan Financial Holding was established in May 2016 under the
direction of the Zhengzhou municipal government. It is primarily
engaged in lending to and investing in government-related entities,
private companies and individuals in the Henan province.

The company has rapidly expanded its assets since its
establishment. Its total asset grew by 22.9% in H1 2019, following
33.5% growth in 2018 and 100.1% growth in 2017. Consequently, its
leverage -- as measured by total assets divided by equity
attributable to ordinary shareholders -- rose to 4.8x at the end of
June 2019 from 1.6x at the end of 2016. However, its leverage is
still lower than most other rated finance companies.

The company has maintained moderate profitability, supported by
good margins, low impairment charges and effective cost controls.
However, its return on average assets (ROAA) declined in 2018 and
H1 2019, mainly because of higher funding costs.

At the end of June 2019, the company maintained good asset quality
metrics. Most of its assets comprise financing to
government-related entities and large private companies with credit
enhancement measures. However, the company has a high client
concentration and most of its assets reside in the Henan province.

The company relies on wholesale funding to support its rapid asset
growth, exposing it to both refinancing and interest risk. The
company obtains the majority of its funding from bank borrowings,
and it also issued multiple 3-year bonds in the domestic market in
2018 and H1 2019 to improve its funding structure.

The company is prudent in managing the duration of its assets and
liabilities. Most of its credit assets have tenors of one to three
years, largely matching the maturities of the company's
liabilities.

As of May 31, 2019, the company had obtained RMB15.3 billion in
credit lines from large state-owned banks, joint-stock commercial
banks and regional banks, of which RMB7.0 billion remained
unutilized. Its strong bank relationships could help mitigate
potential refinancing risk in normal market conditions.

The company follows stringent liquidity management processes and
maintains large amounts of liquidity reserves on its balance sheet.
At the end of June 2019, the company had RMB1.6 billion in cash on
its balance sheet, equivalent to 14% of its total assets.

Moody's assumption of a moderate level of support from the Chinese
government considers Zhongyuan Financial Holding's ownership
structure and commercial business mix.

As of June 30, 2019, the Zhengzhou municipal government indirectly
owned 40% of Zhongyuan Financial Holding through Zhengzhou
Development Investment Group and Zhengzhou Zhengdong New District
Construction and Development Investment Company. Moody's believes
that a failure of a government-owned entity would cause
reputational risk for the Zhengzhou municipal government and
increase the funding cost of other government-owned entities in the
Henan province.

At the same time, the company is mainly engaged in commercial
businesses and operates under market-oriented principles. Its
businesses do not play a significant policy role.

What Could Change the Rating -- Up

Zhongyuan Financial Holding's issuer rating and CFR could be
upgraded if (1) there are signs of strengthening support from the
government as the company assumes greater strategic importance or
additional policy roles; or (2) the company's BCA is upgraded.

Zhongyuan Financial Holding 's BCA could be upgraded if the company
(1) maintains stable asset quality over the economic cycle while
reducing its customer and geographic concentration; (2) slows down
its asset growth; (3) demonstrates the sustainability of its
business model and ability to maintain profitability; and (4)
increases its debt maturity coverage ratio while maintaining
abundant credit lines.

What Could Change the Rating - Down

Zhongyuan Financial Holding's CFR could be downgraded if (1) the
government is no longer the largest shareholder of the company; or
(2) its BCA is downgraded.

Zhongyuan Financial Holding's BCA could be downgraded if its (1)
asset quality deteriorates; (2) leverage rises significantly due to
rapid asset growth; (3) profitability continues to decline; or (4)
funding profile weakens due to an increase in the share of
short-term financing and secured borrowings, as well a significant
reduction in its available credit lines.

The company's issuer rating could be downgraded if its (1) CFR is
downgraded; or (2) structurally senior debt or secured debt
increases materially.

The methodologies used in these ratings were Finance Companies
published in December 2018, and Government-Related Issuers
published in June 2018.

Headquartered in Zhengzhou, Henan, Henan Zhongyuan Financial
Holding Co., Ltd. reported total assets of RMB11.8 billion as of
June 30, 2019.

JIAYUAN INTERNATIONAL: Moody's Rates Proposed Notes Issue B3
-------------------------------------------------------------
Moody's Investors Service assigned a B3 senior unsecured rating to
the proposed notes to be issued by Jiayuan International Group
Limited (B2 stable).

The proceeds of the notes will be used to refinance existing debt.

RATINGS RATIONALE

"The proposed bond issuance will provide Jiayuan with additional
liquidity and lengthen its debt maturity profile, while the impact
on the company's credit metrics will be limited, because it will
use the proceeds to refinance existing debt," says Josephine Ho, a
Moody's Vice President and Senior Analyst.

Jiayuan's B2 corporate family rating (CFR) reflects (1) the
company's track record in its core markets in Jiangsu Province; and
(2) its low-cost and quality land bank. These strengths support the
company's business growth plan and give it pricing flexibility in a
down-cycle.

However, the B2 CFR is constrained by Jiayuan's small operating
scale, its moderate geographic diversification, and the execution
risks associated with its rapid growth plan.

Moody's expects that Jiayuan's contracted sales will grow to RMB25
billion-RMB30 billion over the next 12-18 months from RMB20 billion
in 2018. In the first eight months of 2019, the company's
contracted sales grew 50% to RMB16 billion.

Moody's also expects that Jiayuan's projected credit metrics will
support its B2 CFR. Specifically, Moody's expects revenue/adjusted
debt will improve to around 70% and EBIT/interest will remain
around 3.0x over the next 12-18 months, compared to 68% and 3.2x
for the 12 months to June 30, 2019.

In terms of environmental, social, and governance (ESG) factors,
Moody's has considered the risks associated with the concentration
of the company's ownership in Mr. Shum, who held a 69.3% stake as
of August 2019, and with Mr. Shum's share pledge financing.

Given the company's listed status, Jiayuan is subject to the Hong
Kong Listing Rules and Securities and Future Ordinance. In
addition, Mr. Shum has demonstrated its commitment by injecting
assets to strengthen the company's operations and equity base, and
by reducing his share pledge loan to lower the risk of a change in
control.

Jiayuan's liquidity is adequate. Moody's expects that the company's
cash holdings, together with contracted sales proceeds after
deducting basic operating cash flow items, will enable it to meet
its refinancing needs over the next 12-18 months. Jiayuan's
reported cash holdings of RMB5.7 billion as of June 30, 2019
covered 117% of its short-term debt. The company's refinancing of
maturing USD bonds over the last 2-3 months has also lengthened its
debt maturity profile.

The B3 senior unsecured rating on the USD notes is one notch lower
than the CFR, due to structural subordination risk. This risk
reflects the fact that the majority of claims are at the operating
subsidiaries. These claims have priority over Jiayuan's senior
unsecured claims in a bankruptcy scenario. In addition, the holding
company lacks significant mitigating factors for structural
subordination. As a result, the likely recovery rate for claims at
the holding company will be lower.

The stable ratings outlook reflects Moody's expectation that (1)
Mr. Shum will not materially increase his share pledge financing,
(2) the company's liquidity will remain adequate, with continued
access to the onshore and offshore loan and debt capital markets;
and (3) the company will grow its sales and maintain cash
collection as planned over the next 12-18 months.

Moody's could upgrade the ratings if Jiayuan (1) grows its business
while achieving its credit metrics, with adjusted revenue/debt
rising above 70% and EBIT/interest higher than 3.0x on a
sustainable basis; (2) maintains adequate liquidity, with
cash/short-term debt consistently above 1.5x; and (3) keeps the
risk of a change of control at a low level.

Moody's could downgrade the ratings if Jiayuan's (1) liquidity
profile weakens; (2) risk of a change in control increases; or (3)
contracted sales or revenue prove weaker than Moody's had expected,
leading to a deterioration in the company's credit metrics.

Credit metrics indicative of a downgrade include adjusted
revenue/debt below 55%, EBIT/interest below 2.0x, or
cash/short-term debt below 1.0x, all on a sustained basis.

The principal methodology used in this rating was Homebuilding And
Property Development Industry published in January 2018.

Jiayuan International Group Limited develops mass-market
residential properties mainly in Jiangsu and Anhui provinces. The
company had a total land bank of around 13 million square meters at
the end of August 2019. It also develops and operates commercial
properties alongside its residential property projects.



=================
H O N G   K O N G
=================

HEALTH AND HAPPINESS: Moody's Rates Proposed Sr. Notes Ba3
-----------------------------------------------------------
Moody's Investors Service assigned a Ba3 senior unsecured rating to
the proposed senior notes to be issued by Health and Happiness
International Holdings Limited (Ba2 positive).

The rating outlook is positive.

The bond proceeds will be used by the company to redeem its USD
bonds due in 2021.

The bond rating reflects Moody's expectation that H&H will complete
the bond issuance upon satisfactory terms and conditions, including
proper registration with the National Development and Reform
Commission in China (A1 stable).

RATINGS RATIONALE

"The proposed notes issuance will not impact H&H's Ba2 corporate
family rating or positive rating outlook, because the proceeds will
be used by the company to refinance its existing debt," says Gerwin
Ho, a Moody's Vice President and Senior Credit Officer.

"The issuance will further improve H&H's debt maturity profile,"
adds Ho, who is also Moody's Lead Analyst for H&H.

Moody's expects that H&H's revenue will grow about 20% over the
next 12-18 months from the RMB10 billion achieved in 2018, driven
by growing sales in its baby nutrition and care products as well as
adult nutrition and care products segments.

On the other hand, Moody's expects that H&H's EBITDA margins will
contract to 21%-22% over the next 12-18 months compared with 23.2%
in the 12 months ended June 30, 2019, driven by higher marketing,
product and channel development, and brand-building expenses to
support the company's expansion into new products and geographies.

Nevertheless, the company will continue to generate positive free
cash flow over the next 12-18 months, enabling H&H to reduce its
debt.

Consequently, the company's adjusted debt/EBITDA will likely
improve to 2.3x-2.4x over the next 12-18 months from 2.5x in the 12
months ended June 30, 2019. This level of debt leverage is strong
for H&H's Ba2 corporate family rating.

H&H's liquidity profile is solid. At June 30, 2019, its cash
balance - including restricted cash - totaled RMB2 billion, which
could cover its short-term debt, including lease liabilities, of
RMB208 million.

H&H's senior unsecured bond rating for the proposed senior notes is
one notch lower than it would otherwise be, because the bond is
subordinated to the senior secured loan facilities.

H&H's Ba2 corporate family rating reflects (1) the company's
leading position among domestic infant milk formula (IMF) providers
in China and diversification into a leading position in Australia's
(Aaa stable) vitamin, herbal and mineral supplements (VHMS) market,
(2) the favorable demand trend for IMF in China and for VHMS in
Australia and China, and (3) the company's strong profitability and
steady cash flow generation, which in turn reflect its brand equity
and the confidence-sensitive nature of its products.

However, the rating is constrained by (1) the company's developing
scale in competitive markets, and (2) regulatory and product safety
risks.

H&H's rating also takes into account the following environmental,
social and governance considerations.

H&H benefits from the growing demand for IMF and VHMS in China,
driven by changing lifestyles stemming from urbanization, rising
disposal income and greater awareness of health and wellness
issues.

On the other hand, H&H faces regulatory and product safety risks
because it derives its revenues mainly from IMF and VHMS, which are
designed for human consumption. These risks are mitigated by the
company's premium product positioning and focus on quality.

H&H's ownership is concentrated and only a minority of its board
consists of independent directors. This risk is partially mitigated
by the fact that the company is a listed and regulated entity.

The positive ratings outlook reflects Moody's expectation that H&H
will expand its revenue scale and deleverage over the next 12-18
months.

Upward ratings pressure could arise if (1) the company maintains a
strong market position in the IMF and VHMS segments; (2) its
revenue scale expands; (3) H&H maintains a conservative financial
policy and strong liquidity, such as sustained positive free cash
flow, conservative dividend payouts, and cash/short-term debt
exceeding 1.5x-2.0x; and (4) the company achieves debt leverage
such that debt/EBITDA trends towards 2.0x-2.5x, while maintaining a
steady EBIT margin and growing its revenue scale.

On the other hand, the ratings outlook could return to stable if
H&H is unlikely to meet the upgrade conditions over the next 12-18
months.

The principal methodology used in this rating was Global Packaged
Goods published in January 2017.

Health and Happiness International Holdings Limited is a leading
domestic infant milk formula provider in China and a leading
vitamin, herbal and mineral supplements provider in Australia. The
company holds a 100% stake in the Australian VHMS provider, Swisse
Wellness Group Pty Ltd.

Established in 1999, H&H is headquartered in Hong Kong and listed
on the Hong Kong Stock Exchange in December 2010. Its chairman, Mr.
LUO Fei, as well as other principal shareholders, held a 67.3%
stake in the company at June 30, 2019.



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

AKR IMPEX: ICRA Migrates 'B' Rating to Not Cooperating
------------------------------------------------------
ICRA has moved the long term and short term ratings for the bank
facilities of AKR Impex Private Limited to the 'Issuer Not
Cooperating' category. The rating is now denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          5.45       [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Letter of Credit    (4.00)      [ICRA]A4 ISSUER NOT
   (sub limit)                     COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Packing Credit      (5.00)      [ICRA]A4 ISSUER NOT
   (sub limit)                     COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Bill discounting   (5.00)       [ICRA]A4 ISSUER NOT
   (sub limit)                     COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

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

AKR Impex Private Limited was incorporated in 2006 by Mr
S.Kathiravan. The company is involved in the business of processing
and trading of various types of pulses and has two processing units
set up in Tondiarpet, Chennai. The company processes black gram,
green gram, toor dhal, yellow lentils etc. The process involves
dehusking the pulses, splitting and polishing. The company
purchases raw materials from domestic as well as international
markets and processes and sells it to the customers.

ANJALI INFRACRETE: ICRA Hikes Rating on INR3.5cr Loan to 'B'
------------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Anjali Infracrete Private Limited (AIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based–          3.50       [ICRA]B (Stable); upgraded
   Cash Credit                     from [ICRA]C- and removed
                                   from 'Issuer Not Cooperating'
                                   category

   Fund-based–          2.05       [ICRA]B (Stable); upgraded
   Term Loan                       from [ICRA]C- and removed
                                   from 'Issuer Not Cooperating'
                                   category

   Unallocated          4.45       [ICRA]B (Stable); upgraded
   Limits                          from [ICRA]C- and removed
                                   from 'Issuer Not Cooperating'
                                   category

Rationale

The rating upgrade factors in the improvement in the capital
structure over the past three fiscals, as evident from a gearing of
1.3 times as on March 31, 2019, compared to 2.2 times as on March
31, 2016, on account of gradual accretion to reserves and repayment
of long-term debts. The rating also favorably considers the
resolution of insolvency process under the Insolvency and
Bankruptcy Code (IBC) as on July 03, 2019 upon payment of all the
outstanding dues, which was initiated by one of the creditors in
April 2019. The rating continues to favourably factor in the
proximity of its manufacturing unit to raw material sources and
consumption centres in Gujarat and Maharashtra.

The rating, however, continues to be constrained by AIPL's modest
scale of operations, which limits economies of scale and pricing
flexibility. Moreover, higher operating costs have continuously
dented the profitability during the last three years (FY2016 to
FY2019). Furthermore, an elongation in the receivable cycle,
coupled with considerable cash lock up, in the form of advances and
GST credit receivable, has impacted the liquidity profile
negatively, (NWC/OI of 36% in FY2019), entailing high utilisation
of working capital limits. The rating further remains constrained
by the stiff competition in the autoclaved aerated concrete (AAC)
blocks manufacturing business due to presence of other organised
players as well as availability of substitutes. AIPL's operations
also remain vulnerable to the cyclicality in the real estate
sector.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that AIPL will continue to benefit from the established track
record of operations and the steady demand for AAC block.

Key rating drivers

Credit strengths

Improvement in capital structure – The company's capital
structure improved in the last three fiscals as a gradual decline
in long-term debts was further ameliorated by accretion to
reserves; the gearing was 1.3 times as on March 31, 2019 compared
to 2.2 times as on March 31, 2016.

Resolution of insolvency process – The corporate insolvency
process was initiated by Raw Edge Industrial Solution Pvt. Ltd. and
public announcement was made on April 13, 2019. The same was
withdrawn as on July 3, 2019 upon payment of INR0.31 crore
outstanding dues.

Proximity to major consumption centres and raw material sources –
AIPL's manufacturing facility is located in Surat. The major raw
materials are fly ash, cement, gypsum and chemicals. AIPL procures
fly ash from Gujarat State Electricity Corporation Limited's
(GSECL's) thermal power plant, which is in the vicinity of the
factory. Cement is procured locally, while lime powder is procured
from Rajasthan. Moreover, AIPL has established relationship with
key customers, most of whom are reputed builders based in Mumbai
and Surat Further, proximity to major consumption centres ensures
better access to raw material suppliers as well as from customers.

Credit challenges

Below average financial risk profile– The company' scale remains
modest; the operating income was INR21.4 crore and INR17.3 crore in
FY2018 and FY2019, respectively, which limits the economies of
scale benefits and pricing flexibility. Also, there has been a
steady moderation in the operating profit margin (OPM) over the
last three fiscals, as evident from the decline in the operating
margin to 10.5% in FY2018 from 19.3% in FY2016. The moderation can
be attributed to the increase in selling expense as well as the
inability of the company to fully pass on any increase in prices
due to intense competition. The working capital intensity continued
to remain high, with NWC/OI at 36% in FY2019 as against 28% in
FY2018. The NWC/OI spiked in FY2019 as a considerable portion of
cash was locked up in the form of GST credit receivable and advance
given for machineries. The above two factors also stressed the
liquidity position, resulting in high utilisation of working
capital limits.

Intense competition due to fragmented industry structure - The
company faces competition from both Surat-based large organised AAC
blocks manufacturers as well as from the new entrants. The stiff
industry competition is likely to remain high, given the relatively
moderate technical and capital requirements.

Exposure to cyclicality associated with real estate and
infrastructure sector - The demand for AAC blocks depends primarily
on the fortunes of the real estate, construction and infrastructure
development activity, which is cyclical in nature.

Liquidity position: Poor

The overall liquidity situation is expected to remain tight because
of high debt repayments in near to medium term. The problem is
further compounded by the absence of cushion in the cash credit
limits. Hence, timely support from promoters through equity
infusion/ unsecured loans remains crucial in case of any cash flow
mismatch.

Rating sensitivities

Positive triggers - ICRA could upgrade AIPL's rating if the company
demonstrates substantial growth in revenue and profitability, which
in turn improves the liquidity position and the overall financial
risk profile. Efficient working capital management is a credit
positive.

Negative triggers - Negative pressure on AIPL's rating could arise
if any decline in revenues and profitability leads to
lower-than-expected cash accruals, or if any major debt-funded
capital expenditure, or stretch in working capital cycle, weakens
the company's liquidity profile.

Incorporated in October 2009, by the Radadiya family of Surat,
Anjali Infracrete Private Limited (AIPL) manufactures Autoclaved
Aerated Concrete (AAC) blocks. The manufacturing unit of the
company is located at Dhamrol near Surat (Gujarat) and has an
installed capacity to produce 1,00,000 cubic meters of AAC blocks
annually. The plant was commissioned in February 2014.

AIPL reported a profit after tax (PAT) of INR0.17 crore on an
operating income (OI) of INR21.04 crore in FY2018, compared to a
PAT of INR0.35 crore on an OI of INR17.9 crore in FY2017. AIPL
reported a profit after tax (PAT) of INR0.23 crore on an operating
income (OI) of INR17.3 crore in FY2019 (Provisional numbers).

ARCHEAN CHEMICALS: ICRA Hikes Rating on INR840cr NCD to B+
----------------------------------------------------------
ICRA has revised the ratings on certain bank facilities of
Archean Chemicals Industries Private Limited (ACIPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Non-convertible     840.00      [ICRA]B+(Stable); upgraded
   Debenture                       from [ICRA]B (Stable)
   Programme           
                                   
Rationale

The revision in rating considers the improvement in operational
profile of ACIPL due to improvement in capacity utilisation post
fund infusion by India RF (joint venture between Bain capital
Credit and Piramal Enterprises Limited) in FY2019 as well as in the
current fiscal via NCDs. The funding was used for refinancing an
older bank debt, which has reduced near term payment commitments as
the mandatory coupon payment is moderate (10-12%) and the mandatory
principal repayment falls due at the end of the debt tenure of six
years. However, any excess cash flows would be applied towards
additional coupon payment earlier (to meet the defined coupon on
the debt of 17%) and towards principal prepayment. ICRA also takes
comfort from the debt service reserve account (DSRA) created out of
the issuance, which will be maintained during the tenure of the
loan.

ICRA notes the improvement in revenue and operating margin during
FY2019 backed by growth in sales volume of industrial salt and
improvement in bromine realisation. However, the profit margin was
adversely impacted by large inventory write off and provision for
bad debts, partly offset by write offs of some interest liabilities
to erstwhile lenders and promoters. The rating also notes the cost
advantage provided by an integrated manufacturing plant and access
to Rann brine as raw material. Further, ICRA also considers the
steps taken by the company to control costs and improve operational
efficiency, including appointment of reputed consultants for the
same, appointment of internal auditors and adoption of hedging
policy to mitigate forex risks. The company is also in advanced
stages expanding its bromine production capacity, funded by the
proceeds from the NCD, which is expected to be completed in Q4
FY2020. ICRA also takes note of the long-term offtake agreement
with Sojitz Corporation, Japan, for salt offtake that provides
comfort for ACIPL's revenue stability.

Nonetheless, the rating remains constrained by the highly leveraged
capital structure and stretched coverage indicators owing to low
net worth arising from accumulated past losses; susceptibility of
operations to excessive rainfall; vulnerability of margin to
volatility in global product prices and high effective interest
rate on the NCDs. It will be crucial for the company to complete
the expansion project on time and improve its scale and
profitability substantially to improve its liquidity profile and
meet its repayment obligations.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that ACIPL will witness healthy sales growth across all the three
product segments owing to robust domestic and international demand.
ICRA also expects ACIPL's profitability to improve from the
increase in share of its higher margin bromine segment, post
completion of its project expansion in the current fiscal.

Key rating drivers and their description

Credit strengths

Fund infusion by India RF – ACIPL raised INR840 crore by issuing
NCD to India RF in FY2019 and H1 FY2020 in three tranches. The
company utilised the funds for refinancing the erstwhile bank
loans, working capital funding and ongoing capex for bromine
expansion. The refinancing has reduced the near to medium term
repayment obligations, as the mandatory coupon payment is moderate
(10-12%) and the mandatory principal repayment falls due at the end
of the debt tenure of six years. However, any excess cash flows
would be applied towards additional coupon payment earlier (to meet
the defined coupon on the debt of 17%) and towards principal
prepayment.

Healthy sales growth in recent fiscals; diversified product
portfolio – ACIPL manufactures industrial salt, bromine and
sulphate of potash (SOP) at its integrated marine chemicals
facility. In FY2019, the company witnessed the healthy revenue
growth of 29% supported by healthy growth in sales volume and
realisaton for industrial salt segment backed by healthy demand
from Sojitzs and new customers and strong improvement in sales
realisation of bromine due too strong international demand. The
company is currently expanding its bromine production capacity,
which is expected to be operational by Q4 FY2020. The timely
completion of the project and stabilisation of operations will be
crucial for improving ACIPL's financial profile.

Integrated manufacturing plant provides cost advantages in
manufacturing process – ACIPL's integrated manufacturing plant is
located at Hajipir near the Rann of Kutch (Gujarat). The company
uses the abundant and unique Rann brine as raw material, which
provides it with a cost advantage over other producers. This
advantage also creates entry barriers for new market entrants. The
company has also taken several steps to improve operational
efficiency and reduce costs in last one year and had appointed
reputed consultants for the same. Further, the company has
appointed internal auditors to strengthen control systems and
adopted risk management measures including hedging policy to
mitigate forex risks.

Marketing arrangements in place likely to reduce business risks to
a large extent – The company has a long-term offtake agreement
with Sojitz Corporation of Japan for 2 million tonne of industrial
salts per annum. The company has also added new customers in recent
fiscals with long-term contracts, which will ensure sustained
revenue contribution from the segment. This provides some revenue
stability, given the share of salt in the overall revenue pie. The
marketing of bromine, the other key product, has also been
successful, with ACIPL acquiring several new international
customers for the product category.

Credit challenges

Financial profile characterised by highly leveraged capital
structure and stressed coverage indicators – The company's
capital structure is highly leveraged with gearing of 17.4 times as
on March 31, 2019 due to low net worth arising from accumulated
losses from the past few years. The coverage indicators have also
been stretched by subdued profit margins, with interest coverage
and TD/OPBDITA of 0.6 time and 10.3 times in FY2019. OPM was
impacted by large inventory write offs and provisions for bad debt,
standing at 13% in FY2019 compared to 18.9% in FY2018. Adjusted for
inventory adjustments, the OPM would have been ~23.9%. The NPM
witnessed improvement to 7.3% in FY2019 from -18.0% due to write
off of interest liability towards erstwhile lenders and promoters.

Higher interest cost on NCDs – The effective interest rate on the
NCDs is high at 17%, however , the mandatory payments are
restricted to 10-12% interest rate till FY2025, while the
differential interest will be paid along with mandatory payments
based on cash accruals generated during the initial years as per
the cash sweep agreement, or a redemption premium will be paid at
the end of the tenure. Therefore, the company's ability to generate
healthy cash accruals to meet repayment obligations remains crucial
and will be dependent on timely completion and stabilisation of the
bromine expansion project.

Operations and margin vulnerable to several external factors –
The company's operations are exposed to the risk of excessive
rainfall, which can adversely impact the quality of key raw
materials as well as lead to an operational stoppage, impacting the
scale of production. The margins are also vulnerable to volatility
in global product prices and forex rate movement.

Liquidity position: Stretched

ACIPL's liquidity profile is stretched by moderate profit margins,
high interest obligations, moderately high working capital
intensity and an ongoing bromine expansion project in the current
fiscal. The capex is being funded from the NCD. ICRA notes that the
company has created three months' DSRA from the NCD proceeds as
well as internal accruals, which supports near term liquidity and
the same will be increased to six months' DSRA, with improvement in
financial performance. ACIPL also plans to avail working capital
facilities of ~Rs. 75 crore at lower interest rates (allowed under
the terms of NCD), which will also support the liquidity position.
However, timely completion of the project and stabilisation of
operations and improvement in scale and profitability will be
crucial for improvement in liquidity profile.

Rating sensitivities

Positive Trigger: Strong improvement in revenue and profitability,
backed by healthy capacity utilisation, on a sustainable basis
leading to improvement in coverage indicators and debt protection
metrices could lead to a rating upgrade.

Negative Trigger: The rating could witness a downgrade if lower
than expected cash accruals, delays in bromine plant expansion or a
stretch in working capital cycle puts pressure on its liquidity and
credit metrics.

Incorporated in July 2009, ACIPL set up an integrated marine
chemicals complex for producing sulphate of potash, industrial salt
and bromine. The project was commissioned in June 2015. The
manufacturing plant is located at Hajipir in the Kutch district of
Gujarat. The integrated complex utilises the naturally available
brine flowing over the marine mineral deposits at the Rann of
Kutch. The Archean Group is already one of the leading producers of
industrial salt in the country and through this project it has also
become the first domestic manufacturer of SOP. ACIPL is part of the
Archean Group, which is a conglomerate with businesses across
building materials, mining and minerals, industrial chemicals and
fertilisers.

In FY2019, the company reported a net profits of INR41.1 crore
(adjusted for interest write off of Rs 114.3 crore) on an operating
income (OI) of INR565.5 crore, as compared to a net loss of INR79.2
crore on an OI of INR438.8 crore in the previous year.

BHUSHAN POWER: ED Action vs. Assets Vindicates JSW Steel's Fears
----------------------------------------------------------------
Livemint.com reports that after the Enforcement Directorate (ED)
attached assets of Bhushan Power and Steel (BPSL) Ltd in an alleged
bank fraud, JSW Steel Ltd said the probe agency's action has
vindicated its stand to seek immunity from criminal proceedings in
the ongoing probe.

According to Livemint.com, JSW Steel had in September moved
National Company Law Appellate Tribunal (NCLAT) seeking immunity
from criminal proceedings in the ongoing bank fraud investigation
against erstwhile promoter of BPSL. The appellate tribunal will
heard JSW Steel's plea on Oct. 13, the report says.

"It vindicates JSW Steel stand of seeking immunity from attachment
of properties of corporate debtor (BPSL). This may happen even in
cases where the control is changed under IBC," the report quotes
the company's joint managing director and group chief financial
officer Seshagiri Rao as saying in a statement.

Livemint.com says ED on Oct. 12 attached assets worth INR4,025
crore of BPSL in connection with an alleged bank loan fraud, which
is undergoing investigation under the Prevention of Money
Laundering Act (PMLA), 2002.

JSW Steel had in September acquired debt-ridden BPSL under the
Insolvency and Bankruptcy Code (IBC) with an offer of INR19,700
crore. While financial creditors will recover INR19,350 crore, or
41% of their total admitted claims of INR47,158 crore, Livemint.com
recalls. Operational creditors will get INR350 crore of their
admitted claims of INR734 crore.

Approving JSW Steels's bid for BPSL, the National Company Law
Tribunal (NCLT) had said criminal proceedings against the erstwhile
promoter of BPSL, Sanjay Singhal, would not impact the
implementation of JSW Steel's resolution proposal, the report
relates.

Despite NCLT's assurance, ED has attached the assets of BPSL where
erstwhile promoter has been allegedly involved in siphoning off
funds amounting to INR5,600 crore as reported by state-owned Punjab
National Bank and Allahabad Bank, the report notes.

Livemint.com adds that the probe agency said it has attached
immovable properties--land, building, plant and machinery--of BPSL
located in Odisha. While this is the first such attachment in the
probe, the agency is likely to continue further attachment of
assets, the report adds.

The Bhushan Power insolvency case was filed by lead lender Punjab
National Bank after the company failed to pay loans within a
stipulated time frame, the report notes.

                        About Bhushan Power

Bhushan Power and Steel Limited manufactures and markets steel
products. It offers flat products, such as coated products,
galvanized/galvalume, color coated products, cable tapes, and cold
rolled products; and long products, including iron making and
sponge iron products. The company also provides steel pipes, hollow
steel sections, grooved pipes, and carbon steel tubes.

Mahendra Kumar Khandelwal was appointed as the IRP in the case
under an order passed by the National Company Law Tribunal (NCLT)
on July 26, 2017.

Bhushan Power, which owes over INR37,000 crore to a consortium of
lenders led by Punjab National Bank, was among 12 large companies
identified by the Reserve Bank of India against which banks were
directed to initiate insolvency proceedings, according to
LiveMint.com. Barring Era Infra Engineering Ltd, petitions have
been admitted in all other cases, LiveMint.com noted.

CELIO FUTURE: ICRA Assigns B+ Rating to INR10cr Fund Based Loan
---------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Celio Future
Fashion Private Limited's (CFFPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based
   Limits               10.00      [ICRA]B+ (Stable); Assigned

   Non Fund-
   based limits         10.00      [ICRA]A4; Assigned

Rationale

The assigned rating takes into account CFFPL's pan India brand
presence. ICRA notes the increasing scale and continuous support it
garners from its parent, Celio International SA, a European textile
apparel player, in the form of equity infusions to fund its losses,
meet its working capital requirements and finance its capex
requirements for store expansions. The rating is, however,
constrained by CFFPL's moderate scale of operations with continued
cash losses in the business resulting from the under absorption of
fixed cost, coupled with limited pricing flexibility given its
growing brand presence in the intensively competitive domestic
apparel retail market. Further, the intense competition from other
established apparel brands has necessitated incessant discounting
by CFFPL, which has continued to impede its operating income and
profitability in the business. Also, in the past few years, the
rampant discounting by e-commerce companies on clothing merchandise
has resulted in loss of wallet share, impacting CFFPL's revenues in
the domestic branded apparel business. The ratings are constrained
by CFFPL's high working capital intensity of operations from high
receivables due to the sale or return (SOR) model followed by the
company, wherein the payments are subject to sale made to
end-customers, thus, resulting in higher debtor days apart from the
risk of sales return along with high inventory stocking
requirements at existing stores. Further, the company is present in
mid-premium segment in the domestic market where discretionary
spends by consumers are closely linked to macro-economic prospects,
thus volume and margin pressures are expected to remain in the
short-term. It is to be noted that timely funding support from the
parent and the company's ability to achieve sustainable improvement
in the operating performance and market share would remain the key
monitorable.

ICRA also notes that the continued operational and technical
support from the parent, coupled with management initiatives to
improve the cost structure may support business recovery over the
medium term. The rating also favourably factors in the extensive
experience of the promoters and key management personnel in the
apparel industry is likely to guide the future growth of the
company. The Stable outlook reflects continued support from Celio
International SA and the likely improvement in scale of operations
via significant increase in point of sales, leading to gradual
improvement in profitability metrics.

Key rating drivers and their description

Credit strengths

Strength derived from the parent in terms of operational and
financial assistance - Established in 2008, CFFPL was a 50:50 joint
venture (JV) between Celio International SA (headquartered in
Saint-Ouen, France) and the Future Group. However, after the nod
from Foreign Investment Promotion Board to increase the stake, the
shareholding of Celio International SA gradually increased to
97.9%. Celio is a ready-to-wear apparel and accessories brand for
men. The menswear brand offers wardrobe essentials like polos,
t-shirts, shirts, sweaters, jeans, trousers and accessories. CFFPL
derives financial as well as technological assistance from its
parent company, which includes regular equity infusion to fund the
loss-making operations as well as ready designs/patterns and
sourcing inputs, which support the business prospects.

Extensive experience of promoters in the textile industry – CFFPL
shares a common management with the parent, which has been in
existence since 1985. The daily operations of CFFPL are managed by
Mr. Satyen Momaya and Mr. Damodar Agarwal along with an
international team supported by a professional management set up.

Credit challenges

Loss making operations due to under absorption of fixed costs and
limited pricing flexibility – CFFPL commenced its operations from
May 2008. A direct purchase model coupled with moderate scale of
operations led to limited absorption of fixed costs. Moreover, weak
pricing flexibility given its limited brand presence in the
domestic market has led to cash losses, which resulted in erosion
of its net worth till March 31, 2016. Nevertheless, regular equity
infusion by the parent to the tune of INR164.10 crore (aggregate
over FY2016-2018) and an additional INR20 crore in the current
fiscal till date to fund the losses as well as manage the working
capital needs, has supported operations.

High working capital intensity of operations – The apparel retail
business inherently entails high working capital requirements for
stocking a wide product range of garments across outlets and a high
credit enjoyed by distribution channel partners. Under the
'sales-or-return' model used by the company, the unsold inventory
with channel partners is reflected as debtors. While CFFPL's
inventory turnover is high at 79 days in FY2019 with its sales
distributed across channels, its receivables position is stretched
on the back of a slow moving inventory as well as an extended
credit enjoyed by its multi brand outlets (MBO), large format
retail stores (LFS) and e-commerce channel partners. Besides, there
are other associated risks emanating from the sizable inventory of
season leftovers, which are required to be offloaded at minimal
profits by offering high discounts. Moreover, with the increase in
number of points of sale, the amount of unsold inventory in the
debtors has increased over the last two years. CFFPL's receivable
cycle increased to 225 days, resulting in the increase in working
capital intensity to 30.7% as on March 31, 2019.

Vulnerability to changing trends in the industry amid intense
competition – The branded menswear market is characterised by
intense competition, with continuous expansion by a number of
established brands across regions. Given the nature of the
industry, sales also remain vulnerable to changing tastes and
preference of consumers. Moreover, consistent requirement of
additional advertisement expenses to capture market share limit the
operating margins of market players.

