/raid1/www/Hosts/bankrupt/TCRAP

/raid1/www/Hosts/bankrupt/TCRAP_Public/200303.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, March 3, 2020, Vol. 23, No. 45 Headlines A U S T R A L I A FEARNDALE HOLDINGS: Second Creditors' Meeting Set for March 6 OANDMS PTY: First Creditors' Meeting Set for March 11 RETAIL FOOD: Reports H1 Profit Following Debt Forgiveness SARGON CT: Second Creditors' Meeting Set for March 10 VERDEM PTY: First Creditors' Meeting Set for March 6 C H I N A ORIGIN AGRITECH: Receives Noncompliance Notice from NASDAQ I N D I A AGILE INTERNATIONAL: Insolvency Resolution Process Case Summary AKAL PIPE: CARE Assigns 'C' Rating to INR5.86cr LT Loan ASHTVINAYAK LEISURE: CARE Keeps B Rating in Not Cooperating CAN ENTERPRISES: Insolvency Resolution Process Case Summary DANICA AQUA: CARE Maintains D Rating in Not Cooperating Category DURGA CONSTRUCTIONS: CARE Keeps D Rating in Not Cooperating ESKAY K 'N' IT: Insolvency Resolution Process Case Summary EXCELLENT MOULDERS: Ind-Ra Affirms & Withdraws BB LT Issuer Rating GOODWEAR FASHIONS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable GVR BEHARI: CARE Maintains D Rating in Not Cooperating Category GVR KHANDAPHOD: CARE Maintains 'D' Rating in Not Cooperating GVR PANNA: CARE Maintains D Rating in Not Cooperating Category IL&FS LTD: Sekura Roads Declared Highest Bidder for 2 Road Projects KISSAN INDUSTRIES: CARE Cuts INR8.0cr LT Loan Rating to B, Non-Coop MORAKHIA COPPER: Insolvency Resolution Process Case Summary NOVA STEELS: Insolvency Resolution Process Case Summary OSIA GEMS: Insolvency Resolution Process Case Summary PANCHSHEEL BUILDTECH: CARE Cuts Rating on INR279.01cr Loan to D PRIMUSS PIPES: CARE Lowers Rating on INR15cr Loan to D R-TECH PROMOTERS: CARE Reaffirms Then Withdraws 'D' Rating RAJASTHAN METALS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable RELIGARE HOUSING: Ind-Ra Affirms BB- Loan Rating, Outlook Negative SAMAROH HOSPITALITY: CARE Maintains D Rating in Not Cooperating SARVESH BUILDERS: CARE Maintains 'D' Rating in Not Cooperating SENSETIVE INFRA: Insolvency Resolution Process Case Summary SHREE SIDDHIVINAYAK: CARE Keeps 'D' Rating in Not Cooperating SRI VASAVI: Ind-Ra Withdraws 'BB' Non-Cooperating Loan Rating SWAIN ALUMINIUM: Insolvency Resolution Process Case Summary VENTO POWER: CARE Maintains D Rating in Not Cooperating Category VIJAY TIMBER: Insolvency Resolution Process Case Summary M A L A Y S I A NATIONWIDE EXPRESS: Slips Into PN17 Status as Loss Widens S I N G A P O R E AGRITRADE INTERNATIONAL: Lenders Allege Fraud Following Default HYFLUX LTD: Creditors Must File Proofs of Claim by March 11 S O U T H K O R E A KOREA ELECTRIC: Posts KRW2.22 Trillion Net Loss in 2019 X X X X X X X X [*] BOND PRICING: For the Week Feb. 24, 2020 to Feb. 28, 2020 - - - - - ================= A U S T R A L I A ================= FEARNDALE HOLDINGS: Second Creditors' Meeting Set for March 6 ------------------------------------------------------------- A second meeting of creditors in the proceedings of Fearndale Holdings Pty Ltd has been set for March 6, 2020, at 11:00 a.m. at Bass & Flinders Rooms, Level 9, Chartered Accountants Building, at 33 Erskine 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 March 4, 2020, at 4:00 p.m. Timothy Cook of Balance Insolvency was appointed as administrator of Fearndale Holdings on May 2, 2018. OANDMS PTY: First Creditors' Meeting Set for March 11 ----------------------------------------------------- A first meeting of the creditors in the proceedings of Oandms Pty Ltd will be held on March 11, 2020, at 3:00 p.m. at Level 8, West Wing, at 50 Grenfell Street, in Adelaide, SA. Peter Ivan Macks & Ian Wayne Burford of Macks Advisory were appointed as administrators of Oandms Pty on Feb. 27, 2020. RETAIL FOOD: Reports H1 Profit Following Debt Forgiveness --------------------------------------------------------- Inside Retail reports that Donut King and Gloria Jeans owner Retail Food Group has turned a first-half profit for the first time since 2017 after creditors forgave a AUD72 million chunk of its debt. According to Inside Retail, the bruised cafe and bakery franchisor swung to a AUD14.3 million statutory profit from a AUD111.1 million loss a year ago in a six-month period that involved an extensive recapitalisation, the signing of a new debt facility, and the continued closure of unprofitable stores. Retail Food Group has endured a horror three years marked by more than AUD450 million in losses amid wide-ranging reputational and regulatory issues after it was accused of badly mistreating franchisees, the report says. Inside Retail says the company behind Pizza Capers and Michel's Patisserie in October got a last-minute reprieve as the deadline for its previous AUD260 million loan approached. Creditors received AUD118.5 million from a 1.7 billion-share placement, and agreed to write off AUD71.8 million of the firm's existing debt as part of the restructuring deal, Inside Retail relates. According to the report, Retail Food said its turnaround was evident in its latest results, with underlying earnings of AUD21.5 million on track with the FY20 guidance of between AUD42 million and AUD46 million. Revenue and income was down 6.5 per cent to AUD179.5 million as another 73 local outlets and 10 vans were closed, in line with expectations, the report adds. Retail Food Group Limited (ASX:RFG) -- http://rfg.com.au/-- together with its subsidiaries, owns, develops, and manages multi-brand retail food franchise in Australia. The company engages in the ownership of intellectual property; development and management of coffee roasting facilities; and the wholesale supply of coffee and allied products. It is also involved in the development and management of the procurement, warehousing, manufacturing, and distribution business of various brands. The company operates a network of approximately 2,500 outlets across 12 brand systems spanning 83 territories. RFG owns the brands Gloria Jeans, Donut King, Brumbies, Crust and Pizza Capers. SARGON CT: Second Creditors' Meeting Set for March 10 ----------------------------------------------------- A second meeting of creditors in the proceedings of: -- Sargon CT Holdings Pty Ltd -- RE Holdco Pty Ltd -- RSE Holdco Pty. Ltd. -- SC International Holdings 2 Pty Ltd -- Sargon Superannuation Holdings Pty Ltd -- Sargon Services Pty Ltd -- Sargon Superannuation Holdings SPV Pty Ltd -- SC Australian Holdings 1 Pty Ltd has been set for March 10, 2020, at 12:00 p.m. at the offices of Ernst & Young, Level 23, at 8 Exhibition Street, in Melbourne, Victoria. The purpose of the meeting is (1) to receive the report by the Administrator about the business, property, affairs and financial circumstances of the Company; and (2) for the creditors of the Company to resolve whether the Company will execute a deed of company arrangement, the administration should end, or the Company be wound up. Creditors wishing to attend are advised proofs and proxies should be submitted to the Administrator by March 6, 2020, at 4:00 p.m. Stewart McCallum and Adam Nikitins of Ernst & Young were appointed as administrators of Sargon CT, et al. on Feb. 3, 2020. VERDEM PTY: First Creditors' Meeting Set for March 6 ---------------------------------------------------- A first meeting of the creditors in the proceedings of Verdem Pty. Ltd. will be held on March 6, 2020, at 11:30 a.m. at Boardroom of Chifley Advisory, Suite 1903, Level 19, at 31 Market Street, in Sydney, NSW. Gavin Moss and Desmond Teng of Chifley Advisory were appointed as administrators of Verdem Pty on Feb. 25, 2020. ========= C H I N A ========= ORIGIN AGRITECH: Receives Noncompliance Notice from NASDAQ ---------------------------------------------------------- Origin Agritech Ltd. received a letter from the NASDAQ Stock Market on Feb. 19, 2020, notifying the Company that the Company is delinquent with respect to the filing of the Annual Report on Form 20-F for the fiscal year ended Sept. 30, 2019, and that the Company was not in compliance with the requirements for continued listing set forth in NASDAQ Listing Rule 5250(c)(1). The Company has 60 calendar days (until April 20, 2020) to submit a plan to NASDAQ to regain compliance. If the plan is accepted, the Company can be granted an exception until Aug. 18, 2020, to regain compliance. If NASDAQ does not accept the Company's plan, the Company will have the opportunity to appeal that decision to a hearings panel. The Company's management is pursuing options to address the deficiency. Although the Company plans to file Form 20-F as soon as possible, it will submit a compliance plan on or before the deadline set by NASDAQ. About Origin Founded in 1997 and headquartered in Zhong-Guan-Cun (ZGC) Life Science Park in Beijing, Origin Agritech Limited (NASDAQ GS: SEED) -- http://www.originseed.com.cn-- is an agricultural biotechnology company, specializing in crop seed breeding and genetic improvement, seed production, processing, distribution, and related technical services. Origin operates production centers, processing centers and breeding stations nationwide with sales centers located in key crop-planting regions. Product lines are vertically integrated for corn, rice and canola seeds. Origin Agritech reported a net loss of RMB152.79 million for the year ended Sept. 30, 2018, following a net loss of RMB106.26 million for the year ended Sept. 30, 2017. BDO China Shu Lun Pan Certified Public Accountants LLP, in Shenzhen, The People's Republic of China, the Company's auditor since 2011, issued a "going concern" qualification in its report dated June 3, 2019, on the Company's consolidated financial statements for the year ended Sept. 30, 2018, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. ========= I N D I A ========= AGILE INTERNATIONAL: Insolvency Resolution Process Case Summary --------------------------------------------------------------- Debtor: M/s Agile International Logistics & Supply Chain Private Limited Registered office: Kh.No. 28/03/2, Plot No. 07 Samalkha Extension New Delhi 110037 India Insolvency Commencement Date: February 20, 2020 Court: National Company Law Tribunal, New Delhi Bench Estimated date of closure of insolvency resolution process: August 18, 2020 (180 days from commencement) Insolvency professional: Anurag Nirbhaya Interim Resolution Professional: Anurag Nirbhaya 204, Sagar Plaza Plot No. 19, District Centre Laxmi Nagar, New Delhi 110092 India E-mail: anurag@canirbhaya.com cirp.agile@gmail.com Last date for submission of claims: March 5, 2020 AKAL PIPE: CARE Assigns 'C' Rating to INR5.86cr LT Loan ------------------------------------------------------- CARE Ratings has assigned rating to the bank facilities of Akal Pipe Industries (API), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank Facilities 5.86 CARE C; Stable Assigned Short-term Bank Facilities 0.32 CARE A4 Assigned Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of Akal Pipe Industries is constrained by small scale of operations along with low PAT margins, weak overall solvency position and elongated operating cycle. The rating is further constrained by intense competition due to exposure to tender driven nature of business, competitive and fragmented nature of business and constitution of the entity being a partnership firm. The rating, however, derives strength from experienced partners in manufacturing industry. Key Rating Sensitivity Positive Factor: Improvement in liquidity position Improvement in profitability margins as marked by PBILDT and PAT margins above 29% and 3% respectively Improvement in debt coverage indicators as marked by interest coverage and TDGCA beyond 2x and below 10x respectively. Negative Factor: Decline in scale of operations by more than 20% along with decline in PBILDT margins below 20% on sustained base Raising of debt leading to deterioration in capital structure and further decline in debt protection metrics with TDGCA more than 16x and interest coverage less than 1.5x. Detailed description of the key rating drivers Key Rating Weaknesses Small & fluctuating scale of operations with low net worth base along with low PAT margin The firm's scale of operations has remained small marked by a Total Operating Income (TOI) of INR5.55 crore in FY19 and net-worth base of INR2.28 core as on March 31, 2019. The small scale of operations limits the firm's financial flexibility in times of stress and deprives it from scale benefits. Furthermore, the scale of operations witnessed a fluctuating trend during FY17-FY19 period as TOI increased from INR5.59 crore in FY17 to INR8.20 crore in FY18 owing to higher quantity sold due to higher demand received from clients and further declined to INR5.55 crore in FY19 due to change in government and their policies during the year. However, during 7MFY19 (Provisional), the firm has reported a total operating income of INR5.90 crore and has orders worth INR5.00 crore in hand to be executed by March 2020. Although, the PBILDT margin of the firm stood comfortable at 27.81% in FY19 which improved from 20.88% in FY18 due to decline in employee cost and other expenses. However, the PAT margin stood very low at 0.02%. Leveraged capital structure and weak total debt to GCA ratio The capital structure of the firm remained leveraged with overall gearing ratio of 4.25x, as on March 31, 2019 owing to increase in total debt level of the firm. The same deteriorated from 3.98x, as on March 31, 2018 mainly on account of infusion of unsecured loans during the year. Additionally, the total debt to GCA ratio remained weak at 14.99x for FY19 in comparison to the total debt to GCA ratio of 12.03x for FY18. However, the interest coverage ratio remained moderate at 1.72x in FY19 in comparison to 1.88x in FY18. Intense competition due to exposure to tender driven nature of business API's business is tender-based which is characterized by intense competition resulting in low operating margins for the firm. The growth of business depends entirely upon the firm's ability to successfully bid for tenders and emerge as the lowest bidder. Therefore, the ability of the firm to secure new orders and successful execution with existing competition remains a concern. Competitive and fragmented nature of business The business of the firm is highly fragmented and competitive marked by intense competition owing to the presence of large number of organized as well as unorganized players. The highly fragmented nature of the industry restricts the pricing flexibility and bargaining power of the players in the market which has a bearing on the operating margins. Constitution of the entity being a partnership firm API's constitution as a partnership firm has the inherent risk of possibility of withdrawal of the partner's capital at the time of personal contingency and firm being dissolved upon the death/retirement/insolvency of partners. Moreover, partnership firms have restricted access to external borrowing as credit worthiness of partners would be the key factors affecting credit decision for the lenders. Key Rating Strengths Experienced partner in the manufacturing industry API's day to day operations are looked after by Mr. Yadwinder Singh and Mr. Harpreet Singh. Mr. Yadwinder Singh has an industry experience of around one and half decade gained through his association with API and other regional entity engaged in construction activities. Whereas, Mr. Harpreet Singh has an industry experience of 7 years gained through his association with API only. The partners are further supported by well experienced and qualified staff having experience in technical, finance and marketing aspects of business. Stretched liquidity position The operating cycle of the company stood elongated at 580 days for FY19. The average utilisation of working capital limit stood fully utilsied for the last 12 months period ended October, 2019.The liquidity position of the firm stood moderate marked by current ratio of 2.58x and weak quick ratio of 0.63x as on March 31, 2019. The firm had free cash and bank balance of INR0.10 crore as on March 31, 2019. Akal Pipe Industries (API) was established in 2010 but started its commercial operations in April 01, 2013 and is currently being managed by Mr. Yadwinder Singh, Mr. Gurnam Singh, Mr. Harpreet Singh, Mr. Harbant Singh and Mr. Nazam Singh, as its partners, sharing the profit and losses in the ratio of 13%, 14%, 13%, 51% and 9% respectively. API is engaged in the manufacturing of HDPE (High density Polyethlylene) lined RCC (Reinforced cement concrete) pipes at its manufacturing unit in Nalagrah, Solan, Himachal Pradesh with varied installed capacity for different size of pipes. The firm's products find their application mainly in the irrigation and sewage sector. The firm sells its finished products to various civil contactors located in states like Punjab, Haryana, Himachal Pradesh, Delhi etc. ASHTVINAYAK LEISURE: CARE Keeps B Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Ashtvinayak Leisure Private Limited (ALPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 10.58 CARE B; Issuer not cooperating: Facilities On the basis of best available Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from ALPL to monitor the rating vide e-mail communications/letters dated December 3, 2019, January 6, 2020 and January 8, 2020, February 4, 2020 and numerous phone calls. However, despite CARE's repeated requests, ALPL has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Further, ALPL has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The rating on ALPL's bank facilities will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating assigned to the bank facilities of Ashtvinayak Leisure Private Limited (ALPL) continues to remain primarily constrained on account of project implementation risk associated with its debt funded project and presence in the cyclical and competitive nature of the industry with dependence on tourist arrivals. The rating, however, continues to derive strength from experienced management along with tie up for marketing and management of the hotel and location advantage. Detailed description of the key rating drivers At the time of last rating on January 15, 2019, the following were the rating strengths and weaknesses. (Updated from the part information provided by the client) Key Rating Weaknesses Project implementation risk The company envisaged total cost of the project of INR50.27 crore to be funded through promoter fund of INR15.00 crore, term loan of INR20.00 crore and remaining through unsecured loan of INR15.27 crore. The project is envisaged to be completed till December 2019. Till August 12, 2019, the company has incurred total cost of INR33.22 crore towards the project which was funded through term loan of INR12.66 crore, promoter's fund of 9.00 crore and balance through unsecured loan where the civil work have been completed and interior work of hotel property is remaining. Cyclical and Competitive nature of the industry with dependence on tourist' arrivals The hospitality industry is highly sensitive to the untoward events such as slowdown in the economy. Hotel industry is primarily dependent on tourist arrivals which in turn are dependent on the global economy. Further, the hotel is located at Indore hence it will have to face stiff competition from well-established hotels as well as from other small hotels. Key rating strengths Experienced management with tie up for marketing and management of the hotel The promoters of the company have relevant experience in the industry. Mr. Prem Chand Goyal, Director, has more than three decades of experience in the hotel industry whereas Mr. Anand Goyal, Director, has more than a decade of experience in the industry and will look after the financial functions of the hotel. The promoters have also promoted Golden Leaves which is engaged in the hotel business. Further, it has entered into an agreement with The Park for marketing and management of the hotel which will lead to high average room rent and occupancy rate. Location Advantage The hotel property is located at Indore which is the major tourist destination in Madhya Pradesh. In recent times, it has also become a key MICE (Meetings, Incentives, Conferences and Exhibitions) destination catering to large incentive tours, corporate residential meetings and weddings. The major tourist attractions like Rajwada, Chhtaris Bagh, Kanch Mandir and Lal bagh palace. The educational institutes like IIT Indore and IIM Indore and also cities like Ujjian and Mhow cantonemnt are an hour distance from the hotel. Indore (Madhya Pradesh) based Ashtvinayak Leisure Private Limited (ALPL) was incorporated in 2015 by Mr. Anand Goyal along with other family members with an objective to establish a hotel. The hotel facility will be constructed at 4,147.24 sq. mtr having total 102 rooms which includes standard, deluxe and suite. Further, the hotel property will have a cafeteria, restaurants and three banquet halls each with capacity of 1000, 800 and 300 persons each. ALPL undertook the project in May, 2015 and envisaged total project cost of INR50.90 crore towards the project to be funded through term loan of INR20.00 crore, promoter's capital of INR25.00 crore and remaining through unsecured loans from promoters and relatives. The firm was expected to start its operations from December, 2019. CAN ENTERPRISES: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: M/s Can Enterprises Private Limited Flat No. 103, Thosar House Hanuman Road No. 1 Near Shiv Leela Hotel Vile Parle (East) Mumbai City MH 400057 Insolvency Commencement Date: January 27, 2020 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: July 25, 2020 (180 days from commencement) Insolvency professional: Jitendrakumar Rambaran Yadav Interim Resolution Professional: Jitendrakumar Rambaran Yadav 11, Singh House, 2nd Floor 23 Ambalal Doshi Marg Besides BSE Building Fort, Mumbai 400001 E-mail: jitendra.yadav0712@gmail.com Last date for submission of claims: March 6, 2020 DANICA AQUA: CARE Maintains D Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Danica Aqua Exports Private Limited (DAEPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 12.00 CARE D; Issuer not cooperating: Facilities On the basis of best available Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from Danica Aqua Exports Private Limited to monitor the rating vide e-mail communications dated November 2019 to January 2020 and numerous phone calls. However, despite CARE's repeated requests, the firm has not provided the requisite information for monitoring the rating. