/raid1/www/Hosts/bankrupt/TCRAP_Public/191112.mbx        T R O U B L E D   C O M P A N Y   R E P O R T E R

                     A S I A   P A C I F I C

          Tuesday, November 12, 2019, Vol. 22, No. 226

                           Headlines



A U S T R A L I A

CEC SYSTEMS: Second Creditors' Meeting Set for Nov. 19
CERES AGRICULTURAL: May Have Been Insolvent Since Mid-2016
GERALDTON INVESTMENTS: First Creditors' Meeting Set for Nov. 19
PARK TOWER: First Creditors' Meeting Set for Nov. 21
PEPPER RESIDENTIAL No.25: S&P Assigns B (sf) Rating to Cl. F Notes

SPHERE HEALTHCARE: Second Creditors' Meeting Set for Nov. 19
TAK NOMINEES: First Creditors' Meeting Set for Nov. 18
TRITON TRUST 2019-3: S&P Assigns BB (sf) Rating to Class E Bonds
VULETA HOLDINGS: First Creditors' Meeting Set for Nov. 21


C H I N A

GUANGDONG HELENBERGH: Moody's Withdraws B2 CFR for Business Reasons
KAISA GROUP: Fitch Rates $300MM Sr. Notes Final 'B'
REDSUN PROPERTIES: Moody's Rates Proposed Sr. Unsec. US$ Notes B3
XINHU ZHONGBAO: S&P Affirms 'B' LT ICR, Alters Outlook to Neg.


I N D I A

AYAAN TRENDZ: ICRA Lowers Rating on INR14.11cr Loan to B+
AZAD ISPAT: ICRA Maintains B+ Rating in Not Cooperating Category
BARANI FERROCAST: ICRA Keeps B- Rating in Not Cooperating
BHAVANI COTEX: ICRA Migrates B+ Rating to Not Cooperating
DHANDU MARIAMMAN: ICRA Maintains 'B' Rating in Not Cooperating

ECOVINAL INT'L: ICRA Cuts INR10.50cr Loan Rating to B+, Not Coop.
GMW ENGINEERS: Ind-Ra Affirms BB+ Issuer Rating, Outlook Now Neg.
IMPERIALL TECHNOFORGE: ICRA Keeps 'D' Rating in Not Cooperating
J.R.T. AGROMIN TRADING: Insolvency Resolution Process Case Summary
JALANDHAR AMRITSAR: Ind-Ra Affirms D Rating on INR1.417BB Loan

K.K. BUILDERS: ICRA Maintains B+ Rating in Not Cooperating
K.K. LEISURES: ICRA Maintains B- Rating in Not Cooperating
KARIWALA DESIGNERS: Insolvency Resolution Process Case Summary
LAKELAND CHEMICALS: Insolvency Resolution Process Case Summary
LAKSHMIDURGA TEXTILES: ICRA Cuts Loan Ratings to B+/Not Cooperating

M.N.S. PRINTERS: Insolvency Resolution Process Case Summary
MADHUR ENGINEERS: ICRA Lowers Rating on INR60cr LT Loan to B+
MVR GAS: ICRA Maintains B+ Rating in Not Cooperating Category
MY CHOICE: Insolvency Resolution Process Case Summary
NAGARJUN ENGINEERING: CRISIL Moves 'B' Rating to Not Cooperating

NECTAR CRAFTS: ICRA Maintains B+ Rating in Not Cooperating
PARAS STEEL: ICRA Cuts INR5.0cr Loan Rating to B+, Not Coop.
PRAMUKH COPPER: ICRA Keeps 'D' Rating in Not Cooperating
RELIABLE AGENCIES: ICRA Maintains B+ Rating in Not Cooperating
SALVI CHEMICAL: Insolvency Resolution Process Case Summary

SAMYU GLASS: Insolvency Resolution Process Case Summary
SANTOSH ENTERPRISES: ICRA Cuts Rating on INR4cr Loan to 'D'
SHIVAY MINERALS: ICRA Maintains 'B' Rating in Not Cooperating
SHREE DATT: Ind-Ra Lowers LT Issuer Rating to 'BB', Outlook Stable
SHREE GAJAPATI: Insolvency Resolution Process Case Summary

SHRI RAM: ICRA Maintains B+ Rating in Not Cooperating Category
SHUBHJIVAN DEVELOPERS: ICRA Cuts INR20cr Loan Rating to B/Not Coop.
SOLAR OFFSET: Insolvency Resolution Process Case Summary
SRI VASAVI: Insolvency Resolution Process Case Summary
SUPREME STARTECH: Insolvency Resolution Process Case Summary

SYGLAK LABORATORIES: Insolvency Resolution Process Case Summary
TODAY HOMES: NCLT Initiates Insolvency Proceedings vs. Firm
TURQUOISE & GOLD: ICRA Keeps D Rating in Not Cooperating Category
USHDEV ENGITECH: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
VIJAYKUMAR AND CO: ICRA Cuts Rating on INR5.0cr Loan to B+



I N D O N E S I A

KAWASAN INDUSTRI: Fitch Affirms 'B' LT IDR, Outlook Stable


N E W   Z E A L A N D

[*] NEW ZEALAND: Revised Insolvency Law Protects Voucher-Holders


P H I L I P P I N E S

CHINA BANKING: Fitch Affirms BB+ LT IDRs, Outlook Stable
PHILIPPINE NATIONAL BANK: Fitch Affirms BB+ LT IDR, Outlook Stable
RIZAL COMMERCIAL: Fitch Affirms BB+ LT IDRs, Outlook Stable


S I N G A P O R E

HATTEN LAND: Auditor Issues Disclaimer of Opinion on FY2019 Report
KOON HOLDINGS: Gets Debt Moratorium Until February 28 Next Year
TEE INTERNATIONAL: Deloitte & Touche Gives Disclaimer of Opinion


X X X X X X X X

[*] BOND PRICING: For the Week Nov. 4, 2019 to Nov. 8, 2019

                           - - - - -


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

CEC SYSTEMS: Second Creditors' Meeting Set for Nov. 19
------------------------------------------------------
A second meeting of creditors in the proceedings of CEC Systems Pty
Ltd has been set for Nov. 19, 2019, at 11:00 a.m. at the offices of
BDO, Level 11, at 1 Margaret 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 Nov. 18, 2019, at 4:00 p.m.

Duncan Edward Clubb and Andrew Thomas Sallway of BDO were appointed
as administrators of CEC Systems on Oct. 15, 2019.

CERES AGRICULTURAL: May Have Been Insolvent Since Mid-2016
----------------------------------------------------------
Larry Schlesinger at Australian Financial Review reports that Ceres
Agricultural Company may have been trading insolvent for almost
three years before its collapse at the end of March, administrator
Grant Thornton said.

The Oberon-based company farmed 30,000 hectares of land leased from
related parties in the Ceres group and was one of the country's
largest suppliers of premium beef. It finished more than 100,000
cattle a year, as well as producing about 40,000 tonnes of
high-quality grains, pulses and oilseeds and running about 20,000
superfine Merino sheep.

It was established by former stockbroker turned property
entrepreneur Garrick Hawkins and backed by listed Singapore fund
manager Duxton.

But Ceres Ag was placed in the hands of administrators Philip
Campbell-Wilson and Said Jahani of Grant Thornton at the end of
March with debts of around $175 million after becoming insolvent,
in part due to the drought, AFR discloses.

AFR relates that minutes of a reconvened second meeting of
creditors held on October 16 said:  "In regard to claim of
insolvent trading, we have estimated the company may have been
insolvent from June 30, 2016 and that a claim of insolvent trading
may be commenced against the directors in the amount of circa AUD15
million."

According to AFR, Grant Thornton said Ceres Ag spent about AUD20.9
million on rent in the four years prior to administrators being
appointed and estimated that almost half of this amount--AUD10
million--"may be recoverable by a liquidator".

"This estimate is based on an assessment of what a tenant, acting
reasonably, would likely expend, based on its circumstances, to
undertake improvements to a property in such circumstances as the
company was, with a related party landlord," the minutes said, AFR
relays.

At the meeting, creditors voted on the recommendation of
administrators in favour of a revised deed of company arrangement
(DOCA) put forward by Mr. Hawkins' Pajiti Trust.

This was on the basis that they were likely to get a better
return--between 18 cents and 46 cents in the dollar--compared with
0 cents and 17 cents if Ceres went into liquidation.

Under the DOCA, Pajiti would appoint new management and reduce the
size of the business so that it conducted operations only in the
south with a focus on the livestock trade business.

In March, Mr. Hawkins' Pegela sold the Brudle Park dry cropping
aggregation leased to Ceres for about AUD50 million to
Macquarie-backed Viridis Ag.

Ceres Agricultural, which operated one of Australia's largest
integrated cattle finishing and cropping enterprises before
voluntary administrator Grant Thornton was appointed on March 28,
operated from leased properties in Oberon, Moree and Warialda. The
two leased properties in Oberon were Mayfield and Ballyroe.


GERALDTON INVESTMENTS: First Creditors' Meeting Set for Nov. 19
---------------------------------------------------------------
A first meeting of the creditors in the proceedings of Geraldton
Investments Pty Ltd will be held on Nov. 19, 2019, at 11:00 a.m. at
the offices of FTI Consulting (Australia) Pty Ltd, Level 47,
Central Park, at 152 -158 St Georges Terrace, in Perth, WA.

Ian Charles Francis and Daniel Hillston Woodhouse of FTI Consulting
were appointed as administrators of Geraldton Investments on Nov.
8, 2019.

PARK TOWER: First Creditors' Meeting Set for Nov. 21
----------------------------------------------------
A first meeting of the creditors in the proceedings of Park Tower
Developments Pty Ltd will be held on Nov. 21, 2019, at 11:00 a.m.
at the offices of Veritas Advisory, Level 5, at 123 Pitt Street, in
Sydney, NSW.

Steve Naidenov and Vincent Pirina of Veritas Advisory were
appointed as administrators of Park Tower on Nov. 11, 2019.

PEPPER RESIDENTIAL No.25: S&P Assigns B (sf) Rating to Cl. F Notes
------------------------------------------------------------------
S&P Global Ratings assigned its ratings to nine classes of
nonconforming and prime residential mortgage-backed securities
(RMBS) issued by Permanent Custodians Ltd. as trustee of Pepper
Residential Securities Trust No.25. Pepper Residential Securities
Trust No.25 is a securitization of nonconforming and prime
residential mortgages originated by Pepper Homeloans Pty Ltd.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including its view that the credit support is sufficient
to withstand the stresses it applies. The credit support for the
rated notes comprises note subordination and excess spread. The
assessment of credit risk takes into account the underwriting
standard and centralized approval process of the seller, Pepper
Homeloans.

-- The availability of a retention amount, amortization amount,
and yield reserve, which will all be funded by excess spread, but
at various stages of the transaction's term. They will have
separate functions and timeframes, including reducing the balance
of senior notes, reducing the balance of the most subordinated
notes, and paying senior expenses and interest shortfalls on the
class A notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including a liquidity facility
equal to 2.5% of the outstanding balance of the notes, and
principal draws, are sufficient under its stress assumptions to
ensure timely payment of interest.

-- The condition that a minimum margin will be maintained on the
assets.

-- The benefit of cross-currency swaps to hedge the mismatch
between the Australian dollar receipts from the underlying assets
and the U.S. dollar payments on the class A1-u notes and the euro
dollar payments on the class A1-GEUR notes.

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

  RATINGS ASSIGNED

  Pepper Residential Securities Trust No.25

  Class      Rating         Amount (mil.)
  A1-u       AAA (sf)       US$150.00
  A1-a       AAA (sf)        A$161.40
  A1-GEUR    AAA (sf)       EUR100.00
  A2         AAA (sf)        A$100.00
  B          AA (sf)          A$42.30
  C          A (sf)           A$23.00
  D          BBB (sf)         A$16.50
  E          BB (sf)          A$10.00
  F          B (sf)            A$7.00
  G          NR                A$7.50
  
  NR--Not rated

The exchange rate applicable to the class A1-u notes is US$0.682128
per Australian dollar. The exchange rate applicable to the class
A1-GEUR notes is EUR0.615764 per Australian dollar. The class A1-a
and class A1-GEUR note sizes are to be determined.

SPHERE HEALTHCARE: Second Creditors' Meeting Set for Nov. 19
------------------------------------------------------------
A second meeting of creditors in the proceedings of Sphere
Healthcare Pty. Limited and Tabco Pty Ltd has been set for Nov. 19,
2019, at 12:00 p.m. at the offices of Conservatory 3/4, Mercure
Liverpool, at 424-458 Hoxton Park Road, in Prestons, 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 Nov. 18, 2019, at 4:00 p.m.

Philip Quinlan and Ryan Eagle of KPMG were appointed as
administrators of Sphere Healthcare on Aug. 16, 2019.

TAK NOMINEES: First Creditors' Meeting Set for Nov. 18
------------------------------------------------------
A first meeting of the creditors in the proceedings of Tak Nominees
Pty Ltd will be held on Nov. 18, 2019, at 11:00 a.m. at the offices
of Quigley & Co, Level 5, at 231 Adelaide Terrace, in Perth, WA.

Peter Reymond Quigley of Quigley & Co was appointed as
administrator of Tak Nominees on Nov. 6, 2019.

TRITON TRUST 2019-3: S&P Assigns BB (sf) Rating to Class E Bonds
----------------------------------------------------------------
S&P Global Ratings assigned its ratings to eight classes of prime
residential mortgage-backed securities (RMBS) issued by Perpetual
Corporate Trust Ltd. as trustee for Triton Trust No.8 Bond Series
2019-3.

The ratings reflect:

-- S&P's view of the credit risk of the underlying collateral
portfolio, including the fact that this is a closed portfolio,
which means no further loans will be assigned to the trust after
the closing date.

-- S&P's view that the credit support is sufficient to withstand
the stresses it applies. This credit support comprises mortgage
insurance covering 54.5% of the loans in the portfolio, accrued
interest, and reasonable costs of enforcement, as well as note
subordination for all rated notes.

-- S&P's expectation that the various mechanisms to support
liquidity within the transaction, including an amortizing liquidity
facility equal to 1.2% of the invested amount of all notes,
principal draws, and a loss reserve that builds from excess spread,
are sufficient under its stress assumptions to ensure timely
payment of interest.

-- The extraordinary expense reserve of A$150,000, funded from day
one by Columbus Capital Pty Ltd., available to meet extraordinary
expenses. The reserve will be topped up via excess spread if
drawn.

-- The benefit of a fixed- to floating-rate interest-rate swap
provided by National Australia Bank Ltd. (NAB) to hedge the
mismatch between receipts from any fixed-rate mortgage loans and
the variable-rate RMBS.

  RATINGS ASSIGNED

  Triton Trust No.8 Bond Series 2019-3
  
  Class      Rating        Amount (mil. A$)
  A1-AU      AAA (sf)      800.00
  A1-5Y      AAA (sf)       50.00
  A2         AAA (sf)       70.00
  AB         AAA (sf)       40.00
  B          AA (sf)        20.00
  C          A (sf)         12.70
  D          BBB (sf)        3.60
  E          BB (sf)         2.00
  F          NR              1.70

  NR--Not rated

The issuer has not informed S&P Global Ratings Australia Pty Ltd.
whether the issuer is publically disclosing all relevant
information about the structured finance instruments that are
subject to this rating report or whether relevant information
remains non-public.