Liquidity position - Stretched

CFFPL has incurred continued operational losses since its
inception. While the company's losses are primarily funded by
regular equity infusion by its parent company, Celio International
SA (Rs. 164 crore between FY2016-FY2018), the same is contingent to
the parent's ability to continue the same. Further, working capital
intensity of operations remain high due to an elongated debtors
position and high inventory holding. While the average working
capital limit utilisation for FY2019 stood at 24%, the same
increased to over 90% between April 2019 and July 2019 due to
incremental working capital requirements, indicating a stretch in
the liquidity position.

Rating sensitivities

Positive triggers: The rating may be upgraded in case of ramp up in
the scale of operations, which will facilitate better absorption of
fixed costs, leading to sustained improvement in profitability
along with an improvement in the net worth position.

Negative triggers: Negative pressure on the rating would arise in
case of lack of timely support from the parent to meet the loss
funding as well as any debt repayment, if necessary.

Parent/Group Support
ICRA expects CFFPL's parent, Celio International SA, to be willing
to extend financial support to the company, should there be a need,
given the high strategic importance that it holds for the parent
for meeting its diversification objectives. Both the entities also
share a common name, which in ICRA's opinion would persuade the
parent to provide financial support to CFFPL to protect its
reputation from the consequences of a group entity's distress.
Consolidation/Standalone The rating is based on standalone
financial statements of the company.

Established in 2008, Celio Future Fashion Private Limited is a
joint venture between Celio Intl SA and Future Group. The former
holds 97.9% share in the company. The company retails its products
under the 'Celio' brand, which includes ready-to-wear apparel and
accessories for men. The menswear brand offers wardrobe essentials
like polos, t-shirts, shirts, sweaters, denims, trousers and
accessories, etc. As per the provisional statement for FY2019, the
company reported a net loss of INR17.48 crore on an operating
income of INR143.50 crore, against a net loss of INR21.16 crore on
an operating income of INR124.42 crore as per the audited statement
for FY2018.

DEVEURO PAPER: ICRA Assigns 'D' Rating to INR5.0cr LT Loan
----------------------------------------------------------
ICRA has assigned rating to the bank facilities of Deveuro Paper
Products LLP (DPP), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term–
   Fund Based–
   Cash Credit          5.00       [ICRA]D; Assigned

   Long Term–
   Fund Based
   Term Loan            5.00       [ICRA]D; Assigned


Rationale

The assigned rating factors in the delays in repayment of debt
obligations of DPP in the recent months. Having commenced
operations in August 2018, the firm exhibits a weak liquidity
position, as shown by its high working capital utilisation coupled
with low cash and cash equivalents, which contributed to its
overdues. The ratings also factor in the firm's modest scale of
operations as characterised by its top line of INR1.61 crore as
well as its net worth of INR2.90 crore as on March 31, 2019. This
apart, the firm has a highly leveraged capital structure owing to
its recent debt-funded capital expenditure. This is characterised
by its weak gearing of 6.64x as on March 31, 2019. The ratings are
also constrained by the weak coverage indicators as on March 31,
2019.

Key rating drivers and their description

Credit challenges

Delays in repayment of debt obligations - DPP delayed in repayment
of the interest component of its debt obligations in the recent
months. With the firm having commenced operations only in August
2018, its weak liquidity position contributed to such overdues.
This apart, the firm incurred net losses of INR0.79 crore in
FY2019.

Modest scale of operations encumbers competitive position - Due to
its recent incorporation and commencement of operations, the firm
currently has a modest scale of operations. It generated a top line
of INR1.61 crore in FY2019 and incurred net losses of INR0.79
crore. Further, its net worth stood at INR2.90 crore as on March
31, 2019.

Leveraged capital structure owing to debt-funded capex - Having
commenced operations in August 2018, the firm has been incurring
high debt-funded capital expenditure in the recent fiscals, which
has resulted in a highly leveraged capital structure. This is
characterised by its gearing of 6.64x as on March 31, 2019. This
apart, the firm has exhibited weak coverage indicators with DSCR
and interest coverage standing at 1.97x and 0.78x respectively as
on March 31, 2019.

Liquidity position: Poor

DPP's liquidity is Poor. The firm's low cash and liquid investments
coupled with high utilisation of its working capital facilities
characterise its stressed liquidity position.

Positive Trigger: ICRA could upgrade DPP's ratings if the company
demonstrates a track record of repaying its debt obligations in a
timely manner.

DPP was incorporated in July 2015 by Mr. Pankaj Aggarwal and Mrs.
Sangeeta Aggarwal, but started commercial operations in FY2019.
Based out of Noida, the firm sells paper products made out of
sugarcane bagasse. In fact, its sales in FY2019 solely comprised of
bagasse paper plates. The firm also custom designs these paper
plates for its customers as per the shared specifications. Its
range of products include paper plates of different sizes along
with paper bowls and containers with compartments.

DOLPHIN POLY: ICRA Reaffirms B+ Rating on INR6.50cr Cash Loan
-------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of Dolphin Poly
Plast Pvt. Ltd. (DPPL), as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based–
   Cash Credit        6.50       [ICRA]B+(Stable); Reaffirmed
    
   Fund-based–
   Term Loan          5.06       [ICRA]B+(Stable); Reaffirmed

   Non-fund Based–
   Letter of Credit   1.50       [ICRA]A4; Reaffirmed

   Unallocated
   Limits             0.04       [ICRA]B+(Stable)/A4; Reaffirmed

Rationale

The reaffirmation of ratings remains constrained by DPPL's weak
financial risk profile, characterised by small-scale operations,
leveraged capital structure and weak debt protection metrics. The
ratings are further constrained by DPPL's stretched liquidity
position due to elongated receivables from Government authorities.
The ratings also factor in the exposure of its profitability to
volatile raw material prices, which coupled with the intense
industry competition and the regulated prices of the Micro
Irrigation System (MIS) pressurises the company's revenues and
margins.

The ratings, however, favourably factor in the extensive experience
of the promoters in the pipes and MIS industry along with the
company's status as the authorised supplier of MIS to Gujarat Green
Revolution Company Limited (GGRC), Rajasthan and Karnataka
Government.

The Stable outlook on the [ICRA]B+ rating reflects ICRA's opinion
that DPPL will continue to benefit from the extensive experience of
its promoters and its registration with GGRCL and agriculture
departments of other states.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters in MIS and plastic pipe industry
- The key promoters, Mr. Mavji Limbasiya and Mr. Haresh Kothiya
have around two decades of experience in the plastic industry.
Also, the promoters have been engaged in the MIS segment since the
last five years.

Authorised supplier of MIS - DPPL is a registered supplier for MIS
products to Government of Gujarat through Gujarat Green  Revolution
Company Limited (GGRC) and agricultural departments of Rajasthan
and Karnataka.

Credit challenges

Weak financial risk profile - The company's scale of operations
witnessed a healthy growth, at a CAGR of 36% over the past five
years, albeit on a low scale. The operating profitability remained
moderate, at 8.4% in FY2019, due to intense competition and the
regulated prices of MIS products. Further, due to debt-funded capex
and high working capital requirement, the capital structure
remained leveraged, with gearing of 4.1 times in FY2019 (against
3.7 times in FY2018). Consequently, the debt coverage indicators
remained below average with interest coverage of 1.6 times and
Total Debt/OPBDITA of 5.4 times. The working capital intensity also
remained high with NWC/OI in the range of 30-35% over the years,
due to delayed receivables from state governments, leading to
debtor days of 121 in FY2019.

Vulnerability of profitability to adverse fluctuations in raw
material prices - The company's major raw material is high
density polyethylene (HDPE) granules and polyvinyl chloride (PVC)
resins. Both are crude derivatives; hence, the company's margins
are vulnerable to adverse movements in raw material prices due to
regulated prices of MIS products.

Intensely competitive and fragmented industry structure - The
business environment of polyester yarn manufacturing is
characterised by intense competition, given the fragmented
structure and the presence of a large number of unorganised players
along with few large players. This exerts pressure on the company's
revenues and margins.

Liquidity position: Stretched

DPPL's liquidity is stretched because of high working capital
intensity due to elongated receivables from government and
recent debt-funded capex of INR4.9 crore in FY2019 along with
limited cushion in working capital limits (average utilisation of
around ~84% in the period - January 2018 to June 2019). The
liquidity is expected to remain tight and hence, infusion of
equity/unsecured loans from promoters remains crucial in case of
any cash-flow mismatch.

Rating sensitivities

Positive triggers - ICRA could upgrade DPPL's rating if sustained
increase in revenues and profitability, and improvement in working
capital cycle with faster recovery of receivables improve the
company's credit metrics.

Negative triggers - Negative pressure on DPPL's rating could arise
if any decline in revenues and profitability leads to
lower-than-expected cash accruals, or if any major debt-funded
capital expenditure, or stretch in the working capital cycle,
weakens the company's liquidity profile.

Incorporated in 1999, Dolphin Poly Plast Pvt. Ltd. (DPPL)
manufactures HDPE pipes, sprinkler pipes, emitting pipes, lateral
pipes, PVC pipes and fittings and unplasticised PVC pipes. The
company also assembles micro irrigation system, i.e., sprinkler
irrigation system and drip irrigation system. The manufacturing
facility of the company is located in the Rajkot district of
Gujarat and has an installed capacity of manufacturing 7,500 MTPA
of HDPE pipes and 8,500 MTPA of PVC pipes. DPPL is promoted by the
Limbasiya and Kothiya family, who has been in the pipe
manufacturing business for over two decades.

In FY2019, on a provisional basis, the company reported a net
profit of INR0.4 crore on an operating income of INR42.2 crore
compared to a net profit of INR0.3 crore on an operating income of
INR29.0 crore in the previous year.

HLL BIOTECH: ICRA Lowers Rating on INR309cr Term Loan to 'D'
------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
HLL Biotech Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based–         309.00      [ICRA]D; downgraded from
   Term Loan                       [ICRA]BB(Negative)

   Short-term         (175.00)     [ICRA]D; downgraded from
   (Non-fund based)                [ICRA]A4

Material Event

The company has delayed the debt servicing towards the interest
during construction (IDC), due to liquidity constraints arising
from the stoppage of disbursement of the remaining tranche of loans
sanctioned by the lenders.

Impact of the Material Event
The ratings have been downgraded to [ICRA]D from
[ICRA]BB(Negative)/[ICRA]A4 given the delays in debt servicing by
the company.

Earlier ICRA had noted that the project debt sanction includes the
IDC component and hence the obligation of meeting the interest
payments till project commercial operation date (COD) depends on
incremental disbursements by lenders, However due to substantial
delays in project execution emanating from delays in getting
approvals and incremental funding for cost overruns not being met
by either the promoters or the additional loans, the company is
unlikely to meet the revised COD of December 2019 (revised from Dec
2017), due to which the lenders have stopped the disbursement of
pending tranche of loans. A funding tie-up, either in the form of
additional loans or equity infusion by the promoters will be
crucial for the company to regularise debt servicing and complete
the project.

Nevertheless, HBL's standalone credit profile takes into account
its ownership profile – being a 100% subsidiary of HLL Lifecare
Limited (HLL) (rated [ICRA]BBB+(stable)/[ICRA]A2), which in turn,
is a 100% Government of India (GoI)-owned entity. The ratings also
consider HBL's captive status, with an assured offtake by the GoI
for its Universal Immunisation Programme (UIP), which mitigates the
demand and marketability risks during its initial years for its
products once it commences production. ICRA also notes that through
the GoI's strategic stake sale process in HLL, whereby it is
looking at divesting its entire stake in HLL, HBL is likely to be
hived off as a separate GoI entity given the importance of the
project. Hence, any incremental support from HLL may not happen and
any funding support may directly be done by the GI. The process is
expected to entail a significant amount of lead time and ICRA would
continue to monitor the developments related to this.

Key rating drivers and their description

Credit strengths

Wholly-owned subsidiary of HLL - HBL is a wholly-owned subsidiary
of HLL, a 100% GoI-owned enterprise with experienced management and
has a considerable track record of nearly five decades in the
contraceptive and medical consumables space. The project is being
promoted by the GoI through HLL. However, the GoI is in the process
of divesting its stake in HLL and also hiving off HBL as a separate
GoI entity before divestment. Hence any incremental support from
HLL to HBL may not materialise and any fund infusion may be
directly done by the GoI. Nevertheless, the divestment process
entails significant lead time and ICRA would continue to monitor
any further development on this front.

Assured offtake of 75% of production by the GoI for the UIP -
Assured offtake by the GoI for its UIP (capped at the lower of
either 75% of HBL's installed capacity or 75% of the GoI's
requirement under UIP) mitigates the demand and marketability risks
during its initial years. The project has also been deemed to be of
national importance by the GoI.

Credit challenges

Delays in repayment of interest payments and continued delays in
project execution - Due to continued delays in project execution,
the lender has stopped the disbursement of pending loan tranche,
leading to liquidity constraint and delays in interest servicing.

Owing to delays in obtaining requisite approvals for commencement
of operations, project execution has been delayed significantly and
also led to significant cost overruns. While the COD was revised to
Dec 2019, compared to Dec 2017 earlier the project is unlikely to
be completed by then due to delays in receiving the approvals and
the tying up of funds for cost overruns.

Susceptibility of profitability to procurement rates of vaccine
formulations - Once operational, the profitability will be directly
linked to the procurement rates of vaccine formulations.
Furthermore, the project's profitability remains hinged on HBL's
ability to commence in-house manufacturing of vaccine bulk
considering the stiff competition in the industry comprising large
established private players. The Group also has a limited
manufacturing/marketing track record in the vaccine industry.

Risk of delayed payments from the GoI - HBL's high exposure to
Government counterparties exposes the company to the risk of
delayed payments and could stretch its working capital metrics,
once it commences operations.

Weak cash generation projected during the initial operational years
- HBL's cash generation is projected to remain weak during its
initial years of operation, which will necessitate promoter/GOI
support for meeting the cash shortfall and repayment obligations.
Liquidity position: Weak

Due to delays in receiving required approvals and significant cost
overruns, the project is yet to be completed. In addition, with
complete exhaustion of equity from HLL, the company was dependent
on the incremental drawdown of debt to meet interest during
construction obligations. However, due to stoppage of incremental
disbursement by the lender and no funding support from the
promoter/GOI the company has faced liquidity constraints and has
been delaying its interest servicing.

Rating sensitivities

Positive Trigger - Regularisation of debt servicing on a sustained
basis (at least three months) backed by funding support from either
HLL or the GoI or the incremental funding tie-up from lenders and
completion of project at the earliest and stabilisation of
operations may lead to improvement in ratings.

K V AROMATICS: ICRA Lowers Rating on INR194cr Loan to D
-------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
K. V. Aromatics Private Limited (KVAPL), as:

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based         8.00      [ICRA]D; downgraded from
   Long term                    [ICRA]BBB-(Negative)

   Term Loan-         0.38      [ICRA]D; downgraded from
   Long Term                    [ICRA]BBB-(Negative)

   Fund based       194.00      [ICRA]D; downgraded from
   short term                   [ICRA]A3

   Non-Fund based    11.00      [ICRA]D; downgraded from
   short term                   [ICRA]A3

   Unallocated-      16.00      [ICRA]D; downgraded from
   Short term                   [ICRA]A3


Rationale

The ratings downgrade reflects the delays in servicing of debt
obligations, based on the feedback received from the banker. The
company suffered losses due to a fire incident in the factory
premises on August 26, 2019 owing to which most of the inventory of
the company was destroyed and the plant of the company remained
shut for more than a month. Though, the company had filed
provisional claim with the insurance company, however,
admissibility of amount and receipt of claim from the insurance
company would be key rating sensitivities. Liquidity profile of the
company remains weak characterised by large debt obligations and
inadequate coverage indicators. The regularisation of debt
obligations on sustained basis and turnaround in the operational
performance will be critical for improvement in overall financial
profile and would remain key sensitivities, going forward.

Key rating drivers and their description

Long and established track record of promoters in menthol industry:
KVAPL promoters have been present in the menthol industry for more
than two decades and have extensive experience of manufacturing and
trading of menthol products. The promoters manage the operations of
the company themselves and have been able to increase the scale of
operations of the company at 30% CAGR over last 9 years.

Healthy export demand of the processed product i.e. menthol
products: India supplies nearly 90% of the global demand for
natural menthol as the key raw material i.e. mentha oil is
primarily produced in India. With expected improvement in the
global economy and discretionary consumer spending, the demand for
various FMCG products like oral care, hair care, chewing gums,
pharma products etc. should improve. As menthol demand is driven by
demand for these products, the same should see improvement going
forward.

Duty drawbacks, mandi tax exemption and MEIS incentive aid
profitability: KVAPL gets various fiscal benefits under different
schemes of Government of India which aid the company's
profitability. Some of the fiscal benefits KVAPL gets include duty
drawbacks upto 1.2% of its export values, exemption from payment of
mandi tax of 1.5% on raw material procurement and MEIS incentives.

Locational advantage due to proximity to raw material source:
KVAPL's plant is located in Greater Noida, Uttar Pradesh, which is
close to the source of raw material i.e. the Terai region. This
enables the company to save costs on procurement and transportation
of raw material.

Credit challenges

Delays in servicing of debt obligations: The company had delayed
payment in debt obligations.

Threat of substitution by synthetic menthol: With cost of synthetic
menthol being lower and the availability from organised large
players from where clients also procure other chemicals, synthetic
menthol has found acceptance among the erstwhile users of natural
menthol. While synthetic menthol capacities are expected to
increase going forward, rising demand for menthol products is
expected to absorb part of the rising capacity thus softening the
impact on natural menthol demand.

Weakened credit profile marked by elevated working capital
borrowings due to high inventory levels: The credit profile of the
company has weakened over past few years owing to high inventory
levels, which has resulted in elevated working capital borrowings.
Under fixed price contracts, KVAPL procures the entire raw material
inventory at the outset of the contract to overcome the volatility
in the price of raw material over the course of the contract. As a
result, the working capital borrowings have remained elevated for
the company leading to high interest costs. However, with price of
mentha oil being exposed to agro climatic risks, as it is derived
from the crop mentha arvensis, and speculative trading as it is an
actively traded commodity, the strategy has helped the company to
protect its margins when prices have remained volatile.

High competitive intensity due to several players in the organized
sector: The competitive intensity in the industry remains high
owing to presence of many organised and unorganised players in the
industry. The unorganised players cater majorly to the domestic
market wherein the demand is driven by the pan masala manufacturers
and menthol of lower purity, around 95% menthol, is used. In the
export market demand for high purity menthol demand keeps the
organised players at the fore.

Significant revenue dependence on menthol products as other volume
offtake of other products continues to remain low: The product mix
of the company comprises of various products like menthol crystals,
peppermint oil, De-mentholated oil (DMO) etc. However, the revenue
contribution from the menthol-based products remains high and thus
exposes the company to product concentration risk.

Liquidity position: Poor

Liquidity of the company remains poor as reflected in its delays in
the servicing of debt obligations owing to loss of most of the
inventory in the fire incident.

Rating sensitivities
Positive triggers - Regularisation of debt servicing on a sustained
basis (more than three months)

K. V. Aromatics Private Limited (KVAPL) was incorporated in 2005
and was originally registered in the name of M/s J C Infrasoft
Private Limited. The promoters effected the change of name of the
company on 31.3.2008 to K. V. Aromatics Private Limited. The
company's operations are based at Greater Noida in the state of
Uttar Pradesh.

Mr. Vinod K. Agarwal, father of the promoters Mr. Sudhanshu Agarwal
and Mr. Himanshu Agarwal ventured into menthol business in 1990
with the trading of Mentha Oil. The family established its first
manufacturing unit under a company named Siddhant Chemicals in 1996
at Sambhal. In 2004 the company ventured into exports. Subsequently
the family established its second manufacturing facility under a
company named Abhey Chemicals in the state of Jammu and Kashmir to
take benefit of tax concessions announced by the government in
2005. In 2007 the promoters commenced work on setting up of another
manufacturing facility at Greater Noida under the company K. V.
Aromatics Private Limited. The manufacturing facility was completed
by 2008 and trial productions started in October 2008.

The product mix of the company constitutes menthol crystals,
menthol powder, De-mentholised Peppermint oil, and various
essential oils and specialty chemicals such as Rectified Spearmint
oil, Cis-3-Hexenol etc.

L&T CHENNAI: ICRA Maintains 'D' Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR475.00 crore bank facilities of
L&T Chennai Tada Tollway Limited (L&T-CTTPL) continues to remain
under the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       475.00     [ICRA]D ISSUER NOT COOPERATING;
   Term Loans                   Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

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

L&T Chennai-Tada Tollway Private Limited (L&T-CTTPL) is an SPV
incorporated in March 2008 for implementing the Chennai-Tada Toll
road project. L&T-CTTPL was a 100% subsidiary of L&T – Transco
Private Limited, (in turn a 100% subsidiary of Larsen and Toubro
Ltd). The project scope includes widening the 43.4 km (from Km
11.00 to Km 54.40) long four-lane highway on NH-5 from Chennai to
Tada in Tamil Nadu to six-lane. The project is a part of Golden
Quadrilateral project, under National Highway Development Programme
(NHDP) Phase V, which involved six-laning of selected highdensity
corridors of national highways. The route is a part of NH-5
corridor that connects Chennai and Kolkata.

LEXUS MOTORS: ICRA Lowers Rating on INR30cr Loan to 'B'
-------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Lexus
Motors Limited (LML), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based–          30.00      [ICRA]B (Stable); downgraded
   Cash Credit                     from [ICRA]B+ (Stable)

   Fund-based–          30.00      [ICRA]B (Stable); downgraded
   Cash Credit                     from [ICRA]B+ (Stable)
   (eDFS)               
                                   
   Non-Fund based–       0.50      [ICRA]A4; reaffirmed
   Bank Guarantee        

   Untied Limits        39.50      [ICRA]B (Stable); downgraded
                                   from [ICRA]B+ (Stable)/
                                   [ICRA]A4; reaffirmed

Rationale

The downgrade in the long-term rating considers the deterioration
in the financial risk profile of LML in FY2019 over the previous
fiscal, and the current slowdown in the automobile industry, which
is likely to adversely impact its top line and profitability in the
current fiscal.

The ratings are also constrained by the cyclicality and the
inherently low margins in the automobile dealership business due to
industry dynamics and the commission structure decided by the
principal. LML has a weak financial profile, characterised by an
aggressive capital structure and depressed level of coverage
indicators. Moreover, the same has witnessed a deterioration in
FY2019 over the previous fiscal primarily on the back of an
increase in the overall debt level of the company. The ratings
continue to be impacted by the project off-take risk, given the
ongoing slowdown in the commercial real-estate segment in Kolkata.

The ratings, however, favourably consider the promoters' experience
in the automobile dealership business, with a track record of over
two decades and the established market position of LML in Kolkata
as an authorised dealer of Tata Motors Limited (TML) for both
commercial vehicles (CV) and passenger vehicles (PV) segments, and
as the sole dealer of Jaguar Land Rover (JLR) in eastern India.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that LML will continue to benefit from the long experience of the
promoters and its established market position in the automobile
dealership business.

Key rating drivers and their description

Credit strengths

Experience of the promoters - The promoters have experience of over
two decades in the automobile dealership business. The promoters'
track record in the business mitigates the operational risk to an
extent.

Established position as an authorised dealer of TML in Kolkata -
The company is among the leading dealers of TML in eastern India,
dealing in the entire range of commercial/ passenger vehicles along
with JLR vehicles. LML is also the sole dealer for the JLR segment
in eastern India and operates through its two showrooms and one
workshop in Kolkata and Cuttack. In addition, the company has 12
showrooms (seven PVs and five CVs), six workshops (three PVs and
three CVs) and three customer service points for CVs spread across
Kolkata. TML has also authorised LML to supply vehicles to the
government organisations in the eastern region.

Credit challenges

Deterioration in financial risk profile - The capital structure of
the company continues to remain leveraged. ICRA notes that the
gearing of the company has increased to 10.40 times as on March 31,
2019 (provisional) from 9.38 times as on March 31, 2018, driven by
a rise in the overall debt level. Low profitability, coupled with
an increase in debt level has further deteriorated the coverage
indicators, as reflected by an interest coverage of 0.92 times
(1.37 times in FY2018), NCA/total debt of 2% (4% in FY2018) and
TD/OPBDITA of 12.30 times (10.07 times in FY2018) in FY2019
(provisional).

Current slowdown in the automobile sector adversely impacting
offtake - The domestic CV industry continues to reel under the
impact of multiple demand headwinds and this slowdown is likely to
adversely impact the top line and profitability of the company in
the current fiscal.

Muted demand for the showroom-cum-real-estate project at Rajarhat -
Ongoing slowdown in the commercial real-estate market in Kolkata
exposes the company's real-estate project at Rajarhat to the
off-take risk. ICRA further notes that LML has significant debt
repayment obligations, which are likely to keep its cash flows
under pressure in the near to the medium term.

Inherently low margins due to industry dynamics and commission
structure regulated by the principal – The operating profit
margin of auto dealers, including LML, is inherently low due to the
high-volume, low-margin business nature of the industry and intense
competition among dealers. Besides, auto dealers are regulated by
the OEM to a large extent and the commission structure is decided
by the principal, which also restricts the margin.

Exposed to cyclicality of the industry – The company remains
exposed to the inherent cyclicality of the Indian passenger as well
as commercial vehicle industry.

Liquidity position: Poor

The working capital intensity has been on an increasing trend over
the last three years. The same rose to 24% as on March 31, 2019
(provisional)from 14% as on March 31, 2017. ICRA further notes that
LML's liquidity will continue to remain impacted due to high
working capital requirement and sizeable long-term debt repayment
obligations in the near to the medium term. Accordingly, the
company's liquidity position is expected to remain poor.

Rating sensitivities

Positive triggers – ICRA may upgrade LML's ratings if the company
is able to sell a substantial portion of its real estate project
and demonstrates a sustained improvement in its working capital
cycle. Equity infusion by the promoters to improve the capital
structure and liquidity position may also impact the ratings
positively.

Negative triggers – Negative pressure on LML's rating may arise
if there is a further downturn in the industry conditions, leading
to a higher-than-expected decline in sales and a further increase
in working capital intensity of operations. A weakening in DSCR to
below 1.0 times may also exert negative pressure on the company's
rating.

Incorporated in 1991, Lexus Motors Limited (LML) is involved in the
business of automobile dealership and is an authorised dealer of
Tata Motors Limited (TML). LML started its operations with light
commercial vehicle and was subsequently given the franchise of
multi-utility vehicles, medium and heavy commercial vehicles and
passenger cars of TML. Since FY2011, LML also started dealing in
models of Jaguar Land Rover (JLR) in arrangement with TML. LML is
the sole dealer for the JLR segment in eastern India. The company
is in the process of developing a showroom-cum-real-estate project
in Auto Hub, Rajarhat, Kolkata.

LINERS INDIA: ICRA Cuts INR27cr Cash Loan Rating to 'D', Not Coop.
------------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Liners India Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based-         27.00       [ICRA]D downgraded from
   Cash credit                     [ICRA]C ISSUER NOT
                                   COOPERATING; Rating
                                   continues to remain in
                                   'Issuer Not Cooperating'
                                   Category

   Fund Based-          7.20       [ICRA]D downgraded from
   Term Loan                       [ICRA]C ISSUER NOT
                                   COOPERATING; Rating
                                   continues to remain in
                                   'Issuer Not Cooperating'
                                   Category

   Non-Fund Based      15.75       [ICRA]D downgraded from
                                   [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating
                                   continues to remain in
                                   'Issuer Not Cooperating'
                                   Category

   Unallocated          0.05       [ICRA]D downgraded from
                                   [ICRA]C ISSUER NOT
                                   COOPERATING; Rating
                                   continues to remain in
                                   'Issuer Not Cooperating'
                                   Category

   Fixed Deposit        5.00       MD downgraded from MC+
                                   ISSUER NOT COOPERATING;
                                   Rating continue to remain
                                   in 'Issuer Not Cooperating'
                                   Category

Rationale

The downgrade in the rating reflects irregularities in debt
servicing by the company as confirmed by its lender owing to its
stretched liquidity. Moreover, liquidation process has been
initiated against the company by NCLT post the conclusion of
insolvency resolution process.

Liners India Limited was originally established in 1974 as a
partnership firm by Mr. S Ganesh; the firm was reconstituted as a
private limited company in 1986 and to a public limited company in
1994. LIL has two divisions: cylinder liner manufacturing and
automobile components trading. LIL manufactures cylinder liners and
cast-iron products. The centrifugally cast cylinder liners are used
in diesel automotive engines. LIL supplies to original equipment
manufacturers of heavy, medium, and light commercial vehicles,
tractors, and diesel engines worldwide. The company has
manufacturing units in Vijayawada (Andhra Pradesh), and Rudrapur
(Uttarakhand) with an installed capacity of 24 crore liners per
annum.

LUCKNOW SITAPUR: ICRA Maintains 'D' Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR142.00 crore bank facilities of
Lucknow Sitapur Expressways Limited (LSEL) continues to remain
under the 'Issuer Not Cooperating' category. The rating is denoted
as "[ICRA]D ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Long term        142.00      [ICRA]D ISSUER NOT COOPERATING;
   Fund based                   Rating continues to remain under
                                the 'Issuer Not Cooperating'
                                category

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

LSEL, promoted and 99.64% owned by DSC Limited (DSC), is a Special
Purpose Vehicle (SPV) promoted for undertaking a Build, Operate and
Transfer (BOT) road project involving four laning of Lucknow -
Sitapur section (from Km 488.270 to Km 413.200) of National Highway
24 (NH-24). The project was awarded by National Highway Authority
of India (NHAI) to a consortium led by DSC. The Concession
Agreement (CA), between LSEL and NHAI was executed on December 23,
2005. The project achieved provisional completion certificate in
October 2011 and final completion in August 2012 against scheduled
COD (commercial operation date) of May 2009. The company had
capitalized INR490 crore as project cost. The project road starts
at Sitapur near Sitapur intersection in the Sitapur district (Uttar
Pradesh) and ends at Lucknow and involved total length of ~76 km.

METALYST FORGINGS: NCLT Orders for Fresh Round of Bidding
---------------------------------------------------------
The Economic Times reports that the National Company Law Tribunal's
(NCLT) Mumbai bench has ordered a fresh round of bidding for
stressed auto forgings company Metalyst Forgings after finding
truth in winner Deccan Value Investors (DVI)'s claim that its plan
had been "vitiated" due to "incorrect information" on the asset.

However, it emphasised that DVI could have carried out its due
diligence more effectively to avoid "derailing" of the resolution
process, the report says.

By not opting for liquidation, NCLT reinforced that "the object of
the Insolvency & Bankruptcy Code is not liquidation of the
corporate debtor, but resolution of the insolvency situation," ET
relates.  It also said that since in the first round of bidding, 17
expressions of interest (EoIs) had been submitted, and that there
is still "value and hope" for Metalyst.  According to the report,
NCLT has given the resolution professional (RP) of Metalyst 21 days
to invite fresh bids. The committee of creditors (CoC) will take a
call within two weeks of that.

ET adds that US-based investor DVI sought to withdraw its
resolution plan for Metalyst that owes INR3,841 crore to lenders,
after they had voted it as H1. It had alleged that the plan had
been "vitiated" by "misrepresentation of fact," and blamed the RP
for not disclosing complete information, ET says.

In the order reviewed by ET, the bench observed that the "fault
lies on both sides."

Metalyst Forgings Limited manufactures forged automotive
components, cold forged parts, and fasteners. The Company offers
camshafts, connecting rods, crankshafts, crown wheel, hub, and
shafts for cars, tractors, light commercial vehicles, heavy
commercial vehicles, and stationary engines.

MUTHOOT FINANCE: S&P Rates US$2BB Secured Global MTN Program 'BB'
-----------------------------------------------------------------
S&P Global Ratings assigned its 'BB' rating on Muthoot Finance
Ltd.'s US$2 billion secured global medium-term note (MTN) program.
The India-based financing firm plans to use the proceeds for onward
lending and other activities, with any particular use being
identified in respective future issuances. Notes issued from the
program will constitute direct, general and unconditional
obligations of Muthoot.

The rating on the program is the same as our long-term issuer
credit rating on Muthoot (BB/Stable/B), reflecting the program's
equal ranking in right of payment with all of the company's secured
obligations. Security will be over all current assets, book-debts,
loans and advances and receivables, including gold-loan receivables
and all the benefits, rights, title, interest, claims and demands
in respect of these amounts, subject to conditions. The company
must ensure that notes are at least 100% covered by assets,
excluding assets classified as non-performing or have evidence of
impairment.

The rating is subject to S&P's review of the final documentation.


PIYUSH COLONISERS: ICRA Maintains D Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR30.00-crore bank facilities of
Piyush Colonisers Limited (PCL) continue to remain under 'Issuer
Not Cooperating' category'. The ratings are denoted as "[ICRA]D
ISSUER NOT COOPERATING".

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

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

POWERED EPC: ICRA Reaffirms 'B' Rating on INR2.0cr Secured Loan
---------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Powered Epc Services Limited's (PESL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based–
   Secured OD           2.00       [ICRA]B (Stable); reaffirmed

   Non-fund based-
   Bank Guarantee       5.06       [ICRA]A4; reaffirmed

Rationale

The reaffirmation of ratings continues to factor in Powered Epc
Services Limited's (PESL) small scale of operation restricting its
financial and operational flexibility. The ratings are constrained
by the company's weak order book position providing limited revenue
visibility. The ratings are also constrained by the exposure of the
company's profitability to changes in raw material prices during
the project execution, and its limited bargaining power as a result
of intense competition in the industry with the presence of
numerous organised and unorganised players.

The ratings, however, continues to favourably factor in the
extensive experience of PESL's promoters in the electrical
installation business. The ratings positively factors in the
company's comfortable debt profile with moderate working capital
utilisation and minimal debt during the last three years and its
adequate liquidity profile.

The Stable outlook on the [ICRA]B rating reflects ICRA's opinion
that PESL will continue to benefit from the promoters' extensive
experience in this electrical installation industry.

Key rating drivers and their description

Credit strengths

Established presence of promoters - PESL is a group company of
United Telecoms Limited (UTL) and the promoters of the group have
established presence in various business activities like
information and communication solutions, telecom equipments,
telecom networks, e-governance networks and real estate
development. Moreover, the promoters have vast experience in the
electrical installation business spanning over a decade.

Low debt profile and comfortable debt coverage metrics - The
company's gearing remained low at 0.4 times as on March 31, 2019
and the debt coverage metrics remained comfortable with Total
Debt/OPBDIT of 1.8 times and interest coverage of 3.8 times in
FY2019.

Credit challenges

Small scale of operations coupled with weak order book position -
PESL's revenues remained small at INR7.8 crore in FY2019 (albeit
improvement from INR6.5 crore in FY2018). This, coupled with its
modest net worth, restricts operational and financial flexibility
to some extent. Moreover, the company has a weak order book
position of INR0.83 crore as on September 2019, which provides
limited revenue visibility.

Margins exposed to volatile raw material prices - Transformers,
circuit breakers, control cables, raw materials towards civil works
form the key raw materials for executing a balance of plant
contract or an electrical installation contract. In the absence of
escalation clauses, the operating margins of electrical contracts
are susceptible to raw material price fluctuations.

Intense competition in electrical contracts execution segment
exerts pressure on margins – Due to the fragmented nature and low
entry barriers of the industries there are numerous organised and
unorganised players in this industry, which leads to stiff
competition and keeps its margins under check.

Liquidity position: Adequate

PESL's liquidity position is adequate in absence of any major term
loan and moderately utilised working capital limit. The average
utilisation of the cash credit limit was 60% during August 2018 to
July 2019. The company's unencumbered cash stood at INR0.14 crore
as on March 31, 2019.