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of best available information which however, in CARE's opinion is not sufficient to arrive at fair rating. The rating on Danica Aqua Exports Private Limited bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Detailed description of the key rating drivers At the time of last rating on October 4, 2019 the following were the rating strengths and weaknesses: Ongoing delays in meeting of debt obligations Danica Aqua Exports Private Limited (DAEPL) has been facing liquidity issues due to which there are ongoing delays in interest serving in term loan. Key Rating Strengths Experience of the promoters for more than two decade in sea food industry DAEPL is promoted by Mr. Joseph Rangunath (Managing Director), Mr. B. Srinivas (Director), Mr. Duryodhan Ray (Director) and Mr. Kishore (Director). The directors are well qualified wherein Mr. Joseph Ragunath is a graduate in Fisheries Science (B.F. Sc.) and has worked for many companies like M/s. George Maijo& Co (Vizag), M/s. Integrated Rubian Exports Limited (Cochin), Oman Fisheries Company (Muscat) and Torry Harris Private Limited (Cochin) as senior operations manager. The managing director has around 33 years of experience in sea food industry, and also the others have significant amount of exposure in the sea food industry. Danica Aqua Exports Private Limited (DAEPL) was incorporated on May 19, 2015 as a Private Limited Company by Mr. Joseph Rangunath (Managing Director), Mr. B. Srinivas (Director), Mr. Duryodhan Ray (Director) and Mr. Kishore (Director). The company is setting up an aqua processing unit in order to export processed sea foods (fishes and shrimps). The company is establishing their processing unit in a land area of 1 acre, located at Yerukonda, Vizianagaram District, Andhra Pradesh. The company's plant is located at around 60 Kms away from Visakhapatnam and covers all fishing villages of both Srikakulam and Vizianagaram districts and the aqua culture hub is located at around 250 Km from the factory facilitating location advantage in terms of availability of sea food for processing. DURGA CONSTRUCTIONS: CARE Keeps D Rating in Not Cooperating ----------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Durga Constructions Co. (DCC) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 4.00 CARE D; Issuer not cooperating: Facilities On the basis of best available Information Short term Bank 2.00 CARE D; Issuer not cooperating: Facilities On the basis of best available Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from Durga Construction Co. Kundapura to monitor the ratings vide e-mail communications dated July 2019 to February 5, 2020 and numerous phone calls. However, despite CARE's repeated requests, the firm has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the ratings on the basis of best available information which however, in CARE's opinion is not sufficient to arrive at fair ratings. The ratings on Durga Construction Co. Kundapura' bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. Detailed description of the key rating drivers The ratings assigned to the bank facilities of Durga Construction Co. Kundapura continues to be tempered by ongoing delays in servicing the debt obligations. Key Rating Weaknesses Ongoing delays servicing the debt obligations There are ongoing delays in servicing debt obligations on time due to stretched liquidity position on back of increase in inventory levels. Small scale of operations with low net worth base and fluctuating total operating income The total operating income has decreased from INR3.93 crores in FY18 to INR3.48 crores in FY19. The net worth stood small at INR3.52 crores in FY19. Leveraged capital structure, weak debt coverage indicators and elongated operating cycle days The overall gearing ratio stood levered at 2.19x as on March 31, 2019 as against 2.33x as on March 31, 2018 due to the decrease in working capital borrowings and repayment of vehicle loans. The total debt to GCA and interest coverage ratio deteriorated from 26.21x and 1.70x in FY18 to 34.89x and 1.51x in FY19. The operating cycle stood elongated from 281 days in FY18 to 1115 days in FY19. Tender based nature of operations The firm receives 100% work orders from Govt. of Karnataka. All these are tender-based and the revenues are dependent on the firm's ability to bid successfully for these tenders. Profitability margins come under pressure because of competitive nature of the industry. However, the promoter's satisfactory industry experience of two decades mitigates this risk to some extent. Nevertheless, there are numerous fragmented & unorganized players operating in the segment which makes the civil construction space highly competitive. Profitability margins are susceptible to fluctuation in raw material prices Profitability margins are susceptible to fluctuation in raw material prices due to absence of price variation clause in the contracts entered by the firm. Highly fragmented industry with intense competition from large number of players The firm is engaged in construction of canals, dams and roads among others which is highly fragmented industry due to presence of large number of organized and unorganized players in the industry resulting in huge competition. Constitution of the entity as a partnership firm with inherent risk of withdrawal of capital DCC, being a partnership firm, is exposed to inherent risk of the partner's capital being withdrawn at time of personal contingency and firm being dissolved upon the death/retirement/insolvency of the partners. Moreover, partnership firm business has restricted avenues to raise capital which could prove a hindrance to its growth. The partners have withdrawn capital of INR0.06 crore in FY19. Key Rating Strengths Long track record of the entity and experience of the promoters for two decades in construction industry DCC was established in the year 1996 and promoted by Mr. Shetty SubhaschabdraKandavara (Managing Partner) along with his family members. Mr. Shetty SubhaschabdraKandavara is a qualified graduate and has two decades of experience in the civil construction industry. Satisfactory profit margins The PBILDT margin has decreased from 30.07% in FY18 to 28.23% in FY19. The PAT margin has decreased from 4.10% in FY18 to 2.76% in FY19. Stable outlook of construction industry The construction industry contributes around 8% to India's Gross domestic product (GDP). Growth in infrastructure is critical for the development of the economy and hence, the construction sector assumes an important role. The sector was marred by varied challenges during the last few years on account of economic slowdown, regulatory changes and policy paralysis which had adversely impacted the financial and liquidity profile of players in the industry. Government of India has undertaken several steps for boosting the infrastructure development and revive the investment cycle. The same has gradually resulted in increased order inflow and movement of passive orders in existing order book. The focus of the government on infrastructure development is expected to translate into huge business potential for the construction industry in the long-run. In the short to medium term (1-3 years), projects from transportation, housing and urban development sector are expected to dominate the overall business for construction companies. However, challenges with respect to recovery from debtors continue along with funds blocked in arbitration. With the banking system being cautious in lending with stricter regulatory environment due to high level of NPAs, enhancement in working capital limits to fund growth has witnessed slowdown. Going forward, companies with better financial flexibility would be able to grow at a faster rate by leveraging upon potential opportunities. Karnataka based, Durga Constructions Co. (DCC) was established as a partnership firm in the year 1996 and promoted by Mr. Shetty SubhaschandraKandavara, Mrs. Anupama S Shetty, Mr. Ramkishan Hegde and Ms. Ashwini S Shetty. The firm is engaged in civil construction works like construction of roads, canals and bridges for state government of Karnataka. The firm receives the work order from government organization by participating in the tenders. ESKAY K 'N' IT: Insolvency Resolution Process Case Summary ---------------------------------------------------------- Debtor: Eskay K 'N' IT (India) Limited Registered office: 58-B, Dhanu Udyog Industrial Area Piperia, Silvasa UT 396230 Insolvency Commencement Date: February 17, 2020 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: August 16, 2020 (180 days from commencement) Insolvency professional: Mr. Vikas Prakash Gupta Interim Resolution Professional: Mr. Vikas Prakash Gupta C/o Dipti Enterprises 55, Nehru Pulta Itwari, Nagpur Maharashtra 440002 E-mail: vikas.gupta@bngca.com - and - 405, K.P. Aurum 4th Floor, Marol Maroshi Road Marol Naka, Andheri (East) Mumbai 400059 E-mail: ip.esayknit@gmail.com Last date for submission of claims: March 6, 2020 EXCELLENT MOULDERS: Ind-Ra Affirms & Withdraws BB LT Issuer Rating ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed and withdrawn Excellent Moulders' (EM) Long-Term Issuer Rating of 'IND BB'. The Outlook was Stable. The instrument-wise rating actions are: -- The 'IND BB' rating on the INR60 mil. Fund-based working capital limit* affirmed and withdrawn; and -- The 'IND A4+' rating on the INR85 mil. Non-fund-based working capital limit** affirmed and withdrawn. *Affirmed at 'IND BB' before being withdrawn **Affirmed at 'IND A4+' before being withdrawn Analytical Approach: Ind-Ra continues to take a consolidated view of EM and Tenty Marketing Company Pvt Ltd (TMCPL; 'IND BBB-'/Stable) in view of the strong operational and legal linkages between the entities, given that they operate in the same line of business and have common promoters. Ind-Ra is no longer required to maintain the ratings, as the agency has received a no-objection certificate from the lender. This is consistent with the Securities and Exchange Board of India's circular dated 31 March 2017 for credit rating agencies. KEY RATING DRIVERS The affirmation reflects the medium scale of operations at a consolidated level, as indicated by revenue of INR2273.89 million in FY19 (FY18: INR1902.07 million). Revenue increased on the back of growth in sales volumes. On a standalone basis, EM's revenue amounted to INR641.67 million in FY19 (FY18: INR630.98 million). The ratings reflect moderate credit metrics. The interest coverage (operating EBITDA/gross interest expense) was 2.08x in FY19 (FY18: 2.06x) and net financial leverage (total adjusted net debt/operating EBITDAR) was 3.24x (3.25x). On a standalone basis, the interest coverage was 1.21x in FY19 (FY18: 1.22x), and the net financial leverage was 5.41x (5.55x) Liquidity Indicator-Stretched: EM's average maximum utilization of fund-based limits was 95.9% for the 12 months ended in November 2019. The company had liquid cash and cash equivalents of INR0.65 million at end-FY19 (end-FY18: INR0.36 million). The working capital cycle remained elongated at 227 days in FY19 (FY18: 227 days) due to high debtor days. However, the working capital requirements declined due to an increase in creditor days. Consequently, the cash flow from operations improved to INR11.97 million in FY19 (FY18: INR negative 25.23 million). The ratings continue to be constrained by the partnership nature of the business. The ratings are supported by the healthy consolidated EBITDA margins. The margin fell to 9.32% in FY19 (FY18: 10.32%) due to an increase in operating expenses. The return on capital employed was 15.7% in FY19 (FY18 13.7%). The standalone EBITDA margin stood at 11.78% in FY19 (FY18: 12.05%), and the return on capital employed was 14.5% (14.9%). The ratings are also supported by the promoters' experience of four decades in the manufacturing of plastic molded products, which has given them considerable insight into the industry and has led to strong relationships with suppliers and customers. COMPANY PROFILE Incorporated in 1979, EM manufactures plastic parts of the fan (e.g. blade, show cap, body cap, and body ring), plastic packaging materials and other plastic components. It procures raw material (plastic granules) mainly from Haldia Petrochemicals Limited ('IND AA'/RWN) Reliance Industries Ltd ('IND AAA'/Stable) and Indian Petrochemicals Corporation. GOODWEAR FASHIONS: Ind-Ra Affirms BB Issuer Rating, Outlook Stable ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed Goodwear Fashions Pvt. Ltd.'s (GFPL) Long-Term Issuer Rating at 'IND BB'. The Outlook is Stable. The instrument-wise rating actions are: -- INR88 mil. Fund-based limits affirmed with IND BB/Stable/IND A4+ rating; -- INR4.53 mil. Term loan due on October 2022 affirmed with IND BB/Stable rating; and -- INR11 mil. Non-fund based affirmed with IND A4+ rating. KEY RATING DRIVERS The affirmation reflects GFPL's continued small scale of operations, as indicated by revenue of INR364.01 million in FY19 (FY18: INR338.67 million). The revenue increased due to growth in sales volumes. The ratings reflect the moderate credit metrics due to modest EBITDA margins and high debt levels. The metrics deteriorated in FY19 due to an increase in total debt, and the resultant rise in interest costs. The interest coverage (operating EBITDA/ gross interest expense) was 3.05x in FY19 (FY18: 3.27x), while the net leverage (gross debt/ operating EBITDA) was 3.52x (2.50x). The ratings are constrained by the modest EBITDA margins because of high competition in the industry. The margins rose to 10.80% in FY19 (FY18: 9.40%) due to a fall in raw material costs (yarn prices), other expenditures, and personnel expenses. The return on capital employed was 9.15% in FY19 (FY18: 7.72%). Liquidity Indicator: Stretched: GFPL's average utilization of fund-based limits was 88.23% for the 12 months ended January 2020. The company had liquid cash and cash equivalents of INR0.65 million at FYE19 (FYE18: INR0.36 million) against an outstanding debt of INR139.16 million (INR80.06 million). The cash flow from operations fell to INR4.37 million in FY19 (FY18: INR26.12 million) owing to elongation of the working capital cycle to 123 days (118 days), due to a rise in inventory days and debtor days. The ratings, however, are supported by the directors' experience of more than two decades in the garments industry. RATING SENSITIVITIES Negative: A decline in the EBITDA margins, leading to deterioration in the credit metrics, with the interest coverage falling below 1.70x, could lead to negative rating action. Positive: Sustained revenue growth, along with an improvement in the credit metrics, could lead to positive rating action. COMPANY PROFILE Incorporated in 1988, GFPL manufactures high-end woven and knitted interlinings, with an installed capacity of around 800,000 meters per month. It is owned and managed by Ved Paul Kapoor and Vishal Kapoor. GVR BEHARI: CARE Maintains D Rating in Not Cooperating Category --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of GVR Behari Hanumana Tollway Private Limited (GBHT) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 90.00 CARE D; Issuer not cooperating: Facilities On the basis of best available Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from GBHT to monitor the rating vide e-mail communications dated January 14, 2020, February 11, 2020 and February 12, 2020, letter dated February 15, 2020, and phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on GVR Behari Hanumana Tollway Private Limited's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The rating takes into account ongoing delays in servicing the debt obligations of the company. Detailed description of the key rating drivers At the time of last rating on April 3, 2019, the following were the rating strengths and weaknesses: Key Rating Weaknesses Stretched liquidity position with delays in debt servicing The company has not been receiving annuity on time due to which the company has faced mismatch in cash flows leading to delaying in meetings its debt obligations. GVR Behari Hanumana Tollway Private Limited (GBHT) was incorporated on November, 2011. GBHT is a special-purpose vehicle promoted by GVR Infra Projects Limited for strengthening, widening, maintaining Behari-Hanumana road (Madhya Pradesh) on build operate transfer basis. GVR KHANDAPHOD: CARE Maintains 'D' Rating in Not Cooperating ------------------------------------------------------------ CARE Ratings said the rating for the bank facilities of GVR Khandaphod Bijwad Road Project Private Limited continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 150.00 CARE D; Issuer not cooperating: Facilities On the basis of best available Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from GVR Khandaphod to monitor the rating vide email communications dated January 14, 2020, February 11, 2020 and February 12, 2020, letter dated February 15, 2020, and phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on GVR Khandaphod Bijwad Road Project Private Limited's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The rating takes into account ongoing delays in servicing the debt obligations of the company. Detailed description of the key rating drivers At the time of last rating on April 3, 2019, the following were the rating strengths and weaknesses: Key Rating Weaknesses Stretched liquidity position with delays in debt servicing The company owing to delay in receipt of semiannual annuity from Madhya Pradesh Road Development Corporation (MPRDC) has led to strained liquidity position resulting in delays in meeting its debt obligation in time. Established in 2011, GVR Khandaphod Bijwad Road Project Private Limited is a special purpose vehicle promoted by GVR Infra Projects Ltd to design, develop construct, operate, and maintain the 136–kilometer stretch of road between Khandaphod – Nachalbor and Bijwad – Kushmaniyan- Haran – Deepgaon. The project has been awarded by Madhya Pradesh Road Development Corporation Limited (MPRDC) on a semiannual annuity of INR19.53 crore. GVR PANNA: CARE Maintains D Rating in Not Cooperating Category -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of GVR Panna Amanganj Tollway Private Limited continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 70.00 CARE D; Issuer not cooperating: Facilities On the basis of best available Information Detailed Rationale & Key Rating Drivers CARE has been seeking information from GVR Panna to monitor the rating vide e-mail communications dated January 14, 2020, February 11, 2020 and February 12, 2020, letter dated February 15, 2020, and phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on GVR Panna Amanganj Tollway Private Limited's bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating. The rating takes into account ongoing delays in servicing the debt obligations of the company. Detailed description of the key rating drivers At the time of last rating on April 3, 2019, the following were the rating strengths and weaknesses: Key Rating Weaknesses Stretched liquidity position with delays in debt servicing The company owing to delay in receipt of semiannual annuity from Madhya Pradesh Road Development Corporation (MPRDC) has led to strained liquidity position resulting in delays in meeting its debt obligation in time. Established in October 2011, GVR Panna Amanganj Tollway Private Limited is a special purpose vehicle (SPV) set up to undertake the strengthening, widening, operating, and maintaining of a 58.18-kilometre stretch of the state highway 47 in Madhya Pradesh. The SPV is floated by GVR Infra Projects Ltd. The project is being executed on a hybrid toll-plus-annuity model. IL&FS LTD: Sekura Roads Declared Highest Bidder for 2 Road Projects ------------------------------------------------------------------- The Economic Times reports that Edelweiss-backed Sekura Roads has been declared highest bidder for two IL&FS road projects for a combined bid value of INR1,428 crore which would entail a haircut of 22 per cent to the lenders. Both the projects, Jharkhand Infrastructure Implementation Company (for bid value of INR512 crore) and Jorabat Shillong Expressway (for bid value of INR916 crore), have a total debt of INR1,834 crore, the report says. ET relates that Italy-headquartered Autostrade has also won the bid for the Pune Sholapur Road at a bid value of INR1,404 crore, a haircut of 27 per cent to the lenders. The project has total debt of INR1,925 crore. The committee of creditors will vote on these H1 bids in the coming week, the report notes. The eVoting agenda of the IL&FS board, which ET has seen, suggests that these proposals have got a go-ahead from the IL&FS board. "These proposals have been sent to the committee of creditors and a final decision on their approvals is expected next week," ET quotes an official involved with the discussions as saying. "A letter of intent will be issued to the buyers once the CoC approves the sale." About IL&FS Infrastructure Leasing & Financial Services Limited (IL&FS) -- https://www.ilfsindia.com/ -- is an infrastructure development and finance company based in India. It focuses on the development and commercialization of infrastructure projects, and creation of value added financial services. The company operates in Financial Services, Infrastructure Services, and Others segments. As reported in the Troubled Company Reporter-Asia Pacific on Oct. 3, 2018, the Indian Express said that the Indian government on Oct. 1, 2018, stepped in to take control of crisis-ridden IL&FS by moving the National Company Law Tribunal (NCLT) to supersede and reconstitute the board of the firm which has defaulted on a series of its debt payments. This was said to be an attempt to restore the confidence of financial markets in the credibility and solvency of the infrastructure financing and development group. KISSAN INDUSTRIES: CARE Cuts INR8.0cr LT Loan Rating to B, Non-Coop ------------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Kissan Industries (KI), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 8.00 CARE B; Stable; Issuer not Facilities cooperating; Revised from CARE BB-; Stable on the basis of best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from KI to monitor the rating vide letter dated February 11, 2020 and e mail communications dated February 10, 2020, February 8, 2020 and January 27, 2020 and numerous phone calls. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on Kissan Industries' bank facilities will now be denoted as CARE B; Stable; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above ratings. Detailed description of the key rating drivers The long term rating of the firm has been revised on account of partnership nature of constitution, susceptibility of margins to fluctuation in raw material prices and highly competitive nature of industry. Key Rating Weaknesses Susceptibility to fluctuation in raw material prices and monsoon dependent operations Agro-based industry is characterized by its seasonality, due to its dependence on raw materials whose availability is affected directly by the vagaries of nature. The price of rice moves in tandem with the prices of paddy. Availability and prices of agro commodities are highly dependent on the climatic conditions. Adverse climatic conditions can affect their availability and leads to volatility in raw material prices. Any sudden spurt in raw material prices may not be passed on to customers completely owing to firm's presence in highly competitive industry. Partnership nature of constitution KI's constitution as a partnership firm has the inherent risk of possibility of withdrawal of the partners' capital at the time of personal contingency and firm being dissolved upon the death/retirement/insolvency of partners. Moreover, partnership firms have restricted access to external borrowing as credit worthiness of partners would be the key factors affecting credit decision of the lenders. Fragmented nature of industry coupled with high level of government regulation The commodity nature of the product makes the industry highly fragmented with numerous players operating in the unorganized sector with very less product differentiation. There are several small scale operators which are not into end-to-end processing of rice from paddy, instead they merely complete a small fraction of processing and dispose-off semiprocessed rice to other big rice millers for further processing. Furthermore, the concentration of rice millers around the paddy growing regions makes the business intensely competitive. The raw material (paddy) prices are regulated by government to safeguard the interest of farmers, which in turn limits the bargaining power of the rice millers. The entity was set up in 1975 as a partnership firm under the name Kissan Rice Mill, however, in 1995, the name of the firm was changed to Kissan Industries. The firm is currently being managed by Mr.Inderjit Singh and Mr.Kiran Deep Singh. The firm is engaged in processing of paddy at its facility in Jalalabad, Punjab with an installed capacity of 10,800 tonnes per annum as on September 30, 2018. Besides KI, the partners are also engaged in other group concerns-Kissan Solvex Private Limited (KSP) and Kissan Commission Agent. KSPL is engaged in manufacturing rice bran oil and de-oiled cakes while Kissan Commission Agent is engaged in trading of paddy. MORAKHIA COPPER: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Morakhia Copper And Alloys Private Limited 12, 2nd Floor, Mardia Plaza B Wing, Ellisbridge C.G. Road, Ahmedabad Gujarat 380006 India Insolvency Commencement Date: February 19, 2020 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: August 24, 2020 Insolvency professional: Jitender Kumar Jain Interim Resolution Professional: Jitender Kumar Jain C/o Arcindo Law, Advocates Level 8, Vibgyor Towers G Block, C-62 Bandra Kurla Complex Mumbai 400098 India E-mail: jit1.jain@gmail.com morakhia.ibc@gmail.com Last date for submission of claims: March 10, 2020 NOVA STEELS: Insolvency Resolution Process Case Summary ------------------------------------------------------- Debtor: Nova Steels (India) Limited Registered office as per ROC Company Master Data: SR. MIG No. 49 Parijat Extension Nehru Nagar Bilaspur CT 495001 IN Insolvency Commencement Date: February 20, 2020 Court: National Company Law Tribunal, Cuttack Bench Estimated date of closure of insolvency resolution process: August 17, 2020 (180 days from commencement) Insolvency professional: Mr. Santha Kumar Interim Resolution Professional: Mr. Santha Kumar Suite No. 108, First Floor Kavery Complex, 96 Nungambakkam High Road Chennai, Tamil Nadu 600034 E-mail: santha@kandv.in novacirp@gmail.com Last date for submission of claims: March 4, 2020 OSIA GEMS: Insolvency Resolution Process Case Summary ----------------------------------------------------- Debtor: Osia Gems Private Limited EC-2131-2133, Bharat Diamond Bourse Bandra Kurla Complex Bandra (E), Mumbai 400051 Insolvency Commencement Date: February 17, 2020 Court: National Company Law Tribunal, Mumbai Bench Estimated date of closure of insolvency resolution process: August 15, 2020 (180 days from commencement) Insolvency professional: Mr. Adesh Kumar Gupta Interim Resolution Professional: Mr. Adesh Kumar Gupta 408, Dheeraj Heritage Near Milan Subway Junction S.V. Road, Santacruz (W) Mumbai 400054 E-mail: adeshkgupta.irp@probizadvisor.com - and - DMKH Insolvency Resolution Services LLP 803/804 Akshok Heights Old Nagardas X Road Opp. Saraswati Apartment Gundavali, Andheri (East) Mumbai 400069 Tel.: 26824800/4900 Mobile: 9821142587 E-mail: osiagems.irp@gmail.com Last date for submission of claims: March 3, 2020 PANCHSHEEL BUILDTECH: CARE Cuts Rating on INR279.01cr Loan to D --------------------------------------------------------------- CARE Ratings revised the ratings on certain bank facilities of Panchsheel Buildtech Private Limited (PBPL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 279.01 CARE D Revised from CARE BB; Facilities Stable Long-term 139 CARE D Revised from CARE BB; Instruments- Stable NCDs Detailed Rationale & Key Rating Drivers The revision in the rating assigned to the bank facilities and instruments of PBPL takes into consideration ongoing delays in debt servicing by the company on account of stretched liquidity position. Detailed description of the key rating drivers Key Rating Weaknesses Ongoing delays in debt servicing As per the NDS received from the client dated Feb 20, 2020 and also confirmed by the banker, there are ongoing delays in debt servicing by Panchsheel Buildtech Private Limited. High dependence on customer advances for project execution and debt repayment PBPL has proposed to fund the overall project cost of INR2,864 Cr through Promoter funds of INR246 Cr, debt of INR536 Cr and remaining through customer advances of INR2082 Cr [0.08:0.18:0.72 (Equity: debt: customer advances)]. Project Execution Risk: PBPL is currently executing six projects with total salable area of 98.68 lsf. All the necessary approvals for the said projects have already been acquired. Since, the company is successfully executing the projects and the past experience of the promoters of delivery of projects mitigates risks of project execution to some extent. Support to Group Company – Valuent Infradevelopers Private Limited (VIPL) PBPL has extend explicit support to one of its group entity Valuent Infradevelopers Private Limited by being a co borrower to the debt of INR81 Cr availed for the development of the project Panchsheel Pratishtha. The project is completed. This creates additional liability on PBPL in case VIPL is not able to service its debt obligation. Subdued real estate scenario With the on-going economic conditions, the real estate industry is currently facing issues on many fronts, including subdued demand, curtailed funding options, rising costs, restricted supply due to delays in approvals, etc. thereby resulting in stress on cash flows of developers. The industry has seen low demand in the recent past, primarily due to factors like sustained high level of inflation leading to high interest rates and adverse impact on the buying power and affordability for the consumers. Key Rating Strengths Experienced promoters and track record in real estate business Panchsheel Buildtech Private Limited incorporated in 2006 is the flagship company of Panchsheel Group. The Company derives strength from extensive experience of its promoter Mr. Ashok Chaudhary who has over two decades of experience in undertaking commercial & residential projects in Delhi & NCR region. The group has to its credit the successful completion of residential and commercial complexes admeasuring 38 lsf primarily in Ghaziabad, Indirapuram and Sahibabad. The projects successfully delivered by group includes Greenaria, Panchsheel Well Bazaar, Panchsheel Square, Panchsheel Primrose and Panchsheel Wellington. Panchsheel Buildtech Private Limited (PBPL), incorporated in December 2006 and is the flagship company of Panchsheel group. The group is engaged in the residential and commercial real estate development in the Delhi NCR region, majorly catering to Noida and Ghaziabad regions. The group promoted by Mr. Ashok Chaudhary, Mr. Anuj Kumar and family members have successfully delivered projects of approximately 38 lsf in Ghaziabad, Indirapuram and Sahibabad area (Delhi NCR Region) and have an extensive experience of over two decades in the real estate industry. PRIMUSS PIPES: CARE Lowers Rating on INR15cr Loan to D ------------------------------------------------------ CARE Ratings revised the ratings on certain bank facilities of Primuss Pipes & Tubes Limited (PPTL), as: Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term/ 15.00 CARE D/CARE D; Issuer not Short-term cooperating; revised from Bank Facilities CARE B+; Stable/CAREA4; ISSUER NOT COOPERATING on the basis of best available information Detailed Rationale & Key Rating Drivers CARE had, vide its press release dated August 22, 2019, placed the rating of PPTL under the 'issuer non-cooperating' category as PPTL had failed to provide information for monitoring of the rating and had not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. PPTL continues to be non-cooperative despite repeated requests for submission of information through e-mails, phone calls. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings of PPTL have been revised on account of its Q3FY20 published results on stock exchange which states that two applications are filed against the company before the Honorable National Company Law Tribunal, Allahabad bench. One under section 9 of the Insolvency and Bankruptcy Code 2016 by an operational creditor and the other under section 7 by the Financial Creditor (the bank), both the matters are pending before the Honorable Tribunal. Key Rating Weaknesses Poor liquidity position As per the Q3FY20 published results on February 21, 2020, two applications are filed against the company before the Honorable National Company Law Tribunal, Allahabad bench. One under section 9 of the Insolvency and Bankruptcy Code 2016 by an operational creditor and the other under section 7 by the Financial Creditor (the bank), both the matters are pending before the Honorable Tribunal. The plant of the company closed since May 2019 for major maintenance and up gradation and could not be resumed on account of severe working capital shortage. The closing stocks of raw material and finished goods have also been written down to estimated realizable value and difference is charged as consumption/changes in inventory for the quarter resulting into substantial operational losses and hence, the production and sales during this quarter is lower in comparison to the same quarter in the previous financial year. The manufacturing facilities will take some more time to be operational. Also, there are sizable differences in cash in hand and the turnover reported as per GSTR (1) and GSTR (3b) which are under reconciliation. On account of severe working capital shortage, statutory liabilities of substantial amounts towards GST, TDS, EPF and ESI are also outstanding beyond due dates. Owing to dead lock in the operations, substantial amounts have been stuck in receivables and loans and advances. The company is making efforts for the recovery and provision for the Bad Debts shall be made at the end of the FY 2019-20. Interest on Unsecured Loans also shall be provided at the end of FY 2019-20. Kanpur (Uttar Pradesh) based, Premier Pipes Limited (PPL) was incorporated in 1975 as Quality Steel Tubes Private Limited (QST Ltd.). However, subsequently, in 2009, QST Ltd was acquired by Premier Group. With the acquisition and refurbishment of all plant and machineries, the company re-commenced its commercial operations from 2011. In 2010, the company has changed its name from QST Ltd. to PPL. Subsequently in FY19, it has changed its name from PPL to PPTL. PPTL is engaged in manufacturing of steel tubes, pipes and tubular poles, scaffolding, solar module mounting in mild steel as well as galvanized variants and greenhouse structure. The manufacturing facility of the company is situated in an area of more than 15 acres at Bindki Road at Fatehpur, Uttar Pradesh with a capacity of 60000 Metric Tonnes Per Annum (MTPM). R-TECH PROMOTERS: CARE Reaffirms Then Withdraws 'D' Rating ---------------------------------------------------------- CARE has reaffirmed the outstanding rating of 'CARE D' assigned to the bank facilities of R-Tech Promoters Private Limited (RPPL) and has simultaneously withdrawn the rating with immediate effect following receipt of request for withdrawal of rating from RPPL and 'No Objection Email' received from the bank that has extended the facilities rated by CARE. The reaffirmation of the rating assigned to the bank facilities of RPPL takes into account delays in debt servicing by the company in the recent past. Detailed description of the key rating drivers Key Rating Weaknesses Delays in debt servicing: As per the auditor report for FY19, there were instances of delays in debt servicing by the company. Further, the banker has confirmed that there were irregularities in debt servicing during the month of September, 2019. Gurgaon (Haryana) based R-Tech Promoters Private Limited (RPPL) was incorporated by Mr. Rajesh Kumar Yadav, Ms. Poona Yadav and Mr. Rajendra Kumar Yadav in 2012 with an objective to carry out real estate activity. The company has completed two real estate projects having total saleable area of 8.00 lakh square Feet (lsf) located at Bhiwadi and Behror in Rajasthan. RAJASTHAN METALS: Ind-Ra Affirms BB- Issuer Rating, Outlook Stable ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed Rajasthan Metals' (RM) Long-Term Issuer Rating at 'IND BB-'. The Outlook is Stable. The instrument-wise rating actions are: -- INR60 mil. Fund-based limits affirmed with IND BB-/Stable/IND A4+ rating; -- INR140 mil. Non-fund-based limits affirmed with IND A4+ rating; and -- INR75 mil. Proposed non-fund-based limits withdrawn (issuer did not proceed with the instrument as envisaged). KEY RATING DRIVERS The affirmation reflects RM's continued small scale of operations, as indicated by revenue of INR794.65 million in FY19 (FY18: INR556.66 million). The revenue improved due to an increase in demand for copper tubes from new and existing customers. RM achieved revenue of INR906.92 million for 8MFY20. Ind-Ra expects the revenue to show stable growth in FY20 due to an increase in demand for air conditioners, which is the main consumer industry for RM's products. Liquidity indicator – Stretched: The average maximum utilization of working capital limits was a low 5% for the 12 months ended January 2020. The utilization was low due to reliance on letters of credit for imports. The cash and cash equivalents stood at INR10.24 million in FY19 (FY18: INR0.21 million). The cash flow from operations has remained negative since FY17 but improved to a negative INR0.61 million in FY19 (FY18: negative INR10.21 million) owing to the improvement in the absolute EBITDA to INR19.8 million (FY18: INR8.87 million). The ratings take into consideration RM's weak credit metrics due to high debt levels. The metrics improved in FY19 due to the improvement in the absolute EBITDA. The net leverage (total adjusted net debt/operating EBITDAR) was 11.64x in FY19 (FY18: 36.61x) and interest coverage (operating EBITDA/gross interest expense) was 2.06x (2.02x). The ratings continue to be constrained by RM's presence in a highly fragmented and intensely competitive non-ferrous industry, and dependence on some specific suppliers for copper tubes and other tradable. The ratings are also constrained by the proprietorship nature of the business. The ratings, however, are supported by RM's healthy EBITDA margins due to the efficient cost-control practices undertaken by the company. The margins improved to 2.49% in FY19 (FY18: 1.6%) owing to a decline in administrative expenses. The return on capital employed was 19.7% in FY19 (FY18: 10.9%). The ratings also factor in the proprietor's experience of over 30 years in the copper industry. RATING SENSITIVITIES Negative: Deterioration in the credit metrics with interest coverage below 1.7x could lead to negative rating action. Positive: Any significant increase in revenue and any improvement in the credit metrics could lead to positive rating action. COMPANY PROFILE Founded in 1974, Rajasthan Metals is a proprietorship concern based at Chawri Bazar, Delhi. The firm is engaged in the trading of copper tubes and other tradable. Moreover, the firm procures copper and brass alloy goods in bulk and wholesales it to various customers. RELIGARE HOUSING: Ind-Ra Affirms BB- Loan Rating, Outlook Negative ------------------------------------------------------------------ India Ratings and Research (Ind-Ra) has affirmed Religare Housing Development Finance Corporation Limited's (RHDFC) bank loan at 'IND BB-' while resolving the Rating Watch Negative (RWN). The Outlook is Negative. The detailed rating action is: -- INR4.90 bil. Long-term bank loan affirmed; Off RWN with IND BB- / Negative rating. KEY RATING DRIVERS The affirmation reflects RHDFC's intrinsic credit profile as well as the overhang of stress at its parent level (Religare Finvest Limited; 'IND D', holds 87.5% stake in RHDFC). The Negative Outlook reflects the funding and growth challenges that the business is facing due to the issues with the Religare group. The agency understands that a resolution plan is under discussion for the parent. The RWN resolution reflects the resolving of issues pertaining to the differential interest payment to the banks. RHDFC's loan book declined to INR6.71 billion at end-1HFY20 (FY19: INR7.36 billion; FYE18: INR8.98 billion) due to reduced disbursements. The business has been slowing down owing to the problems faced by its parent, with high foreclosure of existing loans. The company's delinquencies have increased, as evident from a rise in gross non-performing assets (90 days past due) to 7% in 1HFY20 (FY19: 3.2%; FY18: 3.74%; FY17: 2.34%). As on January 31, 2020, RHDFC had on-balance sheet liquidity of INR530 million in the form of unencumbered cash. This liquidity is sufficient to take care of the debt repayments for the next two months. India Ratings understands RHDFC has been meeting its scheduled principal and the interest debt repayments and it has all cleared the differential interest payments for which it had earlier contested with the banks. RATING SENSITIVITIES Negative: The ratings could be downgraded in case of non-resolution of its funding challenges, which could further impact the business and financial profile of the company, or in case of deterioration in its asset quality. Positive: Reduction in the overhang on funding and liquidity, leading to an increase in business volumes, along with maintaining stable asset quality could be positive for the ratings. COMPANY PROFILE RHDFC provides housing loans to low-/middle-income borrowers in the unorganized sector. In addition, it provides loans for commercial real estate (FYE17: 13% share in the loan portfolio) and loans against property (17% share in the loan portfolio). SAMAROH HOSPITALITY: CARE Maintains D Rating in Not Cooperating --------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Samaroh Hospitality LLP (SHL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long-term Bank 7.41 CARE D; Issuer not cooperating: Facilities On