VULETA HOLDINGS: First Creditors' Meeting Set for Nov. 21
---------------------------------------------------------
A first meeting of the creditors in the proceedings of Vuleta
Holdings Pty Ltd will be held on
Nov. 21, 2019, at 10:30 a.m. at Level 4, 15 Ogilvie Road, in Mount
Pleasant, WA.

Mervyn Jonathan Kitay of Worrells Solvency & Forensic Accountants
was appointed as administrator of Vuleta Holdings on Nov. 11,
2019.





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

GUANGDONG HELENBERGH: Moody's Withdraws B2 CFR for Business Reasons
-------------------------------------------------------------------
Moody's Investors Service has withdrawn Guangdong Helenbergh Real
Estate Group Co Ltd's B2 corporate family rating with a stable
outlook.

RATINGS RATIONALE

Moody's has decided to withdraw the rating for its own business
reasons. This follows the assignment of a first-time B2 corporate
family rating and stable outlook to Helenbergh China Holdings
Limited, the parent of Guangdong Helenbergh, on September 27,
2019.

Helenbergh China's B2 CFR mainly reflects the credit profile of
Guangdong Helenbergh, which accounts for almost all of its
operations and financial profile.

Helenbergh China Holdings Limited is a Guangdong-based residential
property developer. Operating through its onshore wholly-owned
subsidiary, Guangdong Helenbergh Real Estate Group Co Ltd, the
company offers different products such as apartments, high-rise
residential buildings and villas in 12 provinces and municipalities
in China.

KAISA GROUP: Fitch Rates $300MM Sr. Notes Final 'B'
----------------------------------------------------
Fitch Ratings assigned China-based homebuilder Kaisa Group Holdings
Limited's (B/Stable) USD300 million 11.95% senior notes due 2023 a
final rating of 'B' with a Recovery Rating of 'RR4'. The notes will
be used to refinance its medium- to long-term debt that will fall
due in the next year.

The notes are rated at the same level as Kaisa's senior unsecured
rating as they constitute its direct and senior unsecured
obligations. The final rating is in line with the expected rating
assigned on November 3, 2019.

Kaisa's ratings are underpinned by a strong asset base that
supports scale expansion, which is at a level comparable with 'BB'
category homebuilders. The company had a large and well-located
land bank consisting of 167 projects in 47 cities across five major
economic regions at end-1H19. Its geographical diversification
mitigates project and region-related risks and gives it more
flexibility when launching new projects to support sales growth.
Kaisa's ratings are constrained by high leverage--measured by net
debt/adjusted inventory (urban renewal projects (URP) and
investment properties at original cost)--of 72% at end-1H19,
although this is mitigated by high profitability.

Fitch believes Kaisa will start deleveraging from 2020, supported
by its enlarged scale and increased margin, with more high-margin
URPs being recognised. Kaisa is able to secure a large land bank at
low cost in China's Greater Bay Area through its URP business,
which supports its high EBITDA margin of over 30%. The wider margin
of the URP business, at over 40%, will help deleveraging. However,
Kaisa's leverage will remain high if it expands its scale at the
same pace as in 2017 and 2018, as URPs only contributed 30% of
contracted sales in 2018.

KEY RATING DRIVERS

URPs a Business Strength: Fitch believes Kaisa's URP business
offers operational flexibility, as its high profitability enables
the company to sustain price cuts in a market downturn. Kaisa can
also sell stakes in its URPs, if needed, at a profit because of
their low land cost. Kaisa's long experience in the URP business
has enabled it to secure a large land bank with a high gross profit
margin of over 40%, supporting the company's EBITDA margin,
excluding capitalised interest in cost of goods sold (COGS), of
30%-35%. A large URP pipeline of 128 projects, covering a site area
of 32 million square metres (sq m), also allows for a consistent
stream of projects entering the sales phase.

Kaisa has converted an average gross floor area (GFA) of 940,000 sq
m a year for the past 10 years; this offers some operational
flexibility with land replenishment. Nevertheless, the URP business
has limited scope to build scale and will become a less important
driver at higher rating levels. URPs require a longer development
cycle and thus funds will be trapped for a longer period and incur
higher funding without immediate cash flow generation or profit
contribution, raising Kaisa's leverage above that of peers without
as large an exposure to URPs. The nature of the business and the
high profitability mean Kaisa can operate at a higher leverage than
other Chinese homebuilders for a sustained period.

High Leverage Constrains Ratings: Fitch expects Kaisa's leverage,
measured by net debt/adjusted inventory, to stay above 70% in 2019,
but to fall below that level thereafter. Kaisa's sales scale in
2019 would be insufficient to cover its high tax and interest
burden. Reliance on the non-URP homebuilding business, which has a
lower margin, and growth at the business that is faster than Fitch
expects, may limit Kaisa's capacity to deleverage. However, Fitch
thinks there may be improvement once the company's attributable
sales rise above CNY100 billion from 2020, as its sales efficiency
- contracted sales/gross debt - will exceed 0.8x and support
stronger fund flow from operation.

Large and Premium Land Bank: Fitch believes Kaisa's quality land
bank will support its ability to meet its sales target in 2019. Its
premium asset base can also buffer liquidity if conversion of its
URP land bank takes longer than the company expects, as it can
easily find buyers for its well-located URPs, especially in
Shenzhen. Kaisa's land bank totalled 25.8 million sq m (estimated
sellable resources of CNY501 billion) at end-1H19, of which 14.1
million sq m, or 54.6%, was in the Greater Bay Area and 3.2 million
sq m in Shenzhen.

Robust Contracted Sales Growth: Fitch thinks Kaisa's 2019
contracted sales target is achievable due to the supportive
policies in the Greater Bay Area and the company's well-located
land bank. Kaisa had available sellable resources of CNY158 billion
at end-2018, implying a sell-through rate of 57% to support a 20%
sales growth in 2019, close to its historical sell-through rate of
around 60%. Kaisa's attributable contracted sales rose by 34% to
CNY55.1 billion in 9M19, supported by an average selling price
increase of 4% and GFA growth of 28%.

DERIVATION SUMMARY

Kaisa's attributable sales of CNY70 billion in 2018 were comparable
with those of 'BB' category peers, such as CIFI Holdings (Group)
Co. Ltd. (BB/Stable), Logan Property Holdings Company Limited
(BB/Stable) and China Aoyuan Group Limited (BB-/Positive), and
exceeded the CNY40 billion-50 billion sales of Yuzhou Properties
Company Limited (BB-/Stable), KWG Group Holdings Limited
(BB-/Stable) and Times China Holdings Limited (BB-/Stable). Over
half of Kaisa's land bank GFA is in the Greater Bay Area, similar
to that of Logan, China Aoyuan and Times China. Kaisa's EBITDA
margin of over 30% is at the higher end of 'BB' category peers due
to its high-margin URPs.

Kaisa's leverage of over 70% is similar to that of Oceanwide
Holdings Co. Ltd. (B-/Stable), Xinhu Zhongbao Co., Ltd. (B-/Stable)
and Tahoe Group Co., Ltd. (B-/Stable). Kaisa's business profile is
much stronger than that of Oceanwide and Xinhu, with a larger sales
scale and more diversified land bank. Its churn, measured by
contracted sales/total debt, of 0.64x is also healthier than the
ratios of the two peers, which are below 0.25x. Kaisa and Tahoe,
whose land bank is more exposed to the Pan-Bohai Area, the Yangtze
River Delta and Fujian province, have similar scale and margin.
However, Tahoe's shorter land-bank life of two to three years
pressures its leverage and Tahoe's liquidity is much tighter than
that of Kaisa.

Kaisa's closest peer among 'B' category issuers is Yango Group Co.,
Ltd. (B+/Stable). Yango's sales of CNY118 billion in 2018 were
larger than Kaisa's CNY70 billion and its land bank was also more
diversified, although Yango's EBITDA margin, excluding capitalised
interest, of around 28% was narrower than Kaisa's more than 30%.
Yango's leverage, measured by net debt/adjusted inventory, of below
65% in 2019 is lower than its expectation of Kaisa's leverage.
Yango's moderately stronger business and financial profiles
justifies the one-notch difference.

KEY ASSUMPTIONS

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

  - Attributable contracted sales to rise by 20% in 2019 and 2020

  - Attributable land premium/contracted sales at 28% in 2019 and
31% in 2020 (2018: 23%)

  - Cash collection rate of around 80% in 2019 and 85% in 2020
(2018: 75%)

  - Construction cost/sales proceeds at around 30% in 2019 and 2020
(2018: 30%)

  - Dividend payout ratio of 20% of net income (2018: 19%)

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  - Leverage, measured by net debt/adjusted inventory, sustained
below 60%

  - EBITDA margin, excluding capitalised interest in COGS,
sustained above 30%

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

  - Leverage, measured by net debt/adjusted inventory, above 75%
for a sustained period

  - EBITDA margin, excluding capitalised interest in COGS, below
25% for a sustained period

LIQUIDITY AND DEBT STRUCTURE

Cash Meets Short-Term Obligations: Kaisa had cash and cash
equivalents of CNY28 billion at end-1H19, including restricted cash
of CNY7 billion, against CNY22 billion in short-term debt. The
company also had total credit lines of CNY165 billion, of which
CNY119 billion was unused. In addition, Kaisa obtained approval
from the Shenzhen Stock Exchange to issue four asset-backed
securities, consisting of CNY5 billion linked to supply-chain
financing (CNY555 million issued), CNY3 billion linked to long-term
rental apartments, CNY685 million secured by mortgage balloon
payments (issued) and CNY475 million backed by income from its
shipping business (issued). Kaisa's average funding cost stayed
flat at 8.4% in 2018.

REDSUN PROPERTIES: Moody's Rates Proposed Sr. Unsec. US$ Notes B3
-----------------------------------------------------------------
Moody's Investors Service assigned a B3 rating to Redsun Properties
Group Limited's (B2 positive) proposed senior unsecured USD notes.

Redsun plans to use the proceeds from the proposed notes to
refinance their existing indebtedness.

RATINGS RATIONALE

"The proposed bond issuance will lengthen Redsun's debt maturity
profile and will not have a material impact on the company's credit
metrics, because Redsun will use the proceeds to refinance its
existing debt," says Cedric Lai, a Moody's Vice President and
Senior Analyst.

Moody's expects that Redsun's debt leverage--as measured by
revenue/adjusted debt including adjustments for its shares in joint
ventures and associates)--will trend towards 60%-65% over the next
12-18 months from around 44% for the 12 months ended June 2019. Its
interest coverage--as measured by adjusted EBIT/interest (including
adjustments for its shares in joint ventures and
associates)--should strengthen to around 2.0x-2.5x from 2.2x over
the same period.

Redsun's B2 corporate family rating (CFR) reflects the company's
long track record of developing properties in Jiangsu Province,
quality land bank, as well as strong sales execution. The rating
also considers the recurring income streams generated from its
investment properties, which improve the stability of its debt
servicing.

However, the CFR is constrained by its developing funding channels,
moderate credit metrics, and high exposure to joint venture
businesses, which in turn lowers the transparency of its credit
metrics.

Redsun's liquidity is adequate. Specifically, the company's RMB16.9
billion in cash as of June 30, 2019 could cover 125% of its
short-term debt of RMB13.5 billion. Moody's expects that the
company's cash holdings, together with its operating cash flow,
will be sufficient to cover its short-term debt over the next 12
months and committed land payments over the same period.

The B3 senior unsecured rating is one notch lower than its CFR to
reflect the risk of structural subordination. This subordination
risk considers the fact that the majority of Redsun's claims are at
its operating subsidiaries and have priority over claims at the
holding company 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.

In terms of environmental, social and governance factors, Moody's
has taken into account the concentrated ownership by Redsun's key
shareholder, Mr. Zeng Huansha, who held a 72% direct and indirect
stake in Redsun as of June 30, 2019.

Moody's has also considered (1) the presence of three independent
non-executive directors (INED) on Redsun's eight-member board of
directors, (2) the fact that the INEDs also chair both the audit
and remuneration committees; and (3) the presence of other internal
governance structures and standards, as required under the
Corporate Governance Code for companies listed on the Hong Kong
Stock Exchange.

The positive outlook reflects Moody's expectation that Redsun will
(1) continue its strong contracted sales growth; (2) strengthen its
credit metrics over the next 12-18 months; and (3) improve access
to both offshore and onshore funding channels.

Redsun's ratings could be upgraded if the company improves its debt
leverage and funding channels, while maintaining strong contracted
sales growth. Credit metrics indicative of a potential upgrade
include (1) revenue/adjusted debt rising above 60%-65%; (2)
adjusted EBIT/interest rising above 2.25x; and (3) cash/short-term
debt rising above 1.25x, all on a sustained basis.

A downgrade is unlikely in the near term, given the positive
outlook on Redsun's ratings.

However, the rating outlook could be revised to stable from
positive if the company fails to improve its credit metrics over
the next 12-18 months or maintain adequate liquidity over the same
period.

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

XINHU ZHONGBAO: S&P Affirms 'B' LT ICR, Alters Outlook to Neg.
--------------------------------------------------------------
On Nov. 6, 2019, S&P Global Ratings revised the outlook on Xinhu
Zhongbao Co. Ltd. to negative from stable. At the same time, S&P
affirmed its 'B' long-term issuer credit rating on the company and
the 'B-' long-term issue rating on the outstanding senior unsecured
notes guaranteed by the company.

S&P said, "We revised the outlook on Xinhu to reflect the company's
deteriorating liquidity position, which could lead to refinancing
risk given its sizable short-term debt maturities. The increasingly
challenging environment for refinancing and the company's
lackluster sales are key risks in the next six to 12 months, in our
view. The company faces a sizable maturity concentration in 2020,
and its refinancing tenors are shortening, leading to heightened
levels of short-term debt. In addition, we believe the liquidity
buffer provided by Xinhu's investment portfolio is becoming less
adequate compared with its liquidity needs."

Xinhu's liquidity position has weakened. The company's unrestricted
cash declined to Chinese renminbi (RMB) 12.2 billion as of Sept.
30, 2019, from RMB14.5 billion at end-June, after it repaid its
RMB5 billion domestic bonds. The company's short-term debt
(including puttable bonds) remained above RMB25 billion. Xinhu
issued a small tranche of domestic public bonds of RMB750 million
in September that will mature in 2023 with a put option in 2021,
pointing to tenor shortening in the current credit environment,
compared with 2015-2016.

However, S&P does not see an immediate risk regarding the repayment
of the US$620 million senior notes in March 2020. This is because
of the company's available mix of U.S. dollar funds, Hong
Kong-listed equities, and approved foreign exchange quota. In
addition, Xinhu has implemented a number of refinancing measures.
These include a domestic public bond issuance within its RMB7.5
billion quota, an offshore bond quota of US$500 million, the
rollover of its RMB5 billion portfolio of trade finance and working
capital loans, and new onshore bank loan drawdowns. However, if the
company is unsuccessful in executing the refinancing measures, its
liquidity position could worsen, leaving it vulnerable to changes
in market conditions and institutional confidence.

At the same time, Xinhu's sales have been lackluster. The company's
contracted sales are below S&P's expectations, with only RMB10
billion achieved in the first nine months of the year, representing
a 14% decline year on year. S&P believes Xinhu has a material risk
of missing its 2019 sales target of RMB20 billion.