Rating sensitivities

Positive trigger - ICRA may upgrade PESL's ratings if the entity
demonstrates substantial growth in revenue through an increase in
order book position, while maintaining its debt coverage indicators
at the current levels, along with efficient working capital
management.

Negative trigger - Negative pressure on the PESL's ratings could
arise if, there is a decline in the profitability owing to
inability to maintain an order book position or delay in execution
of projects, which can adversely impact its working capital cycle.
Weakening of capital structure and coverage indicators, could also
exert pressure on the ratings.

Incorporated in September 2011, PESL commenced with the prime
objective of rendering services of electrical projects involving
supply, installation and commissioning of electrical equipment and
allied products and maintenance service for various industries,
software parks and commercial establishments. It is also involved
in balance of plant work at thermal power plants, wind farms, PV
solar power plants and switchyards in India.

PRG BUILDCON: ICRA Cuts INR213.13cr Loan Rating to 'B', Not Coop.
-----------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
PRG Buildcon India Pvt. Ltd, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit          4.00       [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   moved to the 'Issuer Not
                                   Cooperating' category

   Term Loan           15.87       [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   moved to the 'Issuer Not
                                   Cooperating' category

   Non Fund Based      37.00       [ICRA]A4 ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]A4+ and moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Unallocated        213.13       [ICRA]B (Stable) ISSUER NOT
                                   COOPERATING; Rating downgraded
                                   from [ICRA]BB+ (Stable) and
                                   moved to the 'Issuer Not
                                   Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding PRG Buildcon India Pvt. Ltd.'s performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by the rated entity".

The lenders, investors and other market participants are thus
advised to exercise appropriate caution while using this rating as
the rating may not adequately reflect the credit risk profile of
the entity, despite the downgrade.

As part of its process and in accordance with its rating agreement
with PRG Buildcon India Pvt. Ltd., ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information

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

SANTHALAKSHMI MILLS: ICRA Assigns B+ Rating to INR3.0cr LT Loan
---------------------------------------------------------------
ICRA has assigned rating to the bank facilities of Santhalakshmi
Mills India LLP (SMIL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term Fund
   based-Cash
   Credit(CC)           3.00       [ICRA]B+(Stable); Assigned

   Short term-
   Fund Based           2.50       [ICRA]A4; Assigned

Rationale

The assigned ratings are constrained by SMIL's financial profile,
characterised by its stretched capital structure (as illustrated by
a gearing of 10.10 times and TOL/TNW of 16.08 times as on March 31,
2019) and modest debt coverage indicators (as illustrated by
TD/OPDITA of 10.96 times and interest coverage of 1.33 times in
FY2019).

The ratings also factor in its small scale of operations and thin
profit margin along with the firm's low bargaining power, given the
limited value addition and the highly competitive and fragmented
industry structure due to low entry barriers. Its profitability is
also vulnerable to adverse movements in cotton and raw cotton
prices. ICRA also notes that SMIL is a partnership firm and any
significant withdrawals from the capital account could affect its
net worth and thereby its capital structure.

The ratings, however, favourably factor in the long experience of
the promoters in the cotton industry (since 1948). The ratings also
consider the firm's established relationship with suppliers/farmers
and its track record of processing extra-long staple cotton
varieties such as Suvin. The firm's established relationship with
customers in both domestic and export segments also lends comfort
to an extent.

The Stable outlook reflects ICRA's expectations that SMIL would to
continue to benefit from the extensive experience of its partners
in processing long staple cotton fibres.

Key rating drivers

Credit strengths

Extensive experience of promoters in cotton industry since 1948 -
The promoters of the entity Mr. O.S. Varadharaja and his family has
rich experience in cotton industry since 1948. The promoters'
family has long track record of processing and trading Suvin
variety of cotton. The relatives of promoters are also involved in
cotton business since 1948.

Prominent industry player with focus on processing/trading
extra-long staple cotton - SMIL is involved in trading and selling
of extra-long staple cotton, fibres of which are longer than 32.5
mm such as Suvin, DCH-32 and other varieties of cotton. It is among
the few prominent players in the industry.

Established relationship with reputed clientele - The company has
an established relationship with reputed player, where there is
considerable demand for high quality cotton fibres. Even in the
domestic segment, established relationship with its customers
ensures repeat orders for the firm.

Credit challenges

Stretched capital structure and weak debt protection metrics - The
firm's financial profile remained weak due to stretched
capitalisation metrics with a gearing of 10.10 times and TOL/TNW of
16.08 times in FY2019 against a gearing of 6.38 times and TOL/TNW
of 14.51 times in FY2018. This was because of an increase in debt
levels to INR8.72 crore in FY2019 from INR4.05 crore in FY2018
owing to an increase in working capital utilisation. Further, on
account of the firm's thin operating margin, its debt protection
metrics were weak, as illustrated by TD/OPDITA of 10.96 times and
interest coverage of 1.33 times in FY2019.

Low profitability - Cotton ginning industry is highly fragmented
because of low entry barriers, resulting in an intense competition.
Despite its focus on high quality cotton fibres, the firm's
profitability margin is low due to limited value addition and
intense competition.

Operating margin exposed to forex and raw material price
fluctuation risks - The firm's operating margins are exposed to
foreign exchange risk as exports contributed 30% to the operating
income in FY2019. The firm does not use any hedging mechanism to
the mitigate forex risk. The firm's profitability is also
vulnerable to adverse movements in cotton and raw cotton prices.

Small scale of operations – SMIL has a small scale of operation
with an operating income of INR46.55 crore in FY2019 (provisional),
which restricts its competitive position in the industry. However,
the firm's operating income grew to INR46.55 crore in FY2019 from
INR12.14 crore in FY2016 (39% CAGR) over the past four years due to
large order inflow from its customers.
Liquidity position: Adequate SMIL's liquidity is adequate with a
moderate working capital utilisation level of 58% on an average
from July 2018 to June 2019. SMIL's debt repayments stood at
INR0.08 crore in FY2020, which is also modest. Overall, ICRA
expects SMIL to be able to meet its near-term commitments through
internal as well as external sources of funding from related
parties and yet be left with sufficient cash surpluses.

Rating sensitivities

Positive triggers - ICRA may upgrade SMIL's ratings if the
company's specific operational and credit metrics improve that
include but not necessarily be limited to TOL/TNW below 3.0 times
and a significant scaling up of operations on a sustained basis.

Negative triggers - Negative pressure on SMIL's ratings may arise
if the liquidity position weakens due to stretching of working
capital cycle.

Incorporated in 2014, Santhalakshmi Mills India LLP is a
partnership entity owned by the Promoter Mr. O.S. Varadharaj and
his wife Mrs. V. Geetha and managed by Mr. O.S.Varadharaj's
brother-in-law, Mr. Lakshmanan. The firm outsources cotton ginning
process to Sri Santhalakshmi Mills Private Limited, owned by Mr.
Lakshmanan and sells cotton bales, yarns and seeds in domestic and
international markets. Before 2014, Santhalakshmi Mills India LLP
was a proprietorship concern that was involved only in trading of
cotton bales, seeds and yarn since 1948.

SHAH PRECICAST: ICRA Reaffirms B+ Rating on INR15.5cr LT Loan
-------------------------------------------------------------
ICRA reaffirmed ratings on certain bank facilities of
Shah Precicast Private Limited (SPPL), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term–Fund       15.50     [ICRA]B+(Stable); Reaffirmed
   Based/Cash
   Credit               

   Short Term–Non
   Fund Based            1.50     [ICRA]A4; Reaffirmed

   Long Term–
   Unallocated           3.00     [ICRA]B+(Stable); Reaffirmed

Rationale

The rating continues to factor in the extensive experience of the
promoters of SPPL in the steel and stainless-steel casting industry
and its established relations with key customers over the years.
The rating, however, remains constrained by SPPL's weak debt
coverage indicators, high total outside liabilities to net-worth
ratio, given the high reliance on creditors funding and decline in
operating profitability in FY2019. The rating also factors in the
high customer and sectoral concentration risk given its high
exposure to the oil and gas sector, SPPL's modest scale of
operations due to sub-optimal capacity utilisations over the past
few fiscals, and exposure to fluctuations in raw material prices as
well as exchange rates.

The Stable outlook reflects ICRA's opinion that SPPL will continue
to benefit from its long track record of operations and established
relationships with its key clients.

Key rating drivers and their description

Credit strengths

Long standing experience of promoters in the steel and
stainless-steel casting industry - The key promoters of SPPL, Mr.
Nitin Shah and Mrs. Sunita Shah, have extensive experience of over
20 years in the steel and stainless-steel casting industry, which
helps the company in client retention as well as new customers
acquisition.

Established relations with the customers - The clientele of SPPL is
dominated by large players from the oil and gas sector, with valves
driving the largest revenue chunk in the revenue mix of the
company. SPPL is able to bag repeat orders because of its
well-established relationships with its key clients.

Credit challenges

Weak debt coverage indicators; high reliance on creditors funding
leading to high total outside liabilities to net-worth ratio –
SPPL's leverage levels have historically remained high with gearing
of above 4.0 times till FY2018. The same declined to 0.2 time as on
March 31, 2019, owing to sharp reduction in debt levels during the
year from the proceeds of sale of assets. The company's debt
coverage indicators, however, continued to remain weak as on March
31, 2019 and deteriorated further due to decline in operating
profitability, as evidenced by interest coverage of -0.3 time
(P.Y.1.: 1.0 time), and TD/OBDITA of -1.8 times (P.Y.: 5.3 times).
Although the company's creditor days reduced in FY2019 compared to
the previous fiscal, the same still remained high at 146 as on
March 31, 2019, resulting in high total outside liabilities to
tangible net worth (TOL/TNW) ratio of 3.6 times.
Sharp decline in operating profit margins in FY2019 – SPPL's
operating profit margins witnessed a sharp decline and turned
negative in FY2019 as against OPM of 6.7% in FY2018. The same was
on account of incremental raw material costs incurred during
FY2019.

High client concentration risk and exposure to the oil and gas
sector - SPPL continues to show high client concentration risk,
with its top two clients driving ~53% of its revenue in FY2019 (47%
in FY2018). Furthermore, the company has considerable exposure
towards the oil and gas sector, making its business vulnerable to
sector-specific slowdown or adverse policy changes. Nevertheless,
SPPL's well-established relations with its key customers provide
some comfort against the said risk to an extent.

Suboptimal capacity utilization resulting modest scale of
operations - SPPL has historically shown sub-optimal capacity
utilisation (~20-35%) leading to modest scale of operations.
However, with the company selling off its new manufacturing unit
and focusing on single manufacturing unit, capacity utilisation is
expected to show gradual improvement over the medium term.

Margins remain vulnerable to fluctuations in raw material prices
(steel) and exchange rates – SPPL's margins remain vulnerable to
fluctuations in key raw material prices, viz. steel, which have
exhibited volatility in the past. Also, sizeable export sales (Rs.
16.5 crore in FY2019) compared to its modest import purchases (Rs.
0.2 crore in FY2019) exposes the company to currency risks.
However, procurement of raw materials against firm orders and
limited hedging undertaken by the company provide some comfort
against the said risk.

Liquidity position: Stretched SPPL's liquidity is stretched as
reflected by modest cash and equivalent balance of INR1.3 crore as
on March 31,2019 and its negative cash flow from operations given
the operating losses in FY2019. As on March 31,2019, the company
had outstanding term loan of Rs 0.4 crore. It has a capex
commitment of ~Rs. 2.5 crore in FY2020 for which a term loan of
INR1.5 crore has already been tied-up while a term loan of INR1.0
crore is presently proposed. The average monthly utilisation of the
fund based working capital limits remained high at 86% during the
12 months period ended March 2019, offering limited cushion to the
liquidity; however, SPPL's modest debt repayment of INR0.2 crore in
FY2020 provides some comfort.

Rating sensitivities

Positive triggers: Ratings may be upgraded if the company is able
to demonstrate healthy growth in revenues and profitability on a
sustained basis resulting in improved net-worth position. The
company's ability maintain interest coverage of above 1.5 times on
a sustained basis may also trigger a rating upgrade.

Negative triggers: Ratings may be downgraded if the company is not
able to turn around the operations through scaling up of revenues
and improvement in profitability leading to lower than expected
cash accruals.

Incorporated in 1997, SPPL is promoted by Mr. Nitin Shah, Mrs.
Sunita Shah and associates. The company is engaged in manufacturing
of steel, stainless-steel and nickel alloy castings. The main types
of castings manufactured are valve castings followed by pump and
general engineering castings. The company has two foundry units for
manufacturing single piece castings ranging from 15–3,000 kg and
a machine shop for supplying fully machined components from 1" to
24". The manufacturing units of SPPL are located in Sangli,
Maharashtra, and the company has a current total installed capacity
of 2,100 metric tonne per annum (MTPA), reduced from the earlier
capacity of 7,800 MTPA after the sale of one of its units with a
capacity of 6,000 MTPA.

SHIVAM COTTEX: ICRA Cuts INR6.0cr Loan Rating to 'D', Not Coop.
---------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Shivam Cottex (SC), as:

                   Amount
   Facilities    (INR crore)     Ratings
   ----------    -----------     -------
   Fund-based–        6.00       [ICRA] D ISSUER NOT
COOPERATING;
   Cash Credit                   Rating downgraded from [ICRA]B+
                                 (Stable) and moved to 'Issuer
                                 Not Cooperating' category

   Unallocated        1.50       [ICRA] D ISSUER NOT COOPERATING;
   Limit                         Rating downgraded from [ICRA]B+
                                 (Stable) and moved to 'Issuer
                                 Not Cooperating' category

Rationale

The rating downgrade follows the delay in debt servicing by SC to
the lender(s), as confirmed by them to ICRA.

ICRA has limited information on the entity's performance since the
time it was last rated in April 2018.

As part of its process and in accordance with its rating agreement
with Shivam Cottex, ICRA has been trying to seek information from
the entity so as to monitor its performance, but despite repeated
requests by ICRA, the entity's management has remained
non-cooperative. In the absence of requisite information and in
line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119, dated
November 1, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.

Incorporated in 2011, Shivam Cottex is involved in raw cotton
ginning and pressing. Its manufacturing facility is located at
Jasdan in Rajkot, Gujarat. It is equipped with 24 ginning machines
and a pressing machine with a total manufacturing capacity of 200
cotton bales per day (24 hours operation). The firm is owned and
managed by partners, Mr. Kanu Vaghasiya, Mr. Ashok Vaghasiya, Mr.
Ramesh Vaghasiya and Mr. Haresh Vaghasiya. The promoters of the
firm have extensive experience in the cotton industry.

SUNCITY SYNTHETICS: ICRA Cuts Rating on INR8.35cr LT Loan to D
--------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Suncity Synthetics Ltd. (SSL), as:

                       Amount
   Facilities        (INR crore)    Ratings
   ----------        -----------    -------
   Long-term Fund-        8.35      [ICRA]D; Downgraded from
   based–Cash credit                [ICRA]BB-(Stable)

   Long-term Fund-        1.74      [ICRA]D; Downgraded from
   Based-Term Loan                  [ICRA]BB-(Stable)

   Long term Non-         0.85      [ICRA]D; Downgraded from
   Fund based limits-               [ICRA]BB-(Stable)
   Bank Guarantee         
                                    
   Long term-             4.06      [ICRA]D; Downgraded from
   Unallocated Limits               [ICRA]BB-(Stable)

Rationale

The downgrade in the rating reflects irregularities in debt
servicing by the company as confirmed by its lender owing to its
stretched liquidity.

Key rating drivers and their description

Credit strengths

Extensive experience of promoters in nylon chip and
PSF-manufacturing business – The promoters of the company have
about three decades of experience and an established track record
in the nylon and polyester industry.

Credit challenges

Irregularities in debt-servicing - There has been irregularities in
servicing of fund based and non-fund based facilities.

Liquidity position: Poor
SSL's liquidity is poor as reflected in irregularities in its debt
servicing.

Rating sensitivities
Positive triggers: ICRA could upgrade SSL's rating if the company
demonstrates a sustained track record of timely debtservicing.

Suncity Synthetics Ltd. (SSL) was incorporated in February 1988 and
has its registered office at Surat, Gujarat and administrative
office at Jodhpur, Rajasthan. The promoters were earlier involved
in yarn manufacturing business and later switched to the production
of nylon chips. Till FY2013, the company was involved in the
business of manufacturing nylon granules, which are basically used
as the matrix material in composite materials for reinforcing
fibres like glass or carbon fibre. Since April 2013, the company
started manufacturing polyester staple fibre as well. SSL is ISO
9001:2000 and ISO 14001 certified. It has also forayed into the
manufacturing of nylon staple fibre (NSF), which finds applications
in technical textile products as well as automotive industries. The
plant became operational in August 2015 but due to low demand and
intense competition, the company used the enhanced capacity to
manufacture PSF only 3 from FY2017. SSL has two factories in
Jodhpur, Rajasthan. One factory premise is used for manufacturing
PSF and the other one is used for nylon granule and fibre
manufacturing.

TALWALKARS BETTER: ICRA Cuts INR80cr NCD Rating to 'D', Not Coop.
-----------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Talwalkars Better Value Fitness Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Non-convertible      80.0      [ICRA]D ISSUER NOT COOPERATING;
   Debenture (NCD)                Rating downgraded from [ICRA]C
   Program                        and continues to remain in the
                                  'Issuer Not Cooperating'
                                  Category
Rationale

The ratings downgrade reflects default on interest payments on its
NCD programme - due to continued strained liquidity position - as
was disclosed to the stock exchanges on October 4, 2019.

As part of its process and in accordance with its rating agreement
with Talwalkars Better Value Fitness Limited, ICRA has been trying
to seek information from the entity so as to monitor its
performance, but despite repeated requests by ICRA, the entity's
management has remained non-cooperative. In the absence of
requisite information and in line with SEBI's Circular No.
SEBI/HO/MIRSD4/CIR/2016/119, dated November 1, 2016, ICRA's Rating
Committee has taken a rating view based on the best available
information.

The company offers various lifestyle activities such as aerobics,
yoga, spa and zumba programmes, as well as diet and weight loss
programmes. It also forayed into the segment of leisure and sports
clubs, wherein it set up its first club in Pune (Maharashtra) in
collaboration with David Lloyd Leisure Limited. The club is
expected to become operational soon.

TDI INTERNATIONAL: ICRA Withdraws D Rating on INR69cr Loan
----------------------------------------------------------
ICRA has withdrawn the long-term and short-term rating of [ICRA]D
assigned to the bank facilities of TDI International India (P) Ltd.
The rating is withdrawn in accordance with ICRA's policy on
withdrawal and suspension at the request of the company, based on
the no objection certificate received from the issuing bank.

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund Based–
   Term Loan            47.20      [ICRA]D; Rating Withdrawn

   Fund Based–
   Working Capital
   Facilities           20.00      [ICRA]D; Rating Withdrawn

   Non-fund Based–
   Working Capital
   Facilities           69.00      [ICRA]D; Rating Withdrawn

   Unallocated Limits    5.42      [ICRA]D; Rating Withdrawn

TDI was established in 1986 by Mr. Prem Bajaj to provide
out-of-home (OOH) advertising services. Over the years, the company
has emerged as one of the largest airport advertisers in India with
over 2,100 advertising sites across eight airport locations -
Ahmedabad, Chennai, Tirupati, Trivandrum, Calicut, Kochi, Goa and
Pune. It enjoys advertising rights at 114 metro stations in New
Delhi awarded by the DMRC. It provides other media services like
outdoor media, mobile and internet advertising, strategic planning,
media buying and creative media solutions. TDI has its corporate
office in New Delhi and 22 regional sales offices across India.

UNITECH COTSPIN: ICRA Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR31.82 crore bank facilities of
Unitech Cotspin Limited. (UCL) continue to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as
"[ICRA]B(Stable)/[ICRA]A4 ISSUER NOT COOPERATING".

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

   Fun-based–          24.32       [ICRA]B (Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Non fund Based–      1.50       [ICRA]A4 ISSUER NOT
   Bank Guarantee                  COOPERATING; Rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Incorporated in 2007, UCL was promoted by Mr. Manubhai Patel and
Mr. Hasmukh Patel. However, in May 2011 it was taken over by the
present promoters Mr. Mahesh Patel, Mr. Narendra Patel and Mr.
Pravin Khut having vast experience in textile industry. The company
is involved in the manufacture of cotton yarn in counts ranging
between 24's to 40's.

V CARE SEEDS: ICRA Lowers Rating on INR12cr LT Loan to B+
---------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
V Care Seeds Private Limited (VCSPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term–Fund       12.00      [ICRA]B+ (Stable); revised
   Based/Cash                      From [ICRA]BB-(Stable)
   Credit               
                                   
   Short term-
   Fund Based            3.00      [ICRA]A4; reaffirmed

   Short term Non
   Fund Based-
   Bank Guarantee        1.00      [ICRA]A4; reaffirmed

   Long Term/Short       3.00      [ICRA]B+ (Stable); revised
   Term-Unallocated                From [ICRA]BB-(Stable)/A4;
                                   Reaffirmed

Rationale

The long-term rating revision factors in 30% decline in company's
operating income to INR57.64 crore in FY2019 from INR82.66 crore in
FY2018 owing to decline in ground nut sales volume and bengal gram
prices; weak financial risk profile as characterised by gearing of
1.28 times and total outside liability/tangible net worth of 2.72
times as on March 31, 2019, interest coverage ratio of 1.76 times
and Total debt/OPBDITA of 7.13 times in FY2019; and increased net
working capital intensity to 48% in FY2019 owing to increased
debtors and inventory days in FY2019. Further, the average working
capital utilization remained high at 95% over the past 12 months
ending August 2019.

The revised rating further takes note of high product concentration
risk with soyabean, bengal gram and groundnut together contributing
to 86% of FY2019 revenue; and vulnerability of revenues and
profitability to agro-climatic conditions. However, the ratings
factor in established relationship of V Care Seeds Private Limited
(VCSPL) with government agencies such as National Agricultural
Cooperative Marketing Federation of India Limited (NAFED), Andhra
Pradesh Oil Federation (AP Oil Fed), Andhra Pradesh State Seeds
Development Corporation (APSSDC), etc as reflected by repeated
orders and extensive promoter's experience of around two decades in
the seeds industry.

Going forward, ability of the company to increase its scale of
operation while maintaining its profitability and managing its
working capital requirement would remain the key rating
sensitivities.

Key rating drivers and their description

Credit strengths

Extensive promoters experience in the seed processing industry:
VCSPL was founded in the year 2009 by Mr D. Koti Swamy and Mr. D.
Venkata Rao. The promoters have an extensive experience of two
decades in the seed processing industry. They have established
relationships with farmers and government agencies in Andhra
Pradesh and Telangana.

Established customer relationship as reflected by repeated
government orders: The firm has established relationship with key
government agencies like NAFED, AP Oil Fed, APSSDC, etc. The
company has been able to get repetitive orders from government
customers over the past four years.

Credit challenges

Decline in operating income: The revenues declined by ~30% to
INR57.64 crore in FY2019 from INR82.66 crore in FY2018 owing to
decline in sales volume of ground nuts and decline in Bengal gram
price.

Weak financial indicators: The gearing and total outside
liability/tangible net worth are high at 1.28 times and 2.72 times
respectively as on March 31, 2019 owing to high debt levels.
Further, the interest coverage ratio is moderate at 1.76
times and NCA/TD at 7% in FY2019.

Tight liquidity position: The company's liquidity position is tight
as reflected by 95% average working capital utilisation over the
past 12 months ending August 2019. The net working capital
intensity increased to 48% in FY2019 from 15% in FY2018 owing to
increased debtors and inventory days in FY2019.

Exposure to agro-climatic risk: Revenue and profitability of the
firm are dependent on crops like soyabean, bengal gram and
groundnut which together accounted for 86% of revenues in FY2019.
The nature of business is seasonal with both production and sales
exposed to agro-climatic risks.

Liquidity position: Stretched

VCSPL's liquidity position is stretched owing to low cushion
available on the working capital utilization. The average limit
utilization is high at 95% over the past one year ending August
2019. Overall cash flows are negative in FY2019 owing to high
working capital requirement given the increase in inventory and
debtor level.

Rating sensitivities

Positive triggers - ICRA could upgrade VCSPL's rating if there is
an increase in the company's scale of operation and the management
is able to more efficiently manage its working capital requirement
on a sustained basis. Specific credit metrics that could lead to an
upgrade of VCSPL's rating is net working capital intensity of less
than 20% on sustained basis.

Negative triggers - Negative pressure on VCSPL's rating could arise
if there is any sustained pressure in revenues and profitability
with decline in sales volume. A weakening in Total Debt/OPBDITA of
more than 8.00 times and NWC/OI of more than 50% on sustained basis
could also exert negative pressure on the company's rating.

VCSPL incorporated in the year 2009 by Mr D. Koti Swamy (Managing
Director) and his brother Mr. D. Venkata Rao, is into the business
of commercial processing of seeds primarily Soya Beans, Ground Nut
and Bengal Gram. VCSPL has a seed processing capacity of 2000
quintals per day.

V CARE: ICRA Reaffirms 'B+' Rating on INR7cr LT Loan
----------------------------------------------------
ICRA has reaffirmed ratings on certain bank facilities of V Care
Agritech (VCA), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term–Fund       7.00       [ICRA]B+ (Stable); reaffirmed
   Based/Cash
   Credit               

   Short term-          3.00       [ICRA]A4; reaffirmed
   Fund Based           

   Short term Non       0.50       [ICRA]A4; reaffirmed
   Fund Based-Bank
   Guarantee            
   
   Long Term/Short      6.50       [ICRA]B+ (Stable)/A4;
   Term-Unallocated                reaffirmed

Rationale

The ratings reaffirmation is constrained by VCA's small scale of
operation in the seed processing industry with operating income of
INR52.46 crore in FY2019; weak financial risk profile as
characterised by gearing of 1.72 times, Total outside
liability/tangible net worth of 3.60 times as on March 31, 2019,
interest coverage of 2.46 times and Total debt/OPBDITA of 7.45
times in FY2019; and increased working capital intensity of the
firm to 41% in FY2019 owing to increased debtor and inventory days
in FY2019. Further, the working capital utilisation remained high
at 100% over the past 12 months ending August 2019. The ratings are
further constrained by high product concentration risk with
soyabean, Bengal gram and groundnut together contributing to 82% of
FY2019 revenues; vulnerability of revenues and profitability to
agro-climatic conditions; and risk arising from partnership nature
of the entity. However, the ratings positively factor in the
established relationship of VCA with government agencies such as
Karnataka State Agricultural Department (KSAD), Andhra Pradesh
State Seeds Development Corporation (APSSDC), etc as reflected by
repeated orders and extensive promoter's experience of around two
decades in the seeds industry.

Going forward, ability of the firm to increase its scale of
operation while maintaining its profitability and managing its
working capital requirement would remain the key rating
sensitivities.

Key rating drivers and their description

Credit strengths

Extensive promoters experience in the seed processing industry: VCA
was founded in the year 2009 by Mr D. Koti Swamy and Mr. D. Venkata
Rao. The promoters have an extensive experience of two decades in
the seed processing industry. They have established relationships
with farmers and government agencies in Andhra Pradesh and
Telangana.

Established customer relationship as reflected by repeated
government orders: The firm has established relationship with key
government agencies like KSAD, APSSDC, etc. The firm has been able
to get repeat orders from government customers over the past three
years.

Credit challenges

Small scale of operation: The firm's scale of operation remains
small with operating income of INR52.47 crore in FY2019 although it
increased from INR33.49 crore in FY2018 owing to increased sales
volume of soya bean.

Weak financial indicators: The gearing and total outside
liability/tangible net worth are high at 1.72 times and 3.60 times
respectively as on March 31, 2019 owing to high debt levels or low
net worth levels. Further, the interest coverage ratio is moderate
at 2.46 times and NCA/TD at 8% in FY2019.

Tight liquidity position: The firm's liquidity position is tight as
reflected by 100% average working capital utilisation over the past
12 months ending August 2019. The net working capital intensity
increased to 41% in FY2019 from 29% in FY2018 owing to increased
debtors and inventory days in FY2019.

Exposure to agro-climatic risk: Revenue and profitability of the
firm are dependent on crops like soyabean, bengal gram and
groundnut which together accounted for 82% of revenues in FY2019.
The nature of business is seasonal with both production and sales
exposed to agro-climatic risks.

Inherent risks being a partnership firm - Being a partnership firm,
it is vulnerable to capital withdrawals by the partners.

Liquidity position: Stretched

VCA's liquidity position is stretched owing to low cushion
available in the working capital limit utilisation. The average
limit utilisation is high at 100% over the past one year ending
August 2019. Overall the cash flows are negative in FY2019 with
increased working capital requirements on the back of higher
inventory and debtor levels.

Rating sensitivities

Positive triggers - ICRA could upgrade VCA's rating if there is an
increase in the firm's scale of operation along with efficient
management of its working capital requirements on a sustained
basis. Specific credit metrics that could lead to an upgrade of
VCA's rating is net working capital intensity of less than 20% on
sustained basis.

Negative triggers - Negative pressure on VCA's rating could arise
if there is any sustained pressure in revenues and profitability
with decline in sales volume. A weakening in Total Debt/OPBDITA of
more than 5.00 times and NWC/OI of more than 50% on sustained basis
could also exert negative pressure on the firm's rating.

V Care Agritech is a partnership firm founded in the year 2009 by
Mr D. Koti Swamy and his brother Mr. D. Venkata Rao. The firm is
into the business of commercial seeds processing. The firm has a
seed processing facility at Mahbubnagar, Telangana with processing
capacity of 2000 quintals per day.

V.M AND CO: ICRA Assigns 'B' Rating to INR30cr LT Loan
------------------------------------------------------
ICRA has assigned rating to the bank facilities of V.M and Co, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long term
   Fund based          10.00       [ICRA]B (Stable); Assigned

   Long term Non-
   fund based          30.00       [ICRA]B (Stable); Assigned

Rationale

The assigned rating factors in V.M and Co's moderate scale of
operation and high customer and project concentration risk with top
three customers/projects accounting for more than 90% of its
outstanding order book. The rating also considers high segment and
geographic concentration risk with order execution limited to road
projects in Tamil Nadu. The rating further considers highly
competitive construction industry resulting in limited scope for
margin expansion. Rating is also constrained by the firm's
stretched liquidity position characterized by high utilization of
working capital limits and requirement of additional working
capital limits for timely execution of its existing orders.

Nonetheless, the rating draws comfort from the extensive experience
of V.M and Co.'s promoters in the road construction business
spanning over three decades. The ratings also favorably factor in
the firm's counterparties which are government entities. The rating
also considers the healthy order book amount of more than Rs 200
crore as on March 31, 2019 that provides healthy near-term revenue
visibility.

The Stable outlook reflects ICRA's expectation that the firm's
performance will continue to benefit from the vast experience of
its promoters and its healthy order book position.

Key rating drivers and their description

Credit strengths

Extensive experience of promoter in construction industry - The
company's operations are managed and run by its promoter Mr. V.
Manoharan who has nearly three decades of experience in the
construction industry.

Established track record in various government projects - The firm
has an established track record in executing various projects with
Tamil Nadu State Highway and Public Works Department for which the
company has been recognized as class-1 contractor by Government of
Tamil Nadu. The recognition enables the firm to participate in
various tenders floated by the State Government.

Healthy order book provides near term revenue visibility - The firm
had an order book size of ~Rs. 200 crore as on March 31,2019 on
account of receiving a large order from National Highway Authority
of India in FY2017 which provides revenue visibility in FY2020 and
FY2021.

Credit challenges

Stretched liquidity position - The firm's liquidity position is
stretched as illustrated by its high working capital utilization
which averaged at 100.1% from September 2018 to September 2019.The
firm's high utilization of its fund and non-fund based limits has
resulted in constrained financial flexibility.

Modest scale of operation and limited geographical diversification
- The company's scale of operations is moderate with a revenue of
~Rs. 123 crore in FY2019 in a highly fragmented road construction
sector. The firm's modest scale of operation amidst intense
competition prevailing in the construction sector has restricted
its scope for improving its profitability and revenue. Further, the
company's geographic concentration risk remains moderately high
with work order execution limited to Tamil Nadu.

High client concentration - The firm is exposed to high customer
concentration risk as top three customers - National Highway
Authority of India, Tamil Nadu Public Works and State Highway
Departments account for more than 90% of its order book.
Nonetheless the counterparty risk is relatively low on account of
clients being government entities.

Liquidity position: Stretched The company's average working capital
utilisation was high at 100.1% for the last 12 months period ending
September 2019. It's liquidity position is expected to remain
stretched given the elevated fund requirement for ongoing
contracts, high principal repayments leading to high utilization of
working capital facilities.

Rating sensitivities

Positive triggers - ICRA could upgrade V.M and Co's ratings if the
company's liquidity profile strengthens by maintaining buffer in
their working capital borrowings through enhancement in their
working capital limits on a sustained basis.

Negative triggers - Negative pressure on V.M and Co's rating could
arise if the liquidity position further weakens on account of
elongation in working capital cycle or high capital withdrawals by
partners.

V.M And Co is local EPC contracting partnership entity based out of
Ramanathapuram, Tamil Nadu. The entity was established by Mr. V.
Manoharan as a proprietorship concern and it was converted to a
partnership entity in 2011 along with three other partners Mr.
Manikandan, Mr. Paranthaman and Mr. Parthasarathy. The company at
present is managed and run by Mr.V.Manoharan and his son
Mr.Parthasarathy. The company is predominantly involved in
construction of Roadways for government entities like Tamil Nadu
Public Works Department(PWD) and National Highway Authority of
India (NHAI).



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

GREENWOOD SEJAHTERA: Fitch Cuts IDR72BB Sr. Bond Rating to BB-(ind)
-------------------------------------------------------------------
Fitch Ratings Indonesia downgraded the National Long-Term Rating on
Indonesia-based property developer PT Greenwood Sejahtera Tbk to
'BB-(idn)' from 'BB(idn)'. The Outlook is Negative. Fitch has also
downgraded the rating on the company's IDR72 billion senior
unsecured bond due January 2020 to 'BB-(idn)' from 'BB(idn)'.

The downgrade reflects Greenwood's heightened liquidity risk due to
the continued inability to generate presales in its mixed-use
Capital Square project in Surabaya and meaningful sales of its
completed TCC Batavia Tower 1 office tower in Jakarta, where an
oversupply of office space continues to pressure selling prices.
Fitch expects Greenwood to continue to receive steady dividends
from its associates, which should be sufficient to cover its
overheads and interest servicing. Fitch forecasts EBITDA to remain
at more than 1x interest expense in 2019 and 2020. However the
company has yet to secure the funding needed to complete the
residential phase of the Capital Square project, while a
construction loan of IDR253 billion at this project will mature in
October 2020.

The Negative Outlook reflects the possibility that Greenwood's
ratings may be downgraded further if the company is not able to
improve its liquidity in the near term.

'BB' National Ratings denote an elevated default risk to other
issuers or obligations in the same country or monetary union.

KEY RATING DRIVERS

Insufficient Funds to Complete Construction: Fitch expects
Greenwood's presales at Capital Square to remain slow in the next
12-18 months as the project targets the premium segment of the
market where Fitch believes demand will remain muted. Buyers in
this space are typically upgraders or investors who have the
ability to defer purchases when faced with economic uncertainty,
compared with first-time home buyers. The company did not record
any presales at Capital Square in the last two years, after initial
sales of IDR106 billion in 2014 when the project was launched.
Greenwood says it does not have to pay any penalties to buyers so
long as it is able to complete the residential phase by end-2020.