the basis of best available Information Detailed Rationale & Key Rating Drivers The rating assigned to the bank facilities of SHL continues to remain constrained on account of ongoing delay in debt servicing of term loan. Rating Sensitivities Positive Factor: * Regularity in debt servicing Detailed description of the key rating drivers Key Rating Weaknesses On-going delay in debt servicing owing to poor liquidity position Due to its poor liquidity, there are on-going delays in debt servicing. Further, the earlier debt facility of the firm was restructured in March 2019. SHL was formed in October 2014 as a limited liability partnership by Mr. Sanjay Somani, Mr. Randeep Singh Saluja, Mr. Shantanu Singh Thakur, Mr. Yogesh Maheshwari, Mr. Vicky Saluja and Mr. Guneet Singh Saluja and shares profit and loss in the ratio of 25%:25%:20%:5%:5%:20% respectively. The firm was formed with an objective to establish a hotel at Indore (Madhya Pradesh) with brand name "The Solaris". The hotel facility is constructed at 1,20,000 square feet area with total 53 rooms having three categories viz. standard, deluxe and premium. Further, the hotel property has a cafeteria, two restaurants one at roof top and other near swimming pool, one banquet hall with capacity of 250 persons and marriage garden with capacity of 2000 person. SARVESH BUILDERS: CARE Maintains 'D' Rating in Not Cooperating -------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Sarvesh Builders (India) Pvt. Ltd. (SBIPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 130.00 CARE D; Issuer not cooperating; Debentures Based on best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from SBIPL to monitor the rating(s) vide e-mail communications dated January 28, 2020, February 6, 2020, February 10, 2020/letters dated February 11, 2020 and numerous phone calls. However, despite CARE's repeated requests, SBIPL has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on SBIPL's NonConvertible Debentures issuance will be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating to the Long term Non Convertible Debenture (NCDs) issue of SBIPL takes into account the on-going delays in debt servicing owing to strained liquidity position faced by the company. Detailed description of the key rating drivers Key Rating Weaknesses Ongoing delays in servicing debt The rating reflects delays in debt servicing of the company. Analytical approach: Combined. SSRHPL has invested the money into real estate projects in other group company namely 'Shree Siddhivinayak Infrastructure & Realty' (SSIR) and 'Ruparel Infra & Realty Private Limited' (RIRPL). SSRHPL holds 98.98% stake in RIRPL & 99% in SSIR. Incorporated in 2010, Sarvesh Builders (India) Pvt. Ltd. [SBIPL – part of Ruparel group] is a special purpose vehicle created for real estate development of residential building situated at Sewree, Mumbai. The operation of the company is looked after by Mr. Amit Ruparel & Mr. Milind Ruparel. The company has availed development rights from M/s Renuka Realtors (part of Ruparel group – established in April 7, 2005) for redevelopment project known as Shree Balaji SRA Co-op. Housing Society Limited under slum rehabilitation authority. SBIPL is a majority partner (99% partnership interest) in M/s Renuka Realtors. The re-development project named 'Ruparel Jewel' is a proposed 48 storey tower in the Sewree location with 239,466 lsf of saleable area. The development is proposed to comprise of 2 & 3 BHKs with select pent houses and duplexes. The project is expected to be completed by December 2022 (as per RERA). The total estimated cost of the project has been revised to INR370.82 crore which is expected to be funded by promoter funds of INR23 crore, NCD of INR130 crore and balance through customer advances. Ruparel group is a Mumbai based real estate developer. The group has around 15 years of experience in developing real estate projects in Mumbai and Navi Mumbai region. The group has completed five projects with a total built-up area of 3.63 lakh square ft. and currently has multiple ongoing projects located across various prime locations in Mumbai. SENSETIVE INFRA: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Sensetive Infa Pvt. Ltd. C/o. Pradipto Sarkar P.O. Bamongachi North 24 Parganas Duttapukur Parganas North WB 743248 IN Insolvency Commencement Date: February 18, 2020 Court: National Company Law Tribunal, Kolkata Bench Estimated date of closure of insolvency resolution process: August 15, 2020 Insolvency professional: CA Nitesh Kumar More Interim Resolution Professional: CA Nitesh Kumar More 18 Rabindra Sarani, Gate No. 1 7th Floor, Room No. 701 Kolkata 700001 E-mail: nmore2091@gmail.com Last date for submission of claims: March 9, 2020 SHREE SIDDHIVINAYAK: CARE Keeps 'D' Rating in Not Cooperating ------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Shree Siddhivinayak RealHomes Pvt. Ltd (SSRHPL) continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Non-Convertible 395.00 CARE D; Issuer not cooperating; Debentures Based on best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from SSRHPL to monitor the rating(s) vide email communications dated January 28, 2020, February 6, 2020, February 10, 2020/letters dated February 11, 2020 and numerous phone calls. However, despite CARE's repeated requests, SSRHPL has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the publicly available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. The rating on SSRHPL's NonConvertible Debentures issuance will be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The rating to the Long term Non-Convertible Debenture (NCDs) issue of SSRHPL takes into account the on-going delays in debt servicing owing to strained liquidity position faced by the company. Detailed description of the key rating drivers Key Rating Weaknesses Ongoing delays in servicing debt The rating reflects delays in debt servicing of the company. Analytical approach: Combined. SSRHPL has invested the money into real estate projects in other group company namely 'Shree Siddhivinayak Infrastructure & Realty' (SSIR) and 'Ruparel Infra & Realty Private Limited' (RIRPL). SSRHPL holds 98.98% stake in RIRPL & 99% in SSIR. Incorporated in November 2016, Shree Siddhivinayak Real Homes Private Limited (SSRHPL) is part of Ruparel group, which has invested the money into real estate projects in firms namely 'Shree Siddhivinayak Infrastructure & Realty' (SSIR) and 'Ruparel Infra & Realty Private Limited' (RIRPL). Thus there is no project in the company. Currently there are six residential cum commercial projects namely Elara, Skygreens, Palacio (executed in SSIR), Optima-Phase I & II, and West Park (executed in RIRPL) under the SRA scheme at Kandivali, Mumbai. Currently the RERA registered projects have total saleable area of 10.68 lsf and non-registered RERA projects would have saleable area of 52.70 lsf with total cost of INR3,999.93 crore and revenue potential of INR9,573 crore. Ruparel group is a Mumbai based real estate developer. The group has completed five projects with a total built-up area of 3.63 lakh square ft. and currently has multiple ongoing projects located across various prime locations in Mumbai. SRI VASAVI: Ind-Ra Withdraws 'BB' Non-Cooperating Loan Rating ------------------------------------------------------------- India Ratings and Research (Ind-Ra) has maintained the Sri Vasavi Educational Society's bank loan ratings in the non-cooperating category and has simultaneously withdrawn it. The detailed rating actions are: -- INR21.01 mil. Term loan due on July 31, 2021, maintained in non-cooperating category and withdrawn; and -- INR25.00 mil. Fund-based working capital limits maintained in non-cooperating category and withdrawn. *Maintained at 'IND BB (ISSUER NOT COOPERATING)' before being withdrawn KEY RATING DRIVERS The rating has been maintained in the non-cooperating category as the issuer did not participate in the rating exercise despite continuous requests and follow-ups by Ind-Ra. Ind-Ra is no longer required to maintain the rating, as it has received a no-objection certificate from the lender. This is consistent with the Securities and Exchange Board of India's circular dated March 31, 2017, for credit rating agencies. COMPANY PROFILE Sri Vasavi Educational Society was established in 2007 under the Andhra Pradesh Societies Registration Act of 2001. The society is running an engineering college under the name of Sri Vasavi Institute of Engineering & Technology which offers Bachelor of Technology, Master of Technology and Diploma courses. SWAIN ALUMINIUM: Insolvency Resolution Process Case Summary ----------------------------------------------------------- Debtor: Swain Aluminium Private Limited House-2, Green Park Sailshree Vihar Bhubaneswar 751021 Insolvency Commencement Date: February 20, 2020 Court: National Company Law Tribunal, Bhubaneswar Bench Estimated date of closure of insolvency resolution process: August 18, 2020 Insolvency professional: Mr. Saradindu Jena Interim Resolution Professional: Mr. Saradindu Jena O.U. No. 510, 5th Floor Esplanande One Rasulgarh, Bhubaneswar Orissa 751010 E-mail: ip.jena2017@gmail.com Last date for submission of claims: March 5, 2020 VENTO POWER: CARE Maintains D Rating in Not Cooperating Category ---------------------------------------------------------------- CARE Ratings said the rating for the bank facilities of Vento Power Infra Private Limited continues to remain in the 'Issuer Not Cooperating' category. Amount Facilities (INR crore) Ratings ---------- ----------- ------- Long term Bank 196.00 CARE D; Issuer Not Cooperating; Facilities Based on best available information Detailed Rationale & Key Rating Drivers CARE has been seeking information from Vento Power Infra Private Limited to monitor the rating(s) vide e-mail communications/letters dated August 27, 2019; September 18, 2019; September 25, 2019; February 17, 2020; February 18, 2020 and numerous phone calls. However, despite CARE's repeated requests, the company has not provided the requisite information for monitoring the ratings. In line with the extant SEBI guidelines, CARE has reviewed the rating on the basis of the best available information which however, in CARE's opinion is not sufficient to arrive at a fair rating. Further, Vento Power Infra Private Limited has not paid the surveillance fees for the rating exercise as agreed to in its Rating Agreement. The rating of Vento Power Infra Private Limited bank facilities will now be denoted as CARE D; ISSUER NOT COOPERATING. Users of this rating (including investors, lenders and the public at large) are hence requested to exercise caution while using the above rating(s). The ratings take into account non-receipt of information including No Default Statement (NDS) for the past six months. Detailed description of the key rating drivers At the time of last rating on September 25, 2019, the following were the rating strengths and weaknesses. Key Rating Weaknesses Delays in servicing of debt obligations The company has not received COD certificate from the SECI due to technical issues pertaining to land rights, this has led to inability of the company to bill the generation to beneficiary which resulted into poor liquidity position of the company and delays in the servicing of debt obligations. Subdued operational performance The 40 MW grid connected solar photovoltaic (PV) power plant under VPIPL in District Balangir, Odisha has reported unsatisfactory operating performance since completion. Since completion till July, 2019, the plant generated average PLF of 3.20% as against P-90 level of 22.50%. Low PLF is on account of stabilization period needed by solar plant in its first year of operations. Weak financial risk profile of promoters Essel Green Energy Private Limited (EGEPL, rated CARE D; Issuer Not Cooperating) is the promoter company of Vento Power Infra Private Limited (VPIPL) operating solar PV project of capacity 40 MW in Balangir District of Odisha through VPIPL. EGEPL, promoted by Essel Infraprojects Limited (EIL, rated CARE D; Issuer Not Cooperating), is the holding company for the solar portfolio of the Essel Group, and also provides O&M services to the projects owned by the Essel Group. EIL had losses to the tune of INR198 crore in the year FY19. The company is also monetizing its solar portfolio to reduce debt at the holding company level. Vento Power Infra Private Limited is a Special purpose vehicle (SPV) of Essel Green Energy Private Limited (EGEPL, rated CARE D; Issuer Not Cooperating) and is developing solar PV project of total capacity 40 MW in Balangir District of Odisha. The Power Purchase Agreement (PPA) has been executed between VPIPL and the power distribution company- Solar Energy Corporation of India Limited (SECI) for the purchase of solar power for a period of 25 years at a tariff of INR4.43 per unit which has been revised to INR3.05 per Kwh due to delay in commissioning. VIJAY TIMBER: Insolvency Resolution Process Case Summary -------------------------------------------------------- Debtor: Vijay Timber Industries Private Limited Plot No. 445, Sector-1/A Ground Floor, Oslo Circle Gandhidham, Gujarat 370201 Insolvency Commencement Date: Februray 13, 2020 Court: National Company Law Tribunal, Ahmedabad Bench Estimated date of closure of insolvency resolution process: August 11, 2020 Insolvency professional: Ramchandra Dallaram Choudhary Interim Resolution Professional: Ramchandra Dallaram Choudhary 9B, Vardan Tower Nr. Vimal House Lakhudi Circle Navrangpura Ahmedabad 380014 E-mail: rdc_rca@yahoo.com cirp.vijay@gmail.com Last date for submission of claims: March 6, 2020 =============== M A L A Y S I A =============== NATIONWIDE EXPRESS: Slips Into PN17 Status as Loss Widens --------------------------------------------------------- The Sun Daily reports that Nationwide Express Holdings Bhd has triggered the PN17 status criteria after its loss widened to MYR5.84 million in the third quarter ended Dec. 31, 2019 from MYR928,000 a year ago. "Based on the consolidated quarter results as at Dec. 31, 2019, the shareholders' equity of the company is below 50% of its issued share capital," the group said in a stock exchange filing, the Edge relays. Its revenue fell 21.39% to MYR14.98 million compared with MYR19.05 million in the previous year's corresponding quarter, the report discloses. According to the Edge, the group's loss for the nine-month period increased to MYR9.67 million compared to MYR4.61 million in the previous corresponding period. The group's revenue stood at MYR52.82 million, 6.3% lower as compared to MYR56.38 million in the previous corresponding period, dragged down by the courier business, the Edge relays. "The business remains challenging for the company. The management continues with its effort to secure additional sales and managing costs down to improve profitability," Nationwide said. Nationwide Express Holdings Berhad (NEHB) is a Malaysia-based investment holding company, which provides management services to Nationwide Express Group. The Group is principally engaged in provisioning express courier services for mails and lightweight parcels both within Malaysia and overseas. The Group has established a network of branches and agents in Malaysia, Singapore, Brunei Darussalam, Thailand and Saudi Arabia. ================= S I N G A P O R E ================= AGRITRADE INTERNATIONAL: Lenders Allege Fraud Following Default --------------------------------------------------------------- Bloomberg News reports that lenders have accused a Singapore commodities firm of fraud after a debt default left them facing potential losses on $600 million of liabilities. Bloomberg relates that ING Bank NV alleged that Agritrade International Pte, its chief executive officer Ng Xinwei and his father Ng Say Peck misrepresented the company's financial position to various bank lenders, in a Feb. 12 filing to a Singapore court. Ng Xinwei noted in a Feb. 10 court filing that allegations of fraud perpetrated by Agritrade International "and/or its directors" had been made by banks including MUFG Bank Ltd. and Natixis SA, according to Bloomberg. Ng Xinwei's lawyer said an independent financial adviser found nothing that linked him to fraud. Ng Say Peck couldn't be reached for comment, Bloomberg notes. According to Bloomberg, Agritrade International, whose businesses span palm oil and coal mining, is the latest commodities firm to come under financial strain amid coal and oil market turmoil. Its subsidiary Agritrade Resources Ltd., which operates mines in Indonesia and China, is in default on a total of $244 million of loans. A group of 15 lenders including ING, Malayan Banking Bhd, Natixis, MUFG Bank and Commerzbank AG held approximately $600 million of Agritrade International's $1.5 billion of liabilities, Bloomberg discloses citing the ING Bank filing. The amount held by Malayan Banking was $107.6 million, while ING and MUFG held $96.9 million and $77.3 million respectively, ING's Feb. 12 filing detailing banks' exposures showed. Bloomberg says ING alleged that Agritrade issued multiple "overlapping" bills of lading, or lists of shipment goods, to obtain financing from multiple banks for the same shipment. Commerzbank believes that shipments of coal it had financed didn't exist, after it hired a coal specialist to investigate, according to a filing cited by Bloomberg. Commodities firms have been under severe stress globally, as China's economic growth slows and oil prices remain depressed, Bloomberg states. A string of coal mining firms filed for bankruptcy in the U.S. last year. In Asia, Chinese commodities trader Tewoo Group Corp. last year defaulted on its dollar bonds. Bloomberg notes that ING alleged in its Feb. 12 filing that Agritrade's current predicament is due to "a massive and pre-meditated fraud" perpetuated by Ng Xinwei and Ng Say Pek, who founded the business. Bloomberg relates that Bazul Ashhab, a lawyer representing Ng Xinwei, cited an affidavit by Ng saying he's never been involved in the company's trading business, which was run by Ng Say Peck. When allegations of fraud surfaced, Ng Xinwei immediately took steps to increase the scope of an independent financial adviser's role in carrying out investigations, which show that there is nothing that links Ng to the fraud perpetuated against Agritrade International, the lawyer quoted Ng's affidavits as saying in an email, Bloomberg relays. Bloomberg says Mr. Ng Say Peck stepped down as chairman of Hong Kong-listed Agritrade Resources in February. There was no reply to an email to Mr Ng Say Peck's former company seeking comment from him, the report adds. A Bloomberg reporter who visited his listed residence in Singapore was told that he was not there. The reporter left a note seeking comment on the allegations and there has been no reply from Mr Ng Say Peck. In the Feb. 10 court filing, Mr Ng Xinwei said his father flew out of Singapore around Dec. 21, and he understood that Mr Ng Say Peck went to China, and had no knowledge if his father intended to return to Singapore, Bloomberg reports. According to Bloomberg, a Singapore court dismissed this month an application by Agritrade International for a moratorium against lenders taking action, and it appointed interim judicial managers over the company. Since then, Mr Ng Xinwei still remains a director and is assisting the managers to negotiate a proposal from an investor to inject funds and repay its creditors, according to Mr Ng Xinwei's lawyer. ING Bank also alleged that Agritrade and Mr Ng Xinwei failed to disclose a raid by Singapore's Commercial Affairs Department of Agritrade's office on Jan. 15, Bloomberg adds. A spokesman for the department, which is the principal white-collar crime investigation agency in the city-state, said that it's "inappropriate to comment on ongoing investigations," Bloomberg relays. Agritrade International started off as a family-run palm oil trading firm in 1979. Hong Kong-listed Agritrade Resources said in November that coal prices have been declining due to "shrinking coal import" from major markets like China and India, and under such unfavourable markets, the group reduced its coal production. HYFLUX LTD: Creditors Must File Proofs of Claim by March 11 ----------------------------------------------------------- The Business Times reports that Hyflux Ltd has extended the deadline for its creditors to file proofs setting out their claims for the purpose of the scheme meeting to vote on the Utico rescue deal. Creditors who have claims against Hyflux Ltd, Hyflux Engineering, Hyflux Membrane Manufacturing (S) and Hydrochem (S) are to file by 5:00 p.m. on March 11, BT discloses. A day before that, on March 10, there will be a court hearing when Hyflux's new lawyers Clifford Chance will apply for leave to convene the scheme meeting, according to the report. BT relates that the proofs will form a basis for the creditors -- which include bank lenders and trade creditors -- to vote on the scheme proposals and to receive payments. However, holders of the company's notes, perpetual securities and preference shares (PnP) are not required to file any proof. This is because the notes and PnP holdings are recorded in the Central Depository Pte Ltd, and Hyflux will seek the Singapore High Court's leave to file a proof on the holders' behalf based on those records, the report says. The previous deadline for filing the proofs was Feb. 5, BT notes. About Hyflux Singapore-based Hyflux Ltd -- https://www.hyflux.com/ -- provides various solutions in water and energy areas worldwide. The company operates through two segments, Municipal and Industrial. The Municipal segment supplies a range of infrastructure