Xinhu's estimated RMB30 billion in saleable resources from the
Shanghai projects to be launched in 2020 and 2021 serve as a
stronger prospect for the company to substantially improve its
liquidity and leverage position. S&P said, "But we believe risks
related to execution slippages could cause a delay or an
underperformance in sales. We also expect the company's liquidity
to remain under significant pressure in the next 12-18 months if
sales in other regions prove unsatisfactory, given that saleable
resources in Shanghai will only be partially released in 2020."

To supplement organic cash flows, Xinhu has sold three project
companies to Sunac China Holdings Ltd. in July for a total
consideration of RMB6.7 billion. S&P believes this is the first
step in Xinhu's efforts to monetize its sizable primary land assets
in Nantong and Wenzhou. Such transactions, if executed more
routinely, could provide a strong source of liquidity in the next
two to three years and help the company to deleverage.

In addition, S&P expects Xinhu to become more active in exploring
monetization of its existing investment portfolio in the next two
years. Other than China CITIC Bank Co. Ltd., which is unlikely to
be sold and heavily pledged, it estimates the market value of the
company's listed investments that could be easily liquidated to be
RMB2.5 billion-RMB3.0 billion. Xinhu's unlisted investments have an
aggregate book value in excess of RMB10 billion, which could be
used for equity pledge financing. S&P estimates those investments
could provide about RMB5 billion of emergency liquidity within a
relatively short period should circumstances become necessary. But
if short-term debt continues to exceed its cash position, such
additional liquidity may be insufficient to mitigate refinancing
risks.

The negative outlook reflects Xinhu's significant liquidity and
refinancing pressure, given the large amount of debt maturing in
2020. While S&P does not see an immediate risk of liquidity stress
for its U.S. dollar senior notes due in March 2020, Xinhu's
liquidity improvement hinges on improving its sales performance and
successfully issuing onshore and offshore debt for refinancing.

S&P said, "We could lower the rating if Xinhu is unable to improve
its liquidity position, such that refinancing becomes increasingly
difficult. This could be indicated by weak or delayed sales, an
inability to refinance with longer-dated debt, or an inability to
monetize its investments or land assets in the next six months. A
ratio of projected liquidity sources over liquidity uses of
materially less than 1.2x for 2020 would point to such a scenario.

"We could revise the outlook back to stable if Xinhu materially
improves its liquidity position. This could happen if it manages to
improve its capital structure by reducing reliance on short-term
debt, improving its sales, or receiving substantial cash inflow
from asset disposals." Liquidity sources over uses sustainably
above 1.2x in the next 12 months, while debt to EBITDA continues to
fall below 10x could suggest such improvement.

Xinhu mainly engages in the development of residential properties
with a focus on the Yangtze River Delta region. The company also
engages in urban redevelopment in Shanghai as well as primary land
development in Nantong and Wenzhou. Its contracted sales were
RMB16.2 billion in 2018. Xinhu also has diversified equity
investments in banks, financial businesses, and fintech companies.
The company is the second-largest shareholder of China CITIC Bank
with a 4.99% ownership.

Xinhu was listed on the Shanghai stock exchange in 1999. It is one
of the constituents of the CSI 300 index.




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

AYAAN TRENDZ: ICRA Lowers Rating on INR14.11cr Loan to B+
---------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Ayaan
Trendz Private Limited, as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term/          14.11       [ICRA]B+(Stable) ISSUER NOT
   Short Term-                     COOPERATING; Long Term Rating
   Fund Based                      downgraded from [ICRA]BB-
                                   (Stable)/[ICRA]A4 ISSUER NOT
                                   COOPERATING, rating continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

Rationale

The rating downgrade is because of lack of adequate information
regarding Ayaan Trendz Private Limited performance and hence the
uncertainty around its credit risk. ICRA assesses whether the
information available about the entity is commensurate with its
rating and reviews the same as per its "Policy in respect of
non-cooperation by 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 Ayaan Trendz Private Limited ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with 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 August 2011 by Mr. Anil Agarwal and Mr. Mukesh
Agarwal, Ayaan Trendz Private Limited is engaged in manufacturing
and domestic sales of embroidered and printed sarees. The company
is part of the Vipul Group based in Surat, Gujarat. The group is
engaged in the textile business for over three decades through
other group companies, including Vipul Industries Private Limited
(VIPL). ATPL started commercial production of sarees from November
2011. The company procures grey material from the local suppliers
in Surat, outsources the dyeing and printing activities to VIPL
while undertaking the embroidery work in-house.

AZAD ISPAT: ICRA Maintains B+ Rating in Not Cooperating Category
----------------------------------------------------------------
ICRA said the ratings for the INR12.00-crore bank facilities of
Azad Ispat India Private Limited (AIIPL) Continues to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable) ISSUER NOT COOPERATING".


                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long-term–          12.00      [ICRA]B+(Stable); ISSUER NOT
   Fund based-                    COOPERATING; Rating Continues
   Cash credit                    to remain under 'Issuer Not
                                  Cooperating' category

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

Incorporated in February 2008, Azad Ispat India Private Limited
(AIIPL), an ISO 9001:2008 certified company, manufactures Thermo
Mechanically Treated (TMT) bars, with a capacity to produce 31360
tonnes per annum (TPA). The company sells its product to the
dealers who further supply to the housing segment of the
construction industry, under the brand name "AZAD TMT". It
manufactures TMT bars of Fe 500 grade. It also has facilities to
produce mild steel (MS) ingots (14400 TPA) and billets which are
used for captive consumption. Its manufacturing facility is located
in Hindupur (Andhra Pradesh). The major raw materials consumed by
AIIPL for the production of ingot are sponge iron and scrap. The
company procures sponge iron as well as scrap from the
manufacturers based out of Bangalore and Bellary in Karnataka. All
the sales are made in the domestic market.

BARANI FERROCAST: ICRA Keeps B- Rating in Not Cooperating
---------------------------------------------------------
ICRA said the ratings for the INR14.00-crore bank facilities of
Barani Ferrocast Private Limited (BFPL) Continues to remain under
'Issuer Not Cooperating' category'. The ratings are denoted as
"[ICRA]B-(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term–           3.65       [ICRA]B-(Stable); ISSUER NOT
   Fund based-                     COOPERATING; Rating Continues
   Cash credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long-term–           5.72       [ICRA]B-(Stable); ISSUER NOT

   Fund Based-                     COOPERATING; Rating Continues
   Term Loan                       to remain under 'Issuer Not
                                   Cooperating' category

   Long-term–           4.63       [ICRA]B-(Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

BFPL is involved in the business of manufacturing ferrous castings
using green sand molding and no bake molding process, based on the
customer requirements. The company was incorporated in FY2011 and
started commercial operations from FY2014. The company is led by
Mr. T K Karuppannasamy and Mr. K Devaraj whose experience in the
metal industry spans over two decades. The company has a production
shop floor area of 2020 sq. mt. and services floor area of 210 sq.
mt. to carry out the molding process. The company focuses on
manufacturing intricate engineering parts that caters to various
sectors like automobiles, power, general machinery etc.

BHAVANI COTEX: ICRA Migrates B+ Rating to Not Cooperating
---------------------------------------------------------
ICRA Ratings has migrated the rating on bank facilities of Bhavani
Cotex (BC) to Issuer Not Cooperating category.

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit          6.90      [ICRA]B+(Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

   Term Loan            1.60      [ICRA]B+(Stable) ISSUER NOT
                                  COOPERATING; Rating moved to
                                  'Issuer Not Cooperating'
                                  Category

Rationale

The ratings for the INR8.50 crore bank facilities of BC moved to
Issuer non-cooperating category. The long-term rating is denoted as
[ICRA]B+(Stable) ISSUER NOT COOPERATING with a Stable outlook.

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 dated 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.

BC was established as a partnership firm in July, 2009. Mr.
Gordhanbhai Patel, Mr. Rakeshbhai Patel and Mr. Naineshbhai Patel
manage the operations of the firm and they have extensive
experience in cotton business. The firm's manufacturing unit is
located at Bodeli in Vadodara district, Gujarat. The plant is
equipped with with 32 ginning machines and 1 pressing machine
having an installed capacity of producing 300 cotton bales per day.
The firm is also involved in trading of cotton bales.

DHANDU MARIAMMAN: ICRA Maintains 'B' Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the ratings for the INR6.00-crore bank facilities of
Dhandu Mariamman Steels (DMS) Continues to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as "[ICRA]B
(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term–           5.50       [ICRA]B (Stable); ISSUER NOT
   Fund based-                     COOPERATING; Rating Continues
   Cash credit                     to remain under 'Issuer Not
                                   Cooperating' category

   Long-term–           0.50       [ICRA]B (Stable); ISSUER NOT
   Unallocated                     COOPERATING; Rating Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

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

Dhandumariamman Steels is a trader in ferrous and non ferrous scrap
which is widely used in foundries; the firm supplies metal scrap to
some of the leading foundries located in and around Coimbatore,
Tamilnadu. The firm mainly deals in trading of cast iron scrap that
is suited for foundries catering to manufacturing of pumps,
automotive parts and general machineries. The firm commenced
operations in the year 2007 and is managed by M. P. Mohanraj who is
the sole proprietor.

ECOVINAL INT'L: ICRA Cuts INR10.50cr Loan Rating to B+, Not Coop.
-----------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Ecovinal International Private Limited, as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          10.50      [ICRA]B+ (Stable); ISSUER NOT
   Fund Based/CC                  COOPERATING; Rating downgraded
                                  from [ICRA]BB+ (Stable) and
                                  moved to the 'Issuer Not
                                  Cooperating' category

   Short Term-         2.75       [ICRA]A4; ISSUER NOT
   Non-Fund                       COOPERATING; Rating downgraded
   Based                          from [ICRA]A4+ and moved to the
                                  'Issuer Not Cooperating'
                                  Category

   Long Term/          2.58       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                    ISSUER NOT COOPERATING;
   Unallocated                    Rating downgraded from
                                  [ICRA]BB+ (Stable)/
                                  [ICRA]A4+ and moved to the
                                  'Issuer Not Cooperating'
                                  Category

Rationale

The rating downgrade is because of lack of adequate information
regarding Ecovinal International Private Limited'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 Ecovinal International Private Limited ICRA has been trying to
seek information from the entity so as to monitor its performance,
but despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with SEBI's Circular No. SEBI/HO/MIRSD4/CIR/2016/119,
dated November 1, 2016, ICRA's Rating Committee has taken a
rating.

Ecovinal International Private Limited (EIPL) was established in
1999 by Mr. Felix Justa Maranon, Mr. N. K. Pandey and Mr. B. L.
Agarwal. Each of the three promoters has more than two decades of
experience in the food-processing industry. EIPL was initially into
manufacturing of natural white vinegar which finds application as a
preservation medium in the Indian gherkin industry. The
manufacturing facility for the same is located at Kunigal,
Karnataka, with an installed capacity of 24 million litres per
annum. EIPL also established another business segment, Specialised
Food Division (SFD), in FY2012. Under SFD, the company exports
pickled vegetables, especially gherkin pickles and the same
contributes to nearly 95% of the total SFD income of EIPL.

GMW ENGINEERS: Ind-Ra Affirms BB+ Issuer Rating, Outlook Now Neg.
-----------------------------------------------------------------
India Ratings and Research (Ind-Ra) has revised GMW Engineers
Private Limited's (GEPL) Outlook to Negative from Stable while
affirming its Long-Term Issuer Rating at 'IND BB+'.

The instrument-wise rating actions are:

-- INR12 mil. Fund-based limits affirmed; Outlook revised to
     Negative from Stable with IND BB+/Negative/IND A4+ rating;

-- INR105 mil. Non-fund-based limits affirmed with IND A4+
     rating; and

-- INR4 mil. (reduced from INR5.88 mil.) Term loan due on March
     2024 affirmed; Outlook revised to Negative from Stable with
     IND BB+/Negative rating.

KEY RATING DRIVERS

The Outlook revision reflects GEPL's limited revenue visibility
over the medium term as a result of continued weak order book
position.

The affirmation reflects GEPL's continued small scale of
operations, as reflected by revenue of INR134 million in FY19
(FY18: INR101 million). The revenue increased as a result of
increased execution of orders. The company achieved a turnover
INR62.02 million during 1HFY20. As on September 30, 2019, it had an
outstanding order book of INR139 million (1.03x of FY19 revenues),
which will be executed over the next one year, showing continued
low revenue visibility.

The ratings factor in GEPL's modest EBITDA margins since it mainly
undertakes small size sub-contract works. The margin fell to 11% in
FY19 (FY18: 15.95%) due to an increase in raw materials consumed
and fluctuation in raw material (steel) prices. The return on
capital employed was 9.65% in FY19 (FY18:10%).

Liquidity Indicator - Stretched:  GEPL's cash and cash equivalents
remained weak at INR0.4 million, with total outstanding debt of
INR20 million as of March 31, 2019. Cash flow from operations
turned negative at INR8 million in FY19 (FY18: INR17 million) on
account of increased working capital requirements. The average cash
credit utilization was 96.30% during the 12 months ended September
2019.

The ratings continue to be constrained by the company's elongated
net cash cycle due to working capital-intensive nature of
operations.

The ratings also continue to factor in the company's moderate
credit metrics, as indicated by interest coverage

(operating EBITDA/gross interest expense) of 3.6x in FY19 (FY18:
3.2x) and net leverage (total adjusted debt/operating EBITDAR) of
1.3x (0.9x). The interest coverage improved because of a decrease
in interest and finance costs to INR4.07 million in FY19
(FY18:INR5.02 million). The net leverage deteriorated on account of
a decrease in absolute operating EBITDA to INR15 million in FY19
(FY18: INR16 million) and additional debts availed during the
year-end. The credit metrics are likely to remain comfortable in
FY20 due to the absence of any major debt-led capex plans.

The ratings are supported by the promoters' experience of more than
30 years in executing engineering, procurement and construction
contracts.

RATING SENSITIVITIES

Negative: Continued weak revenue visibility on account of the order
book sustaining below 1.5x of its FY19 revenues, decline in the
EBITDA margins and/or elongation of the net working capital cycle,
leading to deterioration in liquidity profile, will result in a
negative rating action.

Positive: Improvement in the order book above 1.5x of revenues and
improvement in the working capital cycle, leading to an improvement
in liquidity profile, will result in the Outlook being revised back
to Stable.

COMPANY PROFILE

Incorporated in 1986, GEPL is engaged in the installation of
hydro-mechanical and water intake equipment such as hydel gates,
stop log gates, piping work, etc. for various power projects,
mainly hydro power projects. The work includes designing, supply
and installation of steel structures for meeting the demands of
projects. The company undertakes 100% sub-contract works for hydro
power civil contractors. GEPL is promoted by Mr. Onkar Singh, Mr.
Pritam Singh, Mr. Sarwan Singh, Mr. Balbir Singh and their family.

IMPERIALL TECHNOFORGE: ICRA Keeps 'D' Rating in Not Cooperating
---------------------------------------------------------------
ICRA said the ratings for the INR11.98-crore bank facilities of
Imperiall Technoforge Private Limited (ITPL) continues to remain
under 'Issuer Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Fund based-       5.00       [ICRA]D; ISSUER NOT COOPERATING;
   Cash Credit                  Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Fund-based–       6.58       [ICRA]D; ISSUER NOT COOPERATING;

   Term Loans                   Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Non-fund          0.40       [ICRA]D; ISSUER NOT COOPERATING;
   Based–Letter                 Rating Continues to remain under

   Of Guarantee                 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.