The company needs to raise at least IDR400 billion to complete the
residential phase of Capital Square in 2020, and has the
flexibility to defer the commercial and retail phases of the
project if funding is not obtained. Greenwood is considering a
number of options to raise funds to complete the residential phase
in case presales do not improve, including bank loans secured with
its undeveloped land and plans to expedite the sales of its office
tower in Jakarta. However, Fitch believes these funding avenues are
subject to high execution risks.

Sustained Negative Operating Cash Flow: Fitch expects Greenwood to
sustain negative cash flow from operations (CFFO) of IDR160 billion
in 2019 and IDR415 billion in 2020, assuming presales of IDR100
billion next year and the full IDR400 billion of construction costs
at Capital Square. The revival in presales in 2020 depends on the
company's ability to make progress on the construction of the
project after securing required funding. Prior to factoring in
construction costs and excluding any future presales, Greenwood's
CFFO gap will be smaller at around a negative IDR17 billion in
2020.

The company has some flexibility to defer the completion of the
project beyond 2020 with only limited penalties, at least in the
near term, but Fitch believes a delay could worsen damage to
Greenwood's reputation and may be a credit negative.

Support from Recurring Cash Flow: Fitch expects Greenwood's
recurring cash flow from non-development revenue and dividends from
associates to be stable in the next two years at around IDR150
billion annually. Non-development revenue are from its own offices,
apartments and hotels. Dividends come from minority stakes in four
malls - Senayan City, Emporium Pluit, Lindeteves Trade Centre, and
Kuningan City. Senayan City and Emporium Pluit are mature assets
that have high occupancies and healthy demand, while Kuningan City
is still ramping up after its launch in 2012. Dividend inflows rose
to IDR272 billion in 2018 from IDR91 billion in 2017 as Greenwood
received a one-off dividend from Senayan City of IDR206 billion.

DERIVATION SUMMARY

Greenwood's rating is comparable with other Indonesian property
developers rated on the national scale, such as PT Lippo Karawaci
TBK (BB+(idn)/Stable). Lippo has a stronger credit profile than
Greenwood as it has a larger property inventory and land bank that
resulted in higher attributable presales of IDR600 billion at
end-2018. Lippo also has sufficient liquidity to fund its negative
CFFO, at least until end-2020, and has no debt maturing during that
period. In comparison, Greenwood will have weaker liquidity in 2020
due to its project-loan maturity and unfunded status of the
project. Fitch believes Lippo's larger scale, asset availability
and better liquidity position warrants a rating that is two notches
above that of Greenwood.

Greenwood's rating is better than that of PT Smartfren Telecom Tbk
(Smartfren, CCC+(idn)) as the latter has a weaker liquidity
position. Smartfren's EBITDA margin is susceptible to price
competition from other telco operators. Smartfren faces higher
liquidity pressure from a high and less-flexible capex requirement
to stay competitive. Greenwood has stable recurring income from its
investments and available inventory from completed projects.
Greenwood also has a record of deferring capex amid weak property
demand. Fitch believes Greenwood's better liquidity position, asset
availability, and more flexible capex justify a multiple-notch
rating difference between them.

KEY ASSUMPTIONS

Fitch's Key Assumptions Within Its Rating Case for the Issuer

  - Presales of around IDR100 billion in 2020-2021 and around
IDR200 billion in 2022

  - Recurring income of around IDR70 billion-85 billion in
2019-2022

  - Dividend income of around IDR100 billion annually in 2019-2022

  - Capital Square apartments to be completed in 2020. Total
construction costs of the Capital Square project of around IDR400
billion in 2020


RATING SENSITIVITIES

Developments That May, Individually or Collectively, Lead to
Outlook Revision to Stable

  - Improved liquidity position such that the company can meet its
obligations over the next 12 months

Developments That May, Individually or Collectively, Lead to
Negative Rating Action

  - Further weakening in liquidity that results in the inability to
service debt obligations and to finance projects

LIQUIDITY

Heighted Liquidity Risk: Greenwood's liquidity risk is high as the
project loan at Capital Square of IDR253 billion is due in October
2020, even as the project remains uncompleted and funding for
completion has not been secured. The company has obtained the
lender's approval to delay the repayment of the first tranche of
IDR42 billion by 12 months to October 2020 in a bid to divert its
existing cash to complete the project.

Greenwood had IDR380 billion of cash at end-June 2019, which should
be sufficient to repay debt maturities of IDR146 billion due in the
12 months to end-June 2020, but only partly cover its estimates of
negative CFFO of around IDR414 billion over the same period. Fitch
expects the balance to be funded by external financing. The IDR146
billion of debt maturities include the IDR72 billion repayment of
its local-currency bond that will mature in January 2020, IDR14
billion of working capital loans, and IDR60 billion of bank loans.



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

ANZO HOLDINGS: Denies it is a PN17 Company
------------------------------------------
Surin Murugiah at theedgemarkets.com reports that Anzo Holdings Bhd
(formerly known as Harvest Court Industries Bhd) has denied it is
Practice Note 17 (PN17) company.

theedgemarkets.com relates that in a filing to the exchange on Oct.
14, the integrated contractor and timber service provider dismissed
a report which appeared in Sin Chew Daily on Oct. 12 titled "Anzo
has been listed as PN17 company".

The report said Anzo had become a PN17 company on Oct. 11,
theedgemarkets.com relays.

According to theedgemarkets.com, Anzo said by reference to its
announcement dated Oct. 11 it is an affected issuer under Paragraph
8.03A(2)(b) of Main Market Listing Requirements of Bursa Malaysia
Securities Bhd as the company has an insignificant business or
operations where revenue on a consolidated basis represents 5% or
less than its share capital based on the latest unaudited financial
statements for the financial year ended
July 31, 2019.

Anzo Holdings Berhad is an investment holding company. Through its
subsidiaries, the Company markets sawn timber, manufactures and
markets timber doors, develops property, and has operation in
timber kiln drying.  It also provides construction services.



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

OLD SCHOOL: Liquidator Labels Owner Jaden Melgren 'Reckless'
------------------------------------------------------------
Debbie Jamieson at Stuff.co.nz reports that bankrupt Auckland
builder Jaden Melgren led a lavish lifestyle while racking up
almost NZ$1 million in debt, a liquidator said.

According to Stuff, liquidator Imran Kamal said he was preparing to
report Mr. Melgren to the Companies Office for reckless trading
after his company, Old School Carpentry, was put into liquidation.

It is the second company associated with Mr. Melgren to be
liquidated in two years, Stuff says.

Stuff relates that Mr. Kamal said the sole shareholder and director
of Old School Carpentry Ltd was his wife, Jacqueline Melgren (known
as Jackie), but it was "operationally managed" by Jaden Melgren.

Old School Carpentry made about NZ$300,000 in its first year of
trading, but paid no taxes, Stuff notes.

It appeared Mr. Melgren was living a "lavish" lifestyle, Mr. Kamal
said, Stuff relays.

"Where did that money go? That is a question I have got . . . he
had a boat and other things."

The company owes about NZ$180,000, Stuff discloses.

Mr. Melgren was bankrupted in 2018 after his Queenstown-based
company, True Line Builders Ltd, was put into voluntary liquidation
in July 2017. It still owes about NZ$800,000.

Stuff reported he was running Old School Carpentry Co Ltd under his
wife's name in Auckland in February and staff and sub contractors
said they did not pay or underpaid for work on million-dollar
penthouses.

Old School Carpentry was put into liquidation on April 30 by Jackie
Melgren after the couple separated, Stuff discloses citing Mr.
Kamal's initial report.

He said Jaden Melgren was a consistently poor manager and did not
seem to understand the severity of his actions.

"I don't think he's learned from his mistakes," Stuff quotes Mr.
Kamal as saying.  "Apparently he's still working somewhere but he's
quite cagey about what he's doing."

Stuff adds that Mr. Kamal said Old School Carpentry owed about
NZ$180,000 and he did not expect any of it would be paid.

TRENDS PUBLISHING: In Receivership After Failed Suit vs. Callaghan
------------------------------------------------------------------
John Anthony at Stuff.co.nz reports that Trends Publishing
International is in receivership after an unsuccessful bid to sue a
government innovation agency for NZ$61 million.

Earlier this year, the Auckland magazine company failed in its High
Court battle to win damages from government grants agency Callaghan
Innovation and was ordered to pay costs, Stuff recalls.

According to Stuff, Callaghan suspended research and development
grants to the company, saying it believed the company had not met
its criteria--a claim Trends denied.

In 2014 Callaghan also contacted the Serious Fraud Office (SFO) in
light of concerns about the legitimacy of claims Trends had made in
its grant application. The SFO dropped its investigation into
Trends in 2017 without bringing charges against the company or any
individuals associated with the firm, Stuff recalls.

The publisher, which produces design and architecture magazines and
digital products, had its Trends Publishing International business
put in receivership on Oct. 10, Stuff discloses citing Companies
Office records.

According to the report, Trends director and chairman David Johnson
said Trends Publishing International has "very few" creditors.

If a company is unable to pay its debts to a secured creditor, it
may be forced into receivership. A receiver, sometimes appointed at
the request of a secured creditor, is brought in to deal with
secured assets, Stuff states.

Stuff relates that director and chairman David Johnson said reasons
for the company being put into receivership were related to its
dispute with Callaghan Innovation.

He said Trends Publishing International was a holding company with
different interests around the world.

"It's a structural thing. The company had complex structures which
needed to be sorted out," the report quotes Mr. Johnson as saying.


It was business as usual for its publishing company, he said.

Trends Publishing International is owned by Mr. Johnson and Trends
Publishing Systems, also owned by Mr. Johnson.

The media company was trading as usual and people were at work, Mr.
Johnson, as cited by Stuff, said.

About 20 staff were employed by Trends and their jobs were
unaffected by the receivership, he said.

Craig Young of Restructuring Services has been appointed as
receiver.



===============================
P A P U A   N E W   G U I N E A
===============================

CAPITAL GENERAL: A.M. Best Affirms C+(Marginal) FSR
---------------------------------------------------
AM Best has removed from under review with negative implications
and affirmed the Financial Strength Rating of C+ (Marginal) and the
Long-Term Issuer Credit Rating of "b-" of Capital General Insurance
Company Limited (CGI) (Papua New Guinea). The outlook assigned to
these Credit Ratings (ratings) is negative.

These rating actions follow the conclusion of AM Best's full
assessment of the rating fundamentals of CGI, which had been placed
under review as part of rating actions taken on March 22, 2019.

The ratings reflect CGI's balance sheet strength, which AM Best
categorizes as adequate, as well as its strong operating
performance, limited business profile and weak enterprise risk
management. The ratings factor in a neutral impact from the
company's 100% ownership by Capital Insurance Group Limited.

Following the identification of historical misreporting of
reinsurance transactions over a number of years, the company
restated its 2017 year-end financial position as part of its latest
annual report and accounts. This restatement resulted in the
company's shareholders' equity exhibiting a high degree of
volatility over recent years, which has driven variability in CGI's
risk-adjusted capitalization, as measured by Best's Capital
Adequacy Ratio (BCAR). Prospectively, AM Best expects the company's
small absolute capital base (USD 8.6 million as of year-end 2018),
to remain highly sensitive to changes in earnings, reserves or
other balance sheet items.

As a result of the aforementioned historical misreporting, CGI's
operating results over a number of years have been overstated. In
addition, AM Best expects the company's underwriting results to be
impacted by an increase in large single losses during 2019, which
is likely to dampen overall earnings for the year. At present, AM
Best views the company's operating performance, including the
impact of recent reporting adjustments, as remaining strong.
However, over the near term, if volatility or a deteriorating trend
in underwriting and operating performance metrics continues, this
assessment likely will be subject to pressure.

AM Best assesses CGI's business profile as limited reflecting its
small scale of operations and niche business portfolio. AM Best
also views the company as having a moderate level of product
concentration and a high level of geographical concentration, with
its entire premium base emanating from Papua New Guinea.

AM Best views CGI's risk management as underdeveloped, with recent
events highlighting governance and control deficiencies. Despite
significant management attention on improving the company's risk
management framework and governance, AM Best expects this will take
some time to become effective.

The negative outlooks reflect AM Best's expectation of near-term
pressure on operating performance and the potential for continued
volatility in risk-adjusted capitalization.

CAPITAL LIFE: A.M. Best Affirms C-(Weak) Financial Strength Rating
------------------------------------------------------------------
AM Best has revised the outlooks to stable from negative and
affirmed the Financial Strength Rating of C- (Weak) and the
Long-Term Issuer Credit Rating of "cc" of Capital Life Insurance
Company Limited (CLI) (Papua New Guinea).

The ratings reflect CLI's balance sheet strength, which AM Best
categorizes as weak, as well as its adequate operating performance,
limited business profile and weak enterprise risk management. The
ratings factor in a neutral impact from the company's 100%
ownership by Capital Insurance Group Limited.

The revision of the outlooks to stable from negative reflects AM
Best's expectation that the company's balance sheet strength
fundamentals will demonstrate an improving trend over the medium
term.

Risk-adjusted capitalization, as measured by Best's Capital
Adequacy Ratio (BCAR), remained at a very weak level at year-end
2018. This follows an internal control failure that resulted in
notable reserve strengthening of the company's medical portfolio,
which led to a significant decline in shareholders' equity at
year-end 2017. The company's management team has since implemented
a number of remedial actions, including large premium rate
adjustments and strengthening of policy conditions. AM Best expects
these steps to generate additional retained earnings over the
medium term, which will bolster prospective risk-adjusted
capitalization.

A notable improvement in underwriting performance was seen in 2018,
albeit still loss-making. Overall, the company reported an
operating loss of PGK 2.2 million (USD 0.7 million) in 2018, as
compared with PGK 7.0 million in 2017. AM Best expects CLI to
report positive underwriting and operating earnings over the medium
term, driven by an anticipated improvement in the performance of
its core medical portfolio.

AM Best continues to view CLI's business profile as limited given
the company's small scale of operations and niche portfolio of
business. The company also is viewed to have a moderate level of
product concentration and a high level of geographical
concentration, with its entire premium base emanating from Papua
New Guinea.

AM Best views CLI's risk management as underdeveloped, with recent
internal control failures and deficiencies having caused material
volatility in the company's earnings and capital adequacy. Despite
significant management attention on improving the company's risk
management framework and governance, AM Best expects this will take
some time to become effective.  



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

LIBRA GROUP: Receives Letter of Demand from UOB for US$18.8MM
-------------------------------------------------------------
Sharanya Pillai at The Business Times reports that distressed Libra
Group has received a letter of demand for US$18.8 million from UOB
for outstanding banking facilities, the Catalist-listed company
announced in a bourse filing on Oct. 11.

BT relates that the letter, dated Oct. 8, indicates that events of
default have occurred and the entire sum of US$18.8 million is
immediately due by Oct. 11.

Kin Xin Engineering, a unit of Libra that provided guarantees for
the US$18.8 million sum, also received a letter of demand from UOB
for repayment by the same deadline, according to BT.

Another Libra unit, Libra Engineering & Manufacturing, separately
received a letter of demand dated Sept. 30 from WMS Industrial Gas
& Equipment for SGD23,940, related to goods sold and delivered,
adds BT. WMS is also seeking MYR159 for the cost of issuing the
letter of demand.   

Libra Group Limited (SGX:5TR) provides integrated M&E services as a
sub-contractor. The Company's services include the contracting and
installation of ACMV systems, fire alarms and fire protection
systems, electrical systems as well as sanitary and plumbing
services. Libra also manufactures and sells ACMV related products.

PACIFIC STAR: Auditor Issues Disclaimer of Opinion
--------------------------------------------------
Vivienne Tay at The Business Times reports that the independent
auditor of Pacific Star Development has issued a disclaimer of
opinion on the firm's use of the going concern assumption for its
fiscal 2019 results.

For the full year ended June 30, auditor Ernst & Young said the
firm's current liabilities exceeded its current assets by SGD12.7
million, BT discloses. It also incurred a net loss of SGD123.1
million, including SGD120.4 million of impairment in subsidiary
investment eliminated on consolidation -- resulting in it having no
bearing on the group's results.

According to BT, the firm's loans and borrowings had amounted to
SGD117.8 million, with SGD4.1 million classified as current
liabilities. In addition, the group is in net cash deficit position
of SGD446,000.

Its current assets, meanwhile, stood at SGD175.0 million,
comprising mainly of development properties amounting to SGD136.2
million, as at June 30, BT relays.

BT relates that the report added that the firm's fiscal 2019
results were "adversely affected" by the weak property market in
Johor, Malaysia, with the company incurring a net loss of SGD25.2
million.

These factors together could "adversely impact" the sale of Pacific
Star's development properties, giving rise to material
uncertainties on the firm's ability to continue as a going concern,
Ernst & Young said, BT relays.

According to BT, the auditor added that it was unable to obtain
sufficient appropriate evidence to conclude whether the use of the
going concern assumption to prepare the fiscal 2019 results was
appropriate.

This was because the outcome of Pacific Star's plans to address its
liquidity challenges "cannot be reasonably determined at this time"
and the firm's ability to realise its development properties as
planned is "uncertain," BT adds.

Regarding the disclaimer of opinion, Pacific Star said its board
called the use of going concern assumptions in the fiscal 2019
results appropriate, relays BT.

To continue as a going concern, the firm is dependent on the
continued financial support from PSD Holdings -- a company
wholly-owned by one of its directors and controlling shareholder
Glen Chan, according to BT.

While the SGD11.52 million loans granted by PSD Holdings is
subordinated to the SGD70.0 million facility agreed on in 2018, PSD
Holdings has undertaken to provide up to SGD5.72 million of loans
to support its short-term cash shortfall if needed, the firm, as
cited by BT, said.

Continuing as a going concern is also dependent on the sale of
unsold units at Puteri Cover Residences (PCR) in Iskandar Puteri,
Malaysia -- together with the timely repatriation of the profits
involved, adds BT.

BT relates that Pacific Star said it is "exploring with various
parties" over the en bloc sale for Tower 3 in PCR and has received
a letter of offer from one of these parties. It is reviewing the
offer and pursuing divestment opportunities with others, and is
"cautiously confident" in moving such discussions towards a
positive conclusion.

The firm is also in discussions to sell unsold remaining units at
Tower 1 and 2 of PCR to a buyer, while also discussing with
potential bulk buyers who are considering buying 10 to 20 PCR
units, BT adds.

Despite challenging market conditions in Iskandar Puteri, the firm
said it continues to market and promote sales of PCR.

The firm's ability to continue as a going concern is also reliant
on the refinancing of its investment via its joint venture Posh
Twelve project in Bangkok, BT says.

To this, the group said it is working to secure a refinancing
package for Posh Twelve, subject to consent of lenders of a SGD70
million facility. If this materialises, the group will receive some
SGD18.7 million in capital and loans repatriation, based on current
projections, BT states.

"The board is of the opinion that sufficient information has been
disclosed for the trading of the company's securities to continue
in an orderly manner, and confirmed that all material disclosures
have been provided for the trading of the company's shares to
continue," the firm, as cited by BT, added.

                         About Pacific Star

Headquartered in Singapore, Pacific Star Development Limited
(SGX:1C5) -- https://pacificstar-dev.com/ -- is a property
investment management and development firm. The Company invests and
develops office, retail, and residential properties throughout
Southeast Asia. Pacific Star Development also engages in the
provision of aluminum works and the manufacturing of traction
devices and vehicle parts.



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

WOONGJIN GROUP: Netmarble Chosen as Preferred Bidder for Unit
-------------------------------------------------------------
Yonhap News Agency reports that Netmarble Corp., South Korea's top
mobile gaming company, said on Oct. 14 it has been chosen as the
preferred bidder to buy Woongjin Coway Co., the country's largest
home appliance rental service provider.

According to the report, Netmarble will acquire a 25.08 percent
stake in Woongjin Coway if the deal is completed. Woongjin Group
put its water purification making unit up for sale in June to
improve its financial status, the report notes.

Netmarble reportedly offered some KRW1.8 trillion (US$1.5 billion)
to buy Woongjin Coway.

Yonhap says Netmarble and the U.S. private equity firm Bain Capital
were the two final bidders for Woongjin Coway after major players,
such as SK Networks Co., which entered the preliminary bidding
pulled out of the auction.

Yonhap relates that Netmarble said it was hoping for a new growth
engine with Woongjin Coway's rental platform. Woongjin Coway is
currently the No. 1 player in the water purifier and air purifier
rental market, and is estimated to have more than 7 million
customers, with 6 million in South Korea.

"With Netmarble's technologies, Coway can become a major player in
the so-called subscription economy market," the report quotes
Netmarble Vice President Seo Jang-won as saying. "We'll combine our
user big data and operation know-how from the gaming business to
all Coway devices."

Yonhap adds that market watchers said Netmarble's acquisition of
Woongjin Coway is not expected to deliver big synergy in the short
term but will enable the company to secure stable cash flow.

Netmarble saw its operating profit plunge 50.8 percent on-year to
KRW67.1 billion in the first half of the year, while sales dropped
0.4 percent on-year to KRW1 trillion, Yonhap discloses. Woongjin
Coway, meanwhile, posted sales of KRW1.4 trillion and an operating
profit of KRW273.4 billion in the first half of the year, all
record highs for the company.

"Netmarble entered the bid to diversify its business portfolio and
stabilize its performance," Yonhap quotes Park Shin-ae, an analyst
at KB Securities Co., as saying. "Netmarble will not have a problem
in financing the deal, but uncertainties surrounding
competitiveness of its games business and future merger and
acquisition deals can expand."



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

MAHAWELI VENTURE: Three Bankrupt Firms Face Liquidation
-------------------------------------------------------
Bandula Sirimanna at The Sunday Times reports that three limited
liability companies affiliated to the Mahaweli Authority under
President Maithripala Sirisena will be liquidated due to bankruptcy
and liquidity problems.

They are the Sri Lanka Mahaweli Authority-affiliated Natural
Resources Management Service (Pvt) Ltd, Mahaweli Venture Capital
(Pvt) Ltd and Mahaweli Engineering Services (Pvt) Ltd which have
been incorporated under section 13(18) of the Mahaweli Development
Act, the report discloses.

The Sunday Times relates that the Cabinet of Ministers approved the
proposal presented by Minister of Mahaweli Development and
Environment and President Maithripala Sirisena to liquidate these
three companies.

According to the report, the main objectives of the Natural
Resources Management Service (Pvt) Ltd, in terms of the
incorporation order of the company are mapping environmental
parameters such as soil, land structures, topography, and use of
lands, flora and fauna, bio-diversity, the quality of water by land
survey in Sri Lanka and outside the country.

It was also empowered to carry out aerial photography, satellite
photography, geographical information system, analysing, estimating
land resources, planning on the use of land, soil erosion and soil
preservation, management of protectorates, plantation of herbs and
consulting for sustainable plantation systems, preparing plans and
training, the report says.

The company did not acquire an ability of certifying the accuracy
of the reports of the company and not being acquired with a staff
with technical knowledge.

Even though over 20 years had been lapsed since the establishment
of the company, action plans had not been prepared to achieve the
objectives of the company mentioned in the incorporation order of
the company, Finance Ministry sources said, The Sunday Times
relays.

The Sunday Times says the Board of Directors of the Mahaweli
Authority of Sri Lanka had decided to voluntarily liquidate the
Mahaweli Venture Capital (Pvt) Ltd.

According to the company notice on the maturity of Treasury Bills,
the value of the Treasury Bills should be LKR9,797,800, but that
value had been stated as LKR9,839,619 in the statement of financial
position, thus the assets had been overstated by a sum of
LKR41,819.

The Mahaweli Engineering Services (Pvt) Ltd had collapsed following
the unsuccessful attempt to downsize staff and commercialise the
company with assistance from the World Bank's external consultants,
sources revealed, adds The Sunday Times.



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

[*] BOND PRICING: For the Week Oct. 7, 2019 to Oct. 11, 2019
------------------------------------------------------------
Issuer                     Coupon    Maturity   Currency   Price
------                     ------    --------   --------   -----


  AUSTRALIA
  ---------

CLIME CAPITAL LTD/FUND        6.25    11/30/21       AUD     1.00
KEYBRIDGE CAPITAL LTD         7.00    07/31/20       AUD     0.95
MIDWEST VANADIUM PTY LTD     13.25    02/15/18       USD     0.09
MIDWEST VANADIUM PTY LTD     13.25    02/15/18       USD     0.09