solutions, including water, power, and waste-to-energy to municipalities and governments. The Industrial segment supplies infrastructure solutions for water to industrial customers. It has business operations across Asia, Middle East and Africa. As reported in the Troubled Company Reporter-Asia Pacific on May 24, 2018, Hyflux Ltd. said that the Company and five of its subsidiaries, namely Hydrochem (S) Pte Ltd, Hyflux Engineering Pte Ltd, Hyflux Membrane Manufacturing (S) Pte. Ltd., Hyflux Innovation Centre Pte. Ltd. and Tuaspring Pte. Ltd. have applied to the High Court of the Republic of Singapore pursuant to Section 211B(1) of the Singapore Companies Act to commence a court supervised process to reorganize their liabilities and businesses. The Company said it is taking this step in order to protect the value of its businesses while it reorganises its liabilities. The Company engaged WongPartnership LLP as legal advisors and Ernst & Young Solutions LLP as financial advisors in this process. On Jan. 29, WongPartnership applied to discharge themselves due to difficulties relating to "loss of confidence and good cause" in working with the client. The Company subsequently appointed Clifford Chance and Cavenagh Law as its legal advisers in WongP's place. In November 2019, Hyflux entered into a restructuring deal with United Arab Emirates-based utility Utico FZC, according to Reuters. ===================== S O U T H K O R E A ===================== KOREA ELECTRIC: Posts KRW2.22 Trillion Net Loss in 2019 ------------------------------------------------------- Yonhap News Agency reports that state-run utility Korea Electric Power Corp. (KEPCO) said Feb. 28 that its net losses widened in 2019 from a year earlier due mainly to weaker electricity sales coupled with increased financial costs. Net losses for last year deepened to KRW2.22 trillion (US$1.8 billion) from KRW1.17 trillion in 2018, the company said in a regulatory filing, Yonhap relays. According to Yonhap, KEPCO posted an operating loss of KRW1.35 trillion in 2019, also sharply widening from an operating loss of KRW208 billion a year earlier. Sales fell 2.5 percent on-year to KRW59.09 trillion in 2019. It was the biggest operating loss since the KRW2.78 trillion loss posted in 2008, the report notes. Yonhap relates that KEPCO said the weak performance was mainly attributable to the moderate temperatures observed throughout 2019, leading to less demand for electricity from households. Its electricity sales fell 1.1 percent on-year. KEPCO said the government-led efforts to regulate the operation of local coal power plants to reduce emissions of fine dust also had an adverse impact on its overall performance. Yonhap says the company's spending on emissions trading increased to KRW709.5 billion, compared to KRW5.3 billion a year earlier, due to a reduced expense-free quota. Its expenditure on fuel decreased 9.1 percent because of falling crude prices. The operation rate of local nuclear reactors came to 70.6 percent in 2019, up 4.7 percentage points from a year earlier, as KEPCO finished inspections on some facilities. Concerning the spread of the new coronavirus in the country, KEPCO said the epidemic may have an adverse impact on future earnings if the average factory operation rate tumbles, the report adds. The rate stood at 75.8 percent in January, up 0.6 percentage point from a month earlier. Korea Electric Power Corporation (KEPCO) is an integrated electric utility company, transmitting and distributing substantially all of the electricity in South Korea. Korea Electric Power Corporation was founded in 1961 and is headquartered in Naju, South Korea. =============== X X X X X X X X =============== [*] BOND PRICING: For the Week Feb. 24, 2020 to Feb. 28, 2020 ------------------------------------------------------------- Issuer Coupon Maturity Currency Price ------ ------ -------- -------- ----- AUSTRALIA --------- CLEAN SEAS SEAFOOD LTD 8.00 11/18/22 AUD 1.03 CLIME CAPITAL LTD/FUND 6.25 11/30/21 AUD 1.01 KEYBRIDGE CAPITAL LTD 7.00 07/31/20 AUD 0.95 MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.20 MIDWEST VANADIUM PTY LTD 13.25 02/15/18 USD 0.20 PALADIN ENERGY LTD 10.00 01/25/23 USD 62.30 PALADIN ENERGY LTD 10.00 01/25/23 USD 62.30 US MASTERS RESIDENTIAL PR 7.75 12/24/20 AUD 25.23 CHINA ----- AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.00 AKESU XINCHENG ASSET INVE 6.40 04/20/22 CNY 60.20 ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 59.15 ALTAY PREFECTURE STATE-OW 4.85 01/22/23 CNY 60.70 AN SHUN YU KUN REAL ESTAT 5.48 11/10/21 CNY 68.92 ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 19.60 ANHUI CHIZHOU CITY TIANPI 7.40 10/23/20 CNY 20.46 ANHUI FOREIGN ECONOMIC CO 7.30 07/13/21 CNY 70.01 ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 40.74 ANHUI PROVINCE TONGLING I 7.30 05/13/21 CNY 47.18 ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 41.00 ANJI COUNTY STATE-OWNED C 8.30 04/24/21 CNY 44.57 ANKANG DEVELOPMENT & INVE 6.35 03/06/20 CNY 20.05 ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 60.00 ANQING URBAN CONSTRUCTION 6.01 04/27/22 CNY 61.32 BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.00 BAOJI HI-TECH INDUSTRIAL 8.25 04/21/21 CNY 40.96 BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 61.11 BAOTOU CITY SCIENCE EDUCA 6.48 03/25/22 CNY 65.50 BAYAN ZHUOER HETAO WATER 8.54 03/31/22 CNY 46.96 BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.02 BAZHONG STATE-OWNED ASSET 8.50 04/25/21 CNY 41.65 BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 59.28 BAZHONG STATE-OWNED ASSET 5.13 12/02/22 CNY 60.00 BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.16 BEIJING BIOMEDICINE INDUS 6.35 07/23/20 CNY 20.40 BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.00 BEIJING CAPITAL DEVELOPME 7.19 01/15/21 CNY 20.61 BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 40.73 BEIJING CAPITAL DEVELOPME 6.50 02/27/21 CNY 40.83 BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 40.90 BEIJING CHANGXIN CONSTRUC 6.74 04/22/21 CNY 40.94 BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.03 BEIJING CHAOYANG STATE-OW 5.25 03/27/20 CNY 20.43 BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.29 BEIJING FUTURE SCIENCE PA 4.20 08/13/22 CNY 60.36 BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 20.28 BEIJING GUCAI GROUP CO LT 6.60 09/06/20 CNY 23.68 BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.10 BEIJING HAIDIAN STATE-OWN 5.50 08/07/20 CNY 20.15 BEIJING JINGMEI GROUP CO 6.14 09/09/20 CNY 20.23 BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 18.91 BEIJING JINLIYUAN STATE-O 7.00 10/28/20 CNY 20.43 BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 41.15 BEIJING SHIJINGSHAN STATE 6.08 08/18/21 CNY 43.87 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ECONOMIC & TECHN 8.45 04/13/22 CNY 46.47 CHANGSHA FURONG CITY DEVE 3.88 01/26/23 CNY 80.42 CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 62.56 CHANGSHA METRO GROUP CO L 6.20 04/23/23 CNY 64.02 CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 60.10 CHANGSHA TIANXIN CITY CON 4.20 11/06/22 CNY 60.14 CHANGSHA TIANXIN CITY CON 3.43 08/08/23 CNY 74.60 CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 40.81 CHANGSHA YUHUA URBAN CONS 7.17 04/18/21 CNY 44.00 CHANGSHA YUHUA URBAN CONS 3.80 01/28/23 CNY 59.96 CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.00 CHANGSHU BINJIANG URBAN C 6.39 09/11/21 CNY 40.73 CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 20.07 CHANGSHU DEVELOPMENT INVE 5.80 04/19/20 CNY 20.08 CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 61.45 CHANGSHU DONGNAN ASSET IN 6.53 03/26/22 CNY 67.32 CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 41.09 CHANGSHU TRANSPORTATION S 7.00 04/29/21 CNY 47.00 CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 40.73 CHANGXING COUNTY TRANSPOR 6.75 06/16/21 CNY 40.90 CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 40.97 CHANGXING COUNTY TRANSPOR 7.88 04/30/21 CNY 50.30 CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 39.00 CHANGXING URBAN CONSTRUCT 6.00 12/03/21 CNY 40.73 CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.00 CHANGZHI CITY CONSTRUCTIO 6.46 02/26/20 CNY 20.03 CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.00 CHANGZHOU BINHU CONSTRUCT 8.04 12/12/20 CNY 20.65 CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.00 CHANGZHOU HI-TECH GROUP C 6.18 03/21/20 CNY 20.05 CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 20.07 CHANGZHOU JINTAN DISTRICT 6.38 04/26/20 CNY 20.08 CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.43 CHANGZHOU PUBLIC HOUSING 6.64 07/02/21 CNY 40.49 CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 60.00 CHANGZHOU TIANNING CONSTR 6.48 02/12/22 CNY 61.08 CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.07 CHAOHU URBAN TOWN CONSTRU 6.50 04/30/22 CNY 62.10 CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 41.02 CHENGDU ECONOMIC & TECHNO 6.90 05/30/21 CNY 46.00 CHENGDU KONGGANG CITY CON 7.40 02/26/20 CNY 25.05 CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.32 CHENGDU KONGGANG CITY CON 7.40 02/26/20 CNY 25.34 CHENGDU KONGGANG CITY CON 6.92 07/30/20 CNY 25.50 CHENGDU LONGBO INVESTMENT 8.10 04/24/21 CNY 40.72 CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 18.50 CHENGDU PIDU DISTRICT STA 7.25 10/15/20 CNY 20.35 CHENGDU PIDU DISTRICT STA 6.95 04/01/22 CNY 61.04 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 60.35 CHENGDU XINGCHENG INVESTM 6.17 01/28/20 CNY 20.00 CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 60.00 CHENGDU XINGCHENGJIAN IND 6.00 03/20/22 CNY 61.47 CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 40.81 CHENGDU XINKAIYUAN URBAN 7.43 08/12/21 CNY 41.00 CHENGFA INVESTMENT GROUP 6.87 04/30/21 CNY 41.01 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 40.66 CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.88 CHENZHOU FUCHENG HIGH TEC 4.73 01/22/23 CNY 59.91 CHENZHOU HI-TECH INVESTME 6.45 01/23/22 CNY 40.33 CHENZHOU HI-TECH INVESTME 6.45 01/23/22 CNY 48.60 CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 20.00 CHENZHOU XINTIAN INVESTME 6.30 07/17/20 CNY 20.12 CHENZHOU XINTIAN INVESTME 6.15 04/24/22 CNY 58.82 CHINA MINSHENG INVESTMENT 7.00 12/26/20 CNY 36.65 CHINA OCEANWIDE HOLDINGS 8.90 12/13/21 CNY 57.00 CHINA SECURITY CO LTD 4.45 11/11/19 CNY 31.00 CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.33 CHINA YIXING ENVIRONMENT 7.10 10/18/20 CNY 20.40 CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.03 CHONGQING BANAN ECONOMIC 7.00 08/20/21 CNY 41.10 CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 61.02 CHONGQING BANAN ECONOMIC 6.17 03/13/22 CNY 61.40 CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 20.42 CHONGQING BEICHENG CONSTR 7.30 10/16/20 CNY 21.00 CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 40.00 CHONGQING CHANGSHOU ECO&T 7.20 07/15/21 CNY 41.02 CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 40.00 CHONGQING CHANGSHOU ECO-T 7.10 06/19/21 CNY 40.88 CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.06 CHONGQING CITY CONSTRUCTI 5.12 05/21/20 CNY 20.25 CHONGQING DASUN ASSET DEA 6.98 09/10/20 CNY 20.35 CHONGQING DAZU DISTRICT S 6.75 04/26/20 CNY 20.09 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 60.94 CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 40.93 CHONGQING FULING DISTRICT 7.89 03/20/21 CNY 47.33 CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 60.00 CHONGQING FULING TRAFFIC 6.68 02/03/22 CNY 61.18 CHONGQING GAOXIN ZONE DEV 7.80 04/25/21 CNY 41.29 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 41.04 CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.00 CHONGQING HAOJIANG CONSTR 7.99 11/22/20 CNY 20.43 CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.00 CHONGQING HAOJIANG CONSTR 8.05 03/06/21 CNY 40.60 CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 41.00 CHONGQING HECHUAN CITY CO 7.30 07/07/21 CNY 41.39 CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.16 CHONGQING HECHUAN INDUSTR 6.19 06/17/20 CNY 20.32 CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 20.14 CHONGQING HONGYE INDUSTRI 6.30 06/03/20 CNY 25.00 CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.45 CHONGQING INTERNATIONAL L 7.08 10/18/20 CNY 20.47 CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 40.92 CHONGQING JIANGBEIZUI CEN 6.50 07/21/21 CNY 41.00 CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 59.97 CHONGQING JINYUN ASSET MA 4.50 12/31/22 CNY 60.00 CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.60 CHONGQING JIULONG HI-TECH 6.60 08/19/21 CNY 40.80 CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.26 CHONGQING LAND PROPERTIES 6.30 08/22/20 CNY 20.65 CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 39.93 CHONGQING LIANGJIANG NEW 3.17 01/13/21 CNY 40.01 CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 40.89 CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 40.90 CHONGQING LIANGJIANG NEW 5.88 09/16/21 CNY 40.99 CHONGQING LIANGJIANG NEW 6.70 04/25/21 CNY 42.72 CHONGQING LIANGJIANG NEW 3.10 08/05/21 CNY 69.63 CHONGQING LIANGJIANG NEW 3.60 04/19/21 CNY 69.83 CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.12 CHONGQING NANFA URBAN CON 6.43 04/27/20 CNY 20.27 CHONGQING QIANJIANG CITY 8.00 03/21/21 CNY 40.89 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 20.00 CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.00 CHONGQING SHUANGFU CONSTR 7.49 10/23/20 CNY 20.32 CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 20.08 CHONGQING SHUANGQIAO ECON 6.75 04/26/20 CNY 20.10 CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 40.01 CHONGQING SHUANGQIAO ECON 5.99 11/19/21 CNY 46.25 CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.24 CHONGQING TAX FREE PORT A 7.50 04/24/21 CNY 41.70 CHONGQING TEA GARDEN INDU 7.70 05/20/21 CNY 40.73 CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 60.00 CHONGQING TONGLIANG JINLO 6.59 04/08/22 CNY 61.38 CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 59.71 CHONGQING TONGNAN DISTRIC 4.99 12/31/22 CNY 60.00 CHONGQING WANSHENG ECO & 6.39 04/17/20 CNY 20.01 CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 40.53 CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 40.71 CHONGQING WANSHENG ECO & 8.19 04/08/21 CNY 43.90 CHONGQING WANSHENG ECO & 6.95 08/25/21 CNY 45.00 CHONGQING WANSHENG ECO DE 5.40 11/18/21 CNY 69.15 CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 61.05 CHONGQING WANZHOU SANXIA 4.95 08/25/22 CNY 64.21 CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 41.19 CHONGQING XIYONG MICRO-EL 6.58 07/25/21 CNY 42.33 CHONGQING YONGCHUAN HUITO 7.28 05/30/21 CNY 41.27 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 61.71 CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.54 CHONGQING YUNAN ASSET MAN 7.05 06/17/21 CNY 40.77 CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 40.70 CHONGQING YUZHONG STATE-O 7.25 02/26/21 CNY 40.75 CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 61.51 CHUN'AN XINANJIANG DEVELO 6.10 03/11/22 CNY 64.55 CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 19.80 CHUXIONG AUTONOMOUS DEVEL 6.60 03/29/20 CNY 20.04 CHUZHOU CITY CONSTRUCTION 6.40 08/22/21 CNY 41.17 CHUZHOU CITY CONSTRUCTION 6.17 11/30/21 CNY 61.42 CITIC GUOAN GROUP CORP 4.49 03/08/21 CNY 18.17 CITIC GUOAN GROUP CORP 4.23 12/15/20 CNY 18.25 CITIC GUOAN GROUP CORP 4.90 11/06/19 CNY 18.25 CITIC GUOAN GROUP CORP 5.80 12/15/19 CNY 18.25 CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 40.90 CIXI CITY CONSTRUCTION IN 6.18 08/18/21 CNY 48.80 DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.60 DALI ECONOMIC DEVELOPMENT 8.30 12/11/20 CNY 20.61 DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.00 DALI ECONOMIC DEVELOPMENT 7.90 03/04/21 CNY 40.71 DALI HAIDONG DEVELOPMENT 6.01 01/25/23 CNY 59.49 DALIAN PULANDIAN CONSTRUC 3.80 01/25/23 CNY 57.45 DALIAN PUWAN ENGINEERING 7.09 02/20/21 CNY 39.67 DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 40.75 DALIAN RONGDA INVESTMENT 5.69 12/05/21 CNY 40.76 DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.72 DALIAN RONGQIANG INVESTME 8.60 01/20/21 CNY 20.73 DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.85 DALIAN RONGQIANG INVESTME 7.92 04/14/21 CNY 40.86 DANDONG PORT GROUP CO LTD 5.50 01/27/21 CNY 59.00 DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 61.38 DANGTU COUNTY CONSTRUCTIO 5.38 08/10/22 CNY 63.00 DANGYANG XINYUAN INVESTME 7.99 05/23/21 CNY 40.00 DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 60.00 DANYANG HI-TECH INDUSTRY 6.40 04/24/22 CNY 60.19 DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 20.15 DANYANG INVESTMENT GROUP 6.90 10/23/20 CNY 20.39 DANYANG INVESTMENT GROUP 3.99 01/25/23 CNY 59.20 DATONG ECONOMIC CONSTRUCT 4.49 10/22/22 CNY 60.31 DATONG ECONOMIC CONSTRUCT 4.49 10/22/22 CNY 60.50 DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 59.33 DAWA COUNTY CITY CONSTRUC 6.29 06/12/22 CNY 62.50 DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 20.55 DAYE ZHENHENG CITY DEVELO 7.95 11/27/20 CNY 20.65 DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 40.68 DAYE ZHENHENG CITY DEVELO 7.30 03/03/21 CNY 43.53 DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 40.00 DAZHOU DEVELOPMENT HOLDIN 6.55 01/14/22 CNY 41.32 DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.00 DAZHOU DEVELOPMENT HOLDIN 5.10 11/27/22 CNY 60.81 DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.58 DEHONGZHOU HONGKANG INVES 6.68 01/23/22 CNY 40.65 DEYANG ECONOMIC DEVELOPME 7.90 04/28/21 CNY 40.68 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 61.86 DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 20.45 DONGTAI UBAN CONSTRUCTION 8.65 01/13/21 CNY 20.72 DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 40.78 DONGTAI UBAN CONSTRUCTION 7.58 04/23/21 CNY 48.48 DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 60.91 DONGYING CITY URBAN ASSET 5.57 03/31/22 CNY 61.58 DR PENG TELECOM & MEDIA G 6.00 06/16/22 CNY 47.16 DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 58.59 DUJIANGYAN XINGYAN INVEST 6.10 03/12/22 CNY 60.00 DUNYUN STATE-OWNED ASSETS 6.60 12/28/22 CNY 59.95 EASTAR HOLDINGS GROUP CO 7.30 10/31/20 CNY 63.00 ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 41.08 ENSHI URBAN CONSTRUCTION 7.50 06/03/21 CNY 47.54 EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 40.49 EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 40.67 EZHOU CITY CONSTRUCTION I 6.68 09/19/21 CNY 41.00 EZHOU CITY CONSTRUCTION I 7.76 05/15/21 CNY 46.50 FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 40.86 FANGCHENGGANG CITY GANGGO 8.09 04/16/21 CNY 42.00 FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 62.05 FENGCHENG CITY CONSTRUCTI 6.49 02/10/22 CNY 64.49 FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 60.00 FENGCHENG CITY MODERN IND 5.76 12/17/22 CNY 60.29 FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 55.26 FENGXIAN URBAN INVESTMENT 4.23 07/13/21 CNY 55.27 FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 60.00 FENGXIAN URBAN INVESTMENT 6.48 03/20/22 CNY 61.90 FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 20.69 FUGU COUNTY STATE-OWNED A 8.69 12/16/20 CNY 23.00 FUGUINIAO CO LTD 6.30 04/22/20 CNY 13.00 FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 41.00 FUJIAN JINJIANG INDUSTRIA 7.08 06/27/21 CNY 41.18 FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.10 FUJIAN JINJIANG URBAN CON 6.35 04/26/20 CNY 20.20 FUJIAN NANPING HIGHWAY CO 6.69 01/28/20 CNY 19.99 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 60.90 FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 60.00 FUJIAN ZHANGLONG GROUP CO 4.99 08/07/22 CNY 61.25 FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 40.93 FUNING URBAN INVESTMENT D 7.19 08/15/21 CNY 41.15 FUQING CITY STATE-OWNED A 6.66 03/01/21 CNY 40.52 FUQING CITY STATE-OWNED A 5.94 11/26/22 CNY 56.74 FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 60.31 FUXIN INFRASTRUCTURE CONS 6.18 03/18/22 CNY 62.80 FUZHOU URBAN AND RURAL CO 5.48 01/26/22 CNY 41.07 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 GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.08 GANSU PROVINCIAL STATE-OW 5.40 03/06/20 CNY 40.20 GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 60.00 GANZHOU CITY DEVELOPMENT 5.50 06/16/22 CNY 61.32 GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 25.05 GANZHOU DEVELOPMENT ZONE 7.40 02/19/20 CNY 32.60 GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 39.00 GANZHOU DEVELOPMENT ZONE 7.43 02/19/21 CNY 40.79 GAOMI STATE-OWNED ASSETS 4.69 01/26/23 CNY 60.85 GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 60.00 GAOYOU CITY CONSTRUCTION 5.48 09/15/22 CNY 61.13 GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.30 GOLMUD INVESTMENT HOLDING 8.70 12/30/20 CNY 20.67 GOOCOO INVESTMENT CO LTD 8.00 02/01/21 CNY 50.00 GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 25.10 GREENLAND HOLDING GROUP C 6.24 05/23/20 CNY 25.15 GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 61.43 GUANGAN DEVELOPMENT AND C 6.39 03/24/22 CNY 64.00 GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.68 GUANGAN ECONOMIC & TECHNO 7.10 09/22/21 CNY 40.68 GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 39.50 GUANGXI BAISE DEVELOPMENT 7.27 06/20/21 CNY 40.65 GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.00 GUANGXI LAIBIN INDUSTRIAL 5.97 11/26/21 CNY 40.93 GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 20.32 GUANGXI LIUZHOU DONGCHENG 7.40 10/29/20 CNY 21.00 GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 40.56 GUANGXI QINZHOU LINHAI IN 7.68 02/20/21 CNY 44.77 GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 41.01 GUANGXI URBAN CONSTRUCTIO 7.59 04/14/21 CNY 43.00 GUANGYUAN INVESTMENT HOLD 7.30 04/22/21 CNY 40.88 GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 