Incorporated in 2012, Imperiall Technoforge Private Limited (ITPL)
is owned and managed by Mr. Samir Vaishnav and other family
members. The company was taken over by the current management from
State Bank of India in an auction of the manufacturing facilities
of Micro Forge (India) Limited. ITPL manufactures forged and
machined components. The unit is situated in Rajkot (Gujarat) and
has an installed capacity of 9000 tons per annum (TPA). The
commercial production was commenced in October 2013.ITPL
manufactures forged and machined components, particularly crank
shafts and flanges, which finds application in automobile and
pipeline industry respectively. The company also operates on job
work basis for forging players located nearby in Rajkot.

J.R.T. AGROMIN TRADING: Insolvency Resolution Process Case Summary
------------------------------------------------------------------
Debtor: J.R.T. Agromin Trading Private Limited
        52/14 Soundarya Colony
        Anna Nagar West
        Chennai 600101
        IN

Insolvency Commencement Date: October 25, 2019

Court: National Company Law Tribunal, Chennai Bench

Estimated date of closure of
insolvency resolution process: April 22, 2020

Insolvency professional: Dr. M.S. Sankar

Interim Resolution
Professional:            Dr. M.S. Sankar
                         A 1206, S&S Sarvam
                         200 Feet Pallavaram
                         Thuraipakkam Radial Road
                         Pallikaranai, Chennai 600100
                         E-mail: m.s.sankar@outlook.com
                                 jrtagrominirp@gmail.com

Last date for
submission of claims:    November 8, 2019


JALANDHAR AMRITSAR: Ind-Ra Affirms D Rating on INR1.417BB Loan
--------------------------------------------------------------
India Ratings and Research (Ind-Ra) has affirmed the rating on
Jalandhar Amritsar Tollways Ltd.'s (JATL) bank loans as follows:

-- INR1.417 bil. Bank loans (Long-term) affirmed with IND D
     rating.

KEY RATING DRIVERS

The rating reflects delays in the payments of the negative grant of
INR570 million to the National Highways Authority of India (NHAI;
'IND AAA'/Stable) in FY19, tight liquidity, and the inadequacy of
the estimated operating revenue to meet negative grant obligations
of INR1,840 million for FY19-FY21. JATL has requested the deferment
of negative grant payment to NHAI; the company is awaiting NHAI's
decision on the matter.

The project has failed to perform major maintenance due to
non-availability of funds, and consequently incurred penalties. The
project sponsor, IVRCL Limited, is facing insolvency issues and is
under process for liquidation, eliminating any chance of support to
the project. The project does not have any scheduled principal
repayments over FY19-FY21, as per the earlier concessions granted
by the lenders.

JATL's outstanding debt, which stood at INR1,328.2 million as on 31
August 2019, indicates that funded interest term loan designated
for funding the interest payments, carved into the funded interest
term loan(FITL-2), during FY19-FY21 has not been drawn; however,
interest payments were made in FY19. The usage of cash flows to
meet interest payments while the negative grant payments are
pending is in contravention with the waterfall applicable to escrow
accounts.

RATING SENSITIVITIES

Positive: An increase in revenue, leading to the project becoming
self-sufficient to pay negative grants and make debt service
payments, on a sustained basis, and a positive response from NHAI
on the deferment of the negative grant payment would result in an
upgrade.

COMPANY PROFILE

JATL is a special purpose company that was set up to widen,
operate, and maintain a 49km road stretch on the National Highway 1
between Jalandhar and Amritsar in Punjab. NHAI has awarded the
project to JATL under a 20-year concession. JATL is wholly owned by
IVRCL. The project stretch is maintained by IVRCL, which has over
two decades of experience in operating toll roads.

K.K. BUILDERS: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR66.00-crore bank facilities of
K.K. Builders continue to remain under 'Issuer Not Cooperating'
category'. The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4;
ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-          23.00       [ICRA]B+ (Stable); ISSUER NOT
   Fund Based/CC                   COOPERATING; Continues to
                                   remain in the 'Issuer Not
                                   Cooperating' category

   Long Term-           7.35       [ICRA]B+ (Stable); ISSUER NOT
   Fund Based TL                   COOPERATING; Continues to
                                   remain in the 'Issuer Not
                                   Cooperating' category

   Short Term-         35.00       [ICRA]A4; ISSUER NOT
   Non Fund Based                  COOPERATING; Continues to
                                   remain in the 'Issuer Not
                                   Cooperating' category

   Long Term/           0.65       [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term-                     ISSUER NOT COOPERATING;
   Unallocated                     Continues to remain in 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.

K.K. Builders, a partnership firm formed in 1994, is a Kerala based
civil construction contractor. The firm is involved in the
execution of road, bridge and building construction projects for
Government agencies. The firm is a contractor registered with the
Kerala Public Works Department (PWD). The firm has obtained ISO
9001:2008 and ISO 14001:2004 certifications and has the requisite
management, manpower and equipment resources to execute road and
bridge projects.

The firm also operates four hotels, namely KK Residency, Hotel
Broad Bean, KK Tourist Home (Kannur) and KK Tourist Home (Iritty)
in Kannur district. The hotels have quality rooms, restaurants and
beer & wine bar which serve the local population, whereas KK
Tourist Home (Kannur) only has lodging facility. Apart from the
contracting and hotels division, the firm is also involved in a
Kannur bus stand BOT project, operates two stone crusher units and
owns KK Fashion Retail which is involved in garments and textile
retailing. The businesses were set up by Mr. K.K. Kunhiraman, and
are currently managed by his four sons and a son-in-law. The
Partners of the firm are Mr. K.K Mohandas, Mr. K.K. Radhakrishnan,
Mr. K.K. Rajan, Mr. K.K. Premkumar and Mr. M.C. Shanmugan.

K.K. LEISURES: ICRA Maintains B- Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR15.00-crore bank facilities of
K.K. Leisures & Tourism International Private Limited continues to
remain under 'Issuer Not Cooperating' category'. The ratings are
denoted as "[ICRA]B- (Stable); ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Long Term-          14.27      [ICRA]B- (Stable); ISSUER NOT
   Fund Based TL                  COOPERATING; Rating Continues
                                  to remain in the 'Issuer Not
                                  Cooperating' category

   Long Term-           0.73      [ICRA]B- (Stable); ISSUER NOT
   Unallocated                    COOPERATING; Rating Continues
                                  to remain in 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.

K.K. Leisures & Tourism International Private Limited, incorporated
in 2007, owns and operates hotels across Kerala. The Company has
three hotels under the name – Broad Bean; of which two hotels are
located in Kannur district and a resort in Munnar district. During
September 2013, the promoters of the company acquired a 3-star
property in Kochi – Broad Bean, Vytilla (erstwhile Nyle Plaza),
which was later upgraded to a 4-star hotel and operates as a
subsidiary of KKLT. The group enjoys moderate brand equity due to
its operational history of over a decade of the 'Broad Bean' chain.

KARIWALA DESIGNERS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Kariwala Designers Private Limited
        188 B, Maniktala Main Road
        Kolkata 700054
        West Bengal

Insolvency Commencement Date: October 24, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 20, 2020

Insolvency professional: Chhedi Rajbhar

Interim Resolution
Professional:            Chhedi Rajbhar
                         40, Strand Road, Model House
                         2nd Floor, Room No. 49
                         Kolkata 700001
                         E-mail: crajbharco.ca@gmail.com
                                 kariwala.cirp@gmail.com

Last date for
submission of claims:    November 6, 2019


LAKELAND CHEMICALS: Insolvency Resolution Process Case Summary
--------------------------------------------------------------
Debtor: Lakeland Chemicals (India) Limited

        Registered office:
        Survey No. 63/6A, 6B
        Khopoli Rasayani Road
        Madap, Khalapur Raigad Raigarh
        Maharashtra 410202
        India

        Principal office:
        Unit No. 17, Ground Floor
        Cama Industrial Estate
        Sun Mill Compound
        Lower Parel West
        Mumbai 400013

Insolvency Commencement Date: October 19, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 15, 2020

Insolvency professional: Rajeev Nandkishore Bhatia

Interim Resolution
Professional:            Rajeev Nandkishore Bhatia
                         304 Richa Industrial Estate
                         Off Link Road, Andheri West
                         Mumbai 400053
                         E-mail: rajeevnbhatia@gmail.com
                                 lcil.ibc@gmail.com

Last date for
submission of claims:    November 2, 2019


LAKSHMIDURGA TEXTILES: ICRA Cuts Loan Ratings to B+/Not Cooperating
-------------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Lakshmidurga Textiles Private Limited (LTPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based-        10.50        [ICRA]B+(Stable) ISSUER NOT
   Cash Credit                     COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Fund based-         1.50        [ICRA]B+(Stable) ISSUER NOT
   Term Loan                       COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

   Unallocated         0.50        [ICRA]B+(Stable) ISSUER NOT
   Limits                          COOPERATING; Rating moved to
                                   the 'Issuer Not Cooperating'
                                   category

ICRA has moved the long term ratings for the bank facilities of
LTPL to the 'Issuer Not Cooperating' category. The rating is now
denoted as "[ICRA]B+(Stable) ISSUER NOT COOPERATING".

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.

Lakshmidurga Textiles Private Limited was incorporated as a private
limited company in the year 2010. It is engaged in the ginning and
pressing of cotton lint, trading of cotton lint and seed and has 48
gins to process 350 bales of cotton per day. The company is located
in Chilakamarri Village of Nalgonda District in Telangana. The
promoters have more than 35 years of experience in this industry
and earlier operated a spinning mill and were also involved in
trading of cotton products.

M.N.S. PRINTERS: Insolvency Resolution Process Case Summary
-----------------------------------------------------------
Debtor: M.N.S. Printers Private Limited
        No. 345/4, Bhattara Halli
        Old Madras Road
        Bangalore 560049
        Karnataka, India

Insolvency Commencement Date: October 25, 2019

Court: National Company Law Tribunal, Bangalore Bench

Estimated date of closure of
insolvency resolution process: April 22, 2020
                               (180 days from commencement)

Insolvency professional: Srinivas Thatikonda

Interim Resolution
Professional:            Srinivas Thatikonda
                         Flat No. 006
                         Nanda Ashirwad Apartments
                         No. 1, Canara Bank Colony
                         2nd Main, Chandra Layout
                         Bengaluru 560072
                         Karnataka
                         E-mail: srinivas@srinivasthatikonda.com

Last date for
submission of claims:    November 13, 2019


MADHUR ENGINEERS: ICRA Lowers Rating on INR60cr LT Loan to B+
-------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Madhur Engineers Private Limited (MEPL), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term-         60.00        [ICRA]B+ (Stable) ISSUER NOT
   Fund Based/CC                   COOPERATING; Downgraded from
                                   [ICRA]BB-(Stable), Rating
                                   continues to remain under
                                   'Issuer Not Cooperating'
                                   category'

Rationale

The rating downgrade is because of lack of adequate information
regarding MEPL 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 Madhur Engineers Private Limited, ICRA has been trying to seek
information from the entity so as to monitor its performance, but
despite repeated requests by ICRA, the entity's management has
remained non-cooperative. In the absence of requisite information
and in line with 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.

Madhur Engineers Private Limited (MEPL) is a trader of special
purpose carbon /alloy steel and bright bars. The company purchases
steel from JSW Steel and supplies it to forging and machining
companies located in the state of Maharashtra. The company also
operates a dedicated warehouse for JSW to store steel inventory for
all the steel to be sold at Alandi (Maharashtra) and Chennai.

MVR GAS: ICRA Maintains B+ Rating in Not Cooperating Category
-------------------------------------------------------------
ICRA said the ratings for the INR14.50-crore bank facilities of MVR
Gas continues to remain under 'Issuer Not Cooperating' category'.
The ratings are denoted as "[ICRA]B+ (Stable)/[ICRA]A4; ISSUER NOT
COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long Term–          3.24        [ICRA]B+ (Stable); ISSUER NOT
   Term Loan                       COOPERATING; Continues to
                                   remain in the 'Issuer Not
                                   Cooperating' category

   Long Term–          7.25        [ICRA]B+ (Stable); ISSUER NOT
   Cash Credit                     COOPERATING; Continues to
                                   remain in the 'Issuer Not
                                   Cooperating' category

   Short Term–         2.67        [ICRA]A4; ISSUER NOT
   Bank Guarantee                  COOPERATING; Continues to
                                   remain in the 'Issuer Not
                                   Cooperating' category

   Long Term/          1.34        [ICRA]B+ (Stable)/[ICRA]A4;
   Short Term–                     ISSUER NOT COOPERATING;
   Unallocated                     Continues to remain in 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.  

MVR Gas is a proprietorship concern, established in the year 1999
by Mr. B.V. Sadanand. The proprietor has an experience of 28 Years
in the oil and gas industry and looks after the entire operations.
The concern is engaged in the business of bottling and marketing of
LPG for domestic use as well for use in commercial establishments
such as hotels, restaurants and industries. The concern purchases
LPG from domestic suppliers, does bottling in its own centre near
Bangalore and supplies them to end users through distributors.


MY CHOICE: Insolvency Resolution Process Case Summary
-----------------------------------------------------
Debtor: M/s. My Choice Knit and Apparels Private Limited
        #26/18/11, 4th Main
        1st Cross, Begur Road
        Bommanahalli, Bengaluru
        Karnataka 560068

Insolvency Commencement Date: October 18, 2019

Court: National Company Law Tribunal, Bengaluru Bench

Estimated date of closure of
insolvency resolution process: April 15, 2020
                               (180 days from commencement)

Insolvency professional: Ramanahalli Shivanna Doddabyregowda

Interim Resolution
Professional:            Ramanahalli Shivanna Doddabyregowda
                         No. 350 1st Cross
                         Canara Bank Layout
                         Kodigehalli
                         Vidyaranyapura (Post)
                         Bengaluru 560097
                         Mobile: 9916633897
                                 9483080322
                         E-mail: rsdgowda@yahoo.co.in

Last date for
submission of claims:    November 6, 2019


NAGARJUN ENGINEERING: CRISIL Moves 'B' Rating to Not Cooperating
----------------------------------------------------------------
CRISIL has migrated the rating on bank facilities of Nagarjun
Engineering Enterprises (NEE) to 'CRISIL B/Stable Issuer not
cooperating'.

                      Amount
   Facilities       (INR Crore)    Ratings
   ----------       -----------    -------
   Cash Credit            5        CRISIL B/Stable (ISSUER NOT
                                   COOPERATING; Rating Migrated)

CRISIL has been consistently following up with NEE for obtaining
information through letters and emails dated July 9, 2019,
September 23, 2019 and September 27, 2019 among others, apart from
telephonic communication. However, the issuer has remained non
cooperative.

'The investors, lenders and all other market participants should
exercise due caution while using the rating assigned/reviewed with
the suffix 'ISSUER NOT COOPERATING'. These ratings lack a forward
looking component as it is arrived at without any management
interaction and is based on best available or limited or dated
information on the company.

Detailed Rationale

Despite repeated attempts to engage with the management, CRISIL
failed to receive any information on either the financial
performance or strategic intent of NEE, which restricts CRISIL's
ability to take a forward looking view on the entity's credit
quality. CRISIL believes information available on NEE is consistent
with 'Scenario 1' outlined in the 'Framework for Assessing
Consistency of Information with CRISIL BB' category or lower'.