  CHINA
  ----

AKESU XINCHENG ASSET INVE     6.40    04/20/22       CNY    60.00
AKESU XINCHENG ASSET INVE     6.40    04/20/22       CNY    60.06
ALAER NORTHWESTERN INDUST     5.35    09/16/22       CNY    60.00
ALAER NORTHWESTERN INDUST     5.35    09/16/22       CNY    61.21
ALAER XINXIN STATE-OWNED      6.80    06/16/22       CNY    50.60
ALAER XINXIN STATE-OWNED      6.80    06/16/22       CNY    56.87
ANHUI CHIZHOU CITY TIANPI     7.40    10/23/20       CNY    40.18
ANHUI FOREIGN ECONOMIC CO     7.30    07/13/21       CNY    70.01
ANHUI PROVINCE TONGLING I     7.30    05/13/21       CNY    41.15
ANHUI PROVINCE TONGLING I     7.30    05/13/21       CNY    47.18
ANJI COUNTY STATE-OWNED C     8.30    04/24/21       CNY    41.29
ANJI COUNTY STATE-OWNED C     8.30    04/24/21       CNY    44.57
ANKANG DEVELOPMENT & INVE     6.35    03/06/20       CNY    20.19
ANQING URBAN CONSTRUCTION     6.01    04/27/22       CNY    60.00
ANQING URBAN CONSTRUCTION     6.01    04/27/22       CNY    61.87
ANSHUN STATE-RUN ASSETS M     6.98    01/10/20       CNY    20.01
ANSHUN STATE-RUN ASSETS M     6.98    01/10/20       CNY    20.06
BAODING NATIONAL HI-TECH      7.33    12/24/19       CNY    20.06
BAOJI HI-TECH INDUSTRIAL      8.25    04/21/21       CNY    40.00
BAOJI HI-TECH INDUSTRIAL      8.25    04/21/21       CNY    40.97
BAOTOU CITY SCIENCE EDUCA     6.48    03/25/22       CNY    61.54
BAOTOU CITY SCIENCE EDUCA     6.48    03/25/22       CNY    65.50
BAYAN ZHUOER HETAO WATER      8.54    03/31/22       CNY    47.27
BAZHONG STATE-OWNED ASSET     8.50    04/25/21       CNY    41.32
BAZHONG STATE-OWNED ASSET     8.50    04/25/21       CNY    41.65
BEIJING BIOMEDICINE INDUS     6.35    07/23/20       CNY    20.26
BEIJING CAPITAL DEVELOPME     7.19    01/15/21       CNY    40.00
BEIJING CAPITAL DEVELOPME     6.50    02/27/21       CNY    40.83
BEIJING CAPITAL DEVELOPME     7.19    01/15/21       CNY    40.90
BEIJING CAPITAL DEVELOPME     6.50    02/27/21       CNY    41.15
BEIJING CHANGXIN CONSTRUC     6.74    04/22/21       CNY    41.40
BEIJING CHAOYANG STATE-OW     5.25    03/27/20       CNY    20.09
BEIJING CHAOYANG STATE-OW     5.25    03/27/20       CNY    20.43
BEIJING FUTURE SCIENCE PA     4.20    08/13/22       CNY    60.30
BEIJING FUTURE SCIENCE PA     4.20    08/13/22       CNY    61.26
BEIJING GUCAI GROUP CO LT     6.60    09/06/20       CNY    20.51
BEIJING GUCAI GROUP CO LT     6.60    09/06/20       CNY    23.68
BEIJING HAIDIAN STATE-OWN     5.50    08/07/20       CNY    20.24
BEIJING HAIDIAN STATE-OWN     5.50    08/07/20       CNY    22.10
BEIJING JINGMEI GROUP CO      6.14    09/09/20       CNY    20.27
BEIJING JINGMEI GROUP CO      6.14    09/09/20       CNY    20.57
BEIJING JINLIYUAN STATE-O     7.00    10/28/20       CNY    40.57
BEIJING SHIJINGSHAN STATE     6.08    08/18/21       CNY    41.01
BEIJING SHIJINGSHAN STATE     6.08    08/18/21       CNY    43.87
BEIJING XINCHENG INFRASTR     7.50    04/21/21       CNY    41.30
BEIJING XINCHENG INFRASTR     7.50    04/21/21       CNY    41.41
BEIJING XINGZHAN INVESTME     6.66    04/24/21       CNY    41.20
BEIJING XINGZHAN INVESTME     6.66    04/24/21       CNY    41.33
BENGHU HI NEW TECH INVEST     8.70    04/17/21       CNY    40.00
BENGHU HI NEW TECH INVEST     8.70    04/17/21       CNY    41.15
BENXI URBAN CONSTRUCTION      6.24    01/22/22       CNY    60.00
BENXI URBAN CONSTRUCTION      6.24    01/22/22       CNY    60.27
BIJIE CONSTRUCTION INVEST     6.50    01/28/22       CNY    61.58
BIJIE CONSTRUCTION INVEST     6.50    01/28/22       CNY    65.65
BIJIE KAIYUAN CONSTRUCTIO     7.78    02/25/21       CNY    40.69
BIJIE KAIYUAN CONSTRUCTIO     7.78    02/25/21       CNY    50.00
BINZHOU HI-TECH DEVELOPME     8.60    01/10/21       CNY    40.79
BINZHOU HI-TECH DEVELOPME     8.60    01/10/21       CNY    43.40
BINZHOU ZHONGHAI VENTURE      6.65    04/13/22       CNY    60.00
BINZHOU ZHONGHAI VENTURE      6.65    04/13/22       CNY    60.66
BORALA MONGOL AUTONOMOUS      7.18    08/09/20       CNY    20.00
BORALA MONGOL AUTONOMOUS      7.18    08/09/20       CNY    20.17
BORALA MONGOL AUTONOMOUS      5.77    08/26/22       CNY    59.15
BORALA MONGOL AUTONOMOUS      5.77    08/26/22       CNY    59.50
C&D REAL ESTATE CORP LTD      6.15    04/03/20       CNY    20.24
CANGZHOU CONSTRUCTION & I     6.72    01/23/20       CNY    20.16
CANGZHOU CONSTRUCTION & I     6.72    01/23/20       CNY    20.30
CEFC SHANGHAI INTERNATION     4.08    09/09/21       CNY    60.00
CEFC SHANGHAI INTERNATION     4.98    12/10/20       CNY    61.29
CHANGCHUN MODERN AGRICULT     7.00    07/25/21       CNY    40.62
CHANGDE ECONOMIC CONSTRUC     7.00    03/24/21       CNY    41.18
CHANGDE ECONOMIC CONSTRUC     7.00    03/24/21       CNY    41.40
CHANGDE URBAN CONSTRUCTIO     6.50    02/25/20       CNY    20.16
CHANGSHA COUNTY TONGTU HI     6.00    06/19/22       CNY    61.67
CHANGSHA COUNTY TONGTU HI     6.00    06/19/22       CNY    68.20
CHANGSHA COUNTY XINGCHENG     7.90    03/25/22       CNY    57.48
CHANGSHA COUNTY XINGCHENG     7.90    03/25/22       CNY    61.00
CHANGSHA ECONOMIC & TECHN     8.45    04/13/22       CNY    46.69
CHANGSHA METRO GROUP CO L     6.20    04/23/23       CNY    62.58
CHANGSHA PILOT INVESTMENT     6.70    12/10/19       CNY    20.09
CHANGSHA TIANXIN CITY CON     3.43    08/08/23       CNY    74.60
CHANGSHA YUHUA URBAN CONS     7.17    04/18/21       CNY    41.22
CHANGSHA YUHUA URBAN CONS     7.17    04/18/21       CNY    44.00
CHANGSHU BINJIANG URBAN C     6.39    09/11/21       CNY    40.00
CHANGSHU BINJIANG URBAN C     6.39    09/11/21       CNY    40.72
CHANGSHU DEVELOPMENT INVE     5.80    04/19/20       CNY    20.13
CHANGSHU DONGNAN ASSET IN     6.53    03/26/22       CNY    62.00
CHANGSHU DONGNAN ASSET IN     6.53    03/26/22       CNY    67.32
CHANGSHU TRANSPORTATION S     7.00    04/29/21       CNY    41.36
CHANGSHU TRANSPORTATION S     7.00    04/29/21       CNY    47.00
CHANGXING COUNTY TRANSPOR     6.75    06/16/21       CNY    40.61
CHANGXING COUNTY TRANSPOR     7.88    04/30/21       CNY    41.32
CHANGXING COUNTY TRANSPOR     7.88    04/30/21       CNY    50.30
CHANGXING URBAN CONSTRUCT     6.80    11/30/19       CNY    20.00
CHANGXING URBAN CONSTRUCT     6.80    11/30/19       CNY    20.03
CHANGXING URBAN CONSTRUCT     6.00    12/03/21       CNY    59.00
CHANGXING URBAN CONSTRUCT     6.00    12/03/21       CNY    60.07
CHANGZHI CITY CONSTRUCTIO     6.46    02/26/20       CNY    20.15
CHANGZHI CITY CONSTRUCTIO     6.46    02/26/20       CNY    20.20
CHANGZHOU BINHU CONSTRUCT     8.04    12/12/20       CNY    40.00
CHANGZHOU BINHU CONSTRUCT     8.04    12/12/20       CNY    41.05
CHANGZHOU HI-TECH GROUP C     6.18    03/21/20       CNY    20.00
CHANGZHOU HI-TECH GROUP C     6.18    03/21/20       CNY    20.26
CHANGZHOU JINTAN DISTRICT     6.38    04/26/20       CNY    20.16
CHANGZHOU PUBLIC HOUSING      6.64    07/02/21       CNY    40.51
CHANGZHOU PUBLIC HOUSING      6.64    07/02/21       CNY    40.70
CHANGZHOU TIANNING CONSTR     6.48    02/12/22       CNY    60.00
CHANGZHOU TIANNING CONSTR     6.48    02/12/22       CNY    60.40
CHAOHU URBAN TOWN CONSTRU     6.50    04/30/22       CNY    62.34
CHAOHU URBAN TOWN CONSTRU     6.50    04/30/22       CNY    62.80
CHENGDU CITY DEVELOPMENT      6.18    01/14/20       CNY    20.10
CHENGDU CITY DEVELOPMENT      6.18    01/14/20       CNY    20.24
CHENGDU ECONOMIC & TECHNO     6.90    05/30/21       CNY    41.05
CHENGDU ECONOMIC & TECHNO     6.90    05/30/21       CNY    46.00
CHENGDU HI-TECH INVESTMEN     6.28    11/20/19       CNY    20.05
CHENGDU HI-TECH INVESTMEN     6.28    11/20/19       CNY    20.35
CHENGDU LONGBO INVESTMENT     8.10    04/24/21       CNY    40.95
CHENGDU PIDU DISTRICT STA     7.25    10/15/20       CNY    38.50
CHENGDU PIDU DISTRICT STA     7.25    10/15/20       CNY    40.43
CHENGDU PIDU DISTRICT STA     6.95    04/01/22       CNY    61.25
CHENGDU PIDU DISTRICT STA     6.95    04/01/22       CNY    68.83
CHENGDU SHUZHOU CITY CONS     6.58    05/26/22       CNY    59.30
CHENGDU SHUZHOU CITY CONS     6.58    05/26/22       CNY    60.33
CHENGDU XINGCHENG INVESTM     6.17    01/28/20       CNY    17.05
CHENGDU XINGCHENG INVESTM     6.17    01/28/20       CNY    20.16
CHENGDU XINGCHENGJIAN IND     6.00    03/20/22       CNY    60.00
CHENGDU XINGCHENGJIAN IND     6.00    03/20/22       CNY    61.60
CHENGDU XINGJIN URBAN CON     7.30    11/27/19       CNY    20.08
CHENGDU XINGJIN URBAN CON     7.30    11/27/19       CNY    25.40
CHENGDU XINKAIYUAN URBAN      7.43    08/12/21       CNY    41.07
CHENGDU XINKAIYUAN URBAN      7.43    08/12/21       CNY    42.30
CHENGFA INVESTMENT GROUP      6.87    04/30/21       CNY    41.34
CHENGFA INVESTMENT GROUP      6.87    04/30/21       CNY    41.37
CHENZHOU BAIFU INVESTMENT     6.54    08/28/21       CNY    40.25
CHENZHOU BAIFU INVESTMENT     6.54    08/28/21       CNY    40.56
CHENZHOU HIGH-TECH KLC HO     6.45    01/23/22       CNY    60.59
CHENZHOU HIGH-TECH KLC HO     6.45    01/23/22       CNY    68.60
CHENZHOU XINTIAN INVESTME     6.30    07/17/20       CNY    19.99
CHENZHOU XINTIAN INVESTME     6.30    07/17/20       CNY    20.00
CHENZHOU XINTIAN INVESTME     6.15    04/24/22       CNY    59.18
CHINA MINSHENG INVESTMENT     7.00    12/26/20       CNY    36.65
CHINA OCEANWIDE HOLDINGS      8.90    12/13/21       CNY    50.01
CHINA SECURITY CO LTD         4.45    11/11/19       CNY    31.00
CHINA YIXING ENVIRONMENT      7.10    10/18/20       CNY    40.00
CHINA YIXING ENVIRONMENT      7.10    10/18/20       CNY    40.49
CHONGQING BANAN ECONOMIC      7.00    08/20/21       CNY    40.81
CHONGQING BANAN ECONOMIC      7.00    08/20/21       CNY    41.00
CHONGQING BANAN ECONOMIC      6.17    03/13/22       CNY    61.10
CHONGQING BANAN ECONOMIC      6.17    03/13/22       CNY    64.00
CHONGQING BEICHENG CONSTR     7.30    10/16/20       CNY    40.62
CHONGQING BEICHENG CONSTR     7.30    10/16/20       CNY    41.00
CHONGQING BEIFEI INDUSTRY     7.13    12/25/19       CNY    20.15
CHONGQING BEIFEI INDUSTRY     7.13    12/25/19       CNY    20.30
CHONGQING CHANGSHOU ECO&T     7.20    07/15/21       CNY    40.00
CHONGQING CHANGSHOU ECO&T     7.20    07/15/21       CNY    40.76
CHONGQING CHANGSHOU ECO-T     7.10    06/19/21       CNY    40.00
CHONGQING CHANGSHOU ECO-T     7.10    06/19/21       CNY    41.35
CHONGQING CITY CONSTRUCTI     5.12    05/21/20       CNY    20.12
CHONGQING CITY CONSTRUCTI     5.12    05/21/20       CNY    20.25
CHONGQING DASUN ASSET DEA     6.98    09/10/20       CNY    20.48
CHONGQING DAZU DISTRICT S     6.75    04/26/20       CNY    20.08
CHONGQING DAZU DISTRICT S     6.75    04/26/20       CNY    20.20
CHONGQING DAZU INDUSTRIAL     6.30    04/28/22       CNY    60.00
CHONGQING DAZU INDUSTRIAL     6.30    04/28/22       CNY    60.29
CHONGQING FULING DISTRICT     7.89    03/20/21       CNY    41.45
CHONGQING FULING DISTRICT     7.89    03/20/21       CNY    47.33
CHONGQING FULING STATE-OW     6.39    01/21/20       CNY    20.18
CHONGQING FULING STATE-OW     6.39    01/21/20       CNY    21.20
CHONGQING FULING TRAFFIC      6.68    02/03/22       CNY    60.00
CHONGQING FULING TRAFFIC      6.68    02/03/22       CNY    60.31
CHONGQING GAOXIN ZONE DEV     7.80    04/25/21       CNY    41.79
CHONGQING GAOXIN ZONE DEV     7.80    04/25/21       CNY    50.80
CHONGQING GARDENING INDUS     8.45    06/03/21       CNY    40.00
CHONGQING GARDENING INDUS     8.45    06/03/21       CNY    40.98
CHONGQING HAOJIANG CONSTR     8.05    03/06/21       CNY    40.00
CHONGQING HAOJIANG CONSTR     7.99    11/22/20       CNY    40.00
CHONGQING HAOJIANG CONSTR     7.99    11/22/20       CNY    40.46
CHONGQING HAOJIANG CONSTR     8.05    03/06/21       CNY    40.79
CHONGQING HECHUAN CITY CO     7.30    07/07/21       CNY    40.94
CHONGQING HECHUAN INDUSTR     6.19    06/17/20       CNY    20.12
CHONGQING HECHUAN INDUSTR     6.19    06/17/20       CNY    20.32
CHONGQING HONGRONG CAPITA     7.20    10/16/19       CNY    20.02
CHONGQING HONGRONG CAPITA     7.20    10/16/19       CNY    20.15
CHONGQING HONGYE INDUSTRI     6.30    06/03/20       CNY    20.07
CHONGQING HONGYE INDUSTRI     6.30    06/03/20       CNY    25.00
CHONGQING INTERNATIONAL L     7.08    10/18/20       CNY    40.63
CHONGQING INTERNATIONAL L     7.08    10/18/20       CNY    40.70
CHONGQING JIANGBEIZUI CEN     6.50    07/21/21       CNY    40.90
CHONGQING JIANGBEIZUI CEN     6.50    07/21/21       CNY    41.01
CHONGQING JIULONG HI-TECH     6.60    08/19/21       CNY    40.56
CHONGQING LAND PROPERTIES     6.30    08/22/20       CNY    20.37
CHONGQING LAND PROPERTIES     6.30    08/22/20       CNY    20.65
CHONGQING LIANGJIANG NEW      5.88    09/16/21       CNY    41.30
CHONGQING LIANGJIANG NEW      6.70    04/25/21       CNY    41.33
CHONGQING LIANGJIANG NEW      6.70    04/25/21       CNY    41.45
CHONGQING LIANGJIANG NEW      5.88    09/16/21       CNY    41.80
CHONGQING LIANGJIANG NEW      3.10    08/05/21       CNY    69.68
CHONGQING LIANGJIANG NEW      3.10    08/05/21       CNY    69.70
CHONGQING LIANGJIANG NEW      3.60    04/19/21       CNY    69.87
CHONGQING LIANGJIANG NEW      3.17    01/13/21       CNY    69.95
CHONGQING LIANGJIANG NEW      3.17    01/13/21       CNY    69.97
CHONGQING LIANGJIANG NEW      3.60    04/19/21       CNY    70.10
CHONGQING NANFA URBAN CON     6.43    04/27/20       CNY    20.27
CHONGQING NANFA URBAN CON     6.43    04/27/20       CNY    20.28
CHONGQING QIANJIANG CITY      8.00    03/21/21       CNY    40.93
CHONGQING QIANJIANG CITY      8.00    03/21/21       CNY    41.70
CHONGQING QIJIANG EAST NE     6.75    01/29/20       CNY    20.00
CHONGQING QIJIANG EAST NE     6.75    01/29/20       CNY    20.09
CHONGQING SHUANGFU CONSTR     7.49    10/23/20       CNY    40.00
CHONGQING SHUANGFU CONSTR     7.49    10/23/20       CNY    40.00
CHONGQING SHUANGQIAO ECON     6.75    04/26/20       CNY    20.20
CHONGQING SHUANGQIAO ECON     5.99    11/19/21       CNY    60.05
CHONGQING SHUANGQIAO ECON     5.99    11/19/21       CNY    66.25
CHONGQING TAX FREE PORT A     7.50    04/24/21       CNY    41.52
CHONGQING TAX FREE PORT A     7.50    04/24/21       CNY    41.70
CHONGQING TEA GARDEN INDU     7.70    05/20/21       CNY    40.75
CHONGQING TONGLIANG JINLO     6.59    04/08/22       CNY    60.00
CHONGQING TONGLIANG JINLO     6.59    04/08/22       CNY    61.82
CHONGQING WANSHENG ECO &      6.39    04/17/20       CNY    20.16
CHONGQING WANSHENG ECO &      6.39    04/17/20       CNY    20.20
CHONGQING WANSHENG ECO &      6.95    08/25/21       CNY    40.63
CHONGQING WANSHENG ECO &      8.19    04/08/21       CNY    40.91
CHONGQING WANSHENG ECO &      8.19    04/08/21       CNY    43.90
CHONGQING WANSHENG ECO &      6.95    08/25/21       CNY    45.00
CHONGQING WANZHOU SANXIA      4.95    08/25/22       CNY    61.66
CHONGQING WANZHOU SANXIA      4.95    08/25/22       CNY    64.21
CHONGQING XIYONG MICRO-EL     6.58    07/25/21       CNY    41.43
CHONGQING XIYONG MICRO-EL     6.58    07/25/21       CNY    42.33
CHONGQING YONGCHUAN HUITO     7.33    10/16/19       CNY    20.01
CHONGQING YONGCHUAN HUITO     7.33    10/16/19       CNY    20.32
CHONGQING YONGCHUAN HUITO     7.28    05/30/21       CNY    40.77
CHONGQING YONGCHUAN HUITO     7.28    05/30/21       CNY    41.60
CHONGQING YUELAI INVESTME     6.09    04/29/22       CNY    60.00
CHONGQING YUELAI INVESTME     6.09    04/29/22       CNY    61.78
CHONGQING YUNAN ASSET MAN     7.05    06/17/21       CNY    40.00
CHONGQING YUNAN ASSET MAN     7.05    06/17/21       CNY    40.63
CHONGQING YUXING CONSTRUC     7.30    12/10/19       CNY    19.52
CHONGQING YUXING CONSTRUC     7.30    12/10/19       CNY    20.08
CHONGQING YUZHONG STATE-O     7.25    02/26/21       CNY    40.91
CHUN'AN XINANJIANG DEVELO     6.10    03/11/22       CNY    61.15
CHUN'AN XINANJIANG DEVELO     6.10    03/11/22       CNY    64.55
CHUXIONG AUTONOMOUS DEVEL     6.60    03/29/20       CNY    19.76
CHUXIONG AUTONOMOUS DEVEL     6.60    03/29/20       CNY    19.80
CHUZHOU CITY CONSTRUCTION     6.81    11/23/19       CNY    20.07
CHUZHOU CITY CONSTRUCTION     6.81    11/23/19       CNY    20.16
CHUZHOU CITY CONSTRUCTION     6.40    08/22/21       CNY    41.00
CHUZHOU CITY CONSTRUCTION     6.40    08/22/21       CNY    41.46
CHUZHOU TONGCHUANG CONSTR     7.05    01/09/20       CNY    20.00
CHUZHOU TONGCHUANG CONSTR     7.05    01/09/20       CNY    20.13
CITIC GUOAN GROUP CORP        4.90    11/06/19       CNY    18.20
CITIC GUOAN GROUP CORP        4.49    03/08/21       CNY    18.25
CITIC GUOAN GROUP CORP        5.80    12/15/19       CNY    18.25
CITIC GUOAN GROUP CORP        4.23    12/15/20       CNY    18.25
CIXI CITY CONSTRUCTION IN     6.18    08/18/21       CNY    41.09
CIXI CITY CONSTRUCTION IN     6.18    08/18/21       CNY    48.80
DALI ECONOMIC DEVELOPMENT     7.90    03/04/21       CNY    40.00
DALI ECONOMIC DEVELOPMENT     8.30    12/11/20       CNY    40.60
DALI ECONOMIC DEVELOPMENT     7.90    03/04/21       CNY    40.70
DALI ECONOMIC DEVELOPMENT     8.30    12/11/20       CNY    40.72
DALIAN DETA HOLDING CO LT     6.50    11/15/19       CNY    20.04
DALIAN PUWAN ENGINEERING      7.09    02/20/21       CNY    39.80
DALIAN PUWAN ENGINEERING      4.50    02/01/23       CNY    74.50
DALIAN PUWAN ENGINEERING      4.50    02/01/23       CNY    74.73
DALIAN RONGDA INVESTMENT      5.69    12/05/21       CNY    60.15
DALIAN RONGDA INVESTMENT      5.69    12/05/21       CNY    60.15
DALIAN RONGQIANG INVESTME     7.92    04/14/21       CNY    40.81
DALIAN RONGQIANG INVESTME     8.60    01/20/21       CNY    40.81
DALIAN RONGQIANG INVESTME     7.92    04/14/21       CNY    40.82
DALIAN RONGQIANG INVESTME     8.60    01/20/21       CNY    40.82
DANDONG PORT GROUP CO LTD     5.50    01/27/21       CNY    59.00
DANGTU COUNTY CONSTRUCTIO     5.38    08/10/22       CNY    61.35
DANGTU COUNTY CONSTRUCTIO     5.38    08/10/22       CNY    63.00
DANGYANG XINYUAN INVESTME     7.99    05/23/21       CNY    40.00
DANGYANG XINYUAN INVESTME     7.99    05/23/21       CNY    41.12
DANYANG HI-TECH INDUSTRY      6.40    04/24/22       CNY    59.64
DANYANG HI-TECH INDUSTRY      6.40    04/24/22       CNY    60.00
DANYANG INVESTMENT GROUP      6.81    10/23/19       CNY    25.02
DANYANG INVESTMENT GROUP      6.81    10/23/19       CNY    25.11
DANYANG INVESTMENT GROUP      6.90    10/23/20       CNY    40.45
DANYANG INVESTMENT GROUP      6.90    10/23/20       CNY    40.58
DAQING GAOXIN STATE-OWNED     6.88    12/05/19       CNY    20.03
DAQING GAOXIN STATE-OWNED     6.88    12/05/19       CNY    20.03
DAWA COUNTY CITY CONSTRUC     6.29    06/12/22       CNY    58.36
DAWA COUNTY CITY CONSTRUC     6.29    06/12/22       CNY    62.50
DAYE ZHENHENG CITY DEVELO     7.95    11/27/20       CNY    40.62
DAYE ZHENHENG CITY DEVELO     7.95    11/27/20       CNY    40.83
DAYE ZHENHENG CITY DEVELO     7.30    03/03/21       CNY    40.84
DAYE ZHENHENG CITY DEVELO     7.30    03/03/21       CNY    43.53
DAZHOU DEVELOPMENT HOLDIN     6.55    01/14/22       CNY    60.00
DAZHOU DEVELOPMENT HOLDIN     6.55    01/14/22       CNY    61.53
DAZHOU INVESTMENT CO LTD      6.99    12/25/19       CNY    20.11
DAZHOU INVESTMENT CO LTD      6.99    12/25/19       CNY    20.34
DEHONGZHOU HONGKANG INVES     6.68    01/23/22       CNY    60.23
DEHONGZHOU HONGKANG INVES     6.68    01/23/22       CNY    60.93
DEYANG ECONOMIC DEVELOPME     7.90    04/28/21       CNY    40.53
DEYANG ECONOMIC DEVELOPME     7.90    04/28/21       CNY    48.26
DONGLING GROUP INC CO         8.00    07/14/22       CNY    60.00
DONGLING GROUP INC CO         8.00    07/14/22       CNY    61.72
DONGTAI UBAN CONSTRUCTION     7.10    12/26/19       CNY    20.08
DONGTAI UBAN CONSTRUCTION     7.10    12/26/19       CNY    20.15
DONGTAI UBAN CONSTRUCTION     7.58    04/23/21       CNY    41.16
DONGTAI UBAN CONSTRUCTION     8.65    01/13/21       CNY    41.17
DONGTAI UBAN CONSTRUCTION     7.58    04/23/21       CNY    48.48
DONGYING CITY URBAN ASSET     5.57    03/31/22       CNY    60.98
DONGYING CITY URBAN ASSET     5.57    03/31/22       CNY    61.76
DR PENG TELECOM & MEDIA G     6.00    06/16/22       CNY    65.01
DR PENG TELECOM & MEDIA G     7.00    04/25/23       CNY    75.00
DUJIANGYAN XINGYAN INVEST     6.10    03/12/22       CNY    60.00
DUJIANGYAN XINGYAN INVEST     6.10    03/12/22       CNY    60.29
EASTAR HOLDINGS GROUP CO      7.30    10/31/20       CNY    63.00
ENSHI URBAN CONSTRUCTION      7.55    10/22/19       CNY    20.02
ENSHI URBAN CONSTRUCTION      7.50    06/03/21       CNY    41.24
ENSHI URBAN CONSTRUCTION      7.50    06/03/21       CNY    47.54
EZHOU CITY CONSTRUCTION I     6.68    09/19/21       CNY    41.00
EZHOU CITY CONSTRUCTION I     6.68    09/19/21       CNY    41.44
EZHOU CITY CONSTRUCTION I     7.76    05/15/21       CNY    41.54
EZHOU CITY CONSTRUCTION I     7.76    05/15/21       CNY    46.50
FANGCHENGGANG CITY GANGGO     8.09    04/16/21       CNY    41.16
FANGCHENGGANG CITY GANGGO     8.09    04/16/21       CNY    42.00
FENGCHENG CITY CONSTRUCTI     6.49    02/10/22       CNY    61.46
FENGCHENG CITY CONSTRUCTI     6.49    02/10/22       CNY    64.49
FENGXIAN URBAN INVESTMENT     4.23    07/13/21       CNY    54.32
FENGXIAN URBAN INVESTMENT     4.23    07/13/21       CNY    55.04
FENGXIAN URBAN INVESTMENT     6.48    03/20/22       CNY    60.00
FENGXIAN URBAN INVESTMENT     6.48    03/20/22       CNY    61.82
FUGU COUNTY STATE-OWNED A     8.69    12/16/20       CNY    40.90
FUGU COUNTY STATE-OWNED A     8.69    12/16/20       CNY    43.00
FUGUINIAO CO LTD              6.30    04/22/20       CNY    13.00
FUJIAN JINJIANG INDUSTRIA     7.08    06/27/21       CNY    40.80
FUJIAN JINJIANG INDUSTRIA     7.08    06/27/21       CNY    41.52
FUJIAN JINJIANG URBAN CON     6.35    04/26/20       CNY    20.20
FUJIAN JINJIANG URBAN CON     6.35    04/26/20       CNY    20.32
FUJIAN NANPING HIGHWAY CO     6.69    01/28/20       CNY    20.12
FUJIAN NANPING HIGHWAY CO     6.69    01/28/20       CNY    20.21
FUJIAN PROVINCE LIANJIANG     6.29    04/30/22       CNY    60.00
FUJIAN PROVINCE LIANJIANG     6.29    04/30/22       CNY    61.20
FUJIAN ZHANGLONG GROUP CO     4.99    08/07/22       CNY    60.00
FUJIAN ZHANGLONG GROUP CO     4.99    08/07/22       CNY    61.36
FUNING URBAN INVESTMENT D     7.19    08/15/21       CNY    40.81
FUNING URBAN INVESTMENT D     7.19    08/15/21       CNY    41.15
FUQING CITY STATE-OWNED A     6.66    03/01/21       CNY    40.33
FUQING CITY STATE-OWNED A     5.94    11/26/22       CNY    70.73
FUXIN INFRASTRUCTURE CONS     6.18    03/18/22       CNY    59.98
FUXIN INFRASTRUCTURE CONS     6.18    03/18/22       CNY    62.80
FUZHOU INVESTMENT DEVELOP     6.78    01/16/20       CNY    20.15
FUZHOU JIANGONG GROUP CO      6.80    12/10/19       CNY    40.14
FUZHOU URBAN AND RURAL CO     4.89    07/08/22       CNY    60.00
FUZHOU URBAN AND RURAL CO     5.48    01/26/22       CNY    60.00
FUZHOU URBAN AND RURAL CO     4.89    07/08/22       CNY    61.11
FUZHOU URBAN AND RURAL CO     5.48    01/26/22       CNY    61.36
GANSU PROVINCIAL STATE-OW     5.40    03/06/20       CNY    40.20
GANSU PROVINCIAL STATE-OW     5.40    03/06/20       CNY    40.28
GANZHOU CITY DEVELOPMENT      5.50    06/16/22       CNY    60.00
GANZHOU CITY DEVELOPMENT      5.50    06/16/22       CNY    61.80
GANZHOU DEVELOPMENT ZONE      8.15    12/31/19       CNY    25.19
GANZHOU DEVELOPMENT ZONE      7.40    02/19/20       CNY    25.24
GANZHOU DEVELOPMENT ZONE      7.40    02/19/20       CNY    32.60
GANZHOU DEVELOPMENT ZONE      8.15    12/31/19       CNY    33.50
GANZHOU DEVELOPMENT ZONE      7.43    02/19/21       CNY    39.00
GANZHOU DEVELOPMENT ZONE      7.43    02/19/21       CNY    41.03
GAOMI STATE-OWNED ASSETS      6.70    11/15/19       CNY    20.06
GAOMI STATE-OWNED ASSETS      6.70    11/15/19       CNY    25.00
GAOYOU CITY CONSTRUCTION      5.48    09/15/22       CNY    60.00
GAOYOU CITY CONSTRUCTION      5.48    09/15/22       CNY    61.33
GOLMUD INVESTMENT HOLDING     8.70    12/30/20       CNY    40.30
GOLMUD INVESTMENT HOLDING     8.70    12/30/20       CNY    40.68
GOOCOO INVESTMENT CO LTD      7.20    02/01/21       CNY    50.00
GREENLAND HOLDING GROUP C     6.24    05/23/20       CNY    25.06
GUANGAN DEVELOPMENT AND C     6.39    03/24/22       CNY    61.73
GUANGAN DEVELOPMENT AND C     6.39    03/24/22       CNY    64.00
GUANGAN ECONOMIC & TECHNO     7.10    09/22/21       CNY    40.73
GUANGAN ECONOMIC & TECHNO     7.10    09/22/21       CNY    40.76
GUANGDONG TAIANTANG PHARM     4.98    02/02/21       CNY    65.00
GUANGXI BAISE DEVELOPMENT     7.27    06/20/21       CNY    40.86
GUANGXI LAIBIN INDUSTRIAL     5.97    11/26/21       CNY    60.00
GUANGXI LAIBIN INDUSTRIAL     5.97    11/26/21       CNY    61.00
GUANGXI LIUZHOU DONGCHENG     7.40    10/29/20       CNY    40.54
GUANGXI LIUZHOU DONGCHENG     7.40    10/29/20       CNY    41.00
GUANGXI QINZHOU LINHAI IN     7.68    02/20/21       CNY    40.74
GUANGXI QINZHOU LINHAI IN     7.68    02/20/21       CNY    44.77
GUANGXI URBAN CONSTRUCTIO     7.59    04/14/21       CNY    41.27
GUANGYUAN INVESTMENT HOLD     7.30    04/22/21       CNY    40.98
GUANGYUAN INVESTMENT HOLD     7.30    04/22/21       CNY    41.15
GUANGYUAN YUANQU CONSTRUC     8.35    08/26/21       CNY    42.07
GUANGYUAN YUANQU CONSTRUC     8.35    08/26/21       CNY    47.00
GUANGZHOU METRO GROUP CO      6.45    04/02/24       CNY    70.00
GUANGZHOU METRO GROUP CO      6.05    06/03/24       CNY    73.97
GUANGZHOU METRO GROUP CO      6.45    04/02/24       CNY    74.29
GUILIN CITY INVESTMENT AN     6.90    06/13/21       CNY    40.00
GUILIN CITY INVESTMENT AN     6.90    06/13/21       CNY    40.52
GUILIN ECONOMIC CONSTRUCT     5.60    04/22/22       CNY    60.00
GUILIN ECONOMIC CONSTRUCT     5.60    04/22/22       CNY    61.49
GUIRENNIAO CO LTD             7.00    12/03/19       CNY    49.50
GUIYANG BAIYUN INDUSTRY D     7.30    03/27/22       CNY    60.63
GUIYANG BAIYUN INDUSTRY D     7.30    03/27/22       CNY    65.00
GUIYANG HI-TECH HOLDING C     6.01    12/01/19       CNY    25.01
GUIYANG URBAN CONSTRUCTIO     5.23    12/02/22       CNY    74.00
GUIYANG URBAN DEVELOPMENT     6.20    02/28/20       CNY    20.03
GUIZHOU FANJINGSHAN INVES     6.95    01/28/22       CNY    60.00
GUIZHOU FANJINGSHAN INVES     6.95    01/28/22       CNY    61.05
GUIZHOU GUILONG INDUSTRIA     7.80    04/28/22       CNY    74.23
GUIZHOU HONGCAI INVESTMEN     6.00    06/07/23       CNY    72.40
GUIZHOU HONGCAI INVESTMEN     6.00    06/07/23       CNY    74.07
GUIZHOU RAILWAY INVESTMEN     7.20    03/27/22       CNY    62.90
GUIZHOU RAILWAY INVESTMEN     7.20    03/27/22       CNY    63.01
HAICHENG URBAN JINCAI LAN     8.17    04/16/21       CNY    39.90
HAICHENG URBAN JINCAI LAN     8.56    12/19/20       CNY    40.68
HAICHENG URBAN JINCAI LAN     8.17    04/16/21       CNY    40.92
HAICHENG URBAN JINCAI LAN     8.56    12/19/20       CNY    49.00
HAIFENG MARINE INFRASTRUC     6.84    04/29/22       CNY    60.00
HAIFENG MARINE INFRASTRUC     6.84    04/29/22       CNY    61.33
HAIMEN CITY DEVELOPMENT G     6.22    04/03/22       CNY    62.15
HAIMEN CITY DEVELOPMENT G     6.22    04/03/22       CNY    62.20
HAINAN HARBOR & SHIPPING      6.80    10/18/19       CNY    40.06
HAINAN HARBOR & SHIPPING      6.80    10/18/19       CNY    40.55
HAINAN JINHAI PULP & PAPE     6.10    04/15/20       CNY    37.50
HAINAN JINHAI PULP & PAPE     6.10    04/15/20       CNY    40.31
HAINING ASSET MANAGEMENT      6.08    03/06/20       CNY    20.13
HAINING ASSET MANAGEMENT      6.08    03/06/20       CNY    20.35
HAINING CITY DEVELOPMENT      5.58    10/22/21       CNY    61.06
HAINING CITY DEVELOPMENT      5.58    10/22/21       CNY    65.20
HAINING CITY JIANSHAN DIS     6.90    11/04/20       CNY    40.60
HAINING CITY JIANSHAN DIS     6.90    11/04/20       CNY    41.42
HAIXI STATE DEVELOPMENT I     8.60    01/02/21       CNY    40.90
HAIYAN COUNTY STATE-OWNED     7.00    09/04/20       CNY    20.51
HANDAN CONSTRUCTION & INV     5.48    05/27/22       CNY    61.34
HANDAN CONSTRUCTION & INV     5.48    05/27/22       CNY    67.20
HANGZHOU CANAL COMPREHENS     6.00    04/02/20       CNY    20.14
HANGZHOU CANAL COMPREHENS     6.00    04/02/20       CNY    20.20
HANGZHOU FUYANG CITY CONS     7.20    03/19/21       CNY    41.11
HANGZHOU FUYANG CITY CONS     7.20    03/19/21       CNY    41.12
HANGZHOU GONGSHU DISTRICT     6.90    07/21/21       CNY    40.40
HANGZHOU GONGSHU DISTRICT     6.90    07/21/21       CNY    41.50
HANGZHOU HIGH-TECH INDUST     6.45    01/28/20       CNY    20.17
HANGZHOU HIGH-TECH INDUST     6.45    01/28/20       CNY    20.25
HANGZHOU METRO GROUP CO L     5.97    09/17/24       CNY    73.50
HANGZHOU XIAOSHAN ECO&TEC     6.90    05/13/21       CNY    41.47
HANGZHOU YUHANG CITY CONS     7.00    03/03/21       CNY    41.21
HANGZHOU YUHANG ECONOMIC      7.45    03/03/21       CNY    41.12
HANGZHOU YUHANG ECONOMIC      7.45    03/03/21       CNY    41.30
HANGZHOU YUHANG INNOVATIO     6.50    03/18/20       CNY    20.26
HANGZHOU YUHANG INNOVATIO     6.50    03/18/20       CNY    20.32
HANGZHOU YUHANG TRANSPORT     7.19    04/18/21       CNY    41.35
HANGZHOU YUHANG TRANSPORT     7.19    04/18/21       CNY    41.85
HANJIANG STATE-OWNED-ASSE     7.30    11/11/20       CNY    40.83
HANJIANG STATE-OWNED-ASSE     7.30    11/11/20       CNY    46.60
HAWTAI MOTOR GROUP LTD        7.20    04/14/21       CNY    60.00
HAWTAI MOTOR GROUP LTD        6.10    10/26/21       CNY    74.00
HEBI ECONOMIC CONSTRUCTIO     7.88    08/01/21       CNY    41.34
HEBI ECONOMIC CONSTRUCTIO     7.88    08/01/21       CNY    43.26
HEFEI GAOXIN DEVELOPMENT      6.90    03/12/20       CNY    40.38
HEFEI INDUSTRIAL INVESTME     6.30    03/20/20       CNY    20.14
HEFEI INDUSTRIAL INVESTME     6.30    03/20/20       CNY    21.12
HEILONGJIANG HECHENG CONS     7.05    06/21/22       CNY    43.35
HEILONGJIANG HECHENG CONS     7.05    06/21/22       CNY    45.22
HEILONGJIANG HECHENG CONS     5.60    11/11/21       CNY    59.74
HEILONGJIANG HECHENG CONS     5.60    11/11/21       CNY    60.00
HEILONGJIANG POST-DISASTE     7.06    11/20/20       CNY    13.17
HEILONGJIANG POST-DISASTE     7.10    11/19/20       CNY    35.49
HEILONGJIANG POST-DISASTE     7.06    11/20/20       CNY    50.43
HEILONGJIANG POST-DISASTE     7.10    11/19/20       CNY    50.72
HEISHAN TONGHE ASSET MANA     6.79    09/18/22       CNY    59.28
HEISHAN TONGHE ASSET MANA     6.79    09/18/22       CNY    60.06
HENGYANG BAISHAZHOU DEVEL     6.87    08/22/21       CNY    40.36
HENGYANG BAISHAZHOU DEVEL     6.87    08/22/21       CNY    44.50
HENGYANG HONGXIANG STATE-     6.20    06/19/20       CNY    20.00
HENGYANG HONGXIANG STATE-     6.20    06/19/20       CNY    20.10
HENGYANG XIANGJIANG WATER     7.40    04/23/21       CNY    41.10
HENGYANG XIANGJIANG WATER     7.40    04/23/21       CNY    41.16
HEYUAN CITY RUNYE INVESTM     6.20    12/03/21       CNY    61.01
HEYUAN CITY RUNYE INVESTM     6.20    12/03/21       CNY    65.88
HEZE INVESTMENT DEVELOPME     7.14    03/24/21       CNY    41.46
HEZE INVESTMENT DEVELOPME     7.14    03/24/21       CNY    41.52
HEZHOU URBAN CONSTRUCTION     8.16    05/16/21       CNY    41.24
HEZHOU URBAN CONSTRUCTION     8.16    05/16/21       CNY    41.38
HONGHEZHOU ROAD DEVELOPME     6.27    05/06/20       CNY    20.15
HONGHEZHOU ROAD DEVELOPME     6.27    05/06/20       CNY    20.32
HUACHEN ENERGY CO LTD         6.63    05/18/20       USD    58.41
HUAIAN CITY URBAN ASSET O     6.87    12/26/19       CNY    20.16
HUAIAN CITY URBAN ASSET O     5.70    04/23/22       CNY    61.45
HUAIAN CITY URBAN ASSET O     5.70    04/23/22       CNY    61.85
HUAI'AN DEVELOPMENT HOLDI     7.30    03/10/21       CNY    41.05
HUAI'AN DEVELOPMENT HOLDI     7.30    03/10/21       CNY    47.84
HUAIAN HONGRI TRANSPORTAT     5.09    04/20/23       CNY    67.89
HUAI'AN NEW CITY INVESTME     7.45    03/04/21       CNY    40.00
HUAI'AN NEW CITY INVESTME     7.45    03/04/21       CNY    40.92
HUAI'AN NEW CITY INVESTME     6.95    07/28/21       CNY    41.28
HUAI'AN NEW CITY INVESTME     6.95    07/28/21       CNY    47.50
HUAIAN QINGHE NEW AREA IN     6.68    01/24/20       CNY    20.09
HUAIAN QINGHE NEW AREA IN     6.68    01/24/20       CNY    24.14
HUAIHUA CITY INDUSTRIAL P     7.70    10/29/20       CNY    40.20
HUAIHUA CITY INDUSTRIAL P     7.70    10/29/20       CNY    40.43
HUAIHUA ECONOMIC DEVELOPM     6.80    03/26/22       CNY    60.00
HUAIHUA ECONOMIC DEVELOPM     6.80    03/26/22       CNY    60.32
HUAINAN URBAN CONSTRUCTIO     6.79    07/09/21       CNY    41.09
HUAINAN URBAN CONSTRUCTIO     6.79    07/09/21       CNY    41.65
HUANGGANG CITY CONSTRUCTI     7.45    03/04/21       CNY    41.25
HUANGGANG CITY CONSTRUCTI     8.60    12/25/20       CNY    41.38
HUANGSHAN CHENGTOU GROUP      5.95    05/06/22       CNY    60.65
HUANGSHAN CHENGTOU GROUP      5.95    05/06/22       CNY    60.94
HUANGSHI CIHU HIGH-TECH D     8.70    12/05/20       CNY    40.71
HUANGSHI CIHU HIGH-TECH D     9.30    01/21/21       CNY    41.12
HUANGSHI URBAN CONSTRUCTI     6.96    10/25/19       CNY    20.02
HUANGSHI URBAN CONSTRUCTI     5.99    04/29/22       CNY    60.00
HUANGSHI URBAN CONSTRUCTI     5.99    04/29/22       CNY    61.47
HUBEI PROVINCE CHANGJIANG     6.15    04/03/22       CNY    61.96
HUBEI PROVINCE CHANGJIANG     6.15    04/03/22       CNY    62.40
HUBEI QUANZHOU YANGTZE CO     6.50    04/02/20       CNY    40.20
HUBEI QUANZHOU YANGTZE CO     6.50    04/02/20       CNY    40.21
HUIAN STATE ASSETS INVEST     7.50    10/15/19       CNY    20.01
HUIAN STATE ASSETS INVEST     7.50    10/15/19       CNY    20.01
HULUDAO INVESTMENT GROUP      7.05    10/18/20       CNY    40.33
HULUDAO INVESTMENT GROUP      7.05    10/18/20       CNY    40.52
HULUDAO INVESTMENT GROUP      7.50    10/18/23       CNY    72.86
HULUNBEIER INVESTMENT CO      6.31    04/30/22       CNY    60.00
HULUNBEIER INVESTMENT CO      6.31    04/30/22       CNY    60.79
HUNAN CHANGDE DEYUAN INVE     6.50    06/16/21       CNY    41.20