41.51 GUANGYUAN YUANQU CONSTRUC 8.35 08/26/21 CNY 47.00 GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 73.99 GUANGZHOU HUANTOU NANSHA 6.38 11/18/24 CNY 74.00 GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 70.00 GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 73.60 GUANGZHOU METRO GROUP CO 6.05 06/03/24 CNY 73.71 GUANGZHOU METRO GROUP CO 6.45 04/02/24 CNY 74.02 GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.00 GUILIN CITY INVESTMENT AN 6.90 06/13/21 CNY 40.46 GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 60.00 GUILIN ECONOMIC CONSTRUCT 5.60 04/22/22 CNY 61.22 GUIRENNIAO CO LTD 7.00 12/03/19 CNY 49.50 GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 60.78 GUIYANG BAIYUN INDUSTRY D 7.30 03/27/22 CNY 65.00 GUIYANG GUANSHANHU DISTRI 4.87 01/28/23 CNY 78.89 GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 54.00 GUIYANG URBAN CONSTRUCTIO 5.23 12/02/22 CNY 59.71 GUIYANG URBAN DEVELOPMENT 6.20 02/28/20 CNY 20.01 GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 57.35 GUIZHOU EAST LAKE CITY CO 5.18 01/06/23 CNY 60.92 GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 40.72 GUIZHOU FANJINGSHAN INVES 6.95 01/28/22 CNY 60.00 GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 60.29 GUIZHOU GUIAN CONSTRUCTIO 4.17 10/28/22 CNY 61.00 GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 73.03 GUIZHOU HONGCAI INVESTMEN 6.00 06/07/23 CNY 73.07 GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 61.50 GUIZHOU RAILWAY INVESTMEN 7.20 03/27/22 CNY 62.44 GUIZHOU RAILWAY INVESTMEN 7.50 04/23/24 CNY 74.70 GUIZHOU SHUICHENG CITY IN 4.98 11/22/23 CNY 67.65 HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 60.88 HAIAN URBAN DEMOLITION & 5.08 11/27/22 CNY 61.50 HAICHENG URBAN JINCAI LAN 8.56 12/19/20 CNY 20.51 HAICHENG URBAN JINCAI LAN 8.17 04/16/21 CNY 40.72 HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 60.00 HAIFENG MARINE INFRASTRUC 6.84 04/29/22 CNY 61.65 HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 61.63 HAIMEN CITY DEVELOPMENT G 6.22 04/03/22 CNY 62.20 HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 37.50 HAINAN JINHAI PULP & PAPE 6.10 04/15/20 CNY 40.16 HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.04 HAINING ASSET MANAGEMENT 6.08 03/06/20 CNY 20.35 HAINING CITY DEVELOPMENT 5.58 10/22/21 CNY 40.86 HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 20.45 HAINING CITY JIANSHAN DIS 6.90 11/04/20 CNY 21.42 HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 20.00 HAIXI STATE DEVELOPMENT I 8.60 01/02/21 CNY 20.62 HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.32 HAIYAN COUNTY STATE-OWNED 7.00 09/04/20 CNY 20.70 HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 61.32 HANDAN CONSTRUCTION & INV 5.48 05/27/22 CNY 67.20 HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.05 HANGZHOU CANAL COMPREHENS 6.00 04/02/20 CNY 20.20 HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 40.79 HANGZHOU FUYANG CITY CONS 7.20 03/19/21 CNY 40.81 HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 41.03 HANGZHOU FUYANG DEVELOPME 7.70 04/28/21 CNY 49.00 HANGZHOU FUYANG DEVELOPME 4.76 01/27/23 CNY 60.55 HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 40.40 HANGZHOU GONGSHU DISTRICT 6.90 07/21/21 CNY 41.31 HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.01 HANGZHOU HIGH-TECH INDUST 6.45 01/28/20 CNY 20.25 HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 73.86 HANGZHOU METRO GROUP CO L 5.97 09/17/24 CNY 73.91 HANGZHOU XIAOSHAN ECO&TEC 6.90 05/13/21 CNY 41.10 HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 40.83 HANGZHOU YUHANG CITY CONS 7.00 03/03/21 CNY 40.90 HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 40.77 HANGZHOU YUHANG ECONOMIC 7.45 03/03/21 CNY 40.85 HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.07 HANGZHOU YUHANG INNOVATIO 6.50 03/18/20 CNY 20.32 HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.11 HANGZHOU YUHANG TRANSPORT 7.19 04/18/21 CNY 41.85 HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 20.47 HANJIANG STATE-OWNED-ASSE 7.30 11/11/20 CNY 26.60 HAWTAI MOTOR GROUP LTD 7.20 04/14/21 CNY 60.00 HAWTAI MOTOR GROUP LTD 6.10 10/26/21 CNY 74.00 HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.67 HEBEI ZHONGYUE CITY CONST 4.10 11/16/21 CNY 59.84 HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 40.99 HEBI INVESTMENTS GROUP CO 7.88 08/01/21 CNY 41.27 HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 60.06 HECHI CITY CONSTRUCTION I 5.58 11/13/22 CNY 62.42 HEFEI CONSTRUCTION INVEST 7.20 04/29/24 CNY 74.67 HEFEI GAOXIN DEVELOPMENT 6.90 03/12/20 CNY 40.12 HEFEI INDUSTRIAL 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INVESTM 6.20 12/03/21 CNY 41.14 HEYUAN CITY RUNYE INVESTM 6.20 12/03/21 CNY 45.88 HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 40.82 HEZE INVESTMENT DEVELOPME 7.14 03/24/21 CNY 40.95 HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.00 HEZHOU URBAN CONSTRUCTION 8.16 05/16/21 CNY 41.32 HNA GROUP CO LTD 5.99 11/27/22 CNY 69.02 HONGHEZHOU ROAD DEVELOPME 6.27 05/06/20 CNY 20.10 HUACHEN ENERGY CO LTD 6.63 05/18/20 USD 49.00 HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.37 HUAIAN CITY URBAN ASSET O 5.70 04/23/22 CNY 61.79 HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 40.79 HUAI'AN DEVELOPMENT HOLDI 7.30 03/10/21 CNY 47.84 HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.00 HUAI'AN NEW CITY INVESTME 7.45 03/04/21 CNY 40.55 HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 41.16 HUAI'AN NEW CITY INVESTME 6.95 07/28/21 CNY 47.50 HUAIHUA CITY INDUSTRIAL P 7.70 10/29/20 CNY 20.26 HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.00 HUAIHUA ECONOMIC DEVELOPM 6.80 03/26/22 CNY 60.38 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 8.60 12/25/20 CNY 20.87 HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 40.70 HUANGGANG CITY CONSTRUCTI 7.45 03/04/21 CNY 40.81 HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 59.50 HUANGGANG CITY CONSTRUCTI 4.08 01/18/23 CNY 60.44 HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 60.65 HUANGSHAN CHENGTOU GROUP 5.95 05/06/22 CNY 61.50 HUANGSHI CIHU HIGH-TECH D 8.70 12/05/20 CNY 20.52 HUANGSHI CIHU HIGH-TECH D 9.30 01/21/21 CNY 20.94 HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 60.00 HUANGSHI URBAN CONSTRUCTI 5.99 04/29/22 CNY 61.67 HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 61.61 HUBEI PROVINCE CHANGJIANG 6.15 04/03/22 CNY 62.40 HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.08 HUBEI QUANZHOU YANGTZE CO 6.50 04/02/20 CNY 40.11 HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.38 HULUDAO INVESTMENT GROUP 7.05 10/18/20 CNY 20.52 HULUDAO INVESTMENT GROUP 7.50 10/18/23 CNY 62.49 HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 60.00 HULUNBEIER INVESTMENT CO 6.31 04/30/22 CNY 61.14 HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 40.91 HUNAN CHANGDE DEYUAN INVE 6.50 06/16/21 CNY 42.25 HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 61.48 HUNAN CHUZHISHENG HOLDING 5.60 12/18/22 CNY 61.49 HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 57.78 HUNAN LOUDI ECONOMIC & TE 6.36 03/13/22 CNY 67.00 HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 59.93 HUNAN SHAODONG ECO-INDUST 6.50 01/11/23 CNY 61.90 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 20.67 HUNAN TIER GROUP CO LTD 8.00 12/23/20 CNY 22.72 HUNAN TIER GROUP CO LTD 7.10 03/03/21 CNY 40.87 HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 40.00 HUNAN XIANGJIANG NEW AREA 7.36 03/17/21 CNY 40.84 HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 38.60 HUNNAN JINYANG INVESTMENT 5.70 11/27/21 CNY 39.60 HUNNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 59.97 HUNNAN JINYANG INVESTMENT 4.37 01/19/23 CNY 60.00 HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 40.92 HUZHOU URBAN CONSTRUCTION 6.48 08/28/21 CNY 42.38 HUZHOU WUXING NANTAIHU CO 8.79 01/16/21 CNY 20.64 HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 40.00 HUZHOU XISAISHAN DEVELOPM 7.80 04/29/21 CNY 41.07 INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 59.50 INNER MONGOLIA JINLONG IN 7.30 11/19/22 CNY 60.23 INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 59.00 INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 59.10 INNER MONGOLIA KE'ERQIN U 6.45 04/30/22 CNY 60.00 INNER MONGOLIA KE'ERQIN U 6.50 03/11/22 CNY 60.00 INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 40.86 INNER MONGOLIA SHENGXIANG 8.18 08/21/21 CNY 44.00 INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 41.35 INNER MONGOLIA ZHUNGEER S 6.54 12/31/21 CNY 42.10 JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.87 JIAN CITY JINGANGSHAN DEV 7.99 06/03/21 CNY 40.98 JIAN CITY JINGANGSHAN DEV 4.87 01/27/23 CNY 58.55 JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 41.05 JIANAN INVESTMENT HOLDING 6.85 05/23/21 CNY 46.50 JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 40.85 JIANGDONG HOLDING GROUP C 7.14 04/24/21 CNY 41.00 JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.04 JIANGMEN BINJIANG CONSTRU 6.60 02/28/20 CNY 20.25 JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 20.34 JIANGMEN NEW HI-TECH INDU 7.39 11/04/20 CNY 20.61 JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.53 JIANGMEN NEW HI-TECH INDU 6.03 04/22/22 CNY 61.77 JIANGSU HAIZHOUWAN DEVELO 5.37 03/29/23 CNY 59.50 JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 20.83 JIANGSU HENGYUAN INVESTME 8.60 01/09/21 CNY 29.30 JIANGSU HENGYUAN INVESTME 4.63 01/08/23 CNY 60.00 JIANGSU HENGYUAN INVESTME 4.63 01/08/23 CNY 60.30 JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.12 JIANGSU HUAJING ASSETS MA 6.00 05/16/20 CNY 20.12 JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.80 JIANGSU JINGUAN INVESTMEN 7.90 04/08/21 CNY 40.82 JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.00 JIANGSU JINTAN GUOFA INTE 6.85 05/30/21 CNY 40.90 JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.61 JIANGSU JURONG FUDI BIO-T 7.70 03/21/21 CNY 71.64 JIANGSU NANTONG NO2 CONST 8.10 07/10/21 CNY 40.02 JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 25.32 JIANGSU NEWHEADLINE DEVEL 7.00 08/27/20 CNY 29.90 JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 41.07 JIANGSU RUNCHENG ASSET OP 7.88 04/16/21 CNY 48.80 JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 58.00 JIANGSU RUNQI WANGUO INDU 4.14 10/21/21 CNY 59.89 JIANGSU SUHAI INVESTMENT 7.28 05/29/21 CNY 40.76 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 41.14 JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 25.39 JIANGSU WANGTAO INVESTMEN 6.82 09/15/20 CNY 26.10 JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.32 JIANGSU WUZHONG ECONOMIC 5.49 11/19/21 CNY 40.89 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 60.49 JIANGSU YANGKOU PORT CONS 6.23 04/10/22 CNY 67.50 JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 41.03 JIANGSU YIXING ECONOMIC D 7.69 04/18/21 CNY 50.19 JIANGSU ZHUFU INDUSTRIAL 4.93 12/29/20 CNY 40.28 JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 60.00 JIANGXI HEJI INVESTMENT C 5.09 12/17/22 CNY 60.73 JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 69.12 JIANGXI HUIHENG PROPERTY 4.43 08/30/21 CNY 69.57 JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 40.88 JIANGXI PINGXIANG CHANGSH 8.18 05/22/21 CNY 49.34 JIANGXI PROVINCE SITONG R 8.20 04/18/21 CNY 40.76 JIANGYIN GAOXIN DISTRICT 6.60 02/27/20 CNY 20.03 JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 20.26 JIANGYIN LINGANG NEW CITY 7.10 11/07/20 CNY 21.00 JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 59.46 JIANGYOU HONGFEI INVESTME 6.55 09/02/22 CNY 60.30 JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 40.67 JIANHU COUNTY DEVELOPMENT 7.29 09/25/21 CNY 42.75 JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 20.01 JIANHU URBAN CONSTRUCTION 6.50 02/22/20 CNY 21.50 JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 59.29 JIANHU URBAN CONSTRUCTION 6.30 06/01/22 CNY 62.86 JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 68.88 JIANHU URBAN CONSTRUCTION 3.28 10/13/21 CNY 71.00 JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 40.91 JIAXING ECONOMIC&TECHNOLO 7.89 03/05/21 CNY 41.13 JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 40.95 JIAXING NANHU INVESTMENT 7.45 02/26/21 CNY 41.80 JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 61.42 JIAYU COUNTY URBAN TOWN C 5.70 01/19/23 CNY 61.43 JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.00 JIAYUGUAN CITY INFRASTRUC 7.83 09/23/21 CNY 40.69 JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.89 JIEYANGSHI CHENGSHI TOUZI 6.55 08/27/21 CNY 40.95 JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 19.99 JILIN CITY CONSTRUCTION H 6.34 02/26/20 CNY 20.00 JILIN CITY CONSTRUCTION H 3.80 01/27/23 CNY 59.95 JILIN NORTHEAST SOCK INDU 6.80 12/19/21 CNY 69.88 JILIN RAILWAY INVESTMENT 7.18 03/04/21 CNY 40.22 JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 40.78 JINAN CITY CONSTRUCTION I 6.80 03/20/21 CNY 40.90 JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 60.10 JINAN CITY LICHENG DISTRI 5.00 06/23/22 CNY 60.11 JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 40.80 JINAN HI-TECH HOLDING GRO 6.38 06/19/21 CNY 40.93 JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.00 JINCHANG CONSTRUCTION INV 6.79 12/21/22 CNY 60.12 JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.50 JINCHENG STATE-OWNED CAPI 4.99 11/11/21 CNY 40.62 JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 59.56 JINGDE TAOCI CULTURAL TOU 5.38 11/27/22 CNY 60.00 JINGDEZHEN STATE-OWNED AS 6.59 06/25/20 CNY 20.20 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 40.34 JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 40.69 JINGJIANG HARBOUR GROUP C 7.30 08/05/21 CNY 48.68 JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 18.57 JINGMEN CITY CONSTRUCTION 7.00 10/17/20 CNY 20.50 JINGMEN CITY CONSTRUCTION 6.85 07/09/22 CNY 46.60 JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 59.80 JINGMEN HIGH-TECH DEVELOP 5.48 08/11/22 CNY 61.04 JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 20.52 JINGZHOU DEVELOPMENT ZONE 8.20 12/09/20 CNY 21.80 JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.33 JINHU COUNTY STATE-OWNED 7.75 08/25/21 CNY 41.38 JINING CITY SHIZHONG DIST 6.39 01/29/22 CNY 61.41 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 61.56 JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.05 JINZHONG CITY PUBLIC INFR 6.50 03/18/20 CNY 20.07 JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.60 JINZHOU CITY INVESTMENT C 8.50 12/27/20 CNY 20.68 JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 40.50 JINZHOU CITY INVESTMENT C 6.44 08/18/21 CNY 44.91 JINZHOU HUAXING INVESTMEN 9.10 01/21/21 CNY 20.72 JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 40.64 JINZHOU HUAXING INVESTMEN 8.38 02/25/21 CNY 45.00 JISHOU HUATAI STATE OWNED 7.18 02/09/22 CNY 60.67 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 61.37 JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 60.36 JIUJIANG LAND INVESTMENT 6.20 03/23/22 CNY 61.63 JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 20.07 JIUJIANG STATE-OWNED ASSE 6.68 03/07/20 CNY 20.15 JIUQUAN ECONOMIC DEVELOPM 7.40 02/26/21 CNY 40.74 JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.66 JIXI STATE OWN ASSET MANA 6.87 01/19/22 CNY 40.85 KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 59.91 KAIFENG NEW DISTRICT INFR 6.35 03/23/22 CNY 60.53 KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 57.50 KAIFU CITY DEVELOPMENT CO 4.20 01/21/23 CNY 59.90 KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 58.77 KAILI GUIZHOU TOWN CONSTR 5.29 12/17/22 CNY 60.00 KANGMEI PHARMACEUTICAL CO 5.20 07/17/22 CNY 18.63 KANGMEI PHARMACEUTICAL CO 5.47 09/15/22 CNY 20.29 KANGMEI PHARMACEUTICAL CO 6.10 03/28/21 CNY 21.20 KANGMEI PHARMACEUTICAL CO 5.29 08/16/22 CNY 21.25 KANGMEI PHARMACEUTICAL CO 7.00 06/21/21 CNY 21.25 KANGMEI PHARMACEUTICAL CO 6.80 06/28/21 CNY 21.25 KANGMEI PHARMACEUTICAL CO 5.50 04/20/21 CNY 21.82 KANGMEI PHARMACEUTICAL CO 5.33 01/27/22 CNY 36.69 KANGMEI PHARMACEUTICAL CO 6.28 03/20/21 CNY 40.00 KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 24.75 KASHGAR SHENKA INVESTMENT 7.08 07/07/20 CNY 25.18 KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 60.00 KASHI URBAN CONSTRUCTION 5.80 07/20/22 CNY 61.38 KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.21 KUERLE CITY CONSTRUCTION 6.99 05/20/20 CNY 25.22 KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.00 KUNMING DIANCHI INVESTMEN 6.50 02/01/20 CNY 20.16 KUNMING DONGJUN REAL ESTA 4.50 11/02/21 CNY 49.15 KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 40.95 KUNSHAN COMMUNICATION DEV 6.95 05/22/21 CNY 45.45 KUNSHAN HIGH TECHNOLOGY G 7.10 03/26/21 CNY 40.81 LAIWU CITY ECONOMIC DEVEL 7.08 02/28/21 CNY 40.81 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 40.20 LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 60.95 LAOHEKOU CITY CONSTRUCTIO 6.75 08/12/22 CNY 61.05 LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 62.36 LEIYANG CITY AND RURAL CO 7.80 04/10/22 CNY 62.38 LEQING CITY STATE OWNED I 5.99 10/20/21 CNY 41.18 LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 40.97 LESHAN STATE-OWNED ASSET 5.68 10/22/21 CNY 45.60 LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 40.65 LIANYUNGANG TRANSPORT GRO 5.47 11/17/21 CNY 45.00 LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 7.27 LIAONING COASTAL ECONOMIC 8.90 04/01/21 CNY 11.49 LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 59.13 LILING HIGH-TECH INDUSTRI 4.93 01/19/23 CNY 59.33 LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.00 LINCANG STATE-OWNED ASSET 6.58 04/11/20 CNY 20.03 LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 20.00 LINFEN CITY INVESTMENT GR 6.20 05/23/20 CNY 20.14 LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.00 LINFEN YAODU DISTRICT INV 6.99 09/27/20 CNY 20.27 LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 60.37 LINFEN YAODU DISTRICT INV 7.19 03/13/22 CNY 60.70 LINHAI CITY INFRASTRUCTUR 6.30 03/21/20 CNY 20.07 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 25.16 LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 60.00 LISHUI CITY CONSTRUCTION 5.67 08/13/22 CNY 61.62 LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.10 LISHUI CITY CONSTRUCTION 6.00 05/23/20 CNY 20.17 LIUPANSHUI AFFORDABLE HOU 5.08 01/29/23 CNY 78.54 LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 58.90 LIUPANSHUI DEVELOPMENT IN 3.74 01/20/23 CNY 60.12 LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 60.33 LIUYANG MODERN MANUFACTUR 4.72 01/19/23 CNY 79.30 LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.23 LIUYANG NEW INDUSTRIAL CI 4.43 10/23/22 CNY 60.30 LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.20 LIUYANG URBAN CONSTRUCTIO 6.98 08/22/21 CNY 41.43 LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 46.00 LIUZHOU CITY INVESTMENT C 7.18 12/31/22 CNY 47.28 LIUZHOU LONGJIAN INVESTME 8.28 04/30/24 CNY 74.28 LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.05 LIYANG CITY CONSTRUCTION 6.20 03/08/20 CNY 20.10 LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 38.00 LIYANG KUNLUN URBAN CONST 5.90 10/24/21 CNY 40.85 LONGHAI STATE-OWNED ASSET 6.58 08/15/21 CNY 40.91 LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 40.79 LOUDI CITY CONSTRUCTION I 7.95 04/15/21 CNY 50.31 LOUDI TIDU INVESTMENT DEV 7.18 08/27/21 CNY 41.11 LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 59.92 LOUDI TIDU INVESTMENT DEV 4.83 01/20/23 CNY 60.42 LU'AN CITY CONSTRUCTION I 5.20 09/25/20 CNY 50.52 LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.00 LUJIANG CITY CONSTRUCTION 6.70 04/16/22 CNY 60.88 LUOHE CITY CONSTRUCTION I 5.25 09/11/20 CNY 40.38 LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.00 LUOYANG CITY DEVELOPMENT 4.47 12/02/22 CNY 60.87 LUZHOU XINGYANG INVESTMEN 4.87 01/28/23 CNY 58.78 MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 41.22 MA'ANSHAN CIHU HIGH TECHN 6.85 09/09/21 CNY 43.00 MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 60.66 MAANSHAN ECONOMIC TECHNOL 6.49 03/06/22 CNY 64.99 MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 61.16 MAANSHAN HUASHAN DISTRICT 6.07 04/20/22 CNY 61.83 MEISHAN CITY ASSET OPERAT 7.84 02/26/21 CNY 40.89 MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 20.15 MEISHAN HONGDA CONSTRUCTI 6.56 06/19/20 CNY 20.18 MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 61.57 MEIZHOU CITY XIN JIN YE D 6.02 04/22/22 CNY 65.32 MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.33 MEIZHOU KANGDA HIGHWAY CO 6.95 09/10/20 CNY 20.40 MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 60.00 MEIZHOU MEI COUNTY DISTRI 5.00 12/30/22 CNY 60.29 MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 60.62 MUDANJIANG AREA URBAN DEV 6.48 06/30/22 CNY 65.00 MUDANJIANG CITY INVESTMEN 5.34 10/27/23 CNY 74.90 MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.60 MUDANJIANG STATE-OWNED AS 7.70 04/14/21 CNY 40.61 NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 20.02 NANCHANG CITY CONSTRUCTIO 6.19 02/20/20 CNY 20.05 NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.00 NANCHANG MUNICIPAL PUBLIC 5.88 02/25/20 CNY 20.02 NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 20.16 NANCHANG WATER CONSERVANC 6.28 06/21/20 CNY 20.45 NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 41.02 NANCHONG AIRPORT INVESTME 6.80 01/26/22 CNY 60.75 NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 41.02 NANCHONG ECONOMIC DEVELOP 8.28 04/21/21 CNY 51.20 NANJING HEXI NEW TOWN ASS 3.20 07/22/21 CNY 69.48 NANJING JIANYE SCIENCE & 7.00 08/26/25 CNY 70.41 NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 41.14 NANJING LISHUI ECONOMIC A 6.27 09/22/21 CNY 41.29 NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 20.07 