Therefore, on account of inadequate information and lack of
management cooperation, CRISIL has migrated the rating on bank
facilities of NEE to 'CRISIL B/Stable Issuer not cooperating'.

NEE, set up in 2004 by Mrs. Sunanda Girish. The Karnataka- based
firm, provides turnkey solutions for auditoriums, seminar halls,
and conference facilities.

PB was set up as a partnership firm in 1957 by members of the
Khandelwal family. The Mumbai-based firm trades in ferroalloys,
non-ferrous metals, and minor metals.

NECTAR CRAFTS: ICRA Maintains B+ Rating in Not Cooperating
----------------------------------------------------------
ICRA said the ratings for the INR10.00-crore bank facilities of
Nectar Crafts (NC) Continues to remain under 'Issuer Not
Cooperating' category'. The ratings are denoted as
"[ICRA]B+(Stable)/ [ICRA]A4 ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Long-term–           1.60       [ICRA]B+ (Stable); ISSUER NOT
   Term Loans                      COOPERATING; Rating Continues
                                   to remain under 'Issuer Not
                                   Cooperating' category

   Long-term–           7.00       [ICRA]B+ (Stable); ISSUER NOT
   Fund Based                      COOPERATING; Rating Continues
   Facilities                      to remain under 'Issuer Not
                                   Cooperating' category  

   Long-term–           0.40       [ICRA]B+ (Stable); ISSUER NOT

   Unallocated                     COOPERATING; Rating Continues
   Facilities                      to remain under 'Issuer Not
                                   Cooperating' category

   Short-term–          1.00       [ICRA]A4; ISSUER NOT  
   Non Fund Based                  COOPERATING; Rating Continues
   Facilities                      to remain under 'Issuer Not
                                   Cooperating' category

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

Established in 2005 as a partnership firm, Nectar Crafts is
primarily engaged in manufacturing of various knitted fabrics,
specializing in Velour, Terry, Polar Fleece and processing &
finishing of knitted fabrics. The firm is also into manufacturing
and export of garments, albeit on a small scale. The firm has its
facilities located in Tirupur (Tamil Nadu).

PARAS STEEL: ICRA Cuts INR5.0cr Loan Rating to B+, Not Coop.
------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of Paras
Steel Corporation (PSC), as:

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Cash Credit        (5.00)      [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating downgraded
                                  from [ICRA]BB+ (Stable) and
                                  moved to the 'Issuer Not
                                  Cooperating' category

   Letter of Credit   30.00       [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating downgraded
                                  from [ICRA]A4+ and moved to
                                  the 'Issuer Not Cooperating'
                                  category

Rationale

The rating downgrade is because of lack of adequate information
regarding PSC 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 Vijaykumar And Co., 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 01, 2016, ICRA's Rating Committee has taken a rating view
based on the best available information.
  
PSC was established in 1998 as a proprietorship concern of Mr.
Jaysukhlal Shah to carry out ship recycling activities. Currently,
the firm operates from the Alang Ship Breaking Yard in Bhavnagar,
Gujarat. PSC is part of the Bhupatrai Chimanlal Group, which
started its business in 1970 with its flagship company, Mono Plast,
and began ship breaking activities from 1985. At present, the Group
enjoys a diversified presence across various industries like ship
recycling, shipbuilding, steel, textiles, mining and solar, among
others. The Group companies include Dalkan Ship Breaking Ltd.
(engaged in ship breaking), Vijaykumar And Co. (engaged in ship
breaking), Mono Steel India Limited (engaged in manufacturing
sponge iron, MS billets and TMT bars), and Jay Bharat Steel
Corporation (engaged in manufacturing MS billets), etc.

In FY2017, the Group reported a net profit of INR0.78 crore on an
operating income (OI) of INR127.23 crore, as compared to a net
profit of INR0.48 crore on an OI of INR51.96 crore in the previous
year. Further, as per provisional financials, the Group reported
profit before depreciation and tax of INR1.28 crore on an operating
income of INR157.09 crore in FY2018.

PRAMUKH COPPER: ICRA Keeps 'D' Rating in Not Cooperating
--------------------------------------------------------
ICRA said the ratings for the INR15.00-crore bank facilities of
Pramukh Copper Pvt. Ltd (ITPL) continues to remain under 'Issuer
Not Cooperating' category. The ratings are denoted as
"[ICRA]D/[ICRA]D; ISSUER NOT COOPERATING".

                   Amount
   Facilities    (INR crore)    Ratings
   ----------    -----------    -------
   Cash Credit        5.00      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Term Loans         1.75      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Letter of Credit/  5.00      [ICRA]D; ISSUER NOT COOPERATING;
   Buyer's Credit               Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Bank Guarantee     1.00      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Forward Contract   0.10      [ICRA]D; ISSUER NOT COOPERATING;
                                Rating Continues to remain under
                                the 'Issuer Not Cooperating'
                                category

   Unallocated        2.15      [ICRA]D/D; ISSUER NOT
   Limits                       COOPERATING; 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.

Established in January 2011, Pramukh Copper Private Limited (PCPL)
is a private limited company involved in processing copper cathodes
and copper scraps to produce copper bus bar and profiles, round
copper rods, copper strips and copper coils. PCPL also procures
copper rods from outside and modifies them in terms of sizing and
length before selling them to the final customers. Furthermore,
PCPL also does production on jobwork basis. PCPL's plant is located
at Silvassa, Dadra Nagar Haveli, and has an installed capacity of
around 1500 MTPA.

RELIABLE AGENCIES: ICRA Maintains B+ Rating in Not Cooperating
--------------------------------------------------------------
ICRA said the rating for the INR10.00-crore bank facilities of
Reliable Agencies continues to remain under 'Issuer Not
Cooperating' category. The rating is denoted as
"[ICRA]B+(Stable)/[ICRA]A4; ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit          5.21      [ICRA]B+(Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Term loan            0.30      [ICRA]B+(Stable); ISSUER NOT
                                  COOPERATING; Rating continues
                                  to remain under 'Issuer Not
                                  Cooperating' category

   Unallocated          4.49      [ICRA]B+(Stable)/[ICRA]A4;
   Limits                         ISSUER NOT COOPERATING;
                                  Rating continues to remain
                                  under 'Issuer Not Cooperating'
                                  category

ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. The current
rating action has been taken by ICRA basis best available
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.

Reliable Agencies was established in the year 1972 by Mr.
M.Venkataraman with the objective of engaging in the business of
distributing welding equipment and consumables. Over the years the
entity has expanded its business into distribution of all the
reputed brands of welding equipment and consumables. The firm
currently has exclusive distribution rights for the products of
Ador, D&H Secheron and Schutz Carbon in the Hyderabad region of
Telangana.

SALVI CHEMICAL: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Salvi Chemical Industries Limited
        107/108 Western EDGE II (Commercial)
        Off W.E. Highway
        Borivali (East) Mumbai
        Mumbai City
        MH 400066
        IN

Insolvency Commencement Date: October 15, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 25, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Santanu T Ray

Interim Resolution
Professional:            Mr. Santanu T Ray
                         301, A Wing, BSEL Tech Park
                         Sector 30 A
                         Opposite Vashi Railway Station
                         Vashi, Thane, Navi Mumbai
                         Maharashtra 400705
                         E-mail: santanutray@aaainsolvency.com

                            - and -

                         AAA Insolvency Professionals LLP
                         A301, BSEL Tech Park
                         Sector 30 A
                         Opp. Vashi Railway Station
                         400705
                         E-mail: salvichemicals@aaainsolvency.com
                         Tel.: 022-42667394

Last date for
submission of claims:    November 12, 2019


SAMYU GLASS: Insolvency Resolution Process Case Summary
-------------------------------------------------------
Debtor: Samyu Glass Private Ltd
        Plot No. 6, 3rd Floor
        Kavuri Hills, Phase I
        Jubilee Hills
        Hyderabad 500033

Insolvency Commencement Date: October 18, 2019

Court: National Company Law Tribunal, Hyderabad Bench

Estimated date of closure of
insolvency resolution process: April 15, 2020

Insolvency professional: Srinivasa Rao Ravinuthala

Interim Resolution
Professional:            Srinivasa Rao Ravinuthala
                         FF 26, Raghavaratna Tower
                         Chirag Ali Lane, Abids
                         Hyderabad 500001
                         E-mail: cma.ravisrao@gmail.com
                                 ip.samyuglass@gmail.com

Last date for
submission of claims:    November 6, 2019


SANTOSH ENTERPRISES: ICRA Cuts Rating on INR4cr Loan to 'D'
-----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Santosh Enterprises (SE), as:

                    Amount
   Facilities     (INR crore)    Ratings
   ----------     -----------    -------
   Long Term-         2.75       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based/CC                 Rating downgraded from [ICRA]B
                                 (Stable) and continues to remain
                                 in the 'Issuer Not Cooperating'
                                 category

   Short Term-        4.00       [ICRA]D ISSUER NOT COOPERATING;
   Fund Based                    Rating downgraded from [ICRA]B
                                 (Stable) and continues to remain
                                 in the 'Issuer Not Cooperating'
                                 category

   Long Term-         0.20       [ICRA]D ISSUER NOT COOPERATING;
   Unallocated                   Rating downgraded from [ICRA]B
                                 (Stable) and continues to remain
                                 in the 'Issuer Not Cooperating'
                                 category

Rationale

The rating downgrade follows the overdrawal of cash credit facility
by Santosh Enterprises to the lender, based on best available
information in the public domain. ICRA has limited information on
the entity's performance since the time it was last rated in July
2016. As part of its process and in accordance with its rating
agreement with SE, 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.

Key rating drivers and their description

Credit strengths
Not applicable

Credit challenges
Overdrawals of working capital borrowings

There has been continuous overdrawals by SE in the cash credit
account for more than 30 days, based on best available
information in the public domain.

Liquidity Position: Poor

SE's liquidity profile is poor as reflected by recent
irregularities in debt servicing by company.

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

Established in 1990, Santosh Enterprises (SE) is a proprietorship
concern and is engaged in fabrication of steel structural
installation components like angle, channel, plates, railings and
gallery mainly used in wind mills supplied by Wind World India
Limited (WWIL) erstwhile Enercon India Limited. The firm operates
through its fabrication and galvanization units at Ambad and Gonde,
Nashik.

SHIVAY MINERALS: ICRA Maintains 'B' Rating in Not Cooperating
-------------------------------------------------------------
ICRA said the ratings for the INR6.50 crore bank facilities of
Shivay Minerals continues to remain under Issuer non-cooperating
category. The long-term rating is denoted as [ICRA]B ISSUER NOT
COOPERATING with a Stable outlook.


                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund-based–          4.50       [ICRA]B(Stable); ISSUER NOT
   Term Loan                       COOPERATING; Rating Continues
                                   to remain under the 'Issuer
                                   Not Cooperating' category

   Fund-based–          2.00       [ICRA]B(Stable); ISSUER NOT
   Working Capital                 COOPERATING; Rating Continues
   Facilities                      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 dated 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.

Shivay Minerals was incorporated in April, 2017. It is promoted by
Mr. Nayankumar Ghelajibhai Bhagiya along with seven other partners.
The firm plans to manufacture ceramic body clay (powder), which is
used in manufacturing ceramic tiles. The key promoters have
reasonable experience in manufacturing ceramic body clay (powder).
Its manufacturing facility is located at Morbi, Gujarat, which is a
ceramic industry hub. It has an installed capacity to produce
90,000 MT of ceramic body clay (powder) annually.

SHREE DATT: Ind-Ra Lowers LT Issuer Rating to 'BB', Outlook Stable
------------------------------------------------------------------
India Rating and Research (Ind-Ra) has downgraded Shree Datt
Aquaculture Farms Private Limited's (Shree Datt) Long-Term Issuer
Rating to 'IND BB' from 'IND BB+ (ISSUER NOT COOPERATING)'. The
Outlook is Stable.

The instrument-wise rating actions are:

-- INR36.2 mil. (reduced from INR41.4 mil.) Term loan due on
     March 2023 downgraded with IND BB/Stable rating;

-- INR415 mil. Fund-based working capital limits Long–term
rating
     downgraded; Short-term rating affirmed with IND BB/Stable/IND

     A4+ rating; and

-- INR43.5 mil. Non-fund-based working capital limits affirmed
     with IND A4+ rating.

KEY RATING DRIVERS

The downgrade reflects a significant deterioration in Shree Datt's
overall credit profile in FY19. The company's revenue declined to
INR1,469 million in FY19 (FY18: INR1,772 million) due to a fall in
shrimp prices to INR430 per kg from INR570 per kg and increased
competition from large organized players. Additionally, Shree
Datt's EBITDA margins remained modest in FY19. The margin increased
to 4.2% in FY19 (FY18: 3.9%) due to a reduction in raw material
prices. The return on capital employed was 5% in FY19. (FY18: 6%).

Furthermore, the company's credit metrics deteriorated in FY19,
mainly due to a fall in the absolute EBITDA to INR61 million (FY18:
INR69 million). The interest coverage (operating EBITDA/gross
interest expense) was 1.4x in FY19 (FY18: 1.7x) and the net
leverage (total adjusted net debt/operating EBITDAR) was 7.7x
(7.2x).

Liquidity Indicator – Poor: The ratings also reflect Shree Datt's
tight liquidity position, with its consolidated peak utilization of
the fund-based working capital limits standing at around 93% for
the 12 months ended September 2019. Shree Datt's cash conversion
cycle elongated to 125 days in FY19 (FY18: 103 days) on account of
an increase in inventory days to 118 days in FY19 (FY18:95 days).
The company had a cash balance of INR6.9 million and a restricted
cash balance of INR1.6 million as of March 2019. Shree Datt has a
scheduled debt repayment of INR7.2 million in FY20. The debt
service coverage ratio for FY20 is 1.1x and that for FY21 is 1.1x.


The ratings continued to be constrained by the inherent
vulnerability of the seafood industry to disease and viral attacks,
competition and fluctuating currency, and unfavorable changes in
government policies. Shree Datt focuses majorly on Vannamei shrimp;
this variety of shrimp has better resistance to diseases and a
higher production density than other varieties, mitigating the
risks to some extent.

The ratings are supported by the availability of a captive pond
that serves 50% of Shree Datt's raw material requirements.

The ratings also benefit from the improved geographical
diversification in Shree Datt's customer base. The US market's
contribution to revenue declined to 62% in FY19 from 75% revenue in
FY18.

The ratings are also supported by the promoters' operating
experience of around two decades in the aquaculture business,
leading to established relationships with fish farmers.

RATING SENSITIVITIES

Negative: Any decline in the revenue or EBITDA margins, resulting
in deterioration of credit metrics, on a sustained basis, and/or
any deterioration in the net cash conversion cycle, leading to
stressed liquidity, will be negative for the ratings

Positive: A sustained improvement in the revenue and EBITDA
margins, resulting in improved liquidity and credit metrics, with
the net leverage falling below 3x, on a sustained basis, would be
positive for the ratings.

COMPANY PROFILE

Incorporated in 2003, Shree Datt is engaged in the rearing,
processing, and export of various kinds of seafood. The company has
a 90-metric-tonnes-per-day processing unit in Billimora, Gujarat.
In addition, it has a 600-metric-tonne cold storage facility.