HUNAN CHANGDE DEYUAN INVE     6.50    06/16/21       CNY    42.25
HUNAN LOUDI ECONOMIC & TE     6.36    03/13/22       CNY    57.25
HUNAN LOUDI ECONOMIC & TE     6.36    03/13/22       CNY    67.00
HUNAN LOUDI ECONOMIC & TE     4.89    03/30/23       CNY    74.46
HUNAN LOUDI ECONOMIC & TE     4.89    03/30/23       CNY    74.72
HUNAN TIER GROUP CO LTD       7.10    03/03/21       CNY    40.94
HUNAN TIER GROUP CO LTD       8.00    12/23/20       CNY    40.98
HUNAN TIER GROUP CO LTD       7.10    03/03/21       CNY    41.78
HUNAN TIER GROUP CO LTD       8.00    12/23/20       CNY    42.72
HUNAN XIANGJIANG NEW AREA     7.36    03/17/21       CNY    40.00
HUNAN XIANGJIANG NEW AREA     7.36    03/17/21       CNY    41.31
HUNNAN JINYANG INVESTMENT     5.70    11/27/21       CNY    58.60
HUNNAN JINYANG INVESTMENT     5.70    11/27/21       CNY    60.64
HUZHOU CITY INVESTMENT DE     6.70    12/14/19       CNY    20.09
HUZHOU URBAN CONSTRUCTION     6.48    08/28/21       CNY    41.42
HUZHOU URBAN CONSTRUCTION     6.48    08/28/21       CNY    42.38
HUZHOU WUXING NANTAIHU CO     8.79    01/16/21       CNY    41.01
HUZHOU XISAISHAN DEVELOPM     7.80    04/29/21       CNY    40.00
HUZHOU XISAISHAN DEVELOPM     7.80    04/29/21       CNY    41.32
INNER MONGOLIA KE'ERQIN U     6.45    04/30/22       CNY    58.76
INNER MONGOLIA KE'ERQIN U     6.50    03/11/22       CNY    59.90
INNER MONGOLIA KE'ERQIN U     6.50    03/11/22       CNY    60.00
INNER MONGOLIA KE'ERQIN U     6.45    04/30/22       CNY    60.00
INNER MONGOLIA SHENGXIANG     8.18    08/21/21       CNY    40.56
INNER MONGOLIA SHENGXIANG     8.18    08/21/21       CNY    44.00
INNER MONGOLIA ZHUNGEER S     6.54    12/31/21       CNY    61.77
INNER MONGOLIA ZHUNGEER S     6.54    12/31/21       CNY    62.10
JIAN CITY JINGANGSHAN DEV     7.99    06/03/21       CNY    40.84
JIAN CITY JINGANGSHAN DEV     7.99    06/03/21       CNY    40.97
JIANAN INVESTMENT HOLDING     6.85    05/23/21       CNY    41.18
JIANAN INVESTMENT HOLDING     6.85    05/23/21       CNY    46.50
JIANGDONG HOLDING GROUP C     7.14    04/24/21       CNY    41.25
JIANGDONG HOLDING GROUP C     7.14    04/24/21       CNY    41.50
JIANGMEN BINJIANG CONSTRU     6.60    02/28/20       CNY    20.19
JIANGMEN BINJIANG CONSTRU     6.60    02/28/20       CNY    20.25
JIANGMEN NEW HI-TECH INDU     7.39    11/04/20       CNY    40.59
JIANGMEN NEW HI-TECH INDU     7.39    11/04/20       CNY    40.89
JIANGMEN NEW HI-TECH INDU     6.03    04/22/22       CNY    61.77
JIANGMEN NEW HI-TECH INDU     6.03    04/22/22       CNY    61.85
JIANGSU HANRUI INVESTMENT     5.00    08/31/23       CNY    74.63
JIANGSU HENGYUAN INVESTME     8.60    01/09/21       CNY    41.16
JIANGSU HENGYUAN INVESTME     8.60    01/09/21       CNY    49.30
JIANGSU HUAJING ASSETS MA     6.00    05/16/20       CNY    20.17
JIANGSU HUAJING ASSETS MA     6.00    05/16/20       CNY    20.19
JIANGSU JINGUAN INVESTMEN     7.90    04/08/21       CNY    40.00
JIANGSU JINGUAN INVESTMEN     7.90    04/08/21       CNY    40.87
JIANGSU JINTAN GUOFA INTE     6.85    05/30/21       CNY    40.00
JIANGSU JINTAN GUOFA INTE     6.85    05/30/21       CNY    40.61
JIANGSU JURONG FUDI BIO-T     7.70    03/21/21       CNY    71.00
JIANGSU JURONG FUDI BIO-T     7.70    03/21/21       CNY    71.99
JIANGSU NANTONG NO2 CONST     8.10    07/10/21       CNY    40.54
JIANGSU NEWHEADLINE DEVEL     7.00    08/27/20       CNY    25.36
JIANGSU NEWHEADLINE DEVEL     7.00    08/27/20       CNY    29.90
JIANGSU SUHAI INVESTMENT      7.20    11/07/19       CNY    20.01
JIANGSU SUHAI INVESTMENT      7.20    11/07/19       CNY    20.25
JIANGSU SUHAI INVESTMENT      7.28    05/29/21       CNY    40.71
JIANGSU SUHAI INVESTMENT      7.28    05/29/21       CNY    45.00
JIANGSU TAICANG PORT DEVE     7.40    04/28/21       CNY    40.00
JIANGSU TAICANG PORT DEVE     7.40    04/28/21       CNY    41.29
JIANGSU WANGTAO INVESTMEN     6.82    09/15/20       CNY    25.48
JIANGSU WANGTAO INVESTMEN     6.82    09/15/20       CNY    26.10
JIANGSU WUZHONG ECONOMIC      5.49    11/19/21       CNY    60.32
JIANGSU WUZHONG ECONOMIC      5.49    11/19/21       CNY    61.06
JIANGSU XISHAN ECONOMIC D     6.99    11/01/19       CNY    20.04
JIANGSU XISHAN ECONOMIC D     6.99    11/01/19       CNY    31.00
JIANGSU XISHAN ECONOMIC D     5.78    07/20/22       CNY    60.50
JIANGSU XISHAN ECONOMIC D     5.78    07/20/22       CNY    61.61
JIANGSU YANGKOU PORT CONS     6.23    04/10/22       CNY    60.39
JIANGSU YANGKOU PORT CONS     6.23    04/10/22       CNY    67.50
JIANGSU YIXING ECONOMIC D     7.69    04/18/21       CNY    40.96
JIANGSU YIXING ECONOMIC D     7.69    04/18/21       CNY    50.19
JIANGSU ZHANGJIAGANG ECON     6.98    11/16/19       CNY    20.07
JIANGSU ZHUFU INDUSTRIAL      4.93    12/29/20       CNY    70.06
JIANGXI HUIHENG PROPERTY      4.43    08/30/21       CNY    58.90
JIANGXI HUIHENG PROPERTY      4.43    08/30/21       CNY    68.51
JIANGXI PINGXIANG CHANGSH     8.18    05/22/21       CNY    40.97
JIANGXI PINGXIANG CHANGSH     8.18    05/22/21       CNY    49.34
JIANGXI PROVINCE SITONG R     8.20    04/18/21       CNY    40.98
JIANGXI PROVINCE SITONG R     8.20    04/18/21       CNY    41.10
JIANGYIN GAOXIN DISTRICT      6.60    02/27/20       CNY    20.15
JIANGYIN LINGANG NEW CITY     7.10    11/07/20       CNY    40.30
JIANGYIN LINGANG NEW CITY     7.10    11/07/20       CNY    41.00
JIANGYOU HONGFEI INVESTME     6.55    09/02/22       CNY    59.46
JIANGYOU HONGFEI INVESTME     6.55    09/02/22       CNY    60.03
JIANHU COUNTY DEVELOPMENT     7.29    09/25/21       CNY    40.77
JIANHU COUNTY DEVELOPMENT     7.29    09/25/21       CNY    42.75
JIANHU URBAN CONSTRUCTION     6.50    02/22/20       CNY    20.02
JIANHU URBAN CONSTRUCTION     6.50    02/22/20       CNY    21.50
JIANHU URBAN CONSTRUCTION     6.30    06/01/22       CNY    59.30
JIANHU URBAN CONSTRUCTION     6.30    06/01/22       CNY    62.86
JIASHAN ECONOMIC DEVELOPM     7.05    12/03/19       CNY    20.07
JIASHAN ECONOMIC DEVELOPM     7.05    12/03/19       CNY    24.43
JIAXING ECONOMIC&TECHNOLO     7.89    03/05/21       CNY    41.28
JIAXING ECONOMIC&TECHNOLO     7.89    03/05/21       CNY    45.17
JIAXING NANHU INVESTMENT      7.45    02/26/21       CNY    41.37
JIAXING NANHU INVESTMENT      7.45    02/26/21       CNY    41.80
JIAYUGUAN CITY INFRASTRUC     7.83    09/23/21       CNY    40.00
JIAYUGUAN CITY INFRASTRUC     7.83    09/23/21       CNY    40.46
JIEYANGSHI CHENGSHI TOUZI     6.55    08/27/21       CNY    40.70
JIEYANGSHI CHENGSHI TOUZI     6.55    08/27/21       CNY    41.22
JILIN CITY CONSTRUCTION H     6.34    02/26/20       CNY    20.00
JILIN CITY CONSTRUCTION H     6.34    02/26/20       CNY    20.07
JILIN RAILWAY INVESTMENT      7.18    03/04/21       CNY    40.42
JINAN CITY CONSTRUCTION I     6.80    03/20/21       CNY    41.11
JINAN CITY CONSTRUCTION I     6.80    03/20/21       CNY    41.35
JINAN CITY LICHENG DISTRI     5.00    06/23/22       CNY    59.30
JINAN CITY LICHENG DISTRI     5.00    06/23/22       CNY    60.25
JINAN HI-TECH HOLDING GRO     6.38    06/19/21       CNY    41.14
JINCHENG STATE-OWNED CAPI     4.99    11/11/21       CNY    60.30
JINCHENG STATE-OWNED CAPI     4.99    11/11/21       CNY    60.74
JINGDEZHEN STATE-OWNED AS     6.59    06/25/20       CNY    20.25
JINGDEZHEN STATE-OWNED AS     6.59    06/25/20       CNY    20.40
JINGHONG STATE-OWNED ASSE     8.08    05/23/21       CNY    39.00
JINGHONG STATE-OWNED ASSE     8.08    05/23/21       CNY    39.83
JINGJIANG HARBOUR GROUP C     7.30    08/05/21       CNY    40.23
JINGJIANG HARBOUR GROUP C     7.30    08/05/21       CNY    48.68
JINGMEN CITY CONSTRUCTION     7.00    10/17/20       CNY    38.57
JINGMEN CITY CONSTRUCTION     7.00    10/17/20       CNY    40.58
JINGMEN CITY CONSTRUCTION     6.85    07/09/22       CNY    46.89
JINGMEN CITY CONSTRUCTION     6.85    07/09/22       CNY    47.00
JINGMEN HIGH-TECH DEVELOP     5.48    08/11/22       CNY    59.80
JINGMEN HIGH-TECH DEVELOP     5.48    08/11/22       CNY    61.27
JINGZHOU DEVELOPMENT ZONE     8.20    12/09/20       CNY    40.75
JINGZHOU DEVELOPMENT ZONE     8.20    12/09/20       CNY    41.80
JINHU COUNTY STATE-OWNED      7.75    08/25/21       CNY    41.47
JINHU COUNTY STATE-OWNED      7.75    08/25/21       CNY    46.95
JINHU COUNTY STATE-OWNED      4.00    07/26/22       CNY    74.39
JINING CITY SHIZHONG DIST     6.39    01/29/22       CNY    61.49
JINING CITY SHIZHONG DIST     6.39    01/29/22       CNY    64.44
JINING HI-TECH TOWN CONST     6.09    04/30/22       CNY    61.50
JINING HI-TECH TOWN CONST     6.09    04/30/22       CNY    61.84
JINSHAN STATE-OWNED ASSET     6.65    11/27/19       CNY    20.06
JINZHONG CITY PUBLIC INFR     6.50    03/18/20       CNY    20.00
JINZHONG CITY PUBLIC INFR     6.50    03/18/20       CNY    20.16
JINZHOU CITY INVESTMENT C     6.44    08/18/21       CNY    40.62
JINZHOU CITY INVESTMENT C     8.50    12/27/20       CNY    40.80
JINZHOU CITY INVESTMENT C     8.50    12/27/20       CNY    40.94
JINZHOU CITY INVESTMENT C     6.44    08/18/21       CNY    44.91
JINZHOU HUAXING INVESTMEN     8.38    02/25/21       CNY    40.89
JINZHOU HUAXING INVESTMEN     9.10    01/21/21       CNY    41.04
JINZHOU HUAXING INVESTMEN     8.38    02/25/21       CNY    45.00
JISHOU HUATAI STATE OWNED     7.18    02/09/22       CNY    60.71
JISHOU HUATAI STATE OWNED     7.18    02/09/22       CNY    62.82
JIUJIANG CITY CONSTRUCTIO     5.50    05/22/22       CNY    59.55
JIUJIANG CITY CONSTRUCTIO     5.50    05/22/22       CNY    60.66
JIUJIANG LAND INVESTMENT      6.20    03/23/22       CNY    60.36
JIUJIANG LAND INVESTMENT      6.20    03/23/22       CNY    61.70
JIUJIANG STATE-OWNED ASSE     6.68    03/07/20       CNY    20.20
JIUQUAN ECONOMIC DEVELOPM     7.40    02/26/21       CNY    40.79
JIXI STATE OWN ASSET MANA     6.87    01/19/22       CNY    60.00
JIXI STATE OWN ASSET MANA     6.87    01/19/22       CNY    60.18
KAIFENG NEW DISTRICT INFR     6.35    03/23/22       CNY    60.05
KAIFENG NEW DISTRICT INFR     6.35    03/23/22       CNY    60.16
KANGMEI PHARMACEUTICAL CO     6.10    03/28/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.20    07/17/22       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.50    04/20/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.47    09/15/22       CNY    24.25
KANGMEI PHARMACEUTICAL CO     5.29    08/16/22       CNY    24.25
KANGMEI PHARMACEUTICAL CO     6.80    06/28/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     7.00    06/21/21       CNY    24.25
KANGMEI PHARMACEUTICAL CO     6.28    03/20/21       CNY    36.10
KANGMEI PHARMACEUTICAL CO     5.33    01/27/22       CNY    36.69
KASHGAR SHENKA INVESTMENT     7.08    07/07/20       CNY    25.33
KASHI URBAN CONSTRUCTION      5.80    07/20/22       CNY    60.00
KASHI URBAN CONSTRUCTION      5.80    07/20/22       CNY    61.23
KUERLE CITY CONSTRUCTION      6.99    05/20/20       CNY    25.36
KUERLE CITY CONSTRUCTION      6.99    05/20/20       CNY    25.36
KUNMING DIANCHI INVESTMEN     6.50    02/01/20       CNY    20.08
KUNMING DIANCHI INVESTMEN     6.50    02/01/20       CNY    20.16
KUNMING DONGJUN REAL ESTA     4.50    11/02/21       CNY    73.94
KUNMING EXPRESSWAY CONSTR     7.50    01/21/20       CNY    20.14
KUNMING INDUSTRIAL DEVELO     6.46    10/23/19       CNY    20.02
KUNMING INDUSTRIAL DEVELO     6.46    10/23/19       CNY    23.01
KUNSHAN CHUANGYE HOLDING      6.28    11/07/19       CNY    20.05
KUNSHAN COMMUNICATION DEV     6.95    05/22/21       CNY    41.39
KUNSHAN COMMUNICATION DEV     6.95    05/22/21       CNY    45.45
KUNSHAN HIGH TECHNOLOGY G     7.10    03/26/21       CNY    41.33
LAIWU CITY ECONOMIC DEVEL     7.08    02/28/21       CNY    40.59
LAIWU CITY ECONOMIC DEVEL     7.08    02/28/21       CNY    41.40
LANZHOU NATIONAL CAPITAL      6.32    09/10/21       CNY    34.90
LANZHOU NATIONAL CAPITAL      6.32    09/10/21       CNY    39.84
LAOHEKOU CITY CONSTRUCTIO     6.75    08/12/22       CNY    60.89
LAOHEKOU CITY CONSTRUCTIO     6.75    08/12/22       CNY    61.49
LEIYANG CITY AND RURAL CO     7.80    04/10/22       CNY    61.95
LEIYANG CITY AND RURAL CO     7.80    04/10/22       CNY    61.96
LEQING CITY STATE OWNED I     5.99    10/20/21       CNY    60.85
LEQING CITY STATE OWNED I     5.99    10/20/21       CNY    61.28
LESHAN STATE-OWNED ASSET      5.68    10/22/21       CNY    60.97
LESHAN STATE-OWNED ASSET      5.68    10/22/21       CNY    65.60
LIANYUNGANG TRANSPORT GRO     5.47    11/17/21       CNY    60.58
LIANYUNGANG TRANSPORT GRO     5.47    11/17/21       CNY    65.00
LIAONING COASTAL ECONOMIC     8.90    04/01/21       CNY     7.27
LIAONING COASTAL ECONOMIC     8.90    04/01/21       CNY    11.55
LILING LUJIANG INVESTMENT     7.18    09/05/21       CNY    40.83
LILING LUJIANG INVESTMENT     8.10    05/22/21       CNY    40.94
LILING LUJIANG INVESTMENT     8.10    05/22/21       CNY    43.00
LILING LUJIANG INVESTMENT     7.18    09/05/21       CNY    45.23
LINCANG STATE-OWNED ASSET     6.58    04/11/20       CNY    20.00
LINCANG STATE-OWNED ASSET     6.58    04/11/20       CNY    20.09
LINFEN CITY INVESTMENT GR     6.20    05/23/20       CNY    20.18
LINFEN YAODU DISTRICT INV     6.99    09/27/20       CNY    20.00
LINFEN YAODU DISTRICT INV     6.99    09/27/20       CNY    20.13
LINFEN YAODU DISTRICT INV     7.19    03/13/22       CNY    59.94
LINFEN YAODU DISTRICT INV     7.19    03/13/22       CNY    60.37
LINHAI CITY INFRASTRUCTUR     6.30    03/21/20       CNY    20.19
LINHAI CITY INFRASTRUCTUR     6.30    03/21/20       CNY    20.50
LINZHOU ECONOMIC & TECHNO     8.30    04/25/20       CNY    25.00
LINZHOU ECONOMIC & TECHNO     8.30    04/25/20       CNY    25.27
LISHUI CITY CONSTRUCTION      5.67    08/13/22       CNY    60.00
LISHUI CITY CONSTRUCTION      5.67    08/13/22       CNY    61.60
LISHUI CITY CONSTRUCTION      6.00    05/23/20       CNY    20.07
LISHUI CITY CONSTRUCTION      6.00    05/23/20       CNY    20.10
LIUYANG URBAN CONSTRUCTIO     6.98    08/22/21       CNY    41.49
LIUYANG URBAN CONSTRUCTIO     6.98    08/22/21       CNY    41.50
LIUZHOU CITY INVESTMENT C     7.18    12/31/22       CNY    62.29
LIUZHOU LONGJIAN INVESTME     8.28    04/30/24       CNY    70.90
LIUZHOU LONGJIAN INVESTME     8.28    04/30/24       CNY    74.02
LIYANG CITY CONSTRUCTION      6.20    03/08/20       CNY    20.10
LIYANG CITY CONSTRUCTION      6.20    03/08/20       CNY    20.11
LIYANG KUNLUN URBAN CONST     5.90    10/24/21       CNY    58.00
LIYANG KUNLUN URBAN CONST     5.90    10/24/21       CNY    60.98
LONGHAI STATE-OWNED ASSET     6.58    08/15/21       CNY    40.94
LOUDI CITY CONSTRUCTION I     7.95    04/15/21       CNY    41.25
LOUDI CITY CONSTRUCTION I     7.95    04/15/21       CNY    50.31
LOUDI TIDU INVESTMENT DEV     7.18    08/27/21       CNY    40.00
LOUDI TIDU INVESTMENT DEV     7.18    08/27/21       CNY    41.51
LU'AN CITY CONSTRUCTION I     5.20    09/25/20       CNY    49.74
LUJIANG CITY CONSTRUCTION     6.70    04/16/22       CNY    60.00
LUJIANG CITY CONSTRUCTION     6.70    04/16/22       CNY    60.65
LUOHE CITY CONSTRUCTION I     6.99    10/30/19       CNY    20.06
LUOHE CITY CONSTRUCTION I     5.25    09/11/20       CNY    40.57
MA'ANSHAN CIHU HIGH TECHN     6.85    09/09/21       CNY    41.10
MA'ANSHAN CIHU HIGH TECHN     6.85    09/09/21       CNY    43.00
MAANSHAN ECONOMIC TECHNOL     7.10    12/20/19       CNY    20.08
MAANSHAN ECONOMIC TECHNOL     7.10    12/20/19       CNY    21.13
MAANSHAN ECONOMIC TECHNOL     6.49    03/06/22       CNY    61.33
MAANSHAN ECONOMIC TECHNOL     6.49    03/06/22       CNY    64.99
MAANSHAN HUASHAN DISTRICT     6.07    04/20/22       CNY    60.99
MAANSHAN HUASHAN DISTRICT     6.07    04/20/22       CNY    61.84
MEISHAN CITY ASSET OPERAT     7.84    02/26/21       CNY    41.10
MEISHAN CITY ASSET OPERAT     7.84    02/26/21       CNY    41.14
MEISHAN HONGDA CONSTRUCTI     6.56    06/19/20       CNY    20.32
MEIZHOU CITY XIN JIN YE D     6.02    04/22/22       CNY    61.34
MEIZHOU CITY XIN JIN YE D     6.02    04/22/22       CNY    65.32
MEIZHOU KANGDA HIGHWAY CO     6.95    09/10/20       CNY    20.45
MEIZHOU KANGDA HIGHWAY CO     6.95    09/10/20       CNY    20.46
MUDANJIANG AREA URBAN DEV     6.48    06/30/22       CNY    60.70
MUDANJIANG AREA URBAN DEV     6.48    06/30/22       CNY    65.00
MUDANJIANG STATE-OWNED AS     7.70    04/14/21       CNY    40.75
MUDANJIANG STATE-OWNED AS     7.70    04/14/21       CNY    40.76
NANCHANG CITY CONSTRUCTIO     6.19    02/20/20       CNY    20.20
NANCHANG ECONOMY TECHNOLO     6.88    01/09/20       CNY    20.19
NANCHANG MUNICIPAL PUBLIC     5.88    02/25/20       CNY    20.09
NANCHANG MUNICIPAL PUBLIC     5.88    02/25/20       CNY    20.22
NANCHANG WATER CONSERVANC     6.28    06/21/20       CNY    20.26
NANCHONG AIRPORT INVESTME     6.80    01/26/22       CNY    60.78
NANCHONG AIRPORT INVESTME     6.80    01/26/22       CNY    60.99
NANCHONG ECONOMIC DEVELOP     8.28    04/21/21       CNY    41.03
NANCHONG ECONOMIC DEVELOP     8.28    04/21/21       CNY    51.20
NANJING HEXI NEW TOWN ASS     3.47    06/17/21       CNY    69.84
NANJING LISHUI ECONOMIC A     6.27    09/22/21       CNY    40.79
NANJING LISHUI ECONOMIC A     6.27    09/22/21       CNY    42.10
NANJING LISHUI URBAN CONS     5.80    05/29/20       CNY    20.12
NANJING PUKOU ECONOMIC DE     7.10    10/08/19       CNY    20.00
NANJING PUKOU ECONOMIC DE     7.10    10/08/19       CNY    20.01
NANJING STATE OWNED ASSET     5.40    03/06/20       CNY    20.11
NANJING STATE OWNED ASSET     5.60    03/06/23       CNY    62.13
NANJING TANGSHAN CONSTRUC     6.80    06/30/21       CNY    41.24
NANJING TANGSHAN CONSTRUC     6.80    06/30/21       CNY    46.80
NANJING XINGANG DEVELOPME     6.80    01/08/20       CNY    20.07
NANJING XINGANG DEVELOPME     6.80    01/08/20       CNY    20.10
NANNING LVGANG CONSTRUCTI     7.30    06/27/21       CNY    40.95
NANNING LVGANG CONSTRUCTI     7.30    06/27/21       CNY    44.80
NANPING CITY WUYI NEW DIS     6.70    08/06/20       CNY    20.43
NANPING CITY WUYI NEW DIS     6.70    08/06/20       CNY    20.83
NANPING CITY WUYI NEW DIS     4.96    09/28/22       CNY    60.00
NANPING CITY WUYI NEW DIS     4.96    09/28/22       CNY    60.64
NANTONG CHONGCHUAN URBAN      7.15    04/18/21       CNY    41.22
NANTONG CHONGCHUAN URBAN      7.15    04/18/21       CNY    45.40
NANTONG CITY GANGZHA DIST     7.15    01/09/20       CNY    20.19
NANTONG CITY GANGZHA DIST     7.15    01/09/20       CNY    24.00
NANTONG CITY GANGZHA DIST     3.80    09/06/21       CNY    69.53
NANTONG CITY GANGZHA DIST     3.80    09/06/21       CNY    69.55
NANTONG ECONOMIC & TECHNO     5.80    05/17/20       CNY    20.15
NANTONG ECONOMIC & TECHNO     5.80    05/17/20       CNY    20.25
NANTONG SUTONG SCIENCE &      6.20    03/18/22       CNY    60.00
NANTONG SUTONG SCIENCE &      6.20    03/18/22       CNY    61.55
NANYANG INVESTMENT GROUP      7.05    10/24/20       CNY    40.63
NEIJIANG CITY XINGYUAN IN     4.28    08/16/23       CNY    74.37
NEIJIANG INVESTMENT HOLDI     7.99    04/24/21       CNY    41.32
NEIJIANG INVESTMENT HOLDI     7.99    04/24/21       CNY    48.53
NEOGLORY HOLDING GROUP CO     8.00    10/22/20       CNY    56.00
NEOGLORY HOLDING GROUP CO     8.00    09/25/20       CNY    60.00
NEOGLORY HOLDING GROUP CO     8.10    11/23/18       CNY    72.00
NINGBO CITY HAISHU GUANGJ     7.75    03/06/21       CNY    41.27
NINGBO CITY HAISHU GUANGJ     7.75    03/06/21       CNY    46.30
NINGBO CITY ZHENHAI INVES     5.85    12/04/21       CNY    61.13
NINGBO CITY ZHENHAI INVES     5.85    12/04/21       CNY    61.36
NINGBO EASTERN NEW TOWN D     6.45    01/21/20       CNY    20.12
NINGBO EASTERN NEW TOWN D     6.45    01/21/20       CNY    20.32
NINGBO ECONOMIC & TECHNIC     7.09    04/21/21       CNY    41.31
NINGBO ECONOMIC & TECHNIC     7.09    04/21/21       CNY    49.00
NINGBO MEISHAN ISLAND DEV     6.27    03/23/22       CNY    61.88
NINGBO MEISHAN ISLAND DEV     6.27    03/23/22       CNY    68.29
NINGBO SHUNNONG GROUP CO      7.20    10/16/19       CNY    20.02
NINGBO YINCHENG GROUP CO      6.50    03/18/20       CNY    20.16
NINGBO YINCHENG GROUP CO      6.50    03/18/20       CNY    20.24
NINGGUO CITY STATE OWNED      8.70    04/28/21       CNY    41.33
NINGGUO CITY STATE OWNED      8.70    04/28/21       CNY    41.45
NINGHAI COUNTY URBAN INVE     7.99    04/16/21       CNY    41.30
NINGHAI COUNTY URBAN INVE     7.99    04/16/21       CNY    41.40
NINGHAI COUNTY URBAN INVE     8.00    01/02/21       CNY    41.52
NINGHAI COUNTY URBAN INVE     8.00    01/02/21       CNY    45.00
NINGXIANG CITY CONSTRUCTI     6.70    01/20/22       CNY    60.20
NINGXIANG CITY CONSTRUCTI     6.70    01/20/22       CNY    61.84
NINGXIANG ECONOMIC TECHNO     8.20    04/16/21       CNY    41.29
NINGXIANG ECONOMIC TECHNO     8.20    04/16/21       CNY    42.70
PANJIN CITY SHUANGTAIZI D     7.25    01/22/22       CNY    60.15
PANJIN CITY SHUANGTAIZI D     7.25    01/22/22       CNY    60.76
PANSHAN COUNTY STATE-OWNE     7.48    01/21/22       CNY    61.22
PANSHAN COUNTY STATE-OWNE     7.48    01/21/22       CNY    61.34
PANZHIHUA STATE OWNED ASS     5.41    07/29/20       CNY    19.30
PANZHIHUA STATE OWNED ASS     7.60    03/05/21       CNY    40.32
PANZHIHUA STATE OWNED ASS     7.60    03/05/21       CNY    40.85
PANZHIHUA STATE OWNED ASS     8.18    03/13/22       CNY    61.30
PANZHIHUA STATE OWNED ASS     8.18    03/13/22       CNY    62.92
PEIXIAN STATE-OWNED ASSET     7.20    12/06/19       CNY    20.00
PEIXIAN STATE-OWNED ASSET     7.20    12/06/19       CNY    20.06
PINGHU ECONOMIC DEVELOPME     7.99    04/17/21       CNY    40.50
PINGHU ECONOMIC DEVELOPME     7.99    04/17/21       CNY    41.06
PINGLIANG CHENGXIANG CONS     7.10    09/17/20       CNY    20.00
PINGLIANG CHENGXIANG CONS     7.10    09/17/20       CNY    20.25
PINGTAN COMPOSITE EXPERIM     6.58    03/15/20       CNY    20.17
PINGTAN COMPOSITE EXPERIM     6.58    03/15/20       CNY    20.17
PINGXIANG HUIFENG INVESTM     6.60    01/26/22       CNY    59.71
PINGXIANG HUIFENG INVESTM     6.60    01/26/22       CNY    60.00
PINGXIANG URBAN CONSTRUCT     6.89    12/10/19       CNY    20.04
PINGXIANG URBAN CONSTRUCT     6.89    12/10/19       CNY    20.08
PIZHOU CITY HENGRUN INVES     6.46    12/05/21       CNY    61.24
PIZHOU CITY HENGRUN INVES     6.46    12/05/21       CNY    62.46
PIZHOU RUNCHENG ASSET OPE     7.88    04/16/21       CNY    41.38
PIZHOU RUNCHENG ASSET OPE     7.88    04/16/21       CNY    48.80
PUYANG INVESTMENT GROUP C     8.00    12/11/20       CNY    40.00
PUYANG INVESTMENT GROUP C     8.00    12/11/20       CNY    40.80
QIANAN URBAN CONSTRUCTION     7.19    08/11/21       CNY    40.00
QIANAN URBAN CONSTRUCTION     8.88    01/23/21       CNY    40.00
QIANAN URBAN CONSTRUCTION     8.88    01/23/21       CNY    41.23
QIANAN URBAN CONSTRUCTION     7.19    08/11/21       CNY    41.41
QIANAN XINGYUAN WATER IND     6.25    04/22/22       CNY    61.27
QIANAN XINGYUAN WATER IND     6.25    04/22/22       CNY    66.90
QIANDONGNANZHOU KAIHONG A     7.80    10/30/19       CNY    19.95
QIANJIANG URBAN CONSTRUCT     8.38    04/22/21       CNY    41.00
QIANJIANG URBAN CONSTRUCT     8.38    04/22/21       CNY    41.22
QIANNANZHOU INVESTMENT CO     6.43    03/09/22       CNY    59.32
QIANNANZHOU INVESTMENT CO     6.43    03/09/22       CNY    66.80
QIANXI NANZHOU HONGSHENG      6.99    11/22/19       CNY    20.01
QIDONG STATE-OWNED ASSET      7.30    11/20/22       CNY    62.48
QIDONG URBAN CONSTRUCTION     7.90    04/28/21       CNY    41.50
QIDONG URBAN CONSTRUCTION     7.90    04/28/21       CNY    41.66
QIDONG URBAN CONSTRUCTION     8.20    04/04/21       CNY    41.69
QINGDAO CONSON DEVELOPMEN     6.40    12/12/22       CNY    62.09
QINGDAO CONSON DEVELOPMEN     6.40    12/12/22       CNY    64.90
QINGDAO HICREAT DEVELOPME     6.88    04/25/21       CNY    41.13
QINGDAO HICREAT DEVELOPME     6.88    04/25/21       CNY    41.34
QINGDAO JIAOZHOU BAY DEVE     6.33    09/18/21       CNY    41.46
QINGDAO JIAOZHOU BAY DEVE     6.33    09/18/21       CNY    41.56
QINGDAO JIAOZHOU CITY DEV     6.59    01/25/20       CNY    20.07
QINGDAO JIMO CITY TOURISM     5.47    11/17/21       CNY    60.80
QINGDAO JIMO CITY TOURISM     5.47    11/17/21       CNY    61.04
QINGDAO JIMO DISTRICT URB     8.10    12/17/19       CNY    25.16
QINGDAO JIMO DISTRICT URB     8.10    12/17/19       CNY    25.90
QINGDAO LAIXI CITY ASSET      7.50    03/06/21       CNY    40.32
QINGDAO LAIXI CITY ASSET      7.50    03/06/21       CNY    48.79
QINGHAI PROVINCIAL INVEST     6.40    07/10/21       USD    52.33
QINGHAI PROVINCIAL INVEST     7.88    03/22/21       USD    54.86
QINGHAI PROVINCIAL INVEST     7.25    02/22/20       USD    63.50
QINGYANG CITY ECONOMIC DE     7.98    04/16/21       CNY    41.23
QINGYANG CITY ECONOMIC DE     7.98    04/16/21       CNY    41.25
QINGYUAN TRANSPORTATION D     8.20    12/19/20       CNY    41.19
QINGZHOU HONGYUAN PUBLIC      7.35    10/19/19       CNY    20.00
QINGZHOU HONGYUAN PUBLIC      7.35    10/19/19       CNY    20.02
QINGZHOU HONGYUAN PUBLIC      7.59    05/29/21       CNY    41.10
QINGZHOU HONGYUAN PUBLIC      7.59    05/29/21       CNY    47.50
QINHUANGDAO DEVELOPMENT Z     8.00    12/17/20       CNY    40.00
QINHUANGDAO DEVELOPMENT Z     8.00    12/17/20       CNY    40.63
QINHUANGDAO DEVELOPMENT Z     8.45    04/18/21       CNY    41.08
QINHUANGDAO DEVELOPMENT Z     8.45    04/18/21       CNY    44.61
QINZHOU BINHAI NEW CITY A     7.00    08/27/20       CNY    20.37
QINZHOU BINHAI NEW CITY A     7.00    08/27/20       CNY    21.50
QINZHOU BINHAI NEW CITY Z     6.99    07/07/21       CNY    40.00
QINZHOU BINHAI NEW CITY Z     6.99    07/07/21       CNY    40.31
QINZHOU CITY DEVELOPMENT      7.10    10/16/19       CNY    40.00
QINZHOU CITY DEVELOPMENT      7.10    10/16/19       CNY    40.01
QIONGLAI CITY CONSTRUCTIO     6.98    03/25/22       CNY    60.33
QIONGLAI CITY CONSTRUCTIO     6.98    03/25/22       CNY    64.90
QUJING DEVELOPMENT INVEST     7.48    04/28/21       CNY    41.17
QUJING DEVELOPMENT INVEST     7.48    04/28/21       CNY    42.55
QUJING ECO TECH DEVELOPME     7.48    07/21/21       CNY    40.50
QUJING ECO TECH DEVELOPME     7.48    07/21/21       CNY    40.63
QUZHOU STATE OWNED ASSET      7.20    04/21/21       CNY    40.98
QUZHOU STATE OWNED ASSET      7.20    04/21/21       CNY    43.42
RENHUAI CITY DEVELOPMENT      8.09    05/16/21       CNY    41.54
RENHUAI CITY DEVELOPMENT      8.09    05/16/21       CNY    41.56
REWARD SCIENCE AND TECHNO     5.53    07/05/21       CNY    29.10
REWARD SCIENCE AND TECHNO     6.40    03/03/22       CNY    70.00
RIGHT WAY REAL ESTATE DEV     8.00    07/15/21       CNY    43.89
RIZHAO CITY CONSTRUCTION      5.80    06/06/20       CNY    20.19
RIZHAO CITY CONSTRUCTION      5.80    06/06/20       CNY    20.21
RUCHENG COUNTY HYDROPOWER     6.65    04/25/20       CNY    40.43
RUDONG COUNTY DONGTAI SOC     6.99    06/20/21       CNY    40.82
RUDONG COUNTY DONGTAI SOC     6.99    06/20/21       CNY    45.90
RUDONG COUNTY JINXIN TRAF     8.08    03/03/21       CNY    41.02
RUDONG COUNTY JINXIN TRAF     8.08    03/03/21       CNY    44.03
RUGAO CITY ECONOMIC TRADE     8.30    01/22/21       CNY    41.27
RUGAO CITY ECONOMIC TRADE     8.30    01/22/21       CNY    49.00
RUGAO COMMUNICATIONS CONS     6.70    02/01/20       CNY    20.21
RUGAO COMMUNICATIONS CONS     6.70    02/01/20       CNY    20.81
RUGAO YANJIANG DEVELOPMEN     8.60    01/24/21       CNY    41.34
RUGAO YANJIANG DEVELOPMEN     8.60    01/24/21       CNY    42.43
RUIAN STATE OWNED ASSET I     6.93    11/26/19       CNY    20.08
RUIAN STATE OWNED ASSET I     6.93    11/26/19       CNY    20.22
RUZHOU CITY XINYUAN INVES     6.30    09/16/21       CNY    49.47
RUZHOU CITY XINYUAN INVES     6.30    09/16/21       CNY    53.30
RUZHOU CITY XINYUAN INVES     4.43    09/26/23       CNY    73.47
RUZHOU CITY XINYUAN INVES     4.43    09/26/23       CNY    73.53
SANMEN COUNTY STATE-OWNED     6.80    03/18/22       CNY    60.00
SANMEN COUNTY STATE-OWNED     6.85    10/29/21       CNY    60.00
SANMEN COUNTY STATE-OWNED     6.85    10/29/21       CNY    60.63
SANMEN COUNTY STATE-OWNED     6.80    03/18/22       CNY    60.84
SHAANXI ANKANG HIGH TECH      8.78    09/17/21       CNY    41.60
SHAANXI ANKANG HIGH TECH      8.78    09/17/21       CNY    47.00
SHAANXI PROVINCIAL EXPRES     5.99    06/18/20       CNY    60.86
SHAANXI XIXIAN NEW AREA F     6.85    08/15/21       CNY    40.48
SHAANXI XIXIAN NEW AREA F     6.85    08/15/21       CNY    45.50
SHAANXI XIXIAN NEW AREA J     6.89    01/05/22       CNY    61.36
SHAANXI XIXIAN NEW AREA J     6.89    01/05/22       CNY    63.10
SHANDONG BOXING COUNTY XI     8.00    12/22/21       CNY    61.84
SHANDONG BOXING COUNTY XI     8.00    12/22/21       CNY    62.41
SHANDONG CENTURY SUNSHINE     8.19    07/21/21       CNY    41.85
SHANDONG CENTURY SUNSHINE     8.19    07/21/21       CNY    41.88
SHANDONG FUYU CHEMICAL CO     7.70    09/18/22       CNY    70.00
SHANDONG GAOCHUANG CONSTR     6.05    06/18/22       CNY    61.69
SHANDONG GAOCHUANG CONSTR     6.05    06/18/22       CNY    62.45
SHANDONG HONGHE HOLDINGS      8.50    06/23/21       CNY    40.42
SHANDONG HONGHE HOLDINGS      8.50    06/23/21       CNY    44.00
SHANDONG JINMAO TEXTILE C     6.97    04/01/21       CNY    20.70
SHANDONG JINMAO TEXTILE C     8.00    09/25/20       CNY    35.84
SHANDONG PUBLIC HOLDINGS      7.18    01/22/20       CNY    20.17
SHANDONG RENCHENG RONGXIN     7.30    10/18/20       CNY    40.29
SHANDONG RENCHENG RONGXIN     7.30    10/18/20       CNY    43.40
SHANDONG SNTON GROUP CO L     5.18    09/08/21       CNY     8.52
SHANDONG SNTON GROUP CO L     6.20    05/30/21       CNY     9.50
SHANDONG TAIFENG HOLDING      5.80    03/12/20       CNY    20.12
SHANDONG TAIYANG INDUSTRY     5.97    03/02/21       CNY    71.43
SHANDONG TENGJIAN INVESTM     6.00    06/08/22       CNY    60.00
SHANDONG TENGJIAN INVESTM     6.00    06/08/22       CNY    60.33
SHANDONG WANTONG PETROLEU     5.97    11/29/21       CNY    33.95
SHANDONG WEISHANHU MINING     6.15    03/13/20       CNY    39.11
SHANDONG WEISHANHU MINING     6.15    03/13/20       CNY    39.94
SHANGHAI BUND GROUP DEVEL     6.35    04/24/20       CNY    18.50
SHANGHAI BUND GROUP DEVEL     6.35    04/24/20       CNY    20.31
SHANGHAI CAOHEJING HI-TEC     7.24    04/09/21       CNY    40.96
SHANGHAI CAOHEJING HI-TEC     7.24    04/09/21       CNY    40.98
SHANGHAI CHENJIAZHEN CONS     7.18    11/06/19       CNY    25.05
SHANGHAI CHENJIAZHEN CONS     7.18    11/06/19       CNY    25.15
SHANGHAI CHONGMING CONSTR     6.40    06/13/20       CNY    25.47
SHANGHAI CHONGMING CONSTR     6.40    06/13/20       CNY    25.50
SHANGHAI FENGXIAN NANQIAO     6.25    03/05/20       CNY    20.19
SHANGHAI JIADING ROAD CON     6.80    04/23/21       CNY    41.18
SHANGHAI JIADING ROAD CON     6.80    04/23/21       CNY    41.30
SHANGHAI JINSHAN URBAN CO     6.60    12/21/19       CNY    20.09
SHANGHAI JINSHAN URBAN CO     6.60    12/21/19       CNY    20.18
SHANGHAI LAKE DIANSHAN NE     5.95    01/30/21       CNY    50.96
SHANGHAI LAKE DIANSHAN NE     5.95    01/30/21       CNY    51.07
SHANGHAI MINHANG URBAN CO     6.48    10/23/19       CNY    20.02
SHANGHAI MINHANG URBAN CO     6.48    10/23/19       CNY    20.10
SHANGHAI MINHANG URBAN CO     5.63    04/20/22       CNY    60.79
SHANGHAI MINHANG URBAN CO     5.63    04/20/22       CNY    61.77
SHANGHAI NANHUI URBAN CON     6.04    08/20/21       CNY    41.19
SHANGHAI PUTAILAI NEW ENE     5.30    05/18/20       CNY    66.67
SHANGHAI URBAN CONSTRUCTI     5.25    11/30/19       CNY    20.03
SHANGHAI YONGYE ENTERPRIS     6.84    05/21/20       CNY    25.43
SHANGLUO CITY CONSTRUCTIO     7.05    09/09/20       CNY    20.44
SHANGLUO CITY CONSTRUCTIO     7.05    09/09/20       CNY    25.40
SHANGQIU DEVELOPMENT INVE     6.60    01/15/20       CNY    20.16
SHANTOU CITY CONSTRUCTION     8.57    03/23/22       CNY    47.90
SHANTOU CITY CONSTRUCTION     8.57    03/23/22       CNY    47.99
SHAOGUAN JINYE DEVELOPMEN     7.30    10/18/19       CNY    20.04
SHAOGUAN JINYE DEVELOPMEN     7.30    10/18/19       CNY    20.14
SHAOWU URBAN CONSTRUCTION     5.88    09/11/22       CNY    59.70
SHAOWU URBAN CONSTRUCTION     5.88    09/11/22       CNY    63.39
SHAOXING CHENGZHONGCUN RE     6.50    01/24/20       CNY    20.10
SHAOXING CHENGZHONGCUN RE     6.09    04/27/22       CNY    60.00
SHAOXING CHENGZHONGCUN RE     6.09    04/27/22       CNY    61.61
SHAOXING CITY INVESTMENT      6.40    11/09/19       CNY    20.05
SHAOXING CITY INVESTMENT      6.40    11/09/19       CNY    20.20
SHAOXING CITY INVESTMENT      5.75    04/17/22       CNY    61.58
SHAOXING CITY INVESTMENT      5.75    04/17/22       CNY    68.00
SHAOXING CITY KEQIAO DIST     6.40    08/20/21       CNY    41.21
SHAOXING CITY KEQIAO DIST     6.40    08/20/21       CNY    45.26
SHAOXING COUNTY KEYAN CON     6.28    03/24/22       CNY    60.00
SHAOXING COUNTY KEYAN CON     6.28    03/24/22       CNY    61.68
SHAOXING JINGHU NEW DISTR     6.13    04/30/22       CNY    61.00
SHAOXING JINGHU NEW DISTR     6.13    04/30/22       CNY    61.66
SHAOXING KEQIAO ECONOMIC      7.00    12/10/21       CNY    60.00
SHAOXING KEQIAO ECONOMIC      7.00    12/10/21       CNY    61.49
SHAOXING PAOJIANG INDUSTR     6.90    10/31/19       CNY    20.02
SHAOXING PAOJIANG INDUSTR     6.90    10/31/19       CNY    20.14
SHAOXING PAOJIANG INDUSTR     6.98    05/29/21       CNY    41.05
SHAOXING PAOJIANG INDUSTR     6.98    05/29/21       CNY    43.90
SHAOXING SHANGYU HANGZHOU     6.95    10/11/20       CNY    40.61
SHAOXING SHANGYU HANGZHOU     6.95    10/11/20       CNY    40.80
SHAOXING SHANGYU URBAN CO     6.80    08/07/21       CNY    41.50
SHAOXING SHANGYU URBAN CO     6.80    08/07/21       CNY    41.73
SHAOYANG CITY CONSTRUCTIO     8.58    01/17/21       CNY    40.86
SHAOYANG CITY CONSTRUCTIO     8.58    01/17/21       CNY    41.41
SHENGZHOU INVESTMENT HOLD     7.60    07/17/21       CNY    41.96
SHENGZHOU INVESTMENT HOLD     7.60    07/17/21       CNY    42.30