NANJING LISHUI URBAN CONS 5.80 05/29/20 CNY 20.25 NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 20.02 NANJING STATE OWNED ASSET 5.40 03/06/20 CNY 20.06 NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 61.70 NANJING STATE OWNED ASSET 5.60 03/06/23 CNY 62.03 NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 40.88 NANJING TANGSHAN CONSTRUC 6.80 06/30/21 CNY 46.80 NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 40.73 NANNING LVGANG CONSTRUCTI 7.30 06/27/21 CNY 44.80 NANPING CITY WUYI NEW DIS 6.70 08/06/20 CNY 20.29 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 60.75 NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 41.08 NANTONG CHONGCHUAN URBAN 7.15 04/18/21 CNY 45.40 NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 69.93 NANTONG CITY GANGZHA DIST 3.80 09/06/21 CNY 70.06 NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.09 NANTONG ECONOMIC & TECHNO 5.80 05/17/20 CNY 20.25 NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 61.06 NANTONG HIGH TECHNOLOGY D 5.00 10/19/22 CNY 61.52 NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 60.00 NANTONG SUTONG SCIENCE & 6.20 03/18/22 CNY 60.94 NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.47 NANYANG INVESTMENT GROUP 7.05 10/24/20 CNY 20.50 NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 40.77 NEIJIANG INVESTMENT HOLDI 7.99 04/24/21 CNY 48.53 NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 56.36 NEIJINAG CONSTRUCTION ENG 5.03 12/25/22 CNY 59.48 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 41.10 NINGBO CITY HAISHU GUANGJ 7.75 03/06/21 CNY 46.30 NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.93 NINGBO CITY ZHENHAI INVES 5.85 12/04/21 CNY 40.98 NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 40.89 NINGBO ECONOMIC & TECHNIC 7.09 04/21/21 CNY 49.00 NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 61.57 NINGBO MEISHAN ISLAND DEV 6.27 03/23/22 CNY 68.29 NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.05 NINGBO YINCHENG GROUP CO 6.50 03/18/20 CNY 20.06 NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.26 NINGGUO CITY STATE OWNED 8.70 04/28/21 CNY 41.50 NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 20.82 NINGHAI COUNTY URBAN INVE 8.00 01/02/21 CNY 25.00 NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 40.60 NINGHAI COUNTY URBAN INVE 7.99 04/16/21 CNY 41.23 NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 40.20 NINGXIANG CITY CONSTRUCTI 6.70 01/20/22 CNY 41.60 NINGXIANG ECONOMIC TECHNO 8.20 04/16/21 CNY 40.75 NINGXIANG ECONOMIC TECHNO 3.87 01/27/23 CNY 60.41 OCEANWIDE HOLDINGS CO LTD 7.50 12/21/20 CNY 74.62 PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.76 PANJIN CITY SHUANGTAIZI D 7.25 01/22/22 CNY 40.96 PANJIN CITY SHUANGTAIZI D 6.48 10/23/22 CNY 59.61 PANJIN CITY SHUANGTAIZI D 6.48 10/23/22 CNY 60.91 PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 41.50 PANSHAN COUNTY STATE-OWNE 7.48 01/21/22 CNY 41.52 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 40.80 PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 61.10 PANZHIHUA STATE OWNED ASS 8.18 03/13/22 CNY 62.27 PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.00 PEIXIAN CITY INVESTMENT D 5.20 11/10/22 CNY 60.40 PEKING UNIVERSITY FOUNDER 5.80 01/28/22 CNY 39.86 PEKING UNIVERSITY FOUNDER 6.10 08/22/21 CNY 43.02 PEKING UNIVERSITY FOUNDER 6.20 05/31/20 CNY 51.63 PEKING UNIVERSITY FOUNDER 6.50 11/16/23 CNY 51.63 PEKING UNIVERSITY FOUNDER 6.30 03/04/24 CNY 51.63 PEKING UNIVERSITY FOUNDER 6.30 09/12/20 CNY 51.63 PEKING UNIVERSITY FOUNDER 6.15 07/23/20 CNY 51.63 PEKING UNIVERSITY FOUNDER 4.80 07/26/21 CNY 51.63 PEKING UNIVERSITY FOUNDER 5.99 11/02/21 CNY 51.63 PEKING UNIVERSITY FOUNDER 6.68 08/09/23 CNY 51.63 PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 40.50 PINGHU ECONOMIC DEVELOPME 7.99 04/17/21 CNY 41.09 PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.10 PINGLIANG CHENGXIANG CONS 7.10 09/17/20 CNY 20.24 PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 55.50 PINGLIANG CULTURAL & TOUR 6.85 11/30/22 CNY 59.72 PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.06 PINGTAN COMPOSITE EXPERIM 6.58 03/15/20 CNY 20.06 PINGTAN COMPREHENSIVE PIL 3.92 01/29/23 CNY 60.13 PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 40.27 PINGXIANG HUIFENG INVESTM 6.60 01/26/22 CNY 60.00 PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 59.44 PINGYANG STATE-OWNED ASSE 4.97 01/08/23 CNY 60.00 PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 41.30 PIZHOU CITY HENGRUN INVES 6.46 12/05/21 CNY 42.46 PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 58.88 PIZHOU ECONOMIC DEVELOPME 5.00 10/29/22 CNY 60.00 PIZHOU RUNCAI ASSET MANAG 5.90 12/18/20 CNY 50.47 PUTIAN HIGH TECHNOLOGY IN 5.90 05/03/22 CNY 74.93 PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.00 PUYANG INVESTMENT GROUP C 8.00 12/11/20 CNY 20.48 QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.00 QIANAN URBAN CONSTRUCTION 8.88 01/23/21 CNY 20.63 QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.00 QIANAN URBAN CONSTRUCTION 7.19 08/11/21 CNY 40.66 QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 61.22 QIANAN XINGYUAN WATER IND 6.25 04/22/22 CNY 66.90 QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 56.88 QIANDONGNAN TRANSPORTATIO 5.79 12/21/22 CNY 64.54 QIANDONGNANZHOU KAIHONG A 5.30 09/22/26 CNY 74.67 QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.00 QIANJIANG URBAN CONSTRUCT 8.38 04/22/21 CNY 41.24 QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 60.00 QIANJIANG URBAN CONSTRUCT 5.19 12/21/22 CNY 60.73 QIANNANZHOU INVESTMENT CO 6.43 03/09/22 CNY 59.43 QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 46.50 QIDONG STATE-OWNED ASSET 7.30 11/20/22 CNY 47.64 QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 40.80 QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 41.00 QIDONG URBAN CONSTRUCTION 7.90 04/28/21 CNY 41.20 QIDONG URBAN CONSTRUCTION 8.20 04/04/21 CNY 41.25 QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 47.13 QINGDAO CONSON DEVELOPMEN 6.40 12/12/22 CNY 47.20 QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 40.86 QINGDAO HICREAT DEVELOPME 6.88 04/25/21 CNY 41.13 QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.09 QINGDAO JIAOZHOU BAY DEVE 6.33 09/18/21 CNY 41.56 QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 40.79 QINGDAO JIMO CITY TOURISM 5.47 11/17/21 CNY 41.00 QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 39.93 QINGDAO LAIXI CITY ASSET 7.50 03/06/21 CNY 48.79 QINGHAI PROVINCIAL INVEST 6.40 07/10/21 USD 32.33 QINGHAI PROVINCIAL INVEST 7.88 03/22/21 USD 35.19 QINGHAI PROVINCIAL INVEST 7.25 02/22/20 USD 53.60 QINGHAI STATE-OWNED ASSET 5.40 05/21/23 CNY 58.90 QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 40.98 QINGYANG CITY ECONOMIC DE 7.98 04/16/21 CNY 41.00 QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 20.60 QINGYUAN TRANSPORTATION D 8.20 12/19/20 CNY 20.73 QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 40.70 QINGZHOU HONGYUAN PUBLIC 7.59 05/29/21 CNY 47.50 QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.00 QINHUANGDAO DEVELOPMENT Z 8.00 12/17/20 CNY 20.49 QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 40.92 QINHUANGDAO DEVELOPMENT Z 8.45 04/18/21 CNY 41.28 QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.17 QINZHOU BINHAI NEW CITY A 7.00 08/27/20 CNY 20.30 QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.00 QINZHOU BINHAI NEW CITY Z 6.99 07/07/21 CNY 40.42 QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 60.94 QIONGLAI CITY CONSTRUCTIO 6.98 03/25/22 CNY 64.90 QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 58.82 QUJING CITY QILIN DISTRIC 5.37 11/26/22 CNY 61.95 QUJING DEVELOPMENT INVEST 7.48 04/28/21 CNY 40.80 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 40.75 QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 41.01 QUZHOU STATE OWNED ASSET 7.20 04/21/21 CNY 43.42 RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.15 RENHUAI CITY DEVELOPMENT 8.09 05/16/21 CNY 41.17 RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 58.22 RENQIU CONSTRUCTION INVES 5.68 11/18/22 CNY 61.21 RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 60.00 RENSHOU DEVELOPMENT OF IN 6.42 12/22/22 CNY 61.29 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 20.12 RIZHAO CITY CONSTRUCTION 5.80 06/06/20 CNY 20.15 RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 59.00 RIZHAO CITY CONSTRUCTION 3.98 12/07/22 CNY 60.35 RUCHENG COUNTY HYDROPOWER 6.65 04/25/20 CNY 40.23 RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 40.95 RUDONG COUNTY DONGTAI SOC 6.99 06/20/21 CNY 45.90 RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 40.79 RUDONG COUNTY JINXIN TRAF 8.08 03/03/21 CNY 44.03 RUDONG COUNTY KAITAI CITY 4.57 01/08/23 CNY 60.61 RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.00 RUGAO COMMUNICATIONS CONS 6.70 02/01/20 CNY 20.81 RUGAO ECONOMIC & TRADE DE 8.30 01/22/21 CNY 20.90 RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 20.83 RUGAO YANJIANG DEVELOPMEN 8.60 01/24/21 CNY 42.43 RUIAN STATE OWNED ASSET I 4.56 01/27/23 CNY 60.78 RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 49.51 RUZHOU CITY XINYUAN INVES 6.30 09/16/21 CNY 53.30 SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.00 SANMEN COUNTY STATE-OWNED 6.85 10/29/21 CNY 40.94 SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 60.00 SANMEN COUNTY STATE-OWNED 6.80 03/18/22 CNY 61.01 SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 41.74 SHAANXI ANKANG HIGH TECH 8.78 09/17/21 CNY 47.00 SHAANXI PROVINCIAL EXPRES 5.99 06/18/20 CNY 60.54 SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 40.71 SHAANXI XIXIAN NEW AREA F 6.85 08/15/21 CNY 45.50 SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 40.86 SHAANXI XIXIAN NEW AREA J 6.89 01/05/22 CNY 43.10 SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 60.60 SHAANXI XIXIAN NEW AREA Q 5.15 11/27/22 CNY 60.82 SHANDONG BORUN INDUSTRIAL 6.50 11/02/21 CNY 65.96 SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 41.82 SHANDONG BOXING COUNTY XI 8.00 12/22/21 CNY 42.41 SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.49 SHANDONG CENTURY SUNSHINE 8.19 07/21/21 CNY 41.50 SHANDONG FUYU CHEMICAL CO 7.70 09/18/22 CNY 70.00 SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 61.39 SHANDONG GAOCHUANG CONSTR 6.05 06/18/22 CNY 62.45 SHANDONG HONGHE HOLDINGS 8.50 06/23/21 CNY 41.45 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 RENCHENG RONGXIN 7.30 10/18/20 CNY 20.31 SHANDONG RENCHENG RONGXIN 7.30 10/18/20 CNY 23.40 SHANDONG RUYI TECHNOLOGY 7.90 09/18/23 CNY 53.08 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 20.04 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 60.52 SHANDONG WANTONG PETROLEU 7.97 11/29/21 CNY 33.95 SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 39.85 SHANDONG WEISHANHU MINING 6.15 03/13/20 CNY 40.02 SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 18.50 SHANGHAI BUND GROUP DEVEL 6.35 04/24/20 CNY 20.10 SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.79 SHANGHAI CAOHEJING HI-TEC 7.24 04/09/21 CNY 40.80 SHANGHAI CHONGMING CONSTR 6.40 06/13/20 CNY 25.22 SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 20.05 SHANGHAI FENGXIAN NANQIAO 6.25 03/05/20 CNY 20.05 SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 40.94 SHANGHAI JIADING ROAD CON 6.80 04/23/21 CNY 41.30 SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 25.53 SHANGHAI LAKE DIANSHAN NE 5.95 01/30/21 CNY 50.50 SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 60.79 SHANGHAI MINHANG URBAN CO 5.63 04/20/22 CNY 62.26 SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 71.80 SHANGHAI MUNICIPAL INVEST 4.80 11/05/24 CNY 71.96 SHANGHAI NANHUI URBAN CON 6.04 08/20/21 CNY 40.97 SHANGHAI PUTAILAI NEW ENE 5.30 05/18/20 CNY 66.67 SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 59.62 SHANGHAI URBAN CONSTRUCTI 3.50 01/06/23 CNY 60.05 SHANGHAI YONGYE ENTERPRIS 6.84 05/21/20 CNY 25.25 SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 20.40 SHANGLUO CITY CONSTRUCTIO 7.05 09/09/20 CNY 25.40 SHANGRAO CITY STATE-OWNED 4.65 01/29/23 CNY 61.05 SHANTOU CITY CONSTRUCTION 8.57 03/23/22 CNY 47.29 SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 59.93 SHAOWU URBAN CONSTRUCTION 5.88 09/11/22 CNY 63.39 SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 60.00 SHAOXING CHENGZHONGCUN RE 6.09 04/27/22 CNY 61.41 SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 61.57 SHAOXING CITY INVESTMENT 5.75 04/17/22 CNY 68.00 SHAOXING CITY KEQIAO DIST 6.40 08/20/21 CNY 41.12 SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 60.00 SHAOXING COUNTY KEYAN CON 6.28 03/24/22 CNY 61.70 SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.20 SHAOXING JINGHU NEW DISTR 6.13 04/30/22 CNY 61.63 SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 40.00 SHAOXING KEQIAO ECONOMIC 7.00 12/10/21 CNY 41.59 SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 40.80 SHAOXING PAOJIANG INDUSTR 6.98 05/29/21 CNY 43.90 SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.33 SHAOXING SHANGYU HANGZHOU 6.95 10/11/20 CNY 20.55 SHAOXING SHANGYU URBAN CO 6.80 08/07/21 CNY 41.28 SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 20.73 SHAOYANG CITY CONSTRUCTIO 8.58 01/17/21 CNY 21.00 SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 41.44 SHENGZHOU INVESTMENT HOLD 7.60 07/17/21 CNY 41.57 SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 40.89 SHENMU CITY STATE-OWNED A 7.28 06/23/21 CNY 41.30 SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 60.00 SHENYANG DADONG STATE-OWN 6.05 03/20/22 CNY 61.13 SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 60.73 SHENYANG ECONOMIC AFFORDA 7.17 04/29/22 CNY 61.26 SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.00 SHENYANG SUJIATUN DISTRIC 6.40 06/20/20 CNY 20.11 SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 41.00 SHENYANG TIEXI STATE-OWNE 6.00 01/14/22 CNY 47.50 SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 61.60 SHENZHEN METRO GROUP CO L 5.40 03/25/23 CNY 61.75 SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 64.51 SHENZHEN METRO GROUP CO L 6.75 01/24/24 CNY 74.35 SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 62.50 SHIJIAZHUANG HUTUO NEW DI 5.28 12/24/25 CNY 74.16 SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.11 SHIJIAZHUANG REAL ESTATE 5.65 05/15/20 CNY 20.13 SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 61.35 SHIJIAZHUANG STATE-OWNED 5.75 04/09/22 CNY 67.20 SHIJIAZHUANG URBAN CONSTR 6.55 03/09/21 CNY 71.38 SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.35 SHISHI CITY CONSTRUCTION 6.10 05/04/22 CNY 61.84 SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 20.39 SHIYAN CITY INFRASTRUCTUR 6.88 10/11/20 CNY 20.68 SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 40.00 SHIYAN CITY INFRASTRUCTUR 6.58 08/20/21 CNY 41.27 SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 20.27 SHOUGUANG CITY CONSTRUCTI 7.10 10/18/20 CNY 22.87 SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.00 SHUYANG JINGYUAN ASSET OP 7.39 04/14/21 CNY 40.82 SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 60.95 SHUYANG JINGYUAN ASSET OP 5.49 09/11/22 CNY 66.00 SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 19.90 SICHUAN CHENGDU ABA DEVEL 7.18 09/12/20 CNY 20.30 SICHUAN COAL INDUSTRY GRO 7.70 01/09/18 CNY 45.00 SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.00 SICHUAN NAXING INDUSTRIAL 7.17 09/11/21 CNY 40.99 SICHUAN TIANYIN INDUSTRIA 6.79 03/25/22 CNY 61.27 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 61.40 SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 59.56 SIHUI STATE OWNED ASSETS 4.59 01/14/23 CNY 60.68 SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 58.68 SIYANG COUNTY MINKANG RUR 4.94 01/21/23 CNY 80.16 SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 40.00 SLENDER WEST LAKE TOURISM 6.80 06/25/21 CNY 41.05 SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 39.86 SONGYUAN URBAN DEVELOPMEN 5.79 12/04/21 CNY 40.20 SUINING CITY HEDONG DEVEL 8.36 04/17/21 CNY 40.86 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 40.62 SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 59.39 SUINING COUNTY RUNQI INVE 5.42 11/20/22 CNY 60.00 SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.11 SUINING DEVELOPMENT INVES 6.62 04/25/20 CNY 20.20 SUINING FUYUAN INDUSTRY C 6.39 03/17/22 CNY 59.71 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 40.20 SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 41.20 SUIZHOU CITY URBAN CONSTR 7.18 09/02/21 CNY 41.22 SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 20.79 SUIZHOU DEVELOPMENT INVES 8.50 12/20/20 CNY 21.83 SUIZHOU DEVELOPMENT INVES 8.40 04/30/21 CNY 41.20 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 40.14 SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 20.39 SUQIAN CITY CONSTRUCTION 6.88 10/29/20 CNY 20.48 SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 20.09 SUZHOU CITY CONSTRUCTION 6.40 04/17/20 CNY 24.80 SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 40.70 SUZHOU FENHU INVESTMENT G 7.49 02/28/21 CNY 40.83 SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 40.87 SUZHOU NEW DISTRICT ECONO 6.20 07/22/21 CNY 41.00 SUZHOU WUJIANG COMMUNICAT 6.80 10/31/20 CNY 25.54 SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 60.80 SUZHOU WUJIANG DISTRICT I 5.25 07/08/22 CNY 61.15 SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 40.90 SUZHOU XIANGCHENG URBAN C 6.95 03/19/21 CNY 42.60 TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 40.57 TAICANG ASSETS MANAGEMENT 7.00 02/27/21 CNY 40.70 TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 61.40 TAICANG SCIENCE EDUCATION 5.54 08/28/22 CNY 64.65 TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 20.60 TAIXING CITY CHENGXING ST 8.30 12/12/20 CNY 21.30 TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 60.67 TAIXING CITY HONGQIAO YUA 5.03 10/29/22 CNY 63.87 TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 40.00 TAIYUAN ECONOMIC TECHNOLO 7.43 04/24/21 CNY 40.97 TAIYUAN HIGH-SPEED RAILWA 6.50 10/30/20 CNY 25.50 TAIYUAN HIGH-SPEED RAILWA 5.18 09/06/20 CNY 40.41 TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 40.93 TAIYUAN STATE-OWNED INVES 7.20 03/19/21 CNY 46.50 TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 63.50 TAIZHOU CITY CONSTRUCTION 6.92 10/16/23 CNY 63.80 TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.10 TAIZHOU CITY JIANGYAN DIS 8.50 04/23/20 CNY 25.31 TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.32 TAIZHOU CITY JIANGYAN URB 7.10 09/03/20 CNY 20.60 TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 40.74 TAIZHOU CITY NEW BINJIANG 7.60 03/05/21 CNY 41.00 TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.00 TAIZHOU HAILING CITY DEVE 4.60 12/14/22 CNY 60.10 TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 25.53 TAIZHOU JIAOJIANG STATE O 7.46 09/13/20 CNY 26.00 TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 61.73 TAIZHOU JIAOJIANG STATE O 6.18 07/06/22 CNY 64.00 TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.04 TAIZHOU TRAFFIC INDUSTRY 6.15 03/11/20 CNY 20.33 TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 20.25 TANGSHAN CAOFEIDIAN DEVEL 7.50 10/15/20 CNY 20.26 TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 19.70 TIANJIN BAOXING INDUSTRY 7.10 10/17/20 CNY 20.33 TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 40.38 TIANJIN BEICHEN DISTRICT 7.00 04/21/21 CNY 47.15 TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 40.26 TIANJIN BEICHEN TECHNOLOG 6.87 08/20/21 CNY 47.00 TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.03 TIANJIN BINHAI NEW AREA C 5.19 03/13/20 CNY 20.25 TIANJIN BINHAI NEW AREA C 6.10 11/23/21 CNY 43.90 TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 40.44 TIANJIN DONGFANG CAIXIN I 5.19 01/29/22 CNY 59.59 TIANJIN DONGLI CITY INFRA 6.05 06/19/20 CNY 19.96 TIANJIN DONGLI CITY INFRA 4.28 12/02/22 CNY 59.10 TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 46.30 TIANJIN ECONOMIC TECHNOLO 6.50 12/03/22 CNY 46.54 TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 40.71 TIANJIN GUANGCHENG INVEST 7.45 07/24/21 CNY 49.00 TIANJIN GUANGCHENG INVEST 6.97 02/22/23 CNY 59.44 TIANJIN HARBOR CONSTRUCTI 8.80 01/24/21 CNY 41.76 TIANJIN HARBOR CONSTRUCTI 6.29 10/21/21 CNY 70.11 TIANJIN HARBOR CONSTRUCTI 8.00 04/01/21 CNY 70.93 TIANJIN HI-TECH INDUSTRY 6.65 09/12/21 CNY 40.59 TIANJIN HOPETONE CO LTD 7.50 07/25/21 CNY 47.57 TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 40.35 TIANJIN HUANCHENG URBAN I 7.20 03/21/21 CNY 40.73 TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 60.33 TIANJIN HUANCHENG URBAN I 5.75 04/27/22 CNY 61.70 TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 61.27 TIANJIN INFRASTRUCTURE CO 5.70 02/26/23 CNY 61.69 TIANJIN JINNAN CITY CONST 6.50 06/03/21 CNY 40.57 TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 40.69 TIANJIN LINGANG INVESTMEN 7.75 02/26/21 CNY 41.00 TIANJIN NINGHE DISTRICT X 7.00 05/30/21 CNY 40.65 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 39.30 TIANJIN REAL ESTATE TRUST 8.59 03/13/21 CNY 40.94 TIANJIN RESIDENTIAL CONST 8.00 12/19/20 CNY 20.12 TIANJIN TEDA INVESTMENT H 6.89 04/27/20 CNY 19.99 TIANJIN WATER INVESTMENT 8.40 01/15/21 CNY 25.85 TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 38.70 TIANJIN WATER INVESTMENT 6.60 07/28/21 CNY 41.80 TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.74 TIANJIN WUQING STATE-OWNE 8.00 12/17/20 CNY 20.76 TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 40.81 TIANJIN WUQING STATE-OWNE 7.18 03/19/21 CNY 40.89 TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 59.40 TIANJIN WUQING STATE-OWNE 4.15 11/17/22 CNY 60.33 TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 41.46 TIANMEN CITY CONSTRUCTION 8.20 08/28/21 CNY 45.16 TIANRUI GROUP