SHREE GAJAPATI: Insolvency Resolution Process Case Summary
----------------------------------------------------------
Debtor: Shree Gajapati Paints Private Limited
        Keranitola, Station Road
        P.S. Kotowali, Midnapore
        West Bengal 721101

Insolvency Commencement Date: October 25, 2019

Court: National Company Law Tribunal, Kolkata Bench

Estimated date of closure of
insolvency resolution process: April 21, 2020
                               (180 days from commencement)

Insolvency professional: Rasik Singhania

Interim Resolution
Professional:            Rasik Singhania
                         Chitrakoot Building
                         Room No. 98, 9th Floor
                         230A, AJC Bose Road
                         Kolkata, West Bengal 700020
                         E-mail: rasik.singhania@gmail.com
                                 sgppl.cirp@gmail.com

Last date for
submission of claims:    November 13, 2019


SHRI RAM: ICRA Maintains B+ Rating in Not Cooperating Category
--------------------------------------------------------------
ICRA said the ratings for the INR16.50 crore bank facilities of
Shri Ram Rolling Mill (SRRM) continues to remain under the 'Issuer
Not Cooperating' category. The rating is denoted as "[ICRA]B+
(Stable) ISSUER NOT COOPERATING".

                     Amount
   Facilities      (INR crore)     Ratings
   ----------      -----------     -------
   Fund based          10.00       [ICRA]B+ (Stable) ISSUER NOT
   Limit–Cash                      COOPERATING; Rating continues
   Credit                          to remain under the 'Issuer
                                   Not Cooperating' category

   Fund Based           5.09       [ICRA]B+ (Stable) ISSUER NOT
   Limit–Term                      COOPERATING; Rating continues
   Loan                            to remain under the 'Issuer
                                   Not Cooperating' category

   Untied Limits        1.41       [ICRA]B+ (Stable) ISSUER NOT
                                   COOPERATING; 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.

Shri Ram Rolling Mill (SRRM) was established as a partnership firm
by the Raipur-based Gidwani family in 2006. SRRM's plant is located
at Rawabhata Industrial Area in Raipur, Chhattisgarh. SRRM has
facilities for manufacturing mild steel (MS) ingots/billets and
steel structurals with an annual capacity of 40,000 metric tonnes
(MT) and 10,000 MT per annum, respectively.

SHUBHJIVAN DEVELOPERS: ICRA Cuts INR20cr Loan Rating to B/Not Coop.
-------------------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Shubhjivan Developers LLP (SDLLP), as:

                        Amount
   Facilities        (INR crore)     Ratings
   ----------        -----------     -------
   Long Term Fund        20.00       [ICRA]B(Stable) ISSUER NOT
   based–Cash Credit                 COOPERATING Downgraded from
                                     [ICRA]BB-(Stable); Rating
                                     moved to the 'Issuer Not
                                     Cooperating' category

Rationale

The long-term rating downgrade is because of lack of adequate
information regarding the performance of SDLLP 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 the firm, 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.

SDLLP was incorporated in February 2016 as a limited liability
partnership firm by Mr. Jivanbhai Govani and Mr. Priyank Panchani.
The firm's partners have been in the real-estate business for over
two decades through various Group entities, involved in the
real-estate business in Gujarat. SJD is executing its first
residential project namely, Serenity Garden, at Kalavad Road,
Rajkot in Gujarat. The construction for the project started in May
2016 and is likely to be completed by June, 2019. The project
consists of development of 230 high-end apartments covering
4,28,579 sq. ft. of the total saleable area, comprising 4-BHK and
5-BHK units. The project also has other amenities like club house,
mini theatre, gymnasium, jogging track, common garden and outdoor
game facility for children. The ticket size of the apartment ranges
from INR0.28 crore to INR0.43 crore, which renders it easily
marketable compared to high-ticket value projects.

SOLAR OFFSET: Insolvency Resolution Process Case Summary
--------------------------------------------------------
Debtor: Solar Offset Printers Pvt Ltd
        Plot No. 42, Industrial Development Plot
        Manvila, Kulathoor P.O
        Trivandrum KI 695583

Insolvency Commencement Date: October 23, 2019

Court: National Company Law Tribunal

Estimated date of closure of
insolvency resolution process: April 20, 2020

Insolvency professional: Mr. Easwara Pillai Kesavan Nair

Interim Resolution
Professional:            Mr. Easwara Pillai Kesavan Nair
                         Vijayakumar & Easwaran
                         Chartered Accountants
                         6th Floor, Amrita Trade Towers
                         S.A. Road Pallimukku
                         Kochi, Kerala
                         E-mail: keaswaran@gmail.com
                                 solar.offset@aaainsolvecy.com

                            - and -

                         E-10A, Kailash Colony
                         Greater Kailash-1
                         New Delhi 110048

Last date for
submission of claims:    November 6, 2019


SRI VASAVI: Insolvency Resolution Process Case Summary
------------------------------------------------------
Debtor: Sri Vasavi Industries Limited

        Registered office:
        Village V.R. Agraharam
        Rajam Mandal, Srikakulam District
        Andhra Pradesh 532127

Insolvency Commencement Date: October 28, 2019

Court: National Company Law Tribunal, Amaravathi Bench

Estimated date of closure of
insolvency resolution process: April 25, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Girish Siriram Juneja

Interim Resolution
Professional:            Mr. Girish Siriram Juneja
                         22 Dignity Apartments
                         Bon Bon Lane
                         7 Bungalows, Versova
                         Andheri (West)
                         Mumbai 400053
                         E-mail: junejagirish31@gmail.com

                            - and -

                         1221 Maker Chamber V
                         Jamnalal Bajaj Road
                         Nariman Point
                         Mumbai 400021
                         E-mail: ip.srivasavi@gmail.com

Last date for
submission of claims:    November 11, 2019


SUPREME STARTECH: Insolvency Resolution Process Case Summary
------------------------------------------------------------
Debtor: Supreme Startech Private Limited

        Registered office:
        Supreme Startech Private Limited
        Block No. 13-14 Seva Sadan
        C.A. Road Nagpur
        MH 440018

Insolvency Commencement Date: October 25, 2019

Court: National Company Law Tribunal, Mumbai Bench

Estimated date of closure of
insolvency resolution process: April 22, 2020
                               (180 days from commencement)

Insolvency professional: CA Pawan Kumar Ramdhan Agarwal

Interim Resolution
Professional:            CA Pawan Kumar Ramdhan Agarwal
                         42, Gopal Bhawan
                         199 Princess Street
                         Mumbai 400002
                         E-mail: arbitratorpr@gmail.com

Last date for
submission of claims:    November 9, 2019


SYGLAK LABORATORIES: Insolvency Resolution Process Case Summary
---------------------------------------------------------------
Debtor: Syglak Laboratories Private Limited
        F-14, MIDC Kulgaon
        Badlapur East
        Badlapur MH 421503
        IN

Insolvency Commencement Date: October 22, 2019

Court: National Company Law Tribunal, Nagpur Bench

Estimated date of closure of
insolvency resolution process: April 19, 2020
                               (180 days from commencement)

Insolvency professional: Mr. Ashish Avinash Saoji

Interim Resolution
Professional:            Mr. Ashish Avinash Saoji
                         Flat No. 107, Kanchanganga Estate
                         Borkute Layout, Narerndra Nagar
                         Nagpur 40015
                         E-mail: ashishsaoji@gmail.com

                            - and -

                         3rd Floor, M.G. House
                         Rabindranath Tagore Marg
                         Civil Lines, Nagpur 440001
                         E-mail: ip.syglak@gmail.com

Last date for
submission of claims:    November 5, 2019


TODAY HOMES: NCLT Initiates Insolvency Proceedings vs. Firm
-----------------------------------------------------------
ETRealty.com reports that the National Company Law Tribunal (NCLT)
has initiated corporate insolvency resolution process against
Delhi-based Today Homes and Infrastructure under Section 7 of the
Insolvency and Bankruptcy Code 2016.

The court has appointed Deepak Bansal as the interim resolution
professional (IRP) for the case, the report discloses.

According to the report, Dynacon Projects' plea stated that Today
Homes, who has been construction Royal Elegancia in Sector 73,
Gurugram, signed an agreement in 2013 with them to carry out the
civil, electricity, plumbing and sanitary works. The total contract
value was about INR42.33 crore.

The amount was to be paid monthly as per RA bills based on work
done on site. Dynacon Projects submitted 18 RA bills and stated
that INR1,38 crore excluding 18% interest is due.

ETRealty.com relates that Today Homes in its reply said that
serious dispute(s) exists between them related to service tax rate
discrepancy and payments, among others. In an inspection by
Engineer-in-Charge, it was found that materials and products used
were of sub-standards.

There has also been a delay of over 10 weeks in completion of work
by Dynacon Projects and hence they are liable to pay INR4.23 crore
as compensation, according to the builder's plea, the report
relays.

Today Homes however could not support their claims with any
documentary evidence hence NCLT admitted Dynacon Project's plea and
ordered them to deposit INR2 lakh to the IRP to meet the expenses,
ETRealty.com says.

ETRealty.com notes that the court has ordered a stay on all
ongoing/pending suits or proceedings against Today Homes and
Infrastructure. It has also prohibited the company from
transferring, encumbering or disposing of its assets. Any
foreclosure of company's assets or recovery of any property by an
owner or lessor where such property is occupied by or in the
possession of the company has also been prohibited.

The ex-management of the company has been directed to provide all
documents in their possession and furnish every information within
a period of one week from the admission of the petition to the IRP,
adds ETRealty.com.

TURQUOISE & GOLD: ICRA Keeps D Rating in Not Cooperating Category
-----------------------------------------------------------------
ICRA said the ratings for the INR14.70-crore bank facilities of
Turquoise & Gold Apparels Private Limited (TGAPL) continues to
remain under 'Issuer Not Cooperating' category'. The ratings are
denoted as "[ICRA]D ISSUER NOT COOPERATING".

                    Amount
   Facilities     (INR crore)   Ratings
   ----------     -----------   -------
   Long Term-         1.50      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based TL                Continues to remain in the
                                'Issuer Not Cooperating' category

   Short Term-       10.00      [ICRA]D; ISSUER NOT COOPERATING;
   Fund Based                   Continues to remain in the
                                'Issuer Not Cooperating' category

   Long Term/         3.20      [ICRA]D/[ICRA]D; ISSUER NOT
   Short term–                  COOPERATING; Continues to remain
   Unallocated                  in the 'Issuer Not Cooperating'
                                category

The rating takes into account continued delays in debt servicing by
the entity. As part of its process and in accordance with its
rating agreement with Turquoise & Gold Apparels Private Limited,
ICRA has been trying to seek information from the entity so as to
monitor its performance, but despite repeated requests by ICRA, the
entity's management has remained non-cooperative. In the absence of
requisite information, and in line with 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 2008, TGAPL is promoted and managed by Ms. Dimple
Varma along with her sisters, Ms. Samara Mahindra and Ms. Natasha
Mahindra. The company manufactures readymade garments primarily,
for the exports market and specializes in children's wear and
women's wear. It has a presence in the domestic market through its
showrooms in Bangalore and Goa. It has three manufacturing
facilities in Bangalore, with a total workforce of around 1,700 and
a total production capacity of 17 lakh garments per month.

USHDEV ENGITECH: Ind-Ra Migrates 'BB' Rating to Non-Cooperating
---------------------------------------------------------------
India Ratings and Research (Ind-Ra) has migrated Ushdev Engitech
Limited's (UEL) term loan ratings to the non-cooperating category.
The issuer did not participate in the rating exercise despite
continuous requests and follow-ups by the agency. Therefore,
investors and other users are advised to take appropriate caution
while using these ratings. The ratings will now appear as 'IND BB
(ISSUER NOT COOPERATING)' on the agency's website.

The instrument-wise rating action is:

-- INR895.2 mil. Rupee term loan due on June 2022 migrated to
     non-cooperating category with IND BB (ISSUER NOT COOPERATING)

     rating.

Note: ISSUER NOT COOPERATING: The ratings were last reviewed on
October 23, 2018. Ind-Ra is unable to provide an update, as the
agency does not have adequate information to review the ratings.

COMPANY PROFILE

UEL operates wind power plants across Karnataka, Maharashtra, Tamil
Nadu, Gujarat and Rajasthan with an aggregate capacity of 58.2MW.
Ushdev Power Holdings Private Limited is UEL's holding company and
is part of the Ushdev Group with a presence in power, mining,
trading, and industrial sectors.

VIJAYKUMAR AND CO: ICRA Cuts Rating on INR5.0cr Loan to B+
----------------------------------------------------------
ICRA has downgraded the ratings on certain bank facilities of
Vijaykumar And Co. (VAC), as:

                     Amount
   Facilities      (INR crore)    Ratings
   ----------      -----------    -------
   Cash Credit        (5.00)      [ICRA]B+ (Stable) ISSUER NOT
                                  COOPERATING; Rating downgraded
                                  from [ICRA]BB+ (Stable) and
                                  moved to the 'Issuer Not
                                  Cooperating' category

   Letter of Credit   30.00       [ICRA]A4 ISSUER NOT
                                  COOPERATING; Rating downgraded
                                  from [ICRA]A4+ and moved to
                                  the 'Issuer Not Cooperating'
                                  category

Rationale

The rating downgrade is because of lack of adequate information
regarding VAC 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 Vijaykumar And Co., 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.

VAC was established in 1994 as a proprietorship concern to carry
out ship recycling activities, which was subsequently converted
into a partnership firm in the current fiscal. Currently, the firm
operates from the Alang Ship Breaking Yard in Bhavnagar, Gujarat.
VAC is part of the Bhupatrai Chimanlal Group, which started its
business in 1970 with its flagship company, Mono Plast, and began
ship breaking activities from 1985. At present, the Group enjoys a
diversified presence across various industries like ship recycling,
shipbuilding, steel, textiles, mining and solar, among others. The
Group companies include Paras Steel Corporation (engaged in ship
breaking), Dalkan Ship Breaking Ltd. (engaged in ship  breaking),
Mono Steel India Limited (engaged in manufacturing sponge iron, MS
billets and TMT bars), and Jay Bharat Steel Corporation (engaged in
manufacturing MS billets), etc.

In FY2017, the Group reported a net profit of INR0.78 crore on an
operating income (OI) of INR127.23 crore, as compared to a net
profit of INR0.48 crore on an OI of INR51.96 crore in the previous
year. Further, as per provisional financials, the Group reported
profit before depreciation and tax of INR1.28 crore on an operating
income of INR157.09 crore in FY2018.



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

KAWASAN INDUSTRI: Fitch Affirms 'B' LT IDR, Outlook Stable
----------------------------------------------------------
Fitch Ratings affirmed Indonesia-based PT Kawasan Industri Jababeka
Tbk's Long-Term Issuer Default Rating at 'B'. The Outlook is
Stable. At the same time, Fitch Ratings Indonesia has affirmed
KIJA's National Long-Term Rating at 'A-(idn)' with Stable Outlook.
All ratings have been removed from Rating Watch Negative, on which
they were placed on July 10, 2019.

The affirmations follow confirmation by KIJA's board that the
information and facts that the company has obtained are not
sufficient for it to reach a conclusion that a Change of Control
(CoC) event has occurred, which could have triggered a buyback
requirement of KIJA's outstanding USD300 million 6.5% bond due 2023
. The company believes that there is no CoC under the terms and
conditions of its notes. Fitch said earlier that the ratings may be
affirmed if it is determined that a CoC has not been triggered.
Notwithstanding the resolution of this event, Fitch notes the
ongoing challenges to the company's board of directors composition.
At this time, Fitch does not believe that the operations have been
affected or that management's attention has been diverted away from
the company's operation, hence Fitch has assigned a Stable Outlook.
However, any weakening in operations on account of such actions
could lead to negative rating action.