SHENMU CITY STATE-OWNED A     7.28    06/23/21       CNY    41.10
SHENYANG DADONG STATE-OWN     6.05    03/20/22       CNY    60.00
SHENYANG DADONG STATE-OWN     6.05    03/20/22       CNY    60.98
SHENYANG ECONOMIC AFFORDA     7.17    04/29/22       CNY    60.52
SHENYANG ECONOMIC AFFORDA     7.17    04/29/22       CNY    61.26
SHENYANG SUJIATUN DISTRIC     6.40    06/20/20       CNY    20.23
SHENYANG SUJIATUN DISTRIC     6.40    06/20/20       CNY    20.39
SHENYANG TIEXI STATE-OWNE     6.00    01/14/22       CNY    60.96
SHENYANG TIEXI STATE-OWNE     6.00    01/14/22       CNY    67.50
SHENZHEN METRO GROUP CO L     5.40    03/25/23       CNY    61.92
SHENZHEN METRO GROUP CO L     6.75    01/24/24       CNY    74.42
SHENZHEN METRO GROUP CO L     6.75    01/24/24       CNY    74.92
SHIJIAZHUANG HUTUO NEW DI     5.28    12/24/25       CNY    72.84
SHIJIAZHUANG HUTUO NEW DI     5.28    12/24/25       CNY    75.00
SHIJIAZHUANG REAL ESTATE      5.65    05/15/20       CNY    20.20
SHIJIAZHUANG REAL ESTATE      5.65    05/15/20       CNY    20.23
SHIJIAZHUANG STATE-OWNED      5.75    04/09/22       CNY    61.78
SHIJIAZHUANG STATE-OWNED      5.75    04/09/22       CNY    67.20
SHIJIAZHUANG URBAN CONSTR     6.55    03/09/21       CNY    72.00
SHISHI CITY CONSTRUCTION      6.10    05/04/22       CNY    61.59
SHISHI CITY CONSTRUCTION      6.10    05/04/22       CNY    61.59
SHIYAN CITY INFRASTRUCTUR     6.58    08/20/21       CNY    40.00
SHIYAN CITY INFRASTRUCTUR     6.88    10/11/20       CNY    40.52
SHIYAN CITY INFRASTRUCTUR     6.88    10/11/20       CNY    40.68
SHIYAN CITY INFRASTRUCTUR     6.58    08/20/21       CNY    41.30
SHOUGUANG CITY CONSTRUCTI     7.10    10/18/20       CNY    40.47
SHOUGUANG CITY CONSTRUCTI     7.10    10/18/20       CNY    42.87
SHUANGLIU COUNTY WATER CO     7.40    02/26/20       CNY    25.16
SHUANGLIU COUNTY WATER CO     7.40    02/26/20       CNY    25.34
SHUANGLIU COUNTY WATER CO     6.92    07/30/20       CNY    25.47
SHUANGLIU COUNTY WATER CO     6.92    07/30/20       CNY    25.50
SHUYANG JINGYUAN ASSET OP     6.50    12/03/19       CNY    20.06
SHUYANG JINGYUAN ASSET OP     6.50    12/03/19       CNY    22.00
SHUYANG JINGYUAN ASSET OP     7.39    04/14/21       CNY    40.00
SHUYANG JINGYUAN ASSET OP     7.39    04/14/21       CNY    40.97
SHUYANG JINGYUAN ASSET OP     5.49    09/11/22       CNY    60.23
SHUYANG JINGYUAN ASSET OP     5.49    09/11/22       CNY    66.00
SICHUAN CHENGDU ABA DEVEL     7.18    09/12/20       CNY    20.22
SICHUAN CHENGDU ABA DEVEL     7.18    09/12/20       CNY    20.29
SICHUAN COAL INDUSTRY GRO     7.70    01/09/18       CNY    45.00
SICHUAN NAXING INDUSTRIAL     7.17    09/11/21       CNY    40.62
SICHUAN TIANYIN INDUSTRIA     6.79    03/25/22       CNY    61.01
SICHUAN TIANYIN INDUSTRIA     6.79    03/25/22       CNY    68.00
SIHONG COUNTY HONG YUAN P     6.15    03/16/22       CNY    60.00
SIHONG COUNTY HONG YUAN P     6.15    03/16/22       CNY    61.67
SLENDER WEST LAKE TOURISM     6.80    06/25/21       CNY    40.00
SLENDER WEST LAKE TOURISM     6.80    06/25/21       CNY    41.38
SONGYUAN URBAN DEVELOPMEN     5.79    12/04/21       CNY    59.89
SONGYUAN URBAN DEVELOPMEN     5.79    12/04/21       CNY    61.10
SUINING CITY HEDONG DEVEL     8.36    04/17/21       CNY    41.04
SUINING CITY HEDONG DEVEL     8.36    04/17/21       CNY    47.82
SUINING COUNTY RUNQI INVE     7.10    06/25/21       CNY    40.30
SUINING COUNTY RUNQI INVE     7.10    06/25/21       CNY    40.76
SUINING DEVELOPMENT INVES     6.62    04/25/20       CNY    20.18
SUINING DEVELOPMENT INVES     6.62    04/25/20       CNY    20.20
SUINING FUYUAN INDUSTRY C     6.39    03/17/22       CNY    59.13
SUINING FUYUAN INDUSTRY C     6.39    03/17/22       CNY    64.18
SUINING KAIDA INVESTMENT      8.69    04/21/21       CNY    40.00
SUINING KAIDA INVESTMENT      8.69    04/21/21       CNY    40.01
SUIZHOU CITY URBAN CONSTR     7.18    09/02/21       CNY    40.79
SUIZHOU CITY URBAN CONSTR     7.18    09/02/21       CNY    41.20
SUIZHOU DEVELOPMENT INVES     8.50    12/20/20       CNY    41.07
SUIZHOU DEVELOPMENT INVES     8.40    04/30/21       CNY    41.71
SUIZHOU DEVELOPMENT INVES     8.50    12/20/20       CNY    41.83
SUIZHOU DEVELOPMENT INVES     8.40    04/30/21       CNY    41.91
SUNSHINE KAIDI NEW ENERGY     6.12    08/23/20       CNY    29.01
SUNSHINE KAIDI NEW ENERGY     6.12    08/23/20       CNY    40.29
SUQIAN CITY CONSTRUCTION      6.88    10/29/20       CNY    40.60
SUQIAN WATER GROUP CO         6.55    12/04/19       CNY    20.09
SUZHOU CITY CONSTRUCTION      6.40    04/17/20       CNY    20.07
SUZHOU CITY CONSTRUCTION      6.40    04/17/20       CNY    24.80
SUZHOU FENHU INVESTMENT G     7.49    02/28/21       CNY    41.14
SUZHOU NEW DISTRICT ECONO     6.20    07/22/21       CNY    41.13
SUZHOU URBAN CONSTRUCTION     5.79    10/25/19       CNY    19.90
SUZHOU URBAN CONSTRUCTION     5.79    10/25/19       CNY    20.02
SUZHOU WUJIANG COMMUNICAT     6.80    10/31/20       CNY    40.78
SUZHOU WUJIANG COMMUNICAT     6.80    10/31/20       CNY    41.00
SUZHOU WUJIANG DISTRICT I     5.25    07/08/22       CNY    60.80
SUZHOU WUJIANG DISTRICT I     5.25    07/08/22       CNY    61.53
SUZHOU XIANGCHENG URBAN C     6.95    03/19/21       CNY    41.01
SUZHOU XIANGCHENG URBAN C     6.95    03/19/21       CNY    42.60
TAIAN TAISHAN INVESTMENT      6.76    01/25/20       CNY    19.90
TAIAN TAISHAN INVESTMENT      6.76    01/25/20       CNY    20.15
TAICANG ASSETS MANAGEMENT     7.00    02/27/21       CNY    40.65
TAICANG ASSETS MANAGEMENT     7.00    02/27/21       CNY    41.36
TAICANG HENGTONG INVESTME     7.45    10/30/19       CNY    20.02
TAICANG SCIENCE EDUCATION     5.54    08/28/22       CNY    61.25
TAICANG SCIENCE EDUCATION     5.54    08/28/22       CNY    64.65
TAICANG URBAN CONSTRUCTIO     6.75    01/11/20       CNY    20.20
TAIXING CITY CHENGXING ST     8.30    12/12/20       CNY    40.63
TAIXING CITY CHENGXING ST     8.30    12/12/20       CNY    41.30
TAIYUAN ECONOMIC TECHNOLO     7.43    04/24/21       CNY    40.00
TAIYUAN ECONOMIC TECHNOLO     7.43    04/24/21       CNY    41.03
TAIYUAN HIGH-SPEED RAILWA     5.18    09/06/20       CNY    40.69
TAIYUAN HIGH-SPEED RAILWA     6.50    10/30/20       CNY    40.98
TAIYUAN STATE-OWNED INVES     7.20    03/19/21       CNY    41.28
TAIYUAN STATE-OWNED INVES     7.20    03/19/21       CNY    46.50
TAIZHOU CITY CONSTRUCTION     6.92    10/16/23       CNY    73.86
TAIZHOU CITY CONSTRUCTION     6.92    10/16/23       CNY    74.60
TAIZHOU CITY CONSTRUCTION     6.53    07/11/21       CNY    41.20
TAIZHOU CITY CONSTRUCTION     6.53    07/11/21       CNY    41.34
TAIZHOU CITY JIANGYAN DIS     8.50    04/23/20       CNY    25.10
TAIZHOU CITY JIANGYAN DIS     8.50    04/23/20       CNY    25.44
TAIZHOU CITY JIANGYAN URB     7.10    09/03/20       CNY    20.37
TAIZHOU CITY JIANGYAN URB     7.10    09/03/20       CNY    20.60
TAIZHOU CITY NEW BINJIANG     7.60    03/05/21       CNY    40.59
TAIZHOU JIANGYAN STATE OW     6.85    12/03/19       CNY    19.80
TAIZHOU JIANGYAN STATE OW     6.85    12/03/19       CNY    20.06
TAIZHOU JIAOJIANG STATE O     7.46    09/13/20       CNY    25.78
TAIZHOU JIAOJIANG STATE O     7.46    09/13/20       CNY    26.00
TAIZHOU JIAOJIANG STATE O     6.18    07/06/22       CNY    62.02
TAIZHOU JIAOJIANG STATE O     6.18    07/06/22       CNY    64.00
TAIZHOU TRAFFIC INDUSTRY      6.15    03/11/20       CNY    20.14
TAIZHOU TRAFFIC INDUSTRY      6.15    03/11/20       CNY    20.33
TANGSHAN CAOFEIDIAN DEVEL     7.50    10/15/20       CNY    40.00
TANGSHAN CAOFEIDIAN DEVEL     7.50    10/15/20       CNY    40.21
TIANJIN BAOXING INDUSTRY      7.10    10/17/20       CNY    40.31
TIANJIN BAOXING INDUSTRY      7.10    10/17/20       CNY    42.62
TIANJIN BEICHEN DISTRICT      7.00    04/21/21       CNY    40.80
TIANJIN BEICHEN DISTRICT      7.00    04/21/21       CNY    47.15
TIANJIN BEICHEN TECHNOLOG     6.87    08/20/21       CNY    40.77
TIANJIN BEICHEN TECHNOLOG     6.87    08/20/21       CNY    47.00
TIANJIN BINHAI NEW AREA C     5.19    03/13/20       CNY    20.14
TIANJIN BINHAI NEW AREA C     5.19    03/13/20       CNY    20.25
TIANJIN BINHAI NEW AREA C     6.10    11/23/21       CNY    61.90
TIANJIN DONGFANG CAIXIN I     5.19    01/29/22       CNY    59.59
TIANJIN DONGFANG CAIXIN I     5.19    01/29/22       CNY    60.66
TIANJIN DONGLI CITY INFRA     6.05    06/19/20       CNY    20.03
TIANJIN ECONOMIC TECHNOLO     6.20    12/03/19       CNY    20.06
TIANJIN ECONOMIC TECHNOLO     6.20    12/03/19       CNY    22.00
TIANJIN ECONOMIC TECHNOLO     6.50    12/03/22       CNY    61.08
TIANJIN ECONOMIC TECHNOLO     6.50    12/03/22       CNY    61.30
TIANJIN GUANGCHENG INVEST     7.45    07/24/21       CNY    39.88
TIANJIN GUANGCHENG INVEST     7.45    07/24/21       CNY    49.00
TIANJIN GUANGCHENG INVEST     6.97    02/22/23       CNY    56.65
TIANJIN GUANGCHENG INVEST     6.97    02/22/23       CNY    58.95
TIANJIN HARBOR CONSTRUCTI     8.00    04/01/21       CNY    72.37
TIANJIN HARBOR CONSTRUCTI     8.80    01/24/21       CNY    72.42
TIANJIN HI-TECH INDUSTRY      6.65    09/12/21       CNY    40.50
TIANJIN HOPETONE CO LTD       7.50    07/25/21       CNY    39.80
TIANJIN HUANCHENG URBAN I     7.20    03/21/21       CNY    40.35
TIANJIN HUANCHENG URBAN I     7.20    03/21/21       CNY    41.16
TIANJIN HUANCHENG URBAN I     5.75    04/27/22       CNY    61.47
TIANJIN HUANCHENG URBAN I     5.75    04/27/22       CNY    61.70
TIANJIN INFRASTRUCTURE CO     5.70    02/26/23       CNY    61.78
TIANJIN JINNAN CITY CONST     6.50    06/03/21       CNY    40.80
TIANJIN LINGANG INVESTMEN     7.75    02/26/21       CNY    41.00
TIANJIN LINGANG INVESTMEN     7.75    02/26/21       CNY    41.29
TIANJIN NINGHE DISTRICT X     7.00    05/30/21       CNY    40.87
TIANJIN NINGHE DISTRICT X     7.00    05/30/21       CNY    47.50
TIANJIN REAL ESTATE GROUP     4.50    09/29/20       USD    50.00
TIANJIN REAL ESTATE TRUST     8.59    03/13/21       CNY    40.78
TIANJIN RESIDENTIAL CONST     8.00    12/19/20       CNY    39.20
TIANJIN RESIDENTIAL CONST     8.00    12/19/20       CNY    39.77
TIANJIN TEDA INVESTMENT H     6.89    04/27/20       CNY    20.25
TIANJIN WATER INVESTMENT      6.60    07/28/21       CNY    37.92
TIANJIN WATER INVESTMENT      6.60    07/28/21       CNY    41.80
TIANJIN WATER INVESTMENT      8.40    01/15/21       CNY    50.95
TIANJIN WUQING STATE-OWNE     8.00    12/17/20       CNY    40.89
TIANJIN WUQING STATE-OWNE     7.18    03/19/21       CNY    40.91
TIANJIN WUQING STATE-OWNE     7.18    03/19/21       CNY    41.16
TIANJIN WUQING STATE-OWNE     8.00    12/17/20       CNY    41.80
TIANMEN CITY CONSTRUCTION     8.20    08/28/21       CNY    41.44
TIANMEN CITY CONSTRUCTION     8.20    08/28/21       CNY    45.16
TIANRUI GROUP CEMENT CO L     5.95    09/25/20       CNY    50.00
TONGLING CONSTRUCTION INV     6.98    08/26/20       CNY    20.43
TONGLING CONSTRUCTION INV     6.98    08/26/20       CNY    22.50
TONGLING DAJIANG INVESTME     6.50    01/19/22       CNY    61.17
TONGLING DAJIANG INVESTME     6.50    01/19/22       CNY    68.00
TONGLU STATE-OWNED ASSET      8.09    04/18/21       CNY    40.98
TONGLU STATE-OWNED ASSET      8.09    04/18/21       CNY    41.63
TONGXIANG CITY CONSTRUCTI     6.10    05/16/20       CNY    20.29
TONGXIANG CITY CONSTRUCTI     6.10    05/16/20       CNY    20.30
TULUFAN DISTRICT STATE-OW     6.20    03/19/22       CNY    61.23
TULUFAN DISTRICT STATE-OW     6.20    03/19/22       CNY    61.50
TUNGHSU OPTOELECTRONIC TE     5.09    11/17/21       CNY    29.00
URUMQI ECO&TECH DEVELOPME     6.40    04/13/22       CNY    60.00
URUMQI ECO&TECH DEVELOPME     6.40    04/13/22       CNY    62.03
URUMQI GAOXIN INVESTMENT      6.18    03/05/20       CNY    20.19
URUMQI GAOXIN INVESTMENT      6.18    03/05/20       CNY    20.20
WANGCHENG ECONOMIC DEVELO     6.57    01/22/22       CNY    61.82
WANGCHENG ECONOMIC DEVELO     6.57    01/22/22       CNY    68.81
WEIFANG BINHAI INVESTMENT     6.16    04/16/21       CNY    40.01
WEIFANG DONGXIN CONSTRUCT     6.88    11/20/19       CNY    20.04
WEIFANG DONGXIN CONSTRUCT     6.88    11/20/19       CNY    24.30
WEINAN CITY INVESTMENT GR     6.09    03/11/22       CNY    60.00
WEINAN CITY INVESTMENT GR     6.09    03/11/22       CNY    61.30
WENZHOU ECONOMIC-TECHNOLO     6.49    01/15/20       CNY    20.08
WENZHOU ECONOMIC-TECHNOLO     6.49    01/15/20       CNY    20.51
WENZHOU HIGH-TECH INDUSTR     7.30    05/30/21       CNY    41.00
WENZHOU HIGH-TECH INDUSTR     7.30    05/30/21       CNY    41.39
WENZHOU HIGH-TECH INDUSTR     7.95    03/21/21       CNY    41.42
WENZHOU HIGH-TECH INDUSTR     7.95    03/21/21       CNY    41.54
WENZHOU LUCHENG CITY DEVE     5.58    11/03/21       CNY    60.68
WENZHOU LUCHENG CITY DEVE     5.58    11/03/21       CNY    63.00
WINTIME ENERGY CO LTD         7.50    04/04/21       CNY    43.63
WINTIME ENERGY CO LTD         7.50    11/16/20       CNY    43.63
WINTIME ENERGY CO LTD         7.00    04/26/19       CNY    43.63
WINTIME ENERGY CO LTD         7.00    07/05/18       CNY    43.63
WINTIME ENERGY CO LTD         7.30    08/06/18       CNY    43.63
WINTIME ENERGY CO LTD         6.78    10/23/18       CNY    43.63
WINTIME ENERGY CO LTD         7.90    03/29/21       CNY    43.63
WINTIME ENERGY CO LTD         7.00    03/19/19       CNY    43.63
WINTIME ENERGY CO LTD         7.90    12/22/20       CNY    43.63
WINTIME ENERGY CO LTD         7.50    12/06/20       CNY    43.63
WINTIME ENERGY CO LTD         7.70    11/15/20       CNY    43.63
WINTIME ENERGY CO LTD         7.00    12/15/18       CNY    43.63
WINTIME ENERGY CO LTD         7.00    08/25/18       CNY    43.63
WUHAI CITY CONSTRUCTION I     8.19    04/21/21       CNY    10.60
WUHAI CITY CONSTRUCTION I     8.19    04/21/21       CNY    41.51
WUHAN CHEDU CORP LTD          7.18    02/27/21       CNY    41.18
WUHAN CHEDU CORP LTD          7.18    02/27/21       CNY    44.36
WUHAN CITY HUANPI DISTRIC     6.43    09/17/21       CNY    41.19
WUHAN CITY HUANPI DISTRIC     6.43    09/17/21       CNY    43.02
WUHAN JIANGXIA URBAN CONS     8.99    01/20/21       CNY    41.54
WUHAN METRO GROUP CO LTD      5.70    02/04/20       CNY    20.04
WUHAN METRO GROUP CO LTD      5.70    02/04/20       CNY    20.16
WUHAN METRO GROUP CO LTD      5.25    04/14/22       CNY    60.78
WUHAN URBAN CONSTRUCTION      5.60    03/08/20       CNY    20.12
WUHU COUNTY CONSTRUCTION      6.60    12/08/21       CNY    61.72
WUHU COUNTY CONSTRUCTION      6.60    12/08/21       CNY    66.35
WUHU JINGHU CONSTRUCTION      6.68    05/16/20       CNY    20.12
WUHU JIUJIANG CONSTRUCTIO     8.49    04/14/21       CNY    40.00
WUHU JIUJIANG CONSTRUCTIO     8.49    04/14/21       CNY    41.73
WUHU YIJU INVESTMENT GROU     6.45    08/11/21       CNY    41.43
WUHU YIJU INVESTMENT GROU     6.45    08/11/21       CNY    41.45
WUJIANG ECONOMIC TECHNOLO     6.88    12/27/19       CNY    20.11
WUJIANG ECONOMIC TECHNOLO     6.88    12/27/19       CNY    20.15
WUWEI CITY ECONOMY DEVELO     8.20    04/24/21       CNY    40.60
WUWEI CITY ECONOMY DEVELO     8.20    04/24/21       CNY    40.60
WUWEI CITY ECONOMY DEVELO     8.20    12/09/20       CNY    40.86
WUWEI CITY ECONOMY DEVELO     8.20    12/09/20       CNY    42.53
WUXI HUNING METRO HUISHAN     4.38    06/08/21       CNY    70.10
WUXI HUNING METRO HUISHAN     4.38    06/08/21       CNY    73.00
WUXI MUNICIPAL DEVELOPMEN     6.10    10/11/20       CNY    40.46
WUXI MUNICIPAL DEVELOPMEN     6.10    10/11/20       CNY    40.60
WUXI TAIHU NEW CITY DEVEL     3.47    08/29/23       CNY    72.47
WUXI XIDONG NEW TOWN CONS     6.65    01/28/20       CNY    20.00
WUXI XIDONG NEW TOWN CONS     6.65    01/28/20       CNY    20.14
WUYANG CONSTRUCTION GROUP     7.80    09/11/20       CNY    32.48
WUZHONG URBAN RURAL CONST     7.18    10/12/20       CNY    40.47
WUZHONG URBAN RURAL CONST     7.18    10/12/20       CNY    40.48
XIAMEN TORCH GROUP CO LTD     7.49    04/21/21       CNY    41.12
XIAMEN XINGLIN CONSTRUCTI     6.60    02/22/20       CNY    20.21
XIAMEN XINGLIN CONSTRUCTI     6.60    02/22/20       CNY    21.80
XI'AN AEROSPACE CITY INVE     6.96    11/08/19       CNY    20.05
XI'AN INTERNATIONAL HORTI     6.20    10/21/21       CNY    60.23
XI'AN INTERNATIONAL HORTI     6.20    10/21/21       CNY    61.46
XI'AN INTERNATIONAL INLAN     7.90    09/23/21       CNY    42.28
XIAN QUJIANG DAMING PALAC     6.39    03/21/20       CNY    50.52
XIANGTAN HI-TECH GROUP CO     6.90    01/15/20       CNY    20.00
XIANGTAN HI-TECH GROUP CO     6.90    01/15/20       CNY    20.04
XIANGTAN HI-TECH GROUP CO     8.16    02/25/21       CNY    40.43
XIANGTAN HI-TECH GROUP CO     8.16    02/25/21       CNY    48.99
XIANGTAN JIUHUA ECONOMIC      7.15    10/15/20       CNY    39.15
XIANGTAN JIUHUA ECONOMIC      7.15    10/15/20       CNY    39.53
XIANGTAN JIUHUA ECONOMIC      6.59    01/21/22       CNY    58.11
XIANGTAN LIANGXING SOCIET     7.89    04/23/21       CNY    40.50
XIANGTAN LIANGXING SOCIET     7.89    04/23/21       CNY    40.92
XIANGTAN WANLOU XINCHENG      6.90    01/14/22       CNY    55.49
XIANGTAN WANLOU XINCHENG      6.90    01/14/22       CNY    59.80
XIANGTAN ZHENXIANG STATE-     6.60    08/07/20       CNY    20.06
XIANGTAN ZHENXIANG STATE-     6.60    08/07/20       CNY    20.10
XIANGXIANG URBAN CONSTRUC     5.84    05/18/23       CNY    81.37
XIANGYANG HIGH TECH STATE     7.00    05/29/21       CNY    40.87
XIANGYANG HIGH TECH STATE     7.00    05/29/21       CNY    43.38
XIANNING HIGH-TECH INVEST     5.80    06/05/20       CNY    20.18
XIANNING HIGH-TECH INVEST     5.80    06/05/20       CNY    20.24
XIANNING HIGH-TECH INVEST     6.29    02/10/22       CNY    60.78
XIANNING HIGH-TECH INVEST     6.29    02/10/22       CNY    65.00
XIANTAO CITY CONSTRUCTION     8.15    02/24/21       CNY    41.38
XIANTAO CITY CONSTRUCTION     8.15    02/24/21       CNY    41.80
XIAOGAN GAOCHUANG INVESTM     6.87    09/22/21       CNY    41.00
XIAOGAN GAOCHUANG INVESTM     7.43    06/23/21       CNY    41.56
XIAOGAN GAOCHUANG INVESTM     6.87    09/22/21       CNY    46.69
XIAOGAN GAOCHUANG INVESTM     7.43    06/23/21       CNY    52.72
XIAOGAN URBAN CONSTRUCTIO     6.89    05/29/21       CNY    41.21
XIAOGAN URBAN CONSTRUCTIO     6.89    05/29/21       CNY    41.40
XINGAN LEAGUE URBAN DEVEL     6.18    12/21/22       CNY    55.31
XINGAN LEAGUE URBAN DEVEL     6.18    12/21/22       CNY    57.96
XINGHUA CITY ECONOMIC DEV     5.28    06/13/22       CNY    74.47
XINGHUA CITY ECONOMIC DEV     5.28    06/13/22       CNY    74.50
XINGHUA URBAN CONSTRUCTIO     7.36    07/15/20       CNY    25.00
XINGHUA URBAN CONSTRUCTIO     7.36    07/15/20       CNY    25.27
XINING ECONOMIC DEVELOPME     5.90    06/04/20       CNY    19.85
XINING ECONOMIC DEVELOPME     5.90    06/04/20       CNY    20.02
XINJIANG HUIFENG URBAN CO     6.10    05/23/20       CNY    17.88
XINJIANG HUIFENG URBAN CO     6.10    05/23/20       CNY    20.17
XINJIANG KAIDI INVESTMENT     7.80    04/22/21       CNY    41.20
XINJIANG RUNSHENG INVESTM     7.15    07/10/20       CNY    25.36
XINJIANG RUNSHENG INVESTM     7.15    07/10/20       CNY    25.38
XINJIANG WUJIAQU CAIJIAHU     7.50    05/21/21       CNY    40.54
XINJIANG WUJIAQU CAIJIAHU     7.50    05/21/21       CNY    41.00
XINTAI CITY COORDINATING      6.35    03/23/22       CNY    60.75
XINTAI CITY COORDINATING      6.35    03/23/22       CNY    61.26
XINXIANG INVESTMENT GROUP     5.85    04/15/20       CNY    20.18
XINXIANG INVESTMENT GROUP     5.85    04/15/20       CNY    20.22
XINYANG HONGCHANG PIPE GA     6.49    06/20/20       CNY    72.87
XINYANG HUAXIN INVESTMENT     7.55    04/15/21       CNY    41.08
XINYANG HUAXIN INVESTMENT     7.55    04/15/21       CNY    46.30
XINYI CITY INVESTMENT & D     7.39    10/15/20       CNY    40.20
XINYI CITY INVESTMENT & D     7.39    10/15/20       CNY    40.54
XINYI URBAN TRANSPORTATIO     6.14    02/06/22       CNY    61.52
XINYI URBAN TRANSPORTATIO     6.14    02/06/22       CNY    61.83
XINYU CHENGDONG CONSTRUCT     8.48    05/27/21       CNY    40.88
XINYU CHENGDONG CONSTRUCT     8.48    05/27/21       CNY    47.00
XINYU CITY SHANTYTOWN ZON     6.42    12/09/20       CNY    70.24
XINYU CITY YUSHUI DISTRIC     7.70    06/24/22       CNY    61.56
XINYU CITY YUSHUI DISTRIC     7.70    06/24/22       CNY    63.63
XINYU URBAN CONSTRUCTION      7.08    12/13/19       CNY    20.07
XINYU URBAN CONSTRUCTION      7.08    12/13/19       CNY    20.19
XINZHENG NEW DISTRICT DEV     6.60    01/29/21       CNY    50.00
XINZHENG NEW DISTRICT DEV     6.40    01/29/21       CNY    50.00
XINZHENG NEW DISTRICT DEV     6.40    01/29/21       CNY    50.96
XINZHENG NEW DISTRICT DEV     6.60    01/29/21       CNY    51.16
XINZHOU ASSET MANAGEMENT      8.50    12/18/20       CNY    40.00
XINZHOU ASSET MANAGEMENT      7.90    02/21/21       CNY    41.19
XINZHOU ASSET MANAGEMENT      8.50    12/18/20       CNY    41.25
XINZHOU ASSET MANAGEMENT      7.90    02/21/21       CNY    43.41
XIWANG GROUP CO LTD           7.41    12/03/22       CNY    49.94
XUANCHENG CITY ECONOMY DE     7.95    09/22/21       CNY    41.40
XUANCHENG CITY ECONOMY DE     7.95    09/22/21       CNY    46.00
XUANCHENG STATE-OWNED ASS     7.95    03/27/21       CNY    41.68
XUANCHENG STATE-OWNED ASS     7.95    03/27/21       CNY    46.00
XUZHOU BOCHANT DEVELOPMEN     5.69    07/28/21       CNY    65.72
XUZHOU CITY TONGSHAN DIST     6.60    08/08/20       CNY    20.37
XUZHOU CITY TONGSHAN DIST     6.60    08/08/20       CNY    20.66
XUZHOU CITY TONGSHAN DIST     5.23    09/18/22       CNY    60.57
XUZHOU CITY TONGSHAN DIST     5.23    09/18/22       CNY    67.38
XUZHOU ECONOMIC TECHNOLOG     7.35    04/21/21       CNY    40.93
XUZHOU ECONOMIC TECHNOLOG     7.35    04/21/21       CNY    41.23
XUZHOU HI-TECH INDUSTRIAL     7.86    04/22/21       CNY    41.29
XUZHOU HI-TECH INDUSTRIAL     7.86    04/22/21       CNY    51.50
XUZHOU TRANSPORTATION HOL     7.09    05/15/21       CNY    41.00
XUZHOU TRANSPORTATION HOL     7.09    05/15/21       CNY    41.53
XUZHOU XINSHENG INVESTMEN     5.13    08/12/22       CNY    61.42
XUZHOU XINSHENG INVESTMEN     5.13    08/12/22       CNY    64.46
YA'AN DEVELOPMENT INVESTM     7.00    09/13/20       CNY    20.54
YA'AN DEVELOPMENT INVESTM     7.00    09/13/20       CNY    20.60
YANCHENG CITY DAFENG DIST     7.08    12/13/19       CNY    20.00
YANCHENG CITY DAFENG DIST     7.08    12/13/19       CNY    20.07
YANCHENG CITY DAFENG DIST     8.50    12/30/20       CNY    41.22
YANCHENG CITY DAFENG DIST     8.70    01/24/21       CNY    41.40
YANCHENG CITY DAFENG DIST     8.70    01/24/21       CNY    41.65
YANCHENG CITY DAFENG DIST     8.50    12/30/20       CNY    42.00
YANCHENG CITY TINGHU DIST     7.95    11/15/20       CNY    38.30
YANCHENG CITY TINGHU DIST     7.95    11/15/20       CNY    40.47
YANCHENG ORIENTAL INVESTM     6.99    10/26/19       CNY    20.02
YANCHENG ORIENTAL INVESTM     6.48    09/15/21       CNY    40.26
YANCHENG SOUTH DISTRICT D     6.93    10/26/19       CNY    20.03
YANCHENG SOUTH DISTRICT D     6.70    07/30/21       CNY    41.00
YANCHENG SOUTH DISTRICT D     6.70    07/30/21       CNY    41.42
YANGJIANG HENGCAI CITY IN     6.85    09/09/20       CNY    20.56
YANGJIANG HENGCAI CITY IN     6.85    09/09/20       CNY    20.70
YANGJIANG HENGCAI CITY IN     6.24    04/14/22       CNY    60.00
YANGJIANG HENGCAI CITY IN     6.24    04/14/22       CNY    62.00
YANGZHOU CHEMICAL INDUSTR     8.58    01/24/21       CNY    40.26
YANGZHOU CHEMICAL INDUSTR     8.58    01/24/21       CNY    46.00
YANGZHOU ECONOMIC & TECHN     7.40    03/05/21       CNY    70.00
YANGZHOU ECONOMIC & TECHN     7.40    03/05/21       CNY    72.13
YANGZHOU HANJIANG CONSTRU     6.20    03/12/20       CNY    20.20
YANGZHOU HANJIANG CONSTRU     6.20    03/12/20       CNY    20.44
YANGZHOU HANJIANG CONSTRU     5.88    06/15/22       CNY    61.96
YANGZHOU HANJIANG CONSTRU     5.88    06/15/22       CNY    66.63
YANGZHOU JIANGDU YANJIANG     7.48    07/29/20       CNY    25.29
YANGZHOU JIANGDU YANJIANG     7.48    07/29/20       CNY    25.39
YICHANG URBAN CONSTRUCTIO     6.85    11/08/19       CNY    20.04
YICHANG URBAN CONSTRUCTIO     6.85    11/08/19       CNY    20.40
YICHANG URBAN CONSTRUCTIO     8.13    11/17/19       CNY    30.30
YICHUN URBAN CONSTRUCTION     7.09    05/15/21       CNY    40.93
YICHUN URBAN CONSTRUCTION     7.09    05/15/21       CNY    43.47
YICHUN VENTURE CAPITAL CO     6.70    03/23/22       CNY    60.61
YICHUN VENTURE CAPITAL CO     6.70    03/23/22       CNY    60.61
YIHUA ENTERPRISE GROUP CO     7.00    04/29/22       CNY    66.00
YIHUA LIFESTYLE TECHNOLOG     6.88    07/16/20       CNY    50.11
YIHUA LIFESTYLE TECHNOLOG     6.88    07/23/20       CNY    58.00
YILI KAZAKH AUTONOMOUS PR     7.68    02/28/21       CNY    41.33
YILI KAZAKH AUTONOMOUS PR     7.68    02/28/21       CNY    41.90
YINCHUAN URBAN CONSTRUCTI     6.88    05/12/21       CNY    40.70
YINCHUAN URBAN CONSTRUCTI     6.88    05/12/21       CNY    41.20
YINGKOU COASTAL DEVELOPME     6.45    01/26/22       CNY    59.07
YINGKOU COASTAL DEVELOPME     6.45    01/26/22       CNY    60.29
YINGTAN INVESTMENT CO         7.50    12/12/22       CNY    62.82
YINGTAN INVESTMENT CO         7.50    12/12/22       CNY    62.84
YINGTAN INVESTMENT CO         3.63    08/12/21       CNY    69.37
YINGTAN LONGGANG ASSET OP     6.75    07/31/22       CNY    59.99
YINGTAN LONGGANG ASSET OP     6.75    07/31/22       CNY    61.18
YINING CITY STATE OWNED A     8.90    01/23/21       CNY    41.31
YINING CITY STATE OWNED A     8.90    01/23/21       CNY    49.95
YINING CITY STATE OWNED A     5.37    09/24/22       CNY    59.58
YINING CITY STATE OWNED A     5.37    09/24/22       CNY    60.00
YIWU URBAN & RURAL NEW CO     4.25    11/24/21       CNY    74.58
YIXING CITY CONSTRUCTION      6.16    03/30/22       CNY    60.00
YIXING CITY CONSTRUCTION      6.16    03/30/22       CNY    62.19
YIXING CITY DEVELOPMENT I     6.90    10/10/19       CNY    20.00
YIXING CITY DEVELOPMENT I     6.90    10/10/19       CNY    20.01
YIXING TUOYE INDUSTRIAL C     7.60    05/28/21       CNY    41.04
YIXING TUOYE INDUSTRIAL C     7.60    05/28/21       CNY    43.50
YIYANG ADVANCED INDUSTRY      7.00    03/30/22       CNY    60.42
YIYANG ADVANCED INDUSTRY      7.00    03/30/22       CNY    68.00
YONG ZHOU CITY CONSTRUCTI     7.30    10/23/20       CNY    40.58
YONG ZHOU CITY CONSTRUCTI     7.30    10/23/20       CNY    42.80
YONGJIA INVESTMENT GROUP      6.50    11/12/21       CNY    60.00
YONGJIA INVESTMENT GROUP      6.50    11/12/21       CNY    61.07
YUEYANG CITY DONGTING NEW     6.15    03/20/22       CNY    60.34
YUEYANG CITY DONGTING NEW     6.15    03/20/22       CNY    60.42
YUEYANG HUILIN INVESTMENT     5.50    11/03/21       CNY    59.63
YUEYANG HUILIN INVESTMENT     5.50    11/03/21       CNY    60.00
YUEYANG URBAN CONSTRUCTIO     6.05    07/12/20       CNY    20.24
YUHUAN CITY COMMUNICATION     7.15    10/12/19       CNY    20.00
YUHUAN CITY COMMUNICATION     7.15    10/12/19       CNY    20.05
YUHUAN CITY COMMUNICATION     5.65    11/03/21       CNY    61.08
YUHUAN CITY COMMUNICATION     6.18    03/20/22       CNY    61.68
YUHUAN CITY COMMUNICATION     6.18    03/20/22       CNY    64.47
YUHUAN CITY COMMUNICATION     5.65    11/03/21       CNY    64.50
YULIN URBAN CONSTRUCTION      6.88    11/26/19       CNY    20.02
YULIN URBAN CONSTRUCTION      6.88    11/26/19       CNY    20.07
YUNCHENG URBAN CONSTRUCTI     7.48    10/15/19       CNY    20.01
YUNNAN METROPOLITAN CONST     6.77    05/23/21       CNY    40.50
YUNNAN METROPOLITAN CONST     6.77    05/23/21       CNY    40.54
YUYAO CITY CONSTRUCTION I     7.09    05/19/21       CNY    40.85
YUYAO CITY CONSTRUCTION I     7.09    05/19/21       CNY    41.50
YUYAO ECONOMIC DEVELOPMEN     6.75    03/04/20       CNY    20.00
YUYAO ECONOMIC DEVELOPMEN     6.75    03/04/20       CNY    20.10
ZHANGJIAGANG FREE TRADE Z     7.10    08/23/20       CNY    20.49
ZHANGJIAGANG FREE TRADE Z     7.10    08/23/20       CNY    26.04
ZHANGJIAGANG JINCHENG INV     6.88    04/28/21       CNY    41.09
ZHANGJIAGANG JINCHENG INV     6.88    04/28/21       CNY    41.28
ZHANGJIAGANG MUNICIPAL PU     6.43    11/27/19       CNY    20.05
ZHANGJIAGANG MUNICIPAL PU     6.43    11/27/19       CNY    20.16
ZHANGJIAJIE ECONOMIC DEVE     7.40    10/18/19       CNY    20.02
ZHANGJIAJIE ECONOMIC DEVE     7.80    04/17/21       CNY    41.32
ZHANGYE CITY INVESTMENT G     6.92    09/22/21       CNY    38.00
ZHANGYE CITY INVESTMENT G     6.92    09/22/21       CNY    40.88
ZHANGZHOU CITY CONSTRUCTI     6.60    03/26/20       CNY    20.24
ZHANGZHOU ECONOMIC DEVELO     6.17    04/27/22       CNY    60.00
ZHANGZHOU ECONOMIC DEVELO     6.17    04/27/22       CNY    61.68
ZHANGZHOU JIULONGJIANG GR     6.48    06/20/21       CNY    41.32
ZHANGZHOU JIULONGJIANG GR     6.48    06/20/21       CNY    41.32
ZHANJIANG INFRASTRUCTURE      6.93    10/21/20       CNY    40.24
ZHAOQING GAOYAO DISTRICT      6.68    04/14/22       CNY    60.00
ZHAOQING GAOYAO DISTRICT      6.68    04/14/22       CNY    61.33
ZHAOYUAN STATE-OWNED ASSE     6.64    12/31/19       CNY    20.09
ZHEJIANG CHANGXING VIA OP     7.99    03/03/21       CNY    40.61
ZHEJIANG CHANGXING VIA OP     7.99    03/03/21       CNY    50.00
ZHEJIANG FUCHUN SHANJU GR     7.70    04/28/21       CNY    41.31
ZHEJIANG FUCHUN SHANJU GR     7.70    04/28/21       CNY    49.00
ZHEJIANG GUOXING INVESTME     6.94    08/01/21       CNY    41.56
ZHEJIANG GUOXING INVESTME     6.94    08/01/21       CNY    48.50
ZHEJIANG HUZHOU HUANTAIHU     6.70    11/28/19       CNY    20.04
ZHEJIANG HUZHOU HUANTAIHU     6.70    11/28/19       CNY    20.17
ZHEJIANG OUHAI CONSTRUCTI     6.45    04/23/22       CNY    60.00
ZHEJIANG OUHAI CONSTRUCTI     6.45    04/23/22       CNY    60.95
ZHEJIANG PROVINCE DEQING      6.40    02/22/20       CNY    20.14
ZHEJIANG PROVINCE XINCHAN     6.60    04/24/20       CNY    20.17
ZHEJIANG PROVINCE XINCHAN     6.60    04/24/20       CNY    22.90
ZHEJIANG PROVINCE XINCHAN     5.88    10/30/21       CNY    60.81
ZHEJIANG PROVINCE XINCHAN     6.95    12/31/21       CNY    61.96
ZHEJIANG PROVINCE XINCHAN     6.95    12/31/21       CNY    62.00
ZHEJIANG PROVINCE XINCHAN     5.88    10/30/21       CNY    64.99
ZHENGZHOU JINGKAI INVESTM     5.48    07/31/22       CNY    60.00
ZHENGZHOU JINGKAI INVESTM     5.48    07/31/22       CNY    61.46
ZHENGZHOU MOUZHONG DEVELO     7.48    12/11/21       CNY    61.75
ZHENGZHOU MOUZHONG DEVELO     7.48    12/11/21       CNY    66.20
ZHENGZHOU PUBLIC HOUSING      5.98    07/17/20       CNY    20.37
ZHENGZHOU PUBLIC HOUSING      5.98    07/17/20       CNY    20.38
ZHENJIANG CITY CONSTRUCTI     7.90    12/18/20       CNY    40.80
ZHENJIANG CITY CONSTRUCTI     8.20    01/13/21       CNY    41.12
ZHENJIANG CITY CONSTRUCTI     8.20    01/13/21       CNY    48.49
ZHENJIANG CULTURAL TOURIS     6.60    01/30/20       CNY    20.05
ZHENJIANG CULTURAL TOURIS     6.60    01/30/20       CNY    20.30
ZHENJIANG DANTU DISTRICT      5.89    11/03/21       CNY    59.58
ZHENJIANG DANTU DISTRICT      5.89    11/03/21       CNY    59.60
ZHENJIANG NEW AREA URBAN      8.35    02/26/21       CNY    40.69
ZHENJIANG NEW AREA URBAN      8.99    01/16/21       CNY    40.80
ZHONGGUANCUN DEVELOPMENT      4.20    08/12/22       CNY    59.81
ZHONGGUANCUN DEVELOPMENT      4.20    08/12/22       CNY    60.65
ZHONGMINTOU LEASING HOLDI     7.55    09/21/21       CNY    49.49
ZHONGRONG XINDA GROUP CO      7.10    01/22/21       CNY    33.70
ZHONGSHAN TRANSPORTATION      5.25    11/26/21       CNY    60.00
ZHONGSHAN TRANSPORTATION      5.25    11/26/21       CNY    60.57
ZHONGTIAN FINANCIAL GROUP     7.00    10/15/20       CNY    74.63
ZHOUKOU INVESTMENT GROUP      7.49    04/21/21       CNY    41.06
ZHOUSHAN DINGHAI STATE-OW     7.25    08/31/20       CNY    25.72
ZHOUSHAN DINGHAI STATE-OW     7.25    08/31/20       CNY    26.65
ZHOUSHAN DINGHAI STATE-OW     7.13    08/04/21       CNY    41.44
ZHOUSHAN DINGHAI STATE-OW     7.13    08/04/21       CNY    45.00
ZHOUSHAN ISLANDS NEW DIST     6.98    10/22/22       CNY    72.52
ZHOUSHAN ISLANDS NEW DIST     6.98    10/22/22       CNY    73.44
ZHOUSHAN PUTUO DISTRICT S     7.18    06/20/22       CNY    57.31
ZHOUSHAN PUTUO DISTRICT S     7.18    06/20/22       CNY    60.01
ZHUHAI HUIHUA INFRASTRUCT     7.15    09/17/20       CNY    20.66
ZHUHAI HUIHUA INFRASTRUCT     7.15    09/17/20       CNY    21.15
ZHUJI CITY YUEDU INVESTME     8.20    12/12/20       CNY    40.96
ZHUJI CITY YUEDU INVESTME     8.20    12/12/20       CNY    44.50
ZHUJI CITY YUEDU INVESTME     6.38    04/07/22       CNY    60.90
ZHUJI CITY YUEDU INVESTME     6.38    04/07/22       CNY    61.11
ZHUJI URBAN & RURAL INVES     6.92    12/19/19       CNY    20.16
ZHUJI URBAN & RURAL INVES     6.92    12/19/19       CNY    20.33
ZHUZHOU CITY CONSTRUCTION     6.95    10/16/20       CNY    40.61
ZHUZHOU CITY CONSTRUCTION     6.95    10/16/20       CNY    40.70
ZHUZHOU CITY CONSTRUCTION     8.36    11/10/21       CNY    62.60
ZHUZHOU GECKOR GROUP CO L     6.95    08/11/21       CNY    40.95
ZHUZHOU GECKOR GROUP CO L     6.95    08/11/21       CNY    41.18
ZHUZHOU GECKOR GROUP CO L     6.38    04/17/22       CNY    60.00
ZHUZHOU GECKOR GROUP CO L     6.38    04/17/22       CNY    61.20
ZHUZHOU REAL ESTATE GROUP     6.25    03/25/22       CNY    61.45
ZHUZHOU REAL ESTATE GROUP     6.25    03/25/22       CNY    68.53
ZHUZHOU YUNLONG DEVELOPME     6.78    11/19/19       CNY    20.03
ZHUZHOU YUNLONG DEVELOPME     6.78    11/19/19       CNY    20.50
ZIBO BANYANG CITY URBAN A     5.50    09/09/22       CNY    60.00
ZIBO BANYANG CITY URBAN A     5.50    09/09/22       CNY    61.08
ZIYANG WATER INVESTMENT C     7.40    10/21/20       CNY    40.56
ZJ HZ QINGSHAN LAKE SCIEN     7.90    04/23/21       CNY    41.14
ZJ HZ QINGSHAN LAKE SCIEN     7.90    04/23/21       CNY    44.00
ZUNYI ROAD & BRIDGE CONST     6.10    04/27/23       CNY    70.47
ZUNYI ROAD & BRIDGE CONST     6.10    04/27/23       CNY    72.96