CEMENT CO L 5.95 09/25/20 CNY 50.00 TONGCHENG CITY CONSTRUCTI 5.47 11/09/22 CNY 60.00 TONGCHENG CITY CONSTRUCTI 5.47 11/09/22 CNY 60.25 TONGLING CONSTRUCTION INV 6.98 08/26/20 CNY 20.33 TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 41.09 TONGLING DAJIANG INVESTME 6.50 01/19/22 CNY 48.00 TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 40.98 TONGLU STATE-OWNED ASSET 8.09 04/18/21 CNY 41.14 TONGXIANG CITY CONSTRUCTI 6.10 05/16/20 CNY 20.10 TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.37 TULUFAN DISTRICT STATE-OW 6.20 03/19/22 CNY 61.38 TUNGHSU GROUP CO LTD 6.55 03/13/22 CNY 45.00 URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 60.00 URUMQI ECO&TECH DEVELOPME 6.40 04/13/22 CNY 61.71 URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.05 URUMQI GAOXIN INVESTMENT 6.18 03/05/20 CNY 20.07 WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 42.23 WANGCHENG ECONOMIC DEVELO 6.57 01/22/22 CNY 48.81 WEICHI HOLDING GROUP CO L 5.40 12/21/20 CNY 59.66 WEIFANG BINHAI INVESTMENT 6.16 04/16/21 CNY 40.76 WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 59.39 WEIHAI LANCHUANG CONSTRUC 4.80 12/17/22 CNY 60.08 WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 60.00 WEINAN CITY INVESTMENT GR 6.09 03/11/22 CNY 61.33 WENZHOU CITY CONSTRUCTION 4.05 01/25/23 CNY 60.32 WENZHOU HIGH-TECH INDUSTR 7.30 05/30/21 CNY 41.02 WENZHOU HIGH-TECH INDUSTR 7.95 03/21/21 CNY 41.13 WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 40.82 WENZHOU LUCHENG CITY DEVE 5.58 11/03/21 CNY 43.00 WINTIME ENERGY CO LTD 7.50 11/16/20 CNY 43.63 WINTIME ENERGY CO LTD 7.70 11/15/20 CNY 43.63 WINTIME ENERGY CO LTD 7.50 04/04/21 CNY 43.63 WINTIME ENERGY CO LTD 7.30 08/06/18 CNY 43.63 WINTIME ENERGY CO LTD 7.00 07/05/18 CNY 43.63 WINTIME ENERGY CO LTD 7.90 12/22/20 CNY 43.63 WINTIME ENERGY CO LTD 7.00 08/25/18 CNY 43.63 WINTIME ENERGY CO LTD 7.00 04/26/19 CNY 43.63 WINTIME ENERGY CO LTD 7.50 12/06/20 CNY 43.63 WINTIME ENERGY CO LTD 7.90 03/29/21 CNY 43.63 WINTIME ENERGY CO LTD 6.78 10/23/18 CNY 43.63 WINTIME ENERGY CO LTD 7.00 03/19/19 CNY 43.63 WINTIME ENERGY CO LTD 7.00 12/15/18 CNY 43.63 WUHAI CITY CONSTRUCTION I 8.19 04/21/21 CNY 41.00 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 40.84 WUHAN CHEDU CORP LTD 7.18 02/27/21 CNY 40.96 WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 41.23 WUHAN CITY HUANPI DISTRIC 6.43 09/17/21 CNY 43.02 WUHAN JIANGXIA URBAN CONS 8.99 01/20/21 CNY 21.03 WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.00 WUHAN METRO GROUP CO LTD 5.70 02/04/20 CNY 20.00 WUHAN METRO GROUP CO LTD 5.25 04/14/22 CNY 61.17 WUHAN URBAN CONSTRUCTION 5.60 03/08/20 CNY 20.03 WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 41.44 WUHU COUNTY CONSTRUCTION 6.60 12/08/21 CNY 46.35 WUHU JINGHU CONSTRUCTION 6.68 05/16/20 CNY 20.14 WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 40.00 WUHU JIUJIANG CONSTRUCTIO 8.49 04/14/21 CNY 41.27 WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 58.90 WUHU XINMA INVESTMENT CO 4.87 11/04/22 CNY 61.03 WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.20 WUHU YIJU INVESTMENT GROU 6.45 08/11/21 CNY 41.45 WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 20.38 WUWEI CITY ECONOMY DEVELO 8.20 12/09/20 CNY 22.53 WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.60 WUWEI CITY ECONOMY DEVELO 8.20 04/24/21 CNY 40.69 WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 70.00 WUXI HUNING METRO HUISHAN 4.38 06/08/21 CNY 70.31 WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.30 WUXI MUNICIPAL DEVELOPMEN 6.10 10/11/20 CNY 20.36 WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.00 WUXI XIDONG NEW TOWN CONS 6.65 01/28/20 CNY 20.00 WUYANG CONSTRUCTION GROUP 7.80 09/11/20 CNY 32.48 WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.25 WUZHONG URBAN RURAL CONST 7.18 10/12/20 CNY 20.25 XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 40.84 XIAMEN TORCH GROUP CO LTD 7.49 04/21/21 CNY 44.88 XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 20.03 XIAMEN XINGLIN CONSTRUCTI 6.60 02/22/20 CNY 21.80 XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.72 XIAN FENGDONG DEVELOPMENT 4.67 01/08/23 CNY 59.76 XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 40.41 XI'AN INTERNATIONAL HORTI 6.20 10/21/21 CNY 41.46 XI'AN INTERNATIONAL INLAN 7.90 09/23/21 CNY 42.28 XIAN QUJIANG DAMING PALAC 6.39 03/21/20 CNY 50.16 XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 60.37 XIANGSHUI GUANJIANG HOLDI 4.98 12/24/22 CNY 63.20 XIANGTAN CITY CONSTRUCTIO 7.60 04/02/22 CNY 49.50 XIANGTAN CITY CONSTRUCTIO 7.80 03/12/22 CNY 53.60 XIANGTAN CITY CONSTRUCTIO 7.80 01/30/22 CNY 55.10 XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 40.40 XIANGTAN HI-TECH GROUP CO 8.16 02/25/21 CNY 48.99 XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.56 XIANGTAN JIUHUA ECONOMIC 7.15 10/15/20 CNY 19.85 XIANGTAN JIUHUA ECONOMIC 6.59 01/21/22 CNY 38.21 XIANGTAN LIANGXING SOCIET 7.89 04/23/21 CNY 40.68 XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 35.49 XIANGTAN WANLOU XINCHENG 6.90 01/14/22 CNY 39.59 XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.11 XIANGTAN ZHENXIANG STATE- 6.60 08/07/20 CNY 20.18 XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 40.86 XIANGYANG HIGH TECH STATE 7.00 05/29/21 CNY 43.38 XIANGYANG STATE-OWNED CAP 4.62 01/25/23 CNY 60.33 XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.11 XIANNING HIGH-TECH INVEST 5.80 06/05/20 CNY 20.24 XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 61.07 XIANNING HIGH-TECH INVEST 6.29 02/10/22 CNY 65.00 XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.00 XIANTAO CITY CONSTRUCTION 8.15 02/24/21 CNY 41.80 XIAOGAN GAOCHUANG INVESTM 7.43 06/23/21 CNY 41.16 XIAOGAN GAOCHUANG INVESTM 6.87 09/22/21 CNY 41.28 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 40.50 XIAOGAN URBAN CONSTRUCTIO 6.89 05/29/21 CNY 41.14 XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 43.78 XINGAN LEAGUE URBAN DEVEL 6.18 12/21/22 CNY 43.79 XINGHUA CITY ECONOMIC DEV 5.28 06/13/22 CNY 74.81 XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.00 XINGHUA URBAN CONSTRUCTIO 7.36 07/15/20 CNY 25.21 XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 57.83 XINGYI XINHENG URBAN CONS 5.40 12/16/22 CNY 60.00 XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 20.00 XINING ECONOMIC DEVELOPME 5.90 06/04/20 CNY 20.01 XINJIANG KAIDI INVESTMENT 7.80 04/22/21 CNY 40.74 XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.19 XINJIANG RUNSHENG INVESTM 7.15 07/10/20 CNY 25.38 XINJIANG WUJIAQU CAIJIAHU 7.50 05/21/21 CNY 40.64 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 61.33 XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.07 XINXIANG INVESTMENT GROUP 5.85 04/15/20 CNY 20.12 XINYANG HONGCHANG PIPE GA 6.49 06/20/20 CNY 72.87 XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 40.50 XINYANG HUAXIN INVESTMENT 7.55 04/15/21 CNY 46.30 XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.20 XINYI CITY INVESTMENT & D 7.39 10/15/20 CNY 20.46 XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 59.76 XINYI CITY INVESTMENT & D 4.30 01/19/23 CNY 60.00 XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.27 XINYI URBAN TRANSPORTATIO 6.14 02/06/22 CNY 61.53 XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 40.91 XINYU CHENGDONG CONSTRUCT 8.48 05/27/21 CNY 47.00 XINYU CITY SHANTYTOWN ZON 6.42 12/09/20 CNY 40.55 XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 61.47 XINYU CITY YUSHUI DISTRIC 7.70 06/24/22 CNY 63.63 XINZHENG NEW DISTRICT DEV 6.40 01/29/21 CNY 50.54 XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 20.00 XINZHOU ASSET MANAGEMENT 8.50 12/18/20 CNY 20.74 XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 40.90 XINZHOU ASSET MANAGEMENT 7.90 02/21/21 CNY 43.41 XIWANG GROUP CO LTD 7.80 12/03/22 CNY 49.94 XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 41.47 XUANCHENG CITY ECONOMY DE 7.95 09/22/21 CNY 46.00 XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 41.16 XUANCHENG STATE-OWNED ASS 7.95 03/27/21 CNY 46.00 XUZHOU BOCHANT DEVELOPMEN 5.69 07/28/21 CNY 66.24 XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.28 XUZHOU CITY TONGSHAN DIST 6.60 08/08/20 CNY 20.66 XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 CNY 61.22 XUZHOU CITY TONGSHAN DIST 5.23 09/18/22 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ZHANGZHOU CITY CONSTRUCTI 6.60 03/26/20 CNY 20.04 ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 60.00 ZHANGZHOU ECONOMIC DEVELO 6.17 04/27/22 CNY 61.63 ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 40.90 ZHANGZHOU JIULONGJIANG GR 6.48 06/20/21 CNY 41.13 ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 20.40 ZHANJIANG INFRASTRUCTURE 6.93 10/21/20 CNY 20.55 ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 60.00 ZHAOQING GAOYAO DISTRICT 6.68 04/14/22 CNY 61.41 ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 60.00 ZHEJIANG BINHAI NEW CITY 4.65 12/23/22 CNY 61.02 ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 40.66 ZHEJIANG CHANGXING VIA OP 7.99 03/03/21 CNY 50.00 ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 41.20 ZHEJIANG GUOXING INVESTME 6.94 08/01/21 CNY 48.50 ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.00 ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 60.00 ZHEJIANG OUHAI CONSTRUCTI 4.83 01/21/23 CNY 60.31 ZHEJIANG OUHAI CONSTRUCTI 6.45 04/23/22 CNY 61.22 ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 20.02 ZHEJIANG PROVINCE DEQING 6.40 02/22/20 CNY 20.23 ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 20.09 ZHEJIANG PROVINCE XINCHAN 6.60 04/24/20 CNY 22.90 ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 41.06 ZHEJIANG PROVINCE XINCHAN 5.88 10/30/21 CNY 41.16 ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 41.68 ZHEJIANG PROVINCE XINCHAN 6.95 12/31/21 CNY 41.87 ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 60.00 ZHENGZHOU JINGKAI INVESTM 5.48 07/31/22 CNY 61.54 ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 41.60 ZHENGZHOU MOUZHONG DEVELO 7.48 12/11/21 CNY 46.20 ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.13 ZHENGZHOU PUBLIC HOUSING 5.98 07/17/20 CNY 20.23 ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 20.61 ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 20.76 ZHENJIANG CITY CONSTRUCTI 8.20 01/13/21 CNY 28.49 ZHENJIANG CITY CONSTRUCTI 7.90 12/18/20 CNY 28.50 ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.00 ZHENJIANG CULTURAL TOURIS 6.60 01/30/20 CNY 20.00 ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 39.60 ZHENJIANG DANTU DISTRICT 5.89 11/03/21 CNY 40.19 ZHENJIANG NEW AREA URBAN 8.99 01/16/21 CNY 20.67 ZHENJIANG NEW AREA URBAN 8.35 02/26/21 CNY 40.64 ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 60.00 ZHIJIANG STATE-OWNED ASSE 4.78 01/11/23 CNY 60.37 ZHONGGUANCUN DEVELOPMENT 4.20 08/12/22 CNY 60.40 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 40.00 ZHONGSHAN TRANSPORTATION 5.25 11/26/21 CNY 40.36 ZHONGTIAN FINANCIAL GROUP 7.00 10/15/20 CNY 49.43 ZHOUKOU INVESTMENT GROUP 7.49 04/21/21 CNY 40.56 ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 25.40 ZHOUSHAN DINGHAI STATE-OW 7.25 08/31/20 CNY 26.65 ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.29 ZHOUSHAN DINGHAI STATE-OW 7.13 08/04/21 CNY 41.40 ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 57.63 ZHOUSHAN ISLANDS NEW DIST 6.98 10/22/22 CNY 58.44 ZHOUSHAN PUTUO DISTRICT S 7.18 06/20/22 CNY 57.27 ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 20.34 ZHUHAI HUIHUA INFRASTRUCT 7.15 09/17/20 CNY 21.15 ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 20.77 ZHUJI CITY YUEDU INVESTME 8.20 12/12/20 CNY 24.50 ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 61.50 ZHUJI CITY YUEDU INVESTME 6.38 04/07/22 CNY 61.67 ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 20.52 ZHUZHOU CITY CONSTRUCTION 6.95 10/16/20 CNY 20.55 ZHUZHOU CITY CONSTRUCTION 8.36 11/10/21 CNY 43.75 ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.86 ZHUZHOU GECKOR GROUP CO L 6.95 08/11/21 CNY 40.92 ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 60.00 ZHUZHOU GECKOR GROUP CO L 6.38 04/17/22 CNY 61.08 ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 61.36 ZHUZHOU REAL ESTATE GROUP 6.25 03/25/22 CNY 68.53 ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.57 ZHUZHOU XIANGJIANG SCENIC 5.39 11/25/22 CNY 60.61 ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.00 ZIBO BANYANG CITY URBAN A 5.50 09/09/22 CNY 60.33 ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.52 ZIYANG WATER INVESTMENT C 7.40 10/21/20 CNY 20.60 ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 59.68 ZIZHONG COUNTY XINGZI INV 5.97 01/18/23 CNY 78.26 ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 41.20 ZJ HZ QINGSHAN LAKE SCIEN 7.90 04/23/21 CNY 44.00 ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 59.11 ZUNYI ECONOMIC DEVELOPMEN 4.87 01/22/23 CNY 60.00 ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 63.20 ZUNYI ROAD & BRIDGE CONST 6.10 04/27/23 CNY 72.96 HONG KONG --------- DR PENG HOLDING HONGKONG 5.05 06/01/20 USD 63.01 HNA GROUP INTERNATIONAL C 6.25 10/05/21 USD 65.00 INDONESIA --------- BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 42.79 BERAU COAL ENERGY TBK PT 7.25 03/13/17 USD 42.79 DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.10 DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.10 DAVOMAS INTERNATIONAL FIN 11.00 12/08/14 USD 0.10 DAVOMAS INTERNATIONAL FIN 11.00 05/09/11 USD 0.10 DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 9.21 DELTA MERLIN DUNIA TEKSTI 8.63 03/12/24 USD 12.92 INDIA ----- 3I INFOTECH LTD 2.50 03/31/25 USD 7.77 ACME FAZILKA POWER PVT LT 0.01 09/07/46 INR 11.18 AMPSOLAR SOLUTION PVT LTD 0.01 11/03/37 INR 22.63 AMPSOLAR SOLUTION PVT LTD 0.01 10/27/37 INR 22.67 APG HABITAT PVT LTD 1.00 09/09/28 INR 54.20 APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 31.58 APG INTELLI HOMES PVT LTD 1.25 02/04/35 INR 39.85 AUTOMOTIVE EXCHANGE PVT L 4.00 10/11/30 INR 59.07 AUTOMOTIVE EXCHANGE PVT L 4.00 06/01/30 INR 59.11 BENGAL AEROTROPOLIS PROJE 5.00 12/01/30 INR 67.56 BENGAL AEROTROPOLIS PROJE 5.00 12/01/29 INR 69.37 BENGAL AEROTROPOLIS PROJE 5.00 12/01/28 INR 71.40 BENGAL AEROTROPOLIS PROJE 5.00 12/01/27 INR 73.70 BOTHE WINDFARM DEVELOPMEN 10.00 11/28/32 INR 67.98 BRITANNIA INDUSTRIES LTD 8.00 08/28/22 INR 29.98 CREIXENT SPECIAL STEELS L 0.01 08/28/25 INR 59.78 CUMULUS TRADING CO PVT LT 0.01 05/21/32 INR 33.89 CUMULUS TRADING CO PVT LT 0.01 12/29/29 INR 41.34 CUMULUS TRADING CO PVT LT 0.01 01/23/30 INR 55.93 DAYAKARA SOLAR POWER PVT 0.10 04/05/26 INR 58.37 DEWAN HOUSING FINANCE COR 8.50 04/18/23 INR 19.02 DLF CYBER CITY DEVELOPERS 0.01 11/19/24 INR 69.22 EDELWEISS ASSET RECONSTRU 2.00 07/22/29 INR 51.50 EDELWEISS ASSET RECONSTRU 2.00 01/15/29 INR 53.19 EDELWEISS ASSET RECONSTRU 2.00 10/07/28 INR 54.15 EDELWEISS ASSET RECONSTRU 2.00 11/20/27 INR 57.39 EDELWEISS ASSET RECONSTRU 2.00 03/28/27 INR 59.58 GREEN URJA PVT LTD 0.01 02/14/30 INR 42.64 GTL INFRASTRUCTURE LTD 6.73 10/26/22 USD 4.00 HINDUSTAN CONSTRUCTION CO 0.01 01/05/27 INR 52.17 HITODI INFRASTRUCTURE LTD 0.01 06/30/27 INR 48.64 JAIPRAKASH ASSOCIATES LTD 5.75 09/08/17 USD 55.13 JAIPRAKASH POWER VENTURES 7.00 05/15/17 USD 2.18 JCT LTD 2.50 04/08/11 USD 25.75 JSM CORP PVT LTD 0.01 08/31/36 INR 24.46 JTPM ATSALI LTD 0.01 08/29/48 INR 9.97 KANAKADURGA FINANCE LTD 0.01 04/15/36 INR 23.13 KVK ENERGY & INFRASTRUCTU 0.01 01/25/24 INR 70.50 MARIS POWER SUPPLY CO PVT 2.00 04/18/28 INR 61.67 MYTRAH AADHYA POWER PVT L 0.01 07/05/35 INR 27.51 MYTRAH ADVAITH POWER PVT 0.01 07/13/36 INR 25.12 MYTRAH AKSHAYA ENERGY PVT 0.01 07/13/36 INR 25.12 ORIGAMI CELLULO PVT LTD 0.01 11/14/36 INR 24.22 PRAKASH INDUSTRIES LTD 5.25 04/30/15 USD 22.63 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/33 INR 40.08 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/32 INR 42.76 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/31 INR 45.72 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/30 INR 48.92 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/29 INR 52.39 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/28 INR 56.12 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/27 INR 60.16 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/26 INR 64.53 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/25 INR 69.24 PUNJAB INFRASTRUCTURE DEV 0.40 10/15/24 INR 74.27 PYRAMID SAIMIRA THEATRE L 1.75 07/04/12 USD 0.26 R L FINE CHEM PVT LTD 0.10 08/19/36 INR 24.88 REDKITE CAPITAL PVT LTD 2.50 03/30/29 INR 61.39 REDKITE CAPITAL PVT LTD 2.50 01/15/28 INR 64.96 REI AGRO LTD 5.50 11/13/14 USD 0.34 REI AGRO LTD 5.50 11/13/14 USD 0.34 RELIANCE COMMUNICATIONS L 6.50 11/06/20 USD 11.68 SURBHI INVESTMENTS & TRAD 2.50 10/21/28 INR 62.50 SUZLON ENERGY LTD 5.75 07/16/19 USD 30.00 SUZLON ENERGY LTD 5.75 07/16/19 USD 30.00 SVOGL OIL GAS & ENERGY LT 5.00 08/17/15 USD 0.61 TN URJA PVT LTD 0.10 02/22/36 INR 27.35 VIDEOCON INDUSTRIES LTD 2.80 12/31/20 USD 30.22 WATSUN INFRABUILD PVT LTD 4.00 10/16/37 INR 53.85 WS T&D LTD 0.10 03/24/29 INR 46.31 JAPAN ----- AVANSTRATE INC 0.10 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 47.58 INDUSTRIAL BANK OF KOREA 3.84 03/10/45 KRW 37.37 KIBO ABS SPECIALTY CO LTD 5.00 02/26/21 KRW 63.69 KIBO ABS SPECIALTY CO LTD 5.00 02/28/22 KRW 69.51 KIBO ABS SPECIALTY CO LTD 5.00 02/24/22 KRW 70.33 KIBO ABS SPECIALTY CO LTD 5.00 08/28/21 KRW 71.12 KIBO ABS SPECIALTY CO LTD 5.00 09/11/20 KRW 73.43 LOTTE CARD CO LTD 3.95 06/28/49 KRW 63.57 POSCO ENERGY CO LTD 5.21 08/29/43 KRW 66.93 SAMPYO CEMENT CO LTD 8.10 04/12/15 KRW 70.00 SAMPYO CEMENT CO LTD 8.30 04/20/14 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 8.10 06/26/15 KRW 70.00 SILLAJEN INC 1.00 03/21/24 KRW 47.47 SINBO SECURITIZATION SPEC 5.00 12/21/20 KRW 61.97 SINBO SECURITIZATION SPEC 5.00 03/21/21 KRW 64.13 SINBO SECURITIZATION SPEC 5.00 07/26/21 KRW 65.41 SINBO SECURITIZATION SPEC 5.00 01/26/22 KRW 65.71 SINBO SECURITIZATION SPEC 5.00 01/25/22 KRW 65.72 SINBO SECURITIZATION SPEC 5.00 08/31/21 KRW 66.27 SINBO SECURITIZATION SPEC 5.00 02/23/22 KRW 66.98 SINBO SECURITIZATION SPEC 5.00 07/26/22 KRW 67.48 SINBO SECURITIZATION SPEC 5.00 01/25/23 KRW 67.94 SINBO SECURITIZATION SPEC 5.00 08/31/22 KRW 68.37 SINBO SECURITIZATION SPEC 5.00 02/28/22 KRW 69.50 SINBO SECURITIZATION SPEC 5.00 03/20/23 KRW 69.74 SINBO SECURITIZATION SPEC 5.00 02/28/23 KRW 69.87 SINBO SECURITIZATION SPEC 5.00 12/27/21 KRW 70.19 SINBO SECURITIZATION SPEC 5.00 06/29/21 KRW 71.34 SINBO SECURITIZATION SPEC 5.00 06/29/22 KRW 71.70 SINBO SECURITIZATION SPEC 5.00 09/28/22 KRW 71.78 SINBO SECURITIZATION SPEC 5.00 09/27/21 KRW 73.84 SINBO SECURITIZATION SPEC 5.00 06/23/20 KRW 73.97 SINBO SECURITIZATION SPEC 5.00 08/25/21 KRW 74.10 SINBO SECURITIZATION SPEC 5.00 07/27/21 KRW 74.32 SINBO SECURITIZATION SPEC 5.00 03/15/20 KRW 74.55 MALAYSIA -------- AEON CREDIT SERVICE M BHD 3.50 09/15/20 MYR 1.15 ASIAN PAC HOLDINGS BHD 3.00 05/25/22 MYR 0.66 BERJAYA CORP BHD 2.00 05/29/26 MYR 0.13 BERJAYA CORP BHD 5.00 04/22/22 MYR 0.30 ELK-DESA RESOURCES BHD 3.25 04/14/22 MYR 1.34 HIAP TECK VENTURE BHD 5.00 06/23/21 MYR 0.22 HUME INDUSTRIES BHD 5.00 05/29/24 MYR 1.85 MALAYAN FLOUR MILLS BHD 5.00 01/24/24 MYR 1.22 PMB TECHNOLOGY BHD 3.00 07/12/23 MYR 3.03 REDTONE INTERNATIONAL BHD 2.75 03/04/20 MYR 0.18 SENAI-DESARU EXPRESSWAY B 1.35 06/30/31 MYR 68.85 SENAI-DESARU EXPRESSWAY B 1.35 12/31/30 MYR 69.98 SENAI-DESARU EXPRESSWAY B 1.35 06/28/30 MYR 71.14 SENAI-DESARU EXPRESSWAY B 1.35 12/31/29 MYR 72.31 SENAI-DESARU EXPRESSWAY B 1.35 12/29/28 MYR 74.90 VIZIONE HOLDINGS BHD 3.00 08/08/21 MYR 0.07 NEW ZEALAND ----------- PRECINCT PROPERTIES NEW Z 4.80 09/27/21 NZD 1.27 PHILIPPINES ----------- BAYAN TELECOMMUNICATIONS 15.00 07/15/06 USD 22.75 SINGAPORE --------- ASL MARINE HOLDINGS LTD 3.00 10/01/26 SGD 51.38 ASL MARINE HOLDINGS LTD 3.00 03/28/25 SGD 51.38 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.56 BAKRIE TELECOM PTE LTD 11.50 05/07/15 USD 0.56 BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 43.20 BERAU CAPITAL RESOURCES P 12.50 07/08/15 USD 43.20 BLD INVESTMENTS PTE LTD 8.63 03/23/15 USD 4.88 BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 31.64 BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 31.64 BLUE OCEAN RESOURCES PTE 8.00 12/31/21 USD 31.64 ENERCOAL RESOURCES PTE LT 9.25 08/05/14 USD 45.29 ETERNA CAPITAL PTE LTD 8.00 12/11/22 USD 56.83 EZION HOLDINGS LTD 0.25 11/20/27 SGD 74.09 EZRA HOLDINGS LTD 4.88 04/24/18 SGD 5.00 GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 63.30 GEO COAL INTERNATIONAL PT 8.00 10/04/22 USD 63.95 HYFLUX LTD 4.25 09/07/18 SGD 38.63 HYFLUX LTD 4.20 08/29/19 SGD 38.63 HYFLUX LTD 4.60 09/23/19 SGD 38.63 INDO INFRASTRUCTURE GROUP 2.00 07/30/10 USD 1.00 INNOVATE CAPITAL PTE LTD 6.00 12/11/24 USD 35.38 ITNL OFFSHORE PTE LTD 7.50 01/18/21 CNY 29.50 MICLYN EXPRESS OFFSHORE P 8.75 11/25/18 USD 22.75 NT RIG HOLDCO PTE LTD 7.50 12/20/21 USD 59.90 ORO NEGRO DRILLING PTE LT 7.50 01/24/19 USD 1.33 PACIFIC RADIANCE LTD 4.30 03/31/20 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 7.75 09/18/17 CNY 7.75 SWIBER HOLDINGS LTD 7.13 04/18/17 SGD 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 VIETNAM ------- VIETNAM GOVERNMENT BOND 3.80 01/16/50 VND 74.66 ********* 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, 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Marites O. Claro, Joy A. Agravante, Rousel Elaine T. Fernandez, Julie Anne L. Toledo, Ivy B. Magdadaro and Peter A. Chapman, Editors. Copyright 2020. All rights reserved. ISSN: 1520-9482. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. TCR-AP subscription rate is US$775 for 6 months delivered via e- mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are US$25 each. For subscription information, contact Peter Chapman at 215-945-7000. *** End of Transmission ***