'A' National Ratings denote expectations of a low level of default
risk relative to other issuers or obligations in the same country
or monetary union.

KEY RATING DRIVERS

Robust Performance: The affirmation and Stable Outlook reflect
KIJA's robust operating performance so far in 2019 and its view of
the board's focus on daily operations and appropriate management of
ongoing legal issues. KIJA reported attributable presales of IDR891
billion in 9M19, up by 11% yoy and on track to meet its 2019
forecast of IDR1 trillion. KIJA also reported leverage, as measured
by net adjusted debt/adjusted inventory, of 49% and non-development
EBITDA/interest cover (calculated on a latest 12 months basis) of
0.9x. This was in line with its expectations.

A lawsuit, which was filed against KIJA on July 19, 2019, was
withdrawn on October 28, 2019. However, a new lawsuit has been
filed by the same group of shareholders. KIJA says the plaintiff
has asked for the result of the annual general meeting (AGM),
conducted on June 26, 2019, to be declared void. The company
indicated that, should the judge rule in favour of the plaintiff,
it will have to re-conduct its AGM, which may include the
appointment of a president director and commissioner.

Strong Industrial-Land Sales: Fitch expects rising competition
among industrial property developers in Cikarang, east of Jakarta,
to affect sales at KIJA's Kota Jababeka estate. However, sales at
its second industrial estate - Kawasan Industri Kendal - may see
robust growth in the medium-term given low competition and the
estate's improving reputation, partly due to the 2Q19 entrance of
an anchor tenant, Chinese textile manufacturer, Jiangsu Lianfa.
KIJA sold 17 hectares of land, the largest amount since the
estate's inception, to Jiangsu in June 2019. Moody's believes this
may attract more investment due to an improved reputation and
growth of supporting industries within the estate.

Moody's also expects sales to further improve in 4Q19, as KIJA is
likely to launch more new projects on better consumer sentiment
after the official inauguration of President Jokowi in October
2019. KIJA's attributable presales increased by 11% yoy in 9M19,
predominantly due to higher sales in Kendal. Residential sales
improved by 64% yoy in 3Q19; however, weakness in 1H19 saw sales
drop by 13% yoy in 9M19. Fitch also expects KIJA to shift towards
the mid and mid- to high-end market, which has performed better
than the low-end within the Kota Jababeka township. However,
disruptions to operations, which may stem from the ongoing lawsuit,
may delay launches and affect sales.

Improving Power-Plant EBITDA: Moody's expects EBITDA from KIJA's
power plant to improve to around IDR220 billion from 2020, after
falling to a forecast IDR199 billion this year due to more frequent
stops-and-starts in operation and scheduled gas turbine maintenance
in 3Q19. This prevented KIJA from declaring full capacity to the
state electricity company, PT Perusahaan Listrik Negara (Persero)
(PLN; BBB/Stable). Moody's also forecasts KIJA's non-development
EBITDA gross interest cover ratio, after proportionately
consolidating key variables from KIJA's joint ventures, to be 1.0x
from 2020, after falling to a forecast 0.9x in 2019. KIJA's 130
megawatt power plant is still under reserve shutdown, nevertheless,
the 20-year power purchase agreement with PLN remains in force.

Flexible Capex: KIJA's non-development capex, which Fitch forecasts
at around IDR165 billion in 2019-2022, will be limited to regular
maintenance of its power plant, dry port facilities and other
infrastructure for the next few years. This, coupled with the
discretionary nature of land acquisitions and construction costs,
which are partly contingent on meeting sales thresholds, allows the
company to accumulate cash buffers and strengthen its liquidity
profile.

Increasing Product Diversification: Fitch believes KIJA's increased
focus on residential and commercial products in Kota Jababeka and
Kendal will provide long-term diversification benefits. The
residential and commercial segments contributed an average of 55%
of total presales in the past five years, compared with 14% in
2011. Similarly, presale concentration in Kota Jababeka has
declined to an average of 75% in the past three years, from 100% in
2011. Improved diversification could lessen KIJA's exposure to the
high cyclicality of industrial land sales and provide traction for
growth.

Large, Low-Cost Land Bank: KIJA has a mature land bank in Kota
Jababeka of over 1,200 hectares, adequate for over 50 years of
development assuming sales of 10 hectares a year. Kota Jababeka is
the company's most mature development, with established
infrastructure and a captive industrial market. This land has
commanded premium pricing due to little competition, but now faces
threats from cheaper pricing in neighbouring estates. Kendal adds
another 570 hectares to KIJA's land bank, which provides enough
resources for over 30 years of development, assuming sales of 10
hectares a year.

Concentration and Forex Risk: KIJA's rating is constrained by its
highly concentrated business in Kota Jababeka, which Fitch expects
to contribute around 60%-70% of presales over the medium term.
Concentration risk should gradually dissipate with the increasing
contribution from Kendal. KIJA is also exposed to currency
fluctuation, as most of its debt is US dollar-denominated while the
majority of its EBITDA is in rupiah. KIJA has hedged USD200 million
of its USD300 million bonds at various upper-strike prices, the
highest of which is at IDR16,000 to USD1. Fitch believes the
remaining currency fluctuation risk is manageable, as
non-development income adequately covers interest expenses in the
medium term

DERIVATION SUMMARY

KIJA's rating is comparable with that of other Fitch-rated property
developers, such as PT Modernland Realty Tbk (B/Stable), PT Alam
Sutera Realty Tbk (ASRI; B/Stable), PT Ciputra Development Tbk
(CTRA; BB-/Negative) and PT Lippo Karawaci TBK (B-/Stable). No
Country Ceiling, parent/subsidiary or operating environment aspects
affect KIJA's rating.

Fitch believes KIJA has a weaker development profile than
Modernland and ASRI. There is high demand risk in KIJA's Cikarang
township and its Kendal township is at an earlier stage of
development relative to the more mature and strategically located
townships of Modernland's Jakarta Garden City and ASRI's Alam
Sutera. Moody's believes this is compensated by KIJA's stronger and
stable non-development cash flow, which support debt servicing
capacity across economic cycles.

Fitch believes KIJA's business profile is weaker than that of CTRA,
which has significantly larger operating presales, more
geographically diversified projects and lower business cyclicality,
as it focuses on residential properties rather than industrial land
sales. CTRA also has lower leverage, which supports its higher
rating than KIJA.

Lippo's property presales scale is similar to that of KIJA, as
Moody's expects both companies to sell around IDR1 trillion in
annual presales. A substantial portion of KIJA's presales stem from
industrial land, which can be more volatile than residential
property sales during downturns. However, the company has gradually
reduced its industrial sales mix in favour of higher residential
properties and commercial plots. In contrast, Lippo's presales have
dried up in the last few years owing to weak operational execution,
despite its focus on residential property, and a sustained
turnaround is yet to be seen. KIJA is rated higher than Lippo to
reflect the availability of non-development cash flow from its
long-term power purchase agreement with PLN, which supports its
interest payments in the medium term.

KIJA's rating on the National Rating scale is comparable with that
of PT Ciputra Residence (CTRR; A+(idn)/Negative), PT PP Properti
Tbk (PPRO; BBB+(idn)/Negative, Standalone Credit Profile: bbb(idn))
and Lippo (BB+(idn)/Stable). CTRR's rating is based on the
consolidated profile of its parent, CTRA. Fitch rates CTRR two
notches above KIJA because CTRR has larger property development
scale, broader geographical project diversification, lower leverage
and KIJA has higher exposure to cyclical industrial land sales.

KIJA has a wider profit margin, stronger non-development interest
cover and better operating cash flow generation than PPRO. KIJA
also has a more established property-development record. These
factors result in KIJA being rated two notches above PPRO's
Standalone Credit Profile. Relative to Lippo, KIJA's higher rating
reflects the availability of non-development cash flow to support
its interest payments in the medium-term and Lippo's weak
operational execution and uncertainty around its business
turnaround.

KEY ASSUMPTIONS

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

  - Attributable presales of around IDR1.0 trillion in 2019-2020
(2018: IDR1.2 trillion).

  - Discretionary land acquisition capex of around IDR90 billion in
2019 and IDR200 billion in 2020-2022 (2018: IDR93 billion).

  - Construction capex of around IDR500 billion-600 billion in
2019-2020 (2018: IDR444 billion).

  - No dividend payout in 2019 and a 10% dividend payout ratio in
2020-2022 (2018: none).

  - IDR165 billion of non-development capex annually for 2019-2022
(2018: IDR66 billion).

KEY RECOVERY RATING ASSUMPTIONS

  - The recovery analysis assumes KIJA would be liquidated in a
bankruptcy rather than be considered as a going concern. Fitch has
also assumed a 10% administrative claim in the recovery analysis.

  - Fitch assigned a liquidation value under a distressed scenario
of around IDR3.8 trillion as of end-September 2019. The estimate
reflects Fitch's assessment of the value of trade receivables under
a liquidation scenario, with a 75% advance rate, net investment
property with a 50% advance rate and land bank with a 100% advance
rate. Moody's believes the company's reported land bank value,
which is based on historical land cost, is at a significant
discount to current market value and, thus, is already
conservative.

  - The company's power-plant fixed assets, land bank located in
Kendal and total assets of certain non-guarantor subsidiaries are
excluded from the liquidation-value estimate, as they are not part
of KIJA's US-dollar senior unsecured bonds' guarantor group.

  - Trade payables of IDR155 billion are assumed to be fully
covered by the cash balance.

  - Around IDR220 billion of senior secured loans are senior to the
outstanding USD300 million senior unsecured bond in the waterfall.

These assumptions result in a recovery rate for the outstanding
senior unsecured bonds within the range for a 'RR2' Recovery
Rating. Nevertheless, Fitch rates the senior unsecured bonds at 'B'
with a Recovery Rating of 'RR4' because, under its Country-Specific
Treatment of Recovery Ratings criteria, Indonesia falls into 'Group
D' of creditor friendliness and instrument ratings of issuers with
assets in this group are subject to a soft cap at the issuer's IDR

RATING SENSITIVITIES

Developments that May, Individually or Collectively, Lead to
Positive Rating Action

  - Attributable presales sustained above IDR1.5 trillion

  - Improving leverage, as measured by adjusted net debt/adjusted
inventory, of below 50% on a sustained basis

  - Non-development EBITDA/gross interest cover ratio maintained at
above 1.0x on a sustained basis (2019F: 0.9x)

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

  - Attributable presales below IDR1 trillion for a sustained
period (2019F: IDR1 trillion)

  - Worsening leverage, as measured by adjusted net debt/adjusted
inventory, of above 60% (2019F: 49%)

  - Material weakening in the company's non-development interest
cover for a sustained period

LIQUIDITY

Comfortable Liquidity: KIJA had a readily available cash balance of
around IDR750 billion and short-term debt maturities of around
IDR120 billion at September 30, 2019, of which approximately IDR65
billion was a revolving facility that is typically rolled over in
the normal course of business. Non real-estate capex for the next
few years will be limited to regular power-plant maintenance and
dry port infrastructure development. This, coupled with the
discretionary nature of land acquisitions and some construction
costs that are contingent on meeting sales thresholds in the
current period, allows Jababeka to accumulate cash buffers and
strengthen its liquidity profile.

FULL LIST OF RATING ACTIONS

PT Kawasan Industri Jababeka Tbk

  - Long Term IDR affirmed at 'B' with Stable Outlook; off RWN

  - Senior unsecured debt class rating affirmed at 'B'/RR4; off
RWN

  - National Long-Term Rating affirmed at 'A-(idn)' with Stable
Outlook; off RWN

Jababeka International B.V.

  - Rating on the USD300 million senior unsecured bond affirmed at
'B'/RR4; off RWN



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

[*] NEW ZEALAND: Revised Insolvency Law Protects Voucher-Holders
----------------------------------------------------------------
Susan Edmunds at Stuff.co.nz reports that changes to insolvency law
announced by the Government will include requirements to honour 50
per cent of the value of gift cards or vouchers held by consumers,
Commerce and Consumer Affairs Minister Kris Faafoi said.

"When a business is insolvent, these consumers are often left out
of pocket. We are changing the law to require businesses that go
into receivership, administration or liquidation but continue to
trade, to honour at least 50 percent of the value of the gift card
or voucher," Stuff quotes Mr. Faafoi as saying.

Typically, when a retailer is placed in receivership or
liquidation, the owners of gift cards or vouchers stand at the back
of the queue of creditors owed money, behind staff, the IRD, banks,
and any other secured creditors, alongside other unsecured
creditors, Stuff notes.

When Dick Smith, the Australian electronics company, collapsed just
after Christmas 2015, its vouchers--many of which were recently
purchased gifts--became worthless, the report says.

"We're extending the scope of the entitlements for employees of
failed companies, so that both payments in lieu of notice and long
service leave will be protected in the same way as wages."

Another change involves making insolvency law fairer for businesses
that provide goods and services to failed companies in good faith,
according to Stuff.

"Right now, the law allows liquidators to reverse transactions made
by a company up to two years before they are put into
liquidation."

Stuff relates that Mr. Faafoi said this was too long a period for
any creditor to be uncertain about whether an amount they received
in good faith will have to be recovered, sometimes putting their
own financial situation at risk.

"We're going to improve commercial confidence by reducing the
'claw-back' period to six months. However, I've also concluded that
two years is not long enough for creditors who have a close
connection with a director of the failed company. So we'll be
increasing the claw-back period from two years to four years for
'related party' creditors."

Most of these changes were recommended by the Insolvency Working
Group in a report published in 2017, and will be included in a
future Insolvency Law Reform Bill.

"I want to express my appreciation to the Insolvency Working Group
for their recommendations. This important work provided the
foundation for the reforms I'm announcing today," Mr. Faafoi said.



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

CHINA BANKING: Fitch Affirms BB+ LT IDRs, Outlook Stable
--------------------------------------------------------
Fitch Ratings affirmed the Long-Term Foreign- and Local-Currency
Issuer Default Ratings on China Banking Corporation at 'BB+'. The
Outlook is Stable.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING

The IDRs and Viability Rating of CBC are driven by its standalone
credit profile, which takes into account bank's moderate franchise,
adequate capital buffers, acceptable profitability and generally
steady funding and liquidity profile. These are balanced against
the risks from rapid loan growth in recent years and the high
concentration in large borrowers, which are characteristics common
among Philippine banks.

CBC's reported non-performing loan ratio of 1.2% at end-June 2019
was stable compared with a year ago, and remained lower than the
industry's 2.2%. Fitch believes this reflects a largely benign
operating environment and the bank's satisfactory risk controls and
client selection. Loan quality following recent high loan growth
(CAGR of 15% over 2014-2018) remains untested over economic cycles
and its high large-borrower concentration raises the risk of
sharper credit deterioration in a downturn. Nevertheless, Fitch
believes that these downside risks are mitigated for now by the
still-supportive economic backdrop and the bank's steady
underwriting standards.

Fitch assesses the bank's earnings profile to be the strongest
among Fitch-rated domestic mid-sized peers, given its higher and
more stable operating profit/risk-weighted assets on average (1.7%
over 2015-2018), less reliance on one-off asset sales and trading
gains, and generally lower credit cost, which is a function of its
better asset quality. Its return on assets of 1.0% in 1H19 was
similar to last year's, despite margin compression amid higher
funding costs. Easing funding conditions and a lower deposit
reserve requirement should help to support its margins and Fitch
expects profitability to remain broadly steady in the near term.