HONG KONG
---------
  
DR PENG HOLDING HONGKONG      5.05    06/01/20       USD    70.78
HNA GROUP INTERNATIONAL C     6.25    10/05/21       USD    70.00
HNA GROUP INTERNATIONAL C     7.00    01/24/20       USD    74.89


  INDONESIA
  ---------

BERAU COAL ENERGY TBK PT      7.25    03/13/17       USD    43.49
BERAU COAL ENERGY TBK PT      7.25    03/13/17       USD    43.49
DAVOMAS INTERNATIONAL FIN    11.00    12/08/14       USD     0.00
DAVOMAS INTERNATIONAL FIN    11.00    12/08/14       USD     0.00
DAVOMAS INTERNATIONAL FIN    11.00    05/09/11       USD     0.00
DAVOMAS INTERNATIONAL FIN    11.00    05/09/11       USD     0.00
DELTA MERLIN DUNIA TEKSTI     8.63    03/12/24       USD    14.27
DELTA MERLIN DUNIA TEKSTI     8.63    03/12/24       USD    14.44


  INDIA
  -----
3I INFOTECH LTD               2.50    03/31/25       USD     8.03
ACME FAZILKA POWER PVT LT     0.01    09/07/46       INR    12.19
AMPSOLAR SOLUTION PVT LTD     0.01    11/03/37       INR    22.48
AMPSOLAR SOLUTION PVT LTD     0.01    10/27/37       INR    22.51
APG HABITAT PVT LTD           1.00    09/09/28       INR    52.63
APG INTELLI HOMES PVT LTD     1.25    02/04/35       INR    32.18
APG INTELLI HOMES PVT LTD     1.25    02/04/35       INR    39.42
AUTOMOTIVE EXCHANGE PVT L     4.00    06/01/30       INR    58.77
AUTOMOTIVE EXCHANGE PVT L     4.00    10/11/30       INR    58.82
BENGAL AEROTROPOLIS PROJE     5.00    12/01/29       INR    71.50
BENGAL AEROTROPOLIS PROJE     5.00    12/01/28       INR    72.99
BENGAL AEROTROPOLIS PROJE     5.00    12/01/27       INR    74.73
BLUE DART EXPRESS LTD         9.50    11/20/19       INR    10.23
BOTHE WINDFARM DEVELOPMEN    10.00    11/28/32       INR    71.93
BRIGHT BUILDTECH PVT LTD      1.00    09/01/23       INR    72.78
BRIGHT BUILDTECH PVT LTD      1.00    09/01/23       INR    72.78
CORE EDUCATION & TECHNOLO     7.00    05/07/49       USD     0.23
CREIXENT SPECIAL STEELS L     0.01    08/28/25       INR    55.25
CUMULUS TRADING CO PVT LT     0.01    05/21/32       INR    33.23
CUMULUS TRADING CO PVT LT     0.01    12/29/29       INR    40.23
CUMULUS TRADING CO PVT LT     0.01    01/23/30       INR    54.44
DAYAKARA SOLAR POWER PVT      0.10    04/05/26       INR    56.41
DEWAN HOUSING FINANCE COR     8.50    04/18/23       INR    39.02
EDELWEISS ASSET RECONSTRU     2.00    07/22/29       INR    50.93
EDELWEISS ASSET RECONSTRU     2.00    01/15/29       INR    52.52
EDELWEISS ASSET RECONSTRU     2.00    10/07/28       INR    53.40
EDELWEISS ASSET RECONSTRU     2.00    11/20/27       INR    56.44
EDELWEISS ASSET RECONSTRU     2.00    03/28/27       INR    58.50
GREEN URJA PVT LTD            0.01    02/14/30       INR    41.30
GTL INFRASTRUCTURE LTD        6.73    10/26/22       USD     2.86
HINDUSTAN CONSTRUCTION CO     0.01    01/05/27       INR    52.36
HITODI INFRASTRUCTURE LTD     0.01    06/30/27       INR    47.86
JAIPRAKASH ASSOCIATES LTD     5.75    09/08/17       USD    55.13
JAIPRAKASH POWER VENTURES     7.00    05/15/17       USD     4.61
JCT LTD                       2.50    04/08/11       USD    25.75
JSM CORP PVT LTD              0.01    08/31/36       INR    24.12
JTPM ATSALI LTD               0.01    08/29/48       INR     9.96
KANAKADURGA FINANCE LTD       0.01    04/15/36       INR    22.80
KVK ENERGY & INFRASTRUCTU     0.01    01/25/24       INR    67.97
LIC HOUSING FINANCE LTD       7.81    04/27/20       INR     4.01
MARIS POWER SUPPLY CO PVT     2.00    04/18/28       INR    60.17
MYTRAH AADHYA POWER PVT L     0.01    07/05/35       INR    26.96
MYTRAH ADVAITH POWER PVT      0.01    07/13/36       INR    24.86
MYTRAH AKSHAYA ENERGY PVT     0.01    07/13/36       INR    24.86
ORIGAMI CELLULO PVT LTD       0.01    11/14/36       INR    23.96
PRAKASH INDUSTRIES LTD        5.25    04/30/15       USD    22.63
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/33       INR    39.78
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/32       INR    42.31
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/31       INR    45.12
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/30       INR    48.20
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/29       INR    51.56
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/28       INR    55.21
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/27       INR    59.16
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/26       INR    63.45
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/25       INR    68.07
PUNJAB INFRASTRUCTURE DEV     0.40    10/15/24       INR    72.98
PYRAMID SAIMIRA THEATRE L     1.75    07/04/12       USD     0.26
R L FINE CHEM PVT LTD         0.10    08/19/36       INR    24.60
REDKITE CAPITAL PVT LTD       2.50    03/30/29       INR    60.22
REDKITE CAPITAL PVT LTD       2.50    01/15/28       INR    63.53
REI AGRO LTD                  5.50    11/13/14       USD     0.02
REI AGRO LTD                  5.50    11/13/14       USD     0.02
RELIANCE COMMUNICATIONS L     6.50    11/06/20       USD    13.76
SURBHI INVESTMENTS & TRAD     2.50    10/21/28       INR    61.21
SUZLON ENERGY LTD             5.75    07/16/19       USD    66.75
SUZLON ENERGY LTD             5.75    07/16/19       USD    66.75
SVOGL OIL GAS & ENERGY LT     5.00    08/17/15       USD     0.61
TN URJA PVT LTD               0.10    02/22/36       INR    27.54
VIDEOCON INDUSTRIES LTD       2.80    12/31/20       USD    28.86
WATSUN INFRABUILD PVT LTD     4.00    10/16/37       INR    54.18
WS T&D LTD                    0.10    03/24/29       INR    44.78


  JAPAN
  -----

AVANSTRATE INC                0.05    10/29/32       JPY     9.75
TKJP CORP                     1.02    12/15/17       JPY     0.50
TKJP CORP                     0.58    03/26/21       JPY     2.02
TKJP CORP                     0.85    03/06/19       JPY     2.02


  KOREA
  -----

HEUNGKUK FIRE & MARINE IN     5.70    12/29/46       KRW    49.47
INDUSTRIAL BANK OF KOREA      3.84    03/10/45       KRW    38.21
KIBO ABS SPECIALTY CO LTD     5.00    02/26/21       KRW    65.73
KIBO ABS SPECIALTY CO LTD     5.00    02/24/22       KRW    69.60
KIBO ABS SPECIALTY CO LTD     5.00    08/28/21       KRW    70.36
KIBO ABS SPECIALTY CO LTD     5.00    02/28/20       KRW    70.59
KIBO ABS SPECIALTY CO LTD     5.00    09/11/20       KRW    72.72
KIBO ABS SPECIALTY CO LTD     5.00    12/25/19       KRW    74.70
LOTTE CARD CO LTD             3.95    06/28/49       KRW    68.35
POSCO ENERGY CO LTD           5.21    08/29/43       KRW    68.93
SAMPYO CEMENT CO LTD          8.10    04/12/15       KRW    70.00
SAMPYO CEMENT CO LTD          8.10    06/26/15       KRW    70.00
SAMPYO CEMENT CO LTD          8.30    09/10/14       KRW    70.00
SAMPYO CEMENT CO LTD          7.50    07/20/14       KRW    70.00
SAMPYO CEMENT CO LTD          8.30    04/20/14       KRW    70.00
SILLAJEN INC                  1.00    03/21/24       KRW    39.78
SINBO SECURITIZATION SPEC     5.00    12/21/20       KRW    64.53
SINBO SECURITIZATION SPEC     5.00    03/21/21       KRW    65.56
SINBO SECURITIZATION SPEC     5.00    08/31/21       KRW    66.22
SINBO SECURITIZATION SPEC     5.00    07/26/21       KRW    66.70
SINBO SECURITIZATION SPEC     5.00    02/23/22       KRW    67.93
SINBO SECURITIZATION SPEC     5.00    01/26/22       KRW    68.14
SINBO SECURITIZATION SPEC     5.00    08/31/22       KRW    68.45
SINBO SECURITIZATION SPEC     5.00    07/26/22       KRW    68.88
SINBO SECURITIZATION SPEC     5.00    12/27/21       KRW    69.45
SINBO SECURITIZATION SPEC     5.00    06/29/21       KRW    70.59
SINBO SECURITIZATION SPEC     5.00    06/29/22       KRW    70.95
SINBO SECURITIZATION SPEC     5.00    09/28/22       KRW    71.05
SINBO SECURITIZATION SPEC     5.00    09/27/21       KRW    73.05
SINBO SECURITIZATION SPEC     5.00    06/23/20       KRW    73.31
SINBO SECURITIZATION SPEC     5.00    08/25/21       KRW    73.31
SINBO SECURITIZATION SPEC     5.00    07/27/21       KRW    73.53
SINBO SECURITIZATION SPEC     5.00    03/15/20       KRW    74.03
SINBO SECURITIZATION SPEC     5.00    02/28/21       KRW    74.71
SINBO SECURITIZATION SPEC     5.00    01/27/21       KRW    74.95


MALAYSIA
--------

AEON CREDIT SERVICE M BHD     3.50    09/15/20       MYR     1.28
ASIAN PAC HOLDINGS BHD        3.00    05/25/22       MYR     0.58
BERJAYA CORP BHD              5.00    04/22/22       MYR     0.32
ELK-DESA RESOURCES BHD        3.25    04/14/22       MYR     1.37
HIAP TECK VENTURE BHD         5.00    06/23/21       MYR     0.22
HUME INDUSTRIES BHD           5.00    05/29/24       MYR     1.37
MALAYAN FLOUR MILLS BHD       5.00    01/24/24       MYR     1.25
PMB TECHNOLOGY BHD            3.00    07/12/23       MYR     3.14
REDTONE INTERNATIONAL BHD     2.75    03/04/20       MYR     0.21
SENAI-DESARU EXPRESSWAY B     1.35    06/30/31       MYR    68.16
SENAI-DESARU EXPRESSWAY B     1.35    12/31/30       MYR    69.29
SENAI-DESARU EXPRESSWAY B     1.35    06/28/30       MYR    70.45
SENAI-DESARU EXPRESSWAY B     1.35    12/31/29       MYR    71.60
SENAI-DESARU EXPRESSWAY B     1.35    12/29/28       MYR    74.01
SOUTHERN STEEL BHD            5.00    01/24/20       MYR     0.85
VIZIONE HOLDINGS BHD          3.00    08/08/21       MYR     0.07
YTL LAND & DEVELOPMENT BH     6.00    10/31/21       MYR     0.26


  NEW ZEALAND
  -----------

PRECINCT PROPERTIES NEW Z     4.80    09/27/21       NZD     1.28


  PHILIPPINES
  -----------
BAYAN TELECOMMUNICATIONS     15.00    07/15/06       USD    22.75


  SINGAPORE
  ---------

ASL MARINE HOLDINGS LTD       3.00    03/28/25       SGD    51.38
ASL MARINE HOLDINGS LTD       3.00    10/01/26       SGD    51.38
BAKRIE TELECOM PTE LTD       11.50    05/07/15       USD     1.00
BAKRIE TELECOM PTE LTD       11.50    05/07/15       USD     1.00
BERAU CAPITAL RESOURCES P    12.50    07/08/15       USD    44.41
BERAU CAPITAL RESOURCES P    12.50    07/08/15       USD    44.41
BLD INVESTMENTS PTE LTD       8.63    03/23/15       USD     4.88
BLUE OCEAN RESOURCES PTE      4.00    12/31/21       USD    30.00
BLUE OCEAN RESOURCES PTE      4.00    12/31/21       USD    30.00
BLUE OCEAN RESOURCES PTE      4.00    12/31/21       USD    30.00
ENERCOAL RESOURCES PTE LT     9.25    08/05/14       USD    46.13
ETERNA CAPITAL PTE LTD        8.00    12/11/22       USD    70.61
EZION HOLDINGS LTD            0.25    11/20/27       SGD    61.29
EZRA HOLDINGS LTD             4.88    04/24/18       SGD     5.00
GEO COAL INTERNATIONAL PT     8.00    10/04/22       USD    73.75
GEO COAL INTERNATIONAL PT     8.00    10/04/22       USD    74.04
HYFLUX LTD                    4.60    09/23/19       SGD    40.05
HYFLUX LTD                    4.25    09/07/18       SGD    40.25
HYFLUX LTD                    4.20    08/29/19       SGD    40.33
INDO INFRASTRUCTURE GROUP     2.00    07/30/10       USD     1.00
INNOVATE CAPITAL PTE LTD      6.00    12/11/24       USD    46.21
ITNL OFFSHORE PTE LTD         7.50    01/18/21       CNY    33.46
MICLYN EXPRESS OFFSHORE P     8.75    11/25/18       USD    29.00
NEPTUNE ORIENT LINES LTD/     4.40    06/22/21       SGD    67.58
ORO NEGRO DRILLING PTE LT     7.50    01/24/19       USD    42.40
OSA GOLIATH PTE LTD          12.00    10/09/20       USD    62.63
PACIFIC RADIANCE LTD          4.30    09/30/19       SGD    10.00
RICKMERS MARITIME             8.45    05/15/17       SGD     5.00
SWIBER CAPITAL PTE LTD        6.50    08/02/18       SGD     4.20
SWIBER CAPITAL PTE LTD        6.25    10/30/17       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

THAILAND
--------

G STEEL PCL                   3.00    10/04/15       USD     0.55
MDX PCL                       4.75    09/17/03       USD    22.88


                           *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Asia Pacific is a daily newsletter co-
published by Bankruptcy Creditors' Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA.
Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez,
Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman,
Editors.

Copyright 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.



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