CBC's Common Equity Tier 1 ratio of 12.9% at end-June 2019 and
Fitch Core Capital ratio of 13.4% at end-2018 formed an adequate
buffer for the bank to grow in the near term and withstand
impairment shocks. Fitch expects the capital ratios to decline over
time as risk-weighted asset growth is likely to be brisk, outpacing
its organic capital retention. Nonetheless, Fitch expects the bank
to maintain adequate capital buffers over the regulatory minimum in
the near to medium term, supported by its major shareholder - SM
Investments Corporation, one of the Philippines' largest
conglomerates.

CBC's funding and liquidity profile is a rating strength. The bank
is primarily deposit funded, with low-cost current and savings
accounts making up about 57% of its deposits attend- June 2019. Its
balance sheet is relatively liquid, as reflected by its
loan-to-deposit ratio of 71% at end-June 2019, although Fitch
expects this to gradually rise as loan growth reaccelerates.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's Support Rating and Support Rating Floor reflect its view
of a moderate probability of extraordinary state support, if
required. This considers the bank's moderate systemic importance,
with market share of about 5% in system assets, and the Philippine
sovereign's fiscal flexibility, as indicated by its 'BBB' rating.

RATING SENSITIVITIES

IDRS AND VR

Excessive credit growth in riskier sectors, such as unsecured
consumer loans, which are not accompanied by stronger loss
absorption buffers would put pressure on the bank's ratings.

Conversely, a sustainable improvement in its risk-adjusted
profitability, through revenue diversification or improved
operating cost efficiency, without undue risk-taking may be
positive for its ratings. This is assuming that the bank's other
credit strengths remain broadly intact.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor would be sensitive to
perceived changes in the state's propensity and ability to provide
extraordinary support to the bank in a timely manner.

ESG CONSIDERATIONS

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

PHILIPPINE NATIONAL BANK: Fitch Affirms BB+ LT IDR, Outlook Stable
------------------------------------------------------------------
Fitch Ratings affirmed the Long-Term Issuer Default Rating on
Philippine National Bank (PNB) at 'BB+'. The Outlook is Stable.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING

The IDR of PNB is driven by its standalone credit profile, as
indicated by its Viability Rating. The ratings reflect the bank's
adequate franchise as the fifth-largest bank in the Philippines,
generally stable funding and liquidity profile, and acceptable
loss-absorption buffers, which are balanced against its high risk
appetite and weaker-than-average profitability and asset quality.
The ratings also consider the risks from rapid credit growth in
recent years and high concentration in large borrowers, which are
traits common among Philippine banks.

PNB's recent asset-quality metrics reflect a largely supportive
operating environment and the bank's continued efforts to dispose
legacy assets. Loan quality following the recent rapid credit
growth (CAGR of 17% over 2014-2018) remains largely untested, in
its view, and its high large borrower concentration makes the bank
susceptible to lumpy impairments in the event of a downturn. The
bank's plans to ramp up growth in the consumer segment, which
typically attracts higher default rates than corporates in the
Philippines, suggest that non-performing loan ratio may rise over
the medium term. Nevertheless, Fitch expects downside risks to be
mitigated for now by the still-supportive operating environment.

PNB's profitability has benefitted in recent years from large gains
on foreclosed asset sales, which Fitch estimates as equivalent to
about 42% of its net income on average over 2015-2018. Contribution
from these one-off earnings sources should reduce in the future as
most of the prime foreclosed properties have been sold. Its return
on assets of 0.8% in 1H19 was weaker than the Fitch-rated private
domestic banks average of 1.1% given its higher operating costs.
However, returns could improve as the bank plans to ramp up growth
in the consumer lending segment, provided risks are managed well.

The bank's consolidated common equity Tier 1 ratio of 13.2% at
end-June 2019 formed an adequate buffer against impairment shocks
and the PHP12 billion rights issuance completed in July 2019
(equivalent to around 1.6pp of end-2018 risk-weighted assets)
should help to provide the bank more room to grow. Fitch expects
its capital ratios to gradually decline as loan growth is likely to
continue to outpace internal capital generation, but maintain an
adequate buffer above the regulatory minimum in the near term.

PNB's funding and liquidity profile is a rating strength. Fitch
believes PNB's funding franchise benefits from its broad branch
network and long operating history in the Philippines. The bank
remains primarily deposit funded despite recent wholesale issuance,
with current and savings accounts making up a healthy 76% of total
deposits at June 2019. It also has a liquid balance sheet, as
indicated in its net loan-to-deposit ratio of 77% and liquidity
coverage ratio of 131% at June 2019.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's Support Rating and Support Rating Floor reflect its view
of a moderate probability of extraordinary state support, if
required. This considers the bank's moderate systemic importance,
with market share of about 6% in system assets, and the Philippine
sovereign's fiscal flexibility, as indicated by its 'BBB' rating.

RATING SENSITIVITIES

IDRS AND VIABILITY RATING

Aggressive M&A or excessive pursuit of higher-risk segments, such
as unsecured consumer and microfinance loans, as PNB seeks to boost
profitability would put pressure on the bank's ratings. In
assessing such growth, Fitch will consider the pace of expansion in
these sectors relative to the overall balance-sheet and capital
buffers, the bank's underwriting and pricing practices relative to
industry norms, as well as the level of risk mitigation measures
put in place.

Conversely, a sustained and significant improvement in PNB's
profitability - without inordinate risk-taking - strengthened asset
quality and risk frameworks, together with a moderation in loan
growth that is more in line with internal capital generation, would
be positive to its ratings.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor would be sensitive to
perceived changes in the state's propensity and ability to provide
extraordinary support to the bank in a timely manner.

ESG CONSIDERATIONS

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

RIZAL COMMERCIAL: Fitch Affirms BB+ LT IDRs, Outlook Stable
-----------------------------------------------------------
Fitch Ratings affirmed the Long-Term Foreign- and Local-Currency
Issuer Default Ratings on Rizal Commercial Banking Corporation at
'BB+'. The Outlook is Stable.

KEY RATING DRIVERS

IDRS AND VIABILITY RATING

RCBC's IDRs and Viability Rating are driven by its standalone
credit profile. The ratings reflect the bank's moderate domestic
franchise, acceptable funding and liquidity profile and
satisfactory capitalisation, which are offset by its higher risk
appetite, and weaker-than-average profitability and asset quality.
The ratings also consider its high large-borrower concentration,
which is common among Philippine banks.

RCBC's asset-quality metrics reflect its above-industry share of
consumer loans, which typically have higher default rates than
corporate loans in the Philippines, and a large one-off corporate
impairment, which underlines the risks to asset quality from its
concentrated loan portfolio. Beyond the one-off default, Fitch
expects RCBC's non-performing loan ratio to increase over time
because the bank plans to accelerate growth in the consumer and SME
sectors, although Fitch does not expect its asset quality metrics
to weaken significantly in the near term given the still-supportive
economic environment.

RCBC's risk-adjusted profitability, as measured by operating profit
over risk-weighted assets, has been weaker than most of its peers,
largely due to its lower operating cost efficiency and higher
credit costs. Fitch expects these factors to continue to weigh on
earnings in the near term, but easing funding conditions and lower
deposit reserve requirements may provide some reprieve while faster
growth in the higher-yielding consumer and SME sectors should also
provide some tailwind to margins.

RCBC's regulatory Common Equity Tier 1 ratio of 13.3% at end-June
2019 formed an adequate buffer for the bank to grow and withstand
moderate impairment stresses. Fitch expects capitalisation to
decline gradually after weighing the bank's target for high loan
growth against its internal capital generation capacity, but
capitalisation should remain satisfactorily above local regulatory
minimums in the near term.

Fitch expects the bank's funding and liquidity profile to remain
generally stable in the near term. The bank remains mostly deposit
funded (74% of funding at June 2019), with lower-cost current and
savings account comprising of 56% of deposits. Its loan-to-deposit
ratio of 94% at end-June 2019 reflects a tighter-than peer, but
still satisfactory, liquidity profile.

MEDIUM-TERM NOTE PROGRAMME AND SENIOR DEBT

RCBC's medium-term note programme and senior notes are rated at the
same level as its Long-Term Foreign-Currency IDR. This is because
the notes constitute direct, unsecured and unsubordinated
liabilities of the bank, and rank equally with all its other
unsecured, unsubordinated liabilities.

SUPPORT RATING AND SUPPORT RATING FLOOR

The bank's Support Rating and Support Rating Floor reflect out view
of a moderate probability of extraordinary state support, if
required. This considers the bank's moderate systemic importance,
with market share of about 4% in system assets, and the Philippine
sovereign's fiscal flexibility, as reflected in its 'BBB' rating.

RATING SENSITIVITIES

IDRS AND VIABILITY RATING

RCBC's ratings may come under pressure if its risk appetite were to
increase significantly, such as due to greater borrower
concentration or excessive growth in riskier segments without
corresponding improvements in the bank's loss-absorption capacity.
A sharp deterioration in retail asset quality may also impact
RCBC's VR more relative to peers, given RCBC's larger exposure to
consumer loans (around 30% of loans at end-1H19). Fitch may also
takes negative rating action if its capital and liquidity positions
were to weaken materially.

Conversely, a sustained and significant improvement in the bank's
profitability - without inordinate risk-taking - stronger loan
quality and enhanced risk controls would strengthen RCBC's ratings
over time.

SUPPORT RATING AND SUPPORT RATING FLOOR

The Support Rating and Support Rating Floor would be sensitive to
perceived changes in state's propensity and ability to provide
extraordinary support to the bank in a timely manner.

MEDIUM-TERM NOTE PROGRAMME AND SENIOR DEBT

The ratings on RCBC's medium-term note programme and senior notes
would be sensitive to movements in its Long-Term Foreign-Currency
IDR.

ESG CONSIDERATIONS

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



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

HATTEN LAND: Auditor Issues Disclaimer of Opinion on FY2019 Report
------------------------------------------------------------------
The Business Times reports that Hatten Land's independent auditor,
Ernst & Young, has made a disclaimer of opinion on Hatten's
financial statements for the year ended June 30, 2019.

BT relates that while Hatten's directors have prepared the
financial statements on a going concern basis based on the
assumptions disclosed in the financial statements, Ernst & Young
highlighted conditions that have given rise to material
uncertainties on the group's ability to continue as a going
concern.

Among other things, Ernst & Young noted in its report dated Nov. 8
that as at end-June 2019, the group's total loans and borrowings
amounted to MYR416.52 million, of which MYR328.83 million was
classified as current liabilities and exceeded the group's cash and
bank balances of MYR28.48 million, BT relays.

The company's total loans and borrowings amounted to MYR186.06
million, all of which was classified as current liabilities, and
exceeded the company's cash and bank balances of MYR269,000, the
report discloses.

Subsequent to the year-end, the group had not been able to meet its
forecast sales target for its development properties, and
experienced slower recovery of its receivables, adds BT.

Hatten Land Limited operates as a property developer. The Company
develops malls, hotels, and residential properties. Hatten Land
serves customers in Singapore and Malaysia.

KOON HOLDINGS: Gets Debt Moratorium Until February 28 Next Year
---------------------------------------------------------------
Fiona Lam at The Business Times reports that the High Court of
Singapore has granted a debt moratorium to mainboard-listed Koon
Holdings and its subsidiary Koon Construction & Transport (KCT).

It will last from Nov. 7 to Feb. 28, 2020, Koon Holdings said in a
bourse filing on Nov. 8, the report says.

In October, the two companies applied for court protection as they
intend to propose and implement a scheme of arrangement as part of
the group's restructuring exercise to restore their financial
position, according to BT.

BT relates that the court also ordered both companies to file an
affidavit by Nov. 21 stating the status of KCT's ongoing projects
with the Land Transport Authority and JTC Corporation and the
source of funds for KCT to complete those projects. The affidavit
should also state what plans both companies may have for small
creditors who might be more cash-flow vulnerable.

Koon Holdings and KCT are also required to file their scheme
applications by Dec. 12, the report notes.

They will then attend a pre-trial conference for the scheme
applications on Dec. 16, 2019, and a court hearing will be held on
Jan. 3, 2020, BT says.

Over the coming weeks, Koon Holdings and KCT will work closely with
their advisers to finalise the details of the schemes they intend
to propose to their creditors, the firms said on Nov. 8, the report
relates.

According to the report, Koon Holdings and KCT have appointed Tan
Kok Quan Partnership as legal adviser and RSM Corporate Advisory as
financial consultant to advise on their debt restructuring so that
the group may continue as a going concern.

On Nov. 4, Koon Holdings said it appointed a new chief operating
officer to oversee its construction and precast operations.

Shares of Koon Holdings have been suspended since Aug. 30, the
report notes. It requested the voluntary suspension as it was
assessing the ability of KCT to continue on a going concern basis.

Koon Holdings is an infrastructure and civil engineering service
provider specialising in reclamation and shore protection works.
KCT is the group's main operating company.

TEE INTERNATIONAL: Deloitte & Touche Gives Disclaimer of Opinion
----------------------------------------------------------------
The Business Times reports that Tee International's independent
external auditor, Deloitte & Touche, has issued a disclaimer of
opinion on the engineering group's financial statements for the
year ended May 31, 2019 (FY2019).

Deloitte said that it has not been able to obtain sufficient
appropriate audit evidence to provide a basis for an audit opinion
on the financial statements, according to BT.

It highlighted that during the course of its audit, it noted
certain transactions totalling SGD3.75 million paid to Tee
International's former group chief executive and managing director,
Phua Chian Kin, and Oscar Investment, a British Virgin
Islands-incorporated company fully owned by Mr. Phua, BT relates.
Of this sum, SGD3 million remained outstanding as at May 31. Mr
Phua was relieved of his role and duties as group chief executive
and managing director in September but remained as a director of
the company.

He had previously informed Delotte during the course of its audit
that the SGD3 million advance was to pay for expenses to secure new
projects for the group's engineering business, the report relays.
"This is inconsistent from the statement made by (Mr. Phua) as
disclosed in Note 5(g)(ii) that SGD2.5 million of the advance was
utilised to repay a loan obtained by Oscar from a third-party
lender, and the balance of SGD500,000 was utilised by (Mr. Phua).
"No explanation has been provided for this subsequent change,"
Deloitte said.

According to BT, Mr. Phua said, as disclosed in Note 5(g)(i),  all
the shares in Tee Land's subsidiary Tee Resources Sdn Bhd had been
pledged in September 2017 as a security to the third-party lender
in relation to a US$15 million credit facility to Oscar. The
purpose of the credit facility as stated in the loan facility
agreement was to enable Oscar to apply for all amounts borrowed to
make loans to Tee Resources to fund a project. Tee Land is the
listed property arm of Tee International.

TEE International Limited (SGX:M1Z), an investment holding company,
engages in engineering, real estate, and infrastructure businesses.
TEE International Limited has operations in Singapore, Malaysia,
Thailand, Vietnam, Hong Kong, Australia, and New Zealand. The
company was founded in 1980 and is headquartered in Singapore.

TEE International reported net losses of SGD1.56 million and
SGD7.60 million for years ended May 31, 2017, and 2018,
respectively.



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

[*] BOND PRICING: For the Week Nov. 4, 2019 to Nov. 8, 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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